N-Q 1 d774098dnq.txt DFA INVESTMENT TRUST CO ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------- FORM N-Q ----------------- QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-7436 ----------------- THE DFA INVESTMENT TRUST COMPANY (Exact name of registrant as specified in charter) ----------------- 6300 Bee Cave Road, Building One, Austin, TX 78746 (Address of principal executive offices) (Zip code) ----------------- Catherine L. Newell, Esquire, Vice President and Secretary The DFA Investment Trust Company, 6300 Bee Cave Road, Building One, Austin, TX 78746 (Name and address of agent for service) ----------------- Registrant's telephone number, including area code: (512) 306-7400 Date of fiscal year end: October 31 Date of reporting period: July 31, 2014 ================================================================================ ITEM 1. SCHEDULE OF INVESTMENTS. THE DFA INVESTMENT TRUST COMPANY FORM N-Q July 31, 2014 (UNAUDITED) Table of Contents DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES SCHEDULES OF INVESTMENTS The U.S. Large Cap Value Series.......................................... 1 The DFA International Value Series....................................... 9 The Japanese Small Company Series........................................ 22 The Asia Pacific Small Company Series.................................... 51 The United Kingdom Small Company Series.................................. 70 The Continental Small Company Series..................................... 79 The Canadian Small Company Series........................................ 105 The Emerging Markets Series.............................................. 115 The Emerging Markets Small Cap Series.................................... 139 The Tax-Managed U.S. Marketwide Value Series............................. 203 The DFA Short Term Investment Fund....................................... 229 NOTES TO SCHEDULES OF INVESTMENTS Organization............................................................. 235 Security Valuation....................................................... 235 Financial Instruments.................................................... 236 Federal Tax Cost......................................................... 237 Other.................................................................... 237 Subsequent Event Evaluations............................................. 238
THE DFA INVESTMENT TRUST COMPANY DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES SCHEDULES OF INVESTMENTS ------------------------ Investment Abbreviations ADR American Depositary Receipt AG Aktiengesellschaft (German & Swiss Stock Corporation) GDR Global Depositary Receipt LLC Limited Liability Company P.L.C. Public Limited Company Investment Footnotes + See Security Valuation Note within the Notes to Schedules of Investments. ++ Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. * Non-Income Producing Securities. # Total or Partial Securities on Loan. @ Security purchased with cash proceeds from Securities on Loan. ^^ See Federal Tax Cost Note within the Notes to Schedules of Investments. o Security is being fair valued as of July 31, 2014. -- Amounts designated as -- are either zero or rounded to zero. (S) Affiliated Fund. ++ Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund's Advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at July 31, 2014 was $7,371,513,237 which represented 44.5% of the total investments of the Fund. (r) The adjustable/variable rate shown is effective as of July 31, 2014. (y) The rate shown is the effective yield. 1 THE U.S. LARGE CAP VALUE SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE+ --------- -------------- COMMON STOCKS -- (97.1%) Consumer Discretionary -- (11.8%) # Autoliv, Inc..................................... 11,372 $ 1,131,628 Best Buy Co., Inc................................ 32,396 963,133 Carnival Corp.................................... 2,299,436 83,285,572 # CBS Corp. Class A................................ 7,236 412,814 Comcast Corp. Class A............................ 9,873,756 530,516,910 # Comcast Corp. Special Class A.................... 3,813,064 203,884,532 # Dillard's, Inc. Class A.......................... 112,692 13,435,140 DR Horton, Inc................................... 380,359 7,873,431 # GameStop Corp. Class A........................... 598,147 25,104,230 Gannett Co., Inc................................. 13,141 429,974 General Motors Co................................ 3,716,863 125,704,307 Graham Holdings Co. Class B...................... 32,261 22,122,981 * Hyatt Hotels Corp. Class A....................... 26,622 1,566,172 # Kohl's Corp...................................... 734,735 39,337,712 #* Lands' End, Inc.................................. 110,465 3,887,263 Lear Corp........................................ 57,952 5,457,340 # Lennar Corp. Class A............................. 211,619 7,666,956 Lennar Corp. Class B............................. 4,312 131,947 * Liberty Global P.L.C. Class C.................... 5,034 201,310 * Liberty Interactive Corp. Class A................ 2,576,808 72,279,464 * Liberty Media Corp............................... 313,578 14,738,166 * Liberty Media Corp. Class A...................... 156,789 7,376,922 * Liberty Ventures Series A........................ 225,517 15,596,756 #* MGM Resorts International........................ 2,414,853 64,814,654 * Mohawk Industries, Inc........................... 286,453 35,740,741 * News Corp. Class A............................... 290,667 5,130,273 #* News Corp. Class B............................... 31,823 547,674 PVH Corp......................................... 66,339 7,309,231 Royal Caribbean Cruises, Ltd..................... 1,051,952 62,748,937 #* Sears Holdings Corp.............................. 530,007 20,219,767 Service Corp. International...................... 229,074 4,810,554 # Staples, Inc..................................... 1,585,772 18,379,097 Target Corp...................................... 475,724 28,348,393 Time Warner Cable, Inc........................... 1,876,119 272,224,867 Time Warner, Inc................................. 5,052,904 419,492,090 * Time, Inc........................................ 586,105 14,125,130 #* Toll Brothers, Inc............................... 329,804 10,781,293 * TRW Automotive Holdings Corp..................... 459 46,951 Whirlpool Corp................................... 36,155 5,157,149 -------------- Total Consumer Discretionary......................... 2,152,981,461 -------------- Consumer Staples -- (6.4%) Archer-Daniels-Midland Co........................ 2,861,952 132,794,573 Bunge, Ltd....................................... 553,069 43,603,960 ConAgra Foods, Inc............................... 260,882 7,860,375 * Constellation Brands, Inc. Class A............... 462,850 38,536,891 CVS Caremark Corp................................ 6,986,047 533,454,549 Ingredion, Inc................................... 20,328 1,496,750 JM Smucker Co. (The)............................. 540,650 53,870,366 Molson Coors Brewing Co. Class B................. 763,563 51,563,409 Mondelez International, Inc. Class A............. 6,904,820 248,573,520 2 THE U.S. LARGE CAP VALUE SERIES CONTINUED SHARES VALUE+ --------- -------------- Consumer Staples -- (Continued) Safeway, Inc..................................... 196,076 $ 6,756,779 Tyson Foods, Inc. Class A........................ 1,430,128 53,215,063 -------------- Total Consumer Staples............................... 1,171,726,235 -------------- Energy -- (21.9%) Anadarko Petroleum Corp.......................... 2,644,697 282,585,875 Apache Corp...................................... 1,895,772 194,619,954 Baker Hughes, Inc................................ 1,938,026 133,278,048 # Chesapeake Energy Corp........................... 3,374,987 88,998,407 Chevron Corp..................................... 5,015,427 648,193,786 Cimarex Energy Co................................ 57,039 7,929,562 ConocoPhillips................................... 6,993,622 576,973,815 # Denbury Resources, Inc........................... 1,413,859 23,964,910 Devon Energy Corp................................ 1,721,246 129,954,073 Exxon Mobil Corp................................. 2,247,040 222,322,138 # Helmerich & Payne, Inc........................... 516,470 54,880,102 Hess Corp........................................ 1,628,606 161,199,422 HollyFrontier Corp............................... 498,931 23,454,746 Kinder Morgan, Inc............................... 76,885 2,766,322 Marathon Oil Corp................................ 3,640,872 141,083,790 Marathon Petroleum Corp.......................... 1,752,484 146,297,364 Murphy Oil Corp.................................. 728,510 45,262,326 Nabors Industries, Ltd........................... 1,372,075 37,265,557 National Oilwell Varco, Inc...................... 1,968,548 159,531,130 * Newfield Exploration Co.......................... 31,609 1,273,843 # Noble Corp. P.L.C................................ 721,779 22,642,207 Occidental Petroleum Corp........................ 2,635,997 257,563,267 Patterson-UTI Energy, Inc........................ 732,485 25,160,860 # Peabody Energy Corp.............................. 307,711 4,667,976 Phillips 66...................................... 2,926,797 237,392,505 QEP Resources, Inc............................... 458,418 15,150,715 Rowan Cos. P.L.C. Class A........................ 580,491 17,716,585 #* Seventy Seven Energy, Inc........................ 168,889 3,788,188 Superior Energy Services, Inc.................... 99,669 3,348,878 Tesoro Corp...................................... 615,285 37,864,639 # Tidewater, Inc................................... 2,431 114,913 # Transocean, Ltd.................................. 1,340,027 54,056,689 Valero Energy Corp............................... 2,806,975 142,594,330 * Weatherford International P.L.C.................. 2,173,272 48,616,095 * Whiting Petroleum Corp........................... 334,068 29,561,677 * WPX Energy, Inc.................................. 50,407 1,036,872 -------------- Total Energy......................................... 3,983,111,566 -------------- Financials -- (20.0%) ACE, Ltd......................................... 96,962 9,705,896 Aflac, Inc....................................... 92,593 5,531,506 * Alleghany Corp................................... 1,128 466,823 Allied World Assurance Co. Holdings AG........... 556,302 20,032,435 Allstate Corp. (The)............................. 466,522 27,268,211 #* American Capital, Ltd............................ 802,500 12,165,900 American Financial Group, Inc.................... 487,279 27,282,751 American International Group, Inc................ 4,460,598 231,861,884 3 THE U.S. LARGE CAP VALUE SERIES CONTINUED SHARES VALUE+ ---------- ------------ Financials -- (Continued) American National Insurance Co................... 70,112 $ 7,642,208 Assurant, Inc.................................... 386,198 24,469,505 Assured Guaranty, Ltd............................ 88,010 1,964,383 Axis Capital Holdings, Ltd....................... 578,662 24,969,265 Bank of America Corp............................. 23,281,791 355,047,313 Bank of New York Mellon Corp. (The).............. 3,470,782 135,499,329 BB&T Corp........................................ 441,643 16,349,624 Capital One Financial Corp....................... 2,096,624 166,765,473 Chubb Corp. (The)................................ 69,688 6,042,646 # Cincinnati Financial Corp........................ 16,670 767,153 CIT Group, Inc................................... 19,151 940,506 Citigroup, Inc................................... 6,065,072 296,642,672 CME Group, Inc................................... 1,461,166 108,038,614 CNA Financial Corp............................... 498,971 18,646,546 * E*TRADE Financial Corp........................... 114,229 2,401,094 Everest Re Group, Ltd............................ 158,526 24,715,789 Fifth Third Bancorp.............................. 1,546,949 31,681,516 * Genworth Financial, Inc. Class A................. 2,374,310 31,103,461 Goldman Sachs Group, Inc. (The).................. 719,925 124,453,435 Hartford Financial Services Group, Inc. (The).... 2,395,708 81,837,385 HCC Insurance Holdings, Inc...................... 2,282 106,524 Hudson City Bancorp, Inc......................... 71,664 698,724 Huntington Bancshares, Inc....................... 240,614 2,362,829 JPMorgan Chase & Co.............................. 9,529,847 549,586,277 KeyCorp.......................................... 117,836 1,595,499 # Legg Mason, Inc.................................. 641,854 30,455,972 Leucadia National Corp........................... 137,025 3,385,888 Lincoln National Corp............................ 1,407,216 73,724,046 Loews Corp....................................... 2,028,513 85,461,253 # M&T Bank Corp.................................... 9,877 1,200,056 MetLife, Inc..................................... 3,231,266 169,964,592 Morgan Stanley................................... 5,380,250 173,997,285 # NASDAQ OMX Group, Inc. (The)..................... 801,702 33,823,807 # New York Community Bancorp, Inc.................. 80,866 1,284,152 Old Republic International Corp.................. 632,434 9,100,725 PartnerRe, Ltd................................... 193,939 20,239,474 # People's United Financial, Inc................... 138,880 2,016,538 PNC Financial Services Group, Inc. (The)......... 633,161 52,273,772 Principal Financial Group, Inc................... 182,209 9,052,143 Protective Life Corp............................. 7,158 496,622 Prudential Financial, Inc........................ 1,593,470 138,584,086 Regions Financial Corp........................... 5,807,266 58,885,677 Reinsurance Group of America, Inc................ 357,106 28,661,328 State Street Corp................................ 43,801 3,085,342 SunTrust Banks, Inc.............................. 2,515,396 95,710,818 Travelers Cos., Inc. (The)....................... 595,257 53,311,217 Unum Group....................................... 1,374,339 47,181,058 Validus Holdings, Ltd............................ 167,263 6,110,117 Wells Fargo & Co................................. 2,708,093 137,841,934 XL Group P.L.C................................... 1,434,888 46,260,789 4 THE U.S. LARGE CAP VALUE SERIES CONTINUED SHARES VALUE+ ---------- -------------- Financials -- (Continued) # Zions Bancorporation............................. 754,482 $ 21,744,171 -------------- Total Financials..................................... 3,652,496,038 -------------- Health Care -- (9.6%) * Actavis P.L.C.................................... 127,621 27,344,075 Aetna, Inc....................................... 2,009,110 155,766,298 * Bio-Rad Laboratories, Inc. Class A............... 1,222 140,518 * Boston Scientific Corp........................... 6,573,232 84,005,905 * CareFusion Corp.................................. 907,569 39,742,447 Cigna Corp....................................... 81,711 7,357,258 #* Community Health Systems, Inc.................... 14,053 670,328 * Express Scripts Holding Co....................... 3,072,578 214,005,058 #* Hologic, Inc..................................... 1,211,606 31,586,568 Humana, Inc...................................... 707,042 83,183,491 Omnicare, Inc.................................... 556,064 34,754,000 # Perrigo Co. P.L.C................................ 13,380 2,013,021 Pfizer, Inc...................................... 21,024,914 603,415,032 # Quest Diagnostics, Inc........................... 40,972 2,503,389 # Teleflex, Inc.................................... 91,713 9,881,159 Thermo Fisher Scientific, Inc.................... 1,778,225 216,054,338 UnitedHealth Group, Inc.......................... 759,339 61,544,426 WellPoint, Inc................................... 1,674,297 183,854,554 -------------- Total Health Care.................................... 1,757,821,865 -------------- Industrials -- (11.2%) # ADT Corp. (The).................................. 686,732 23,898,274 # AGCO Corp........................................ 279,803 13,629,204 #* Avis Budget Group, Inc........................... 100,291 5,635,351 CSX Corp......................................... 5,604,703 167,692,714 Danaher Corp..................................... 67,127 4,959,343 Eaton Corp. P.L.C................................ 2,065,738 140,304,925 #* Engility Holdings, Inc........................... 31,860 1,101,082 FedEx Corp....................................... 828,737 121,724,891 General Electric Co.............................. 16,593,024 417,314,554 * Genesee & Wyoming, Inc. Class A.................. 11,922 1,188,981 * Hertz Global Holdings, Inc....................... 1,345,507 37,970,208 * Jacobs Engineering Group, Inc.................... 175,921 8,938,546 # Joy Global, Inc.................................. 84,284 4,994,670 KBR, Inc......................................... 76,803 1,586,750 Kennametal, Inc.................................. 9,984 422,123 L-3 Communications Holdings, Inc................. 421,205 44,209,677 Manpowergroup, Inc............................... 19,031 1,482,325 Norfolk Southern Corp............................ 1,681,939 170,985,919 Northrop Grumman Corp............................ 1,364,645 168,219,789 #* NOW, Inc......................................... 381,968 12,295,550 Oshkosh Corp..................................... 36,950 1,707,829 # Owens Corning.................................... 579,048 19,716,584 Pentair P.L.C.................................... 498,599 31,945,238 * Quanta Services, Inc............................. 554,686 18,576,434 Regal-Beloit Corp................................ 6,550 460,399 Republic Services, Inc........................... 1,211,252 45,942,788 Ryder System, Inc................................ 13,740 1,183,426 5 THE U.S. LARGE CAP VALUE SERIES CONTINUED SHARES VALUE+ --------- -------------- Industrials -- (Continued) Southwest Airlines Co............................ 3,905,821 $ 110,456,618 SPX Corp......................................... 22,870 2,267,103 Stanley Black & Decker, Inc...................... 619,291 54,156,998 Terex Corp....................................... 8,155 281,429 # Trinity Industries, Inc.......................... 125,128 5,460,586 # Triumph Group, Inc............................... 29,704 1,881,748 Union Pacific Corp............................... 3,782,044 371,812,746 #* United Rentals, Inc.............................. 73,167 7,748,385 # URS Corp......................................... 321,791 18,428,971 #* Veritiv Corp..................................... 39,071 1,559,714 #* WESCO International, Inc......................... 21,907 1,719,480 -------------- Total Industrials.................................... 2,043,861,352 -------------- Information Technology -- (8.2%) Activision Blizzard, Inc......................... 2,635,954 58,992,650 Amdocs, Ltd...................................... 17,878 810,589 * Arrow Electronics, Inc........................... 568,882 32,966,712 Avnet, Inc....................................... 711,362 30,111,953 #* Blackhawk Network Holdings, Inc. Class B......... 16,109 449,280 Broadcom Corp. Class A........................... 136,077 5,206,306 Brocade Communications Systems, Inc.............. 46,592 429,112 Cisco Systems, Inc............................... 4,711,449 118,869,858 Computer Sciences Corp........................... 43,540 2,716,461 Corning, Inc..................................... 5,762,032 113,223,929 Fidelity National Information Services, Inc...... 1,308,765 73,814,346 #* First Solar, Inc................................. 154,302 9,737,999 Hewlett-Packard Co............................... 9,619,949 342,566,384 * Ingram Micro, Inc. Class A....................... 725,997 20,836,114 # Intel Corp....................................... 9,210,936 312,158,621 # Jabil Circuit, Inc............................... 24,010 479,240 * Juniper Networks, Inc............................ 922,663 21,719,487 Lam Research Corp................................ 325,184 22,762,880 Marvell Technology Group, Ltd.................... 398,733 5,319,098 * Micron Technology, Inc........................... 3,654,213 111,636,207 # NVIDIA Corp...................................... 629,521 11,016,617 Western Digital Corp............................. 564,843 56,388,277 Xerox Corp....................................... 5,691,007 75,462,753 * Yahoo!, Inc...................................... 1,647,286 58,989,312 -------------- Total Information Technology......................... 1,486,664,185 -------------- Materials -- (3.4%) Alcoa, Inc....................................... 5,353,379 87,741,882 Ashland, Inc..................................... 388,650 40,672,222 Cabot Corp....................................... 3,386 177,393 CF Industries Holdings, Inc...................... 51,450 12,879,993 Freeport-McMoRan, Inc............................ 4,647,012 172,961,787 International Paper Co........................... 2,043,676 97,074,610 MeadWestvaco Corp................................ 841,379 35,169,642 Mosaic Co. (The)................................. 465,158 21,448,435 Newmont Mining Corp.............................. 381,443 9,501,745 Nucor Corp....................................... 765,445 38,440,648 Reliance Steel & Aluminum Co..................... 359,269 24,520,109 6 THE U.S. LARGE CAP VALUE SERIES CONTINUED
SHARES VALUE+ ---------- --------------- Materials -- (Continued) Rock-Tenn Co. Class A............................ 117,998 $ 11,732,541 Steel Dynamics, Inc.............................. 893,527 18,951,708 # United States Steel Corp......................... 89,096 2,983,825 Vulcan Materials Co.............................. 576,239 36,377,968 --------------- Total Materials...................................... 610,634,508 --------------- Telecommunication Services -- (4.3%) AT&T, Inc........................................ 17,153,166 610,481,178 # CenturyLink, Inc................................. 2,353,137 92,337,096 # Frontier Communications Corp..................... 2,036,486 13,338,983 #* Sprint Corp...................................... 2,491,629 18,313,473 * T-Mobile US, Inc................................. 726,568 23,933,150 Telephone & Data Systems, Inc.................... 57,373 1,434,325 #* United States Cellular Corp...................... 261,250 10,212,262 # Windstream Holdings, Inc......................... 406,973 4,663,911 --------------- Total Telecommunication Services 774,714,378 --------------- Utilities -- (0.3%).................................. NRG Energy, Inc.................................. 1,581,268 48,956,057 UGI Corp......................................... 84,071 4,080,807 --------------- Total Utilities...................................... 53,036,864 --------------- TOTAL COMMON STOCKS.................................. 17,687,048,452 --------------- TEMPORARY CASH INVESTMENTS -- (0.2%) State Street Institutional Liquid Reserves, 0.068%......................................... 41,036,084 41,036,084 --------------- SHARES/ FACE AMOUNT (000) ---------- SECURITIES LENDING COLLATERAL -- (2.7%) (S)@ DFA Short Term Investment Fund 42,955,485 496,994,957 --------------- TOTAL INVESTMENTS -- (100.0%) (Cost $11,498,366,508)^^........................... $18,225,079,493 ===============
7 THE U.S. LARGE CAP VALUE SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) ---------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL --------------- ------------ ------- --------------- Common Stocks Consumer Discretionary..... $ 2,152,981,461 -- -- $ 2,152,981,461 Consumer Staples........... 1,171,726,235 -- -- 1,171,726,235 Energy..................... 3,983,111,566 -- -- 3,983,111,566 Financials................. 3,652,496,038 -- -- 3,652,496,038 Health Care................ 1,757,821,865 -- -- 1,757,821,865 Industrials................ 2,043,861,352 -- -- 2,043,861,352 Information Technology..... 1,486,664,185 -- -- 1,486,664,185 Materials.................. 610,634,508 -- -- 610,634,508 Telecommunication Services. 774,714,378 -- -- 774,714,378 Utilities.................. 53,036,864 -- -- 53,036,864 Temporary Cash Investments.... 41,036,084 -- -- 41,036,084 Securities Lending Collateral. -- $496,994,957 -- 496,994,957 --------------- ------------ -- --------------- TOTAL......................... $17,728,084,536 $496,994,957 -- $18,225,079,493 =============== ============ == ===============
8 THE DFA INTERNATIONAL VALUE SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE++ --------- ------------ COMMON STOCKS -- (93.0%) AUSTRALIA -- (5.1%) * Alumina, Ltd....................................... 4,595,906 $ 6,756,874 * Alumina, Ltd. Sponsored ADR........................ 172,484 1,004,719 AMP, Ltd........................................... 510,725 2,578,085 Asciano, Ltd....................................... 3,971,612 22,046,379 # Bank of Queensland, Ltd............................ 780,482 9,007,569 Bendigo and Adelaide Bank, Ltd..................... 1,039,779 12,233,201 * BlueScope Steel, Ltd............................... 855,334 4,915,722 Boral, Ltd......................................... 2,001,415 9,845,315 Caltex Australia, Ltd.............................. 18,966 431,474 Downer EDI, Ltd.................................... 337,397 1,504,891 Echo Entertainment Group, Ltd...................... 1,832,302 5,613,135 # Fortescue Metals Group, Ltd........................ 794,696 3,562,809 GrainCorp, Ltd. Class A............................ 367,914 2,957,589 # Harvey Norman Holdings, Ltd........................ 1,068,950 3,033,115 Incitec Pivot, Ltd................................. 4,514,071 12,353,401 # Leighton Holdings, Ltd............................. 60,472 1,229,865 Lend Lease Group................................... 869,454 10,850,073 Macquarie Group, Ltd............................... 941,651 50,396,751 # Metcash, Ltd....................................... 599,500 1,619,437 National Australia Bank, Ltd....................... 472,843 15,353,021 # New Hope Corp., Ltd................................ 69,375 191,602 * Newcrest Mining, Ltd............................... 1,088,791 10,876,865 # Orica, Ltd......................................... 48,646 982,507 Origin Energy, Ltd................................. 2,782,880 36,649,623 Primary Health Care, Ltd........................... 701,130 3,135,029 #* Qantas Airways, Ltd................................ 3,295,675 4,038,262 QBE Insurance Group, Ltd........................... 1,690,688 17,088,856 Rio Tinto, Ltd..................................... 120,548 7,322,527 Santos, Ltd........................................ 4,373,087 58,586,558 # Seven Group Holdings, Ltd.......................... 361,999 2,562,985 # Seven West Media, Ltd.............................. 46,084 86,569 * Sims Metal Management, Ltd......................... 209,772 2,298,832 * Sims Metal Management, Ltd. Sponsored ADR.......... 124,013 1,354,222 Suncorp Group, Ltd................................. 3,736,013 49,121,294 Tabcorp Holdings, Ltd.............................. 2,121,674 6,855,732 Tatts Group, Ltd................................... 4,016,188 13,188,671 # Toll Holdings, Ltd................................. 2,149,986 10,801,044 Treasury Wine Estates, Ltd......................... 1,372,955 6,291,591 Washington H Soul Pattinson & Co., Ltd............. 87,756 1,229,603 Wesfarmers, Ltd.................................... 2,567,291 103,960,299 Woodside Petroleum, Ltd............................ 488,777 19,186,425 WorleyParsons, Ltd................................. 45,120 743,207 ------------ TOTAL AUSTRALIA........................................ 533,845,728 ------------ AUSTRIA -- (0.1%) Erste Group Bank AG................................ 372,952 9,576,818 OMV AG............................................. 36,896 1,483,906 9 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ --------- ------------ AUSTRIA -- (Continued) Raiffeisen Bank International AG................. 57,158 $ 1,569,651 ------------ TOTAL AUSTRIA........................................ 12,630,375 ------------ BELGIUM -- (1.2%) Ageas............................................ 565,802 20,307,202 # Belgacom SA...................................... 93,033 3,040,198 Delhaize Group SA................................ 235,124 15,343,509 Delhaize Group SA Sponsored ADR.................. 211,600 3,434,268 * KBC Groep NV..................................... 528,637 28,654,802 Solvay SA........................................ 189,401 30,582,055 UCB SA........................................... 262,261 24,055,648 Umicore SA....................................... 58,837 2,843,515 ------------ TOTAL BELGIUM........................................ 128,261,197 ------------ CANADA -- (8.6%) Agnico Eagle Mines, Ltd.......................... 436 16,205 Agrium, Inc...................................... 45,127 4,110,167 Bank of Montreal................................. 122,426 9,129,307 Barrick Gold Corp................................ 2,107,593 38,105,281 Bell Aliant, Inc................................. 62,911 1,782,868 #* BlackBerry, Ltd.(09228F103)...................... 477,288 4,453,097 #* BlackBerry, Ltd.(BCBHZ31)........................ 435,600 4,070,953 # Bonavista Energy Corp............................ 27,416 354,533 Cameco Corp.(13321L108).......................... 118,674 2,392,468 Cameco Corp.(2166160)............................ 506,586 10,212,097 Canadian Natural Resources, Ltd.(136385101)...... 760,864 33,173,670 Canadian Natural Resources, Ltd.(2171573)........ 1,849,320 80,614,646 # Canadian Tire Corp., Ltd. Class A................ 252,428 23,979,908 * Catamaran Corp................................... 20,853 948,603 # Crescent Point Energy Corp....................... 362,740 14,801,030 Eldorado Gold Corp.(2307873)..................... 201,739 1,496,830 Eldorado Gold Corp.(284902103)................... 109,318 811,140 Empire Co., Ltd.................................. 65,500 4,632,187 # Enerplus Corp.................................... 290,052 6,631,812 Ensign Energy Services, Inc...................... 452,198 7,278,466 Fairfax Financial Holdings, Ltd.................. 54,622 25,716,700 # First Quantum Minerals, Ltd...................... 1,278,402 30,320,054 # Genworth MI Canada, Inc.......................... 85,424 3,097,780 George Weston, Ltd............................... 55,866 4,494,488 Goldcorp, Inc.(380956409)........................ 23,874 654,148 Goldcorp, Inc.(2676302).......................... 1,686,234 46,178,702 # Husky Energy, Inc................................ 846,066 25,738,533 # Industrial Alliance Insurance & Financial Services, Inc.................................... 170,721 7,485,827 * Kinross Gold Corp................................ 3,868,295 15,468,213 # Loblaw Cos., Ltd................................. 125,808 6,187,997 * Lundin Mining Corp............................... 737,610 4,241,587 Magna International, Inc......................... 284,118 30,510,732 Manulife Financial Corp.......................... 3,287,435 67,174,808 * MEG Energy Corp.................................. 60,080 2,154,471 * New Gold, Inc.................................... 25,030 154,034 * Osisko Gold Royalties, Ltd....................... 600 8,557 Pacific Rubiales Energy Corp..................... 523,877 10,017,733 10 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ --------- ------------ CANADA -- (Continued) Pan American Silver Corp.(697900108)............. 118,576 $ 1,740,696 Pan American Silver Corp.(2669272)............... 131,923 1,938,283 # Pengrowth Energy Corp............................ 745,097 4,749,323 # Penn West Petroleum, Ltd......................... 1,034,275 8,005,944 Precision Drilling Corp.(B5YPLH9)................ 763,106 9,511,267 Precision Drilling Corp.(74022D308).............. 14,251 177,567 # Sun Life Financial, Inc.......................... 1,292,577 49,279,980 Suncor Energy, Inc.(B3NB1P2)..................... 3,750,370 153,990,980 Suncor Energy, Inc.(867224107)................... 51,781 2,126,646 Talisman Energy, Inc............................. 3,003,838 31,433,752 Teck Resources, Ltd. Class A..................... 4,115 103,974 # Teck Resources, Ltd. Class B..................... 1,483,730 35,557,266 # Thomson Reuters Corp............................. 1,234,938 46,652,081 # TransAlta Corp................................... 616,481 7,078,775 # Trican Well Service, Ltd......................... 6,065 87,553 * Turquoise Hill Resources, Ltd.(900435108)........ 127,382 440,742 #* Turquoise Hill Resources, Ltd.(B7WJ1F5).......... 273,114 949,330 West Fraser Timber Co., Ltd...................... 50,666 2,308,048 Westjet Airlines, Ltd............................ 1,000 25,808 # Yamana Gold, Inc................................. 1,426,728 12,169,095 ------------ TOTAL CANADA......................................... 896,926,742 ------------ DENMARK -- (1.6%) AP Moeller - Maersk A.S. Class A................. 4,500 10,098,574 AP Moeller - Maersk A.S. Class B................. 19,275 44,936,154 Carlsberg A.S. Class B........................... 334,440 31,998,701 Danske Bank A.S.................................. 1,530,351 44,212,815 # FLSmidth & Co. A.S............................... 23,118 1,182,538 H Lundbeck A.S................................... 135,698 3,110,004 Rockwool International A.S. Class B.............. 1,188 198,095 TDC A.S.......................................... 1,962,294 19,795,856 * Vestas Wind Systems A.S.......................... 169,081 7,623,391 ------------ TOTAL DENMARK........................................ 163,156,128 ------------ FINLAND -- (0.8%) Fortum Oyj....................................... 1,371,213 35,260,436 Kesko Oyj Class A................................ 662 24,210 Kesko Oyj Class B................................ 138,917 5,283,476 # Neste Oil Oyj.................................... 110,779 2,044,392 Nokia Oyj........................................ 1,005,084 7,962,653 Stora Enso Oyj Class R........................... 1,455,180 13,074,856 Stora Enso Oyj Sponsored ADR..................... 91,500 823,500 UPM-Kymmene Oyj.................................. 1,403,467 22,874,489 UPM-Kymmene Oyj Sponsored ADR.................... 69,300 1,128,897 ------------ TOTAL FINLAND........................................ 88,476,909 ------------ FRANCE -- (8.5%) AXA SA........................................... 4,004,754 92,007,829 # AXA SA Sponsored ADR............................. 140,900 3,239,291 BNP Paribas SA................................... 1,975,744 131,097,415 Bollore SA....................................... 20,935 12,920,293 Bouygues SA...................................... 533,914 21,032,458 11 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ --------- ------------ FRANCE -- (Continued) Cap Gemini SA.................................... 213,324 $ 15,468,824 Casino Guichard Perrachon SA..................... 145,004 17,476,621 #* CGG SA Sponsored ADR............................. 129,726 1,373,798 # Cie de St-Gobain................................. 1,093,423 53,202,485 Cie Generale des Etablissements Michelin......... 166,102 18,221,307 CNP Assurances................................... 345,489 6,787,653 # Credit Agricole SA............................... 2,178,549 29,470,115 Eiffage SA....................................... 25,808 1,672,883 Electricite de France SA......................... 498,285 16,096,509 GDF Suez......................................... 3,247,971 83,747,307 Groupe Eurotunnel SA............................. 502,040 6,643,891 Lafarge SA....................................... 505,082 39,312,415 Lagardere SCA.................................... 221,491 6,593,702 Natixis.......................................... 2,034,211 13,144,737 # Orange SA........................................ 3,875,091 60,681,244 #* Peugeot SA....................................... 499,073 7,443,666 Renault SA....................................... 740,603 61,825,585 Rexel SA......................................... 310,887 6,023,990 SCOR SE.......................................... 72,412 2,329,408 Societe Generale SA.............................. 1,296,228 65,073,807 # STMicroelectronics NV............................ 1,542,301 12,839,374 Vallourec SA..................................... 119,253 5,277,160 Vivendi SA....................................... 3,686,124 92,515,282 ------------ TOTAL FRANCE......................................... 883,519,049 ------------ GERMANY -- (7.0%) # Allianz SE....................................... 518,031 86,244,939 # Allianz SE ADR................................... 2,811,910 46,888,599 Bayerische Motoren Werke AG...................... 720,767 85,857,708 Celesio AG....................................... 108,168 3,700,262 * Commerzbank AG................................... 1,573,875 22,613,440 Daimler AG....................................... 2,214,556 182,742,300 Deutsche Bank AG(5750355)........................ 1,352,453 46,251,825 # Deutsche Bank AG(D18190898)...................... 464,576 15,869,916 Deutsche Lufthansa AG............................ 485,172 8,558,483 # Deutsche Telekom AG Sponsored ADR................ 127,310 2,076,426 E.ON SE.......................................... 3,638,090 68,681,029 Fraport AG Frankfurt Airport Services Worldwide.. 37,336 2,453,825 HeidelbergCement AG.............................. 247,289 18,343,840 # K+S AG........................................... 229,105 7,020,143 * Metro AG......................................... 47,914 1,726,581 Muenchener Rueckversicherungs AG................. 297,828 63,190,787 * Osram Licht AG................................... 7,353 297,012 RWE AG........................................... 1,358,567 54,544,186 Volkswagen AG.................................... 62,518 14,417,791 ------------ TOTAL GERMANY........................................ 731,479,092 ------------ HONG KONG -- (2.4%) Cathay Pacific Airways, Ltd...................... 3,360,000 6,339,164 Cheung Kong Holdings, Ltd........................ 750,000 14,537,698 * FIH Mobile, Ltd.................................. 2,003,000 1,121,950 Great Eagle Holdings, Ltd........................ 794,324 2,858,273 12 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ ---------- ------------ HONG KONG -- (Continued) Hang Lung Group, Ltd............................. 310,000 $ 1,662,466 # Henderson Land Development Co., Ltd.............. 4,098,177 26,047,788 Hongkong & Shanghai Hotels (The)................. 1,903,131 2,712,945 Hopewell Holdings, Ltd........................... 1,244,169 4,321,376 Hutchison Whampoa, Ltd........................... 5,076,000 68,923,117 Kerry Logistics Network, Ltd..................... 325,000 530,507 Kerry Properties, Ltd............................ 1,284,000 4,686,665 MTR Corp., Ltd................................... 1,019,926 4,006,827 New World Development Co., Ltd................... 18,252,543 23,017,140 NWS Holdings, Ltd................................ 112,573 208,557 Orient Overseas International, Ltd............... 488,000 2,599,538 Shangri-La Asia, Ltd............................. 820,000 1,295,607 Sino Land Co., Ltd............................... 2,249,872 3,864,954 Sun Hung Kai Properties, Ltd..................... 1,542,920 23,400,521 Swire Pacific, Ltd. Class A...................... 554,000 7,129,267 Swire Pacific, Ltd. Class B...................... 72,500 173,161 Wharf Holdings, Ltd. (The)....................... 3,669,990 29,179,222 Wheelock & Co., Ltd.............................. 3,508,000 17,688,110 Yue Yuen Industrial Holdings, Ltd................ 94,000 313,530 ------------ TOTAL HONG KONG...................................... 246,618,383 ------------ IRELAND -- (0.2%) * Bank of Ireland.................................. 16,607,773 5,835,664 CRH P.L.C........................................ 295,666 6,900,998 # CRH P.L.C. Sponsored ADR......................... 215,216 5,055,424 ------------ TOTAL IRELAND........................................ 17,792,086 ------------ ISRAEL -- (0.3%) Bank Hapoalim BM................................. 3,220,797 18,787,703 * Bank Leumi Le-Israel BM.......................... 3,143,915 12,345,172 * Israel Discount Bank, Ltd. Class A............... 427,704 745,082 Migdal Insurance & Financial Holding, Ltd........ 10,788 17,229 Mizrahi Tefahot Bank, Ltd........................ 99,634 1,259,869 ------------ TOTAL ISRAEL......................................... 33,155,055 ------------ ITALY -- (1.6%) * Banca Monte dei Paschi di Siena SpA.............. 5,536,180 9,991,838 * Banco Popolare SC................................ 656,352 10,136,466 * Finmeccanica SpA................................. 670,166 6,174,160 Intesa Sanpaolo SpA.............................. 10,630,153 31,567,540 #* Telecom Italia SpA............................... 13,739,672 15,832,108 #* Telecom Italia SpA Sponsored ADR................. 1,874,500 21,388,045 UniCredit SpA.................................... 6,290,570 49,073,476 Unione di Banche Italiane SCPA................... 2,156,979 17,758,218 ------------ TOTAL ITALY.......................................... 161,921,851 ------------ JAPAN -- (21.0%) 77 Bank, Ltd. (The).............................. 737,372 3,839,244 # Aeon Co., Ltd.................................... 2,662,900 29,899,345 Aisin Seiki Co., Ltd............................. 443,300 17,216,834 # Alfresa Holdings Corp............................ 89,400 5,337,226 # Amada Co., Ltd................................... 821,000 7,974,420 13 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ --------- ----------- JAPAN -- (Continued) Aoyama Trading Co., Ltd.......................... 20,400 $ 519,835 # Asahi Glass Co., Ltd............................. 4,171,000 24,716,503 Asahi Kasei Corp................................. 5,056,000 39,958,188 Asatsu-DK, Inc................................... 17,500 447,305 Autobacs Seven Co., Ltd.......................... 214,800 3,514,685 Awa Bank, Ltd. (The)............................. 65,600 371,924 Azbil Corp....................................... 23,600 593,816 Bank of Kyoto, Ltd. (The)........................ 709,400 6,443,921 Bank of Yokohama, Ltd. (The)..................... 2,174,000 12,370,344 # Canon Marketing Japan, Inc....................... 124,900 2,544,783 Chiba Bank, Ltd. (The)........................... 1,204,000 8,764,497 Chugoku Bank, Ltd. (The)......................... 391,800 6,019,681 # Citizen Holdings Co., Ltd........................ 601,600 4,783,263 Coca-Cola West Co., Ltd.......................... 159,107 2,651,719 COMSYS Holdings Corp............................. 90,200 1,669,537 Cosmo Oil Co., Ltd............................... 1,287,364 2,580,568 Dai Nippon Printing Co., Ltd..................... 1,815,000 18,618,887 Dai-ichi Life Insurance Co., Ltd. (The).......... 614,700 8,659,050 Daicel Corp...................................... 575,000 5,803,135 # Daido Steel Co., Ltd............................. 636,000 2,972,035 Denki Kagaku Kogyo K.K........................... 992,000 3,705,890 Fuji Media Holdings, Inc......................... 112,800 1,801,443 FUJIFILM Holdings Corp........................... 1,327,000 37,880,306 Fukuoka Financial Group, Inc..................... 1,800,000 9,208,311 # Fukuyama Transporting Co., Ltd................... 85,000 476,528 # Furukawa Electric Co., Ltd....................... 633,000 1,338,970 Glory, Ltd....................................... 126,700 4,224,351 Gunma Bank, Ltd. (The)........................... 921,397 5,421,299 H2O Retailing Corp............................... 291,000 2,411,025 Hachijuni Bank, Ltd. (The)....................... 993,231 6,105,853 Hakuhodo DY Holdings, Inc........................ 184,000 1,931,801 Hankyu Hanshin Holdings, Inc..................... 1,858,000 10,817,020 Higo Bank, Ltd. (The)............................ 282,000 1,507,452 Hiroshima Bank, Ltd. (The)....................... 699,000 3,391,974 Hitachi Capital Corp............................. 47,000 1,252,641 # Hitachi Chemical Co., Ltd........................ 210,900 3,709,715 # Hitachi Construction Machinery Co., Ltd.......... 240,800 4,914,917 Hitachi High-Technologies Corp................... 139,900 3,752,790 Hitachi Transport System, Ltd.................... 105,000 1,588,784 Hokuhoku Financial Group, Inc.................... 2,651,000 5,443,008 # Honda Motor Co., Ltd............................. 1,163,700 40,509,630 # House Foods Group, Inc........................... 148,300 2,673,767 Ibiden Co., Ltd.................................. 389,200 7,777,005 # Idemitsu Kosan Co., Ltd.......................... 272,196 5,563,619 Inpex Corp....................................... 1,335,200 19,788,530 # Isetan Mitsukoshi Holdings, Ltd.................. 884,200 10,956,880 ITOCHU Corp...................................... 3,608,800 45,949,889 Iyo Bank, Ltd. (The)............................. 551,000 5,581,519 J Front Retailing Co., Ltd....................... 1,471,000 9,912,240 # JFE Holdings, Inc................................ 1,259,700 26,587,296 Joyo Bank, Ltd. (The)............................ 1,376,000 7,321,161 JTEKT Corp....................................... 136,700 2,366,708 JX Holdings, Inc................................. 6,192,133 31,840,576 14 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ ---------- ------------ JAPAN -- (Continued) K's Holdings Corp................................ 41,100 $ 1,175,022 Kagoshima Bank, Ltd. (The)....................... 358,143 2,356,106 # Kajima Corp...................................... 1,900,000 8,835,115 Kamigumi Co., Ltd................................ 540,000 5,164,648 Kaneka Corp...................................... 825,542 4,964,811 # Kawasaki Kisen Kaisha, Ltd....................... 2,922,000 6,229,195 Keiyo Bank, Ltd. (The)........................... 418,000 2,106,579 Kewpie Corp...................................... 47,400 852,964 Kinden Corp...................................... 207,000 2,313,644 # Kobe Steel, Ltd.................................. 10,599,000 17,253,247 # Konica Minolta, Inc.............................. 1,762,300 18,814,146 # Kuraray Co., Ltd................................. 1,109,700 14,535,412 # Kurita Water Industries, Ltd..................... 13,500 310,207 Kyocera Corp..................................... 683,100 33,087,362 Kyocera Corp. Sponsored ADR...................... 25,197 1,197,865 Kyowa Hakko Kirin Co., Ltd....................... 571,000 7,844,737 # Lintec Corp...................................... 5,100 104,055 LIXIL Group Corp................................. 201,900 4,894,423 # Mabuchi Motor Co., Ltd........................... 20,400 1,608,889 Maeda Road Construction Co., Ltd................. 36,000 626,581 Marubeni Corp.................................... 3,990,000 28,041,868 # Marui Group Co., Ltd............................. 542,642 5,236,114 Maruichi Steel Tube, Ltd......................... 74,700 2,067,792 Matsumotokiyoshi Holdings Co., Ltd............... 5,000 164,189 Medipal Holdings Corp............................ 339,800 4,282,395 MEIJI Holdings Co., Ltd.......................... 55,295 3,963,349 Mitsubishi Chemical Holdings Corp................ 5,946,700 26,026,425 Mitsubishi Corp.................................. 3,098,600 65,293,261 # Mitsubishi Gas Chemical Co., Inc................. 948,000 6,160,564 # Mitsubishi Logistics Corp........................ 220,000 3,335,581 Mitsubishi Materials Corp........................ 4,371,000 15,889,603 Mitsubishi Tanabe Pharma Corp.................... 465,600 6,763,120 Mitsubishi UFJ Financial Group, Inc.............. 24,653,206 145,387,356 Mitsubishi UFJ Financial Group, Inc. ADR......... 4,781,372 28,210,095 # Mitsui & Co., Ltd................................ 3,723,600 59,716,840 Mitsui & Co., Ltd. Sponsored ADR................. 11,723 3,780,668 # Mitsui Chemicals, Inc............................ 2,330,800 6,283,513 Mitsui Engineering & Shipbuilding Co., Ltd....... 651,000 1,324,892 Mitsui Mining & Smelting Co., Ltd................ 69,030 204,934 # Mitsui OSK Lines, Ltd............................ 3,333,000 12,349,580 Mizuho Financial Group, Inc...................... 48,772,400 94,690,227 Mizuho Financial Group, Inc. ADR................. 205,757 798,337 # MS&AD Insurance Group Holdings, Inc.............. 915,353 20,835,588 Nagase & Co., Ltd................................ 235,889 2,897,217 Nanto Bank, Ltd. (The)........................... 319,000 1,314,871 NEC Corp......................................... 10,559,101 40,767,197 # NH Foods, Ltd.................................... 429,536 8,792,856 # NHK Spring Co., Ltd.............................. 206,900 2,026,178 # Nikon Corp....................................... 143,900 2,231,872 Nippo Corp....................................... 117,000 2,046,684 # Nippon Electric Glass Co., Ltd................... 864,000 4,840,534 Nippon Express Co., Ltd.......................... 2,355,238 11,389,569 # Nippon Paper Industries Co., Ltd................. 330,200 5,773,129 15 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ ---------- ----------- JAPAN -- (Continued) # Nippon Shokubai Co., Ltd......................... 266,000 $ 3,409,638 Nippon Steel & Sumitomo Metal Corp............... 19,063,940 57,566,605 # Nippon Yusen K.K................................. 6,628,000 18,990,740 Nishi-Nippon City Bank, Ltd. (The)............... 1,412,569 3,667,214 Nissan Motor Co., Ltd............................ 5,833,800 57,231,942 Nisshin Seifun Group, Inc........................ 464,199 5,420,879 Nisshin Steel Co., Ltd........................... 143,100 1,932,242 Nisshinbo Holdings, Inc.......................... 305,000 3,078,466 NKSJ Holdings, Inc............................... 296,400 7,484,540 # NOK Corp......................................... 230,120 4,698,901 NTN Corp......................................... 1,550,000 7,470,084 NTT DOCOMO, Inc.................................. 3,091,700 54,216,505 NTT DOCOMO, Inc. Sponsored ADR................... 6,118 107,249 # Obayashi Corp.................................... 1,650,682 12,047,144 Oji Holdings Corp................................ 3,093,000 12,448,464 Onward Holdings Co., Ltd......................... 278,000 1,982,004 # Otsuka Holdings Co., Ltd......................... 156,400 4,980,211 Pola Orbis Holdings, Inc......................... 49,300 2,047,091 Rengo Co., Ltd................................... 421,000 1,923,249 # Resona Holdings, Inc............................. 3,227,600 17,986,048 Ricoh Co., Ltd................................... 3,113,800 35,645,252 Rohm Co., Ltd.................................... 233,700 13,174,935 Sankyo Co., Ltd.................................. 82,500 3,210,318 SBI Holdings, Inc................................ 444,000 5,179,963 Seino Holdings Co., Ltd.......................... 315,000 3,386,630 Sekisui Chemical Co., Ltd........................ 125,000 1,498,807 # Sekisui House, Ltd............................... 1,739,200 22,826,784 Shiga Bank, Ltd. (The)........................... 451,185 2,671,872 Shimizu Corp..................................... 711,000 5,445,942 Shizuoka Bank, Ltd. (The)........................ 1,051,000 11,327,164 Showa Denko K.K.................................. 4,683,000 6,812,297 # Showa Shell Sekiyu KK............................ 80,300 905,661 SKY Perfect JSAT Holdings, Inc................... 362,800 2,151,346 Sohgo Security Services Co., Ltd................. 81,400 1,849,165 Sojitz Corp...................................... 2,867,200 4,876,895 # Sony Corp........................................ 975,200 17,773,736 # Sony Corp. Sponsored ADR......................... 1,801,665 33,204,686 Sumitomo Bakelite Co., Ltd....................... 347,000 1,376,866 Sumitomo Chemical Co., Ltd....................... 6,575,000 24,991,724 # Sumitomo Corp.................................... 2,713,300 35,756,005 Sumitomo Dainippon Pharma Co., Ltd............... 9,700 118,584 # Sumitomo Electric Industries, Ltd................ 2,606,700 38,207,656 # Sumitomo Forestry Co., Ltd....................... 373,500 4,399,765 Sumitomo Heavy Industries, Ltd................... 1,292,000 6,314,290 # Sumitomo Metal Mining Co., Ltd................... 1,441,000 24,005,953 Sumitomo Mitsui Financial Group, Inc............. 2,290,100 93,354,714 Sumitomo Mitsui Trust Holdings, Inc.............. 2,521,629 10,973,388 Sumitomo Osaka Cement Co., Ltd................... 196,000 704,591 Sumitomo Rubber Industries, Ltd.................. 209,900 3,040,252 Suzuken Co., Ltd................................. 149,300 4,760,160 Suzuki Motor Corp................................ 774,300 25,838,396 T&D Holdings, Inc................................ 1,384,000 17,369,998 Taisho Pharmaceutical Holdings Co., Ltd.......... 49,199 3,502,398 16 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ --------- -------------- JAPAN -- (Continued) # Taiyo Nippon Sanso Corp.......................... 28,000 $ 245,535 # Takashimaya Co., Ltd............................. 674,634 6,204,448 Takata Corp...................................... 13,200 262,594 TDK Corp......................................... 530,100 25,429,478 # Teijin, Ltd...................................... 3,333,450 8,254,978 Toho Holdings Co., Ltd........................... 12,800 241,655 Tokai Rika Co., Ltd.............................. 101,100 2,109,727 # Tokio Marine Holdings, Inc....................... 245,600 7,723,325 Tokyo Broadcasting System Holdings, Inc.......... 85,300 986,822 # Toppan Printing Co., Ltd......................... 1,344,000 10,237,758 Toshiba TEC Corp................................. 36,000 236,132 Tosoh Corp....................................... 1,329,000 5,831,209 Toyo Seikan Group Holdings, Ltd.................. 365,849 5,697,836 Toyobo Co., Ltd.................................. 664,000 1,074,721 Toyoda Gosei Co., Ltd............................ 118,900 2,414,690 # Toyota Boshoku Corp.............................. 43,000 486,402 # Toyota Tsusho Corp............................... 751,500 20,892,244 # Ube Industries, Ltd.............................. 3,078,000 5,310,938 UNY Group Holdings Co., Ltd...................... 393,050 2,336,512 Ushio, Inc....................................... 44,200 527,530 Wacoal Holdings Corp............................. 179,000 1,890,889 # Yamada Denki Co., Ltd............................ 1,608,100 5,707,528 Yamaguchi Financial Group, Inc................... 492,148 5,041,164 Yamaha Corp...................................... 355,900 5,423,163 Yamato Kogyo Co., Ltd............................ 86,600 2,814,942 # Yamazaki Baking Co., Ltd......................... 275,000 3,480,769 Yokohama Rubber Co., Ltd. (The).................. 97,000 839,870 -------------- TOTAL JAPAN.......................................... 2,180,193,317 -------------- NETHERLANDS -- (3.0%) # Aegon NV......................................... 3,974,447 32,231,431 Akzo Nobel NV.................................... 237,614 17,113,812 # ArcelorMittal(B03XPL1)........................... 3,159,312 47,973,972 # ArcelorMittal(B295F26)........................... 553,547 8,419,450 * ING Groep NV..................................... 6,479,202 84,149,174 #* ING Groep NV Sponsored ADR....................... 1,297,167 16,824,256 Koninklijke Ahold NV............................. 1,258,998 21,952,284 Koninklijke Boskalis Westminster NV.............. 44,440 2,373,483 Koninklijke DSM NV............................... 514,295 35,529,192 * Koninklijke KPN NV............................... 2,384,585 7,625,073 Koninklijke Philips NV........................... 1,159,088 35,723,748 # TNT Express NV................................... 72,118 581,138 -------------- TOTAL NETHERLANDS.................................... 310,497,013 -------------- NEW ZEALAND -- (0.1%) Auckland International Airport, Ltd.............. 334,646 1,081,883 Contact Energy, Ltd.............................. 1,292,916 6,071,428 Fletcher Building, Ltd........................... 157,122 1,209,366 -------------- TOTAL NEW ZEALAND.................................... 8,362,677 -------------- NORWAY -- (0.8%) Aker ASA Class A................................. 68,150 2,606,769 17 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ ---------- ------------ NORWAY -- (Continued) DNB ASA.......................................... 1,551,198 $ 27,489,678 Norsk Hydro ASA.................................. 3,357,025 19,902,376 Norsk Hydro ASA Sponsored ADR.................... 59,900 357,603 Orkla ASA........................................ 361,613 3,273,169 Stolt-Nielsen, Ltd............................... 8,425 191,399 * Storebrand ASA................................... 1,082,306 6,013,405 Subsea 7 SA...................................... 590,207 9,852,583 Wilh Wilhelmsen Holding ASA Class A.............. 212 6,477 Yara International ASA........................... 216,499 9,892,354 ------------ TOTAL NORWAY......................................... 79,585,813 ------------ PORTUGAL -- (0.0%) #* Banco Espirito Santo SA.......................... 2,631,973 706,466 EDP Renovaveis SA................................ 517,656 3,650,086 ------------ TOTAL PORTUGAL....................................... 4,356,552 ------------ SINGAPORE -- (1.2%) CapitaLand, Ltd.................................. 9,878,000 27,220,767 City Developments, Ltd........................... 179,000 1,511,804 DBS Group Holdings, Ltd.......................... 1,323,279 19,279,282 Golden Agri-Resources, Ltd....................... 14,989,000 6,398,675 Hutchison Port Holdings Trust.................... 6,524,000 4,853,804 Keppel Land, Ltd................................. 1,258,000 3,658,777 #* Neptune Orient Lines, Ltd........................ 1,246,004 946,699 Noble Group, Ltd................................. 10,011,000 11,332,781 # OUE, Ltd......................................... 405,000 793,133 Singapore Airlines, Ltd.......................... 2,117,600 17,485,888 United Industrial Corp., Ltd..................... 2,172,366 5,917,455 UOL Group, Ltd................................... 1,420,864 7,527,736 Venture Corp., Ltd............................... 307,000 1,993,123 Wheelock Properties Singapore, Ltd............... 861,000 1,305,659 Wilmar International, Ltd........................ 4,154,000 10,845,510 ------------ TOTAL SINGAPORE...................................... 121,071,093 ------------ SPAIN -- (2.2%) # Acciona SA....................................... 101,533 8,326,199 # Banco de Sabadell SA............................. 9,570,037 31,066,015 Banco Popular Espanol SA......................... 3,464,618 21,143,067 Banco Santander SA............................... 3,337,618 33,534,008 # Banco Santander SA Sponsored ADR................. 713,123 7,109,836 CaixaBank SA..................................... 3,115,247 18,732,617 # Iberdrola SA..................................... 10,204,299 75,916,840 Repsol SA........................................ 1,490,932 37,180,189 ------------ TOTAL SPAIN.......................................... 233,008,771 ------------ SWEDEN -- (2.8%) Boliden AB....................................... 612,180 9,917,397 Holmen AB Class A................................ 5,131 173,313 Meda AB Class A.................................. 280,396 4,520,877 Nordea Bank AB................................... 5,366,449 71,968,222 Skandinaviska Enskilda Banken AB Class A......... 3,481,813 46,610,917 # Skandinaviska Enskilda Banken AB Class C......... 16,918 218,203 18 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ --------- ------------ SWEDEN -- (Continued) #* SSAB AB Class A.................................. 51,620 $ 498,319 Svenska Cellulosa AB Class A..................... 66,476 1,649,909 Svenska Cellulosa AB Class B..................... 1,348,669 33,212,365 Svenska Handelsbanken AB Class A................. 32,796 1,579,468 Svenska Handelsbanken AB Class B................. 252 11,579 Swedbank AB Class A.............................. 674,237 17,272,345 Tele2 AB Class B................................. 136,054 1,659,785 Telefonaktiebolaget LM Ericsson Class A.......... 28,098 330,384 Telefonaktiebolaget LM Ericsson Class B.......... 4,879,427 60,758,023 # Telefonaktiebolaget LM Ericsson Sponsored ADR.... 952,162 11,835,374 TeliaSonera AB................................... 3,717,354 27,841,964 ------------ TOTAL SWEDEN......................................... 290,058,444 ------------ SWITZERLAND -- (8.6%) ABB, Ltd......................................... 820,669 18,873,635 Adecco SA........................................ 472,171 35,317,698 Alpiq Holding AG................................. 1,593 167,185 Aryzta AG........................................ 218,943 19,803,505 Baloise Holding AG............................... 200,163 24,100,666 Banque Cantonale Vaudoise........................ 468 249,232 Clariant AG...................................... 601,589 11,199,710 Credit Suisse Group AG........................... 1,928,358 52,312,021 # Credit Suisse Group AG Sponsored ADR............. 1,022,581 27,711,945 Givaudan SA...................................... 5,469 8,945,049 Holcim, Ltd...................................... 887,877 71,044,795 Lonza Group AG................................... 56,997 6,320,603 Novartis AG...................................... 2,434,443 211,793,117 # Novartis AG ADR.................................. 681,571 59,255,783 Sulzer AG........................................ 50,596 6,690,465 Swatch Group AG (The)............................ 36,536 3,658,592 Swiss Life Holding AG............................ 123,557 28,572,344 # Swiss Re AG...................................... 1,547,148 131,519,184 UBS AG(B18YFJ4).................................. 4,344,251 74,640,867 UBS AG(H89231338)................................ 505,823 8,684,981 Zurich Insurance Group AG........................ 333,311 96,830,068 ------------ TOTAL SWITZERLAND.................................... 897,691,445 ------------ UNITED KINGDOM -- (15.9%) Anglo American P.L.C............................. 2,997,959 80,513,065 Barclays P.L.C................................... 6,164,510 23,367,734 # Barclays P.L.C. Sponsored ADR.................... 5,037,005 76,461,736 Barratt Developments P.L.C....................... 410,298 2,407,008 BP P.L.C......................................... 1,889,456 15,387,239 BP P.L.C. Sponsored ADR.......................... 7,112,217 348,285,266 Carnival P.L.C................................... 658,867 23,734,136 # Carnival P.L.C. ADR.............................. 229,328 8,285,621 Friends Life Group, Ltd.......................... 3,422,696 19,140,608 Glencore P.L.C................................... 9,442,477 57,057,356 HSBC Holdings P.L.C.............................. 9,197,250 98,602,926 HSBC Holdings P.L.C. Sponsored ADR............... 2,089,967 111,583,337 Investec P.L.C................................... 1,195,168 10,337,528 # J Sainsbury P.L.C................................ 5,377,115 28,342,051 19 THE DFA INTERNATIONAL VALUE SERIES CONTINUED SHARES VALUE++ ---------- --------------- UNITED KINGDOM -- (Continued) Kingfisher P.L.C............................. 7,842,790 $ 39,612,954 * Lloyds Banking Group P.L.C................... 34,635,010 43,178,568 #* Lloyds Banking Group P.L.C. ADR.............. 1,528,251 7,671,820 Old Mutual P.L.C............................. 12,629,616 41,548,526 # Pearson P.L.C. Sponsored ADR................. 1,179,255 22,653,488 * Royal Bank of Scotland Group P.L.C........... 3,847,507 22,932,866 #* Royal Bank of Scotland Group P.L.C. Sponsored ADR.............................. 400,166 4,753,972 # Royal Dutch Shell P.L.C. ADR(780259107)...... 3,323,210 286,261,309 Royal Dutch Shell P.L.C. ADR(780259206)...... 755,142 61,793,270 Royal Dutch Shell P.L.C. Class A............. 578,802 23,797,942 Royal Dutch Shell P.L.C. Class B............. 255,146 10,987,042 RSA Insurance Group P.L.C.................... 1,362,966 10,537,074 * Standard Chartered P.L.C..................... 606,159 12,570,380 Vedanta Resources P.L.C...................... 189,404 3,341,425 Vodafone Group P.L.C......................... 19,970,644 66,504,066 Vodafone Group P.L.C. Sponsored ADR.......... 2,056,797 68,326,805 WM Morrison Supermarkets P.L.C............... 8,127,143 23,067,268 --------------- TOTAL UNITED KINGDOM............................... 1,653,044,386 --------------- TOTAL COMMON STOCKS................................ 9,675,652,106 --------------- PREFERRED STOCKS -- (0.2%) GERMANY -- (0.2%) Porsche Automobil Holding SE................. 254,382 23,776,865 --------------- RIGHTS/WARRANTS -- (0.0%) FRANCE -- (0.0%) * Peugeot SA Warrants 04/29/17................. 159,012 380,071 --------------- SPAIN -- (0.0%) * Banco Santander SA 08/04/14.................. 3,337,617 688,352 --------------- TOTAL RIGHTS/WARRANTS.............................. 1,068,423 --------------- SHARES/ FACE AMOUNT (000) VALUE+ ---------- --------------- SECURITIES LENDING COLLATERAL -- (6.8%) (S)@ DFA Short Term Investment Fund............... 60,718,493 702,512,962 --------------- TOTAL INVESTMENTS -- (100.0%) (Cost $8,698,544,218)^^.......................... $10,403,010,356 =============== 20 THE DFA INTERNATIONAL VALUE SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) ----------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL -------------- -------------- ------- --------------- Common Stocks Australia.................. $ 2,358,941 $ 531,486,787 -- $ 533,845,728 Austria.................... -- 12,630,375 -- 12,630,375 Belgium.................... 3,434,268 124,826,929 -- 128,261,197 Canada..................... 896,926,742 -- -- 896,926,742 Denmark.................... -- 163,156,128 -- 163,156,128 Finland.................... 1,952,397 86,524,512 -- 88,476,909 France..................... 4,613,089 878,905,960 -- 883,519,049 Germany.................... 64,834,941 666,644,151 -- 731,479,092 Hong Kong.................. -- 246,618,383 -- 246,618,383 Ireland.................... 5,055,424 12,736,662 -- 17,792,086 Israel..................... -- 33,155,055 -- 33,155,055 Italy...................... 21,388,045 140,533,806 -- 161,921,851 Japan...................... 67,298,900 2,112,894,417 -- 2,180,193,317 Netherlands................ 25,243,706 285,253,307 -- 310,497,013 New Zealand................ -- 8,362,677 -- 8,362,677 Norway..................... 357,603 79,228,210 -- 79,585,813 Portugal................... -- 4,356,552 -- 4,356,552 Singapore.................. -- 121,071,093 -- 121,071,093 Spain...................... 7,109,836 225,898,935 -- 233,008,771 Sweden..................... 11,835,374 278,223,070 -- 290,058,444 Switzerland................ 95,652,709 802,038,736 -- 897,691,445 United Kingdom............. 996,076,624 656,967,762 -- 1,653,044,386 Preferred Stocks Germany.................... -- 23,776,865 -- 23,776,865 Rights/Warrants France..................... -- 380,071 -- 380,071 Spain...................... -- 688,352 -- 688,352 Securities Lending Collateral. -- 702,512,962 -- 702,512,962 -------------- -------------- -- --------------- TOTAL......................... $2,204,138,599 $8,198,871,757 -- $10,403,010,356 ============== ============== == ===============
21 THE JAPANESE SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE++ ------- ---------- COMMON STOCKS -- (88.8%) Consumer Discretionary -- (18.2%) # Accordia Golf Co., Ltd.................................. 620,300 $7,737,733 # Adastria Holdings Co., Ltd.............................. 93,320 2,108,338 # Aeon Fantasy Co., Ltd................................... 57,832 777,976 #* AGORA Hospitality Group Co., Ltd........................ 348,000 147,044 Ahresty Corp............................................ 124,900 1,090,181 * Aigan Co., Ltd.......................................... 96,200 259,525 # Aisan Industry Co., Ltd................................. 170,000 1,396,347 Akebono Brake Industry Co., Ltd......................... 301,800 1,460,152 # Alpen Co., Ltd.......................................... 98,000 1,640,698 Alpha Corp.............................................. 30,400 308,633 Alpine Electronics, Inc................................. 272,000 4,284,809 Amiyaki Tei Co., Ltd.................................... 24,500 892,894 Amuse, Inc.............................................. 34,099 728,367 * Anrakutei Co., Ltd...................................... 22,000 86,060 AOI Pro, Inc............................................ 39,200 261,531 AOKI Holdings, Inc...................................... 263,700 3,449,358 Aoyama Trading Co., Ltd................................. 315,900 8,049,793 Arata Corp.............................................. 91,000 298,474 Arcland Sakamoto Co., Ltd............................... 81,500 1,804,949 Asahi Broadcasting Corp................................. 28,200 172,804 # Asahi Co., Ltd.......................................... 93,600 1,253,798 # Asatsu-DK, Inc.......................................... 175,600 4,488,383 #* Ashimori Industry Co., Ltd.............................. 319,000 670,998 # ASKUL Corp.............................................. 46,600 1,286,093 # Atom Corp............................................... 50,900 294,977 # Atsugi Co., Ltd......................................... 858,000 893,916 Autobacs Seven Co., Ltd................................. 390,300 6,386,320 Avex Group Holdings, Inc................................ 210,700 3,597,769 Belluna Co., Ltd........................................ 195,500 948,510 Best Denki Co., Ltd..................................... 396,500 550,688 # Bic Camera, Inc......................................... 497,600 4,313,658 Bookoff Corp............................................ 55,900 439,182 BRONCO BILLY Co., Ltd................................... 5,000 182,342 Calsonic Kansei Corp.................................... 953,000 6,267,816 # Can Do Co., Ltd......................................... 65,300 1,041,428 # Central Sports Co., Ltd................................. 27,700 443,286 CHIMNEY Co., Ltd........................................ 12,000 245,348 # Chiyoda Co., Ltd........................................ 143,200 3,165,315 Chofu Seisakusho Co., Ltd............................... 88,800 2,287,641 Chori Co., Ltd.......................................... 73,900 933,857 Chuo Spring Co., Ltd.................................... 202,000 616,410 #* Clarion Co., Ltd........................................ 708,000 2,819,938 Cleanup Corp............................................ 133,500 1,224,366 # Colowide Co., Ltd....................................... 276,900 3,656,493 # COOKPAD, Inc............................................ 79,000 2,228,131 Corona Corp............................................. 80,400 918,629 # Cross Plus, Inc......................................... 22,000 167,165 # DA Consortium, Inc...................................... 117,200 577,541 Daido Metal Co., Ltd.................................... 190,000 2,588,049 # Daidoh, Ltd............................................. 126,100 672,501 #* Daiei, Inc. (The)....................................... 704,000 2,016,912 22 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Consumer Discretionary -- (Continued) # Daiichikosho Co., Ltd................................. 149,300 $4,428,798 Daikoku Denki Co., Ltd................................ 41,500 712,958 Daimaruenawin Co., Ltd................................ 400 2,822 Dainichi Co., Ltd..................................... 54,900 380,521 # Daisyo Corp........................................... 54,300 733,719 DCM Holdings Co., Ltd................................. 491,600 3,286,573 # Descente, Ltd......................................... 240,000 2,084,789 Doshisha Co., Ltd..................................... 130,300 2,399,626 Doutor Nichires Holdings Co., Ltd..................... 173,686 2,918,688 # Dunlop Sports Co., Ltd................................ 77,500 909,527 Dynic Corp............................................ 174,000 289,882 Eagle Industry Co., Ltd............................... 150,200 2,744,319 # EDION Corp............................................ 528,800 3,496,198 Exedy Corp............................................ 179,600 5,302,285 F T Communications Co., Ltd........................... 4,900 112,669 F-Tech, Inc........................................... 26,200 342,635 # FCC Co., Ltd.......................................... 197,400 3,540,411 Fields Corp........................................... 84,800 1,195,853 Fine Sinter Co., Ltd.................................. 49,000 163,226 First Juken Co., Ltd.................................. 8,900 116,630 Foster Electric Co., Ltd.............................. 129,400 1,708,270 # France Bed Holdings Co., Ltd.......................... 702,000 1,278,468 # Fuji Co., Ltd......................................... 105,600 2,118,520 Fuji Corp., Ltd....................................... 129,800 771,116 # Fuji Kiko Co., Ltd.................................... 148,000 670,650 # Fuji Kyuko Co., Ltd................................... 83,000 901,673 Fuji Oozx, Inc........................................ 6,000 27,926 # Fujibo Holdings, Inc.................................. 763,000 2,097,332 # Fujikura Rubber, Ltd.................................. 36,000 302,621 Fujishoji Co., Ltd.................................... 4,900 62,770 # Fujita Kanko, Inc..................................... 44,000 159,014 # Fujitsu General, Ltd.................................. 369,000 5,093,572 FuKoKu Co., Ltd....................................... 33,200 312,856 # Funai Electric Co., Ltd............................... 84,200 872,203 # Furukawa Battery Co., Ltd. (The)...................... 98,000 638,633 Futaba Industrial Co., Ltd............................ 315,800 1,775,130 G-7 Holdings, Inc..................................... 29,200 283,752 G-Tekt Corp........................................... 91,600 975,000 # Gakken Holdings Co., Ltd.............................. 322,000 883,215 # Genki Sushi Co., Ltd.................................. 26,900 515,250 # Geo Holdings Corp..................................... 184,700 1,567,635 # GLOBERIDE, Inc........................................ 620,000 797,224 Goldwin, Inc.......................................... 188,000 811,331 # Gourmet Kineya Co., Ltd............................... 87,000 730,256 # GSI Creos Corp........................................ 304,000 414,548 Gulliver International Co., Ltd....................... 379,700 3,481,195 Gunze, Ltd............................................ 1,111,000 3,032,129 H-One Co., Ltd........................................ 69,500 505,359 # H2O Retailing Corp.................................... 907,610 7,519,831 # Hagihara Industries, Inc.............................. 16,700 250,995 Hakuyosha Co., Ltd.................................... 65,000 152,145 # Happinet Corp......................................... 96,500 1,686,809 Hard Off Corp. Co., Ltd............................... 49,700 423,261 23 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Consumer Discretionary -- (Continued) Haruyama Trading Co., Ltd............................. 47,900 $ 332,844 Heiwa Corp............................................ 78,200 1,842,037 HI-LEX Corp........................................... 62,900 1,728,000 # Hiday Hidaka Corp..................................... 60,564 1,383,834 Higashi Nihon House Co., Ltd.......................... 226,700 1,134,560 # Himaraya Co., Ltd..................................... 35,900 371,242 # Hiramatsu, Inc........................................ 151,200 961,482 HIS Co., Ltd.......................................... 203,600 6,392,656 # Honeys Co., Ltd....................................... 92,940 952,954 # Hoosiers Holdings Co., Ltd............................ 153,500 715,161 # Ichibanya Co., Ltd.................................... 44,900 1,947,225 # Ichikoh Industries, Ltd............................... 294,000 515,870 * IJT Technology Holdings Co., Ltd...................... 128,280 525,856 # Ikyu Corp............................................. 64,400 845,383 # Imasen Electric Industrial............................ 83,400 1,176,602 Imperial Hotel, Ltd................................... 14,200 317,549 Intage Holdings, Inc.................................. 78,500 1,138,735 * Izuhakone Railway Co., Ltd............................ 300 -- * Izutsuya Co., Ltd..................................... 555,000 389,443 * Janome Sewing Machine Co., Ltd........................ 868,000 777,634 Japan Vilene Co., Ltd................................. 154,000 858,324 # Japan Wool Textile Co., Ltd. (The).................... 340,000 2,649,477 # Jin Co., Ltd.......................................... 78,200 2,329,648 # Joban Kosan Co., Ltd.................................. 270,000 417,918 # Joshin Denki Co., Ltd................................. 209,000 1,973,781 # JP-Holdings, Inc...................................... 213,500 863,600 * JVC Kenwood Corp...................................... 918,530 2,089,693 # K's Holdings Corp..................................... 59,800 1,709,642 # Kadokawa Corp......................................... 113,300 3,172,204 Kasai Kogyo Co., Ltd.................................. 141,000 1,031,558 # Kawai Musical Instruments Manufacturing Co., Ltd...... 446,000 883,427 Keihin Corp........................................... 260,200 3,990,366 # Keiyo Co., Ltd........................................ 181,300 864,840 KFC Holdings Japan, Ltd............................... 77,000 1,609,620 #* Kintetsu Department Store Co., Ltd.................... 57,000 214,347 # Kinugawa Rubber Industrial Co., Ltd................... 273,000 1,461,078 Kitamura Co., Ltd..................................... 2,000 13,415 * KNT-CT Holdings Co., Ltd.............................. 541,000 986,766 # Kohnan Shoji Co., Ltd................................. 194,000 2,006,380 * Kojima Co., Ltd....................................... 149,700 466,182 Komatsu Seiren Co., Ltd............................... 146,000 812,049 Komeri Co., Ltd....................................... 183,300 4,283,223 # Konaka Co., Ltd....................................... 122,960 862,419 # Koshidaka Holdings Co., Ltd........................... 21,700 857,531 Kourakuen Corp........................................ 2,700 35,841 KU Holdings Co., Ltd.................................. 136,400 828,440 Kura Corp............................................. 68,100 1,806,360 Kurabo Industries, Ltd................................ 1,301,000 2,308,426 Kuraudia Co., Ltd..................................... 5,700 72,640 KYB Co., Ltd.......................................... 1,012,000 4,593,347 # Kyoritsu Maintenance Co., Ltd......................... 61,060 2,737,361 Kyoto Kimono Yuzen Co., Ltd........................... 64,400 633,684 LEC, Inc.............................................. 42,800 456,796 24 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Consumer Discretionary -- (Continued) # Look, Inc............................................. 228,000 $ 582,156 # Mamiya-Op Co., Ltd.................................... 331,000 723,063 # Marche Corp........................................... 23,000 191,566 # Mars Engineering Corp................................. 48,400 981,923 #* Maruzen CHI Holdings Co., Ltd......................... 29,800 99,397 Maruzen Co., Ltd...................................... 46,000 437,175 Matsuya Foods Co., Ltd................................ 48,200 890,123 Meiko Network Japan Co., Ltd.......................... 96,300 1,230,866 Meiwa Estate Co., Ltd................................. 56,900 248,973 Mikuni Corp........................................... 108,000 429,488 Misawa Homes Co., Ltd................................. 162,300 1,863,732 Mitsuba Corp.......................................... 202,090 3,325,546 Mitsui Home Co., Ltd.................................. 170,000 812,243 # Mizuno Corp........................................... 564,000 3,381,628 # Monogatari Corp. (The)................................ 25,400 753,886 MOS Food Services, Inc................................ 15,600 336,738 Mr Max Corp........................................... 119,000 394,447 Murakami Corp......................................... 11,000 151,375 # Musashi Seimitsu Industry Co., Ltd.................... 128,600 3,141,961 Nafco Co., Ltd........................................ 33,300 571,604 # Nagawa Co., Ltd....................................... 8,900 236,409 #* Naigai Co., Ltd....................................... 1,450,000 935,573 Nakayamafuku Co., Ltd................................. 9,500 74,486 # Next Co., Ltd......................................... 89,200 665,751 Nexyz Corp............................................ 8,800 67,639 Nice Holdings, Inc.................................... 460,000 978,876 Nifco, Inc............................................ 285,300 9,380,202 Nihon Eslead Corp..................................... 10,800 104,070 # Nihon Plast Co., Ltd.................................. 3,100 21,508 Nihon Tokushu Toryo Co., Ltd.......................... 56,000 323,913 Nippon Felt Co., Ltd.................................. 67,200 313,563 Nippon Piston Ring Co., Ltd........................... 500,000 1,077,307 Nippon Seiki Co., Ltd................................. 246,400 4,841,532 Nishikawa Rubber Co., Ltd............................. 15,000 257,195 Nishimatsuya Chain Co., Ltd........................... 299,300 2,393,522 Nissan Tokyo Sales Holdings Co., Ltd.................. 236,000 710,178 # Nissei Build Kogyo Co., Ltd........................... 297,000 871,183 # Nissin Kogyo Co., Ltd................................. 214,800 3,864,813 Nittan Valve Co., Ltd................................. 82,800 271,182 Ohashi Technica, Inc.................................. 22,000 225,314 # Ohsho Food Service Corp............................... 64,500 2,708,444 Onward Holdings Co., Ltd.............................. 753,000 5,368,520 # OPT, Inc.............................................. 64,900 468,000 Otsuka Kagu, Ltd...................................... 40,700 390,937 Pacific Industrial Co., Ltd........................... 215,300 1,589,699 # Pal Co., Ltd.......................................... 67,600 1,909,841 Paltac Corp........................................... 189,534 2,525,103 # PanaHome Corp......................................... 481,200 3,566,969 Parco Co., Ltd........................................ 103,600 904,247 Paris Miki Holdings, Inc.............................. 164,400 786,126 PIA Corp.............................................. 1,300 22,922 Piolax, Inc........................................... 57,900 2,236,216 * Pioneer Corp.......................................... 1,903,400 5,092,896 25 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ---------- Consumer Discretionary -- (Continued) Plenus Co., Ltd......................................... 126,000 $2,938,114 Press Kogyo Co., Ltd.................................... 578,000 2,199,436 # Pressance Corp.......................................... 35,400 1,036,831 # Proto Corp.............................................. 61,600 888,212 Renaissance, Inc........................................ 45,700 422,713 #* Renown, Inc............................................. 326,600 380,185 Resort Solution Co., Ltd................................ 180,000 404,488 Resorttrust, Inc........................................ 401,216 8,286,456 Rhythm Watch Co., Ltd................................... 658,000 1,043,482 # Riberesute Corp......................................... 12,700 79,890 # Right On Co., Ltd....................................... 87,525 605,211 Riken Corp.............................................. 518,000 2,326,389 # Ringer Hut Co., Ltd..................................... 23,900 391,675 Round One Corp.......................................... 446,000 2,594,927 Royal Holdings Co., Ltd................................. 163,100 2,669,528 Sagami Chain Co., Ltd................................... 11,000 104,819 # Saizeriya Co., Ltd...................................... 166,500 2,236,319 # Sakai Ovex Co., Ltd..................................... 321,000 517,412 San Holdings, Inc....................................... 14,000 190,500 Sanden Corp............................................. 667,000 3,744,169 Sanei Architecture Planning Co., Ltd.................... 43,300 368,346 # Sangetsu Co., Ltd....................................... 170,725 4,492,444 # Sanko Marketing Foods Co., Ltd.......................... 30,400 268,008 Sankyo Seiko Co., Ltd................................... 188,700 751,176 Sanoh Industrial Co., Ltd............................... 140,500 982,179 Sanyo Electric Railway Co., Ltd......................... 124,000 552,406 Sanyo Housing Nagoya Co., Ltd........................... 51,800 518,815 Sanyo Shokai, Ltd....................................... 678,000 1,558,227 Sato Restaurant Systems Co., Ltd........................ 12,800 106,644 Scroll Corp............................................. 152,100 399,657 Seiko Holdings Corp..................................... 954,407 3,733,845 Seiren Co., Ltd......................................... 296,700 2,649,302 # Senshukai Co., Ltd...................................... 185,200 1,560,274 # Septeni Holdings Co., Ltd............................... 78,600 954,093 # Seria Co., Ltd.......................................... 101,900 4,429,735 # Shidax Corp............................................. 85,200 419,156 # Shikibo, Ltd............................................ 802,000 923,705 Shimachu Co., Ltd....................................... 273,900 6,350,526 Shimojima Co., Ltd...................................... 23,800 244,660 Shiroki Corp............................................ 285,000 589,927 Shobunsha Publications, Inc............................. 279,800 1,759,525 Shochiku Co., Ltd....................................... 107,000 1,006,910 Showa Corp.............................................. 320,400 3,569,090 # SKY Perfect JSAT Holdings, Inc.......................... 892,200 5,290,603 SNT Corp................................................ 110,200 475,093 Soft99 Corp............................................. 70,600 451,494 Sotoh Co., Ltd.......................................... 49,700 463,652 SPK Corp................................................ 17,200 320,896 St Marc Holdings Co., Ltd............................... 48,200 2,628,927 # Starbucks Coffee Japan, Ltd............................. 152,100 1,746,591 Starts Corp., Inc....................................... 116,900 1,923,220 Step Co., Ltd........................................... 39,200 306,560 # Studio Alice Co., Ltd................................... 63,100 881,626 26 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Consumer Discretionary -- (Continued) Suminoe Textile Co., Ltd.............................. 342,000 $1,208,104 Sumitomo Forestry Co., Ltd............................ 268,366 3,161,305 Suncall Corp.......................................... 28,000 172,832 T RAD Co., Ltd........................................ 408,000 1,136,608 # T-Gaia Corp........................................... 82,900 768,978 # Tachi-S Co., Ltd...................................... 167,540 2,815,827 Tachikawa Corp........................................ 50,800 349,029 Taiho Kogyo Co., Ltd.................................. 99,400 1,089,013 Takamatsu Construction Group Co., Ltd................. 90,500 1,530,672 Take And Give Needs Co., Ltd.......................... 54,770 647,738 Takihyo Co., Ltd...................................... 76,000 312,580 # Tama Home Co., Ltd.................................... 49,600 320,894 # Tamron Co., Ltd....................................... 111,400 2,497,246 # TBK Co., Ltd.......................................... 119,000 602,819 * Ten Allied Co., Ltd................................... 50,000 165,967 Tigers Polymer Corp................................... 59,000 323,988 # Toa Corp.............................................. 116,700 1,444,750 # Toabo Corp............................................ 529,000 377,920 # Toei Animation Co., Ltd............................... 22,500 629,562 Toei Co., Ltd......................................... 416,000 2,199,532 Tohokushinsha Film Corp............................... 24,300 184,452 # Tokai Rika Co., Ltd................................... 295,500 6,166,413 Tokai Rubber Industries, Ltd.......................... 225,500 2,228,062 # Token Corp............................................ 47,750 2,205,582 Tokyo Derica Co., Ltd................................. 42,700 810,310 Tokyo Dome Corp....................................... 1,200,200 5,638,223 # Tokyo Individualized Educational Institute, Inc....... 20,700 82,631 Tokyo Soir Co., Ltd................................... 9,000 22,315 # Tokyu Recreation Co., Ltd............................. 79,000 485,758 # Tomy Co., Ltd......................................... 385,193 2,000,931 Topre Corp............................................ 214,500 3,034,182 # Toridoll.corp......................................... 115,500 966,042 # Tosho Co., Ltd........................................ 42,100 828,894 # Toyo Tire & Rubber Co., Ltd........................... 337,500 6,128,096 # TPR Co., Ltd.......................................... 123,300 2,886,916 # TSI Holdings Co., Ltd................................. 516,595 3,795,049 # Tsukada Global Holdings, Inc.......................... 96,700 673,199 Tsukamoto Corp. Co., Ltd.............................. 190,000 246,830 Tsutsumi Jewelry Co., Ltd............................. 49,300 1,259,210 Tv Tokyo Holdings Corp................................ 34,800 589,275 Tyo, Inc.............................................. 313,000 528,258 # U-Shin, Ltd........................................... 148,800 872,650 # Unipres Corp.......................................... 225,600 4,874,129 United Arrows, Ltd.................................... 130,000 5,091,211 #* Unitika, Ltd.......................................... 1,596,000 709,590 # Universal Entertainment Corp.......................... 66,800 1,161,424 #* Usen Corp............................................. 688,180 2,710,236 # Village Vanguard Co., Ltd............................. 25,800 328,983 # VT Holdings Co., Ltd.................................. 469,900 2,519,618 Wacoal Holdings Corp.................................. 532,000 5,619,850 # Watabe Wedding Corp................................... 43,000 240,150 # WATAMI Co., Ltd....................................... 138,100 1,865,508 # West Holdings Corp.................................... 99,600 1,434,014 27 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ------------ Consumer Discretionary -- (Continued) Workman Co., Ltd...................................... 300 $ 14,762 Wowow, Inc............................................ 28,300 1,181,045 Xebio Co., Ltd........................................ 146,600 2,620,040 Yachiyo Industry Co., Ltd............................. 8,800 57,997 Yamato International, Inc............................. 20,400 91,239 Yellow Hat, Ltd....................................... 95,400 2,092,362 Yomiuri Land Co., Ltd................................. 215,000 992,932 Yondoshi Holdings, Inc................................ 112,920 2,457,238 Yonex Co., Ltd........................................ 40,000 303,095 Yorozu Corp........................................... 92,300 1,961,911 # Yoshinoya Holdings Co., Ltd........................... 44,700 605,431 Yutaka Giken Co., Ltd................................. 2,000 45,791 # Zenrin Co., Ltd....................................... 153,900 1,797,006 # Zensho Holdings Co., Ltd.............................. 578,100 5,800,412 # Zojirushi Corp........................................ 92,000 426,435 ------------ Total Consumer Discretionary.............................. 517,306,539 ------------ Consumer Staples -- (7.9%) Aderans Co., Ltd...................................... 102,200 1,498,825 Aeon Hokkaido Corp.................................... 339,700 2,030,425 # Ain Pharmaciez, Inc................................... 71,200 3,315,516 Arcs Co., Ltd......................................... 190,900 4,032,738 Ariake Japan Co., Ltd................................. 102,000 2,584,853 # Artnature, Inc........................................ 41,200 1,208,037 Axial Retailing, Inc.................................. 70,700 1,233,468 Belc Co., Ltd......................................... 50,100 1,386,648 Cawachi, Ltd.......................................... 89,600 1,619,995 Chubu Shiryo Co., Ltd................................. 110,700 725,193 # Chuo Gyorui Co., Ltd.................................. 93,000 221,468 Cocokara fine, Inc.................................... 89,360 2,444,093 CREATE SD HOLDINGS Co., Ltd........................... 41,200 1,497,008 # Daikokutenbussan Co., Ltd............................. 32,600 935,860 # Dr Ci:Labo Co., Ltd................................... 83,700 2,942,655 # Dydo Drinco, Inc...................................... 49,800 2,199,024 Ezaki Glico Co., Ltd.................................. 379,000 7,037,919 # Fancl Corp............................................ 232,200 2,843,761 #* First Baking Co., Ltd................................. 183,000 224,752 # Fuji Oil Co., Ltd..................................... 367,600 5,873,450 Fujicco Co., Ltd...................................... 117,600 1,478,986 # Fujiya Co., Ltd....................................... 240,000 460,388 Hagoromo Foods Corp................................... 39,000 408,293 Heiwado Co., Ltd...................................... 176,800 2,902,732 # Hokkaido Coca-Cola Bottling Co., Ltd.................. 87,000 435,242 # Hokuto Corp........................................... 130,400 2,473,665 # House Foods Group, Inc................................ 195,000 3,515,743 Inageya Co., Ltd...................................... 172,800 1,802,970 Itochu-Shokuhin Co., Ltd.............................. 27,400 954,989 Itoham Foods, Inc..................................... 960,800 4,224,108 Iwatsuka Confectionery Co., Ltd....................... 300 14,814 # J-Oil Mills, Inc...................................... 519,000 1,648,695 # Kagome Co., Ltd....................................... 66,600 1,115,018 # Kakiyasu Honten Co., Ltd.............................. 16,600 256,103 Kameda Seika Co., Ltd................................. 73,500 2,398,354 28 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Consumer Staples -- (Continued) Kansai Super Market, Ltd.............................. 16,700 $ 138,603 # Kasumi Co., Ltd....................................... 236,300 1,834,035 Kato Sangyo Co., Ltd.................................. 113,200 2,516,468 Kenko Mayonnaise Co., Ltd............................. 39,800 418,063 Key Coffee, Inc....................................... 101,600 1,615,143 Kirindo Co., Ltd...................................... 28,300 193,259 # Kose Corp............................................. 109,000 4,533,819 Kotobuki Spirits Co., Ltd............................. 25,400 575,162 Kusuri No Aoki Co., Ltd............................... 50,200 1,712,963 Kyodo Shiryo Co., Ltd................................. 408,000 402,533 # Kyokuyo Co., Ltd...................................... 466,000 1,160,947 # Life Corp............................................. 183,400 2,854,957 Lion Corp............................................. 732,000 4,258,747 Mandom Corp........................................... 121,500 4,447,090 Marudai Food Co., Ltd................................. 534,000 1,758,738 # Maruetsu, Inc. (The).................................. 375,000 1,444,407 Maruha Nichiro Corp................................... 231,507 3,641,184 Matsumotokiyoshi Holdings Co., Ltd.................... 192,700 6,327,857 # Maxvalu Nishinihon Co., Ltd........................... 2,400 32,164 Maxvalu Tokai Co., Ltd................................ 57,500 787,267 Medical System Network Co., Ltd....................... 78,200 272,182 Megmilk Snow Brand Co., Ltd........................... 259,000 3,354,794 Meito Sangyo Co., Ltd................................. 57,300 669,380 Milbon Co., Ltd....................................... 62,576 2,141,202 # Ministop Co., Ltd..................................... 86,700 1,373,900 # Mitsubishi Shokuhin Co., Ltd.......................... 87,800 2,137,516 Mitsui Sugar Co., Ltd................................. 529,850 2,028,921 Miyoshi Oil & Fat Co., Ltd............................ 375,000 505,344 Morinaga & Co., Ltd................................... 1,084,000 2,294,291 Morinaga Milk Industry Co., Ltd....................... 1,066,000 3,821,618 # Morozoff, Ltd......................................... 143,000 492,327 Nagatanien Co., Ltd................................... 125,000 1,323,807 Nakamuraya Co., Ltd................................... 189,000 781,001 Natori Co., Ltd....................................... 20,300 221,140 Nichimo Co., Ltd...................................... 170,000 295,161 Nichirei Corp......................................... 1,438,000 6,820,649 # Nihon Chouzai Co., Ltd................................ 10,180 265,987 Niitaka Co., Ltd...................................... 7,260 75,172 Nippon Beet Sugar Manufacturing Co., Ltd.............. 619,000 1,163,204 Nippon Flour Mills Co., Ltd........................... 668,000 3,378,382 # Nippon Formula Feed Manufacturing Co., Ltd............ 477,000 532,415 * Nippon Suisan Kaisha, Ltd............................. 1,356,000 3,905,640 # Nisshin Oillio Group, Ltd. (The)...................... 661,000 2,225,380 Nissin Sugar Co., Ltd................................. 20,000 456,331 Nitto Fuji Flour Milling Co., Ltd..................... 64,000 194,145 Noevir Holdings Co., Ltd.............................. 83,900 1,787,464 Oenon Holdings, Inc................................... 316,000 751,120 # OIE Sangyo Co., Ltd................................... 20,900 166,748 Okuwa Co., Ltd........................................ 120,000 1,141,778 Olympic Group Corp.................................... 64,900 664,262 OUG Holdings, Inc..................................... 29,000 64,087 # Pigeon Corp........................................... 163,400 9,386,526 Prima Meat Packers, Ltd............................... 874,000 2,261,799 29 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Consumer Staples -- (Continued) Qol Co., Ltd........................................ 54,100 $ 314,302 Riken Vitamin Co., Ltd.............................. 79,200 2,023,955 Rock Field Co., Ltd................................. 56,700 1,038,465 # Rokko Butter Co., Ltd............................... 33,200 287,145 S Foods, Inc........................................ 77,762 1,221,969 # S&B Foods, Inc...................................... 499 19,053 # Sakata Seed Corp.................................... 177,600 2,403,515 # San-A Co., Ltd...................................... 93,200 3,024,307 Sapporo Holdings, Ltd............................... 1,915,000 8,225,845 # Shoei Foods Corp.................................... 44,000 359,610 Showa Sangyo Co., Ltd............................... 524,000 1,927,876 Sogo Medical Co., Ltd............................... 28,400 1,382,568 ST Corp............................................. 78,900 766,543 # Starzen Co., Ltd.................................... 328,000 945,963 Takara Holdings, Inc................................ 702,500 6,456,375 # Tobu Store Co., Ltd................................. 205,000 560,613 # Toho Co., Ltd....................................... 194,000 707,315 # Tohto Suisan Co., Ltd............................... 167,000 304,502 Torigoe Co., Ltd. (The)............................. 86,600 588,638 Toyo Sugar Refining Co., Ltd........................ 157,000 151,887 UNY Group Holdings Co., Ltd......................... 1,263,200 7,509,176 Uoriki Co., Ltd..................................... 2,400 38,555 Valor Co., Ltd...................................... 201,400 3,282,101 Warabeya Nichiyo Co., Ltd........................... 80,760 1,611,467 # Welcia Holdings Co., Ltd............................ 56,900 3,643,278 Yaizu Suisankagaku Industry Co., Ltd................ 44,800 418,876 Yamatane Corp....................................... 535,000 914,649 # Yamaya Corp......................................... 22,800 399,563 Yaoko Co., Ltd...................................... 49,600 2,797,718 Yokohama Reito Co., Ltd............................. 241,200 2,031,060 Yomeishu Seizo Co., Ltd............................. 100,000 919,924 Yuasa Funashoku Co., Ltd............................ 112,000 299,768 Yutaka Foods Corp................................... 6,000 107,890 ------------ Total Consumer Staples.................................. 224,237,338 ------------ Energy -- (1.0%) # BP Castrol K.K...................................... 66,500 432,653 # Cosmo Oil Co., Ltd.................................. 2,919,000 5,851,242 Fuji Kosan Co., Ltd................................. 33,100 209,263 # Fuji Oil Co., Ltd................................... 293,100 1,008,328 Itochu Enex Co., Ltd................................ 311,000 2,262,365 # Japan Drilling Co., Ltd............................. 31,400 1,593,296 Japan Oil Transportation Co., Ltd................... 84,000 185,617 Kyoei Tanker Co., Ltd............................... 111,000 226,265 Mitsuuroko Group Holdings Co., Ltd.................. 195,800 1,093,705 Nippon Coke & Engineering Co., Ltd.................. 1,410,500 1,589,019 # Nippon Gas Co., Ltd................................. 168,500 3,947,335 Nippon Seiro Co., Ltd............................... 64,000 158,553 # Sala Corp........................................... 128,500 725,131 San-Ai Oil Co., Ltd................................. 314,000 2,385,122 # Shinko Plantech Co., Ltd............................ 231,200 1,740,010 # Sinanen Co., Ltd.................................... 268,000 1,120,868 Toa Oil Co., Ltd.................................... 427,000 713,511 30 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- Energy -- (Continued) # Toyo Kanetsu K.K..................................... 642,000 $ 1,594,088 ----------- Total Energy............................................. 26,836,371 ----------- Financials -- (9.7%) 77 Bank, Ltd. (The).................................. 589,000 3,066,722 Aichi Bank, Ltd. (The)............................... 54,200 2,657,203 Airport Facilities Co., Ltd.......................... 136,670 911,126 Aizawa Securities Co., Ltd........................... 179,600 909,469 Akita Bank, Ltd. (The)............................... 1,120,400 3,158,964 Anabuki Kosan, Inc................................... 14,000 43,387 # Aomori Bank, Ltd. (The).............................. 1,136,000 3,276,022 Asax Co., Ltd........................................ 1,700 21,171 Awa Bank, Ltd. (The)................................. 1,112,000 6,304,560 # Bank of Iwate, Ltd. (The)............................ 105,100 4,824,997 Bank of Kochi, Ltd. (The)............................ 178,000 239,574 Bank of Nagoya, Ltd. (The)........................... 981,297 3,735,620 # Bank of Okinawa, Ltd. (The).......................... 110,300 4,711,540 Bank of Saga, Ltd. (The)............................. 771,000 1,771,207 # Bank of the Ryukyus, Ltd............................. 228,480 3,352,995 Chiba Kogyo Bank, Ltd. (The)......................... 230,600 1,742,520 Chukyo Bank, Ltd. (The).............................. 676,000 1,199,108 Daibiru Corp......................................... 311,100 3,432,925 Daiichi Commodities Co., Ltd......................... 13,700 62,355 Daiko Clearing Services Corp......................... 43,000 269,044 # Daikyo, Inc.......................................... 1,959,000 4,120,699 Daisan Bank, Ltd. (The).............................. 750,000 1,309,938 Daishi Bank, Ltd. (The).............................. 2,038,000 7,493,863 Daito Bank, Ltd. (The)............................... 898,000 1,102,363 # Ehime Bank, Ltd. (The)............................... 815,000 1,918,710 Eighteenth Bank, Ltd. (The).......................... 1,099,000 2,891,060 # FIDEA Holdings Co., Ltd.............................. 578,000 1,213,875 # Financial Products Group Co., Ltd.................... 118,800 1,086,037 Fukui Bank, Ltd. (The)............................... 1,205,000 2,844,933 Fukushima Bank, Ltd. (The)........................... 1,368,000 1,148,084 Fuyo General Lease Co., Ltd.......................... 84,100 3,377,318 # GCA Savvian Corp..................................... 87,900 725,977 Goldcrest Co., Ltd................................... 102,890 2,051,233 Grandy House Corp.................................... 11,000 36,182 Heiwa Real Estate Co., Ltd........................... 252,000 3,973,068 Higashi-Nippon Bank, Ltd. (The)...................... 840,000 2,232,284 Higo Bank, Ltd. (The)................................ 1,057,000 5,650,271 Hokkoku Bank, Ltd. (The)............................. 1,648,000 5,544,227 Hokuetsu Bank, Ltd. (The)............................ 1,206,000 2,459,695 Hyakugo Bank, Ltd. (The)............................. 1,448,609 5,810,473 Hyakujushi Bank, Ltd. (The).......................... 1,507,000 5,303,115 IBJ Leasing Co., Ltd................................. 64,900 1,733,116 Ichiyoshi Securities Co., Ltd........................ 134,000 1,648,842 IwaiCosmo Holdings, Inc.............................. 112,200 1,124,338 Jimoto Holdings, Inc................................. 235,200 495,606 # Jowa Holdings Co., Ltd............................... 46,300 1,815,160 Juroku Bank, Ltd. (The).............................. 1,992,000 7,356,241 # kabu.com Securities Co., Ltd......................... 460,000 2,139,902 # Kabuki-Za Co., Ltd................................... 39,000 1,886,415 31 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Financials -- (Continued) Kagoshima Bank, Ltd. (The)............................ 926,000 $6,091,851 Kansai Urban Banking Corp............................. 1,243,000 1,471,376 Keihanshin Building Co., Ltd.......................... 171,000 926,653 Keiyo Bank, Ltd. (The)................................ 1,237,000 6,234,063 Kita-Nippon Bank, Ltd. (The).......................... 50,006 1,234,423 Kiyo Bank, Ltd. (The)................................. 382,290 5,232,726 # Kosei Securities Co., Ltd. (The)...................... 11,000 22,686 # Kyokuto Securities Co., Ltd........................... 93,700 1,597,611 Land Business Co., Ltd................................ 59,500 282,115 #* Leopalace21 Corp...................................... 1,413,900 6,294,456 Marusan Securities Co., Ltd........................... 385,500 2,909,661 # Michinoku Bank, Ltd. (The)............................ 795,000 1,673,452 Mie Bank, Ltd. (The).................................. 440,000 1,008,017 Minato Bank, Ltd. (The)............................... 1,076,000 2,009,893 Mito Securities Co., Ltd.............................. 309,800 1,131,066 Miyazaki Bank, Ltd. (The)............................. 944,000 3,158,362 # Monex Group, Inc...................................... 1,097,000 3,524,208 # Money Partners Group Co., Ltd......................... 52,400 121,681 Musashino Bank, Ltd. (The)............................ 196,000 6,680,255 # Nagano Bank, Ltd. (The)............................... 496,000 928,342 Nanto Bank, Ltd. (The)................................ 955,000 3,936,369 * New Real Property K.K................................. 43,900 -- # Nisshin Fudosan Co.................................... 211,000 839,895 North Pacific Bank, Ltd............................... 1,612,300 6,587,548 Ogaki Kyoritsu Bank, Ltd. (The)....................... 2,012,000 5,524,629 Oita Bank, Ltd. (The)................................. 973,900 3,534,855 # Okasan Securities Group, Inc.......................... 212,000 1,551,400 Relo Holdings, Inc.................................... 59,400 4,030,365 Ricoh Leasing Co., Ltd................................ 99,100 2,865,693 SAMTY Co., Ltd........................................ 53,800 341,407 San-In Godo Bank, Ltd. (The).......................... 961,000 6,837,898 Sankyo Frontier Co., Ltd.............................. 2,000 15,404 # Sawada Holdings Co., Ltd.............................. 132,700 1,003,708 Senshu Ikeda Holdings, Inc............................ 1,124,800 5,732,701 Shiga Bank, Ltd. (The)................................ 1,007,000 5,963,353 Shikoku Bank, Ltd. (The).............................. 1,073,000 2,391,591 Shimane Bank, Ltd. (The).............................. 15,600 199,518 Shimizu Bank, Ltd. (The).............................. 46,300 1,224,536 # Sparx Group Co., Ltd.................................. 225,900 498,086 Sumitomo Real Estate Sales Co., Ltd................... 82,760 2,399,669 # Sun Frontier Fudousan Co., Ltd........................ 133,700 1,504,157 Taiko Bank, Ltd. (The)................................ 189,000 412,940 Takagi Securities Co., Ltd............................ 231,000 572,680 Takara Leben Co., Ltd................................. 287,500 972,073 # TOC Co., Ltd.......................................... 435,250 3,069,373 Tochigi Bank, Ltd. (The).............................. 745,000 3,081,638 Toho Bank, Ltd. (The)................................. 1,306,200 4,667,906 Tohoku Bank, Ltd. (The)............................... 541,000 789,165 # Tokyo Rakutenchi Co., Ltd............................. 218,000 1,039,837 Tokyo Theatres Co., Inc............................... 409,000 580,513 # Tokyo Tomin Bank, Ltd. (The).......................... 204,700 2,420,682 Tomato Bank, Ltd...................................... 476,000 819,535 TOMONY Holdings, Inc.................................. 868,050 3,555,761 32 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Financials -- (Continued) # Tosei Corp.......................................... 173,100 $ 1,147,735 Tottori Bank, Ltd. (The)............................ 332,000 688,178 Towa Bank, Ltd. (The)............................... 1,623,000 1,597,444 Toyo Securities Co., Ltd............................ 431,000 1,196,349 Tsukuba Bank, Ltd................................... 467,900 1,587,247 # Yachiyo Bank, Ltd. (The)............................ 76,800 2,446,166 # Yamagata Bank, Ltd. (The)........................... 819,500 3,972,019 Yamanashi Chuo Bank, Ltd. (The)..................... 947,000 4,245,070 ------------ Total Financials........................................ 274,561,524 ------------ Health Care -- (4.6%) As One Corp......................................... 77,768 2,332,905 Asahi Intecc Co., Ltd............................... 87,100 3,612,336 ASKA Pharmaceutical Co., Ltd........................ 132,800 1,436,156 Biofermin Pharmaceutical Co., Ltd................... 9,800 252,930 BML, Inc............................................ 69,700 2,783,181 # CMIC Holdings Co., Ltd.............................. 66,500 1,251,649 Create Medic Co., Ltd............................... 28,000 268,461 # Daiken Medical Co., Ltd............................. 35,300 678,760 # Daito Pharmaceutical Co., Ltd....................... 44,100 765,073 Eiken Chemical Co., Ltd............................. 98,700 1,728,510 # EPS Corp............................................ 169,400 2,262,346 FALCO HOLDINGS Co., Ltd............................. 38,700 456,826 Fuji Pharma Co., Ltd................................ 37,100 677,310 Fuso Pharmaceutical Industries, Ltd................. 427,000 1,308,247 Hogy Medical Co., Ltd............................... 67,400 3,764,227 Iwaki & Co., Ltd.................................... 122,000 263,285 # Japan Medical Dynamic Marketing, Inc................ 44,900 158,095 # Jeol, Ltd........................................... 412,000 1,779,852 JMS Co., Ltd........................................ 156,000 447,454 Kaken Pharmaceutical Co., Ltd....................... 427,000 9,540,811 Kawasumi Laboratories, Inc.......................... 67,700 437,086 Kissei Pharmaceutical Co., Ltd...................... 99,000 2,355,432 KYORIN Holdings, Inc................................ 276,000 5,686,853 Mani, Inc........................................... 23,500 1,333,807 # Message Co., Ltd.................................... 86,600 3,380,271 Mochida Pharmaceutical Co., Ltd..................... 74,999 5,117,727 Nagaileben Co., Ltd................................. 58,000 1,169,607 Nakanishi, Inc...................................... 77,500 3,283,113 Nichi-iko Pharmaceutical Co., Ltd................... 230,450 3,365,251 Nichii Gakkan Co.................................... 260,500 2,223,488 Nihon Kohden Corp................................... 109,800 5,394,938 # Nikkiso Co., Ltd.................................... 353,600 4,181,296 Nippon Chemiphar Co., Ltd........................... 180,000 861,228 # Nippon Shinyaku Co., Ltd............................ 269,000 7,680,922 # Nipro Corp.......................................... 604,900 5,176,714 Nissui Pharmaceutical Co., Ltd...................... 70,500 824,415 Paramount Bed Holdings Co., Ltd..................... 114,500 3,413,393 Psc, Inc............................................ 20,800 771,879 # Rion Co., Ltd....................................... 35,400 493,366 Rohto Pharmaceutical Co., Ltd....................... 382,100 5,913,172 Seed Co., Ltd....................................... 200 2,498 Seikagaku Corp...................................... 179,800 2,151,886 33 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Health Care -- (Continued) Ship Healthcare Holdings, Inc....................... 194,800 $ 6,364,312 Shofu, Inc.......................................... 24,800 225,065 Software Service, Inc............................... 14,100 726,055 Taiko Pharmaceutical Co., Ltd....................... 55,500 887,709 Techno Medica Co., Ltd.............................. 18,500 422,856 Toho Holdings Co., Ltd.............................. 276,400 5,218,238 Tokai Corp/Gifu..................................... 47,800 1,389,951 Torii Pharmaceutical Co., Ltd....................... 65,200 1,946,270 # Towa Pharmaceutical Co., Ltd........................ 57,800 2,209,024 Tsukui Corp......................................... 186,100 1,714,802 # Tsumura & Co........................................ 125,500 3,017,244 Uchiyama Holdings Co., Ltd.......................... 12,900 85,547 Vital KSK Holdings, Inc............................. 184,400 1,492,836 # Wakamoto Pharmaceutical Co., Ltd.................... 107,000 264,360 ZERIA Pharmaceutical Co., Ltd....................... 122,799 3,009,894 ------------ Total Health Care....................................... 129,960,919 ------------ Industrials -- (26.2%) #* A&A Material Corp................................... 127,000 146,229 Advan Co., Ltd...................................... 96,200 1,026,233 Advanex, Inc........................................ 160,000 288,252 Aeon Delight Co., Ltd............................... 46,900 1,120,331 Aica Kogyo Co., Ltd................................. 295,100 6,361,562 Aichi Corp.......................................... 172,400 794,586 # Aida Engineering, Ltd............................... 302,300 2,875,192 Alinco, Inc......................................... 48,500 564,896 Alps Logistics Co., Ltd............................. 50,700 542,981 # Altech Corp......................................... 43,850 487,654 Anest Iwata Corp.................................... 169,000 1,186,187 #* Arrk Corp........................................... 339,900 519,651 # Asahi Diamond Industrial Co., Ltd................... 323,500 4,734,269 # Asahi Kogyosha Co., Ltd............................. 124,000 484,849 #* Asanuma Corp........................................ 501,000 687,433 Asia Air Survey Co., Ltd............................ 20,000 91,823 * Asia Growth Capital, Ltd............................ 353,200 552,572 Asunaro Aoki Construction Co., Ltd.................. 154,000 921,618 Bando Chemical Industries, Ltd...................... 452,000 1,858,797 # Benefit One, Inc.................................... 98,200 854,998 Bunka Shutter Co., Ltd.............................. 284,000 2,423,805 Career Design Center Co., Ltd....................... 9,700 107,048 Central Glass Co., Ltd.............................. 1,163,000 4,040,843 Central Security Patrols Co., Ltd................... 43,700 480,047 Chiyoda Integre Co., Ltd............................ 55,100 805,246 Chodai Co., Ltd..................................... 3,900 37,482 Chudenko Corp....................................... 130,500 2,093,170 # Chugai Ro Co., Ltd.................................. 384,000 823,830 CKD Corp............................................ 331,300 2,957,619 # Cosel Co., Ltd...................................... 127,900 1,602,905 CTI Engineering Co., Ltd............................ 63,600 807,913 Dai-Dan Co., Ltd.................................... 156,000 927,388 Daido Kogyo Co., Ltd................................ 171,000 434,207 Daifuku Co., Ltd.................................... 520,700 7,174,904 Daihatsu Diesel Manufacturing Co., Ltd.............. 74,000 465,557 34 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- Industrials -- (Continued) Daihen Corp.......................................... 586,000 $ 2,565,027 # Daiho Corp........................................... 48,000 216,145 Daiichi Jitsugyo Co., Ltd............................ 245,000 1,337,815 # Daiseki Co., Ltd..................................... 208,163 3,706,813 Daiseki Eco. Solution Co., Ltd....................... 7,200 113,416 #* Daisue Construction Co., Ltd......................... 10,700 101,152 Daiwa Industries, Ltd................................ 178,000 1,238,927 * Danto Holdings Corp.................................. 165,000 192,847 Denyo Co., Ltd....................................... 86,100 1,308,333 # Dijet Industrial Co., Ltd............................ 80,000 194,174 DMG Mori Seiki Co., Ltd.............................. 504,000 6,408,095 DMW Corp............................................. 4,800 83,510 # Duskin Co., Ltd...................................... 251,800 4,595,826 # Ebara Jitsugyo Co., Ltd.............................. 35,500 497,409 Eidai Co., Ltd....................................... 85,000 404,315 Emori Group Holdings Co., Ltd........................ 40,000 805,623 en-japan, Inc........................................ 57,100 1,255,138 # Endo Lighting Corp................................... 57,900 789,906 * Enshu, Ltd........................................... 281,000 351,535 Freund Corp.......................................... 8,800 118,322 # Fudo Tetra Corp...................................... 901,400 1,715,959 Fujikura, Ltd........................................ 2,042,000 10,099,339 #* Fujisash Co., Ltd.................................... 449,200 667,929 Fujitec Co., Ltd..................................... 413,200 4,245,630 Fukuda Corp.......................................... 508,000 2,963,602 Fukushima Industries Corp............................ 70,300 1,152,088 # Fukuyama Transporting Co., Ltd....................... 688,400 3,859,316 # Funai Soken Holdings, Inc............................ 116,600 1,008,701 Furukawa Co., Ltd.................................... 1,545,000 3,152,344 # Furukawa Electric Co., Ltd........................... 3,976,000 8,410,339 Furusato Industries, Ltd............................. 50,600 692,972 Futaba Corp.......................................... 154,300 2,512,149 Gecoss Corp.......................................... 112,400 1,554,532 # Glory, Ltd........................................... 274,400 9,148,870 Hamakyorex Co., Ltd.................................. 39,500 1,226,358 Hanwa Co., Ltd....................................... 1,151,000 4,773,248 # Harmonic Drive Systems, Inc.......................... 38,700 1,482,311 # Hazama Ando Corp..................................... 979,300 6,017,683 # Hibiya Engineering, Ltd.............................. 131,300 2,049,850 Hisaka Works, Ltd.................................... 115,000 1,019,906 # Hitachi Koki Co., Ltd................................ 297,400 2,513,415 Hitachi Metals Techno, Ltd........................... 56,500 650,207 Hitachi Transport System, Ltd........................ 145,300 2,198,574 # Hitachi Zosen Corp................................... 957,879 4,984,833 Hokuetsu Industries Co., Ltd......................... 95,000 740,126 Hokuriku Electrical Construction Co., Ltd............ 64,000 342,473 Hosokawa Micron Corp................................. 172,000 1,071,429 Howa Machinery, Ltd.................................. 70,500 518,122 Ichiken Co., Ltd..................................... 87,000 181,152 Ichinen Holdings Co., Ltd............................ 100,300 769,091 Idec Corp............................................ 151,200 1,307,718 Iino Kaiun Kaisha, Ltd............................... 392,800 2,215,553 # Inaba Denki Sangyo Co., Ltd.......................... 130,700 4,352,736 35 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Industrials -- (Continued) # Inaba Seisakusho Co., Ltd............................. 58,800 $ 821,465 Inabata & Co., Ltd.................................... 317,300 2,992,371 Inui Steamship Co., Ltd............................... 128,800 405,058 # Inui Warehouse Co., Ltd............................... 23,600 209,091 # Iseki & Co., Ltd...................................... 1,003,000 2,522,607 Ishii Iron Works Co., Ltd............................. 80,000 192,777 * Ishikawa Seisakusho, Ltd.............................. 37,000 42,256 Itoki Corp............................................ 205,900 1,498,263 Iwasaki Electric Co., Ltd............................. 383,000 942,038 # Iwatani Corp.......................................... 1,101,000 8,466,264 Jalux, Inc............................................ 40,800 503,168 Jamco Corp............................................ 80,000 1,448,510 Japan Airport Terminal Co., Ltd....................... 45,700 1,546,948 # Japan Foundation Engineering Co., Ltd................. 162,500 555,053 Japan Pulp & Paper Co., Ltd........................... 469,000 1,509,250 # Japan Steel Works, Ltd. (The)......................... 1,270,000 5,457,296 Japan Transcity Corp.................................. 249,000 884,858 # JK Holdings Co., Ltd.................................. 92,540 500,803 #* Juki Corp............................................. 743,000 1,713,319 Kamei Corp............................................ 153,000 1,147,201 Kanaden Corp.......................................... 116,000 855,508 Kanagawa Chuo Kotsu Co., Ltd.......................... 192,000 964,621 Kanamoto Co., Ltd..................................... 153,100 6,399,887 Kandenko Co., Ltd..................................... 594,000 3,225,712 Kanematsu Corp........................................ 2,253,625 4,032,227 * Kanematsu-NNK Corp.................................... 125,000 182,630 # Katakura Industries Co., Ltd.......................... 134,100 1,728,285 Kato Works Co., Ltd................................... 296,000 2,102,606 # KAWADA TECHNOLOGIES, Inc.............................. 60,600 3,265,909 Kawasaki Kinkai Kisen Kaisha, Ltd..................... 99,000 322,149 Keihin Co., Ltd....................................... 245,000 392,370 * KI Holdings Co., Ltd.................................. 61,000 341,467 # King Jim Co., Ltd..................................... 30,400 224,207 * Kinki Sharyo Co., Ltd. (The).......................... 185,000 571,984 Kintetsu World Express, Inc........................... 89,700 3,823,650 # Kitagawa Iron Works Co., Ltd.......................... 502,000 888,249 Kitano Construction Corp.............................. 242,000 618,165 Kitazawa Sangyo Co., Ltd.............................. 13,200 23,990 Kito Corp............................................. 51,100 1,371,424 Kitz Corp............................................. 508,700 2,934,224 * Kobe Electric Railway Co., Ltd........................ 6,000 20,736 # Kobelco Eco-Solutions Co., Ltd........................ 45,000 201,086 Koike Sanso Kogyo Co., Ltd............................ 149,000 353,544 Kokusai Co., Ltd...................................... 29,600 442,672 Kokuyo Co., Ltd....................................... 492,325 3,996,929 KOMAIHALTEC, Inc...................................... 213,000 613,245 Komatsu Wall Industry Co., Ltd........................ 48,300 1,195,983 Komori Corp........................................... 407,800 4,923,990 Kondotec, Inc......................................... 114,100 757,393 Kosaido Co., Ltd...................................... 275,700 1,135,750 # KRS Corp.............................................. 37,200 377,796 * Kumagai Gumi Co., Ltd................................. 1,109,000 3,013,991 # Kuroda Electric Co., Ltd.............................. 186,800 3,091,909 36 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Industrials -- (Continued) Kyodo Printing Co., Ltd............................... 540,000 $1,996,999 Kyokuto Boeki Kaisha, Ltd............................. 58,000 126,082 Kyokuto Kaihatsu Kogyo Co., Ltd....................... 210,100 3,134,673 Kyoritsu Printing Co., Ltd............................ 18,800 52,196 Kyosan Electric Manufacturing Co., Ltd................ 278,000 998,430 Kyowa Exeo Corp....................................... 482,300 6,682,085 Kyudenko Corp......................................... 225,000 2,057,209 # Link And Motivation, Inc.............................. 192,500 302,248 #* Lonseal Corp.......................................... 116,000 165,686 Maeda Corp............................................ 845,000 7,174,922 # Maeda Kosen Co., Ltd.................................. 82,900 988,369 Maeda Road Construction Co., Ltd...................... 360,000 6,265,813 Maezawa Industries, Inc............................... 35,700 124,229 Maezawa Kasei Industries Co., Ltd..................... 50,700 532,274 Maezawa Kyuso Industries Co., Ltd..................... 52,800 680,400 # Makino Milling Machine Co., Ltd....................... 576,000 4,664,323 Marubeni Construction Material Lease Co., Ltd......... 75,000 189,970 Marufuji Sheet Piling Co., Ltd........................ 7,000 29,818 Maruka Machinery Co., Ltd............................. 28,100 379,511 Maruyama Manufacturing Co., Inc....................... 237,000 618,251 # Maruzen Showa Unyu Co., Ltd........................... 309,000 1,054,576 Matsuda Sangyo Co., Ltd............................... 82,582 1,025,193 Matsui Construction Co., Ltd.......................... 128,600 518,869 Max Co., Ltd.......................................... 197,000 2,217,713 # Meidensha Corp........................................ 1,064,050 4,547,614 # Meiji Shipping Co., Ltd............................... 114,200 417,356 # Meisei Industrial Co., Ltd............................ 226,000 1,253,579 Meitec Corp........................................... 171,900 5,667,634 Meito Transportation Co., Ltd......................... 22,000 144,089 # Meiwa Corp............................................ 166,400 699,210 Mesco, Inc............................................ 22,000 159,606 Mirait Holdings Corp.................................. 381,285 3,791,527 Mitani Corp........................................... 66,500 1,848,958 Mitsubishi Nichiyu Forklift Co., Ltd.................. 162,300 1,134,033 Mitsubishi Pencil Co., Ltd............................ 105,300 3,342,102 Mitsuboshi Belting Co., Ltd........................... 299,000 1,805,844 Mitsui Engineering & Shipbuilding Co., Ltd............ 4,721,000 9,608,014 # Mitsui Matsushima Co., Ltd............................ 761,000 1,005,739 # Mitsui-Soko Co., Ltd.................................. 463,000 2,038,913 Mitsumura Printing Co., Ltd........................... 93,000 235,290 Miura Co., Ltd........................................ 142,500 5,123,293 # Miyaji Engineering Group, Inc......................... 332,175 672,296 # MonotaRO Co., Ltd..................................... 166,600 4,439,352 Morita Holdings Corp.................................. 239,000 2,396,713 # Moshi Moshi Hotline, Inc.............................. 245,400 2,394,629 NAC Co., Ltd.......................................... 56,000 773,649 Nachi-Fujikoshi Corp.................................. 988,000 6,952,388 Nagase & Co., Ltd..................................... 243,100 2,985,783 Nakabayashi Co., Ltd.................................. 217,000 446,925 Nakano Corp........................................... 5,500 18,817 # Namura Shipbuilding Co., Ltd.......................... 182,100 1,666,326 Narasaki Sangyo Co., Ltd.............................. 60,000 169,030 NDS Co., Ltd.......................................... 231,000 669,165 37 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Industrials -- (Continued) NEC Capital Solutions, Ltd............................ 45,100 $ 930,756 # Nichias Corp.......................................... 553,000 3,567,110 Nichiban Co., Ltd..................................... 122,000 446,687 Nichiden Corp......................................... 24,500 587,797 Nichiha Corp.......................................... 134,680 1,334,607 Nichireki Co., Ltd.................................... 152,000 1,514,652 Nihon M&A Center, Inc................................. 168,900 4,730,302 # Nihon Trim Co., Ltd................................... 28,400 901,593 Nikkato Corp.......................................... 700 2,773 Nikko Co., Ltd........................................ 149,000 684,448 Nippo Corp............................................ 315,000 5,510,303 Nippon Air Conditioning Services Co., Ltd............. 7,300 54,305 # Nippon Carbon Co., Ltd................................ 663,000 1,193,410 Nippon Conveyor Co., Ltd.............................. 170,000 257,264 Nippon Densetsu Kogyo Co., Ltd........................ 213,500 3,405,711 Nippon Filcon Co., Ltd................................ 70,900 294,749 Nippon Hume Corp...................................... 112,000 755,234 Nippon Jogesuido Sekkei Co., Ltd...................... 29,500 371,224 Nippon Kanzai Co., Ltd................................ 43,000 1,073,027 Nippon Koei Co., Ltd.................................. 379,000 2,010,853 Nippon Konpo Unyu Soko Co., Ltd....................... 327,500 5,612,337 # Nippon Parking Development Co., Ltd................... 1,107,200 1,253,524 Nippon Rietec Co., Ltd................................ 7,000 53,867 Nippon Road Co., Ltd. (The)........................... 395,000 2,215,524 Nippon Seisen Co., Ltd................................ 103,000 640,613 # Nippon Sharyo, Ltd.................................... 411,000 1,503,759 * Nippon Sheet Glass Co., Ltd........................... 5,424,000 7,551,447 Nippon Steel & Sumikin Bussan Corp.................... 882,599 3,472,467 # Nippon Steel & Sumikin Texeng Co., Ltd................ 274,000 1,549,333 Nippon Thompson Co., Ltd.............................. 378,000 1,807,931 Nippon Tungsten Co., Ltd.............................. 62,000 126,425 Nishi-Nippon Railroad Co., Ltd........................ 1,344,000 5,404,261 Nishimatsu Construction Co., Ltd...................... 1,855,000 8,734,972 Nishio Rent All Co., Ltd.............................. 84,700 3,589,437 Nissei ASB Machine Co., Ltd........................... 40,900 687,733 Nissei Corp........................................... 37,900 361,443 Nissei Plastic Industrial Co., Ltd.................... 241,800 1,443,798 # Nissha Printing Co., Ltd.............................. 92,300 1,333,552 Nisshinbo Holdings, Inc............................... 854,000 8,619,706 Nissin Corp........................................... 377,000 1,116,607 # Nissin Electric Co., Ltd.............................. 284,000 1,646,834 Nitta Corp............................................ 112,800 2,729,371 Nitto Boseki Co., Ltd................................. 911,000 3,982,517 # Nitto Kogyo Corp...................................... 149,000 3,115,914 Nitto Kohki Co., Ltd.................................. 68,300 1,370,956 Nitto Seiko Co., Ltd.................................. 138,000 514,427 # Nittoc Construction Co., Ltd.......................... 168,000 616,265 # Nittoku Engineering Co., Ltd.......................... 79,500 755,879 Noda Corp............................................. 158,100 730,558 # Nomura Co., Ltd....................................... 222,800 2,057,718 Noritake Co., Ltd..................................... 597,000 1,657,192 Noritz Corp........................................... 186,200 3,658,612 NS United Kaiun Kaisha, Ltd........................... 591,000 1,359,282 38 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Industrials -- (Continued) Obara Group, Inc...................................... 73,500 $3,256,462 Obayashi Road Corp.................................... 175,000 909,636 Odelic Co., Ltd....................................... 10,700 296,573 # Oiles Corp............................................ 140,542 3,500,798 Okabe Co., Ltd........................................ 224,300 2,892,172 * Okamoto Machine Tool Works, Ltd....................... 166,000 213,146 Okamura Corp.......................................... 364,900 3,136,052 # OKI Electric Cable Co., Ltd........................... 90,000 302,126 OKK Corp.............................................. 437,000 650,083 OKUMA Corp............................................ 845,000 7,771,254 Okumura Corp.......................................... 965,400 5,252,773 Onoken Co., Ltd....................................... 77,000 881,573 Organo Corp........................................... 225,000 1,118,732 OSG Corp.............................................. 410,700 7,116,171 Outsourcing, Inc...................................... 50,400 639,427 Oyo Corp.............................................. 109,600 1,856,912 # Pasco Corp............................................ 112,000 494,187 # Pasona Group, Inc..................................... 121,500 671,721 # Penta-Ocean Construction Co., Ltd..................... 1,646,000 5,973,876 Pilot Corp............................................ 88,700 3,912,827 # Prestige International, Inc........................... 84,700 703,352 Pronexus, Inc......................................... 133,200 1,026,857 PS Mitsubishi Construction Co., Ltd................... 37,300 162,874 # Raito Kogyo Co., Ltd.................................. 296,600 2,059,151 Rheon Automatic Machinery Co., Ltd.................... 78,000 328,476 Ryobi, Ltd............................................ 730,200 2,375,294 Sakai Heavy Industries, Ltd........................... 244,000 772,495 # Sakai Moving Service Co., Ltd......................... 15,700 582,745 #* Sanix, Inc............................................ 156,900 1,854,331 Sanki Engineering Co., Ltd............................ 340,000 2,654,419 # Sanko Metal Industrial Co., Ltd....................... 136,000 305,002 Sankyo Tateyama, Inc.................................. 171,000 3,462,728 Sankyu, Inc........................................... 1,545,000 7,523,034 Sanritsu Corp......................................... 4,200 21,135 Sanwa Holdings Corp................................... 1,228,000 8,656,028 Sanyo Denki Co., Ltd.................................. 226,000 1,729,864 Sanyo Engineering & Construction, Inc................. 48,000 236,971 Sanyo Industries, Ltd................................. 99,000 200,903 #* Sasebo Heavy Industries Co., Ltd...................... 701,000 805,782 # Sata Construction Co., Ltd............................ 427,000 495,528 # Sato Holdings Corp.................................... 121,900 3,128,061 Sato Shoji Corp....................................... 65,300 450,415 SBS Holdings, Inc..................................... 26,900 177,942 Secom Joshinetsu Co., Ltd............................. 33,900 887,028 Seibu Electric Industry Co., Ltd...................... 67,000 318,759 Seika Corp............................................ 322,000 847,561 Seikitokyu Kogyo Co., Ltd............................. 906,000 1,036,507 Seino Holdings Co., Ltd............................... 329,000 3,537,147 Sekisui Jushi Corp.................................... 169,600 2,311,503 # Senko Co., Ltd........................................ 497,000 2,553,572 # Senshu Electric Co., Ltd.............................. 37,300 558,854 Shibusawa Warehouse Co., Ltd. (The)................... 265,000 899,994 # Shibuya Kogyo Co., Ltd................................ 80,600 2,293,742 39 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Industrials -- (Continued) # Shima Seiki Manufacturing, Ltd........................ 162,500 $3,108,069 Shin Nippon Air Technologies Co., Ltd................. 88,780 684,975 Shin-Keisei Electric Railway Co., Ltd................. 182,000 675,504 Shinmaywa Industries, Ltd............................. 499,000 4,509,478 Shinnihon Corp........................................ 194,800 620,331 Shinsho Corp.......................................... 254,000 617,559 Shinwa Co., Ltd....................................... 8,400 108,724 Shoko Co., Ltd........................................ 390,000 601,121 # Showa Aircraft Industry Co., Ltd...................... 11,237 130,617 Sinfonia Technology Co., Ltd.......................... 574,000 937,224 Sinko Industries, Ltd................................. 94,200 1,054,982 Sintokogio, Ltd....................................... 259,800 1,832,075 Soda Nikka Co., Ltd................................... 67,000 292,443 # Sodick Co., Ltd....................................... 266,400 1,845,272 Sohgo Security Services Co., Ltd...................... 89,300 2,028,629 Sotetsu Holdings, Inc................................. 925,000 3,671,208 Space Co., Ltd........................................ 73,420 728,949 # Srg Takamiya Co., Ltd................................. 30,200 466,257 Star Micronics Co., Ltd............................... 221,600 3,047,826 Subaru Enterprise Co., Ltd............................ 59,000 211,937 Sugimoto & Co., Ltd................................... 34,100 333,334 Sumitomo Densetsu Co., Ltd............................ 101,500 1,195,604 #* Sumitomo Mitsui Construction Co., Ltd................. 4,136,800 4,667,090 # Sumitomo Precision Products Co., Ltd.................. 189,000 756,466 Sumitomo Warehouse Co., Ltd. (The).................... 754,000 4,252,929 #* SWCC Showa Holdings Co., Ltd.......................... 1,732,000 1,916,121 Tadano, Ltd........................................... 213,579 3,710,535 Taihei Dengyo Kaisha, Ltd............................. 193,000 1,462,245 Taiheiyo Kouhatsu, Inc................................ 374,000 362,186 Taikisha, Ltd......................................... 162,300 3,768,608 Takada Kiko Co., Ltd.................................. 23,000 49,359 Takano Co., Ltd....................................... 51,100 299,055 # Takaoka Toko Co., Ltd................................. 44,820 628,682 Takara Printing Co., Ltd.............................. 38,055 296,858 Takara Standard Co., Ltd.............................. 509,000 4,618,641 Takasago Thermal Engineering Co., Ltd................. 328,800 4,054,666 # Takashima & Co., Ltd.................................. 198,000 444,563 # Takeei Corp........................................... 100,900 1,090,961 Takeuchi Manufacturing Co., Ltd....................... 69,300 2,842,697 Takigami Steel Construction Co., Ltd. (The)........... 50,000 238,496 Takisawa Machine Tool Co., Ltd........................ 349,000 698,618 # Takuma Co., Ltd....................................... 401,000 2,431,447 Tanseisha Co., Ltd.................................... 137,800 919,654 # Tatsuta Electric Wire and Cable Co., Ltd.............. 283,600 1,631,029 TECHNO ASSOCIE Co., Ltd............................... 58,400 551,179 Techno Ryowa, Ltd..................................... 71,390 346,875 Teikoku Electric Manufacturing Co., Ltd............... 46,000 1,194,754 Teikoku Sen-I Co., Ltd................................ 119,000 2,383,056 # Tekken Corp........................................... 308,000 1,135,189 Teraoka Seisakusho Co., Ltd........................... 53,600 194,028 # Toa Corp.............................................. 1,086,000 1,931,910 TOA ROAD Corp......................................... 252,000 1,040,915 #* Tobishima Corp........................................ 913,000 1,439,083 40 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Industrials -- (Continued) Tocalo Co., Ltd.................................. 81,900 $1,398,971 # Toda Corp........................................ 1,143,000 4,896,089 Toenec Corp...................................... 212,000 1,160,951 TOKAI Holdings Corp.............................. 495,700 2,096,208 Tokai Lease Co., Ltd............................. 154,000 300,851 Tokyo Energy & Systems, Inc...................... 143,000 857,450 Tokyo Keiki, Inc................................. 342,000 882,824 #* Tokyo Kikai Seisakusho, Ltd...................... 225,000 190,311 Tokyo Sangyo Co., Ltd............................ 81,000 318,286 Toli Corp........................................ 252,000 541,252 Tomoe Corp....................................... 150,100 622,802 Tomoe Engineering Co., Ltd....................... 36,200 579,702 Tonami Holdings Co., Ltd......................... 331,000 764,657 Toppan Forms Co., Ltd............................ 291,800 2,851,986 # Torishima Pump Manufacturing Co., Ltd............ 111,200 985,764 # Toshiba Machine Co., Ltd......................... 662,000 2,941,293 Toshiba Plant Systems & Services Corp............ 236,050 3,743,610 # Tosho Printing Co., Ltd.......................... 243,000 1,147,009 Totetsu Kogyo Co., Ltd........................... 146,800 3,599,952 # Toyo Construction Co., Ltd....................... 359,600 1,487,967 # Toyo Denki Seizo - Toyo Electric Manufacturing Co., Ltd....................................... 213,000 906,274 # Toyo Engineering Corp............................ 653,400 2,876,771 Toyo Machinery & Metal Co., Ltd.................. 55,900 280,007 # Toyo Tanso Co., Ltd.............................. 68,900 1,689,966 # Toyo Wharf & Warehouse Co., Ltd.................. 323,000 711,384 # Trancom Co., Ltd................................. 42,400 1,685,090 Trinity Industrial Corp.......................... 19,000 80,595 Trusco Nakayama Corp............................. 108,900 2,739,640 Tsubakimoto Chain Co............................. 785,700 6,705,655 Tsubakimoto Kogyo Co., Ltd....................... 117,000 335,644 #* Tsudakoma Corp................................... 272,000 376,902 # Tsugami Corp..................................... 368,000 1,867,547 Tsukishima Kikai Co., Ltd........................ 128,700 1,424,842 Tsurumi Manufacturing Co., Ltd................... 94,000 1,253,598 TTK Co., Ltd..................................... 62,000 284,265 Uchida Yoko Co., Ltd............................. 331,000 1,197,404 # Ueki Corp........................................ 364,000 790,186 Union Tool Co.................................... 64,700 1,704,318 Ushio, Inc....................................... 266,700 3,183,080 Utoc Corp........................................ 92,900 332,585 Wakachiku Construction Co., Ltd.................. 1,204,000 1,632,505 Wakita & Co., Ltd................................ 203,700 2,385,149 Weathernews, Inc................................. 37,900 1,151,926 # Yahagi Construction Co., Ltd..................... 158,800 1,207,509 YAMABIKO Corp.................................... 41,382 1,622,116 Yamato Corp...................................... 82,000 286,349 Yamaura Corp..................................... 23,600 75,543 Yamazen Corp..................................... 305,500 2,419,138 Yasuda Logistics Corp............................ 100,100 1,021,555 Yokogawa Bridge Holdings Corp.................... 181,100 2,717,659 Yondenko Corp.................................... 132,800 543,340 Yuasa Trading Co., Ltd........................... 996,000 2,107,535 Yuken Kogyo Co., Ltd............................. 183,000 429,529 41 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Industrials -- (Continued) # Yumeshin Holdings Co., Ltd.......................... 109,400 $ 1,036,892 Yurtec Corp......................................... 256,000 1,579,819 Yusen Logistics Co., Ltd............................ 103,200 1,192,066 # Zuiko Corp.......................................... 15,700 813,108 ------------ Total Industrials....................................... 744,086,617 ------------ Information Technology -- (10.7%) A&D Co., Ltd........................................ 123,700 641,758 Ai Holdings Corp.................................... 255,500 4,726,326 Aichi Tokei Denki Co., Ltd.......................... 192,000 571,452 # Aiphone Co., Ltd.................................... 84,900 1,586,028 Allied Telesis Holdings K.K......................... 470,700 393,725 Alpha Systems, Inc.................................. 35,560 521,270 # Amano Corp.......................................... 361,100 4,197,574 Anritsu Corp........................................ 754,100 7,186,044 AOI Electronic Co., Ltd............................. 35,200 1,020,180 Argo Graphics, Inc.................................. 25,600 427,876 # Arisawa Manufacturing Co., Ltd...................... 186,600 1,267,416 Asahi Net, Inc...................................... 74,000 363,778 Axell Corp.......................................... 45,200 714,515 Azbil Corp.......................................... 179,100 4,506,461 # Bit-isle, Inc....................................... 119,600 723,239 CAC Holdings Corp................................... 72,400 816,526 Canon Electronics, Inc.............................. 131,000 2,510,221 # Capcom Co., Ltd..................................... 244,600 4,467,642 Chino Corp.......................................... 33,000 427,332 #* CMK Corp............................................ 263,200 680,455 Computer Engineering & Consulting, Ltd.............. 69,400 474,946 CONEXIO Corp........................................ 114,100 1,001,745 Core Corp........................................... 37,100 267,523 Cresco, Ltd......................................... 23,200 271,354 # CROOZ, Inc.......................................... 32,000 1,154,285 Cybernet Systems Co., Ltd........................... 12,000 43,883 Cybozu, Inc......................................... 115,700 464,629 # Dai-ichi Seiko Co., Ltd............................. 53,200 896,665 # Dainippon Screen Manufacturing Co., Ltd............. 1,178,000 5,429,159 # Daishinku Corp...................................... 193,000 715,228 Daito Electron Co., Ltd............................. 5,900 24,299 Daiwabo Holdings Co., Ltd........................... 1,152,000 2,198,598 Denki Kogyo Co., Ltd................................ 319,000 1,959,021 DKK-Toa Corp........................................ 38,200 199,350 DTS Corp............................................ 116,100 2,285,246 # Dwango Co., Ltd..................................... 121,000 2,860,660 Eizo Corp........................................... 103,100 2,615,987 Elecom Co., Ltd..................................... 48,300 1,232,779 Elematec Corp....................................... 40,571 754,538 EM Systems Co., Ltd................................. 18,500 312,108 # Enplas Corp......................................... 49,900 2,999,034 ESPEC Corp.......................................... 123,100 1,062,173 Excel Co., Ltd...................................... 37,600 766,000 F@N Communications, Inc............................. 179,100 2,747,184 Faith, Inc.......................................... 27,910 291,213 #* FDK Corp............................................ 555,000 997,685 42 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ---------- Information Technology -- (Continued) # Ferrotec Corp........................................... 179,000 $1,347,874 Fuji Electronics Co., Ltd............................... 55,100 710,894 Fuji Soft, Inc.......................................... 120,000 2,673,562 Fujitsu Frontech, Ltd................................... 77,500 1,067,622 Furuno Electric Co., Ltd................................ 86,500 700,501 Furuya Metal Co., Ltd................................... 10,800 295,364 Future Architect, Inc................................... 116,700 619,207 # GMO internet, Inc....................................... 376,100 4,103,588 # GMO Payment Gateway, Inc................................ 40,700 1,840,885 # Gurunavi, Inc........................................... 169,000 3,170,200 Hakuto Co., Ltd......................................... 85,700 881,562 # Hioki EE Corp........................................... 45,400 810,254 Hitachi Kokusai Electric, Inc........................... 285,500 3,828,741 Hochiki Corp............................................ 100,000 916,103 # Hokuriku Electric Industry Co., Ltd..................... 428,000 686,277 Horiba, Ltd............................................. 218,850 7,634,083 # Hosiden Corp............................................ 351,400 2,108,896 I-Net Corp.............................................. 49,300 392,286 Icom, Inc............................................... 49,700 1,221,986 # Ikegami Tsushinki Co., Ltd.............................. 268,000 319,677 Imagica Robot Holdings, Inc............................. 41,800 206,870 Ines Corp............................................... 202,300 1,586,033 # Infocom Corp............................................ 73,800 689,775 # Infomart Corp........................................... 9,500 197,251 Information Services International-Dentsu, Ltd.......... 76,700 1,001,829 Innotech Corp........................................... 92,200 429,643 # Internet Initiative Japan, Inc.......................... 176,400 3,871,230 Iriso Electronics Co., Ltd.............................. 47,800 2,956,386 IT Holdings Corp........................................ 463,201 8,455,513 Itfor, Inc.............................................. 99,500 421,140 Iwatsu Electric Co., Ltd................................ 541,000 495,832 # Japan Aviation Electronics Industry, Ltd................ 349,600 7,193,728 # Japan Digital Laboratory Co., Ltd....................... 117,300 2,105,225 * Japan Radio Co., Ltd.................................... 318,000 1,320,446 Jastec Co., Ltd......................................... 61,400 499,071 # JBCC Holdings, Inc...................................... 84,900 658,354 #* Justsystems Corp........................................ 165,300 1,327,089 # Kaga Electronics Co., Ltd............................... 116,400 1,452,660 Kanematsu Electronics, Ltd.............................. 83,100 1,150,011 Koa Corp................................................ 192,900 2,116,123 Koei Tecmo Holdings Co., Ltd............................ 146,230 2,142,642 Kyoden Co., Ltd......................................... 1,300 2,367 # Kyoei Sangyo Co., Ltd................................... 97,000 229,223 Kyowa Electronics Instruments Co., Ltd.................. 111,000 613,398 LAC Co., Ltd............................................ 71,500 461,245 # Lasertec Corp........................................... 37,500 382,234 #* Livesense, Inc.......................................... 59,900 582,591 Macnica, Inc............................................ 57,900 1,900,693 Marubun Corp............................................ 98,500 586,177 # Maruwa Co., Ltd......................................... 53,800 1,955,733 Marvelous, Inc.......................................... 166,900 2,443,756 Megachips Corp.......................................... 112,600 1,580,817 Meiko Electronics Co., Ltd.............................. 99,100 521,321 43 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Information Technology -- (Continued) Melco Holdings, Inc................................... 77,000 $1,661,725 # Micronics Japan Co., Ltd.............................. 77,100 5,525,666 Mimasu Semiconductor Industry Co., Ltd................ 94,181 844,361 # Miraial Co., Ltd...................................... 33,800 569,020 Miroku Jyoho Service Co., Ltd......................... 99,500 498,702 Mitsubishi Research Institute, Inc.................... 23,300 545,015 # Mitsui High-Tec, Inc.................................. 148,400 1,000,467 Mitsui Knowledge Industry Co., Ltd.................... 364,300 635,355 # Mitsumi Electric Co., Ltd............................. 560,900 4,173,831 MTI, Ltd.............................................. 86,800 858,817 # Mutoh Holdings Co., Ltd............................... 101,000 480,363 Nagano Keiki Co., Ltd................................. 5,500 36,492 Nakayo Telecommunications, Inc........................ 411,000 1,636,388 NEC Networks & System Integration Corp................ 140,600 3,443,875 # NET One Systems Co., Ltd.............................. 493,600 3,262,934 * New Japan Radio Co., Ltd.............................. 85,000 359,201 Nichicon Corp......................................... 316,500 2,466,790 Nidec Copal Electronics Corp.......................... 87,400 780,591 NIFTY Corp............................................ 47,400 738,548 # Nihon Dempa Kogyo Co., Ltd............................ 105,700 1,115,358 Nihon Unisys, Ltd..................................... 305,675 2,767,043 # Nippon Ceramic Co., Ltd............................... 88,600 1,410,020 #* Nippon Chemi-Con Corp................................. 943,000 2,449,774 Nippon Kodoshi Corp................................... 6,200 73,706 Nippon Signal Co., Ltd. (The)......................... 319,600 2,993,694 Nippon Systemware Co., Ltd............................ 27,900 188,347 Nohmi Bosai, Ltd...................................... 135,000 2,055,964 Noritsu Koki Co., Ltd................................. 101,700 641,668 NS Solutions Corp..................................... 97,800 2,823,135 NSD Co., Ltd.......................................... 193,700 2,669,060 # Nuflare Technology, Inc............................... 19,000 986,800 Ohara, Inc............................................ 47,600 269,219 # Oizumi Corp........................................... 25,200 250,291 Okaya Electric Industries Co., Ltd.................... 73,000 266,941 Oki Electric Industry Co., Ltd........................ 4,144,000 9,195,923 ONO Sokki Co., Ltd.................................... 57,000 515,700 Optex Co., Ltd........................................ 62,200 1,345,871 # Origin Electric Co., Ltd.............................. 168,000 558,865 # Osaki Electric Co., Ltd............................... 173,000 959,554 Panasonic Industrial Devices SUNX Co., Ltd............ 110,800 545,574 Panasonic Information Systems......................... 15,700 412,450 PCA Corp.............................................. 2,500 33,532 Riken Keiki Co., Ltd.................................. 82,300 874,663 Riso Kagaku Corp...................................... 91,800 2,681,938 Roland DG Corp........................................ 33,100 1,246,012 Ryoden Trading Co., Ltd............................... 173,000 1,267,691 Ryosan Co., Ltd....................................... 189,600 4,057,334 # Ryoyo Electro Corp.................................... 113,200 1,254,953 Sanken Electric Co., Ltd.............................. 633,000 5,123,319 Sanshin Electronics Co., Ltd.......................... 154,200 1,244,803 Satori Electric Co., Ltd.............................. 79,080 507,813 Saxa Holdings, Inc.................................... 307,000 491,571 Shibaura Electronics Co., Ltd......................... 17,700 353,054 44 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ------------ Information Technology -- (Continued) # Shibaura Mechatronics Corp............................ 206,000 $ 601,456 Shindengen Electric Manufacturing Co., Ltd............ 417,000 2,380,002 #* Shinkawa, Ltd......................................... 68,300 315,877 Shinko Electric Industries Co., Ltd................... 408,000 3,627,162 Shinko Shoji Co., Ltd................................. 125,200 1,124,242 Shizuki Electric Co., Inc............................. 103,000 481,694 Siix Corp............................................. 87,200 1,615,331 SMK Corp.............................................. 347,000 1,466,446 # SMS Co., Ltd.......................................... 59,900 1,449,786 # Softbank Technology Corp.............................. 23,100 340,398 * Softbrain Co., Ltd.................................... 31,100 70,902 Soshin Electric Co., Ltd.............................. 4,600 16,970 SRA Holdings.......................................... 51,300 875,258 Sumida Corp........................................... 88,749 621,599 Sun-Wa Technos Corp................................... 22,900 228,187 Systena Corp.......................................... 120,000 904,417 # Tabuchi Electric Co., Ltd............................. 138,000 1,360,281 Tachibana Eletech Co., Ltd............................ 64,900 880,460 # Taiyo Yuden Co., Ltd.................................. 619,100 6,602,795 # Tamura Corp........................................... 435,000 1,736,450 #* Teac Corp............................................. 615,000 373,511 Teikoku Tsushin Kogyo Co., Ltd........................ 215,000 391,431 TKC Corp.............................................. 110,100 2,328,988 # Toko, Inc............................................. 176,000 495,916 # Tokyo Electron Device, Ltd............................ 35,800 501,054 Tokyo Seimitsu Co., Ltd............................... 228,600 4,054,077 Tomen Devices Corp.................................... 2,400 41,667 Tomen Electronics Corp................................ 61,000 980,196 # Topcon Corp........................................... 74,000 1,690,949 Tose Co., Ltd......................................... 22,100 160,417 Toshiba TEC Corp...................................... 697,000 4,571,783 Toukei Computer Co., Ltd.............................. 26,810 368,757 # Towa Corp............................................. 117,100 664,087 Toyo Corp............................................. 153,600 1,714,103 # Transcosmos, Inc...................................... 142,100 3,031,122 UKC Holdings Corp..................................... 61,000 952,192 * Ulvac, Inc............................................ 238,300 4,742,580 Uniden Corp........................................... 377,000 912,061 UT Holdings Co., Ltd.................................. 172,500 1,003,637 Vitec Co., Ltd........................................ 6,600 53,113 # Wacom Co., Ltd........................................ 834,000 3,823,737 Wellnet Corp.......................................... 31,500 525,476 Y A C Co., Ltd........................................ 37,700 248,483 # Yamaichi Electronics Co., Ltd......................... 91,500 588,526 Yashima Denki Co., Ltd................................ 9,700 52,750 Yokowo Co., Ltd....................................... 84,300 437,590 # Zappallas, Inc........................................ 52,200 315,896 Zuken, Inc............................................ 94,600 922,798 ------------ Total Information Technology.............................. 304,437,469 ------------ Materials -- (9.8%) Achilles Corp......................................... 874,000 1,223,083 ADEKA Corp............................................ 499,300 6,883,481 45 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- Materials -- (Continued) Agro-Kanesho Co., Ltd................................. 15,300 $ 124,277 Aichi Steel Corp...................................... 631,000 2,499,433 Alconix Corp.......................................... 52,400 788,414 Arakawa Chemical Industries, Ltd...................... 80,800 989,777 # Araya Industrial Co., Ltd............................. 276,000 431,165 # Asahi Holdings, Inc................................... 142,450 2,455,056 Asahi Organic Chemicals Industry Co., Ltd............. 391,000 825,740 Asahi Printing Co., Ltd............................... 800 17,523 # C Uyemura & Co., Ltd.................................. 17,800 973,078 Carlit Holdings Co., Ltd.............................. 67,500 359,273 Chuetsu Pulp & Paper Co., Ltd......................... 568,000 998,972 * Chugai Mining Co., Ltd................................ 1,012,400 305,191 Chugoku Marine Paints, Ltd............................ 348,000 2,634,279 * Co-Op Chemical Co., Ltd............................... 159,000 175,814 Dai Nippon Toryo Co., Ltd............................. 715,000 1,105,089 Daiichi Kigenso Kagaku-Kogyo Co., Ltd................. 10,000 273,430 # Daiken Corp........................................... 401,000 1,103,464 # Daiki Aluminium Industry Co., Ltd..................... 142,000 447,931 Dainichiseika Color & Chemicals Manufacturing Co., Ltd................................................. 376,000 1,788,674 # Daio Paper Corp....................................... 538,500 4,714,184 # Daiso Co., Ltd........................................ 411,000 1,393,150 DC Co., Ltd........................................... 113,900 553,474 Denki Kagaku Kogyo K.K................................ 1,122,000 4,191,541 # DKS Co., Ltd.......................................... 208,000 898,750 Dynapac Co., Ltd...................................... 25,000 63,267 Earth Chemical Co., Ltd............................... 63,500 2,459,528 # FP Corp............................................... 143,200 4,859,046 Fuji Seal International, Inc.......................... 126,300 3,683,178 Fujikura Kasei Co., Ltd............................... 138,000 713,157 Fujimi, Inc........................................... 108,700 1,494,994 Fujimori Kogyo Co., Ltd............................... 73,900 2,634,205 Fumakilla, Ltd........................................ 45,000 132,441 Fuso Chemical Co., Ltd................................ 2,900 100,244 Godo Steel, Ltd....................................... 899,000 1,480,781 Gun-Ei Chemical Industry Co., Ltd..................... 276,000 1,017,350 Harima Chemicals Group, Inc........................... 73,300 338,564 Hodogaya Chemical Co., Ltd............................ 298,000 541,564 Hokkan Holdings, Ltd.................................. 283,000 802,555 Hokko Chemical Industry Co., Ltd...................... 90,000 323,328 # Hokuetsu Kishu Paper Co., Ltd......................... 862,199 3,799,639 Honshu Chemical Industry Co., Ltd..................... 14,000 110,395 # Ihara Chemical Industry Co., Ltd...................... 211,000 1,842,368 Ise Chemical Corp..................................... 83,000 583,524 * Ishihara Sangyo Kaisha, Ltd........................... 1,898,500 1,799,072 Ishizuka Glass Co., Ltd............................... 119,000 245,259 JCU Corp.............................................. 12,500 830,676 # JSP Corp.............................................. 103,900 1,795,181 * Kanto Denka Kogyo Co., Ltd............................ 110,000 269,341 Katakura Chikkarin Co., Ltd........................... 43,000 111,344 Kawakin Holdings Co., Ltd............................. 11,000 29,520 Kawasaki Kasei Chemicals, Ltd......................... 84,000 133,302 Kimoto Co., Ltd....................................... 212,400 629,673 Koatsu Gas Kogyo Co., Ltd............................. 163,493 966,325 46 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- Materials -- (Continued) Kogi Corp............................................ 30,000 $ 67,188 Kohsoku Corp......................................... 61,900 566,767 Konishi Co., Ltd..................................... 87,400 1,888,929 Krosaki Harima Corp.................................. 270,000 637,737 Kumiai Chemical Industry Co., Ltd.................... 271,000 1,757,797 # Kureha Corp.......................................... 736,500 3,928,127 Kurimoto, Ltd........................................ 702,000 1,668,286 # Kyoei Steel, Ltd..................................... 98,200 1,802,159 Kyowa Leather Cloth Co., Ltd......................... 71,700 408,704 Lintec Corp.......................................... 264,300 5,392,515 # MEC Co., Ltd......................................... 89,300 913,631 Mitani Sekisan Co., Ltd.............................. 17,000 254,805 * Mitsubishi Paper Mills, Ltd.......................... 1,590,000 1,371,096 Mitsubishi Steel Manufacturing Co., Ltd.............. 764,000 1,673,091 # Mitsui Mining & Smelting Co., Ltd.................... 3,499,000 10,387,716 # MORESCO Corp......................................... 35,900 630,824 Mory Industries, Inc................................. 156,000 622,731 * Nakayama Steel Works, Ltd............................ 652,000 549,630 Neturen Co., Ltd..................................... 161,500 1,230,584 #* New Japan Chemical Co., Ltd.......................... 182,300 460,454 Nichia Steel Works, Ltd.............................. 175,900 543,653 Nihon Kagaku Sangyo Co., Ltd......................... 78,000 540,345 Nihon Nohyaku Co., Ltd............................... 259,000 2,789,289 Nihon Parkerizing Co., Ltd........................... 275,800 6,087,988 Nihon Yamamura Glass Co., Ltd........................ 491,000 797,000 # Nippon Carbide Industries Co., Inc................... 447,000 1,191,289 * Nippon Chemical Industrial Co., Ltd.................. 491,000 703,494 Nippon Chutetsukan K.K............................... 113,000 255,334 # Nippon Concrete Industries Co., Ltd.................. 209,000 1,066,616 # Nippon Denko Co., Ltd................................ 655,814 2,078,324 Nippon Fine Chemical Co., Ltd........................ 85,600 571,872 Nippon Kasei Chemical Co., Ltd....................... 192,000 272,282 #* Nippon Kinzoku Co., Ltd.............................. 277,000 402,376 * Nippon Koshuha Steel Co., Ltd........................ 458,000 511,899 Nippon Light Metal Holdings Co., Ltd................. 3,123,500 5,294,455 Nippon Pillar Packing Co., Ltd....................... 115,200 922,614 Nippon Soda Co., Ltd................................. 847,000 4,621,725 Nippon Synthetic Chemical Industry Co., Ltd. (The)... 289,000 2,238,673 # Nippon Valqua Industries, Ltd........................ 465,000 1,366,700 #* Nippon Yakin Kogyo Co., Ltd.......................... 379,100 1,179,059 Nisshin Steel Co., Ltd............................... 453,992 6,130,134 # Nitta Gelatin, Inc................................... 13,500 118,974 Nittetsu Mining Co., Ltd............................. 375,000 1,613,350 Nitto FC Co., Ltd.................................... 72,000 443,648 NOF Corp............................................. 833,000 5,807,755 Okamoto Industries, Inc.............................. 414,000 1,444,663 Okura Industrial Co., Ltd............................ 305,000 1,125,870 Osaka Organic Chemical Industry, Ltd................. 66,000 282,016 Osaka Steel Co., Ltd................................. 79,500 1,470,581 # OSAKA Titanium Technologies Co., Ltd................. 91,300 2,475,509 * Pacific Metals Co., Ltd.............................. 828,000 4,073,120 Pack Corp. (The)..................................... 76,300 1,510,239 #* Rasa Industries, Ltd................................. 459,000 672,048 47 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Materials -- (Continued) Rengo Co., Ltd...................................... 1,318,000 $ 6,021,004 Riken Technos Corp.................................. 203,000 1,000,596 Sakai Chemical Industry Co., Ltd.................... 547,000 1,738,599 Sakata INX Corp..................................... 242,000 2,373,640 # Sanyo Chemical Industries, Ltd...................... 356,000 2,376,995 Sanyo Special Steel Co., Ltd........................ 635,300 2,854,411 Sekisui Plastics Co., Ltd........................... 240,000 685,223 Shikoku Chemicals Corp.............................. 239,000 1,626,433 Shin-Etsu Polymer Co., Ltd.......................... 249,100 1,352,415 Shinagawa Refractories Co., Ltd..................... 257,000 610,914 Shinko Wire Co., Ltd................................ 184,000 325,708 Stella Chemifa Corp................................. 53,600 726,104 Sumitomo Bakelite Co., Ltd.......................... 1,158,000 4,594,843 # Sumitomo Osaka Cement Co., Ltd...................... 2,274,000 8,174,698 # Sumitomo Seika Chemicals Co., Ltd................... 281,000 1,909,104 T Hasegawa Co., Ltd................................. 122,900 1,869,733 T&K Toka Co., Ltd................................... 35,100 741,541 # Taisei Lamick Co., Ltd.............................. 27,600 715,570 Taiyo Holdings Co., Ltd............................. 93,300 2,879,095 # Takasago International Corp......................... 433,000 2,064,031 Takiron Co., Ltd.................................... 304,000 1,726,755 * Tanaka Chemical Corp................................ 1,100 5,247 Tayca Corp.......................................... 159,000 584,876 Tenma Corp.......................................... 87,000 1,360,468 # Toagosei Co., Ltd................................... 1,276,000 5,376,092 #* Toda Kogyo Corp..................................... 220,000 633,383 #* Toho Titanium Co., Ltd.............................. 83,500 683,059 Toho Zinc Co., Ltd.................................. 758,000 3,581,146 Tokai Carbon Co., Ltd............................... 1,202,000 3,438,494 Tokushu Tokai Paper Co., Ltd........................ 551,580 1,191,154 Tokuyama Corp....................................... 2,155,000 7,380,144 Tokyo Ohka Kogyo Co., Ltd........................... 176,300 4,220,528 #* Tokyo Rope Manufacturing Co., Ltd................... 134,000 234,948 # Tokyo Steel Manufacturing Co., Ltd.................. 654,900 3,928,710 Tokyo Tekko Co., Ltd................................ 232,000 1,232,527 Tomoegawa Co., Ltd.................................. 125,000 236,816 Tomoku Co., Ltd..................................... 320,000 915,815 Topy Industries, Ltd................................ 1,126,000 2,336,147 Toyo Ink SC Holdings Co., Ltd....................... 1,076,000 5,097,284 Toyo Kohan Co., Ltd................................. 291,000 1,687,217 Toyobo Co., Ltd..................................... 4,867,000 7,877,509 TYK Corp............................................ 138,000 292,118 # UACJ Corp........................................... 1,301,415 5,141,183 Wood One Co., Ltd................................... 169,000 505,283 Yodogawa Steel Works, Ltd........................... 786,500 3,509,850 Yuki Gosei Kogyo Co., Ltd........................... 64,000 161,395 Yushiro Chemical Industry Co., Ltd.................. 61,000 771,111 ------------ Total Materials......................................... 277,509,645 ------------ Telecommunication Services -- (0.3%) #* Japan Communications, Inc........................... 627,700 7,166,875 48 THE JAPANESE SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- -------------- Telecommunication Services -- (Continued) Okinawa Cellular Telephone Co.................... 37,500 $ 1,103,717 -------------- Total Telecommunication Services..................... 8,270,592 -------------- Utilities -- (0.4%) # Hokkaido Gas Co., Ltd............................ 265,000 729,165 Hokuriku Gas Co., Ltd............................ 99,000 253,826 K&O Energy Group, Inc............................ 77,500 1,137,271 Okinawa Electric Power Co., Inc. (The)........... 93,671 3,003,619 Saibu Gas Co., Ltd............................... 1,754,000 4,420,159 Shizuoka Gas Co., Ltd............................ 307,000 2,022,249 -------------- Total Utilities 11,566,289 -------------- TOTAL COMMON STOCKS.................................. 2,518,773,303 -------------- SHARES/ FACE AMOUNT (000) VALUE+ ---------- -------------- SECURITIES LENDING COLLATERAL -- (11.2%) (S)@ DFA Short Term Investment Fund.................. 27,419,988 317,249,263 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $2,561,783,646)^^............................ $2,836,022,566 ============== 49 THE JAPANESE SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) ------------------------------------------------ LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ---------- -------------- ------- -------------- Common Stocks Consumer Discretionary..... -- $ 517,306,539 -- $ 517,306,539 Consumer Staples........... -- 224,237,338 -- 224,237,338 Energy..................... -- 26,836,371 -- 26,836,371 Financials................. $5,232,726 269,328,798 -- 274,561,524 Health Care................ -- 129,960,919 -- 129,960,919 Industrials................ -- 744,086,617 -- 744,086,617 Information Technology..... -- 304,437,469 -- 304,437,469 Materials.................. -- 277,509,645 -- 277,509,645 Telecommunication Services. -- 8,270,592 -- 8,270,592 Utilities.................. -- 11,566,289 -- 11,566,289 Securities Lending Collateral. -- 317,249,263 -- 317,249,263 ---------- -------------- -- -------------- TOTAL......................... $5,232,726 $2,830,789,840 -- $2,836,022,566 ========== ============== == ==============
50 THE ASIA PACIFIC SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE++ --------- ----------- COMMON STOCKS -- (79.5%) AUSTRALIA -- (42.2%) * AAT Corp., Ltd................................... 99 $ -- * ABM Resources NL................................. 289,660 110,266 # Acrux, Ltd....................................... 341,904 573,146 Adelaide Brighton, Ltd........................... 3,150,872 10,626,177 #* Aditya Birla Minerals, Ltd....................... 837,590 217,529 * AED Oil, Ltd..................................... 363,401 -- # Ainsworth Game Technology, Ltd................... 652,203 2,266,676 #* AJ Lucas Group, Ltd.............................. 317,969 227,047 #* Alchemia, Ltd.................................... 459,735 240,152 #* Alkane Resources, Ltd............................ 1,255,636 313,271 * Alliance Resources, Ltd.......................... 399,488 53,571 # Altium, Ltd...................................... 58,344 134,065 * Altona Mining, Ltd............................... 1,108,169 233,481 AMA Group, Ltd................................... 15,236 4,204 Amalgamated Holdings, Ltd........................ 473,425 4,177,012 # Amcom Telecommunications, Ltd.................... 1,771,090 3,353,502 Ansell, Ltd...................................... 474,660 8,332,975 #* Antares Energy, Ltd.............................. 1,184,542 649,438 AP Eagers, Ltd................................... 241,566 1,296,538 * APN News & Media, Ltd............................ 4,353,706 3,161,829 #* Aquarius Platinum, Ltd........................... 5,081,186 2,114,185 * Arafura Resources, Ltd........................... 326,113 25,701 # ARB Corp., Ltd................................... 412,737 4,657,867 Aristocrat Leisure, Ltd.......................... 3,124,863 16,392,313 Arrium, Ltd...................................... 9,239,983 6,942,796 #* ASG Group, Ltd................................... 642,515 284,349 * Atlantic, Ltd.................................... 21,276 2,590 # Atlas Iron, Ltd.................................. 5,851,795 3,403,156 * Aurelia Metals, Ltd.............................. 104,200 36,797 # Ausdrill, Ltd.................................... 1,773,892 1,774,017 # Ausenco, Ltd..................................... 769,338 427,597 * Austal, Ltd...................................... 1,143,433 1,255,584 # Austbrokers Holdings, Ltd........................ 207,420 1,922,633 # Austin Engineering, Ltd.......................... 279,815 426,507 * Austpac Resources NL............................. 94,932 1,874 #* Australian Agricultural Co., Ltd................. 2,345,437 2,698,495 #* Australian Infrastructure Fund, Ltd.............. 3,606,473 16,757 # Australian Pharmaceutical Industries, Ltd........ 2,474,051 1,372,749 Australian Vintage, Ltd.......................... 4,096,187 1,420,637 Automotive Holdings Group, Ltd................... 1,437,801 5,166,380 * Avanco Resources, Ltd............................ 2,444,368 218,201 # Aveo Group....................................... 156,754 311,940 * AVJennings, Ltd.................................. 7,259,050 3,876,365 #* AWE, Ltd......................................... 3,348,130 5,601,284 #* Bandanna Energy, Ltd............................. 337,935 26,380 BC Iron, Ltd..................................... 889,359 2,768,082 Beach Energy, Ltd................................ 9,214,434 14,334,432 * Beadell Resources, Ltd........................... 1,102,043 524,430 # Bega Cheese, Ltd................................. 336,684 1,515,687 # Bentham IMF, Ltd................................. 584,499 1,144,071 #* Berkeley Resources, Ltd.......................... 434,006 126,937 51 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- AUSTRALIA -- (Continued) #* Billabong International, Ltd..................... 3,878,153 $ 1,912,719 #* Bionomics, Ltd................................... 257,150 115,723 # Blackmores, Ltd.................................. 80,675 2,127,925 * BlueScope Steel, Ltd............................. 1,645,807 9,458,682 #* Boart Longyear, Ltd.............................. 2,737,139 461,454 * Boom Logistics, Ltd.............................. 916,361 126,036 * Boulder Steel, Ltd............................... 165,585 462 # Bradken, Ltd..................................... 1,278,641 5,313,783 # Breville Group, Ltd.............................. 759,963 5,826,467 # Brickworks, Ltd.................................. 166,898 2,211,203 # BT Investment Management, Ltd.................... 492,170 3,044,446 #* Buccaneer Energy, Ltd............................ 3,283,586 18,309 #* Buru Energy, Ltd................................. 181,983 139,675 # Cabcharge Australia, Ltd......................... 881,566 3,747,387 Calliden Group, Ltd.............................. 389,687 135,158 * Cape Lambert Resources, Ltd...................... 373,413 43,255 * Capral, Ltd...................................... 58,499 7,635 # Cardno, Ltd...................................... 1,018,764 5,901,245 #* Carnarvon Petroleum, Ltd......................... 5,245,194 407,457 * Carnegie Wave Energy, Ltd........................ 563,165 25,479 # carsales.com, Ltd................................ 1,565,551 16,532,339 # Cash Converters International, Ltd............... 2,083,617 2,159,321 * CDS Technologies, Ltd............................ 13,276 -- # Cedar Woods Properties, Ltd...................... 301,139 2,106,470 * Centrebet International, Ltd. Claim Units........ 81,336 -- #* Ceramic Fuel Cells, Ltd.......................... 973,031 10,823 Challenger, Ltd.................................. 129,231 957,016 # Chandler Macleod Group, Ltd...................... 528,695 161,722 * ChemGenex Pharmaceuticals, Ltd................... 115,291 -- * Citigold Corp., Ltd.............................. 29,347 517 * Clinuvel Pharmaceuticals, Ltd.................... 48,821 95,441 Clover Corp., Ltd................................ 434,207 169,292 #* Coal of Africa, Ltd.............................. 668,800 47,444 #* Coalspur Mines, Ltd.............................. 415,423 23,381 * Cockatoo Coal, Ltd............................... 6,931,645 174,399 # Codan, Ltd....................................... 400,153 278,478 * Coffey International, Ltd........................ 1,048,636 246,258 # Collection House, Ltd............................ 1,955,258 3,547,183 Collins Foods, Ltd............................... 247,198 557,210 * Comet Ridge, Ltd................................. 15,204 2,455 * Cooper Energy, Ltd............................... 336,842 152,414 Corporate Travel Management, Ltd................. 114,769 695,380 Coventry Group, Ltd.............................. 144,778 442,158 Credit Corp. Group, Ltd.......................... 110,382 901,749 Crowe Horwath Australasia, Ltd................... 1,365,816 520,394 CSG, Ltd......................................... 740,785 690,294 CSR, Ltd......................................... 3,256,469 11,325,510 CTI Logistics, Ltd............................... 7,200 13,351 #* Cudeco, Ltd...................................... 399,317 638,466 * Cue Energy Resources, Ltd........................ 1,378,665 171,932 # Data#3, Ltd...................................... 522,489 394,943 David Jones, Ltd................................. 4,278,429 15,864,013 # Decmil Group, Ltd................................ 893,550 1,636,624 52 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ----------- AUSTRALIA -- (Continued) * Deep Yellow, Ltd.................................... 369,978 $ 6,197 * Devine, Ltd......................................... 497,498 527,542 # Domino's Pizza Enterprises, Ltd..................... 173,007 3,439,417 Downer EDI, Ltd..................................... 2,989,518 13,334,141 * Dragon Mining, Ltd.................................. 76,113 8,402 #* Drillsearch Energy, Ltd............................. 2,835,831 4,295,099 # DUET Group.......................................... 589,863 1,315,475 DuluxGroup, Ltd..................................... 3,050,229 15,485,029 # DWS, Ltd............................................ 382,927 456,106 Echo Entertainment Group, Ltd....................... 3,973,038 12,171,136 * EHG Corp., Ltd...................................... 482 -- #* Elders, Ltd......................................... 1,419,921 307,799 * Elemental Minerals, Ltd............................. 388,188 86,336 #* Emeco Holdings, Ltd................................. 3,582,494 718,737 * Empire Oil & Gas NL................................. 922,161 6,760 #* Energy Resources of Australia, Ltd.................. 1,035,804 1,286,798 #* Energy World Corp., Ltd............................. 4,308,665 1,392,157 * Enero Group, Ltd.................................... 12,387 12,124 Envestra, Ltd....................................... 7,569,682 9,101,023 #* Equatorial Resources, Ltd........................... 176,571 54,217 Equity Trustees, Ltd................................ 4,219 80,548 ERM Power, Ltd...................................... 361,782 682,862 Ethane Pipeline Income Fund......................... 182,912 193,546 Euroz, Ltd.......................................... 96,605 115,486 # Evolution Mining, Ltd............................... 2,435,060 1,736,557 Fairfax Media, Ltd.................................. 14,568,893 11,467,057 # Fantastic Holdings, Ltd............................. 335,900 494,882 #* FAR, Ltd............................................ 8,567,778 312,589 Finbar Group, Ltd................................... 113,833 178,586 # Fleetwood Corp., Ltd................................ 402,195 810,564 FlexiGroup, Ltd..................................... 620,491 2,130,469 * Flinders Mines, Ltd................................. 7,896,335 153,813 #* Focus Minerals, Ltd................................. 19,167,915 208,088 * Forge Group, Ltd.................................... 411,374 -- Funtastic, Ltd...................................... 14,936 1,076 # G8 Education, Ltd................................... 518,769 2,368,274 * Galaxy Resources, Ltd............................... 760,450 40,471 Gazal Corp., Ltd.................................... 75,960 200,433 #* Geodynamics, Ltd.................................... 343,571 15,955 #* Gindalbie Metals, Ltd............................... 2,927,610 156,159 * Global Construction Services, Ltd................... 4,832 2,027 * Goodman Fielder, Ltd................................ 10,646,991 6,328,410 GrainCorp, Ltd. Class A............................. 1,235,921 9,935,326 # Grange Resources, Ltd............................... 1,724,297 261,920 # Greencross, Ltd..................................... 19,532 187,643 #* Greenland Minerals & Energy, Ltd.................... 796,390 69,384 #* Gryphon Minerals, Ltd............................... 1,931,531 344,674 # GUD Holdings, Ltd................................... 621,684 4,285,883 #* Gunns, Ltd.......................................... 2,872,620 -- # GWA Group, Ltd...................................... 1,882,648 5,084,997 Hansen Technologies, Ltd............................ 5,702 7,352 # HFA Holdings, Ltd................................... 235,865 304,431 * Highlands Pacific, Ltd.............................. 2,651,500 137,826 53 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- AUSTRALIA -- (Continued) * Hillgrove Resources, Ltd........................... 1,601,169 $ 113,813 Hills, Ltd......................................... 1,305,320 2,201,079 #* Horizon Oil, Ltd................................... 6,888,387 2,386,753 * Icon Energy, Ltd................................... 1,135,301 136,452 * IDM International, Ltd............................. 23,969 -- # iiNET, Ltd......................................... 1,020,796 7,145,329 # Imdex, Ltd......................................... 1,203,514 717,832 Independence Group NL.............................. 1,816,312 8,065,828 #* Indophil Resources NL.............................. 3,118,946 615,680 #* Infigen Energy..................................... 2,081,316 441,222 Infomedia, Ltd..................................... 1,477,140 1,175,368 Integrated Research, Ltd........................... 336,657 351,936 #* Intrepid Mines, Ltd................................ 1,794,707 453,364 # Invocare, Ltd...................................... 818,615 7,979,753 # IOOF Holdings, Ltd................................. 1,585,598 12,729,901 # Iress, Ltd......................................... 1,080,718 8,689,974 #* Iron Ore Holdings, Ltd............................. 336,216 282,464 # JB Hi-Fi, Ltd...................................... 856,886 15,764,362 Jumbo Interactive, Ltd............................. 95,098 114,831 * Jupiter Mines, Ltd................................. 405,443 79,123 K&S Corp., Ltd..................................... 245,710 315,582 * Kagara, Ltd........................................ 1,945,393 -- * Kangaroo Resources, Ltd............................ 281,470 2,382 #* Karoon Gas Australia, Ltd.......................... 759,802 2,528,400 #* Kingsgate Consolidated, Ltd........................ 1,768,531 1,480,581 * Kingsrose Mining, Ltd.............................. 760,046 390,612 * Lednium, Ltd....................................... 195,019 -- * Liquefied Natural Gas, Ltd......................... 366,175 1,223,698 LogiCamms, Ltd..................................... 38,305 34,159 #* Lonestar Resources, Ltd............................ 904,400 473,912 Lycopodium, Ltd.................................... 80,228 163,874 #* Lynas Corp., Ltd................................... 3,260,717 510,298 # M2 Telecommunications Group, Ltd................... 1,138,576 6,391,532 MACA, Ltd.......................................... 556,668 1,059,672 * Macmahon Holdings, Ltd............................. 6,319,933 670,639 * Macquarie Atlas Roads Group........................ 442,495 1,370,556 Macquarie Telecom Group, Ltd....................... 35,019 187,982 # Magellan Financial Group, Ltd...................... 260,399 2,810,101 * Matrix Composites & Engineering, Ltd............... 167,126 160,132 #* Maverick Drilling & Exploration, Ltd............... 710,305 103,506 # MaxiTRANS Industries, Ltd.......................... 942,578 930,177 #* Mayne Pharma Group, Ltd............................ 2,433,082 1,948,285 # McMillan Shakespeare, Ltd.......................... 351,101 3,067,055 # McPherson's, Ltd................................... 473,986 543,791 #* Medusa Mining, Ltd................................. 1,214,094 1,845,592 Melbourne IT, Ltd.................................. 454,822 685,260 * MEO Australia, Ltd................................. 681,039 25,057 # Mermaid Marine Australia, Ltd...................... 2,253,544 4,213,022 #* Mesoblast, Ltd..................................... 99,585 390,955 * Metals X, Ltd...................................... 1,050,062 241,783 # Metcash, Ltd....................................... 1,567,805 4,235,130 * Metgasco, Ltd...................................... 48,452 2,188 * Metminco, Ltd...................................... 803,323 17,009 54 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- AUSTRALIA -- (Continued) Mincor Resources NL.............................. 1,004,969 $ 746,882 #* Mineral Deposits, Ltd............................ 466,063 819,508 # Mineral Resources, Ltd........................... 1,195,832 12,142,738 * Mirabela Nickel, Ltd............................. 2 -- #* Molopo Energy, Ltd............................... 1,186,993 175,973 # Monadelphous Group, Ltd.......................... 707,732 10,415,493 * Morning Star Gold NL............................. 332,749 6,494 # Mortgage Choice, Ltd............................. 679,184 1,974,634 Mount Gibson Iron, Ltd........................... 4,616,924 3,091,164 # Myer Holdings, Ltd............................... 4,089,427 8,538,602 MyState, Ltd..................................... 166,774 755,456 #* Nanosonics, Ltd.................................. 152,184 117,303 Navitas, Ltd..................................... 1,467,242 6,680,015 * Nearmap, Ltd..................................... 192,629 76,326 New Hope Corp., Ltd.............................. 83,993 231,975 #* Newsat, Ltd...................................... 1,680,867 319,907 #* Nexus Energy, Ltd................................ 6,106,883 73,777 # NIB Holdings, Ltd................................ 2,434,267 7,308,375 Nick Scali, Ltd.................................. 170,701 430,389 #* Nido Petroleum, Ltd.............................. 6,149,154 245,720 #* Noble Mineral Resources, Ltd..................... 405,717 -- * Northern Iron, Ltd............................... 692,729 86,907 # Northern Star Resources, Ltd..................... 3,737,909 5,914,025 # NRW Holdings, Ltd................................ 1,922,096 1,903,716 Nufarm, Ltd...................................... 1,156,493 4,622,040 Oakton, Ltd...................................... 394,790 515,381 #* OM Holdings, Ltd................................. 29,193 12,952 #* Orocobre, Ltd.................................... 374,014 907,935 # OrotonGroup, Ltd................................. 125,287 551,200 * Otto Energy, Ltd................................. 1,936,175 167,983 OZ Minerals, Ltd................................. 2,263,016 9,620,710 Pacific Brands, Ltd.............................. 6,243,955 3,250,808 #* Paladin Energy, Ltd.............................. 5,940,744 2,031,640 * Pan Pacific Petroleum NL......................... 592,641 29,434 PanAust, Ltd..................................... 3,208,104 6,647,976 * Panoramic Resources, Ltd......................... 1,810,125 1,668,301 #* PaperlinX, Ltd................................... 2,360,419 82,900 Patties Foods, Ltd............................... 42,099 50,465 #* Peet, Ltd........................................ 1,474,829 1,849,821 * Peninsula Energy, Ltd............................ 5,178,834 119,528 Perpetual, Ltd................................... 333,697 14,967,916 #* Perseus Mining, Ltd.............................. 3,129,961 1,239,696 #* Pharmaxis, Ltd................................... 117,873 7,293 * Phosphagenics, Ltd............................... 1,842,963 151,329 #* Platinum Australia, Ltd.......................... 1,442,661 8,044 * Pluton Resources, Ltd............................ 20,710 654 * PMP, Ltd......................................... 2,395,607 1,039,806 * Poseidon Nickel, Ltd............................. 436,181 93,761 # Premier Investments, Ltd......................... 570,858 5,114,204 #* Prima Biomed, Ltd................................ 2,194,242 80,626 Primary Health Care, Ltd......................... 2,652,785 11,861,649 # Prime Media Group, Ltd........................... 1,796,991 1,707,798 Programmed Maintenance Services, Ltd............. 710,149 1,855,412 55 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- AUSTRALIA -- (Continued) #* Qantas Airways, Ltd.............................. 4,073,643 $ 4,991,523 # Qube Holdings, Ltd............................... 895,999 1,863,017 * Quickstep Holdings, Ltd.......................... 255,575 42,100 #* Ramelius Resources, Ltd.......................... 1,553,268 94,556 #* Range Resources, Ltd............................. 1,456,711 40,284 # RCG Corp., Ltd................................... 94,573 57,511 # RCR Tomlinson, Ltd............................... 1,086,285 2,945,096 # REA Group, Ltd................................... 115,581 5,033,875 # Reckon, Ltd...................................... 326,047 622,964 * Red 5, Ltd....................................... 9,022 753 #* Red Fork Energy, Ltd............................. 2,658,133 240,380 Redflex Holdings, Ltd............................ 377,855 340,924 Reece Australia, Ltd............................. 238,257 6,891,228 # Regis Resources, Ltd............................. 2,350,345 3,783,629 # Reject Shop, Ltd. (The).......................... 228,019 2,033,284 #* Resolute Mining, Ltd............................. 3,869,894 2,108,808 * Resource Generation, Ltd......................... 338,381 40,782 # Retail Food Group, Ltd........................... 642,446 2,778,404 #* Rex Minerals, Ltd................................ 469,315 188,683 Ridley Corp., Ltd................................ 1,296,000 990,851 * RiverCity Motorway Group......................... 1,563,354 -- * Roc Oil Co., Ltd................................. 6,490,268 3,720,575 * RungePincockMinarco, Ltd......................... 30,702 18,331 # Ruralco Holdings, Ltd............................ 119,306 380,836 SAI Global, Ltd.................................. 1,590,543 7,167,826 Salmat, Ltd...................................... 664,807 1,073,380 #* Samson Oil & Gas, Ltd............................ 7,175,499 140,032 #* Sandfire Resources NL............................ 308,528 1,822,757 * Saracen Mineral Holdings, Ltd.................... 5,002,277 2,013,729 Schaffer Corp., Ltd.............................. 33,766 187,154 # Sedgman, Ltd..................................... 452,719 222,599 # Select Harvests, Ltd............................. 370,400 1,810,460 * Senex Energy, Ltd................................ 6,508,908 4,063,492 # Servcorp, Ltd.................................... 311,888 1,429,865 * Service Stream, Ltd.............................. 1,693,203 308,883 Seven Group Holdings, Ltd........................ 354,684 2,511,195 # Seven West Media, Ltd............................ 3,849,787 7,231,877 Seymour Whyte, Ltd............................... 8,690 17,304 # Sigma Pharmaceuticals, Ltd....................... 7,065,309 5,106,241 * Sihayo Gold, Ltd................................. 475,700 8,178 #* Silex Systems, Ltd............................... 511,695 300,223 # Silver Chef, Ltd................................. 72,101 411,401 #* Silver Lake Resources, Ltd....................... 2,653,486 1,119,344 #* Sims Metal Management, Ltd....................... 1,270,434 13,922,329 Sirtex Medical, Ltd.............................. 344,657 5,977,231 Skilled Group, Ltd............................... 1,388,531 3,252,408 # Slater & Gordon, Ltd............................. 744,844 3,425,060 # SMS Management & Technology, Ltd................. 556,717 2,118,561 # Southern Cross Electrical Engineering, Ltd....... 21,171 10,996 Southern Cross Media Group, Ltd.................. 3,458,496 3,838,954 # Spark Infrastructure Group....................... 9,371,165 16,329,302 Specialty Fashion Group, Ltd..................... 809,557 693,112 #* St Barbara, Ltd.................................. 2,671,044 268,038 56 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ------------ AUSTRALIA -- (Continued) #* Starpharma Holdings, Ltd........................... 292,659 $ 204,211 * Strike Energy, Ltd................................. 1,471,668 164,061 Structural Systems, Ltd............................ 29,934 17,841 STW Communications Group, Ltd...................... 2,234,073 3,049,246 #* Sundance Energy Australia, Ltd..................... 2,068,386 2,605,336 #* Sundance Resources, Ltd............................ 8,756,539 674,131 Sunland Group, Ltd................................. 751,248 1,149,450 # Super Retail Group, Ltd............................ 1,291,875 11,249,258 Swick Mining Services, Ltd......................... 106,166 25,975 Tabcorp Holdings, Ltd.............................. 1,333,755 4,309,741 * Tap Oil, Ltd....................................... 1,450,696 805,684 # Tassal Group, Ltd.................................. 790,336 2,925,498 # Technology One, Ltd................................ 1,442,573 3,756,974 #* Ten Network Holdings, Ltd.......................... 10,496,069 2,745,584 # TFS Corp., Ltd..................................... 1,564,772 2,510,299 Thorn Group, Ltd................................... 410,570 866,578 * Tiger Resources, Ltd............................... 5,705,784 1,678,358 * Toro Energy, Ltd................................... 70,156 3,966 # Tox Free Solutions, Ltd............................ 829,113 2,505,439 TPG Telecom, Ltd................................... 1,357,245 6,892,815 #* Transfield Services, Ltd........................... 3,147,780 3,908,796 * Transpacific Industries Group, Ltd................. 9,142,110 9,093,642 Treasury Group, Ltd................................ 21,218 192,875 Treasury Wine Estates, Ltd......................... 611,191 2,800,794 * Tribune Resources, Ltd............................. 3,093 10,240 #* Troy Resources, Ltd................................ 952,066 700,563 # UGL, Ltd........................................... 1,220,877 7,836,481 * Unity Mining, Ltd.................................. 2,433,889 22,650 # UXC, Ltd........................................... 1,653,784 1,193,036 * Venture Minerals, Ltd.............................. 412,390 40,240 * Villa World, Ltd................................... 159,733 327,652 # Village Roadshow, Ltd.............................. 855,994 6,163,835 * Virgin Australia Holdings, Ltd. (ACI01NXR8)........ 7,648,897 -- #* Virgin Australia Holdings, Ltd. (B43DQC7).......... 10,380,644 3,890,970 * Vision Eye Institute, Ltd.......................... 447,397 321,868 # Vocus Communications, Ltd.......................... 416,493 1,964,606 Watpac, Ltd........................................ 738,762 592,021 WDS, Ltd........................................... 375,342 306,617 # Webjet, Ltd........................................ 446,898 1,216,806 # Webster, Ltd....................................... 180,921 198,843 # Western Areas, Ltd................................. 1,407,558 6,501,614 #* Western Desert Resources, Ltd...................... 241,493 57,697 #* White Energy Co., Ltd.............................. 643,913 110,324 #* Whitehaven Coal, Ltd............................... 3,847,160 6,000,721 Wide Bay Australia, Ltd............................ 86,677 451,694 #* Windimurra Vanadium, Ltd........................... 67,179 936 * Wollongong Coal, Ltd............................... 119,865 2,952 #* Wotif.com Holdings, Ltd............................ 769,418 2,362,407 ------------ TOTAL AUSTRALIA........................................ 800,787,209 ------------ CHINA -- (0.1%) * Skyfame Realty Holdings, Ltd....................... 527,625 54,054 57 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ---------- CHINA -- (Continued) * Superb Summit International Group, Ltd........... 8,242,600 $1,022,151 ---------- TOTAL CHINA.......................................... 1,076,205 ---------- HONG KONG -- (20.1%) Aeon Credit Service Asia Co., Ltd................ 580,000 471,674 Aeon Stores Hong Kong Co., Ltd................... 248,000 322,422 Alco Holdings, Ltd............................... 1,426,000 266,975 Allan International Holdings..................... 720,000 207,841 Allied Group, Ltd................................ 683,200 3,026,938 Allied Properties HK, Ltd........................ 12,297,857 2,509,529 * Anxian Yuan China Holdings, Ltd.................. 3,100,000 72,264 * Apac Resources, Ltd.............................. 11,438,000 266,005 APT Satellite Holdings, Ltd...................... 1,961,500 2,891,514 Arts Optical International Hldgs................. 730,000 225,058 Asia Financial Holdings, Ltd..................... 2,474,908 1,071,177 Asia Satellite Telecommunications Holdings, Ltd.. 962,000 3,345,984 Asia Standard Hotel Group, Ltd................... 11,777,218 1,792,954 Asia Standard International Group, Ltd........... 13,425,937 3,671,473 # ASM Pacific Technology, Ltd...................... 5,600 59,486 Associated International Hotels, Ltd............. 980,000 2,949,659 Aupu Group Holding Co., Ltd...................... 2,584,000 376,247 * Bel Global Resources Holdings, Ltd............... 2,576,000 -- # Bonjour Holdings, Ltd............................ 11,972,600 1,826,706 Bossini International Hldg....................... 3,807,500 326,869 #* Brightoil Petroleum Holdings, Ltd................ 8,469,000 2,586,286 #* Brockman Mining, Ltd............................. 23,482,814 1,182,808 * Burwill Holdings, Ltd............................ 25,014,960 879,911 # Cafe de Coral Holdings, Ltd...................... 1,734,000 6,179,155 CEC International Holdings, Ltd.................. 208,000 82,444 Century City International Holdings, Ltd......... 6,419,460 512,181 Champion Technology Holdings, Ltd................ 15,193,089 379,039 Chen Hsong Holdings.............................. 1,212,000 359,412 Cheuk Nang Holdings, Ltd......................... 601,503 535,050 * Cheung Wo International Holdings, Ltd............ 690,000 53,348 Chevalier International Holdings, Ltd............ 786,834 1,309,149 * China Billion Resources, Ltd..................... 4,876,000 -- #* China Daye Non-Ferrous Metals Mining, Ltd........ 9,973,837 218,078 * China Digicontent Co., Ltd....................... 2,710,000 -- China Electronics Corp. Holdings Co., Ltd........ 3,826,250 821,131 * China Energy Development Holdings, Ltd........... 26,104,000 814,248 * China Environmental Investment Holdings, Ltd..... 5,540,000 156,078 China Financial Services Holdings, Ltd........... 954,000 74,590 * China Flavors & Fragrances Co., Ltd.............. 156,137 25,694 * China Infrastructure Investment, Ltd............. 7,776,000 131,247 China Metal International Holdings, Inc.......... 2,748,000 1,009,271 # China Motor Bus Co., Ltd......................... 50,000 396,492 * China Nuclear Industry 23 International Corp., Ltd............................................ 230,000 32,242 * China Renji Medical Group, Ltd................... 1,520,900 98,122 * China Solar Energy Holdings, Ltd................. 1,669,500 14,541 * China Star Entertainment, Ltd.................... 45,300,000 691,805 * China Strategic Holdings, Ltd.................... 12,585,000 305,531 China Ting Group Holdings, Ltd................... 2,443,151 120,494 * China Tycoon Beverage Holdings, Ltd.............. 2,732,000 81,078 58 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ----------- ----------- HONG KONG -- (Continued) China-Hongkong Photo Products Holdings, Ltd........ 1,967,000 $ 143,368 Chinney Investments, Ltd........................... 1,144,000 185,965 # Chong Hing Bank, Ltd............................... 116,600 219,562 # Chow Sang Sang Holdings International, Ltd......... 2,191,000 5,687,142 Chu Kong Shipping Enterprise Group Co., Ltd........ 2,188,000 532,608 Chuang's China Investments, Ltd.................... 3,700,938 267,113 Chuang's Consortium International, Ltd............. 5,770,730 757,625 Chun Wo Development Holdings, Ltd.................. 1,852,926 188,152 # CITIC Telecom International Holdings, Ltd.......... 10,730,125 3,847,611 # CK Life Sciences International Holdings, Inc....... 20,700,000 2,052,129 CNT Group, Ltd..................................... 8,315,264 411,216 * COL Capital, Ltd................................... 2,209,840 547,466 Convenience Retail Asia, Ltd....................... 42,000 29,716 * CP Lotus Corp...................................... 11,420,000 283,102 # Cross-Harbour Holdings, Ltd. (The)................. 679,520 573,312 CSI Properties, Ltd................................ 32,456,383 1,376,774 * CST Mining Group, Ltd.............................. 85,632,000 583,730 * Culturecom Holdings, Ltd........................... 1,035,000 128,565 Cw Group Holdings, Ltd............................. 1,756,000 448,976 Dah Sing Banking Group, Ltd........................ 3,333,116 5,959,612 Dah Sing Financial Holdings, Ltd................... 1,143,744 6,497,665 * Dan Form Holdings Co., Ltd......................... 3,668,260 366,866 Dickson Concepts International, Ltd................ 1,258,000 713,445 * Digital Domain Holdings, Ltd....................... 4,795,655 63,776 * Dingyi Group Investment, Ltd....................... 3,797,500 242,548 Dorsett Hospitality International, Ltd............. 4,711,200 859,622 Eagle Nice International Holdings, Ltd............. 1,116,000 173,967 EcoGreen Fine Chemicals Group, Ltd................. 1,202,000 382,450 * EganaGoldpfeil Holdings, Ltd....................... 4,121,757 -- Emperor Capital Group, Ltd......................... 1,962,000 107,323 Emperor Entertainment Hotel, Ltd................... 4,075,000 1,419,020 Emperor International Holdings, Ltd................ 8,126,753 2,081,572 Emperor Watch & Jewellery, Ltd..................... 26,410,000 1,687,336 * ENM Holdings, Ltd.................................. 15,112,000 868,882 * Enviro Energy International Holdings, Ltd.......... 3,906,000 65,728 * EPI Holdings, Ltd.................................. 15,099,927 378,663 Esprit Holdings, Ltd............................... 13,145,450 20,636,088 * eSun Holdings, Ltd................................. 4,472,000 511,329 * Ezcom Holdings, Ltd................................ 72,576 -- Fairwood Holdings, Ltd............................. 622,100 1,338,071 Far East Consortium International, Ltd............. 6,313,772 2,404,041 * FIH Mobile, Ltd.................................... 1,872,000 1,048,573 Fountain SET Holdings, Ltd......................... 4,898,000 635,160 Four Seas Mercantile Holdings, Ltd................. 628,000 379,844 * Frontier Services Group, Ltd....................... 823,000 68,214 Fujikon Industrial Holdings, Ltd................... 736,000 174,302 Future Bright Holdings, Ltd........................ 2,742,000 1,417,244 * G-Resources Group, Ltd............................. 146,478,600 4,201,962 * GCL New Energy Holdings, Ltd....................... 218,000 54,242 Get Nice Holdings, Ltd............................. 22,910,000 1,101,612 # Giordano International, Ltd........................ 9,120,000 5,335,494 Glorious Sun Enterprises, Ltd...................... 2,702,000 602,593 Gold Peak Industries Holding, Ltd.................. 3,118,642 304,584 59 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ---------- HONG KONG -- (Continued) Golden Resources Development International, Ltd.. 3,330,500 $ 189,692 #* Goldin Properties Holdings, Ltd.................. 3,044,000 1,615,889 * Grande Holdings, Ltd. (The)...................... 882,000 8,763 Great Eagle Holdings, Ltd........................ 72,627 261,339 Guangnan Holdings, Ltd........................... 2,249,600 297,829 # Guotai Junan International Holdings, Ltd......... 3,543,000 2,629,908 # Haitong International Securities Group, Ltd...... 3,383,968 1,947,111 * Hao Tian Dev Group, Ltd.......................... 1,202,400 341,324 Harbour Centre Development, Ltd.................. 963,500 1,752,773 * Heng Fai Enterprises, Ltd........................ 440,000 21,015 High Fashion International, Ltd.................. 268,000 103,484 HKR International, Ltd........................... 5,934,336 2,800,104 Hon Kwok Land Investment Co., Ltd................ 314,800 112,191 * Hong Fok Land, Ltd............................... 1,210,000 -- # Hong Kong Aircraft Engineering Co., Ltd.......... 82,400 953,053 Hong Kong Ferry Holdings Co., Ltd................ 809,300 842,409 * Hong Kong Television Network, Ltd................ 2,401,751 808,594 Hongkong & Shanghai Hotels (The)................. 1,174,055 1,673,635 Hongkong Chinese, Ltd............................ 5,138,000 1,156,997 Hop Hing Group Holdings, Ltd..................... 1,292,000 36,495 # Hopewell Holdings, Ltd........................... 2,707,500 9,403,968 # Hsin Chong Construction Group, Ltd............... 5,533,658 732,141 Hung Hing Printing Group, Ltd.................... 1,412,000 202,339 # Hutchison Telecommunications Hong Kong Holdings, Ltd............................................ 10,664,000 4,576,116 * I-CABLE Communications, Ltd...................... 1,830,000 182,243 * Imagi International Holdings, Ltd................ 50,616,000 1,179,495 * Integrated Waste Solutions Group Holdings, Ltd... 2,000,000 86,852 * International Standard Resources Holdings, Ltd... 15,176,250 270,580 iOne Holdings, Ltd............................... 2,640,000 85,213 * IPE Group, Ltd................................... 2,890,000 272,390 * IRC, Ltd......................................... 7,336,000 649,335 IT, Ltd.......................................... 3,920,532 1,444,879 ITC Corp., Ltd................................... 856,708 72,660 ITC Properties Group, Ltd........................ 3,590,186 1,983,637 * Jinhui Holdings Co., Ltd......................... 121,000 24,813 * JLF Investment Co., Ltd.......................... 1,453,500 73,117 Johnson Electric Holdings, Ltd................... 1,620,250 6,271,895 # K Wah International Holdings, Ltd................ 8,087,399 5,894,561 Ka Shui International Holdings, Ltd.............. 550,000 76,977 Kam Hing International Holdings, Ltd............. 1,830,000 131,407 Kantone Holdings, Ltd............................ 10,123,647 162,370 Keck Seng Investments............................ 904,600 764,493 * King Pacific International Holdings, Ltd......... 1,404,200 -- * King Stone Energy Group, Ltd..................... 7,296,000 243,786 Kingmaker Footwear Holdings, Ltd................. 1,532,955 263,005 # Kingston Financial Group, Ltd.................... 15,719,000 1,753,314 * Ko Yo Chemical Group, Ltd........................ 15,800,000 224,257 # Kowloon Development Co., Ltd..................... 2,471,000 2,996,750 # L'Occitane International SA...................... 587,750 1,510,367 * Lai Sun Development Co., Ltd..................... 74,567,466 1,872,160 * Lai Sun Garment International, Ltd............... 3,419,680 494,763 Lam Soon Hong Kong, Ltd.......................... 302,310 278,679 * Landsea Green Properties Co., Ltd................ 812,000 73,979 60 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ----------- HONG KONG -- (Continued) * Leading Spirit High-Tech Holdings Co., Ltd......... 2,310,000 $ -- Lee's Pharmaceutical Holdings, Ltd................. 540,000 697,529 Lerado Group Holding Co., Ltd...................... 2,158,000 313,756 # Lifestyle International Holdings, Ltd.............. 894,500 1,747,195 Lippo China Resources, Ltd......................... 20,082,000 1,008,797 Lippo, Ltd......................................... 1,195,700 698,753 * Lisi Group Holdings, Ltd........................... 3,418,000 224,477 # Liu Chong Hing Investment, Ltd..................... 1,079,200 1,414,348 Luen Thai Holdings, Ltd............................ 1,159,000 314,808 # Luk Fook Holdings International, Ltd............... 2,487,000 7,708,305 Luks Group Vietnam Holdings Co., Ltd............... 482,913 131,278 Lung Kee Bermuda Holdings.......................... 1,613,875 561,476 Magnificent Estates................................ 13,558,000 678,088 Man Wah Holdings, Ltd.............................. 2,644,400 3,899,351 Man Yue Technology Holdings, Ltd................... 1,104,000 268,192 Matrix Holdings, Ltd............................... 1,067,414 258,577 * Mei Ah Entertainment Group, Ltd.................... 21,460,000 2,329,923 Melbourne Enterprises, Ltd......................... 40,500 716,009 Melco International Development, Ltd............... 4,245,000 12,610,229 #* Midland Holdings, Ltd.............................. 5,334,000 2,882,536 Ming Fai International Holdings, Ltd............... 1,765,000 174,538 * Ming Fung Jewellery Group, Ltd..................... 20,445,000 207,245 # Miramar Hotel & Investment......................... 870,000 1,089,033 * Mongolia Energy Corp., Ltd......................... 10,603,000 306,147 #* Mongolian Mining Corp.............................. 9,395,000 663,560 # NagaCorp, Ltd...................................... 5,152,000 4,508,672 Nanyang Holdings, Ltd.............................. 137,500 619,880 National Electronic Hldgs.......................... 2,498,000 328,177 Natural Beauty Bio-Technology, Ltd................. 4,040,000 207,374 * Neo-Neon Holdings, Ltd............................. 4,144,500 839,590 * Neptune Group, Ltd................................. 22,260,000 496,205 New Century Group Hong Kong, Ltd................... 13,351,464 277,049 * New Times Energy Corp., Ltd........................ 1,297,600 63,981 # Newocean Energy Holdings, Ltd...................... 7,182,000 4,909,127 * Next Media, Ltd.................................... 4,421,183 580,647 * Orange Sky Golden Harvest Entertainment Holdings, Ltd.............................................. 7,384,706 543,235 Orient Overseas International, Ltd................. 1,023,000 5,449,441 * Orient Power Holdings, Ltd......................... 804,000 -- # Oriental Watch Holdings............................ 3,160,800 771,221 Pacific Andes International Holdings, Ltd.......... 11,385,378 445,456 # Pacific Basin Shipping, Ltd........................ 12,866,000 7,750,012 Pacific Textiles Holdings, Ltd..................... 3,895,000 4,876,258 Paliburg Holdings, Ltd............................. 3,152,830 1,102,180 * Pan Asia Environmental Protection Group, Ltd....... 80,000 15,881 # Paradise Entertainment, Ltd........................ 3,016,000 2,113,976 PCCW, Ltd.......................................... 8,197,879 5,008,852 #* Peace Mark Holdings, Ltd........................... 2,712,022 -- * Pearl Oriental Oil, Ltd............................ 11,918,400 340,836 Pegasus International Holdings, Ltd................ 226,000 34,531 Perfect Shape PRC Holdings, Ltd.................... 664,000 153,394 # Pico Far East Holdings, Ltd........................ 4,928,000 1,137,452 * Ping Shan Tea Group, Ltd........................... 2,633,325 52,003 Playmates Holdings, Ltd............................ 668,000 839,858 61 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ---------- HONG KONG -- (Continued) # Playmates Toys, Ltd.............................. 3,996,000 $1,751,553 PNG Resources Holdings, Ltd...................... 37,802,362 253,640 Pokfulam Development Co.......................... 234,000 355,760 * Poly Capital Holdings, Ltd....................... 1,154,000 57,753 Polytec Asset Holdings, Ltd...................... 10,878,526 1,684,159 # Public Financial Holdings, Ltd................... 3,194,000 1,522,655 PYI Corp., Ltd................................... 24,859,973 582,711 * Pyxis Group, Ltd................................. 1,936,000 7,994 Raymond Industrial, Ltd.......................... 30,400 3,551 # Regal Hotels International Holdings, Ltd......... 2,893,800 1,721,561 * Richfield Group Holdings, Ltd.................... 9,672,000 277,329 * Rising Development Holdings, Ltd................. 316,000 191,470 Rivera Holdings, Ltd............................. 5,710,000 249,041 # SA SA International Holdings, Ltd................ 7,820,000 6,235,302 Safety Godown Co., Ltd........................... 398,000 515,574 #* Sandmartin International Holdings, Ltd........... 84,000 8,034 SAS Dragon Hldg, Ltd............................. 1,304,000 452,770 # SEA Holdings, Ltd................................ 1,158,000 723,729 # Shenyin Wanguo HK, Ltd........................... 2,012,500 1,227,867 * Shougang Concord Technology Holdings............. 6,941,809 265,827 * Shun Ho Technology Holdings, Ltd................. 1,037,452 260,664 * Shun Tak Holdings, Ltd........................... 11,413,419 5,823,189 * Silver base Group Holdings, Ltd.................. 4,796,677 605,616 * Simsen International Corp., Ltd.................. 307,000 186,980 * Sing Pao Media Enterprises, Ltd.................. 250,511 -- Sing Tao News Corp., Ltd......................... 1,974,000 272,546 Singamas Container Holdings, Ltd................. 10,648,000 2,044,705 * Sino-Tech International Holdings, Ltd............ 20,460,000 146,696 * Sinocan Holdings, Ltd............................ 350,000 -- SIS International Holdings....................... 34,000 13,395 Sitoy Group Holdings, Ltd........................ 635,000 442,278 # SmarTone Telecommunications Holdings, Ltd........ 2,830,000 4,116,302 #* SOCAM Development, Ltd........................... 1,716,771 1,632,476 * Solomon Systech International, Ltd............... 8,590,000 456,338 Soundwill Holdings, Ltd.......................... 420,000 757,051 * South China China, Ltd........................... 6,744,000 611,455 * South China Land, Ltd............................ 14,831,170 273,368 # Stella International Holdings, Ltd............... 690,500 1,928,857 Stelux Holdings International, Ltd............... 3,100,400 798,207 * Success Universe Group, Ltd...................... 5,948,000 216,286 Sun Hing Vision Group Holdings, Ltd.............. 358,000 116,435 # Sun Hung Kai & Co., Ltd.......................... 3,691,429 3,147,352 TAI Cheung Holdings, Ltd......................... 2,019,000 1,661,905 Tai Sang Land Development, Ltd................... 804,910 377,508 * Talent Property Group, Ltd....................... 4,701,420 59,205 # Tan Chong International, Ltd..................... 1,212,000 510,433 # Tao Heung Holdings, Ltd.......................... 517,000 308,714 #* Taung Gold International, Ltd.................... 14,590,000 391,574 * Technovator International, Ltd................... 1,004,000 463,974 Television Broadcasts, Ltd....................... 1,030,000 6,690,149 * Termbray Industries International Holdings, Ltd.. 2,304,900 242,659 Tern Properties Co., Ltd......................... 51,200 32,073 Texwinca Holdings, Ltd........................... 4,102,000 3,856,807 62 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ------------ HONG KONG -- (Continued) Tian Teck Land, Ltd.............................. 1,054,000 $ 1,201,349 * Titan Petrochemicals Group, Ltd.................. 13,140,000 4,239 # Tradelink Electronic Commerce, Ltd............... 4,622,000 1,193,963 Transport International Holdings, Ltd............ 1,009,341 1,861,914 # Trinity, Ltd..................................... 7,266,000 1,827,474 Tristate Holdings, Ltd........................... 188,000 76,904 * TSC Group Holdings, Ltd.......................... 3,000,000 1,418,416 Tse Sui Luen Jewellery International, Ltd........ 256,000 100,842 #* United Laboratories International Holdings, Ltd. (The)..................................... 4,142,000 2,749,082 * Universal Technologies Holdings, Ltd............. 7,630,000 428,071 * Universe International Holdings, Ltd............. 3,475,000 61,324 * Up Energy Development Group, Ltd................. 3,205,000 367,028 * Value Convergence Holdings, Ltd.................. 1,756,000 239,068 # Value Partners Group, Ltd........................ 5,555,000 4,025,340 Van Shung Chong Holdings, Ltd.................... 789,335 135,862 Vanke Property Overseas, Ltd..................... 13,000 14,275 Varitronix International, Ltd.................... 1,995,293 1,830,106 Vedan International Holdings, Ltd................ 3,272,000 182,711 Victory City International Holdings, Ltd......... 6,385,993 834,689 # Vitasoy International Holdings, Ltd.............. 4,391,000 5,649,788 VST Holdings, Ltd................................ 4,917,600 1,256,988 # VTech Holdings, Ltd.............................. 241,300 2,983,091 Wai Kee Holdings, Ltd............................ 7,864,738 2,401,605 Wang On Group, Ltd............................... 30,111,286 1,015,490 * Willie International Holdings, Ltd............... 600,000 127,056 Win Hanverky Holdings, Ltd....................... 1,812,000 233,670 # Wing Hang Bank, Ltd.............................. 280,500 4,524,164 Wing On Co. International, Ltd................... 781,000 2,241,955 Wing Tai Properties, Ltd......................... 1,957,331 1,237,056 Wong's International Hldgs....................... 737,641 237,846 Wong's Kong King International................... 120,000 10,058 Xinyi Glass Holdings, Ltd........................ 14,068,000 8,228,231 # Xinyi Solar Holdings, Ltd........................ 12,292,000 3,485,191 Yangtzekiang Garment, Ltd........................ 606,500 210,240 Yau Lee Holdings, Ltd............................ 534,000 113,463 Yeebo International Hldg......................... 572,000 95,784 YGM Trading, Ltd................................. 460,000 1,032,342 YT Realty Group, Ltd............................. 749,000 232,554 Yugang International, Ltd........................ 93,492,000 1,040,010 Zhuhai Holdings Investment Group, Ltd............ 2,558,000 443,205 ------------ TOTAL HONG KONG...................................... 383,136,665 ------------ NEW ZEALAND -- (6.8%) #* a2 Milk Co., Ltd................................. 885,358 485,648 Abano Healthcare Group, Ltd...................... 29,547 162,146 Air New Zealand, Ltd............................. 3,476,787 5,827,978 Auckland International Airport, Ltd.............. 319,815 1,033,934 #* Bathurst Resources, Ltd.......................... 1,666,560 80,102 Briscoe Group, Ltd............................... 2,235 5,101 Cavalier Corp., Ltd.............................. 283,674 275,900 CDL Investments New Zealand, Ltd................. 163,215 71,944 # Chorus, Ltd...................................... 1,749,675 2,594,279 Colonial Motor Co., Ltd. (The)................... 148,846 666,766 63 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ NEW ZEALAND -- (Continued) Contact Energy, Ltd................................ 468,775 $ 2,201,329 #* Diligent Board Member Services, Inc................ 82,102 282,273 # Ebos Group, Ltd.................................... 431,706 3,701,371 # Fisher & Paykel Healthcare Corp., Ltd.............. 3,890,963 15,676,327 # Freightways, Ltd................................... 889,704 3,706,628 # Hallenstein Glasson Holdings, Ltd.................. 245,661 630,778 Heartland New Zealand, Ltd......................... 185,677 148,007 # Hellaby Holdings, Ltd.............................. 380,827 899,179 # Infratil, Ltd...................................... 3,071,279 6,486,838 Kathmandu Holdings, Ltd............................ 483,678 1,367,205 # Mainfreight, Ltd................................... 520,691 6,561,680 Methven, Ltd....................................... 93,877 87,577 # Metlifecare, Ltd................................... 361,582 1,350,900 # Michael Hill International, Ltd.................... 1,534,152 1,729,821 Millennium & Copthorne Hotels New Zealand, Ltd..... 418,978 450,569 New Zealand Oil & Gas, Ltd......................... 2,036,646 1,387,961 # New Zealand Refining Co., Ltd. (The)............... 591,259 848,485 Northland Port Corp. NZ, Ltd....................... 115,915 288,671 Nuplex Industries, Ltd............................. 1,222,797 3,070,239 # NZX, Ltd........................................... 980,309 1,086,311 # Opus International Consultants, Ltd................ 12,925 19,292 #* Pacific Edge, Ltd.................................. 389,890 247,350 PGG Wrightson, Ltd................................. 980,136 332,815 * Pike River Coal, Ltd............................... 490,805 -- # Port of Tauranga, Ltd.............................. 528,322 6,946,146 * Pumpkin Patch, Ltd................................. 606,913 191,022 # Restaurant Brands New Zealand, Ltd................. 471,007 1,305,174 * Richina Pacific, Ltd............................... 274,180 15,722 * Rubicon, Ltd....................................... 1,485,105 506,910 # Ryman Healthcare, Ltd.............................. 2,143,745 14,691,053 Sanford, Ltd....................................... 393,618 1,354,347 Scott Technology, Ltd.............................. 38,136 48,879 # Skellerup Holdings, Ltd............................ 507,716 727,920 Sky Network Television, Ltd........................ 1,967,151 11,238,233 SKYCITY Entertainment Group, Ltd................... 3,927,601 12,506,613 Steel & Tube Holdings, Ltd......................... 438,567 1,094,137 Summerset Group Holdings, Ltd...................... 117,337 310,375 Telecom Corp. of New Zealand, Ltd.................. 440,138 1,060,162 Tourism Holdings, Ltd.............................. 274,867 291,101 # Tower, Ltd......................................... 814,703 1,262,629 Trade Me Group, Ltd................................ 1,216,275 3,579,869 # TrustPower, Ltd.................................... 70,059 424,592 # Vector, Ltd........................................ 1,271,949 2,795,279 # Warehouse Group, Ltd. (The)........................ 681,985 1,832,799 #* Xero, Ltd.......................................... 135,190 2,846,930 ------------ TOTAL NEW ZEALAND...................................... 128,795,296 ------------ SINGAPORE -- (10.3%) * Abterra, Ltd....................................... 531,800 306,177 Amara Holdings, Ltd................................ 950,000 451,368 # Amtek Engineering, Ltd............................. 1,353,000 671,487 ASL Marine Holdings, Ltd........................... 816,600 442,054 Aspial Corp., Ltd.................................. 72,959 26,859 64 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ---------- SINGAPORE -- (Continued) #* Ausgroup, Ltd...................................... 3,653,000 $1,201,174 # Baker Technology, Ltd.............................. 1,272,000 269,749 # Banyan Tree Holdings, Ltd.......................... 1,053,000 555,531 #* Biosensors International Group, Ltd................ 6,598,237 4,479,243 Bonvests Holdings, Ltd............................. 978,000 1,140,937 Boustead Singapore, Ltd............................ 1,686,261 2,483,048 Breadtalk Group, Ltd............................... 907,800 998,602 * Broadway Industrial Group, Ltd..................... 1,374,000 290,833 Bukit Sembawang Estates, Ltd....................... 614,003 3,093,371 Bund Center Investment, Ltd........................ 2,717,000 444,717 # Centurion Corp., Ltd............................... 316,000 176,711 * CH Offshore, Ltd................................... 1,642,400 617,445 # China Aviation Oil Singapore Corp., Ltd............ 1,586,399 1,048,249 # China Merchants Holdings Pacific, Ltd.............. 841,000 650,567 Chip Eng Seng Corp., Ltd........................... 3,546,800 2,356,647 Chuan Hup Holdings, Ltd............................ 3,967,000 920,951 # Cityspring Infrastructure Trust.................... 1,351,000 540,368 # Cosco Corp. Singapore, Ltd......................... 7,006,000 3,999,834 Creative Technology, Ltd........................... 272,200 489,997 CSC Holdings, Ltd.................................. 2,495,000 155,260 # CSE Global, Ltd.................................... 3,382,000 1,964,797 # CWT, Ltd........................................... 1,393,700 1,884,631 Datapulse Technology, Ltd.......................... 89,000 11,430 # Del Monte Pacific, Ltd............................. 848,000 359,398 * Delong Holdings, Ltd............................... 1,361,000 278,719 DMX Technologies Group, Ltd........................ 2,096,000 313,278 # Dyna-Mac Holdings, Ltd............................. 2,259,000 696,083 # Elec & Eltek International Co., Ltd................ 147,000 226,127 Ellipsiz, Ltd...................................... 123,000 10,042 EnGro Corp., Ltd................................... 354,000 336,497 # Envictus International Holdings, Ltd............... 725,000 252,607 Eu Yan Sang International, Ltd..................... 809,800 531,977 * euNetworks Group, Ltd.............................. 8,220 3,999 Ezion Holdings, Ltd................................ 574,800 984,377 Ezra Holdings, Ltd................................. 5,619,000 5,266,456 Falcon Energy Group, Ltd........................... 2,068,000 701,560 Far East Orchard, Ltd.............................. 1,106,685 1,684,809 * First Sponsor Group, Ltd........................... 453,661 472,753 FJ Benjamin Holdings, Ltd.......................... 1,305,000 202,279 Food Empire Holdings, Ltd.......................... 1,256,400 384,646 #* Forterra Trust..................................... 98,000 133,855 # Fragrance Group, Ltd............................... 6,256,000 1,201,287 #* Gallant Venture, Ltd............................... 5,073,000 1,234,217 * Geo Energy Resources, Ltd.......................... 432,000 94,923 GK Goh Holdings, Ltd............................... 1,458,000 1,044,440 Global Premium Hotels, Ltd......................... 500,480 147,923 * Global Yellow Pages, Ltd........................... 747,500 29,211 # GMG Global, Ltd.................................... 18,410,000 1,223,885 # Goodpack, Ltd...................................... 1,620,000 3,187,067 GP Batteries International, Ltd.................... 235,000 149,790 GP Industries, Ltd................................. 2,643,209 1,106,300 GuocoLand, Ltd..................................... 399,314 677,948 GuocoLeisure, Ltd.................................. 3,364,000 2,927,939 65 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ---------- SINGAPORE -- (Continued) * Hanwell Holdings, Ltd.............................. 1,823,419 $ 422,954 #* Healthway Medical Corp., Ltd....................... 8,556,776 404,360 HG Metal Manufacturing, Ltd........................ 1,768,000 111,833 Hi-P International, Ltd............................ 1,309,000 676,924 # Hiap Hoe, Ltd...................................... 353,000 254,494 Hiap Seng Engineering, Ltd......................... 612,000 96,419 * HLH Group, Ltd..................................... 8,364,000 120,716 Ho Bee Land, Ltd................................... 1,652,000 2,969,622 Hong Fok Corp., Ltd................................ 3,323,640 2,827,055 Hong Leong Asia, Ltd............................... 711,000 903,990 Hotel Grand Central, Ltd........................... 1,394,187 1,539,841 Hour Glass, Ltd. (The)............................. 622,744 925,857 * HTL International Holdings, Ltd.................... 1,063,843 242,804 HupSteel, Ltd...................................... 1,572,875 266,186 # Hwa Hong Corp., Ltd................................ 2,186,000 560,331 # Hyflux, Ltd........................................ 3,243,500 3,078,657 # Indofood Agri Resources, Ltd....................... 3,468,000 2,684,018 InnoTek, Ltd....................................... 950,000 277,009 #* International Healthway Corp., Ltd................. 594,656 123,905 #* Interra Resources, Ltd............................. 396,000 115,649 IPC Corp., Ltd..................................... 4,265,000 522,108 # ISDN Holdings, Ltd................................. 293,000 94,662 Isetan Singapore, Ltd.............................. 122,500 479,664 #* Jiutian Chemical Group, Ltd........................ 10,128,000 543,535 #* Jurong Technologies Industrial Corp., Ltd.......... 2,227,680 -- k1 Ventures, Ltd................................... 5,098,500 837,159 # Keppel Infrastructure Trust........................ 1,354,000 1,123,012 Keppel Telecommunications & Transportation, Ltd.... 1,409,600 1,922,028 Koh Brothers Group, Ltd............................ 1,432,000 360,902 # KSH Holdings, Ltd.................................. 52,000 22,447 LCD Global Investments, Ltd........................ 3,569,504 839,853 Lee Kim Tah Holdings, Ltd.......................... 1,600,000 1,148,688 * Li Heng Chemical Fibre Technologies, Ltd........... 2,053,000 148,112 Lian Beng Group, Ltd............................... 2,061,000 1,185,210 #* Linc Energy, Ltd................................... 1,982,517 1,978,186 #* LionGold Corp., Ltd................................ 2,818,000 177,779 Low Keng Huat Singapore, Ltd....................... 916,000 498,314 Lum Chang Holdings, Ltd............................ 1,094,030 337,226 M1, Ltd............................................ 875,000 2,621,760 # Marco Polo Marine, Ltd............................. 963,000 269,061 mDR, Ltd........................................... 3,997,000 25,632 * Mercator Lines Singapore, Ltd...................... 555,000 38,224 # Mermaid Maritime PCL............................... 1,439,000 504,790 # Metro Holdings, Ltd................................ 2,085,792 1,548,963 Mewah International, Inc........................... 1,496,000 508,448 # Midas Holdings, Ltd................................ 8,177,000 2,843,702 Nam Cheong, Ltd.................................... 7,126,740 2,618,344 #* Neptune Orient Lines, Ltd.......................... 97,000 73,699 New Toyo International Holdings, Ltd............... 1,624,000 372,512 # NSL, Ltd........................................... 422,000 579,267 * Oceanus Group, Ltd................................. 13,109,000 220,105 # OSIM International, Ltd............................ 1,689,000 3,874,387 # Otto Marine, Ltd................................... 10,983,500 628,538 66 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ----------- SINGAPORE -- (Continued) # OUE Hospitality Trust.............................. 310,500 $ 225,311 # OUE, Ltd........................................... 1,863,000 3,648,413 # Oxley Holdings, Ltd................................ 893,000 473,119 # Pan-United Corp., Ltd.............................. 2,006,000 1,706,086 PEC, Ltd........................................... 47,000 21,082 Penguin International, Ltd......................... 1,320,000 242,835 Petra Foods, Ltd................................... 804,000 2,536,470 Popular Holdings, Ltd.............................. 2,763,650 574,622 QAF, Ltd........................................... 1,244,080 864,388 #* Raffles Education Corp., Ltd....................... 4,299,710 1,320,140 # Raffles Medical Group, Ltd......................... 586,437 1,834,647 Rickmers Maritime.................................. 888,000 213,574 Rotary Engineering, Ltd............................ 1,463,600 869,692 Roxy-Pacific Holdings, Ltd......................... 297,500 135,754 * S I2I, Ltd......................................... 17,004,000 95,413 San Teh, Ltd....................................... 862,087 207,591 * Sapphire Corp., Ltd................................ 442,000 29,416 SBS Transit, Ltd................................... 953,500 1,300,715 # See Hup Seng, Ltd.................................. 2,372,000 555,639 Sheng Siong Group, Ltd............................. 1,301,000 738,968 Sim Lian Group, Ltd................................ 2,281,855 1,574,838 Sinarmas Land, Ltd................................. 5,838,000 3,092,825 Sing Holdings, Ltd................................. 1,134,000 344,356 Sing Investments & Finance, Ltd.................... 297,675 320,614 Singapore Post, Ltd................................ 8,334,120 11,722,022 Singapore Reinsurance Corp., Ltd................... 1,514,530 358,124 Singapore Shipping Corp., Ltd...................... 1,689,000 350,130 Singapura Finance, Ltd............................. 174,062 214,324 #* Sino Grandness Food Industry Group, Ltd............ 2,157,000 1,171,854 # SMRT Corp., Ltd.................................... 2,379,000 3,009,402 Stamford Land Corp., Ltd........................... 3,282,000 1,697,122 Straco Corp., Ltd.................................. 130,000 84,029 Sunningdale Tech, Ltd.............................. 3,592,000 589,529 #* SunVic Chemical Holdings, Ltd...................... 2,038,000 829,568 # Super Group, Ltd................................... 2,520,000 2,965,960 # Swiber Holdings, Ltd............................... 3,974,000 1,663,954 Swissco Holdings, Ltd.............................. 649,500 476,012 # Tat Hong Holdings, Ltd............................. 2,072,800 1,457,252 Thakral Corp., Ltd................................. 5,601,000 124,641 Tiong Woon Corp. Holding, Ltd...................... 2,152,250 584,111 # Triyards holdings, Ltd............................. 348,900 207,515 * TT International, Ltd.............................. 409,000 56,310 # Tuan Sing Holdings, Ltd............................ 4,139,583 1,323,276 # UMS Holdings, Ltd.................................. 1,889,000 945,829 # United Engineers, Ltd.............................. 2,803,028 5,378,221 # United Envirotech, Ltd............................. 3,012,000 3,296,910 United Overseas Insurance, Ltd..................... 187,250 682,173 # UOB-Kay Hian Holdings, Ltd......................... 1,876,435 2,440,473 # UPP Holdings, Ltd.................................. 3,060,000 695,455 #* Vard Holdings, Ltd................................. 4,053,000 3,510,337 Venture Corp., Ltd................................. 1,669,000 10,835,579 * Vibrant Group, Ltd................................. 9,159,901 886,818 Vicom, Ltd......................................... 120,000 636,304 67 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- -------------- SINGAPORE -- (Continued) Wee Hur Holdings, Ltd............................ 2,749,000 $ 890,998 # Wheelock Properties Singapore, Ltd............... 1,210,000 1,834,898 Wing Tai Holdings, Ltd........................... 2,843,567 4,487,226 Xpress Holdings, Ltd............................. 1,281,000 16,369 # Yeo Hiap Seng, Ltd............................... 223,731 381,136 YHI International, Ltd........................... 1,174,000 229,508 # Yongnam Holdings, Ltd............................ 8,173,000 1,534,925 -------------- TOTAL SINGAPORE...................................... 195,580,172 -------------- TOTAL COMMON STOCKS.................................. 1,509,375,547 -------------- RIGHTS/WARRANTS -- (0.0%) AUSTRALIA -- (0.0%) * Centrebet International, Ltd. Litigation Rights.. 81,336 -- * Ramelius Resources, Ltd.......................... 189,104 1,406 -------------- TOTAL AUSTRALIA...................................... 1,406 -------------- SINGAPORE -- (0.0%) * Global Yellow Pages, Ltd. Warrant 06/25/19....... 448,500 2,517 * Technics Oil & Gas, Ltd. Warrants 12/09/16....... 16,800 5,454 -------------- TOTAL SINGAPORE...................................... 7,971 -------------- TOTAL RIGHTS/WARRANTS................................ 9,377 -------------- SHARES/ FACE AMOUNT (000) VALUE+ ---------- -------------- SECURITIES LENDING COLLATERAL -- (20.5%) (S)@ DFA Short Term Investment Fund 33,620,097 388,984,520 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $1,772,592,332)^^............................ $1,898,369,444 ============== 68 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) ------------------------------------------------ LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ---------- -------------- ------- -------------- Common Stocks Australia.................. $1,100,487 $ 799,686,722 -- $ 800,787,209 China...................... -- 1,076,205 -- 1,076,205 Hong Kong.................. 824,414 382,312,251 -- 383,136,665 New Zealand................ -- 128,795,296 -- 128,795,296 Singapore.................. 741,910 194,838,262 -- 195,580,172 Rights/Warrants Australia.................. -- 1,406 -- 1,406 Singapore.................. -- 7,971 -- 7,971 Securities Lending Collateral. -- 388,984,520 -- 388,984,520 ---------- -------------- -- -------------- TOTAL $2,666,811 $1,895,702,633 -- $1,898,369,444 ========== ============== == ==============
69 THE UNITED KINGDOM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE++ ---------- ----------- COMMON STOCKS -- (97.4%) Consumer Discretionary -- (24.6%) 4imprint Group P.L.C............................. 98,614 $ 1,180,381 888 Holdings P.L.C............................... 936,528 1,870,877 * Aga Rangemaster Group P.L.C...................... 453,866 1,209,629 Barratt Developments P.L.C....................... 4,041,550 23,709,703 Bellway P.L.C.................................... 652,849 16,571,223 Berkeley Group Holdings P.L.C.................... 652,989 26,881,670 Betfair Group P.L.C.............................. 149,517 2,630,862 Bloomsbury Publishing P.L.C...................... 283,806 843,823 Boot Henry P.L.C................................. 432,804 1,351,800 Bovis Homes Group P.L.C.......................... 875,787 11,253,004 # Bwin.Party Digital Entertainment P.L.C........... 2,936,708 4,236,117 * Carpetright P.L.C................................ 13,426 118,654 # Centaur Media P.L.C.............................. 556,967 570,591 Chime Communications P.L.C....................... 347,767 1,912,055 Cineworld Group P.L.C............................ 1,100,456 5,979,541 Connect Group P.L.C.............................. 998,228 2,597,083 Creston P.L.C.................................... 22,394 39,385 Daily Mail & General Trust P.L.C................. 1,341,976 18,919,532 Darty P.L.C...................................... 1,297,119 1,739,190 Debenhams P.L.C.................................. 6,498,732 7,223,475 Dignity P.L.C.................................... 245,594 5,720,981 * Dixons Retail P.L.C.............................. 18,181,138 15,806,342 Domino's Pizza Group P.L.C....................... 628,393 5,792,164 Dunelm Group P.L.C............................... 302,903 4,250,638 * Enterprise Inns P.L.C............................ 2,687,428 5,664,687 Euromoney Institutional Investor P.L.C........... 295,537 5,400,612 * Findel P.L.C..................................... 313,743 1,349,196 * Forminster P.L.C................................. 43,333 -- Fuller Smith & Turner............................ 137,316 2,136,387 Future P.L.C..................................... 1,301,863 188,945 # Games Workshop Group P.L.C....................... 101,889 1,064,764 Greene King P.L.C................................ 1,421,372 19,765,002 Halfords Group P.L.C............................. 1,101,757 8,890,638 Headlam Group P.L.C.............................. 337,290 2,290,279 Home Retail Group P.L.C.......................... 4,196,363 11,721,381 * Hornby P.L.C..................................... 154,220 174,732 Howden Joinery Group P.L.C....................... 3,305,940 18,876,501 Huntsworth P.L.C................................. 971,327 822,802 Inchcape P.L.C................................... 2,319,770 25,056,886 Informa P.L.C.................................... 3,121,619 25,613,722 ITE Group P.L.C.................................. 1,144,948 3,866,405 J D Wetherspoon P.L.C............................ 501,603 6,284,260 JD Sports Fashion P.L.C.......................... 480,052 3,070,984 John Menzies P.L.C............................... 253,102 2,850,963 * Johnston Press P.L.C............................. 1,039,980 76,676 Ladbrokes P.L.C.................................. 4,483,503 9,946,650 Laura Ashley Holdings P.L.C...................... 1,517,420 634,993 Lookers P.L.C.................................... 1,699,510 3,802,673 Marston's P.L.C.................................. 3,122,248 7,555,850 * Mecom Group P.L.C................................ 477,516 1,211,126 Millennium & Copthorne Hotels P.L.C.............. 1,048,561 10,350,534 70 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ------------ Consumer Discretionary -- (Continued) * Mitchells & Butlers P.L.C........................ 1,030,286 $ 6,486,537 MJ Gleeson Group P.L.C........................... 195,875 1,240,838 #* Mothercare P.L.C................................. 266,771 1,082,060 N Brown Group P.L.C.............................. 874,754 6,356,242 * Ocado Group P.L.C................................ 32,320 182,804 Pendragon P.L.C.................................. 4,395,240 2,334,476 * Perform Group P.L.C.............................. 108,673 388,704 Persimmon P.L.C.................................. 560,569 11,806,425 Photo-Me International P.L.C..................... 338,001 823,099 * Puma Brandenburg, Ltd............................ 119,000 -- * Puma Brandenburg, Ltd. A Shares.................. 119,000 -- #* Punch Taverns P.L.C.............................. 2,668,837 412,280 Rank Group P.L.C................................. 104,240 286,922 Redrow P.L.C..................................... 1,505,347 6,211,511 Restaurant Group P.L.C. (The).................... 1,001,808 10,380,053 Rightmove P.L.C.................................. 466,340 17,860,517 Spirit Pub Co. P.L.C............................. 3,103,818 3,826,249 * Sportech P.L.C................................... 384,214 559,985 * Sports Direct International P.L.C................ 63,164 709,732 STV Group P.L.C.................................. 4,868 29,993 * SuperGroup P.L.C................................. 203,095 3,487,714 Taylor Wimpey P.L.C.............................. 15,614,170 29,185,517 Ted Baker P.L.C.................................. 145,679 4,186,182 * Thomas Cook Group P.L.C.......................... 7,517,966 15,465,741 Topps Tiles P.L.C................................ 829,659 1,483,861 * Torotrak P.L.C................................... 42,953 13,567 * Trinity Mirror P.L.C............................. 1,688,565 5,632,064 TUI Travel P.L.C................................. 279,182 1,704,190 UBM P.L.C........................................ 1,220,974 12,725,245 UTV Media P.L.C.................................. 461,323 1,703,522 Vitec Group P.L.C. (The)......................... 164,847 1,573,613 WH Smith P.L.C................................... 711,405 13,538,417 William Hill P.L.C............................... 3,678,697 21,804,884 Wilmington Group P.L.C........................... 346,234 1,140,378 ------------ Total Consumer Discretionary......................... 525,699,690 ------------ Consumer Staples -- (4.3%) A.G. BARR P.L.C.................................. 427,802 4,779,614 Anglo-Eastern Plantations P.L.C.................. 108,153 1,228,946 Booker Group P.L.C............................... 7,511,637 15,809,184 Britvic P.L.C.................................... 1,264,448 14,941,948 Cranswick P.L.C.................................. 264,392 5,634,013 Dairy Crest Group P.L.C.......................... 747,197 5,288,218 Devro P.L.C...................................... 891,696 3,841,349 Greencore Group P.L.C............................ 2,335,961 10,413,482 Greggs P.L.C..................................... 541,226 4,769,450 Hilton Food Group P.L.C.......................... 24,794 198,306 McBride P.L.C.................................... 855,515 1,377,577 * Premier Foods P.L.C.............................. 2,951,877 2,088,763 # PZ Cussons P.L.C................................. 1,329,597 7,908,286 REA Holdings P.L.C............................... 50,639 393,270 Tate & Lyle P.L.C................................ 1,155,924 12,135,547 71 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Consumer Staples -- (Continued) #* Thorntons P.L.C.................................. 274,658 $ 511,260 ------------ Total Consumer Staples............................... 91,319,213 ------------ Energy -- (5.4%) * Afren P.L.C...................................... 5,639,345 10,453,866 AMEC P.L.C....................................... 1,114,094 21,326,831 Anglo Pacific Group P.L.C........................ 484,070 1,537,068 * Cairn Energy P.L.C............................... 2,601,577 7,720,268 * EnQuest P.L.C.................................... 3,606,671 8,228,274 * Exillon Energy P.L.C............................. 226,286 574,928 Fortune Oil P.L.C................................ 6,238,485 1,079,574 * Hardy Oil & Gas P.L.C............................ 74,781 141,434 Hunting P.L.C.................................... 639,376 9,358,876 James Fisher & Sons P.L.C........................ 221,903 4,916,464 #* JKX Oil & Gas P.L.C.............................. 456,676 330,465 John Wood Group P.L.C............................ 1,771,267 22,326,549 #* Lamprell P.L.C................................... 1,307,475 3,341,682 Premier Oil P.L.C................................ 2,527,814 13,699,489 * Salamander Energy P.L.C.......................... 1,063,663 2,016,887 Soco International P.L.C......................... 1,018,017 7,369,895 ------------ Total Energy......................................... 114,422,550 ------------ Financials -- (14.2%) Amlin P.L.C...................................... 2,613,209 20,077,518 # Ashmore Group P.L.C.............................. 1,839,927 10,938,593 Bank of Georgia Holdings P.L.C................... 131,549 5,392,162 Beazley P.L.C.................................... 2,627,389 10,790,698 Brewin Dolphin Holdings P.L.C.................... 1,367,522 6,900,633 Capital & Counties Properties P.L.C.............. 474,174 2,560,508 Capital & Regional P.L.C......................... 2,692,546 2,082,983 Catlin Group, Ltd................................ 1,827,706 15,507,325 Charles Stanley Group P.L.C...................... 126,349 747,261 Charles Taylor P.L.C............................. 139,215 562,062 Chesnara P.L.C................................... 578,859 3,029,490 Close Brothers Group P.L.C....................... 777,213 16,609,447 * Coalfield Resources P.L.C........................ 268,451 27,437 Daejan Holdings P.L.C............................ 32,083 2,582,179 Development Securities P.L.C..................... 580,091 2,046,351 Hansard Global P.L.C............................. 16,468 25,266 Helical Bar P.L.C................................ 668,916 3,857,241 Henderson Group P.L.C............................ 5,474,033 22,377,057 Hiscox, Ltd...................................... 1,645,320 18,704,846 ICAP P.L.C....................................... 2,874,272 16,809,099 IG Group Holdings P.L.C.......................... 1,870,679 19,217,586 * Industrial & Commercial Holdings P.L.C........... 5,000 -- Intermediate Capital Group P.L.C................. 572,350 3,877,428 International Personal Finance P.L.C............. 690,825 6,419,699 * IP Group P.L.C................................... 1,306,305 3,992,965 Jardine Lloyd Thompson Group P.L.C............... 629,508 10,900,844 Jupiter Fund Management P.L.C.................... 1,541,405 9,913,771 Lancashire Holdings, Ltd......................... 912,700 9,430,207 Liontrust Asset Management P.L.C................. 16,102 66,303 72 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Financials -- (Continued) LSL Property Services P.L.C...................... 202,729 $ 1,270,830 Man Group P.L.C.................................. 9,800,117 19,587,130 Novae Group P.L.C................................ 281,719 2,613,306 Phoenix Group Holdings........................... 671,770 7,925,458 * Quintain Estates & Development P.L.C............. 2,680,731 3,982,952 Rathbone Brothers P.L.C.......................... 165,692 5,666,444 * Raven Russia, Ltd................................ 932,253 1,091,554 * Renovo Group P.L.C............................... 87,461 23,794 S&U P.L.C........................................ 21,140 641,500 Savills P.L.C.................................... 642,124 6,434,162 St James's Place P.L.C........................... 793,110 9,694,110 ST Modwen Properties P.L.C....................... 957,652 5,987,855 Tullett Prebon P.L.C............................. 1,098,479 4,577,816 Unite Group P.L.C. (The)......................... 1,059,448 7,250,618 * Waterloo Investment Holdings, Ltd................ 5,979 707 ------------ Total Financials..................................... 302,195,195 ------------ Health Care -- (3.3%) #* Alizyme P.L.C.................................... 660,805 -- Bioquell P.L.C................................... 90,893 146,587 * BTG P.L.C........................................ 1,781,080 18,187,483 Consort Medical P.L.C............................ 146,340 2,243,097 Dechra Pharmaceuticals P.L.C..................... 429,068 5,013,704 Genus P.L.C...................................... 281,441 4,969,283 Hikma Pharmaceuticals P.L.C...................... 713,706 21,626,315 * Optos P.L.C...................................... 109,965 348,185 * Oxford Biomedica P.L.C........................... 2,821,652 139,489 * Skyepharma P.L.C................................. 153,594 630,192 Synergy Health P.L.C............................. 300,498 6,896,939 UDG Healthcare P.L.C............................. 1,054,651 6,322,361 * Vectura Group P.L.C.............................. 1,829,761 4,358,024 ------------ Total Health Care.................................... 70,881,659 ------------ Industrials -- (25.1%) Air Partner P.L.C................................ 39,319 221,334 Alumasc Group.................................... 124,366 233,138 Ashtead Group P.L.C.............................. 1,924,076 28,862,381 Avon Rubber P.L.C................................ 60,500 672,997 Balfour Beatty P.L.C............................. 3,596,658 14,434,378 BBA Aviation P.L.C............................... 2,792,163 14,978,395 Berendsen P.L.C.................................. 832,065 14,675,149 Bodycote P.L.C................................... 1,253,236 14,647,173 Braemar Shipping Services P.L.C.................. 83,345 700,867 Brammer P.L.C.................................... 466,539 3,371,368 # Camellia P.L.C................................... 2,481 436,416 Cape P.L.C....................................... 630,318 3,014,713 Carillion P.L.C.................................. 2,342,316 13,173,368 Carr's Milling Industries P.L.C.................. 35,419 1,090,073 Castings P.L.C................................... 162,757 1,414,996 Chemring Group P.L.C............................. 1,217,006 4,162,010 Clarkson P.L.C................................... 67,965 2,514,500 Cobham P.L.C..................................... 5,618,202 27,720,366 73 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- Industrials -- (Continued) Communisis P.L.C................................. 1,047,623 $ 1,086,725 # Costain Group P.L.C.............................. 229,460 1,015,126 DCC P.L.C........................................ 431,941 24,644,086 De La Rue P.L.C.................................. 406,972 5,005,328 Dialight P.L.C................................... 50,553 787,366 Diploma P.L.C.................................... 593,739 6,409,785 easyJet P.L.C.................................... 107,196 2,336,363 Fenner P.L.C..................................... 960,636 5,522,314 * Firstgroup P.L.C................................. 5,556,632 11,813,763 Galliford Try P.L.C.............................. 381,660 8,175,484 Go-Ahead Group P.L.C............................. 224,275 8,318,127 Goodwin P.L.C.................................... 383 24,037 Grafton Group P.L.C.............................. 542,166 5,254,272 Harvey Nash Group P.L.C.......................... 46,693 80,408 Hays P.L.C....................................... 7,127,281 14,612,495 Hogg Robinson Group P.L.C........................ 134,014 138,941 Homeserve P.L.C.................................. 1,419,035 7,169,319 Hyder Consulting P.L.C........................... 178,009 1,928,482 Interserve P.L.C................................. 722,721 7,752,639 Keller Group P.L.C............................... 333,468 4,876,276 Kentz Corp., Ltd................................. 240,448 3,765,628 Kier Group P.L.C................................. 230,156 6,778,977 Latchways P.L.C.................................. 36,248 636,200 Lavendon Group P.L.C............................. 794,539 2,840,510 Management Consulting Group P.L.C................ 1,519,596 569,677 Mears Group P.L.C................................ 524,161 4,106,333 Meggitt P.L.C.................................... 158,336 1,355,760 Melrose Industries P.L.C......................... 3,891,876 17,238,609 Michael Page International P.L.C................. 1,381,830 9,930,066 Mitie Group P.L.C................................ 1,953,183 10,028,331 Morgan Advanced Materials P.L.C.................. 1,478,838 7,803,577 # Morgan Sindall Group P.L.C....................... 191,310 2,584,912 National Express Group P.L.C..................... 2,267,471 9,988,633 Norcros P.L.C.................................... 127,268 37,602 Northgate P.L.C.................................. 752,381 6,249,548 PayPoint P.L.C................................... 200,421 3,541,461 QinetiQ Group P.L.C.............................. 3,181,899 11,088,895 Redde P.L.C...................................... 63,148 58,724 Regus P.L.C...................................... 3,367,250 9,846,679 * Renold P.L.C..................................... 193,435 201,713 Rentokil Initial P.L.C........................... 9,115,494 18,176,478 Ricardo P.L.C.................................... 269,498 2,920,210 Robert Walters P.L.C............................. 387,999 2,049,572 Rotork P.L.C..................................... 387,848 18,050,752 RPS Group P.L.C.................................. 1,266,580 5,464,535 Senior P.L.C..................................... 2,184,597 9,665,785 # Serco Group P.L.C................................ 1,965,238 11,992,935 * Severfield P.L.C................................. 1,288,936 1,315,828 Shanks Group P.L.C............................... 2,320,284 4,215,244 SIG P.L.C........................................ 3,111,040 8,763,207 Speedy Hire P.L.C................................ 2,929,516 2,604,476 Spirax-Sarco Engineering P.L.C................... 381,547 17,479,261 St Ives P.L.C.................................... 672,895 2,411,059 74 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Industrials -- (Continued) Stagecoach Group P.L.C........................... 2,248,039 $ 13,441,608 Sthree P.L.C..................................... 362,549 2,190,157 Stobart Group, Ltd............................... 487,230 1,034,647 T Clarke P.L.C................................... 147,457 168,959 Tarsus Group P.L.C............................... 208,165 757,171 Tribal Group P.L.C............................... 156,581 434,134 # Trifast P.L.C.................................... 455,611 870,821 UK Mail Group P.L.C.............................. 197,261 1,981,304 Ultra Electronics Holdings P.L.C................. 351,758 10,486,040 Vesuvius P.L.C................................... 1,449,566 11,346,651 # Volex P.L.C...................................... 317,928 431,612 Vp P.L.C......................................... 167,297 1,807,695 * Wincanton P.L.C.................................. 545,129 1,337,402 WS Atkins P.L.C.................................. 523,508 11,738,007 # XP Power, Ltd.................................... 75,669 1,914,121 ------------ Total Industrials.................................... 536,976,464 ------------ Information Technology -- (8.0%) Acal P.L.C....................................... 209,458 763,621 Anite P.L.C...................................... 1,544,787 2,338,603 Aveva Group P.L.C................................ 128,542 4,337,260 Computacenter P.L.C.............................. 432,583 4,430,679 CSR P.L.C........................................ 916,815 8,154,465 Domino Printing Sciences P.L.C................... 548,653 5,689,425 E2V Technologies P.L.C........................... 532,865 1,413,999 Electrocomponents P.L.C.......................... 2,242,155 8,973,469 Fidessa Group P.L.C.............................. 167,899 5,902,767 * Filtronic P.L.C.................................. 4,262 1,874 Halma P.L.C...................................... 1,927,425 18,271,023 #* Imagination Technologies Group P.L.C............. 459,254 1,369,146 Innovation Group P.L.C........................... 5,126,744 2,679,866 * Kofax, Ltd....................................... 165,707 1,176,768 Laird P.L.C...................................... 1,432,394 6,958,866 Micro Focus International P.L.C.................. 709,995 10,160,208 Moneysupermarket.com Group P.L.C................. 1,209,681 3,785,408 NCC Group P.L.C.................................. 298,240 1,058,754 Oxford Instruments P.L.C......................... 181,921 3,857,842 Pace P.L.C....................................... 1,500,468 8,068,101 Phoenix IT Group, Ltd............................ 204,614 311,193 Playtech P.L.C................................... 687,356 7,105,179 Premier Farnell P.L.C............................ 1,936,840 5,887,155 PV Crystalox Solar P.L.C......................... 147,995 42,698 Renishaw P.L.C................................... 188,423 5,875,695 RM P.L.C......................................... 326,463 883,966 * SDL P.L.C........................................ 370,539 1,988,644 Sepura P.L.C..................................... 237,115 586,311 Spectris P.L.C................................... 601,319 19,342,169 Spirent Communications P.L.C..................... 2,864,650 4,962,786 Telecity Group P.L.C............................. 981,899 13,132,283 TT electronics P.L.C............................. 841,331 2,623,834 Vislink P.L.C.................................... 205,607 148,368 * Wolfson Microelectronics P.L.C................... 504,759 1,965,608 Xaar P.L.C....................................... 275,443 2,555,814 75 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ------------ Information Technology -- (Continued) Xchanging P.L.C.................................. 1,319,484 $ 3,919,499 ------------ Total Information Technology......................... 170,723,346 ------------ Materials -- (7.0%) African Barrick Gold P.L.C....................... 537,038 2,370,420 Alent P.L.C...................................... 1,397,904 7,887,781 British Polythene Industries P.L.C............... 137,680 1,481,641 Carclo P.L.C..................................... 200,519 391,687 * Centamin P.L.C................................... 5,166,704 6,285,971 Croda International P.L.C........................ 442,133 15,636,334 DS Smith P.L.C................................... 4,875,734 21,500,975 Elementis P.L.C.................................. 2,403,235 10,917,931 Essentra P.L.C................................... 1,148,952 14,886,559 Evraz P.L.C...................................... 799,386 1,289,170 Ferrexpo P.L.C................................... 955,423 2,158,543 * Gem Diamonds, Ltd................................ 511,279 1,675,596 Hill & Smith Holdings P.L.C...................... 429,023 3,672,819 #* Hochschild Mining P.L.C.......................... 679,617 1,866,517 * International Ferro Metals, Ltd.................. 447,220 56,207 * Kazakhmys P.L.C.................................. 679,153 3,707,237 #* Lonmin P.L.C..................................... 2,202,370 8,444,626 Low & Bonar P.L.C................................ 1,111,731 1,643,410 Marshalls P.L.C.................................. 873,938 2,366,230 Mondi P.L.C...................................... 141,738 2,482,394 * Petra Diamonds, Ltd.............................. 1,399,780 4,710,151 * Petropavlovsk P.L.C.............................. 991,037 565,340 RPC Group P.L.C.................................. 866,421 8,536,583 Synthomer P.L.C.................................. 1,278,510 4,580,509 Vedanta Resources P.L.C.......................... 480,809 8,482,329 Victrex P.L.C.................................... 399,976 10,787,849 Zotefoams P.L.C.................................. 96,852 380,578 ------------ Total Materials...................................... 148,765,387 ------------ Telecommunication Services -- (2.8%) Cable & Wireless Communications P.L.C............ 12,121,745 9,590,433 * Colt Group SA.................................... 1,528,694 3,738,266 Inmarsat P.L.C................................... 2,296,017 28,161,681 Kcom Group P.L.C................................. 3,046,991 5,149,074 TalkTalk Telecom Group P.L.C..................... 2,682,549 14,225,673 ------------ Total Telecommunication Services..................... 60,865,127 ------------ Utilities -- (2.7%) Dee Valley Group P.L.C........................... 12,109 282,073 Drax Group P.L.C................................. 2,103,725 24,747,197 Pennon Group P.L.C............................... 2,007,940 27,547,965 76 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- -------------- Utilities -- (Continued) Telecom Plus P.L.C.............................. 227,031 $ 5,317,445 -------------- Total Utilities...................................... 57,894,680 -------------- TOTAL COMMON STOCKS.................................. 2,079,743,311 -------------- SHARES/ FACE AMOUNT (000) VALUE+ --------- -------------- SECURITIES LENDING COLLATERAL -- (2.6%) (S)@ DFA Short Term Investment Fund.................. 4,769,845 55,187,110 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $1,496,958,104)^^............................ $2,134,930,421 ============== 77 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) ------------------------------------------------ LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ---------- -------------- ------- -------------- Common Stocks Consumer Discretionary..... $2,846,140 $ 522,853,550 -- $ 525,699,690 Consumer Staples........... -- 91,319,213 -- 91,319,213 Energy..................... 1,079,574 113,342,976 -- 114,422,550 Financials................. 25,266 302,169,929 -- 302,195,195 Health Care................ -- 70,881,659 -- 70,881,659 Industrials................ 118,010 536,858,454 -- 536,976,464 Information Technology..... -- 170,723,346 -- 170,723,346 Materials.................. -- 148,765,387 -- 148,765,387 Telecommunication Services. -- 60,865,127 -- 60,865,127 Utilities.................. -- 57,894,680 -- 57,894,680 Securities Lending Collateral. -- 55,187,110 -- 55,187,110 ---------- -------------- -- -------------- TOTAL......................... $4,068,990 $2,130,861,431 -- $2,134,930,421 ========== ============== == ==============
78 THE CONTINENTAL SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE++ ------- ----------- COMMON STOCKS -- (88.7%) AUSTRIA -- (2.1%) * A-TEC Industries AG.............................. 21,828 $ -- Agrana Beteiligungs AG........................... 17,354 1,981,716 AMAG Austria Metall AG........................... 2,476 88,335 Atrium European Real Estate, Ltd................. 614,001 3,427,289 Austria Technologie & Systemtechnik AG........... 109,393 1,263,144 BKS Bank AG...................................... 3,120 71,333 * BUWOG AG......................................... 768 14,787 CA Immobilien Anlagen AG......................... 163,483 3,265,424 # Conwert Immobilien Invest SE..................... 147,303 1,806,607 DO & Co. AG...................................... 20,831 1,283,812 EVN AG........................................... 164,083 2,270,601 Flughafen Wien AG................................ 48,018 4,504,698 Frauenthal Holding AG............................ 4,212 59,586 IMMOFINANZ AG.................................... 15,360 48,439 Josef Manner & Co. AG............................ 870 59,339 # Kapsch TrafficCom AG............................. 26,900 1,056,460 # Lenzing AG....................................... 51,434 3,005,038 Mayr Melnhof Karton AG........................... 45,831 5,463,586 Oberbank AG...................................... 37,973 2,544,541 Oesterreichische Post AG......................... 159,507 7,478,391 Palfinger AG..................................... 58,212 1,803,753 POLYTEC Holding AG............................... 83,703 828,210 # RHI AG........................................... 113,647 3,525,237 # Rosenbauer International AG...................... 17,256 1,527,939 S IMMO AG........................................ 286,735 2,282,694 Schoeller-Bleckmann Oilfield Equipment AG........ 53,715 6,388,582 Semperit AG Holding.............................. 50,274 2,800,646 # Strabag SE....................................... 102,680 2,752,284 UNIQA Insurance Group AG......................... 407,414 5,103,406 # Wienerberger AG.................................. 565,653 8,490,106 * Wolford AG....................................... 11,252 346,024 # Zumtobel AG...................................... 161,140 3,312,283 ----------- TOTAL AUSTRIA........................................ 78,854,290 ----------- BELGIUM -- (2.9%) * Ablynx NV........................................ 249,312 2,934,674 Ackermans & van Haaren NV........................ 119,771 14,510,091 * AGFA-Gevaert NV.................................. 948,562 2,833,895 Arseus NV........................................ 112,324 6,060,708 # Atenor Group..................................... 6,182 317,789 Banque Nationale de Belgique..................... 970 4,496,466 # Barco NV......................................... 60,150 4,431,104 # Cie d'Entreprises CFE............................ 41,428 4,063,037 * Cie Immobiliere de Belgique SA................... 13,051 739,173 Cie Maritime Belge SA............................ 66,098 1,547,183 Co.Br.Ha Societe Commerciale de Brasserie SA..... 115 332,782 # D'ieteren SA..................................... 129,060 5,444,989 Deceuninck NV.................................... 364,236 915,034 # Econocom Group................................... 304,215 2,769,357 Elia System Operator SA.......................... 137,427 6,689,929 #* Euronav NV....................................... 127,437 1,541,449 79 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ------------ BELGIUM -- (Continued) # EVS Broadcast Equipment SA....................... 60,843 $ 3,113,419 Exmar NV......................................... 150,825 2,328,019 * Floridienne SA................................... 868 90,078 Gimv NV.......................................... 13,949 683,246 * Hamon & CIE SA................................... 4,508 90,301 * Ion Beam Applications............................ 96,073 1,447,252 Jensen-Group NV.................................. 13,482 254,774 Kinepolis Group NV............................... 97,910 3,800,349 # Lotus Bakeries................................... 1,361 1,725,683 #* MDxHealth........................................ 127,303 652,001 Melexis NV....................................... 99,217 4,589,084 * Mobistar SA...................................... 110,435 2,200,943 # NV Bekaert SA.................................... 190,167 7,107,944 # Nyrstar NV....................................... 780,607 3,222,865 #* Option NV........................................ 131,335 72,230 * Picanol.......................................... 29,777 1,131,342 * RealDolmen NV.................................... 120 7 * RealDolmen NV/SA................................. 8,137 233,439 Recticel SA...................................... 105,146 1,005,377 * Rentabiliweb Group............................... 18,045 204,105 # Resilux.......................................... 4,724 651,146 * RHJ International SA............................. 96,684 469,497 * Roularta Media Group NV.......................... 10,263 178,321 * Sapec............................................ 2,832 156,704 # Sioen Industries NV.............................. 52,140 861,445 Sipef SA......................................... 30,617 2,474,652 TER Beke SA...................................... 2,260 175,280 * Tessenderlo Chemie NV............................ 134,891 3,902,990 #* ThromboGenics NV................................. 164,549 2,011,660 Van de Velde NV.................................. 37,238 1,968,117 * Viohalco SA...................................... 603,593 3,460,453 ------------ TOTAL BELGIUM........................................ 109,890,383 ------------ DENMARK -- (4.7%) # ALK-Abello A.S................................... 29,336 4,213,577 * Alm Brand A.S.................................... 484,611 2,484,221 # Ambu A.S. Class B................................ 29,756 2,145,971 Arkil Holding A.S. Class B....................... 504 76,200 * Atlantic Petroleum P/F........................... 4,328 67,492 * Auriga Industries A.S. Class B................... 96,829 5,202,473 * Bang & Olufsen A.S............................... 173,002 2,120,477 BankNordik P/F................................... 1,753 36,738 * Bavarian Nordic A.S.............................. 115,443 2,364,135 * BoConcept Holding A.S. Class B................... 5,365 113,795 Brodrene Hartmann A.S............................ 13,977 452,468 # D/S Norden A.S................................... 110,869 3,395,275 Dfds A.S......................................... 20,932 1,677,902 Djurslands Bank A.S.............................. 8,970 321,688 East Asiatic Co., Ltd. A.S....................... 55,571 575,249 FE Bording A.S................................... 426 78,298 # FLSmidth & Co. A.S............................... 225,806 11,550,486 Fluegger A.S. Class B............................ 4,198 336,754 * Genmab A.S....................................... 186,552 7,452,763 80 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ------------ DENMARK -- (Continued) GN Store Nord A.S................................ 772,340 $ 19,741,867 * GPV Industri A.S. Series B....................... 2,200 -- * Greentech Energy Systems A.S..................... 12,775 28,902 Gronlandsbanken AB............................... 1,125 131,277 H Lundbeck A.S................................... 36,786 843,083 * H+H International A.S. Class B................... 32,853 258,652 Harboes Bryggeri A.S. Class B.................... 13,115 222,946 IC Companys A.S.................................. 35,278 1,126,086 # Jeudan A.S....................................... 4,800 513,878 * Jyske Bank A.S................................... 301,282 17,097,447 Lan & Spar Bank.................................. 5,150 337,299 NKT Holding A.S.................................. 110,421 6,941,649 Nordjyske Bank A.S............................... 17,600 405,753 Norresundby Bank A.S............................. 7,350 349,325 Pandora A.S...................................... 726 49,681 * Parken Sport & Entertainment A.S................. 33,556 468,461 PER Aarsleff A.S. Class B........................ 8,407 1,611,565 # Ringkjoebing Landbobank A.S...................... 19,595 4,109,431 Roblon A.S. Class B.............................. 2,700 141,084 Rockwool International A.S. Class B.............. 30,614 5,104,763 * Royal UNIBREW.................................... 45,850 6,711,092 RTX A.S.......................................... 5,142 51,519 Schouw & Co...................................... 74,017 3,422,575 SimCorp A.S...................................... 194,860 6,312,506 Solar A.S. Class B............................... 27,205 1,945,679 Spar Nord Bank A.S............................... 352,611 3,832,505 * Sydbank A.S...................................... 317,330 8,686,304 Tivoli A.S....................................... 969 542,850 #* TK Development A.S............................... 374,839 631,740 * Topdanmark A.S................................... 507,925 15,662,490 #* TopoTarget A.S................................... 546,711 391,812 * Topsil Semiconductor Matls....................... 886,257 92,463 #* Torm A.S......................................... 694,424 99,814 United International Enterprises................. 9,496 1,976,895 * Vestas Wind Systems A.S.......................... 533,999 24,076,527 #* Vestjysk Bank A.S................................ 44,241 124,591 #* Zealand Pharma A.S............................... 39,325 508,336 ------------ TOTAL DENMARK........................................ 179,218,809 ------------ FINLAND -- (6.3%) Afarak Group Oyj................................. 572,954 258,405 Ahlstrom Oyj..................................... 48,381 515,269 # Aktia Bank Oyj................................... 46,494 582,004 # Alma Media Oyj................................... 277,852 1,131,097 Amer Sports Oyj.................................. 566,687 11,160,383 Apetit Oyj....................................... 19,402 468,120 Aspo Oyj......................................... 83,365 664,167 Atria P.L.C...................................... 37,273 361,073 Bank of Aland P.L.C. Class B..................... 22,078 326,957 BasWare Oyj...................................... 42,915 1,903,820 * Biotie Therapies Oyj............................. 955,389 282,466 # Cargotec Oyj..................................... 167,673 6,110,728 # Caverion Corp.................................... 486,401 4,037,735 81 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- FINLAND -- (Continued) Citycon Oyj...................................... 1,345,638 $ 4,941,409 Comptel Oyj...................................... 337,600 284,497 Cramo Oyj........................................ 148,755 3,019,545 Digia P.L.C...................................... 48,912 243,022 * Efore Oyj........................................ 24,712 22,110 Elektrobit Oyj................................... 265,750 889,185 Elisa Oyj........................................ 702,558 20,123,581 F-Secure Oyj..................................... 471,472 1,699,406 * Finnair Oyj...................................... 427,233 1,634,148 #* Finnlines Oyj.................................... 124,906 2,178,795 Fiskars Oyj Abp.................................. 196,766 4,786,652 * GeoSentric Oyj................................... 244,900 -- HKScan Oyj Class A............................... 127,827 640,279 Huhtamaki Oyj.................................... 452,365 12,043,510 Ilkka-Yhtyma Oyj................................. 61,503 194,246 # Kemira Oyj....................................... 472,368 6,427,725 Kesko Oyj Class B................................ 315,046 11,982,248 # Konecranes Oyj................................... 245,559 7,978,687 Lassila & Tikanoja Oyj........................... 160,510 3,022,253 * Lemminkainen Oyj................................. 26,333 503,308 Metsa Board Oyj.................................. 1,549,706 7,365,027 Metso Oyj........................................ 499,824 19,607,057 Munksjo Oyj...................................... 24,345 258,726 # Neste Oil Oyj.................................... 609,759 11,252,910 Okmetic Oyj...................................... 61,386 377,878 Olvi Oyj Class A................................. 70,665 2,365,304 * Oriola-KD Oyj Class A............................ 5,045 15,591 * Oriola-KD Oyj Class B............................ 507,715 1,516,021 Orion Oyj Class A................................ 130,940 4,857,211 Orion Oyj Class B................................ 401,178 14,873,354 #* Outokumpu Oyj.................................... 841,911 6,825,480 # Outotec Oyj...................................... 697,608 7,241,609 PKC Group Oyj.................................... 109,715 3,032,307 Ponsse Oy........................................ 31,710 512,335 #* Poyry Oyj........................................ 194,637 1,041,036 Raisio P.L.C. Class V............................ 541,284 2,984,262 Ramirent Oyj..................................... 324,161 3,083,279 Rapala VMC Oyj................................... 113,258 787,194 * Rautaruukki Oy................................... 439,221 6,718,044 Revenio Group Oyj................................ 9,732 201,135 Saga Furs Oyj.................................... 11,324 387,912 Sanoma Oyj....................................... 355,701 2,789,969 SRV Group P.L.C.................................. 9,181 50,075 Stockmann Oyj Abp(5462371)....................... 43,914 628,123 # Stockmann Oyj Abp(5462393)....................... 139,051 1,990,752 Technopolis Oyj.................................. 421,257 2,328,989 Teleste Oyj...................................... 53,559 328,295 Tieto Oyj........................................ 305,721 8,126,513 Tikkurila Oyj.................................... 175,018 4,422,950 Uponor Oyj....................................... 249,785 3,848,686 # Vacon P.L.C...................................... 94,389 3,495,363 Vaisala Oyj Class A.............................. 42,946 1,258,247 Viking Line Abp.................................. 10,366 225,582 82 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ FINLAND -- (Continued) # YIT Oyj.......................................... 500,865 $ 5,131,975 ------------ TOTAL FINLAND 240,346,021 ------------ FRANCE -- (10.8%) ABC Arbitrage.................................... 23,342 146,218 #* Actia Group...................................... 4,099 22,455 #* Air France-KLM................................... 722,730 7,810,240 Akka Technologies SA............................. 34,093 1,189,370 ALBIOMA.......................................... 97,935 2,476,306 * Alcatel-Lucent................................... 1,953,140 6,837,190 Altamir.......................................... 81,618 1,266,504 Alten SA......................................... 97,394 4,694,046 Altran Technologies SA........................... 689,567 7,255,811 April............................................ 76,998 1,722,711 #* Archos........................................... 28,558 108,136 Assystem......................................... 65,144 1,869,600 Aubay............................................ 13,018 177,565 * Audika Groupe.................................... 22,298 394,095 Aurea SA......................................... 2,850 21,033 # Axway Software SA................................ 29,721 775,107 Bastide le Confort Medical....................... 1,571 32,558 #* Beneteau SA...................................... 184,191 3,254,125 # Bigben Interactive............................... 35,372 307,592 BioMerieux....................................... 44,058 4,583,084 Boiron SA........................................ 30,692 2,334,709 Bonduelle S.C.A.................................. 77,754 2,169,383 # Bongrain SA...................................... 34,266 2,823,758 Burelle SA....................................... 3,866 3,311,130 # Catering International Services.................. 2,404 64,866 * Cegedim SA....................................... 20,258 709,946 Cegid Group...................................... 22,946 926,019 #* CGG SA........................................... 455,425 4,712,663 * Chargeurs SA..................................... 82,616 580,747 * Cie des Alpes.................................... 22,959 488,626 Cie Industrielle et Financiere D'Entreprises..... 1,200 95,234 * Club Mediterranee SA............................. 107,104 3,117,078 Derichebourg SA.................................. 548,515 1,614,869 # Devoteam SA...................................... 27,431 657,798 Eiffage SA....................................... 120,756 7,827,443 # Electricite de Strasbourg SA..................... 21,886 3,227,085 #* Eramet........................................... 10,808 1,348,816 * Esso SA Francaise................................ 11,770 535,678 * Etablissements Maurel et Prom.................... 419,398 6,375,862 Euler Hermes Group............................... 49,555 5,783,131 * Euro Disney SCA.................................. 61,062 303,317 Eurofins Scientific SE........................... 33,112 9,872,605 # Exel Industries Class A.......................... 10,680 802,062 * Faiveley Transport SA............................ 35,342 2,532,289 Faurecia......................................... 260,813 9,226,216 Fimalac.......................................... 31,490 2,485,401 # Fleury Michon SA................................. 6,164 453,186 * GameLoft SE...................................... 315,552 2,013,764 Gaumont SA....................................... 13,980 712,076 83 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- FRANCE -- (Continued) GEA.............................................. 2,433 $ 226,960 #* GECI International............................... 59,392 -- Gevelot SA....................................... 3,584 592,048 GL Events........................................ 48,302 1,132,351 Groupe Crit...................................... 24,255 1,467,984 Groupe Eurotunnel SA............................. 557,527 7,378,195 # Groupe Flo....................................... 35,997 139,713 * Groupe Fnac...................................... 12,993 574,479 # Groupe Gorge..................................... 16,780 372,300 * Groupe Open...................................... 27,590 365,133 #* Groupe Steria SCA................................ 135,577 3,767,046 Guerbet.......................................... 27,183 1,200,994 Haulotte Group SA................................ 65,672 1,027,931 Havas SA......................................... 1,237,953 9,688,057 #* Hi-Media SA...................................... 235,843 839,514 # Ingenico......................................... 171,744 17,373,997 Interparfums SA.................................. 38,693 1,254,607 Ipsen SA......................................... 147,762 6,566,848 IPSOS............................................ 159,746 4,326,941 Jacquet Metal Service............................ 60,756 1,257,306 # Korian-Medica.................................... 167,561 6,085,004 Lagardere SCA.................................... 507,104 15,096,290 Lanson-BCC....................................... 9,093 428,711 Laurent-Perrier.................................. 12,792 1,191,483 * Le Noble Age..................................... 2,934 70,670 Lectra........................................... 94,714 1,016,798 Linedata Services................................ 1,714 49,952 LISI............................................. 17,353 2,705,512 Maisons France Confort SA........................ 15,817 682,517 * Manitou BF SA.................................... 48,911 817,344 Manutan International............................ 14,553 788,706 Mersen........................................... 72,883 2,062,324 Metropole Television SA.......................... 236,930 4,346,039 MGI Coutier...................................... 3,915 559,608 Montupet......................................... 32,528 2,022,260 Mr Bricolage..................................... 30,731 600,125 # Naturex.......................................... 30,037 2,535,786 # Neopost SA....................................... 167,752 11,778,341 * Nexans SA........................................ 139,042 6,332,710 Nexity SA........................................ 114,805 4,351,636 NextRadioTV...................................... 12,645 406,300 Norbert Dentressangle SA......................... 20,989 3,082,412 * NRJ Group........................................ 72,524 697,013 #* Orco Property Group SA........................... 167,788 98,543 Orpea............................................ 145,743 9,540,158 #* Paris Orleans SA................................. 3,127 73,148 * Parrot SA........................................ 38,572 890,220 * Peugeot SA....................................... 1,704,758 25,426,438 #* Pierre & Vacances SA............................. 25,931 969,575 Plastic Omnium SA................................ 324,906 8,606,193 PSB Industries SA................................ 8,438 479,027 Rallye SA........................................ 106,948 5,366,117 #* Recylex SA....................................... 83,164 265,884 84 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ FRANCE -- (Continued) Remy Cointreau SA................................... 713 $ 58,336 Robertet SA......................................... 3,167 716,283 # Rubis SCA........................................... 163,654 9,826,096 Saft Groupe SA...................................... 131,465 4,843,480 Samse SA............................................ 8,342 1,114,397 Sartorius Stedim Biotech............................ 10,535 1,820,033 # SEB SA.............................................. 74,410 6,031,882 Seche Environnement SA.............................. 9,167 285,460 * Securidev SA........................................ 2,500 132,323 #* Sequana SA.......................................... 88,039 317,292 Societe d'Edition de Canal +........................ 272,836 2,221,076 Societe des Bains de Mer et du Cercle des Etrangers a Monaco.......................................... 46,150 2,679,945 Societe Internationale de Plantations d'Heveas SA... 7,778 347,323 Societe Marseillaise du Tunnel Prado-Carenage SA.... 3,434 138,318 * Societe pour l'Informatique Industrielle............ 40,908 399,796 Societe Television Francaise 1...................... 567,362 8,367,915 #* SOITEC.............................................. 1,185,978 3,618,645 * Solocal Group....................................... 2,700,835 2,206,767 # Somfy SA............................................ 21,738 7,266,457 # Sopra Group SA...................................... 23,140 2,501,797 #* Spir Communication SA............................... 4,687 105,420 Stallergenes SA..................................... 1,368 101,268 #* Ste Industrielle d'Aviation Latecoere SA............ 37,780 550,101 # Stef SA............................................. 29,121 2,054,361 #* Store Electronic.................................... 12,202 238,067 Sword Group......................................... 30,562 743,537 Synergie SA......................................... 72,705 1,731,346 * Technicolor SA...................................... 1,146,827 8,295,961 Teleperformance..................................... 275,593 19,147,834 Tessi SA............................................ 7,038 938,603 * TFF Group........................................... 5,013 419,907 #* Theolia SA.......................................... 281,335 427,378 Thermador Groupe.................................... 11,363 1,185,049 Total Gabon......................................... 1,324 723,618 Touax SA............................................ 4,773 112,156 * Trigano SA.......................................... 44,946 1,134,849 * UBISOFT Entertainment............................... 459,542 7,689,329 Union Financiere de France BQE SA................... 16,679 458,048 #* Valneva SE(B03KGM0)................................. 10,850 73,865 * Valneva SE(B9B2YX8)................................. 114,605 777,139 # Vetoquinol SA....................................... 10,580 478,926 Vicat............................................... 59,033 4,698,337 VIEL & Cie SA....................................... 158,130 440,868 # Vilmorin & Cie SA................................... 22,738 2,676,787 Virbac SA........................................... 17,767 3,805,106 VM Materiaux SA..................................... 6,914 264,561 Vranken-Pommery Monopole SA......................... 18,881 650,845 ------------ TOTAL FRANCE............................................ 415,841,638 ------------ GERMANY -- (12.8%) #* AAP Implantate AG................................... 1,361 5,220 Aareal Bank AG...................................... 423,110 17,943,897 Adler Modemaerkte AG................................ 37,209 537,659 85 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- GERMANY -- (Continued) * ADVA Optical Networking SE....................... 189,709 $ 703,501 #* Air Berlin P.L.C................................. 167,708 291,090 #* Aixtron SE....................................... 409,853 5,530,356 * Aligna AG........................................ 318,087 -- All for One Steeb AG............................. 252 11,091 Allgeier SE...................................... 26,582 527,007 Amadeus Fire AG.................................. 25,046 1,785,875 * Analytik Jena AG................................. 5,992 111,821 * AS Creation Tapeten.............................. 7,109 303,952 Aurubis AG....................................... 153,470 7,452,318 # Balda AG......................................... 127,634 497,709 # Basler AG........................................ 1,494 73,771 #* Bauer AG......................................... 49,656 1,076,798 BayWa AG(5838057)................................ 60,753 3,017,027 BayWa AG(5838068)................................ 124 6,353 Bechtle AG....................................... 75,407 5,851,343 Bertrandt AG..................................... 24,357 3,041,886 Bijou Brigitte AG................................ 19,384 1,498,715 Bilfinger SE..................................... 57,446 4,674,263 Biotest AG....................................... 20,784 2,231,263 * BKN International AG............................. 33,408 -- Borussia Dortmund GmbH & Co. KGaA................ 274,295 1,798,439 # CANCOM SE........................................ 63,917 2,961,873 Carl Zeiss Meditec AG............................ 109,266 3,239,481 CAT Oil AG....................................... 90,629 1,732,244 Celesio AG....................................... 212,397 7,265,777 CENIT AG......................................... 37,908 573,723 CENTROTEC Sustainable AG......................... 43,285 925,319 Cewe Stiftung & Co. KGAA......................... 22,058 1,488,736 * Colonia Real Estate AG........................... 8,576 50,157 Comdirect Bank AG................................ 179,407 1,856,147 CompuGroup Medical AG............................ 66,821 1,662,327 #* Constantin Medien AG............................. 351,622 591,050 CropEnergies AG.................................. 111,540 655,130 CTS Eventim AG & Co., KGaA....................... 212,200 6,208,758 DAB Bank AG...................................... 130,043 717,542 Data Modul AG.................................... 11,455 288,954 DEAG Deutsche Entertainment AG................... 3,177 24,103 # Delticom AG...................................... 25,992 933,480 * Deufol SE........................................ 76,487 86,991 Deutsche Beteiligungs AG......................... 29,148 855,006 Deutsche Wohnen AG............................... 1,263,844 27,346,041 Deutz AG......................................... 440,031 3,103,623 * Dialog Semiconductor P.L.C....................... 310,004 9,428,121 DIC Asset AG..................................... 13,115 123,974 DMG MORI SEIKI AG................................ 308,295 9,417,128 Dr Hoenle AG..................................... 21,610 448,806 Draegerwerk AG & Co. KGaA........................ 6,384 504,900 Drillisch AG..................................... 228,312 8,547,066 Duerr AG......................................... 116,560 8,879,022 Eckert & Ziegler AG.............................. 17,884 567,415 Elmos Semiconductor AG........................... 49,157 888,287 ElringKlinger AG................................. 151,212 5,454,662 86 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- GERMANY -- (Continued) Erlus AG......................................... 2,970 $ 207,241 #* Euromicron AG.................................... 33,718 609,731 #* Evotec AG........................................ 1,160,396 6,230,989 Fielmann AG...................................... 36,883 4,656,345 * First Sensor AG.................................. 19,888 291,044 Francotyp-Postalia Holding AG Class A............ 53,729 311,806 Freenet AG....................................... 498,012 13,140,800 Fuchs Petrolub SE................................ 179,220 7,169,471 * GAGFAH SA........................................ 281,532 4,934,387 Gerresheimer AG.................................. 151,437 10,453,664 Gerry Weber International AG..................... 104,086 4,736,264 Gesco AG......................................... 14,980 1,464,046 GFK SE........................................... 72,504 3,286,631 GFT Technologies AG.............................. 79,714 990,801 Grammer AG....................................... 62,474 3,055,599 Grenkeleasing AG................................. 32,703 3,392,860 #* H&R AG........................................... 50,783 485,046 # Hamburger Hafen und Logistik AG.................. 85,430 2,200,948 * Hansa Group AG................................... 146,815 57,012 # Hawesko Holding AG............................... 20,064 1,139,826 #* Heidelberger Druckmaschinen AG................... 1,168,180 3,818,692 Highlight Communications AG...................... 98,062 451,394 Homag Group AG................................... 28,046 999,185 Hornbach Baumarkt AG............................. 1,471 62,918 Indus Holding AG................................. 109,925 5,776,946 # Init Innovation In Traffic Systems AG............ 13,051 337,262 #* Intershop Communications AG...................... 62,598 111,534 Isra Vision AG................................... 15,060 940,024 Jenoptik AG...................................... 223,167 2,960,091 * Joyou AG......................................... 18,024 267,768 K+S AG........................................... 46,883 1,436,570 * Kampa AG......................................... 7,101 124 * Kloeckner & Co. SE............................... 520,355 6,768,233 * Koenig & Bauer AG................................ 25,243 346,963 * Kontron AG....................................... 247,150 1,558,058 Krones AG........................................ 72,618 7,036,759 KSB AG........................................... 3,584 2,416,909 # KUKA AG.......................................... 130,343 7,228,188 # KWS Saat AG...................................... 16,490 5,801,851 Leifheit AG...................................... 12,500 635,700 Leoni AG......................................... 160,146 10,944,341 # LPKF Laser & Electronics AG...................... 116,440 2,062,255 #* Manz AG.......................................... 12,497 1,156,212 #* MasterFlex SE.................................... 19,347 185,204 * Mediclin AG...................................... 119,554 605,378 * Medigene AG...................................... 26,818 172,120 MLP AG........................................... 216,957 1,448,934 # Mobotix AG....................................... 13,963 165,502 * Morphosys AG..................................... 9,273 887,269 MTU Aero Engines AG.............................. 206,281 17,746,422 #* Muehlbauer Holding AG & Co. KGaA................. 14,905 431,212 MVV Energie AG................................... 114,055 3,599,911 Nemetschek AG.................................... 24,668 2,483,384 87 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ----------- GERMANY -- (Continued) Nexus AG......................................... 42,453 $ 679,684 * Nordex SE........................................ 279,193 5,076,018 Norma Group SE................................... 155,621 7,667,152 OHB AG........................................... 35,659 1,023,986 * Osram Licht AG................................... 8,257 333,528 #* Paion AG......................................... 12,680 42,065 * Patrizia Immobilien AG........................... 160,052 1,784,614 Pfeiffer Vacuum Technology AG.................... 44,316 4,400,015 # PNE Wind AG...................................... 276,366 1,066,410 Progress-Werk Oberkirch AG....................... 7,828 474,978 * PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie.................... 28,155 462,741 # Puma SE.......................................... 8,296 2,116,532 * PVA TePla AG..................................... 46,019 152,898 * QIAGEN NV........................................ 223,848 5,466,414 # QSC AG........................................... 484,191 1,952,426 # R Stahl AG....................................... 15,459 828,015 Rational AG...................................... 10,743 3,487,795 Rheinmetall AG................................... 195,657 11,859,129 Rhoen Klinikum AG................................ 500,406 15,518,421 # RIB Software AG.................................. 85,906 1,255,170 SAF-Holland SA................................... 223,137 3,076,236 Salzgitter AG.................................... 192,504 7,167,190 Schaltbau Holding AG............................. 24,463 1,638,153 # Sektkellerei Schloss Wachenheim AG............... 7,479 141,349 * SER Systems AG................................... 9,400 -- #* SGL Carbon SE.................................... 229,387 7,365,431 SHW AG........................................... 12,018 582,930 #* Singulus Technologies AG......................... 241,327 690,773 Sinner AG........................................ 1,089 20,094 Sixt SE.......................................... 81,198 2,846,925 #* SKW Stahl-Metallurgie Holding AG................. 28,224 342,408 #* SMA Solar Technology AG.......................... 54,199 1,460,087 # SMT Scharf AG.................................... 18,717 451,323 Softing AG....................................... 12,953 275,840 Software AG...................................... 318,618 7,971,018 * Solarworld AG.................................... 774 15,052 Stada Arzneimittel AG............................ 298,237 12,315,975 STRATEC Biomedical AG............................ 5,512 287,431 Stroeer Media AG................................. 114,489 2,412,185 # Suedzucker AG.................................... 116,689 2,044,102 # Surteco SE....................................... 3,550 135,533 * Suss Microtec AG................................. 92,598 1,029,196 Symrise AG....................................... 133,942 7,013,552 Syzygy AG........................................ 30,656 249,575 TAG Immobilien AG................................ 455,809 5,555,591 Takkt AG......................................... 126,507 2,114,536 Technotrans AG................................... 29,535 310,276 # Telegate AG...................................... 23,076 156,939 # Tipp24 SE........................................ 30,567 1,478,017 #* Tom Tailor Holding AG............................ 93,383 1,810,431 Tomorrow Focus AG................................ 118,269 483,920 TUI AG........................................... 688,561 9,718,488 88 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ GERMANY -- (Continued) UMS United Medical Systems International AG...... 3,304 $ 41,967 USU Software AG.................................. 3,377 60,941 * VBH Holding AG................................... 9,415 34,254 * VERBIO Vereinigte BioEnergie AG.................. 796 1,876 Vossloh AG....................................... 37,975 2,761,135 VTG AG........................................... 50,521 1,038,432 Wacker Chemie AG................................. 12,207 1,412,998 Wacker Neuson SE................................. 88,017 1,929,987 Washtec AG....................................... 5,625 92,501 Wincor Nixdorf AG................................ 143,454 7,287,974 Wirecard AG...................................... 86,281 3,200,367 XING AG.......................................... 11,101 1,199,427 ------------ TOTAL GERMANY........................................ 491,325,427 ------------ GREECE -- (0.0%) * Alfa Alfa Energy SA.............................. 3,810 -- * Alysida SA....................................... 2,376 -- * Atlantic Supermarkets SA......................... 34,730 -- * Babis Vovos International Construction SA........ 21,073 -- * Balafas SA....................................... 15,200 -- * Bank of Cyprus PCL............................... 4,342,301 -- * Elektroniki Athinon SA........................... 7,497 903 * Etma Rayon SA.................................... 11,242 -- * Informatics SA................................... 3,778 -- * Ipirotiki Software & Publications SA............. 22,110 -- * Lan-Net SA....................................... 12,688 -- * Neorion Holdings SA.............................. 14,991 -- * Promota Hellas SA................................ 8,860 -- * T Bank SA........................................ 228,007 -- * Themeliodomi SA.................................. 37,422 -- ------------ TOTAL GREECE......................................... 903 ------------ IRELAND -- (1.9%) Aer Lingus Group P.L.C........................... 752,359 1,336,998 C&C Group P.L.C.(B010DT8)........................ 399,607 2,259,284 C&C Group P.L.C.(B011Y09)........................ 1,075,880 6,113,821 Dragon Oil P.L.C................................. 953,523 8,981,689 FBD Holdings P.L.C............................... 125,728 2,473,348 Glanbia P.L.C.(0066950).......................... 700,613 10,770,549 Glanbia P.L.C.(4058629).......................... 56,545 869,928 IFG Group P.L.C.................................. 284,468 637,887 * Independent News & Media P.L.C................... 459,622 88,948 Irish Continental Group P.L.C.(BLP5857).......... 299,960 1,068,960 Irish Continental Group P.L.C.(BLP59W1).......... 234,200 847,607 * Kenmare Resources P.L.C.......................... 4,546,361 1,101,491 Kingspan Group P.L.C............................. 600,070 10,274,970 Paddy Power P.L.C.(4828974)...................... 6,799 480,076 Paddy Power P.L.C.(0258810)...................... 175,221 12,407,694 89 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- IRELAND -- (Continued) Smurfit Kappa Group P.L.C........................ 564,905 $12,259,114 ----------- TOTAL IRELAND........................................ 71,972,364 ----------- ISRAEL -- (2.3%) #* Africa Israel Investments, Ltd................... 624,375 1,107,702 * Africa Israel Properties, Ltd.................... 63,473 1,093,330 Africa Israel Residences, Ltd.................... 594 8,945 * Airport City, Ltd................................ 160,481 1,589,640 * AL-ROV Israel, Ltd............................... 18,725 640,720 Albaad Massuot Yitzhak, Ltd...................... 370 6,461 * Allot Communications, Ltd........................ 83,326 1,071,410 #* Alon Blue Square Israel, Ltd..................... 76,012 248,205 * Alrov Properties and Lodgings, Ltd............... 12,098 301,892 Amot Investments, Ltd............................ 320,167 1,057,205 Arad, Ltd........................................ 1,053 8,871 * AudioCodes, Ltd.................................. 169,225 982,619 # Avgol Industries 1953, Ltd....................... 420,938 383,707 #* Azorim-Investment Development & Construction Co., Ltd....................................... 380,820 339,592 #* Babylon, Ltd..................................... 134,822 177,662 Bayside Land Corp................................ 2,734 751,320 Big Shopping Centers 2004, Ltd................... 9,475 394,335 * Bio-cell, Ltd.................................... 15,003 87,487 * BioLine RX, Ltd.................................. 596,298 111,864 Blue Square Real Estate, Ltd..................... 5,096 183,194 #* Brainsway, Ltd................................... 39,580 609,512 # Cellcom Israel, Ltd.............................. 248,839 3,074,335 * Ceragon Networks, Ltd............................ 77,319 154,780 #* Clal Biotechnology Industries, Ltd............... 174,162 447,476 * Clal Insurance Enterprises Holdings, Ltd......... 88,615 1,658,557 * Cohen Development & Industrial Buildings, Ltd.... 2,564 93,231 * Compugen, Ltd.................................... 152,556 1,272,521 Delek Automotive Systems, Ltd.................... 145,079 1,510,737 # Delta-Galil Industries, Ltd...................... 47,407 1,409,155 # Direct Insurance Financial Investments, Ltd...... 47,508 287,809 * El Al Israel Airlines............................ 77,144 11,899 Elbit Systems, Ltd............................... 75,608 4,737,952 * Electra Real Estate, Ltd......................... 6,881 16,380 Electra, Ltd..................................... 7,680 1,081,267 * Elron Electronic Industries, Ltd................. 62,094 555,495 * Equital, Ltd..................................... 3,197 59,170 * Evogene, Ltd..................................... 61,494 810,061 * EZchip Semiconductor, Ltd........................ 126,148 3,055,672 First International Bank Of Israel, Ltd.......... 98,118 1,574,716 FMS Enterprises Migun, Ltd....................... 10,227 123,302 Formula Systems 1985, Ltd........................ 38,789 1,057,804 Fox Wizel, Ltd................................... 17,805 387,516 Frutarom Industries, Ltd......................... 174,875 4,343,405 * Gilat Satellite Networks, Ltd.................... 108,541 493,740 Golf & Co., Ltd.................................. 74,605 226,233 * Hadera Paper, Ltd................................ 10,176 402,243 Harel Insurance Investments & Financial Services, Ltd.................................. 476,409 2,779,910 * Industrial Buildings Corp........................ 368,990 735,182 * Israel Discount Bank, Ltd. Class A............... 2,805,708 4,887,687 90 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- ISRAEL -- (Continued) Israel Land Development Co., Ltd. (The).......... 22,310 $ 108,592 Ituran Location and Control, Ltd................. 87,477 2,028,260 * Jerusalem Oil Exploration........................ 40,213 1,806,418 #* Kamada, Ltd...................................... 123,192 845,710 Kerur Holdings, Ltd.............................. 2,133 41,628 Maabarot Products, Ltd........................... 21,999 281,678 Magic Software Enterprises, Ltd.................. 87,066 613,995 Matrix IT, Ltd................................... 182,457 999,875 Maytronics, Ltd.................................. 6,672 14,863 #* Mazor Robotics, Ltd.............................. 161,210 1,101,680 Meitav DS Investments, Ltd....................... 38,130 130,986 Melisron, Ltd.................................... 52,829 1,402,296 Menorah Mivtachim Holdings, Ltd.................. 120,564 1,446,675 Migdal Insurance & Financial Holding, Ltd........ 1,213,664 1,938,249 Mivtach Shamir Holdings, Ltd..................... 23,312 767,054 * Naphtha Israel Petroleum Corp., Ltd.............. 162,058 1,160,153 Neto ME Holdings, Ltd............................ 5,411 323,693 * Nitsba Holdings 1995, Ltd........................ 129,055 1,944,625 * Nova Measuring Instruments, Ltd.................. 108,335 1,097,228 * Oil Refineries, Ltd.............................. 4,941,609 1,488,207 Ormat Industries................................. 293,852 2,129,151 Osem Investments, Ltd............................ 66,069 1,550,784 #* Partner Communications Co., Ltd.................. 392,298 2,974,419 Paz Oil Co., Ltd................................. 20,326 3,269,099 * Perion Network, Ltd.............................. 16,455 135,967 Phoenix Holdings, Ltd. (The)..................... 272,402 970,071 Plasson Industries, Ltd.......................... 13,941 565,571 # Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.............................................. 33,735 1,667,164 * Sapiens International Corp. NV................... 55,159 406,887 Shikun & Binui, Ltd.............................. 929,458 2,215,633 Shufersal, Ltd................................... 381,641 1,209,996 * Space Communication, Ltd......................... 17,611 257,253 Strauss Group, Ltd............................... 128,977 2,531,368 * Summit Real Estate Holdings, Ltd................. 6,712 24,715 #* Tower Semiconductor, Ltd......................... 136,803 1,408,675 * Union Bank of Israel............................. 130,630 564,880 ----------- TOTAL ISRAEL......................................... 89,827,406 ----------- ITALY -- (8.7%) #* A.S. Roma SpA.................................... 163,868 140,063 # A2A SpA.......................................... 4,407,721 5,029,697 ACEA SpA......................................... 280,731 4,088,182 #* Acotel Group SpA................................. 3,478 74,544 * Aeffe SpA........................................ 47,554 88,541 Aeroporto di Venezia Marco Polo SpA--SAVE........ 75,847 1,237,042 Alerion Cleanpower SpA........................... 95,190 391,999 Amplifon SpA..................................... 354,389 2,116,932 Ansaldo STS SpA.................................. 534,917 5,224,011 #* Arnoldo Mondadori Editore SpA.................... 521,400 616,362 Ascopiave SpA.................................... 303,904 792,064 # Astaldi SpA...................................... 258,925 2,492,525 Atlantia SpA..................................... 99,543 2,634,541 * Autogrill SpA.................................... 492,715 4,192,917 91 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- ----------- ITALY -- (Continued) Azimut Holding SpA............................... 526,953 $13,564,116 * Banca Carige SpA................................. 14,916,408 2,849,345 # Banca Finnat Euramerica SpA...................... 637,043 380,648 Banca Generali SpA............................... 218,305 6,096,772 # Banca IFIS SpA................................... 102,347 1,877,587 * Banca Monte dei Paschi di Siena SpA.............. 3,737,938 6,746,325 #* Banca Popolare dell'Emilia Romagna SC............ 2,230,366 18,856,651 #* Banca Popolare dell'Etruria e del Lazio.......... 868,524 817,936 * Banca Popolare di Milano Scarl................... 18,117,788 15,788,210 # Banca Popolare di Sondrio SCARL.................. 1,770,666 8,046,755 # Banca Profilo SpA................................ 964,900 466,261 Banco di Desio e della Brianza SpA............... 232,296 867,928 * Banco Popolare SC................................ 1,089,469 16,825,379 * BasicNet SpA..................................... 128,628 395,384 #* Beghelli SpA..................................... 403,187 222,455 Biesse SpA....................................... 54,004 658,131 Brembo SpA....................................... 162,145 5,957,683 #* Brioschi Sviluppo Immobiliare SpA................ 174,780 23,657 # Brunello Cucinelli SpA........................... 68,381 1,534,717 # Buzzi Unicem SpA................................. 320,417 5,196,064 Cairo Communication SpA.......................... 113,404 822,255 * Caltagirone Editore SpA.......................... 6,277 9,147 * Carraro SpA...................................... 113,633 367,386 # Cembre SpA....................................... 40,330 562,973 Cementir Holding SpA............................. 336,239 2,621,237 * CIR-Compagnie Industriali Riunite SpA............ 1,837,842 2,554,122 Credito Emiliano SpA............................. 376,390 3,158,595 * Credito Valtellinese Scarl....................... 4,865,429 5,949,110 # d'Amico International Shipping SA................ 491,250 332,654 Danieli & C Officine Meccaniche SpA.............. 58,967 1,685,152 Datalogic SpA.................................... 85,543 982,555 Davide Campari-Milano SpA........................ 1,177,099 9,182,601 De' Longhi....................................... 275,556 5,850,378 #* DeA Capital SpA.................................. 241,155 438,124 * Delclima......................................... 238,104 434,222 DiaSorin SpA..................................... 92,848 3,715,363 * Ei Towers SpA.................................... 43,845 2,360,432 El.En. SpA....................................... 4,019 117,580 Elica SpA........................................ 4,665 10,680 Engineering SpA.................................. 20,358 1,096,264 ERG SpA.......................................... 242,145 3,586,573 Esprinet SpA..................................... 139,157 1,425,675 #* Eurotech SpA..................................... 122,818 326,475 Falck Renewables SpA............................. 518,528 889,670 * Finmeccanica SpA................................. 1,840,364 16,955,057 FNM SpA.......................................... 454,316 350,126 Gas Plus SpA..................................... 14,596 84,032 #* Geox SpA......................................... 343,770 1,275,079 #* Gruppo Editoriale L'Espresso SpA................. 670,242 1,057,488 Gruppo MutuiOnline SpA........................... 51,809 323,750 # Gtech Spa........................................ 241,887 5,813,295 Hera SpA......................................... 2,996,036 8,103,432 * IMMSI SpA........................................ 743,533 624,109 92 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- ITALY -- (Continued) * Indesit Co. SpA.................................. 185,473 $ 2,682,821 Industria Macchine Automatiche SpA............... 58,626 2,336,700 * Intek Group SpA.................................. 1,654,192 921,501 Interpump Group SpA.............................. 317,190 4,048,019 Iren SpA......................................... 2,070,565 2,917,736 Italcementi SpA.................................. 590,175 4,378,370 Italmobiliare SpA................................ 46,873 1,880,027 * Juventus Football Club SpA....................... 1,587,772 482,122 La Doria SpA..................................... 25,763 187,547 #* Landi Renzo SpA.................................. 203,171 303,929 #* Maire Tecnimont SpA.............................. 512,867 1,348,555 MARR SpA......................................... 157,876 2,611,931 #* Mediaset SpA..................................... 1,841,013 7,303,299 Nice SpA......................................... 43,840 173,196 #* Piaggio & C SpA.................................. 736,724 2,193,560 * Pininfarina SpA.................................. 802 3,413 #* Prelios SpA...................................... 158,418 94,924 * Prima Industrie SpA.............................. 12,247 208,208 Prysmian SpA..................................... 618,783 13,157,960 #* RCS MediaGroup SpA............................... 264,605 393,842 Recordati SpA.................................... 408,182 6,737,316 #* Reno de Medici SpA............................... 256,050 102,825 Reply SpA........................................ 19,244 1,435,156 #* Retelit SpA...................................... 410,894 315,368 * Richard-Ginori 1735 SpA.......................... 8,489 -- Sabaf SpA........................................ 24,109 389,349 SAES Getters SpA................................. 30,068 287,942 * Safilo Group SpA................................. 149,871 3,112,659 #* Salini Impregilo SpA............................. 121,280 549,083 * Saras SpA........................................ 985,830 1,227,859 Servizi Italia SpA............................... 34,833 215,374 #* Snai SpA......................................... 117,457 275,100 Societa Cattolica di Assicurazioni SCRL.......... 197,763 4,212,817 Societa Iniziative Autostradali e Servizi SpA.... 247,046 2,939,043 * Sogefi SpA....................................... 220,168 882,163 SOL SpA.......................................... 166,511 1,408,024 * Sorin SpA........................................ 1,216,361 3,340,014 Tamburi Investment Partners SpA.................. 37,478 113,754 #* Telecom Italia Media SpA......................... 20,639 33,525 #* Tiscali SpA...................................... 4,574,144 353,499 # Tod's SpA........................................ 23,353 2,561,659 Trevi Finanziaria Industriale SpA................ 154,707 1,233,865 # TXT e-solutions SpA.............................. 15,342 164,043 * Uni Land SpA..................................... 51,835 -- Unione di Banche Italiane SCPA................... 937,261 7,716,387 Unipol Gruppo Finanziario SpA.................... 970,174 5,318,933 UnipolSai SpA.................................... 2,263,339 6,851,582 Vianini Lavori SpA............................... 175,180 1,209,152 Vittoria Assicurazioni SpA....................... 121,346 1,668,197 #* World Duty Free SpA.............................. 492,715 5,609,638 #* Yoox SpA......................................... 183,930 4,840,608 93 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ ITALY -- (Continued) Zignago Vetro SpA................................ 147,723 $ 1,021,843 ------------ TOTAL ITALY.......................................... 333,111,452 ------------ NETHERLANDS -- (5.3%) Aalberts Industries NV........................... 502,999 15,347,166 # Accell Group..................................... 106,977 1,977,823 * AFC Ajax NV...................................... 18,134 228,211 #* AMG Advanced Metallurgical Group NV.............. 160,659 1,564,252 # Amsterdam Commodities NV......................... 82,368 1,875,379 #* APERAM........................................... 262,538 8,835,293 Arcadis NV....................................... 306,708 9,586,293 ASM International NV............................. 261,882 9,958,138 * Atag Group NV.................................... 4,630 -- #* Ballast Nedam NV................................. 16,152 82,038 BE Semiconductor Industries NV................... 164,367 2,742,230 Beter Bed Holding NV............................. 92,587 2,134,105 BinckBank NV..................................... 319,629 3,619,692 Brunel International NV.......................... 106,923 2,800,825 Corbion NV....................................... 218,689 4,162,236 Delta Lloyd NV................................... 1,049,602 24,244,494 DOCdata NV....................................... 22,463 563,923 Exact Holding NV................................. 73,987 3,077,017 # Fugro NV......................................... 269,173 10,364,853 * Galapagos NV..................................... 133,358 2,610,990 * Grontmij......................................... 360,309 1,952,867 # Heijmans NV...................................... 109,079 1,547,959 Hunter Douglas NV................................ 8,819 396,792 KAS Bank NV...................................... 70,992 957,912 Kendrion NV...................................... 52,595 1,638,533 # Koninklijke BAM Groep NV......................... 1,376,686 3,732,153 Koninklijke Ten Cate NV.......................... 151,409 3,901,464 Koninklijke Wessanen NV.......................... 428,514 2,495,728 * Macintosh Retail Group NV........................ 53,398 535,386 Nederland Apparatenfabriek....................... 28,810 1,134,268 # Nutreco NV....................................... 359,256 15,347,086 #* Ordina NV........................................ 414,015 991,714 * PostNL NV........................................ 2,402,055 11,987,808 #* Royal Imtech NV.................................. 841,253 664,334 * SBM Offshore NV.................................. 962,257 12,920,563 Sligro Food Group NV............................. 108,435 4,337,693 #* SNS Reaal NV..................................... 705,718 -- Telegraaf Media Groep NV......................... 175,800 1,531,881 TKH Group NV..................................... 191,623 6,023,388 # TNT Express NV................................... 2,042,397 16,457,949 * TomTom NV........................................ 562,433 4,088,568 USG People NV.................................... 394,977 5,455,573 Van Lanschot NV.................................. 4,807 109,887 ------------ TOTAL NETHERLANDS.................................... 203,984,464 ------------ NORWAY -- (2.9%) ABG Sundal Collier Holding ASA................... 1,379,478 1,222,939 AF Gruppen ASA................................... 2,718 30,800 94 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ---------- NORWAY -- (Continued) Aker ASA Class A................................. 1,221 $ 46,719 # American Shipping ASA............................ 181,903 1,348,275 * Archer, Ltd...................................... 1,300,719 2,008,423 Arendals Fossekompani A.S........................ 90 23,678 # Atea ASA......................................... 315,017 3,703,393 Austevoll Seafood ASA............................ 364,953 2,455,709 Bakkafrost P/F................................... 171,127 3,336,918 #* Bionor Pharma ASA................................ 529,166 250,080 #* Biotec Pharmacon ASA............................. 135,264 379,935 Bonheur ASA...................................... 68,100 1,243,949 BW Offshore, Ltd................................. 1,658,161 2,193,069 Cermaq ASA....................................... 285,677 3,605,238 * Deep Sea Supply P.L.C............................ 373,810 578,905 #* Det Norske Oljeselskap ASA....................... 339,578 3,739,841 * DNO ASA.......................................... 2,198,761 7,364,635 * DOF ASA.......................................... 203,869 896,035 * Dolphin Group A.S................................ 952,621 845,210 Ekornes ASA...................................... 114,008 1,418,014 #* Electromagnetic GeoServices...................... 836,517 740,302 Eltek ASA........................................ 1,292,456 1,846,516 Evry ASA......................................... 267,383 501,757 Farstad Shipping ASA............................. 65,666 1,194,890 Fred Olsen Energy ASA............................ 26,741 606,890 #* Frontline, Ltd................................... 315,420 767,678 * Funcom NV........................................ 57,013 42,352 # Ganger Rolf ASA.................................. 58,809 990,443 # Golden Ocean Group, Ltd.......................... 1,361,217 2,078,577 * Grieg Seafood ASA................................ 154,146 685,893 * Havila Shipping ASA.............................. 22,400 117,416 Hexagon Composites ASA........................... 303,292 1,769,802 * Hoegh LNG Holdings, Ltd.......................... 182,055 2,285,915 * Hurtigruten ASA.................................. 915,208 627,792 #* InterOil Exploration and Production ASA.......... 894,130 166,898 * Kongsberg Automotive Holding ASA................. 1,953,294 2,107,032 Kvaerner ASA..................................... 807,447 1,403,731 Leroey Seafood Group ASA......................... 84,341 3,057,019 #* Nordic Semiconductor ASA......................... 580,280 3,121,798 * Norske Skogindustrier ASA........................ 714,239 597,943 Northern Offshore, Ltd........................... 350,656 616,026 #* Norwegian Air Shuttle A.S........................ 130,053 3,929,472 #* Norwegian Energy Co. ASA......................... 264,650 6,311 #* Odfjell SE Class A............................... 138,810 583,547 Olav Thon Eiendomsselskap ASA.................... 128,520 2,309,912 Opera Software ASA............................... 444,068 5,205,170 * Panoro Energy ASA................................ 1,223,751 669,751 Petroleum Geo-Services ASA....................... 30,641 260,266 * PhotoCure ASA.................................... 52,582 179,482 # Prosafe SE....................................... 908,390 6,764,972 * Q-Free ASA....................................... 143,444 312,333 #* REC Silicon ASA.................................. 8,597,924 4,727,847 * REC Solar ASA.................................... 138,239 1,833,676 # Salmar ASA....................................... 108,052 2,116,180 #* Sevan Drilling A.S............................... 1,103,557 524,137 95 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ----------- ------------ NORWAY -- (Continued) Sevan Marine ASA................................. 129,032 $ 493,796 Siem Offshore, Inc............................... 606,183 774,435 Solstad Offshore ASA............................. 64,644 1,081,658 #* Songa Offshore................................... 1,041,973 425,637 SpareBank 1 SMN.................................. 131,684 1,115,990 SpareBank 1 SR Bank ASA.......................... 153,761 1,409,707 Stolt-Nielsen, Ltd............................... 76,704 1,742,561 * Storebrand ASA................................... 319,415 1,774,703 Tomra Systems ASA................................ 669,803 5,558,696 * TTS Group ASA.................................... 180,762 168,293 Veidekke ASA..................................... 352,575 3,856,397 Wilh Wilhelmsen ASA.............................. 138,972 1,147,115 Wilh Wilhelmsen Holding ASA Class A.............. 65,996 2,016,255 ------------ TOTAL NORWAY 113,006,734 ------------ PORTUGAL -- (1.6%) Altri SGPS SA.................................... 597,102 1,671,916 #* Banco BPI SA..................................... 2,123,556 4,276,540 #* Banco Comercial Portugues SA..................... 122,764,337 17,533,089 #* Banco Espirito Santo SA.......................... 4,777,921 1,282,473 Corticeira Amorim SGPS SA........................ 207,426 807,892 EDP Renovaveis SA................................ 366,811 2,586,451 Ibersol SGPS SA.................................. 20,401 238,433 #* Impresa SGPS SA.................................. 187,798 330,110 Mota-Engil SGPS SA............................... 363,210 2,265,370 NOS SGPS......................................... 1,060,020 6,317,897 Novabase SGPS SA................................. 65,729 282,530 Portucel SA...................................... 895,166 4,106,527 # Portugal Telecom SGPS SA......................... 1,886,010 4,071,267 REN--Redes Energeticas Nacionais SGPS SA......... 914,989 3,221,637 Semapa-Sociedade de Investimento e Gestao........ 315,847 4,638,492 Sonae............................................ 4,329,208 6,505,725 * Sonae Capital SGPS SA............................ 58,125 26,679 #* Sonae Industria SGPS SA.......................... 443,755 214,847 * Sumol + Compal SA................................ 67,967 97,382 # Teixeira Duarte SA............................... 734,737 786,492 ------------ TOTAL PORTUGAL 61,261,749 ------------ SPAIN -- (5.8%) # Abengoa SA....................................... 204,834 1,180,545 # Abengoa SA Class B............................... 1,715,401 9,119,839 # Acciona SA....................................... 108,255 8,877,436 # Acerinox SA...................................... 529,448 8,810,999 Adveo Group International SA..................... 53,936 1,300,874 * Almirall SA...................................... 264,847 4,048,325 # Atresmedia Corp de Medios de Comunicacion SA..... 312,481 4,578,949 * Azkoyen SA....................................... 64,022 191,403 Bankinter SA..................................... 934,329 8,067,583 * Baron de Ley..................................... 13,910 1,386,929 # Bolsas y Mercados Espanoles SA................... 382,464 17,376,497 #* Caja de Ahorros del Mediterraneo................. 116,412 -- #* Cementos Portland Valderrivas SA................. 59,874 414,249 96 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ SPAIN -- (Continued) # Cie Automotive SA................................ 147,796 $ 2,080,998 Clinica Baviera SA............................... 3,698 43,467 # Construcciones y Auxiliar de Ferrocarriles SA.... 7,909 3,284,636 * Deoleo SA........................................ 2,677,780 1,451,312 # Dinamia Capital Privado Sociedad de Capital Riesgo SA........................................ 20,438 223,440 Duro Felguera SA................................. 265,121 1,660,607 Ebro Foods SA.................................... 378,733 7,739,778 # Elecnor SA....................................... 198,254 2,831,480 # Ence Energia y Celulosa SA....................... 992,257 2,112,701 * Ercros SA........................................ 483,625 317,614 Faes Farma SA.................................... 1,262,957 3,507,392 # Fluidra SA....................................... 160,834 695,950 #* Fomento de Construcciones y Contratas SA......... 256,740 5,560,367 * Gamesa Corp. Tecnologica SA...................... 1,113,758 13,946,736 # Grupo Catalana Occidente SA...................... 204,400 7,164,427 #* Grupo Ezentis SA................................. 734,642 701,950 Iberpapel Gestion SA............................. 26,401 460,813 # Indra Sistemas SA................................ 503,884 7,793,036 * Inmobiliaria Colonial SA......................... 1,524,880 1,163,911 Inmobiliaria del Sur SA.......................... 2,902 26,090 * Jazztel P.L.C.................................... 1,097,205 14,742,743 # Laboratorios Farmaceuticos Rovi SA............... 70,934 909,691 * Mediaset Espana Comunicacion SA.................. 830,653 9,688,427 # Melia Hotels International SA.................... 239,072 2,773,169 Miquel y Costas & Miquel SA...................... 37,628 1,483,532 #* Natra SA......................................... 160,272 378,652 * NH Hotel Group SA................................ 632,481 3,419,824 Obrascon Huarte Lain SA.......................... 193,959 7,321,167 Papeles y Cartones de Europa SA.................. 232,611 1,331,080 * Pescanova SA..................................... 68,547 -- Prim SA.......................................... 39,424 328,431 #* Promotora de Informaciones SA Class A............ 2,915,871 1,330,067 Prosegur Cia de Seguridad SA..................... 976,879 6,590,354 #* Quabit Inmobiliaria SA........................... 1,474,470 149,074 #* Realia Business SA............................... 503,895 791,667 * Sacyr SA......................................... 1,463,558 8,250,333 * Sociedad Nacional de Industrias Apicaciones Celulosa Espanola SA........................... 75,494 3,715 #* Solaria Energia y Medio Ambiente SA.............. 207,171 242,543 # Tecnicas Reunidas SA............................. 151,645 8,524,286 * Telecomunicaciones y Energia..................... 146,125 290,395 # Tubacex SA....................................... 520,966 2,716,038 Tubos Reunidos SA................................ 495,225 1,750,486 Vidrala SA....................................... 77,869 3,774,315 # Viscofan SA...................................... 224,736 12,592,649 * Vocento SA....................................... 219,517 511,472 * Zeltia SA........................................ 991,039 3,795,695 ------------ TOTAL SPAIN.......................................... 221,810,138 ------------ SWEDEN -- (9.2%) AAK AB........................................... 115,202 6,562,789 Acando AB........................................ 418,037 723,396 AddNode Group AB................................. 22,737 138,429 AddTech AB Class B............................... 263,102 4,176,053 97 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- SWEDEN -- (Continued) AF AB Class B.................................... 277,090 $ 4,634,034 * Arise AB......................................... 36,861 117,775 Atrium Ljungberg AB Class B...................... 31,990 504,437 # Avanza Bank Holding AB........................... 69,703 2,465,745 Axfood AB........................................ 94,702 4,828,402 # Axis Communications AB........................... 192,280 6,036,854 B&B Tools AB Class B............................. 107,878 2,509,136 #* BE Group AB...................................... 215,340 356,843 Beijer Alma AB................................... 91,817 2,589,280 Beijer Electronics AB............................ 55,826 491,015 Beijer Ref AB Class B............................ 64,437 1,363,804 Betsson AB....................................... 152,884 5,303,688 Bilia AB Class A................................. 113,425 3,075,803 BillerudKorsnas AB............................... 689,767 10,189,855 BioGaia AB Class B............................... 61,692 1,634,654 # Biotage AB....................................... 189,388 301,304 # Bjoern Borg AB................................... 86,437 281,986 Bure Equity AB................................... 326,825 1,408,746 Byggmax Group AB................................. 181,965 1,481,140 Castellum AB..................................... 752,681 12,629,528 Catena AB........................................ 55,547 820,704 Cavotec SA....................................... 16,457 86,502 #* CDON Group AB.................................... 43,314 158,695 # Clas Ohlson AB Class B........................... 180,273 3,428,838 #* Cloetta AB Class B............................... 504,108 1,507,103 Concentric AB.................................... 202,603 2,673,139 * Concordia Maritime AB Class B.................... 78,854 162,663 Corem Property Group AB Class B.................. 2,226 7,882 * CyberCom Group AB................................ 385,158 154,368 Dios Fastigheter AB.............................. 171,208 1,405,102 Doro AB.......................................... 94,731 410,007 Duni AB.......................................... 174,631 2,398,496 * East Capital Explorer AB......................... 47,726 372,634 # Enea AB.......................................... 63,008 506,993 * Eniro AB......................................... 447,545 1,433,519 Fabege AB........................................ 590,552 8,078,719 # Fagerhult AB..................................... 54,969 1,086,954 * Fastighets AB Balder............................. 279,717 3,550,748 * Fenix Outdoor International AG................... 8,476 463,844 FinnvedenBulten AB............................... 53,182 510,410 Gunnebo AB....................................... 206,334 1,219,926 Haldex AB........................................ 226,180 2,973,865 # Heba Fastighets AB Class B....................... 43,722 538,421 Hexpol AB........................................ 115,947 9,740,347 HIQ International AB............................. 260,002 1,397,996 HMS Networks AB.................................. 7,040 159,332 Holmen AB Class B................................ 273,916 9,224,853 Hufvudstaden AB Class A.......................... 189,483 2,597,052 Husqvarna AB Class A............................. 24,404 192,050 Husqvarna AB Class B............................. 1,638,700 12,925,138 ICA Gruppen AB................................... 24,928 775,172 Industrial & Financial Systems Class B........... 89,522 2,929,896 Indutrade AB..................................... 66,548 2,962,692 98 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- SWEDEN -- (Continued) Intrum Justitia AB............................... 348,185 $10,654,542 JM AB............................................ 372,482 11,785,547 * Kambi Group P.L.C. Class B....................... 123,477 732,105 * KappAhl AB....................................... 277,470 1,545,332 #* Karolinska Development AB Class B................ 90,079 294,870 Klovern AB....................................... 387,861 1,929,655 KNOW IT AB....................................... 75,523 666,668 Kungsleden AB.................................... 697,243 4,892,699 # Lagercrantz AB Class B........................... 79,921 1,730,104 * Lindab International AB.......................... 330,563 3,114,287 Loomis AB Class B................................ 318,925 9,477,154 Meda AB Class A.................................. 976,572 15,745,454 #* Medivir AB Class B............................... 157,903 2,753,052 # Mekonomen AB..................................... 96,226 2,211,009 Modern Times Group AB Class B.................... 248,542 9,682,142 MQ Holding AB.................................... 90,336 385,469 # Mycronic AB...................................... 390,070 975,409 NCC AB Class A................................... 21,531 674,842 NCC AB Class B................................... 356,326 11,134,146 Nederman Holding AB.............................. 3,680 86,296 Net Entertainment NE AB.......................... 151,050 3,759,500 * Net Insight AB Class B........................... 1,189,130 386,831 New Wave Group AB Class B........................ 205,564 1,159,182 Nibe Industrier AB Class B....................... 362,119 9,694,458 Nobia AB......................................... 666,139 5,086,980 Nolato AB Class B................................ 105,172 2,571,270 Nordnet AB Class B............................... 401,993 1,608,815 OEM International AB Class B..................... 45,688 580,995 # Oriflame Cosmetics SA............................ 117,418 2,542,282 #* PA Resources AB.................................. 35,211 32,615 # Peab AB.......................................... 752,981 5,307,760 #* Pricer AB Class B................................ 452,718 337,046 Proact IT Group AB............................... 41,297 559,528 # Proffice AB Class B.............................. 262,115 965,051 # Ratos AB Class B................................. 880,217 7,181,444 * RaySearch Laboratories AB........................ 2,011 11,366 ReadSoft AB Class B.............................. 87,941 654,377 * Rezidor Hotel Group AB........................... 418,144 2,335,367 * rnb Retail and Brands AB......................... 48,828 71,664 Saab AB Class B.................................. 256,897 7,021,672 Sagax AB Class B................................. 48,648 259,136 #* SAS AB........................................... 643,871 1,178,998 * Sectra AB........................................ 36,260 495,894 Securitas AB Class B............................. 618,180 7,187,420 Semcon AB........................................ 85,074 745,874 SkiStar AB....................................... 104,766 1,204,942 #* SSAB AB Class A.................................. 834,811 8,058,934 #* SSAB AB Class B.................................. 352,706 3,092,014 Sweco AB Class B................................. 184,680 3,012,800 * Swedish Orphan Biovitrum AB...................... 612,905 7,368,723 # Swedol AB Class B................................ 37,176 113,597 # Systemair AB..................................... 32,000 504,569 # TradeDoubler AB.................................. 202,211 266,002 99 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ SWEDEN -- (Continued) * Transcom WorldWide SA............................ 1,484,801 $ 259,149 # Transmode AB..................................... 76,041 789,537 Trelleborg AB Class B............................ 292,300 5,598,027 # Tribona AB....................................... 99,298 504,003 Unibet Group P.L.C............................... 135,490 6,592,978 Uniflex AB....................................... 12,408 49,360 VBG Group AB Class B............................. 137 2,783 Vitrolife AB..................................... 60,303 976,998 Wallenstam AB Class B............................ 399,066 6,609,912 Wihlborgs Fastigheter AB......................... 289,738 5,391,365 ------------ TOTAL SWEDEN......................................... 353,260,756 ------------ SWITZERLAND -- (11.4%) * Advanced Digital Broadcast Holdings SA........... 2,179 32,046 AFG Arbonia-Forster Holding AG................... 79,104 2,136,357 Allreal Holding AG............................... 54,146 7,414,219 Alpiq Holding AG................................. 4,430 464,927 ALSO Holding AG.................................. 16,195 1,006,830 ams AG........................................... 225,375 8,036,574 APG SGA SA....................................... 7,504 2,396,489 Ascom Holding AG................................. 183,217 2,681,323 Autoneum Holding AG.............................. 16,853 2,883,640 # Bachem Holding AG Class B........................ 24,136 1,321,762 Bank Coop AG..................................... 31,671 1,544,936 Banque Cantonale de Geneve....................... 4,098 952,169 Banque Cantonale du Jura......................... 4,442 300,788 Banque Cantonale Vaudoise........................ 4,529 2,411,905 # Basler Kantonalbank.............................. 4,757 355,521 Belimo Holding AG................................ 1,932 5,112,259 Bell AG.......................................... 363 936,630 Bellevue Group AG................................ 31,835 449,274 # Berner Kantonalbank AG........................... 23,232 4,820,986 BKW AG........................................... 39,874 1,414,539 Bobst Group SA................................... 45,114 2,105,704 Bossard Holding AG Class A....................... 30,406 3,538,219 Bucher Industries AG............................. 33,342 10,023,673 Burckhardt Compression Holding AG................ 10,937 5,703,858 Burkhalter Holding AG............................ 18,270 1,617,744 Calida Holding AG................................ 20,897 781,573 Carlo Gavazzi Holding AG......................... 1,334 350,597 Cham Paper Holding AG............................ 1,958 551,239 * Charles Voegele Holding AG....................... 43,316 743,676 Cicor Technologies............................... 5,936 244,914 Cie Financiere Tradition SA...................... 9,139 434,488 Clariant AG...................................... 375,577 6,992,072 Coltene Holding AG............................... 16,093 969,686 Conzzeta AG...................................... 1,345 5,386,411 Cosmo Pharmaceuticals SpA........................ 1,287 260,948 Daetwyler Holding AG............................. 30,085 4,212,753 # DKSH Holding AG.................................. 44,444 3,207,054 #* Dufry AG......................................... 105,189 18,013,796 Edmond de Rothschild Suisse SA................... 157 2,513,298 EFG International AG............................. 242,627 2,894,151 100 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- SWITZERLAND -- (Continued) * Elma Electronic AG............................... 267 $ 115,501 Emmi AG.......................................... 13,244 4,563,437 # Energiedienst Holding AG......................... 71,249 2,431,039 * Evolva Holding SA................................ 121,534 172,759 Feintool International Holding AG................ 3,432 339,375 Flughafen Zuerich AG............................. 19,062 11,864,029 Forbo Holding AG................................. 6,983 6,818,923 Galenica AG...................................... 13,622 12,265,411 GAM Holding AG................................... 806,220 14,594,072 Gategroup Holding AG............................. 121,765 3,081,168 Georg Fischer AG................................. 18,996 12,553,075 Gurit Holding AG................................. 1,837 862,885 Helvetia Holding AG.............................. 28,218 13,749,713 HOCHDORF Holding AG.............................. 8 1,113 Huber & Suhner AG................................ 50,241 2,485,763 Implenia AG...................................... 65,242 3,840,335 Inficon Holding AG............................... 8,083 2,595,371 Interroll Holding AG............................. 2,788 1,742,047 Intershop Holdings AG............................ 5,592 2,169,180 Jungfraubahn Holding AG.......................... 3,095 256,667 Kaba Holding AG Class B.......................... 13,150 6,362,442 Kardex AG........................................ 30,563 1,401,852 Komax Holding AG................................. 15,921 2,450,375 Kudelski SA...................................... 201,663 3,422,872 Kuoni Reisen Holding AG.......................... 15,564 5,264,965 # LEM Holding SA................................... 3,667 3,077,100 Liechtensteinische Landesbank AG................. 21,004 913,471 #* LifeWatch AG..................................... 42,178 417,097 # Logitech International SA........................ 693,935 10,177,849 Lonza Group AG................................... 255,221 28,302,378 # Luzerner Kantonalbank AG......................... 17,399 6,757,676 MCH Group AG..................................... 1,404 100,009 Metall Zug AG.................................... 701 1,986,733 #* Meyer Burger Technology AG....................... 408,473 4,803,182 Micronas Semiconductor Holding AG................ 155,041 1,267,397 * Mobilezone Holding AG............................ 142,129 1,586,899 Mobimo Holding AG................................ 27,686 5,621,875 Nobel Biocare Holding AG......................... 535,961 9,406,529 OC Oerlikon Corp. AG............................. 858,856 11,590,516 * Orascom Development Holding AG................... 52,898 1,112,848 #* Orell Fuessli Holding AG......................... 5,198 566,190 Orior AG......................................... 22,240 1,392,953 # Panalpina Welttransport Holding AG............... 42,342 5,764,818 * Parco Industriale e Immobiliare SA............... 600 -- Phoenix Mecano AG................................ 3,100 1,837,922 PSP Swiss Property AG............................ 148,327 13,113,103 PubliGroupe AG................................... 2,668 623,483 Rieter Holding AG................................ 16,400 3,800,180 Romande Energie Holding SA....................... 2,714 3,263,393 Schaffner Holding AG............................. 2,861 943,736 * Schmolz + Bickenbach AG.......................... 2,540,584 3,839,342 Schweiter Technologies AG........................ 4,466 3,123,306 Schweizerische National-Versicherungs-Gesellschaft AG......... 59,799 5,320,802 101 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- -------------- SWITZERLAND -- (Continued) Siegfried Holding AG............................. 17,542 $ 3,064,092 St Galler Kantonalbank AG........................ 10,381 3,950,858 Straumann Holding AG............................. 32,581 7,687,931 Sulzer AG........................................ 15,363 2,031,497 Swiss Life Holding AG............................ 30,281 7,002,429 #* Swisslog Holding AG.............................. 1,022,294 1,269,321 Swissquote Group Holding SA...................... 47,450 1,566,185 Tamedia AG....................................... 14,891 2,024,250 Tecan Group AG................................... 23,852 2,702,898 Temenos Group AG................................. 304,324 10,878,757 * Tornos Holding AG................................ 38,028 251,273 U-Blox AG........................................ 27,034 3,498,765 * Valartis Group AG................................ 1,365 31,472 Valiant Holding AG............................... 64,927 6,169,008 Valora Holding AG................................ 15,176 3,668,340 Vaudoise Assurances Holding SA Class B........... 4,108 1,848,052 Vetropack Holding AG............................. 877 1,528,465 #* Von Roll Holding AG.............................. 258,978 485,874 # Vontobel Holding AG.............................. 121,104 4,336,772 VP Bank AG....................................... 17,235 1,490,137 Walliser Kantonalbank............................ 1,440 1,119,088 * Walter Meier AG.................................. 23,690 1,234,323 # Ypsomed Holding AG............................... 3,079 272,836 # Zehnder Group AG................................. 45,677 1,809,123 * Zueblin Immobilien Holding AG.................... 261,040 576,655 Zug Estates Holding AG........................... 505 650,644 Zuger Kantonalbank AG............................ 627 3,133,843 -------------- TOTAL SWITZERLAND.................................... 437,617,072 -------------- TOTAL COMMON STOCKS.................................. 3,401,329,606 -------------- RIGHTS/WARRANTS -- (0.1%) AUSTRIA -- (0.0%) * Intercell AG..................................... 254,689 -- -------------- FRANCE -- (0.1%) * Bigben Interactive Rights 01/31/2016............. 35,372 4,263 102 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------------ -------------- FRANCE -- (Continued) * Peugeot SA Warrants 04/29/17................. 761,796 $ 1,820,848 -------------- TOTAL FRANCE....................................... 1,825,111 -------------- GERMANY -- (0.0%) * Patrizia Immobilien AG Rights 08/07/14....... 16,005 178,269 -------------- ITALY -- (0.0%) #* Seat Pagine Gialle SpA Warrants 08/31/14..... 2,988,837 -- -------------- PORTUGAL -- (0.0%) * Mota-Engil SGPS SA Rights 12/31/49........... 363,210 -- -------------- TOTAL RIGHTS/WARRANTS.............................. 2,003,380 -------------- SHARES/ FACE AMOUNT (000) VALUE+ ------------ -------------- SECURITIES LENDING COLLATERAL -- (11.2%) (S)@ DFA Short Term Investment Fund............... 37,036,431 428,511,503 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $2,966,433,342)^^.......................... $3,831,844,489 ============== 103 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note): INVESTMENTS IN SECURITIES (MARKET VALUE) ------------------------------------------------ LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ---------- -------------- ------- -------------- Common Stocks Austria.................... -- $ 78,854,290 -- $ 78,854,290 Belgium.................... $ 90,078 109,800,305 -- 109,890,383 Denmark.................... -- 179,218,809 -- 179,218,809 Finland.................... -- 240,346,021 -- 240,346,021 France..................... 3,767,046 412,074,592 -- 415,841,638 Germany.................... 57,136 491,268,291 -- 491,325,427 Greece..................... -- 903 -- 903 Ireland.................... -- 71,972,364 -- 71,972,364 Israel..................... -- 89,827,406 -- 89,827,406 Italy...................... -- 333,111,452 -- 333,111,452 Netherlands................ -- 203,984,464 -- 203,984,464 Norway..................... -- 113,006,734 -- 113,006,734 Portugal................... -- 61,261,749 -- 61,261,749 Spain...................... -- 221,810,138 -- 221,810,138 Sweden..................... 1,195,949 352,064,807 -- 353,260,756 Switzerland................ -- 437,617,072 -- 437,617,072 Rights/Warrants............... Austria.................... -- -- -- -- France..................... -- 1,825,111 -- 1,825,111 Germany.................... -- 178,269 -- 178,269 Italy...................... -- -- -- -- Portugal................... -- -- -- -- Securities Lending Collateral. -- 428,511,503 -- 428,511,503 ---------- -------------- -- -------------- TOTAL......................... $5,110,209 $3,826,734,280 -- $3,831,844,489 ========== ============== == ============== 104 THE CANADIAN SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE++ ------- ----------- COMMON STOCKS -- (79.5%) Consumer Discretionary -- (7.3%) AutoCanada, Inc...................................... 92,120 $ 6,123,591 # BMTC Group, Inc. Class A............................. 17,481 220,847 * Brookfield Residential Properties, Inc............... 36,303 670,225 # Cineplex, Inc........................................ 271,135 9,693,073 Cogeco Cable, Inc.................................... 78,287 4,352,509 Cogeco, Inc.......................................... 21,100 1,046,921 # Corus Entertainment, Inc. Class B.................... 402,116 8,887,968 # DHX Media, Ltd....................................... 11,269 72,863 Dorel Industries, Inc. Class B....................... 130,187 4,582,544 easyhome, Ltd........................................ 3,600 78,415 Gamehost, Inc........................................ 25,818 393,302 Glacier Media, Inc................................... 137,300 176,292 # GLENTEL, Inc......................................... 68,191 673,561 * Great Canadian Gaming Corp........................... 302,800 4,385,025 Hudson's Bay Co...................................... 2,500 37,740 #* Imax Corp............................................ 229,046 6,016,304 Indigo Books & Music, Inc............................ 2,302 22,063 * Le Chateau, Inc. Class A............................. 27,000 37,144 # Leon's Furniture, Ltd................................ 143,275 1,906,654 Linamar Corp......................................... 249,206 13,567,082 Martinrea International, Inc......................... 484,756 5,704,058 #* Mood Media Corp...................................... 182,874 93,923 MTY Food Group, Inc.................................. 31,213 946,681 * Performance Sports Group, Ltd........................ 114,166 1,853,293 Pizza Pizza Royalty Corp............................. 25,139 316,558 Reitmans Canada, Ltd................................. 15,456 81,933 Reitmans Canada, Ltd. Class A........................ 241,486 1,333,284 RONA, Inc............................................ 681,945 7,561,531 Sears Canada, Inc.................................... 50,417 680,642 # Torstar Corp. Class B................................ 284,189 1,970,440 * TVA Group, Inc. Class B.............................. 7,000 56,624 Uni-Select, Inc...................................... 78,630 2,014,878 Whistler Blackcomb Holdings, Inc..................... 120,778 1,922,966 * Yellow Media, Ltd.................................... 73,155 1,189,561 ----------- Total Consumer Discretionary............................. 88,670,495 ----------- Consumer Staples -- (2.5%) Alliance Grain Traders, Inc.......................... 89,504 1,716,448 Andrew Peller, Ltd. Class A.......................... 3,400 44,435 Clearwater Seafoods, Inc............................. 36,357 276,425 Colabor Group, Inc................................... 92,227 333,264 Corby Spirit and Wine, Ltd........................... 72,728 1,414,072 # Cott Corp............................................ 499,623 3,409,176 High Liner Foods, Inc................................ 45,218 1,035,948 # Liquor Stores N.A., Ltd.............................. 106,130 1,105,734 # Maple Leaf Foods, Inc................................ 500,264 9,024,802 North West Co., Inc. (The)........................... 232,610 5,120,044 # Premium Brands Holdings Corp......................... 91,943 1,882,118 # Rogers Sugar, Inc.................................... 376,759 1,565,294 105 THE CANADIAN SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- Consumer Staples -- (Continued) * SunOpta, Inc......................................... 283,904 $ 3,507,302 ----------- Total Consumer Staples................................... 30,435,062 ----------- Energy -- (23.4%) * Advantage Oil & Gas, Ltd............................. 1,098,231 5,872,139 Akita Drilling, Ltd. Class A......................... 42,000 626,716 #* Alvopetro Energy, Ltd................................ 401,858 357,502 * Anderson Energy, Ltd................................. 125,071 33,265 Arsenal Energy, Inc.................................. 60,137 460,535 #* Artek Exploration, Ltd............................... 278,498 863,322 #* Athabasca Oil Corp................................... 334,586 1,911,745 * Bankers Petroleum, Ltd............................... 1,411,399 7,973,786 * Bellatrix Exploration, Ltd........................... 978,258 7,240,374 #* Birchcliff Energy, Ltd............................... 525,714 5,250,631 #* BlackPearl Resources, Inc............................ 1,418,101 2,796,274 * BNK Petroleum, Inc................................... 554,116 660,660 # Bonavista Energy Corp................................ 159,848 2,067,095 # Bonterra Energy Corp................................. 121,477 6,722,541 Calfrac Well Services, Ltd........................... 385,975 7,380,730 * Calvalley Petroleum, Inc. Class A.................... 226,068 306,856 * Canacol Energy, Ltd.................................. 137,542 889,318 # Canadian Energy Services & Technology Corp........... 916,842 7,979,851 CanElson Drilling, Inc............................... 458,955 3,215,863 Canyon Services Group, Inc........................... 215,570 3,100,048 # Cathedral Energy Services, Ltd....................... 164,270 647,830 * Cequence Energy, Ltd................................. 803,690 1,562,638 * Chinook Energy, Inc.................................. 434,250 876,186 * Connacher Oil and Gas, Ltd........................... 2,187,935 441,460 #* Corridor Resources, Inc.............................. 373,046 680,847 * Crew Energy, Inc..................................... 626,771 5,650,625 * Crocotta Energy, Inc................................. 347,561 1,450,362 * DeeThree Exploration, Ltd............................ 451,446 4,744,872 * Delphi Energy Corp................................... 850,539 3,096,840 #* Denison Mines Corp................................... 2,254,371 2,997,971 # Enbridge Income Fund Holdings, Inc................... 240,774 6,483,354 Enerflex, Ltd........................................ 328,070 5,554,338 Ensign Energy Services, Inc.......................... 335,304 5,396,969 #* Epsilon Energy, Ltd.................................. 242,965 1,042,854 # Equal Energy, Ltd.................................... 154,741 847,981 #* Essential Energy Services Trust...................... 622,141 1,306,647 #* Forsys Metals Corp................................... 109,974 36,814 #* Gasfrac Energy Services, Inc......................... 91,560 135,616 * Gran Tierra Energy, Inc.............................. 1,393,412 9,239,573 #* Ithaca Energy, Inc................................... 1,603,355 3,617,419 #* Ivanhoe Energy, Inc.................................. 348,882 83,193 * Kelt Exploration, Ltd................................ 161,850 1,908,920 * Legacy Oil + Gas, Inc................................ 914,677 6,920,792 # Lightstream Resources, Ltd........................... 1,063,467 7,022,483 # Long Run Exploration, Ltd............................ 734,964 3,707,343 * Marquee Energy, Ltd.................................. 29,197 31,062 McCoy Global, Inc.................................... 34,859 199,176 * Mega Uranium, Ltd.................................... 55,000 11,854 # Mullen Group, Ltd.................................... 458,025 11,724,197 106 THE CANADIAN SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Energy -- (Continued) #* Niko Resources, Ltd................................. 331,273 $ 601,569 North American Energy Partners, Inc................. 111,981 814,426 * NuVista Energy, Ltd................................. 634,509 5,825,134 * Painted Pony Petroleum, Ltd......................... 328,779 3,488,763 * Paramount Resources, Ltd. Class A................... -- 17 * Parex Resources, Inc................................ 514,071 6,699,637 # Parkland Fuel Corp.................................. 400,877 7,570,099 # Pason Systems, Inc.................................. 368,038 9,380,269 # Pengrowth Energy Corp............................... 4,252 27,103 #* Perpetual Energy, Inc............................... 379,029 716,100 # PHX Energy Services Corp............................ 135,474 1,905,967 #* Poseidon Concepts Corp.............................. 165,977 166 # Pulse Seismic, Inc.................................. 277,580 768,828 #* Questerre Energy Corp. Class A...................... 745,460 820,426 * RMP Energy, Inc..................................... 702,328 5,056,427 * Rock Energy, Inc.................................... 192,653 1,146,713 # Savanna Energy Services Corp........................ 481,384 3,518,715 Secure Energy Services, Inc......................... 494,154 10,455,480 * Serinus Energy, Inc................................. 13,570 26,758 ShawCor, Ltd........................................ 125,996 6,377,511 #* Southern Pacific Resource Corp...................... 1,701,425 273,077 #* SouthGobi Resources, Ltd............................ 281,484 149,732 Sprott Resource Corp................................ 471,290 1,387,482 # Spyglass Resources Corp............................. 669,452 1,013,066 Strad Energy Services, Ltd.......................... 18,041 74,457 # Surge Energy, Inc................................... 1,034,883 8,067,598 #* TAG Oil, Ltd........................................ 181,541 416,245 * Tethys Petroleum, Ltd............................... 412,989 140,144 # TORC Oil & Gas, Ltd................................. 401,981 4,899,645 Total Energy Services, Inc.......................... 145,978 2,911,929 #* Touchstone Exploration, Inc......................... 199,351 168,206 TransGlobe Energy Corp.............................. 357,661 2,230,563 # Trican Well Service, Ltd............................ 817,696 11,804,040 Trinidad Drilling, Ltd.............................. 750,912 7,258,782 * Tuscany International Drilling, Inc................. 176,042 -- # Twin Butte Energy, Ltd.............................. 1,326,259 2,019,159 * Uex Corp............................................ 608,088 248,176 # Veresen, Inc........................................ 311,031 5,285,830 Western Energy Services Corp........................ 326,094 3,134,283 # Whitecap Resources, Inc............................. 848,168 12,345,050 * Xtreme Drilling and Coil Services Corp.............. 229,119 1,000,235 # Zargon Oil & Gas, Ltd............................... 152,974 1,170,086 ZCL Composites, Inc................................. 99,400 584,357 ------------ Total Energy............................................ 284,911,717 ------------ Financials -- (6.4%) # AGF Management, Ltd. Class B........................ 421,354 4,567,712 # Alaris Royalty Corp................................. 52,216 1,512,820 # Altus Group, Ltd.................................... 161,568 3,334,049 Brookfield Real Estate Services, Inc................ 8,075 102,868 Canaccord Genuity Group, Inc........................ 511,622 5,949,802 Canadian Western Bank............................... 300,957 11,487,899 Clairvest Group, Inc................................ 1,900 40,253 107 THE CANADIAN SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ----------- Financials -- (Continued) * Counsel Corp......................................... 87,227 $ 148,798 E-L Financial Corp., Ltd............................. 1,467 944,512 EGI Financial Holdings, Inc.......................... 14,650 178,700 Equitable Group, Inc................................. 52,295 3,187,532 * Equity Financial Holdings, Inc....................... 800 6,376 Fiera Capital Corp................................... 51,460 575,789 Firm Capital Mortgage Investment Corp................ 2,494 28,820 First National Financial Corp........................ 3,873 83,545 FirstService Corp.................................... 146,248 8,148,362 Genesis Land Development Corp........................ 74,422 300,323 # Genworth MI Canada, Inc.............................. 149,254 5,412,485 Gluskin Sheff + Associates, Inc...................... 146,014 4,269,204 GMP Capital, Inc..................................... 298,487 2,222,877 Guardian Capital Group, Ltd. Class A................. 11,327 173,486 * Heritage Global, Inc................................. 4,253 1,491 # Home Capital Group, Inc.............................. 241,200 11,480,974 # Killam Properties, Inc............................... 288,571 2,739,221 * Kingsway Financial Services, Inc..................... 22,481 143,916 Laurentian Bank of Canada............................ 157,661 7,453,959 * Mainstreet Equity Corp............................... 18,231 678,845 Melcor Developments, Ltd............................. 23,361 533,060 # Sprott, Inc.......................................... 660,683 1,787,512 # TMX Group, Ltd....................................... 6,593 346,414 ----------- Total Financials......................................... 77,841,604 ----------- Health Care -- (1.8%) Amica Mature Lifestyles, Inc......................... 36,241 239,646 * Endo International P.L.C............................. 83,785 5,727,825 # Extendicare, Inc..................................... 500,612 3,429,698 #* Imris, Inc........................................... 73,479 66,716 * Knight Therapeutics, Inc............................. 53,575 252,066 # Leisureworld Senior Care Corp........................ 178,254 2,107,300 # Medical Facilities Corp.............................. 142,169 2,207,476 * Nordion, Inc......................................... 464,108 6,014,441 * Oncolytics Biotech, Inc.............................. 16,850 22,562 * QLT, Inc............................................. 226,610 1,355,067 #* Resverlogix Corp..................................... 111,820 79,479 #* Theratechnologies, Inc............................... 10,101 4,493 * Transition Therapeutics, Inc......................... 33,541 216,870 * TSO3, Inc............................................ 55,206 36,455 * Zenith Epigenetics Corp.............................. 111,820 8,307 ----------- Total Health Care........................................ 21,768,401 ----------- Industrials -- (11.8%) Aecon Group, Inc..................................... 344,068 5,178,297 # AG Growth International, Inc......................... 86,732 3,879,415 #* Air Canada Class A................................... 313,328 2,750,079 Algoma Central Corp.................................. 26,690 396,550 * ATS Automation Tooling Systems, Inc.................. 484,991 6,596,429 # Badger Daylighting, Ltd.............................. 202,081 5,915,922 #* Ballard Power Systems, Inc........................... 530,151 2,105,337 # Bird Construction, Inc............................... 143,090 1,749,337 108 THE CANADIAN SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ------- ------------ Industrials -- (Continued) # Black Diamond Group, Ltd............................. 212,341 $ 5,707,997 # CanWel Building Materials Group, Ltd................. 75,184 411,655 Cervus Equipment Corp................................ 13,483 277,735 Clarke, Inc.......................................... 52,294 527,568 * Contrans Group, Inc. Class A......................... 116,170 1,608,811 # DirectCash Payments, Inc............................. 51,015 681,697 # Exchange Income Corp................................. 47,568 750,810 Exco Technologies, Ltd............................... 92,210 947,175 * GLV, Inc. Class A.................................... 93,231 282,168 #* Heroux-Devtek, Inc................................... 127,654 1,253,886 # HNZ Group, Inc....................................... 23,888 484,179 Horizon North Logistics, Inc......................... 478,383 2,614,906 # K-Bro Linen, Inc..................................... 18,691 653,118 MacDonald Dettwiler & Associates, Ltd................ 85,470 6,387,028 Magellan Aerospace Corp.............................. 48,000 532,673 # Morneau Shepell, Inc................................. 233,427 3,605,182 # New Flyer Industries, Inc............................ 167,705 1,991,819 Newalta Corp......................................... 263,922 5,085,524 Richelieu Hardware, Ltd.............................. 69,634 3,275,579 # Ritchie Bros Auctioneers, Inc........................ 371,501 8,994,934 # Rocky Mountain Dealerships, Inc...................... 68,591 685,690 # Russel Metals, Inc................................... 330,955 10,693,396 Stantec, Inc......................................... 228,285 14,484,116 Stuart Olson, Inc.................................... 91,759 839,031 # Student Transportation, Inc.......................... 415,940 2,677,946 Toromont Industries, Ltd............................. 206,825 4,941,341 Transcontinental, Inc. Class A....................... 349,276 4,455,844 TransForce, Inc...................................... 388,103 9,813,362 Vicwest, Inc......................................... 44,258 421,737 # Wajax Corp........................................... 91,238 2,886,044 WaterFurnace Renewable Energy, Inc................... 35,758 997,623 # WesternOne, Inc...................................... 107,900 788,704 Westshore Terminals Investment Corp.................. 241,389 7,350,039 WSP Global, Inc...................................... 234,492 7,860,488 ------------ Total Industrials........................................ 143,541,171 ------------ Information Technology -- (4.4%) * 5N Plus, Inc......................................... 276,808 959,632 Absolute Software Corp............................... 219,888 1,351,171 * AgJunction, Inc...................................... 20,300 14,150 #* Avigilon Corp........................................ 115,293 2,686,839 Calian Technologies, Ltd............................. 21,337 414,666 * Celestica, Inc....................................... 949,607 10,189,757 COM DEV International, Ltd........................... 406,924 1,541,336 Computer Modelling Group, Ltd........................ 262,412 3,212,914 * Descartes Systems Group, Inc. (The).................. 262,529 3,536,984 DH Corp.............................................. 427,395 12,915,729 #* DragonWave, Inc...................................... 162,023 242,214 # Enghouse Systems, Ltd................................ 83,666 2,586,675 Evertz Technologies, Ltd............................. 138,381 2,207,040 #* EXFO, Inc............................................ 106,980 489,595 Mediagrif Interactive Technologies, Inc.............. 7,676 133,055 * Mitel Networks Corp.................................. 120,901 1,338,353 109 THE CANADIAN SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- Information Technology -- (Continued) #* Points International, Ltd............................ 37,659 $ 716,673 Pure Technologies, Ltd............................... 15,417 110,995 #* Redknee Solutions, Inc............................... 110,711 501,593 * Sandvine Corp........................................ 830,476 2,726,743 #* Sierra Wireless, Inc................................. 164,792 3,131,554 * Smart Technologies, Inc. Class A..................... 7,408 18,072 * Solium Capital, Inc.................................. 55,451 377,353 Vecima Networks, Inc................................. 6,059 45,289 Wi-Lan, Inc.......................................... 765,533 2,457,344 ----------- Total Information Technology............................. 53,905,726 ----------- Materials -- (17.4%) * Aberdeen International, Inc.......................... 122,333 18,512 # Acadian Timber Corp.................................. 14,713 178,254 # Agnico Eagle Mines, Ltd.............................. 36,795 1,368,057 #* Ainsworth Lumber Co., Ltd............................ 532,862 1,309,736 AirBoss of America Corp.............................. 5,102 44,219 Alacer Gold Corp..................................... 970,986 2,217,412 Alamos Gold, Inc..................................... 579,498 5,155,345 #* Alexco Resource Corp................................. 278,307 285,875 #* Almaden Minerals, Ltd................................ 98,343 137,997 #* Altius Minerals Corp................................. 112,600 1,517,030 * Amerigo Resources, Ltd............................... 553,854 226,042 #* Argonaut Gold, Inc................................... 368,728 1,345,932 #* Asanko Gold, Inc..................................... 271,644 660,207 # AuRico Gold, Inc..................................... 1,370,255 5,630,066 #* Avalon Rare Metals, Inc.............................. 352,025 156,585 #* B2Gold Corp.......................................... 3,012,587 7,791,531 #* Banro Corp........................................... 14,500 3,591 Canam Group, Inc. Class A............................ 218,124 2,666,660 # Canexus Corp......................................... 311,886 1,350,119 * Canfor Corp.......................................... 118,977 2,519,539 Canfor Pulp Products, Inc............................ 209,015 2,256,254 * Capstone Mining Corp................................. 1,716,256 4,596,201 Cascades, Inc........................................ 489,976 2,992,837 CCL Industries, Inc. Class B......................... 111,467 11,034,758 Centerra Gold, Inc................................... 463,208 2,408,758 * Chaparral Gold Corp.................................. 77,900 40,724 #* China Gold International Resources Corp., Ltd........ 746,157 2,189,849 * Claude Resources, Inc................................ 861,200 205,358 #* Copper Mountain Mining Corp.......................... 665,831 1,679,310 * Dominion Diamond Corp................................ 385,640 5,407,837 * Duluth Metals, Ltd................................... 388,214 174,462 #* Dundee Precious Metals, Inc.......................... 542,938 2,574,393 * Dynasty Metals & Mining, Inc......................... 39,369 56,327 #* Eastern Platinum, Ltd................................ 321,096 294,489 * Eastmain Resources, Inc.............................. 274,250 99,352 * EcoSynthetix, Inc.................................... 1,500 2,889 * Endeavour Mining Corp................................ 2,014,376 1,588,814 #* Endeavour Silver Corp................................ 490,552 2,897,377 #* Energy Fuels, Inc.................................... 70,896 552,679 #* Entree Gold, Inc..................................... 286,898 76,306 * Excellon Resources, Inc.............................. 185,380 239,727 110 THE CANADIAN SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ----------- Materials -- (Continued) * Exeter Resource Corp................................. 70,137 $ 54,033 * First Majestic Silver Corp........................... 561,028 5,953,223 #* Fortress Paper, Ltd. Class A......................... 69,284 177,920 * Fortuna Silver Mines, Inc............................ 772,906 4,203,543 #* Fortune Bay Corp..................................... 91,231 25,938 #* Fortune Minerals, Ltd................................ 146,172 53,624 #* Golden Star Resources, Ltd........................... 1,155,362 625,179 #* Great Panther Silver, Ltd............................ 725,301 957,888 #* Guyana Goldfields, Inc............................... 441,183 1,262,430 * Hanfeng Evergreen, Inc............................... 45,837 21,755 HudBay Minerals, Inc................................. 1,116,679 11,992,761 IAMGOLD Corp......................................... 1,440,983 5,325,961 * Imperial Metals Corp................................. 208,818 3,200,210 * Interfor Corp........................................ 352,800 4,847,016 #* International Tower Hill Mines, Ltd.................. 220,027 161,436 Intertape Polymer Group, Inc......................... 332,527 4,269,618 * Katanga Mining, Ltd.................................. 1,025,162 441,900 #* Kirkland Lake Gold, Inc.............................. 294,417 1,023,378 #* Lake Shore Gold Corp................................. 1,881,955 2,071,212 # Lucara Diamond Corp.................................. 863,765 2,028,008 #* MAG Silver Corp...................................... 41,814 377,739 Major Drilling Group International, Inc.............. 394,786 3,255,034 # Mandalay Resources Corp.............................. 322,992 343,624 * McEwen Mining - Minera Andes Acquisition Corp........ 12,233 34,780 * Mercator Minerals, Ltd............................... 443,725 22,383 #* Migao Corp........................................... 169,168 220,313 * Minco Base Metals Corp............................... 2,780 -- * Minco Silver Corp.................................... 40,069 37,851 #* Nautilus Minerals, Inc............................... 89,354 42,614 #* Nevada Copper Corp................................... 160,491 341,486 # Nevsun Resources, Ltd................................ 1,007,766 3,826,433 * New Gold, Inc........................................ 524,469 3,227,576 * New Millennium Iron Corp............................. 55,528 14,259 Norbord, Inc......................................... 185,489 3,859,995 #* North American Palladium, Ltd........................ 565,789 153,077 #* Northern Dynasty Minerals, Ltd....................... 148,624 117,225 #* Novagold Resources, Inc.............................. 569,999 2,153,800 #* OceanaGold Corp...................................... 1,627,526 4,642,184 * Orvana Minerals Corp................................. 292,952 131,652 * Osisko Gold Royalties, Ltd........................... 155,142 2,212,547 Pan American Silver Corp............................. 711,104 10,447,917 * Phoscan Chemical Corp................................ 432,579 119,020 #* Pilot Gold, Inc...................................... 56,756 72,874 #* Platinum Group Metals, Ltd........................... 241,887 259,557 #* Polymet Mining Corp.................................. 635,065 745,525 #* Primero Mining Corp.................................. 844,647 6,468,381 #* RB Energy, Inc....................................... 396,013 110,776 #* Richmont Mines, Inc.................................. 114,244 159,262 #* Rubicon Minerals Corp................................ 508,405 750,706 #* Sabina Gold & Silver Corp............................ 383,055 309,156 #* San Gold Corp........................................ 1,277,995 152,372 #* Sandstorm Gold, Ltd.................................. 495,345 3,334,555 * Scorpio Mining Corp.................................. 978,870 282,794 111 THE CANADIAN SMALL COMPANY SERIES CONTINUED SHARES VALUE++ --------- ------------ Materials -- (Continued) * Seabridge Gold, Inc................................. 115,135 $ 1,078,120 # SEMAFO, Inc......................................... 1,350,146 5,832,244 Sherritt International Corp......................... 1,691,161 6,948,596 * Shore Gold, Inc..................................... 167,935 46,976 #* Silver Standard Resources, Inc...................... 423,541 3,888,334 * St Andrew Goldfields, Ltd........................... 774,028 212,967 Stella-Jones, Inc................................... 177,000 4,382,996 #* Stornoway Diamond Corp.............................. 297,297 179,957 #* Sulliden Gold Corp., Ltd............................ 659,525 846,824 #* Tanzanian Royalty Exploration Corp.................. 339,403 775,085 * Taseko Mines, Ltd................................... 983,935 2,265,031 #* Tembec, Inc......................................... 374,965 1,090,144 * Teranga Gold Corp................................... 1,111,615 744,237 * Thompson Creek Metals Co., Inc...................... 926,918 2,567,334 * Timminco, Ltd....................................... 69,822 176 * Timmins Gold Corp................................... 869,574 1,603,012 * US Silver & Gold, Inc............................... 45,433 23,751 * Virginia Mines, Inc................................. 6,330 72,568 * Wesdome Gold Mines, Ltd............................. 325,464 265,661 # Western Forest Products, Inc........................ 1,275,027 2,689,560 Winpak, Ltd......................................... 91,546 2,350,885 Yamana Gold, Inc.................................... 108,662 926,819 ------------ Total Materials......................................... 211,667,187 ------------ Telecommunication Services -- (0.4%) Axia NetMedia Corp.................................. 191,967 463,038 # Manitoba Telecom Services, Inc...................... 134,884 3,881,927 ------------ Total Telecommunication Services........................ 4,344,965 ------------ Utilities -- (4.1%) # Algonquin Power & Utilities Corp.................... 930,215 6,918,919 #* Alterra Power Corp.................................. 1,066,070 312,874 Boralex, Inc. Class A............................... 112,568 1,416,456 # Capital Power Corp.................................. 448,409 10,902,300 Capstone Infrastructure Corp........................ 480,200 1,955,416 # Innergex Renewable Energy, Inc...................... 504,260 4,855,991 #* Just Energy Group, Inc.............................. 675,567 3,655,565 #* Maxim Power Corp.................................... 92,234 269,846 # Northland Power, Inc................................ 517,996 8,366,038 # Superior Plus Corp.................................. 668,843 8,538,813 112 THE CANADIAN SMALL COMPANY SERIES CONTINUED SHARES VALUE++ ---------- -------------- Utilities -- (Continued) Valener, Inc. 190,785 $ 2,766,370 -------------- Total Utilities...................................... 49,958,588 -------------- TOTAL COMMON STOCKS.................................. 967,044,916 -------------- RIGHTS/WARRANTS -- (0.0%) * HudBay Minerals, Inc. Warrant 07/20/18.......... 52,453 108,239 -------------- SHARES/ FACE AMOUNT (000) VALUE+ ---------- -------------- SECURITIES LENDING COLLATERAL -- (20.5%) (S)@ DFA Short Term Investment Fund.................. 21,604,734 249,966,769 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $1,207,244,318)^^............................ $1,217,119,924 ============== 113 THE CANADIAN SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) ------------------------------------------------ LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------ ------------ ------- -------------- Common Stocks Consumer Discretionary..... $ 88,670,495 -- -- $ 88,670,495 Consumer Staples........... 30,435,062 -- -- 30,435,062 Energy..................... 284,063,570 $ 848,147 -- 284,911,717 Financials................. 77,841,604 -- -- 77,841,604 Health Care................ 21,760,094 8,307 -- 21,768,401 Industrials................ 143,541,171 -- -- 143,541,171 Information Technology..... 53,905,726 -- -- 53,905,726 Materials.................. 211,645,256 21,931 -- 211,667,187 Telecommunication Services. 4,344,965 -- -- 4,344,965 Utilities.................. 49,958,588 -- -- 49,958,588 Rights/Warrants............... -- 108,239 -- 108,239 Securities Lending Collateral. -- 249,966,769 -- 249,966,769 ------------ ------------ -- -------------- TOTAL......................... $966,166,531 $250,953,393 -- $1,217,119,924 ============ ============ == ==============
114 THE EMERGING MARKETS SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE++ --------- ----------- COMMON STOCKS -- (88.1%) BRAZIL -- (6.4%) AES Tiete SA..................................... 76,084 $ 525,168 ALL - America Latina Logistica SA................ 508,831 1,951,220 AMBEV SA......................................... 855,320 5,907,599 # AMBEV SA ADR..................................... 4,150,723 28,598,481 Banco Bradesco SA................................ 671,682 10,474,538 Banco do Brasil SA............................... 689,192 8,420,673 Banco Santander Brasil SA........................ 431,700 2,899,882 Banco Santander Brasil SA ADR.................... 726,366 4,881,180 BB Seguridade Participacoes SA................... 21,600 315,134 BM&FBovespa SA................................... 2,441,108 13,030,002 BR Malls Participacoes SA........................ 552,323 4,771,584 # Braskem SA Sponsored ADR......................... 153,394 1,903,620 BRF SA........................................... 97,000 2,372,893 BRF SA ADR....................................... 539,479 13,217,235 CCR SA........................................... 1,069,768 8,411,972 Centrais Eletricas Brasileiras SA................ 246,900 680,165 # Centrais Eletricas Brasileiras SA ADR............ 86,923 418,100 # Centrais Eletricas Brasileiras SA Sponsored ADR.. 100,200 278,556 CETIP SA - Mercados Organizados.................. 325,900 4,559,368 Cia Brasileira de Distribuicao ADR............... 85,830 4,138,723 Cia de Saneamento Basico do Estado de Sao Paulo.. 287,000 2,541,413 # Cia de Saneamento Basico do Estado de Sao Paulo ADR.............................................. 178,668 1,590,145 Cia Energetica de Minas Gerais................... 75,287 614,574 Cia Paranaense de Energia........................ 23,000 248,172 # Cia Paranaense de Energia Sponsored ADR.......... 57,783 897,948 Cia Siderurgica Nacional SA...................... 633,652 3,197,935 # Cia Siderurgica Nacional SA Sponsored ADR........ 524,621 2,607,366 Cielo SA......................................... 743,950 13,608,349 Cosan SA Industria e Comercio.................... 181,069 2,966,539 CPFL Energia SA.................................. 83,360 727,505 CPFL Energia SA ADR.............................. 63,516 1,113,435 Cyrela Brazil Realty SA Empreendimentos e Participacoes.................................... 417,297 2,312,032 Duratex SA....................................... 619,565 2,285,734 EcoRodovias Infraestrutura e Logistica SA........ 226,477 1,367,597 EDP - Energias do Brasil SA...................... 236,900 1,106,839 Embraer SA....................................... 140,070 1,330,472 # Embraer SA ADR................................... 133,319 5,071,455 Estacio Participacoes SA......................... 279,018 3,461,975 #* Fibria Celulose SA Sponsored ADR................. 514,098 5,069,006 Gerdau SA........................................ 146,632 696,724 Gerdau SA Sponsored ADR.......................... 326,326 1,918,797 Grendene SA...................................... 36,464 212,958 Guararapes Confeccoes SA......................... 8,056 354,659 * Hypermarcas SA................................... 832,924 6,641,364 Itau Unibanco Holding SA......................... 275,589 4,035,291 JBS SA........................................... 1,052,281 3,872,858 Klabin SA........................................ 744,877 3,726,437 Kroton Educacional SA............................ 206,884 5,509,612 Localiza Rent a Car SA........................... 158,860 2,529,156 Lojas Americanas SA.............................. 185,137 970,261 Lojas Renner SA.................................. 147,987 4,468,147 115 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ----------- ------------ BRAZIL -- (Continued) M Dias Branco SA.................................. 40,000 $ 1,640,551 Multiplan Empreendimentos Imobiliarios SA......... 89,300 2,121,552 Natura Cosmeticos SA.............................. 198,900 3,097,361 Odontoprev SA..................................... 7,800 32,008 Oi SA............................................. 1,090,646 730,703 Oi SA ADR(670851104).............................. 7,319 5,065 # Oi SA ADR(670851203).............................. 107,889 71,207 Petroleo Brasileiro SA............................ 598,900 4,748,964 Petroleo Brasileiro SA ADR........................ 1,308,418 20,856,183 Porto Seguro SA................................... 140,099 1,922,328 * Qualicorp SA...................................... 162,500 1,880,165 Raia Drogasil SA.................................. 229,600 1,919,785 Souza Cruz SA..................................... 439,970 4,084,085 Sul America SA.................................... 63,900 384,456 Tim Participacoes SA.............................. 439,800 2,330,092 Tim Participacoes SA ADR.......................... 63,679 1,695,135 Totvs SA.......................................... 128,775 2,224,437 * Tractebel Energia SA.............................. 142,100 2,128,916 Transmissora Alianca de Energia Eletrica SA....... 428,534 3,860,820 Ultrapar Participacoes SA......................... 136,914 3,153,171 Ultrapar Participacoes SA Sponsored ADR........... 254,308 5,821,110 * Usinas Siderurgicas de Minas Gerais SA............ 39,100 126,671 * Vale SA........................................... 137,800 1,977,031 # Vale SA Sponsored ADR............................. 1,238,400 17,771,040 WEG SA............................................ 323,525 3,878,735 ------------ TOTAL BRAZIL.......................................... 293,272,419 ------------ CHILE -- (1.4%) AES Gener SA...................................... 2,215,773 1,121,579 Aguas Andinas SA Class A.......................... 2,230,139 1,411,269 Banco de Chile ADR................................ 36,940 2,765,692 Banco de Credito e Inversiones.................... 36,692 2,017,384 Banco Santander Chile ADR......................... 184,741 4,697,964 CAP SA............................................ 122,726 1,662,936 Cencosud SA....................................... 1,142,664 3,555,656 Cencosud SA ADR................................... 8,408 77,942 CFR Pharmaceuticals SA............................ 1,737,925 583,329 Cia Cervecerias Unidas SA......................... 23,702 266,447 # Cia Cervecerias Unidas SA ADR..................... 54,549 1,230,625 Cia General de Electricidad SA.................... 35,928 162,044 Colbun SA......................................... 6,902,135 1,779,740 Corpbanca SA...................................... 137,094,039 1,619,159 Corpbanca SA ADR.................................. 26,066 462,411 Embotelladora Andina SA Class A ADR............... 22,244 401,504 # Embotelladora Andina SA Class B ADR............... 19,587 419,162 # Empresa Nacional de Electricidad SA Sponsored ADR. 111,030 4,937,504 Empresas CMPC SA.................................. 1,504,112 3,391,963 Empresas COPEC SA................................. 470,401 5,760,712 Enersis SA Sponsored ADR.......................... 508,369 8,571,101 ENTEL Chile SA.................................... 201,802 2,451,483 Inversiones Aguas Metropolitanas SA............... 377,408 597,072 #* Latam Airlines Group SA Sponsored ADR............. 356,772 4,181,368 Molibdenos y Metales SA........................... 21,739 254,622 116 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ----------- CHILE -- (Continued) SACI Falabella...................................... 698,561 $ 5,538,126 Sigdo Koppers SA.................................... 338,893 502,063 Sociedad Quimica y Minera de Chile SA Sponsored ADR. 91,271 2,530,945 Sonda SA............................................ 486,918 1,118,491 ----------- TOTAL CHILE............................................. 64,070,293 ----------- CHINA -- (14.3%) Agile Property Holdings, Ltd........................ 1,754,000 1,499,251 Agricultural Bank of China, Ltd. Class H............ 18,743,000 9,080,052 Air China, Ltd. Class H............................. 2,124,000 1,298,817 #* Aluminum Corp. of China, Ltd. ADR................... 112,680 1,289,059 #* Aluminum Corp. of China, Ltd. Class H............... 1,560,000 713,073 # Angang Steel Co., Ltd. Class H...................... 1,422,000 1,049,433 # Anhui Conch Cement Co., Ltd. Class H................ 1,017,500 3,832,723 Anta Sports Products, Ltd........................... 432,000 710,045 Bank of China, Ltd. Class H......................... 64,409,100 30,697,636 Bank of Communications Co., Ltd. Class H............ 7,835,515 6,003,616 BBMG Corp. Class H.................................. 1,155,500 895,528 Beijing Capital International Airport Co., Ltd. Class H........................................... 198,000 136,217 Beijing Enterprises Holdings, Ltd................... 668,972 5,829,633 # Beijing Enterprises Water Group, Ltd................ 928,000 606,708 Beijing Jingneng Clean Energy Co., Ltd. Class H..... 46,000 19,360 Belle International Holdings, Ltd................... 3,431,000 4,258,529 # Biostime International Holdings, Ltd................ 138,000 628,500 Brilliance China Automotive Holdings, Ltd........... 1,934,000 3,619,327 # Byd Co., Ltd. Class H............................... 381,886 2,525,632 China BlueChemical, Ltd............................. 212,000 109,463 China CITIC Bank Corp., Ltd. Class H................ 6,922,928 4,583,808 # China Coal Energy Co., Ltd. Class H................. 4,683,777 2,821,003 China Communications Construction Co., Ltd. Class H. 5,313,000 4,027,674 China Communications Services Corp., Ltd. Class H... 2,892,000 1,413,145 China Construction Bank Corp. Class H............... 60,826,590 46,695,259 #* China COSCO Holdings Co., Ltd. Class H.............. 2,263,000 973,016 * China Eastern Airlines Corp., Ltd. ADR.............. 2,800 43,596 #* China Eastern Airlines Corp., Ltd. Class H.......... 2,140,000 673,961 China Everbright International, Ltd................. 2,755,000 3,678,042 China Gas Holdings, Ltd............................. 2,200,000 4,238,654 China Hongqiao Group, Ltd........................... 689,500 589,880 China International Marine Containers Group Co., Ltd. Class H...................................... 338,700 743,796 # China Life Insurance Co., Ltd. ADR.................. 321,472 14,260,498 China Life Insurance Co., Ltd. Class H.............. 784,000 2,333,368 China Longyuan Power Group Corp. Class H............ 1,931,000 1,962,057 China Mengniu Dairy Co., Ltd........................ 920,000 4,447,848 # China Merchants Bank Co., Ltd. Class H.............. 3,724,554 7,536,623 China Merchants Holdings International Co., Ltd..... 1,048,006 3,525,430 # China Minsheng Banking Corp., Ltd. Class H.......... 5,307,000 5,482,049 China Mobile, Ltd................................... 179,500 1,961,332 China Mobile, Ltd. Sponsored ADR.................... 926,803 50,501,495 China Molybdenum Co., Ltd. Class H.................. 896,322 592,438 China National Building Material Co., Ltd. Class H.. 4,793,916 4,779,590 China Oilfield Services, Ltd. Class H............... 1,808,000 4,496,087 China Overseas Land & Investment, Ltd............... 3,260,000 9,933,855 China Pacific Insurance Group Co., Ltd. Class H..... 1,922,000 7,548,990 117 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ----------- CHINA -- (Continued) China Petroleum & Chemical Corp. ADR................ 138,191 $13,492,940 China Petroleum & Chemical Corp. Class H............ 8,186,800 8,014,913 China Railway Construction Corp., Ltd. Class H...... 2,896,000 2,768,343 China Railway Group, Ltd. Class H................... 3,805,000 2,025,226 China Resources Cement Holdings, Ltd................ 2,175,335 1,573,630 China Resources Enterprise, Ltd..................... 1,117,000 3,391,899 China Resources Gas Group, Ltd...................... 640,000 2,021,244 China Resources Land, Ltd........................... 1,734,000 4,036,562 China Resources Power Holdings Co., Ltd............. 1,250,000 3,507,945 China Shenhua Energy Co., Ltd. Class H.............. 2,682,500 7,904,815 #* China Shipping Container Lines Co., Ltd. Class H.... 4,653,000 1,343,921 # China South City Holdings, Ltd...................... 1,814,000 909,010 China Southern Airlines Co., Ltd. Class H........... 1,424,000 481,518 China Southern Airlines Co., Ltd. Sponsored ADR..... 12,606 209,890 China State Construction International Holdings, Ltd............................................... 1,318,000 2,320,894 * China Taiping Insurance Holdings Co., Ltd........... 618,600 1,348,863 China Telecom Corp., Ltd. ADR....................... 55,758 3,106,836 China Telecom Corp., Ltd. Class H................... 4,118,000 2,321,086 China Unicom Hong Kong, Ltd......................... 166,000 289,986 # China Unicom Hong Kong, Ltd. ADR.................... 483,030 8,390,231 Chongqing Rural Commercial Bank Class H............. 2,589,000 1,280,543 # CITIC Pacific, Ltd.................................. 1,669,000 3,332,748 CITIC Securities Co., Ltd. Class H.................. 896,000 2,245,771 CNOOC, Ltd.......................................... 3,783,000 6,681,986 # CNOOC, Ltd. ADR..................................... 127,716 22,563,586 COSCO Pacific, Ltd.................................. 2,297,502 3,458,324 Country Garden Holdings Co., Ltd.................... 7,408,769 3,778,521 CSPC Pharmaceutical Group, Ltd...................... 978,000 762,154 # CSR Corp., Ltd...................................... 1,471,000 1,315,609 Datang International Power Generation Co., Ltd. Class H........................................... 3,050,000 1,512,593 Dongfang Electric Corp., Ltd. Class H............... 377,400 651,239 Dongfeng Motor Group Co., Ltd. Class H.............. 2,302,000 4,093,710 ENN Energy Holdings, Ltd............................ 752,000 5,299,706 # Evergrande Real Estate Group, Ltd................... 10,588,000 4,589,411 # Fosun International, Ltd............................ 1,717,441 2,181,168 #* GCL-Poly Energy Holdings, Ltd....................... 6,420,814 2,072,855 # Geely Automobile Holdings, Ltd...................... 3,655,000 1,464,870 Great Wall Motor Co., Ltd. Class H.................. 932,500 3,836,294 Guangdong Investment, Ltd........................... 2,560,000 2,867,625 Guangshen Railway Co., Ltd. Sponsored ADR........... 28,517 572,051 Guangzhou Automobile Group Co., Ltd. Class H........ 1,996,259 2,238,542 # Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H...................................... 174,000 552,109 Guangzhou R&F Properties Co., Ltd................... 2,102,000 3,081,856 Haier Electronics Group Co., Ltd.................... 700,000 2,003,405 Haitian International Holdings, Ltd................. 79,000 184,660 # Hanergy Solar Group, Ltd............................ 7,134,000 1,117,597 Hengan International Group Co., Ltd................. 619,500 6,631,556 # Huadian Power International Corp., Ltd. Class H..... 1,394,000 857,699 Huaneng Power International, Inc. Class H........... 810,000 898,100 # Huaneng Power International, Inc. Sponsored ADR..... 34,452 1,526,568 Industrial & Commercial Bank of China, Ltd. Class H. 70,069,185 47,878,074 Jiangsu Expressway Co., Ltd. Class H................ 1,250,000 1,524,200 Jiangxi Copper Co., Ltd. Class H.................... 1,478,000 2,814,078 118 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ --------- ------------ CHINA -- (Continued) # Kingsoft Corp., Ltd................................. 225,000 $ 664,008 Kunlun Energy Co., Ltd.............................. 3,218,000 5,465,536 # Lenovo Group, Ltd................................... 5,665,278 7,742,425 Longfor Properties Co., Ltd......................... 1,530,000 2,211,046 # Metallurgical Corp. of China, Ltd. Class H.......... 3,003,000 657,627 New China Life Insurance Co., Ltd. Class H.......... 490,700 1,777,210 New World China Land, Ltd........................... 2,554,000 1,526,208 # Nine Dragons Paper Holdings, Ltd.................... 1,905,000 1,564,986 # PetroChina Co., Ltd. ADR............................ 143,410 18,509,929 PetroChina Co., Ltd. Class H........................ 2,814,000 3,647,141 PICC Property & Casualty Co., Ltd. Class H.......... 2,357,920 3,818,671 Ping An Insurance Group Co. of China, Ltd. Class H.. 1,408,000 11,954,777 Shandong Weigao Group Medical Polymer Co., Ltd. Class H........................................... 1,204,000 1,234,993 Shanghai Electric Group Co., Ltd. Class H........... 2,502,000 1,106,847 Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H................................................. 180,500 595,604 Shanghai Industrial Holdings, Ltd................... 701,274 2,333,979 Shanghai Pharmaceuticals Holding Co., Ltd. Class H.. 625,500 1,160,844 Shenzhou International Group Holdings, Ltd.......... 534,000 1,681,142 Shimao Property Holdings, Ltd....................... 1,892,371 4,351,015 Sihuan Pharmaceutical Holdings Group, Ltd........... 2,286,000 1,401,402 Sino Biopharmaceutical, Ltd......................... 2,620,000 2,252,323 Sino-Ocean Land Holdings, Ltd....................... 2,698,477 1,575,979 Sinopec Shanghai Petrochemical Co., Ltd. Class H.... 1,693,000 516,578 Sinopec Shanghai Petrochemical Co., Ltd. Sponsored ADR............................................... 9,818 302,477 #* Sinopec Yizheng Chemical Fibre Co., Ltd. Class H.... 671,999 153,475 Sinopharm Group Co., Ltd. Class H................... 834,400 2,450,427 SOHO China, Ltd..................................... 2,899,263 2,433,623 # Sun Art Retail Group, Ltd........................... 1,994,000 2,481,474 # Tencent Holdings, Ltd............................... 4,238,200 68,773,683 Tingyi Cayman Islands Holding Corp.................. 1,644,000 4,676,135 Tsingtao Brewery Co., Ltd. Class H.................. 186,000 1,510,695 # Uni-President China Holdings, Ltd................... 910,799 747,405 Want Want China Holdings, Ltd....................... 4,988,000 6,824,033 # Weichai Power Co., Ltd. Class H..................... 539,200 2,342,620 Xinjiang Goldwind Science & Technology Co., Ltd. Class H........................................... 309,400 351,224 # Yanzhou Coal Mining Co., Ltd. Class H............... 1,172,000 956,344 # Yanzhou Coal Mining Co., Ltd. Sponsored ADR......... 108,916 882,220 Zhejiang Expressway Co., Ltd. Class H............... 1,358,000 1,472,307 Zhuzhou CSR Times Electric Co., Ltd. Class H........ 302,000 1,034,788 # Zijin Mining Group Co., Ltd. Class H................ 5,343,000 1,394,586 # Zoomlion Heavy Industry Science and Technology Co., Ltd............................................... 1,565,200 983,806 # ZTE Corp. Class H................................... 499,038 1,037,505 ------------ TOTAL CHINA............................................. 658,534,153 ------------ COLOMBIA -- (0.7%) Almacenes Exito SA.................................. 222,056 3,585,088 Banco de Bogota SA.................................. 27,435 1,023,288 Bancolombia SA...................................... 158,554 2,390,883 Bancolombia SA Sponsored ADR........................ 89,105 5,561,043 Cementos Argos SA................................... 383,731 2,249,129 * Cemex Latam Holdings SA............................. 76,527 754,364 Corp. Financiera Colombiana SA...................... 9,280 190,867 Ecopetrol SA........................................ 1,016,730 1,722,771 119 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ --------- ----------- COLOMBIA -- (Continued) # Ecopetrol SA Sponsored ADR........................... 220,479 $ 7,438,961 Empresa de Energia de Bogota SA ESP.................. 954,210 851,635 Grupo Aval Acciones y Valores........................ 729,280 536,251 Grupo de Inversiones Suramericana SA................. 1,578 35,146 Grupo Nutresa SA..................................... 41,332 596,830 Interconexion Electrica SA ESP....................... 454,049 2,233,054 Isagen SA ESP........................................ 938,889 1,623,393 ----------- TOTAL COLOMBIA........................................... 30,792,703 ----------- CZECH REPUBLIC -- (0.2%) CEZ A.S.............................................. 198,179 5,609,113 Komercni Banka A.S................................... 15,596 3,381,325 O2 Czech Republic AS................................. 175,288 2,309,070 Philip Morris CR A.S................................. 397 200,265 * Unipetrol A.S........................................ 12,131 74,918 ----------- TOTAL CZECH REPUBLIC..................................... 11,574,691 ----------- EGYPT -- (0.1%) Commercial International Bank Egypt S.A.E. GDR....... 536,263 3,121,691 * Egyptian Financial Group-Hermes Holding GDR.......... 676 3,050 * Global Telecom Holding SAE GDR....................... 428,641 1,488,724 ----------- TOTAL EGYPT.............................................. 4,613,465 ----------- GREECE -- (0.5%) * Alpha Bank AE........................................ 1,561,074 1,247,358 Athens Water Supply & Sewage Co. SA (The)............ 15,968 204,356 * Folli Follie SA...................................... 38,413 1,606,135 Hellenic Petroleum SA................................ 102,964 806,126 * Hellenic Telecommunications Organization SA.......... 340,319 4,664,977 * JUMBO SA............................................. 145,611 2,178,151 Motor Oil Hellas Corinth Refineries SA............... 11,005 118,482 * National Bank of Greece SA........................... 421,006 1,340,268 OPAP SA.............................................. 241,253 3,931,579 * Piraeus Bank SA...................................... 1,419,168 2,981,665 * Public Power Corp. SA................................ 144,358 2,107,208 Titan Cement Co. SA.................................. 56,715 1,738,759 ----------- TOTAL GREECE............................................. 22,925,064 ----------- HUNGARY -- (0.2%) * FHB Mortgage Bank P.L.C.............................. 4,179 12,922 * Magyar Telekom Telecommunications P.L.C.............. 574,667 912,118 MOL Hungarian Oil and Gas P.L.C...................... 44,169 2,136,166 # OTP Bank P.L.C....................................... 302,824 5,248,643 Richter Gedeon Nyrt.................................. 145,205 2,382,594 # Tisza Chemical Group P.L.C........................... 23,981 421,142 ----------- TOTAL HUNGARY............................................ 11,113,585 ----------- INDIA -- (7.7%) ABB India, Ltd....................................... 46,035 787,744 ACC, Ltd............................................. 48,539 1,112,875 Adani Enterprises, Ltd............................... 217,318 1,541,301 Adani Ports and Special Economic Zone, Ltd........... 495,151 2,116,152 120 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ --------- ----------- INDIA -- (Continued) * Adani Power, Ltd..................................... 722,177 $ 670,994 Aditya Birla Nuvo, Ltd............................... 56,358 1,367,362 Ambuja Cements, Ltd.................................. 725,767 2,459,128 Apollo Hospitals Enterprise, Ltd..................... 92,224 1,528,165 Asian Paints, Ltd.................................... 313,359 3,235,486 Aurobindo Pharma, Ltd................................ 180,382 2,104,338 Axis Bank, Ltd....................................... 1,351,365 8,750,464 Bajaj Auto, Ltd...................................... 103,111 3,533,620 Bajaj Finserv, Ltd................................... 39,655 618,873 Bajaj Holdings & Investment, Ltd..................... 33,771 723,207 Bank of Baroda....................................... 95,903 1,360,574 Bank of India........................................ 232,954 1,043,810 Berger Paints India, Ltd............................. 3,327 16,469 * Bharat Electronics, Ltd.............................. 17,301 502,812 Bharat Forge, Ltd.................................... 997 11,822 Bharat Heavy Electricals, Ltd........................ 948,553 3,552,723 Bharat Petroleum Corp., Ltd.......................... 192,566 1,835,449 * Bharti Airtel, Ltd................................... 702,394 4,317,058 * Bhushan Steel, Ltd................................... 68,315 444,349 Bosch, Ltd........................................... 11,757 2,596,255 Britannia Industries, Ltd............................ 31,023 583,969 Cadila Healthcare, Ltd............................... 59,113 1,092,875 Cairn India, Ltd..................................... 781,206 4,066,547 Canara Bank.......................................... 123,779 806,645 Cipla, Ltd........................................... 443,033 3,334,435 Colgate-Palmolive India, Ltd......................... 46,572 1,206,265 * Container Corp. Of India............................. 54,732 1,170,601 Crompton Greaves, Ltd................................ 168,242 538,437 Cummins India, Ltd................................... 74,807 772,985 Dabur India, Ltd..................................... 472,358 1,602,510 Divi's Laboratories, Ltd............................. 41,087 1,007,508 * DLF, Ltd............................................. 612,132 1,985,084 Dr Reddy's Laboratories, Ltd......................... 39,086 1,813,253 # Dr Reddy's Laboratories, Ltd. ADR.................... 81,229 3,634,998 Eicher Motors, Ltd................................... 6,326 882,659 Emami, Ltd........................................... 63,025 563,144 * Essar Oil, Ltd....................................... 375,544 711,754 * Exide Industries, Ltd................................ 287,773 776,592 Federal Bank, Ltd.................................... 455,880 898,322 GAIL India, Ltd...................................... 217,415 1,551,774 GAIL India, Ltd. GDR................................. 28,791 1,219,388 GlaxoSmithKline Consumer Healthcare, Ltd............. 8,388 677,242 Glenmark Pharmaceuticals, Ltd........................ 101,902 1,101,737 * GMR Infrastructure, Ltd.............................. 454,854 201,172 Godrej Consumer Products, Ltd........................ 117,644 1,624,480 Godrej Industries, Ltd............................... 89,305 490,829 * Grasim Industries, Ltd............................... 6,300 333,762 Havells India, Ltd................................... 47,385 936,156 HCL Technologies, Ltd................................ 244,765 6,292,346 HDFC Bank, Ltd....................................... 1,530,953 20,857,653 * Hero MotoCorp, Ltd................................... 94,817 4,069,597 * Hindalco Industries, Ltd............................. 1,568,921 4,942,793 * Hindustan Petroleum Corp., Ltd....................... 93,567 613,107 121 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ --------- ----------- INDIA -- (Continued) Hindustan Unilever, Ltd.............................. 46,144 $ 519,760 ICICI Bank, Ltd...................................... 219,984 5,309,024 ICICI Bank, Ltd. Sponsored ADR....................... 208,679 10,438,124 IDBI Bank, Ltd....................................... 346,191 507,559 * Idea Cellular, Ltd................................... 818,517 2,104,559 IDFC, Ltd............................................ 601,656 1,500,141 * Indian Oil Corp., Ltd................................ 324,835 1,777,964 IndusInd Bank, Ltd................................... 233,807 2,136,109 Infosys, Ltd......................................... 246,907 13,641,775 # Infosys, Ltd. Sponsored ADR.......................... 211,972 11,620,305 ING Vysya Bank, Ltd.................................. 25,010 253,485 Ipca Laboratories, Ltd............................... 18,943 220,447 ITC, Ltd............................................. 2,345,449 13,777,383 * Jaiprakash Associates, Ltd........................... 1,336,264 1,281,447 Jindal Steel & Power, Ltd............................ 437,143 1,973,450 JSW Energy, Ltd...................................... 592,161 735,825 JSW Steel, Ltd....................................... 147,966 2,866,450 Kotak Mahindra Bank, Ltd............................. 354,265 5,539,533 Larsen & Toubro, Ltd................................. 345,693 8,511,647 Larsen & Toubro, Ltd. GDR............................ 5,358 130,609 LIC Housing Finance, Ltd............................. 53,635 255,165 Lupin, Ltd........................................... 134,973 2,626,974 Mahindra & Mahindra, Ltd............................. 395,941 7,771,694 * Mangalore Refinery & Petrochemicals, Ltd............. 355,103 379,790 * Marico Kaya Enterprises, Ltd......................... 2,327 11,311 Marico, Ltd.......................................... 131,105 551,522 Maruti Suzuki India, Ltd............................. 82,439 3,417,672 * Motherson Sumi Systems, Ltd.......................... 237,292 1,423,128 Mphasis, Ltd......................................... 73,800 554,161 * National Aluminium Co., Ltd.......................... 125,699 119,929 Nestle India, Ltd.................................... 16,603 1,400,511 * NHPC, Ltd............................................ 3,201,628 1,201,105 * NTPC, Ltd............................................ 924,696 2,204,279 * Oil & Natural Gas Corp., Ltd......................... 699,873 4,553,113 * Oil India, Ltd....................................... 112,519 1,048,670 * Oracle Financial Services Software, Ltd.............. 19,531 1,069,783 * Petronet LNG, Ltd.................................... 201,679 607,743 * Pidilite Industries, Ltd............................. 144,452 890,519 Piramal Enterprises, Ltd............................. 60,551 646,544 * Power Grid Corp. of India, Ltd....................... 1,095,210 2,411,708 Procter & Gamble Hygiene & Health Care, Ltd.......... 7,944 611,479 * Ranbaxy Laboratories, Ltd............................ 137,683 1,308,935 * Reliance Capital, Ltd................................ 97,310 932,068 Reliance Communications, Ltd......................... 700,196 1,546,981 Reliance Industries, Ltd............................. 1,443,896 23,815,917 * Reliance Infrastructure, Ltd......................... 137,634 1,672,931 * Reliance Power, Ltd.................................. 807,301 1,228,308 * Rural Electrification Corp., Ltd..................... 47,495 238,354 Sesa Sterlite, Ltd................................... 1,599,539 7,609,642 Shree Cement, Ltd.................................... 10,489 1,277,025 Shriram Transport Finance Co., Ltd................... 76,457 1,130,067 Siemens, Ltd......................................... 100,767 1,448,764 * SJVN, Ltd............................................ 80,833 32,425 122 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ------------ INDIA -- (Continued) State Bank of India................................ 150,711 $ 6,014,729 Steel Authority of India, Ltd...................... 346,711 500,797 Sun Pharmaceutical Industries, Ltd................. 647,332 8,405,963 * Sun TV Network, Ltd................................ 120,543 830,420 Tata Consultancy Services, Ltd..................... 504,640 21,473,446 Tata Global Beverages, Ltd......................... 370,091 934,441 Tata Motors, Ltd................................... 679,237 4,980,213 Tata Motors, Ltd. Sponsored ADR.................... 80,428 3,162,429 Tata Power Co., Ltd................................ 1,216,011 1,958,535 Tata Steel, Ltd.................................... 525,437 4,782,242 Tech Mahindra, Ltd................................. 132,898 4,724,156 Titan Co., Ltd..................................... 207,778 1,159,948 Ultratech Cement, Ltd.............................. 52,355 2,087,600 Union Bank of India................................ 151,552 473,749 * United Breweries, Ltd.............................. 66,842 772,341 UPL, Ltd........................................... 111,496 600,898 Wipro, Ltd......................................... 654,733 5,864,363 Yes Bank, Ltd...................................... 280,133 2,465,949 Zee Entertainment Enterprises, Ltd................. 374,353 1,793,478 ------------ TOTAL INDIA............................................ 352,421,159 ------------ INDONESIA -- (2.8%) Adaro Energy Tbk PT................................ 20,000,400 2,012,169 AKR Corporindo Tbk PT.............................. 2,003,700 755,680 Astra Agro Lestari Tbk PT.......................... 576,600 1,323,180 Astra International Tbk PT......................... 21,216,310 14,010,075 Bank Central Asia Tbk PT........................... 12,941,000 12,950,642 Bank Danamon Indonesia Tbk PT...................... 3,967,879 1,305,458 Bank Mandiri Persero Tbk PT........................ 10,999,217 9,571,027 Bank Negara Indonesia Persero Tbk PT............... 8,726,922 3,780,047 * Bank Pan Indonesia Tbk PT.......................... 7,175,000 548,817 Bank Rakyat Indonesia Persero Tbk PT............... 12,911,600 12,384,430 * Bank Tabungan Pensiunan Nasional Tbk PT............ 768,500 272,579 * Bayan Resources Tbk PT............................. 79,500 46,977 Bumi Serpong Damai PT.............................. 8,847,600 1,195,645 Charoen Pokphand Indonesia Tbk PT.................. 8,662,100 2,887,274 Ciputra Development Tbk PT......................... 4,595,400 452,323 * Global Mediacom Tbk PT............................. 13,084,700 2,150,115 Gudang Garam Tbk PT................................ 544,700 2,518,721 Holcim Indonesia Tbk PT............................ 2,051,600 530,852 Indo Tambangraya Megah Tbk PT...................... 518,300 1,155,130 Indocement Tunggal Prakarsa Tbk PT................. 1,700,800 3,682,050 Indofood CBP Sukses Makmur Tbk PT.................. 1,104,200 993,954 Indofood Sukses Makmur Tbk PT...................... 6,278,200 3,779,111 Indomobil Sukses Internasional Tbk PT.............. 22,000 8,600 * Indosat Tbk PT..................................... 1,481,600 509,229 * Indosat Tbk PT ADR................................. 1,674 23,428 * Inovisi Infracom Tbk PT............................ 753,345 97,022 Japfa Comfeed Indonesia Tbk PT..................... 1,657,100 178,000 Jasa Marga Persero Tbk PT.......................... 2,557,500 1,395,151 Kalbe Farma Tbk PT................................. 22,694,500 3,351,623 * Lippo Karawaci Tbk PT.............................. 31,811,500 3,005,133 Mayora Indah Tbk PT................................ 870,333 2,204,917 123 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ------------ INDONESIA -- (Continued) * Media Nusantara Citra Tbk PT....................... 4,959,900 $ 1,100,469 * MNC Investama Tbk PT............................... 13,972,500 443,142 Pakuwon Jati Tbk PT................................ 15,800,500 565,694 * Panasia Indo Resources Tbk PT...................... 75,100 2,082 Perusahaan Gas Negara Persero Tbk PT............... 10,171,400 5,119,724 Perusahaan Perkebunan London Sumatra Indonesia Tbk PT............................................... 4,330,300 775,519 Semen Indonesia Persero Tbk PT..................... 3,291,600 4,616,895 Sinar Mas Agro Resources and Technology Tbk PT..... 1,116,500 603,741 Sumber Alfaria Trijaya Tbk PT...................... 40,000 1,719 Summarecon Agung Tbk PT............................ 5,323,500 610,822 Surya Citra Media Tbk PT........................... 4,085,000 1,331,822 Tambang Batubara Bukit Asam Persero Tbk PT......... 1,651,700 1,634,678 Telekomunikasi Indonesia Persero Tbk PT............ 39,175,700 8,899,743 Telekomunikasi Indonesia Persero Tbk PT Sponsored ADR.............................................. 10,358 465,178 Tempo Scan Pacific Tbk PT.......................... 72,500 18,804 Tower Bersama Infrastructure Tbk PT................ 1,684,800 1,198,411 * Trada Maritime Tbk PT.............................. 4,280,400 682,128 Unilever Indonesia Tbk PT.......................... 1,693,400 4,430,908 United Tractors Tbk PT............................. 2,113,196 4,144,390 Vale Indonesia Tbk PT.............................. 3,653,900 1,247,208 XL Axiata Tbk PT................................... 3,147,800 1,458,668 ------------ TOTAL INDONESIA........................................ 128,431,104 ------------ MALAYSIA -- (4.0%) Aeon Co. M Bhd..................................... 343,200 432,368 Affin Holdings Bhd................................. 735,800 808,130 AirAsia Bhd........................................ 2,979,300 2,270,128 Alliance Financial Group Bhd....................... 1,664,700 2,538,926 AMMB Holdings Bhd.................................. 3,129,359 6,777,867 Astro Malaysia Holdings Bhd........................ 1,158,900 1,216,757 # Axiata Group Bhd................................... 2,732,175 5,947,836 Batu Kawan Bhd..................................... 92,000 568,075 Berjaya Land Bhd................................... 95,000 25,136 Berjaya Sports Toto Bhd............................ 759,076 913,464 # BIMB Holdings Bhd.................................. 722,500 977,217 Boustead Holdings Bhd.............................. 476,786 780,737 British American Tobacco Malaysia Bhd.............. 148,900 3,274,807 #* Bumi Armada Bhd.................................... 1,350,800 1,416,687 Bursa Malaysia Bhd................................. 76,800 199,752 # CIMB Group Holdings Bhd............................ 5,534,976 12,087,224 # Dialog Group Bhd................................... 3,694,118 2,145,090 # DiGi.Com Bhd....................................... 3,732,620 6,629,156 # DRB-Hicom Bhd...................................... 1,263,300 882,810 Fraser & Neave Holdings Bhd........................ 90,500 502,580 Gamuda Bhd......................................... 1,929,900 2,882,268 Genting Bhd........................................ 1,962,900 6,040,244 Genting Malaysia Bhd............................... 3,208,600 4,411,140 # Genting Plantations Bhd............................ 282,600 972,648 Guinness Anchor Bhd................................ 135,200 571,082 # HAP Seng Consolidated Bhd.......................... 753,500 827,077 # Hartalega Holdings Bhd............................. 255,300 527,967 # Hong Leong Bank Bhd................................ 627,560 2,773,730 Hong Leong Financial Group Bhd..................... 284,029 1,547,629 124 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ------------ MALAYSIA -- (Continued) # IJM Corp. Bhd...................................... 2,456,981 $ 5,138,096 # IOI Corp. Bhd...................................... 3,256,605 5,096,093 * IOI Properties Group Bhd........................... 1,536,552 1,208,128 KPJ Healthcare Bhd................................. 9,850 10,868 # Kuala Lumpur Kepong Bhd............................ 491,700 3,650,156 * Kulim Malaysia Bhd................................. 470,200 478,788 Lafarge Malaysia Bhd............................... 448,980 1,367,459 Magnum Bhd......................................... 39,300 37,605 # Malayan Banking Bhd................................ 4,965,943 15,318,087 # Malaysia Airports Holdings Bhd..................... 823,924 1,935,188 Malaysia Marine and Heavy Engineering Holdings Bhd. 414,500 448,782 #* Malaysian Airline System Bhd....................... 4,055,900 278,117 # Maxis Bhd.......................................... 2,398,100 5,065,428 MISC Bhd........................................... 1,386,198 2,819,825 # MMC Corp. Bhd...................................... 1,351,100 1,058,088 Nestle Malaysia Bhd................................ 189,300 3,965,430 #* Parkson Holdings Bhd............................... 658,114 597,660 # Petronas Chemicals Group Bhd....................... 2,951,600 6,121,123 # Petronas Dagangan Bhd.............................. 263,600 1,528,068 Petronas Gas Bhd................................... 530,400 3,902,230 # PPB Group Bhd...................................... 661,400 3,096,029 # Public Bank Bhd.................................... 1,292,214 7,986,978 QL Resources Bhd................................... 75,000 80,122 # RHB Capital Bhd.................................... 907,851 2,567,148 # Sapurakencana Petroleum Bhd........................ 3,829,500 5,151,320 * Shell Refining Co. Federation of Malaya Bhd........ 108,100 186,208 # Sime Darby Bhd..................................... 3,096,429 9,203,090 # SP Setia Bhd Group................................. 640,248 702,597 Sunway Bhd......................................... 93,400 93,601 # Telekom Malaysia Bhd............................... 961,060 1,872,765 Tenaga Nasional Bhd................................ 2,536,450 9,844,290 # UEM Sunrise Bhd.................................... 2,131,737 1,401,037 UMW Holdings Bhd................................... 992,566 3,627,405 United Plantations Bhd............................. 56,300 510,160 YTL Corp. Bhd...................................... 9,901,586 4,860,746 #* YTL Power International Bhd........................ 2,606,247 1,204,580 ------------ TOTAL MALAYSIA......................................... 183,361,827 ------------ MEXICO -- (5.1%) Alfa S.A.B. de C.V. Class A........................ 4,080,319 11,142,172 Alpek S.A. de C.V.................................. 66,216 120,261 # America Movil S.A.B. de C.V. Series L.............. 37,750,669 44,575,487 America Movil S.A.B. de C.V. Series L ADR.......... 22,528 530,985 Arca Continental S.A.B. de C.V..................... 460,692 3,256,904 #* Cemex S.A.B. de C.V................................ 1,938,964 2,439,105 #* Cemex S.A.B. de C.V. Sponsored ADR................. 1,337,401 16,797,756 # Coca-Cola Femsa S.A.B. de C.V. Series L............ 298,900 3,191,131 Coca-Cola Femsa S.A.B. de C.V. Sponsored ADR....... 13,716 1,463,909 # Controladora Comercial Mexicana S.A.B. de C.V...... 628,374 2,311,960 * Corp. Interamericana de Entretenimiento S.A.B. de C.V. Class B..................................... 8,726 6,469 # El Puerto de Liverpool S.A.B. de C.V............... 181,160 2,016,741 # Fomento Economico Mexicano S.A.B. de C.V........... 1,793,669 16,867,544 Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR.................................... 25,918 2,433,441 125 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ --------- ------------ MEXICO -- (Continued) * Gruma S.A.B. de C.V. Class B........................ 58,869 $ 646,134 * Gruma S.A.B. de C.V. Sponsored ADR.................. 482 21,150 Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR.. 34,897 4,343,979 Grupo Bimbo S.A.B. de C.V. Series A................. 1,682,198 5,158,571 Grupo Carso S.A.B. de C.V. Series A1................ 816,105 4,621,920 # Grupo Comercial Chedraui S.A. de C.V................ 320,456 1,039,906 # Grupo Elektra S.A.B. de C.V......................... 7,227 186,426 Grupo Financiero Banorte S.A.B. de C.V.............. 2,819,018 18,754,359 # Grupo Financiero Inbursa S.A.B. de C.V.............. 2,448,606 7,482,881 # Grupo Financiero Santander Mexico S.A.B. de C.V. Class B........................................... 665,864 1,770,433 Grupo Financiero Santander Mexico S.A.B. de C.V. Class B ADR....................................... 152,244 2,021,800 Grupo Mexico S.A.B. de C.V. Series B................ 4,225,397 15,034,998 * Grupo Qumma S.A. de C.V. Series B................... 1,591 -- # Grupo Televisa S.A.B. Series CPO.................... 2,556,698 18,212,122 Grupo Televisa S.A.B. Sponsored ADR................. 104,814 3,730,330 #* Impulsora del Desarrollo y El Empleo en America Latina S.A.B. de C.V.............................. 2,373,426 6,732,487 Industrias Penoles S.A.B. de C.V.................... 148,997 3,719,290 # Infraestructura Energetica Nova S.A.B. de C.V....... 93,942 531,533 # Kimberly-Clark de Mexico S.A.B. de C.V. Class A..... 1,823,400 4,626,084 # Mexichem S.A.B. de C.V.............................. 1,224,530 4,890,710 #* Minera Frisco S.A.B. de C.V......................... 783,633 1,538,813 * OHL Mexico S.A.B. de C.V............................ 761,383 2,213,885 #* Organizacion Soriana S.A.B. de C.V. Class B......... 1,112,475 3,624,380 * Promotora y Operadora de Infraestructura S.A.B. de C.V............................................... 206,999 2,793,704 * Savia SA Class A.................................... 120,000 -- # Wal-Mart de Mexico S.A.B. de C.V. Series V.......... 5,248,185 13,033,125 ------------ TOTAL MEXICO............................................ 233,882,885 ------------ PERU -- (0.3%) Cementos Pacasmayo SAA ADR.......................... 6,659 59,798 Cia de Minas Buenaventura SAA ADR................... 139,674 1,635,582 Credicorp, Ltd...................................... 65,705 9,719,083 Grana y Montero SAA Sponsored ADR................... 33,127 553,221 #* Rio Alto Mining, Ltd................................ 17,580 40,786 ------------ TOTAL PERU.............................................. 12,008,470 ------------ PHILIPPINES -- (1.2%) Aboitiz Equity Ventures, Inc........................ 1,701,400 2,145,779 Aboitiz Power Corp.................................. 1,495,200 1,259,037 Alliance Global Group, Inc.......................... 6,710,300 4,030,426 Ayala Corp.......................................... 176,755 2,662,112 Ayala Land, Inc..................................... 5,722,818 4,072,385 Bank of the Philippine Islands...................... 931,913 2,029,840 BDO Unibank, Inc.................................... 1,765,371 3,661,259 * China Banking Corp.................................. 1,380 1,755 DMCI Holdings, Inc.................................. 1,329,440 2,221,751 Energy Development Corp............................. 8,586,100 1,205,933 * Fwbc Holdings, Inc.................................. 2,006,957 -- Globe Telecom, Inc.................................. 38,630 1,540,124 International Container Terminal Services, Inc...... 1,078,460 2,798,736 JG Summit Holdings, Inc............................. 1,047,260 1,275,100 Jollibee Foods Corp................................. 494,300 2,003,867 126 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ----------- PHILIPPINES -- (Continued) LT Group, Inc....................................... 1,869,700 $ 682,889 Manila Electric Co.................................. 197,030 1,153,230 Megaworld Corp...................................... 18,982,000 1,839,250 Metro Pacific Investments Corp...................... 10,407,100 1,192,688 Metropolitan Bank & Trust Co........................ 1,146,499 2,254,539 Philippine Long Distance Telephone Co............... 37,980 2,674,421 Philippine Long Distance Telephone Co. Sponsored ADR............................................... 7,240 509,406 * Philippine National Bank............................ 401,948 827,427 Puregold Price Club, Inc............................ 103,000 99,393 Robinsons Land Corp................................. 2,175,300 1,127,697 San Miguel Corp..................................... 546,020 989,894 Semirara Mining Corp................................ 118,900 959,323 SM Investments Corp................................. 282,762 5,148,329 SM Prime Holdings, Inc.............................. 8,563,010 2,999,920 * Top Frontier Investment Holdings, Inc............... 42,789 150,008 Universal Robina Corp............................... 879,930 3,259,677 ----------- TOTAL PHILIPPINES....................................... 56,776,195 ----------- POLAND -- (1.6%) #* Alior Bank SA....................................... 19,020 469,096 Bank Handlowy w Warszawie SA........................ 49,096 1,707,308 Bank Millennium SA.................................. 701,813 1,683,121 Bank Pekao SA....................................... 144,199 7,641,792 # Bank Zachodni WBK SA................................ 28,291 3,207,219 Cyfrowy Polsat SA................................... 118,752 888,445 # Enea SA............................................. 126,247 613,129 # Eurocash SA......................................... 72,770 898,706 * Getin Noble Bank SA................................. 1,106,556 975,333 # Grupa Azoty SA...................................... 30,768 718,003 * Grupa Lotos SA...................................... 19,391 224,941 Grupa Zywiec SA..................................... 10,000 1,199,766 ING Bank Slaski SA.................................. 37,110 1,557,753 * Jastrzebska Spolka Weglowa SA....................... 38,639 512,666 * KGHM Polska Miedz SA................................ 150,496 6,174,350 LPP SA.............................................. 625 1,559,258 # mBank............................................... 17,078 2,561,615 Orange Polska SA.................................... 768,752 2,538,638 PGE SA.............................................. 977,835 6,505,536 Polski Koncern Naftowy Orlen SA..................... 422,331 4,986,622 Polskie Gornictwo Naftowe i Gazownictwo SA.......... 1,617,383 2,503,818 Powszechna Kasa Oszczednosci Bank Polski SA......... 967,168 10,998,811 Powszechny Zaklad Ubezpieczen SA.................... 62,366 8,768,618 Synthos SA.......................................... 516,152 742,783 * Tauron Polska Energia SA............................ 1,747,863 2,837,414 * TVN SA.............................................. 8,240 37,486 ----------- TOTAL POLAND............................................ 72,512,227 ----------- RUSSIA -- (2.6%) Eurasia Drilling Co., Ltd. GDR...................... 119,227 3,614,905 Gazprom OAO Sponsored ADR........................... 6,023,802 43,953,816 Globaltrans Investment P.L.C. GDR................... 58,829 578,252 Lukoil OAO Sponsored ADR............................ 278,237 15,512,046 127 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ --------- ------------ RUSSIA -- (Continued) * Magnitogorsk Iron & Steel Works OJSC GDR............ 155,928 $ 382,504 * Mail.ru Group, Ltd. GDR............................. 23,478 700,397 * Mechel Sponsored ADR................................ 170,001 321,302 MegaFon OAO GDR..................................... 27,790 773,552 MMC Norilsk Nickel OJSC ADR......................... 295,317 5,775,275 Novolipetsk Steel OJSC GDR.......................... 97,820 1,300,424 Novorossiysk Commercial Sea Port PJSC GDR........... 11,508 45,258 O'Key Group SA GDR.................................. 30,438 286,255 Phosagro OAO GDR.................................... 51,527 646,209 * PIK Group GDR....................................... 2,241 4,734 Rosneft OAO GDR..................................... 732,210 4,517,901 Rostelecom OJSC Sponsored ADR....................... 59,257 879,521 RusHydro JSC ADR.................................... 1,434,285 2,426,564 Sberbank of Russia Sponsored ADR.................... 1,429,666 11,860,203 Severstal OAO GDR................................... 226,630 2,176,836 Tatneft OAO Sponsored ADR........................... 272,386 9,681,630 TMK OAO GDR......................................... 29,680 266,479 Uralkali OJSC GDR................................... 240,379 4,590,040 VimpelCom, Ltd. Sponsored ADR....................... 366,796 3,059,079 VTB Bank OJSC GDR................................... 2,141,562 4,676,610 * X5 Retail Group NV GDR.............................. 99,077 1,901,591 ------------ TOTAL RUSSIA............................................ 119,931,383 ------------ SOUTH AFRICA -- (7.6%) # African Bank Investments, Ltd....................... 709,671 407,090 African Rainbow Minerals, Ltd....................... 180,656 3,350,709 #* Anglo American Platinum, Ltd........................ 80,583 3,537,694 * AngloGold Ashanti, Ltd. Sponsored ADR............... 656,287 11,281,574 Aspen Pharmacare Holdings, Ltd...................... 368,286 9,953,527 Assore, Ltd......................................... 42,544 1,409,377 AVI, Ltd............................................ 294,307 1,664,878 # Barclays Africa Group, Ltd.......................... 395,609 6,155,375 Barloworld, Ltd..................................... 374,907 3,555,441 Bidvest Group, Ltd.................................. 392,311 10,553,703 # Capitec Bank Holdings, Ltd.......................... 53,150 1,204,734 Coronation Fund Managers, Ltd....................... 258,136 2,355,648 Discovery, Ltd...................................... 385,474 3,370,689 Distell Group, Ltd.................................. 30,883 391,313 # Exxaro Resources, Ltd............................... 166,494 2,255,767 FirstRand, Ltd...................................... 3,475,911 13,974,632 # Foschini Group, Ltd. (The).......................... 261,243 2,857,544 Gold Fields, Ltd. Sponsored ADR..................... 1,005,660 3,962,300 Impala Platinum Holdings, Ltd....................... 756,929 7,500,783 Imperial Holdings, Ltd.............................. 240,258 4,424,732 Investec, Ltd....................................... 361,913 3,115,001 # Kumba Iron Ore, Ltd................................. 89,688 3,136,208 Liberty Holdings, Ltd............................... 172,373 2,079,551 Life Healthcare Group Holdings, Ltd................. 1,081,237 4,436,923 Massmart Holdings, Ltd.............................. 103,729 1,355,443 Mediclinic International, Ltd....................... 434,871 3,460,574 MMI Holdings, Ltd................................... 1,850,766 4,471,296 Mondi, Ltd.......................................... 214,839 3,778,212 Mr Price Group, Ltd................................. 278,233 5,254,836 128 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ --------- ------------ SOUTH AFRICA -- (Continued) MTN Group, Ltd...................................... 1,869,995 $ 38,707,732 Nampak, Ltd......................................... 917,727 3,485,443 Naspers, Ltd. Class N............................... 444,856 54,707,065 Nedbank Group, Ltd.................................. 341,928 7,446,902 Netcare, Ltd........................................ 1,842,541 5,289,961 # Pick n Pay Stores, Ltd.............................. 279,886 1,524,620 PSG Group, Ltd...................................... 61,341 564,211 Sanlam, Ltd......................................... 2,264,361 12,843,683 Santam, Ltd......................................... 36,574 681,458 Sasol, Ltd.......................................... 35,602 2,053,641 Sasol, Ltd. Sponsored ADR........................... 609,116 35,237,361 Shoprite Holdings, Ltd.............................. 503,929 7,604,142 Spar Group, Ltd. (The).............................. 171,619 1,980,712 Standard Bank Group, Ltd............................ 1,498,309 20,158,942 # Steinhoff International Holdings, Ltd............... 2,088,137 10,431,115 Tiger Brands, Ltd................................... 170,081 4,889,912 Truworths International, Ltd........................ 508,009 3,556,901 # Tsogo Sun Holdings, Ltd............................. 288,868 732,094 # Vodacom Group, Ltd.................................. 418,672 4,893,489 Woolworths Holdings, Ltd............................ 788,404 6,087,992 ------------ TOTAL SOUTH AFRICA...................................... 348,132,930 ------------ SOUTH KOREA -- (13.9%) Amorepacific Corp................................... 2,883 4,947,922 AMOREPACIFIC Group.................................. 3,010 2,583,921 BS Financial Group, Inc............................. 294,076 4,696,594 #* Celltrion, Inc...................................... 56,704 2,175,351 * Cheil Worldwide, Inc................................ 87,060 1,821,576 # CJ CheilJedang Corp................................. 9,891 3,183,184 # CJ Corp............................................. 25,808 3,638,713 #* CJ Korea Express Co., Ltd........................... 5,587 732,044 CJ O Shopping Co., Ltd.............................. 711 272,001 Coway Co., Ltd...................................... 50,818 4,380,428 # Daelim Industrial Co., Ltd.......................... 36,223 3,240,948 #* Daewoo Engineering & Construction Co., Ltd.......... 133,508 1,284,215 # Daewoo International Corp........................... 43,083 1,551,112 * Daewoo Securities Co., Ltd.......................... 227,394 2,284,157 # Daewoo Shipbuilding & Marine Engineering Co., Ltd... 109,830 2,606,307 DGB Financial Group, Inc............................ 2,265 36,769 Dongbu Insurance Co., Ltd........................... 54,192 3,068,263 Doosan Corp......................................... 13,353 1,595,473 Doosan Heavy Industries & Construction Co., Ltd..... 67,733 1,972,618 #* Doosan Infracore Co., Ltd........................... 164,190 2,063,878 # E-Mart Co., Ltd..................................... 25,293 5,679,432 Grand Korea Leisure Co., Ltd........................ 15,370 634,449 #* GS Engineering & Construction Corp.................. 63,191 2,388,238 GS Holdings......................................... 66,625 3,030,271 # Halla Visteon Climate Control Corp.................. 13,666 673,902 Hana Financial Group, Inc........................... 333,018 13,411,567 Hankook Tire Co., Ltd............................... 66,995 3,667,034 # Hanwha Chemical Corp................................ 115,727 2,014,842 Hanwha Corp......................................... 47,620 1,349,708 Hanwha Life Insurance Co., Ltd...................... 219,350 1,455,979 129 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ------- ----------- SOUTH KOREA -- (Continued) # Hite Jinro Co., Ltd.................................... 22,640 $ 498,388 # Hotel Shilla Co., Ltd.................................. 29,607 3,154,772 Hyosung Corp........................................... 28,545 2,073,281 Hyundai Department Store Co., Ltd...................... 17,135 2,440,467 # Hyundai Development Co................................. 18,489 686,388 Hyundai Engineering & Construction Co., Ltd............ 77,500 4,724,389 Hyundai Glovis Co., Ltd................................ 11,990 3,059,798 # Hyundai Heavy Industries Co., Ltd...................... 44,760 6,452,618 Hyundai Marine & Fire Insurance Co., Ltd............... 73,211 2,164,804 Hyundai Mobis.......................................... 67,404 20,135,209 # Hyundai Motor Co....................................... 151,763 35,926,706 # Hyundai Steel Co....................................... 81,991 6,246,398 # Hyundai Wia Corp....................................... 14,396 2,615,143 Industrial Bank of Korea............................... 270,156 4,005,534 Kangwon Land, Inc...................................... 114,660 3,801,800 KB Financial Group, Inc................................ 344,645 13,463,356 KB Financial Group, Inc. ADR........................... 97,918 3,830,552 KCC Corp............................................... 6,039 3,554,979 # KEPCO Engineering & Construction Co., Inc.............. 8,507 471,793 # KEPCO Plant Service & Engineering Co., Ltd............. 12,199 877,676 Kia Motors Corp........................................ 270,079 15,855,187 #* KJB Financial Group Co., Ltd........................... 26,713 317,068 * KNB Financial Group Co., Ltd........................... 40,823 550,079 # Korea Aerospace Industries, Ltd........................ 34,130 1,164,223 Korea Electric Power Corp.............................. 197,690 8,157,912 Korea Electric Power Corp. Sponsored ADR............... 2,700 54,729 * Korea Gas Corp......................................... 27,873 1,658,843 Korea Investment Holdings Co., Ltd..................... 32,915 1,472,379 Korea Zinc Co., Ltd.................................... 8,923 3,572,825 * Korean Air Lines Co., Ltd.............................. 9,321 322,976 KT Corp................................................ 23,160 747,067 KT Corp. Sponsored ADR................................. 18,074 290,268 # KT&G Corp.............................................. 100,502 9,708,906 # Kumho Petro chemical Co., Ltd.......................... 15,006 1,308,095 LG Chem, Ltd........................................... 46,860 13,113,335 LG Corp................................................ 120,004 8,036,340 * LG Display Co., Ltd.................................... 203,730 6,687,987 * LG Display Co., Ltd. ADR............................... 507,231 8,242,504 # LG Electronics, Inc.................................... 162,790 12,059,885 LG Household & Health Care, Ltd........................ 9,201 4,273,071 * LG Innotek Co., Ltd.................................... 10,099 1,222,889 LG Uplus Corp.......................................... 352,880 3,245,400 Lotte Chemical Corp.................................... 21,503 3,625,342 Lotte Chilsung Beverage Co., Ltd....................... 39 70,092 Lotte Confectionery Co., Ltd........................... 349 710,855 Lotte Shopping Co., Ltd................................ 13,660 4,212,000 LS Corp................................................ 20,002 1,409,104 Macquarie Korea Infrastructure Fund.................... 229,212 1,471,073 Mando Corp............................................. 17,171 2,091,982 Naver Corp............................................. 27,242 19,452,046 NCSoft Corp............................................ 14,464 2,166,061 #* OCI Co., Ltd........................................... 16,919 2,657,993 # Orion Corp............................................. 3,321 3,026,468 130 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ------------ SOUTH KOREA -- (Continued) Paradise Co., Ltd.................................. 6,494 $ 209,767 POSCO.............................................. 47,828 15,541,957 # POSCO ADR.......................................... 67,985 5,495,228 S-1 Corp........................................... 15,382 1,144,398 # S-Oil Corp......................................... 47,441 2,535,662 Samsung C&T Corp................................... 143,779 10,203,683 Samsung Card Co., Ltd.............................. 23,720 1,104,016 # Samsung Electro-Mechanics Co., Ltd................. 99,467 6,061,250 Samsung Electronics Co., Ltd....................... 81,120 104,986,620 Samsung Electronics Co., Ltd. GDR.................. 49,372 31,649,690 #* Samsung Engineering Co., Ltd....................... 27,417 1,837,113 Samsung Fire & Marine Insurance Co., Ltd........... 38,511 10,555,670 # Samsung Heavy Industries Co., Ltd.................. 168,600 4,528,894 Samsung Life Insurance Co., Ltd.................... 59,292 6,035,380 Samsung SDI Co., Ltd............................... 62,545 9,630,722 # Samsung Securities Co., Ltd........................ 70,938 3,344,465 # Samsung Techwin Co., Ltd........................... 34,401 1,612,203 Seoul Semiconductor Co., Ltd....................... 18,042 497,938 Shinhan Financial Group Co., Ltd................... 374,876 18,514,269 Shinhan Financial Group Co., Ltd. ADR.............. 86,082 4,255,033 Shinsegae Co., Ltd................................. 6,575 1,487,493 # SK C&C Co., Ltd.................................... 19,871 3,240,641 SK Holdings Co., Ltd............................... 55,138 9,339,054 * SK Hynix, Inc...................................... 539,105 23,456,221 SK Innovation Co., Ltd............................. 75,959 7,565,895 * SK Networks Co., Ltd............................... 61,145 665,519 SK Telecom Co., Ltd................................ 8,002 2,054,127 * Woori Finance Holdings Co., Ltd.................... 352,052 4,743,583 * Woori Finance Holdings Co., Ltd. ADR............... 1,026 41,307 Woori Investment & Securities Co., Ltd............. 147,510 1,603,338 Young Poong Corp................................... 203 267,501 ------------ TOTAL SOUTH KOREA...................................... 639,788,568 ------------ TAIWAN -- (13.4%) #* Acer, Inc.......................................... 3,709,040 2,939,586 Advanced Semiconductor Engineering, Inc............ 6,951,929 8,256,061 # Advanced Semiconductor Engineering, Inc. ADR....... 77,739 465,657 Advantech Co., Ltd................................. 292,200 2,273,312 # Airtac International Group......................... 105,000 986,336 * Asia Cement Corp................................... 3,097,802 4,303,175 # Asustek Computer, Inc.............................. 861,180 9,100,396 # AU Optronics Corp.................................. 18,461,873 8,319,339 AU Optronics Corp. Sponsored ADR................... 326,626 1,443,687 #* Catcher Technology Co., Ltd........................ 866,429 7,081,702 Cathay Financial Holding Co., Ltd.................. 8,996,450 14,970,039 Cathay Real Estate Development Co., Ltd............ 839,000 475,227 # Chang Hwa Commercial Bank.......................... 6,496,043 4,252,404 # Cheng Shin Rubber Industry Co., Ltd................ 2,012,965 5,046,815 # Cheng Uei Precision Industry Co., Ltd.............. 384,109 715,047 Chicony Electronics Co., Ltd....................... 662,871 1,836,299 * China Airlines, Ltd................................ 5,884,536 1,994,444 China Development Financial Holding Corp........... 19,411,121 6,416,859 China Life Insurance Co., Ltd...................... 3,083,797 2,941,194 131 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ----------- TAIWAN -- (Continued) China Motor Corp.................................... 649,000 $ 625,458 # China Petrochemical Development Corp................ 2,243,613 911,695 China Steel Chemical Corp........................... 148,000 934,244 # China Steel Corp.................................... 13,451,895 11,602,738 # Chipbond Technology Corp............................ 1,106,000 1,787,558 Chunghwa Telecom Co., Ltd........................... 1,193,000 3,639,338 # Chunghwa Telecom Co., Ltd. ADR...................... 236,502 7,156,550 Clevo Co............................................ 550,075 1,012,869 Compal Electronics, Inc............................. 7,470,541 6,876,386 CTBC Financial Holding Co., Ltd..................... 15,898,997 11,127,952 CTCI Corp........................................... 638,000 1,055,757 Delta Electronics, Inc.............................. 1,992,366 13,539,006 E.Sun Financial Holding Co., Ltd.................... 8,232,328 5,474,728 # Eclat Textile Co., Ltd.............................. 188,120 2,086,383 # Epistar Corp........................................ 1,230,000 2,677,951 Eternal Materials Co., Ltd.......................... 17,000 19,788 * Eva Airways Corp.................................... 2,723,600 1,342,322 * Evergreen Marine Corp. Taiwan, Ltd.................. 2,443,249 1,402,005 * Far Eastern Department Stores, Ltd.................. 1,529,993 1,552,805 * Far Eastern New Century Corp........................ 4,044,335 4,519,208 Far EasTone Telecommunications Co., Ltd............. 2,054,000 4,260,682 Farglory Land Development Co., Ltd.................. 648,393 909,291 Feng Hsin Iron & Steel Co........................... 214,000 294,854 Feng TAY Enterprise Co., Ltd........................ 253,000 724,172 #* Firich Enterprises Co., Ltd......................... 17,763 97,477 First Financial Holding Co., Ltd.................... 9,531,371 6,476,062 # Formosa Chemicals & Fibre Corp...................... 3,755,518 9,137,439 Formosa International Hotels Corp................... 39,460 469,504 Formosa Petrochemical Corp.......................... 1,244,000 3,169,778 Formosa Plastics Corp............................... 4,827,153 12,365,214 Formosa Taffeta Co., Ltd............................ 848,000 934,706 * Foxconn Technology Co., Ltd......................... 1,290,237 3,188,970 Fubon Financial Holding Co., Ltd.................... 7,900,233 12,401,916 Giant Manufacturing Co., Ltd........................ 295,506 2,423,842 # Gigasolar Materials Corp............................ 19,000 353,494 # Ginko International Co., Ltd........................ 28,000 404,255 Gourmet Master Co., Ltd............................. 46,000 389,474 #* HannStar Display Corp............................... 4,632,000 1,796,420 #* Highwealth Construction Corp........................ 620,200 1,425,921 # Hiwin Technologies Corp............................. 187,173 2,011,582 * Hon Hai Precision Industry Co., Ltd................. 12,802,056 43,868,638 # Hotai Motor Co., Ltd................................ 278,000 3,600,592 #* HTC Corp............................................ 1,028,235 4,486,088 Hua Nan Financial Holdings Co., Ltd................. 7,355,828 4,728,305 # Innolux Corp.(B0CC0M5).............................. 19,429,341 9,167,654 * INNOLUX Corp.()..................................... 1,459,902 87,625 * Inotera Memories, Inc............................... 3,117,000 5,327,014 Inventec Corp....................................... 3,189,551 2,835,381 #* Kenda Rubber Industrial Co., Ltd.................... 751,481 1,716,778 King Slide Works Co., Ltd........................... 25,000 330,857 King's Town Bank.................................... 188,000 190,155 # Kinsus Interconnect Technology Corp................. 552,000 2,282,072 # Largan Precision Co., Ltd........................... 105,860 8,132,589 132 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ------------ TAIWAN -- (Continued) # LCY Chemical Corp.................................. 434,123 $ 359,882 Lite-On Technology Corp............................ 3,290,741 5,521,066 Lung Yen Life Service Corp......................... 117,000 329,395 #* Macronix International............................. 532,218 137,177 # MediaTek, Inc...................................... 1,280,995 19,824,848 #* Medigen Biotechnology Corp......................... 41,000 441,007 Mega Financial Holding Co., Ltd.................... 10,995,904 9,656,269 * Merida Industry Co., Ltd........................... 210,750 1,645,700 Micro-Star International Co., Ltd.................. 167,000 255,903 Nan Kang Rubber Tire Co., Ltd...................... 534,780 622,668 Nan Ya Plastics Corp............................... 5,550,599 12,896,918 Novatek Microelectronics Corp...................... 631,000 3,194,563 # Oriental Union Chemical Corp....................... 248,000 247,759 #* Pegatron Corp...................................... 4,055,345 7,684,602 Phison Electronics Corp............................ 186,000 1,362,968 Pou Chen Corp...................................... 3,500,487 3,912,789 Powertech Technology, Inc.......................... 1,704,819 2,844,341 President Chain Store Corp......................... 696,831 5,543,317 Quanta Computer, Inc............................... 2,622,000 7,323,032 # Radiant Opto-Electronics Corp...................... 730,170 3,032,779 #* Realtek Semiconductor Corp......................... 551,950 1,748,081 Ruentex Development Co., Ltd....................... 945,351 1,693,677 Ruentex Industries, Ltd............................ 839,182 2,112,710 # Sanyang Industry Co., Ltd.......................... 776,000 749,173 # ScinoPharm Taiwan, Ltd............................. 245,440 588,554 #* Shin Kong Financial Holding Co., Ltd............... 12,020,708 3,992,717 Siliconware Precision Industries Co................ 3,473,324 4,740,680 Siliconware Precision Industries Co. Sponsored ADR.............................................. 67,173 446,700 Simplo Technology Co., Ltd......................... 419,000 2,273,829 #* SinoPac Financial Holdings Co., Ltd................ 9,553,105 4,479,968 #* St Shine Optical Co., Ltd.......................... 52,000 1,081,956 # Standard Foods Corp................................ 306,784 872,010 # Synnex Technology International Corp............... 1,493,756 2,334,960 # Tainan Spinning Co., Ltd........................... 308,000 202,308 Taishin Financial Holding Co., Ltd................. 12,310,483 6,569,959 * Taiwan Business Bank............................... 5,581,871 1,778,867 Taiwan Cement Corp................................. 4,294,720 6,393,483 Taiwan Cooperative Financial Holding Co., Ltd...... 8,088,371 4,813,847 Taiwan FamilyMart Co., Ltd......................... 33,000 233,403 # Taiwan Fertilizer Co., Ltd......................... 1,141,000 2,313,257 # Taiwan Glass Industry Corp......................... 1,237,253 1,086,071 Taiwan Mobile Co., Ltd............................. 1,801,300 5,512,940 * Taiwan Secom Co., Ltd.............................. 152,000 408,208 Taiwan Semiconductor Manufacturing Co., Ltd........ 25,188,808 100,989,040 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR.................................... 223,463 4,469,260 Teco Electric and Machinery Co., Ltd............... 2,803,000 3,553,145 # Ton Yi Industrial Corp............................. 1,254,000 1,162,117 # TPK Holding Co., Ltd............................... 219,000 1,374,693 Transcend Information, Inc......................... 231,181 789,931 Tripod Technology Corp............................. 482,870 914,196 # TSRC Corp.......................................... 664,965 983,306 U-Ming Marine Transport Corp....................... 551,860 869,730 Uni-President Enterprises Corp..................... 5,303,515 10,096,068 133 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ------------ TAIWAN -- (Continued) Unimicron Technology Corp.......................... 2,140,896 $ 1,794,189 # United Microelectronics Corp....................... 21,430,000 9,885,172 Vanguard International Semiconductor Corp.......... 1,043,000 1,492,536 * Walsin Lihwa Corp.................................. 4,022,000 1,495,797 * Wan Hai Lines, Ltd................................. 1,104,800 579,116 * Winbond Electronics Corp........................... 1,173,000 422,632 #* Wintek Corp........................................ 1,832,760 686,809 Wistron Corp....................................... 4,175,420 3,989,483 WPG Holdings, Ltd.................................. 2,051,869 2,720,338 Yageo Corp......................................... 173,000 116,716 * Yang Ming Marine Transport Corp.................... 1,948,300 806,434 Yuanta Financial Holding Co., Ltd.................. 12,335,577 6,850,602 # Yulon Motor Co., Ltd............................... 1,152,000 1,879,400 # Yungtay Engineering Co., Ltd....................... 122,000 310,953 #* Zhen Ding Technology Holding, Ltd.................. 381,700 1,143,687 ------------ TOTAL TAIWAN........................................... 615,790,812 ------------ THAILAND -- (2.4%) Advanced Info Service PCL.......................... 1,088,500 7,051,012 Airports of Thailand PCL........................... 423,700 2,823,787 Bangkok Bank PCL(6077019).......................... 329,000 2,013,345 Bangkok Bank PCL(6368360).......................... 575,500 3,494,939 Bangkok Dusit Medical Services PCL................. 5,300,000 2,805,979 Bangkok Life Assurance PCL......................... 482,000 1,396,014 Banpu PCL.......................................... 1,479,200 1,485,649 BEC World PCL...................................... 810,000 1,261,289 Berli Jucker PCL................................... 555,800 973,645 Big C Supercenter PCL(6368434)..................... 333,200 2,397,048 Big C Supercenter PCL(6763932)..................... 24,600 177,739 Bumrungrad Hospital PCL............................ 248,700 933,303 Central Pattana PCL................................ 1,308,100 1,945,244 Central Plaza Hotel PCL............................ 709,700 845,407 Charoen Pokphand Foods PCL......................... 2,881,300 2,400,336 CP ALL PCL......................................... 3,242,700 4,670,659 Delta Electronics Thailand PCL..................... 480,400 927,586 Electricity Generating PCL......................... 219,500 998,038 Energy Absolute PCL................................ 428,100 291,977 Glow Energy PCL.................................... 445,700 1,179,835 Home Product Center PCL............................ 3,844,917 1,233,343 Indorama Ventures PCL.............................. 1,887,300 1,542,872 Intouch Holdings PCL............................... 515,400 1,099,499 IRPC PCL........................................... 11,139,400 1,172,568 Jasmine International PCL.......................... 4,210,300 983,409 Kasikornbank PCL(6888794).......................... 1,146,600 7,570,202 Kasikornbank PCL(6364766).......................... 52,000 338,462 Krung Thai Bank PCL................................ 6,579,087 4,405,181 Land and Houses PCL(6581941)....................... 3,553,800 1,045,886 Land and Houses PCL(6581930)....................... 790,000 233,728 Minor International PCL............................ 1,542,100 1,548,824 Pruksa Real Estate PCL............................. 1,448,900 1,511,621 PTT Exploration & Production PCL(B1359J0).......... 1,463,555 7,406,655 PTT Exploration & Production PCL(B1359L2).......... 65,409 331,017 PTT Global Chemical PCL............................ 1,778,472 3,641,686 134 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- ------------ THAILAND -- (Continued) PTT PCL............................................ 1,203,800 $ 11,959,271 Ratchaburi Electricity Generating Holding PCL(6294249)..................................... 521,300 880,739 Ratchaburi Electricity Generating Holding PCL(6362771)..................................... 81,700 138,033 Robinson Department Store PCL...................... 428,200 786,789 Siam Cement PCL (The)(6609906)..................... 166,400 2,249,069 Siam Cement PCL (The)(6609928)..................... 126,100 1,704,373 Siam City Cement PCL............................... 127,413 1,753,863 Siam Commercial Bank PCL (The)..................... 1,203,066 6,669,130 Siam Global House PCL.............................. 1,033,316 411,910 Thai Oil PCL....................................... 1,007,500 1,623,735 Thai Union Frozen Products PCL..................... 452,560 923,160 Thaicom PCL........................................ 386,700 427,526 Thanachart Capital PCL............................. 282,200 311,993 TMB Bank PCL....................................... 19,412,000 1,716,913 Total Access Communication PCL(B1YWK08)............ 753,700 2,429,397 Total Access Communication PCL(B231MK7)............ 214,100 690,108 * True Corp. PCL..................................... 5,807,400 1,718,166 ------------ TOTAL THAILAND......................................... 110,531,959 ------------ TURKEY -- (1.7%) Akbank TAS......................................... 2,127,222 8,436,342 * Anadolu Efes Biracilik Ve Malt Sanayii A.S......... 223,199 2,707,044 Arcelik A.S........................................ 312,559 1,977,542 Aselsan Elektronik Sanayi Ve Ticaret A.S........... 97,871 427,969 BIM Birlesik Magazalar A.S......................... 236,317 5,595,956 Coca-Cola Icecek A.S............................... 67,443 1,691,908 * Dogan Yayin Holding A.S............................ 1 -- Enka Insaat ve Sanayi A.S.......................... 515,518 1,343,609 # Eregli Demir ve Celik Fabrikalari TAS.............. 2,250,277 4,744,776 * Ford Otomotiv Sanayi A.S........................... 77,123 1,056,393 KOC Holding A.S.................................... 739,097 3,878,178 Koza Altin Isletmeleri A.S......................... 48,987 506,239 * Migros Ticaret A.S................................. 33,309 297,171 # Petkim Petrokimya Holding A.S...................... 296,497 471,504 TAV Havalimanlari Holding A.S...................... 172,250 1,413,592 Tofas Turk Otomobil Fabrikasi A.S.................. 144,924 897,390 Tupras Turkiye Petrol Rafinerileri A.S............. 123,271 3,012,545 #* Turk Hava Yollari.................................. 1,104,888 3,315,321 # Turk Telekomunikasyon A.S.......................... 563,410 1,686,700 Turk Traktor ve Ziraat Makineleri A.S.............. 12,442 437,095 #* Turkcell Iletisim Hizmetleri A.S................... 681,855 4,458,856 #* Turkcell Iletisim Hizmetleri A.S. ADR.............. 73,838 1,206,513 Turkiye Garanti Bankasi A.S........................ 2,543,390 10,474,248 Turkiye Halk Bankasi A.S........................... 731,737 5,509,641 # Turkiye Is Bankasi................................. 1,910,546 5,330,707 Turkiye Sinai Kalkinma Bankasi A.S................. 34,301 30,459 Turkiye Sise ve Cam Fabrikalari A.S................ 769,909 1,119,132 Turkiye Vakiflar Bankasi Tao....................... 1,209,629 2,841,243 Ulker Biskuvi Sanayi A.S........................... 121,920 943,547 135 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ --------- -------------- TURKEY -- (Continued) # Yapi ve Kredi Bankasi A.S......................... 1,011,449 $ 2,304,239 -------------- TOTAL TURKEY.......................................... 78,115,859 -------------- TOTAL COMMON STOCKS................................... 4,048,581,751 -------------- PREFERRED STOCKS -- (4.2%) BRAZIL -- (4.1%) AES Tiete SA...................................... 135,998 1,112,561 Alpargatas SA..................................... 15,085 70,613 Banco Bradesco SA................................. 2,233,995 34,079,809 Braskem SA Class A................................ 73,800 456,381 Centrais Eletricas Brasileiras SA Class B......... 201,800 968,640 Cia Brasileira de Distribuicao.................... 95,700 4,618,909 Cia de Gas de Sao Paulo COMGAS Class A............ 22,527 522,477 Cia de Transmissao de Energia Eletrica Paulista... 37,389 473,800 Cia Energetica de Minas Gerais.................... 805,724 6,559,439 Cia Energetica de Sao Paulo Class B............... 229,010 2,920,225 Cia Paranaense de Energia......................... 73,900 1,146,570 Empresa Nacional de Comercio Redito e Participacoes SA................................ 380 6,455 Gerdau SA......................................... 836,068 4,919,673 Itau Unibanco Holding SA.......................... 2,825,064 43,706,775 Itau Unibanco Holding SA ADR...................... 128,657 1,981,313 Lojas Americanas SA............................... 589,083 3,751,955 Oi SA............................................. 3,838,915 2,487,363 Petroleo Brasileiro SA............................ 935,300 7,874,041 Petroleo Brasileiro SA Sponsored ADR.............. 1,981,166 33,323,212 Suzano Papel e Celulose SA Class A................ 419,600 1,627,539 Telefonica Brasil SA.............................. 260,184 5,229,483 * Usinas Siderurgicas de Minas Gerais SA Class A.... 609,817 2,163,758 Vale SA........................................... 1,529,491 19,638,159 Vale SA Sponsored ADR............................. 483,572 6,189,722 -------------- TOTAL BRAZIL.......................................... 185,828,872 -------------- CHILE -- (0.0%) Embotelladora Andina SA Class B................... 9,255 32,925 -------------- COLOMBIA -- (0.1%) Banco Davivienda SA............................... 128,737 2,179,977 Bancolombia SA.................................... 30,330 468,668 Grupo Aval Acciones y Valores..................... 1,656,267 1,226,704 136 THE EMERGING MARKETS SERIES CONTINUED SHARES VALUE++ ---------- -------------- COLOMBIA -- (Continued) Grupo de Inversiones Suramericana SA............. 79,290 $ 1,676,428 -------------- TOTAL COLOMBIA....................................... 5,551,777 -------------- INDIA -- (0.0%) Zee Entertainment Enterprises, Ltd., 6.000%...... 8,184,078 107,736 -------------- TOTAL PREFERRED STOCKS............................... 191,521,310 -------------- RIGHTS/WARRANTS -- (0.0%) BRAZIL -- (0.0%) * Cia de Transmissao de Energia Eletrica Paulista Rights 08/15/14................................ 2,265 3,604 -------------- SOUTH AFRICA -- (0.0%) #* Steinhoff International Holdings Rights 08/01/14....................................... 346,393 51,686 -------------- THAILAND -- (0.0%) * LH W3 Warrants 04/29/17.......................... 158,000 28,294 * Tru Rights 08/28/14.............................. 2,257,493 214,430 -------------- TOTAL THAILAND....................................... 242,724 -------------- TOTAL RIGHTS/WARRANTS................................ 298,014 -------------- SHARES/ FACE AMOUNT (000) VALUE+ ---------- -------------- SECURITIES LENDING COLLATERAL -- (7.7%) (S)@ DFA Short Term Investment Fund.................. 30,635,391 354,451,474 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $3,199,707,300)^^............................ $4,594,852,549 ============== 137 THE EMERGING MARKETS SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) ---------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL -------------- -------------- ------- -------------- Common Stocks Brazil..................... $ 293,272,419 -- -- $ 293,272,419 Chile...................... 64,070,293 -- -- 64,070,293 China...................... 135,651,376 $ 522,882,777 -- 658,534,153 Colombia................... 30,792,703 -- -- 30,792,703 Czech Republic............. -- 11,574,691 -- 11,574,691 Egypt...................... -- 4,613,465 -- 4,613,465 Greece..................... -- 22,925,064 -- 22,925,064 Hungary.................... -- 11,113,585 -- 11,113,585 India...................... 37,617,631 314,803,528 -- 352,421,159 Indonesia.................. 490,688 127,940,416 -- 128,431,104 Malaysia................... -- 183,361,827 -- 183,361,827 Mexico..................... 233,882,885 -- -- 233,882,885 Peru....................... 12,008,470 -- -- 12,008,470 Philippines................ 509,406 56,266,789 -- 56,776,195 Poland..................... -- 72,512,227 -- 72,512,227 Russia..................... 3,380,381 116,551,002 -- 119,931,383 South Africa............... 50,481,235 297,651,695 -- 348,132,930 South Korea................ 23,076,768 616,711,800 -- 639,788,568 Taiwan..................... 13,981,854 601,808,958 -- 615,790,812 Thailand................... 110,531,959 -- -- 110,531,959 Turkey..................... 1,206,513 76,909,346 -- 78,115,859 Preferred Stocks Brazil..................... 185,828,872 -- -- 185,828,872 Chile...................... 32,925 -- -- 32,925 Colombia................... 5,551,777 -- -- 5,551,777 India...................... -- 107,736 -- 107,736 Rights/Warrants Brazil..................... -- 3,604 -- 3,604 South Africa............... -- 51,686 -- 51,686 Thailand................... -- 242,724 -- 242,724 Securities Lending Collateral. -- 354,451,474 -- 354,451,474 -------------- -------------- -- -------------- TOTAL......................... $1,202,368,155 $3,392,484,394 -- $4,594,852,549 ============== ============== == ==============
138 THE EMERGING MARKETS SMALL CAP SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE++ --------- ----------- COMMON STOCKS -- (87.6%) BRAZIL -- (6.9%) Abril Educacao SA.................................... 256,448 $ 4,295,327 AES Tiete SA......................................... 43,100 297,497 Aliansce Shopping Centers SA......................... 790,849 6,553,371 ALL - America Latina Logistica SA.................... 2,092,128 8,022,706 Alpargatas SA........................................ 91,703 418,348 Alupar Investimento SA............................... 44,500 330,501 Arezzo Industria e Comercio SA....................... 397,935 5,019,901 Autometal SA......................................... 304,359 2,559,634 * B2W Cia Digital(BN7SP57)............................. 380,687 5,461,764 * B2W Cia Digital(B1LH3Y1)............................. 629,960 9,274,122 * Banco ABC Brasil SA.................................. 15,473 88,524 Banco Alfa de Investimento SA........................ 500 1,366 Banco Mercantil do Brasil SA......................... 1,327 5,908 * Banco Panamericano SA................................ 851,866 1,276,626 Bematech SA.......................................... 371,337 1,373,231 * BHG SA - Brazil Hospitality Group.................... 185,702 1,114,007 Brasil Brokers Participacoes SA...................... 1,250,811 1,846,928 Brasil Insurance Participacoes e Administracao SA.... 572,226 2,360,787 BrasilAgro - Co. Brasileira de Propriedades Agricolas.......................................... 48,100 205,863 * Brazil Pharma SA..................................... 711,000 1,118,797 * Brookfield Incorporacoes SA.......................... 1,364,667 914,289 Cia de Locacao das Americas.......................... 216,000 417,005 Cia de Saneamento de Minas Gerais-COPASA............. 546,121 8,942,543 Cia Hering........................................... 1,041,790 9,698,118 Cia Providencia Industria e Comercio SA.............. 99,750 334,588 Contax Participacoes SA.............................. 179,735 1,354,697 * CR2 Empreendimentos Imobiliarios SA.................. 9,400 12,223 Cyrela Brazil Realty SA Empreendimentos e Participacoes...................................... 1,282,100 7,103,470 Cyrela Commercial Properties SA Empreendimentos e Participacoes...................................... 46,800 382,032 Dimed SA Distribuidora da Medicamentos............... 300 30,255 Direcional Engenharia SA............................. 810,509 3,626,079 Duratex SA........................................... 743,800 2,744,069 EDP - Energias do Brasil SA.......................... 2,486,808 11,618,805 * Eneva SA............................................. 209,119 99,548 Equatorial Energia SA................................ 1,507,235 16,807,954 Estacio Participacoes SA............................. 1,507,804 18,708,400 Eternit SA........................................... 607,589 2,300,469 Even Construtora e Incorporadora SA.................. 2,116,367 5,820,884 Ez Tec Empreendimentos e Participacoes SA............ 519,358 5,150,658 * Fertilizantes Heringer SA............................ 160,900 599,275 Fleury SA............................................ 602,451 3,961,904 Fras-Le SA........................................... 37,875 70,950 Gafisa SA............................................ 2,762,200 4,017,745 # Gafisa SA ADR........................................ 1,246,302 3,601,813 * General Shopping Brasil SA........................... 126,117 480,843 # Gol Linhas Aereas Inteligentes SA ADR................ 195,800 1,186,548 Grendene SA.......................................... 513,934 3,001,488 Guararapes Confeccoes SA............................. 32,100 1,413,178 Helbor Empreendimentos SA............................ 1,228,893 3,017,051 Iguatemi Empresa de Shopping Centers SA.............. 667,200 7,131,504 * Industria de Bebidas Antarctica Polar SA............. 23,000 -- 139 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ----------- BRAZIL -- (Continued) Industrias Romi SA.................................. 168,200 $ 288,396 International Meal Co. Holdings SA.................. 492,394 4,032,476 Iochpe-Maxion SA.................................... 690,508 5,067,530 JHSF Participacoes SA............................... 800,647 1,309,267 Joao Fortes Engenharia SA........................... 71,652 149,384 JSL SA.............................................. 631,500 2,992,231 Kepler Weber SA..................................... 118,346 2,532,539 Kroton Educacional SA............................... 737,011 19,627,636 Light SA............................................ 893,707 8,390,505 Localiza Rent a Car SA.............................. 86,752 1,381,149 * Log-in Logistica Intermodal SA...................... 470,450 1,254,533 LPS Brasil Consultoria de Imoveis SA................ 609,479 2,605,817 Magnesita Refratarios SA............................ 1,296,871 2,566,590 Mahle-Metal Leve SA Industria e Comercio............ 363,800 3,530,965 Marcopolo SA........................................ 28,000 49,366 * Marfrig Global Foods SA............................. 2,209,559 6,447,286 Marisa Lojas SA..................................... 395,564 2,585,659 Mills Estruturas e Servicos de Engenharia SA........ 710,926 7,407,731 * Minerva SA.......................................... 1,023,269 5,204,859 * MMX Mineracao e Metalicos SA........................ 269,962 172,538 MRV Engenharia e Participacoes SA................... 3,395,133 10,894,355 Multiplus SA........................................ 432,484 6,315,458 Odontoprev SA....................................... 2,904,896 11,920,477 * Paranapanema SA..................................... 1,451,356 1,695,248 * PDG Realty SA Empreendimentos e Participacoes....... 11,912,853 7,613,724 Portobello SA....................................... 225,900 499,843 Positivo Informatica SA............................. 189,100 170,034 Profarma Distribuidora de Produtos Farmaceuticos SA. 157,763 980,477 QGEP Participacoes SA............................... 801,694 3,318,086 * Qualicorp SA........................................ 193,600 2,240,000 Raia Drogasil SA.................................... 970,575 8,115,397 Redentor Energia SA................................. 7,800 20,972 * Restoque Comercio e Confeccoes de Roupas SA......... 790,808 2,492,243 Rodobens Negocios Imobiliarios SA................... 168,138 795,946 * Rossi Residencial SA................................ 3,233,729 2,023,976 Santos Brasil Participacoes SA...................... 395,488 2,597,365 Sao Carlos Empreendimentos e Participacoes SA....... 47,859 769,963 Sao Martinho SA..................................... 473,662 7,929,337 SLC Agricola SA..................................... 467,118 3,489,873 Sonae Sierra Brasil SA.............................. 236,846 1,884,328 * Springs Global Participacoes SA..................... 278,188 107,903 Sul America SA...................................... 1,801,909 10,841,235 * T4F Entretenimento SA............................... 213,800 479,666 Technos SA.......................................... 203,400 1,151,143 Tecnisa SA.......................................... 1,078,756 3,157,219 Tegma Gestao Logistica.............................. 210,735 1,680,307 Tempo Participacoes SA.............................. 281,102 617,030 Tereos Internacional SA............................. 592,483 639,816 Totvs SA............................................ 773,800 13,366,489 TPI - Triunfo Participacoes e Investimentos SA...... 334,301 972,512 Transmissora Alianca de Energia Eletrica SA......... 4,200 37,839 Trisul SA........................................... 37,542 63,542 UNICASA Industria de Moveis SA...................... 227,700 381,382 140 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ------------ BRAZIL -- (Continued) Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A..................... 442,250 $ 7,251,438 * Vanguarda Agro SA................................... 1,753,336 1,746,574 Via Varejo SA....................................... 205,862 662,388 ------------ TOTAL BRAZIL............................................ 372,693,635 ------------ CHILE -- (1.2%) Banmedica SA........................................ 1,648,992 2,738,567 Besalco SA.......................................... 2,234,772 1,549,999 Cementos BIO BIO SA................................. 452,622 405,558 CFR Pharmaceuticals SA.............................. 4,607,397 1,546,458 Cia General de Electricidad SA...................... 74,704 336,934 * Cia Pesquera Camanchaca SA.......................... 194,645 9,289 * Cia Sud Americana de Vapores SA..................... 38,854,946 1,766,041 Cintac SA........................................... 324,650 61,578 * Clinica LAS Condes SA............................... 349 24,941 Cristalerias de Chile SA............................ 156,836 1,096,670 Cruz Blanca Salud SA................................ 794,071 673,120 E.CL SA............................................. 3,551,058 4,925,903 Empresa Electrica Pilmaiquen........................ 46,897 229,554 * Empresas AquaChile SA............................... 1,281,212 817,514 Empresas Hites SA................................... 1,245,628 652,832 Empresas Iansa SA................................... 21,786,947 752,220 * Empresas La Polar SA................................ 4,856,212 314,958 Enjoy SA............................................ 1,299,391 159,258 Forus SA............................................ 725,846 3,299,761 Gasco SA............................................ 151,805 1,034,980 Grupo Security SA................................... 1,718,102 567,650 Inversiones Aguas Metropolitanas SA................. 3,316,946 5,247,516 Inversiones La Construccion SA...................... 61,041 733,094 * Invexans SA......................................... 27,288,748 429,346 * Latam Airlines Group SA............................. 134,619 1,545,708 Masisa SA........................................... 14,224,085 650,991 Molibdenos y Metales SA............................. 5,009 58,669 * Multiexport Foods SA................................ 3,502,735 734,801 Parque Arauco SA.................................... 5,713,333 10,686,967 PAZ Corp. SA........................................ 1,238,668 714,579 Ripley Corp. SA..................................... 6,008,329 3,599,557 Salfacorp SA........................................ 2,178,335 1,656,514 Sigdo Koppers SA.................................... 735,025 1,088,923 Sociedad Matriz SAAM SA............................. 27,402,135 2,299,359 Socovesa SA......................................... 2,895,998 661,691 Sonda SA............................................ 221,045 507,759 * Tech Pack SA........................................ 272,888 144,070 Vina Concha y Toro SA............................... 4,284,630 8,389,045 Vina Concha y Toro SA Sponsored ADR................. 2,025 78,489 Vina San Pedro Tarapaca SA.......................... 40,093,814 297,148 ------------ TOTAL CHILE............................................. 62,488,011 ------------ CHINA -- (13.3%) 361 Degrees International, Ltd...................... 3,581,000 837,221 Agile Property Holdings, Ltd........................ 7,496,000 6,407,290 # Ajisen China Holdings, Ltd.......................... 2,370,000 1,940,241
141 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- CHINA -- (Continued) AMVIG Holdings, Ltd.................................. 2,228,000 $ 836,062 # Angang Steel Co., Ltd. Class H....................... 3,124,000 2,305,504 # Anhui Expressway Co., Ltd. Class H................... 2,746,000 1,626,750 Anta Sports Products, Ltd............................ 3,936,000 6,469,295 # Anton Oilfield Services Group........................ 5,444,000 3,058,351 # Anxin-China Holdings, Ltd............................ 13,975,000 1,761,495 Asia Cement China Holdings Corp...................... 2,385,500 1,759,305 * Asia Energy Logistics Group, Ltd..................... 25,160,000 267,681 # Asian Citrus Holdings, Ltd........................... 3,627,000 783,359 * Ausnutria Dairy Corp., Ltd........................... 365,000 12,904 * AVIC International Holdings, Ltd..................... 868,000 346,449 # AviChina Industry & Technology Co., Ltd. Class H..... 10,706,788 6,190,108 # Baoxin Auto Group, Ltd............................... 2,582,500 2,079,632 Baoye Group Co., Ltd. Class H........................ 1,860,000 1,134,519 * BaWang International Group Holding, Ltd.............. 688,000 33,940 BBMG Corp. Class H................................... 1,993,000 1,544,602 Beijing Capital International Airport Co., Ltd. Class H............................................ 9,730,000 6,693,885 # Beijing Capital Land, Ltd. Class H................... 6,196,500 2,308,284 Beijing Enterprises Water Group, Ltd................. 9,513,660 6,219,837 # Beijing Jingneng Clean Energy Co., Ltd. Class H...... 5,156,000 2,170,009 Beijing North Star Co., Ltd. Class H................. 3,514,000 960,496 Biostime International Holdings, Ltd................. 610,500 2,780,430 # Bloomage Biotechnology Corp., Ltd.................... 712,500 1,744,492 Boer Power Holdings, Ltd............................. 1,447,000 1,754,888 # Bosideng International Holdings, Ltd................. 14,294,000 2,413,638 BYD Electronic International Co., Ltd................ 4,058,815 2,980,731 C C Land Holdings, Ltd............................... 7,964,343 1,739,750 C.banner International Holdings, Ltd................. 62,000 20,071 Carrianna Group Holdings Co., Ltd.................... 1,817,257 346,520 CECEP COSTIN New Materials Group, Ltd................ 961,000 368,261 Central China Real Estate, Ltd....................... 3,367,626 983,765 * CGN Mining Co., Ltd.................................. 1,465,000 157,279 # Changshouhua Food Co., Ltd........................... 1,696,000 1,575,876 #* Chaoda Modern Agriculture Holdings, Ltd.............. 6,771,138 203,135 # Chaowei Power Holdings, Ltd.......................... 2,948,000 1,675,662 * Chigo Holding, Ltd................................... 24,026,000 573,715 * Chiho-Tiande Group, Ltd.............................. 64,000 24,085 China Aerospace International Holdings, Ltd.......... 12,416,500 1,302,245 China Agri-Industries Holdings, Ltd.................. 11,310,800 4,907,072 # China All Access Holdings, Ltd....................... 3,184,000 1,301,954 China Animal Healthcare, Ltd......................... 3,671,000 2,410,874 # China Aoyuan Property Group, Ltd..................... 6,400,000 1,180,987 * China Automation Group, Ltd.......................... 3,303,000 670,351 China BlueChemical, Ltd.............................. 7,980,000 4,120,364 * China Chengtong Development Group, Ltd............... 1,562,000 81,892 # China Child Care Corp., Ltd.......................... 3,070,000 903,171 China Communications Services Corp., Ltd. Class H.... 10,224,000 4,995,848 # China Datang Corp. Renewable Power Co., Ltd. Class H. 14,482,000 2,152,658 China Dongxiang Group Co., Ltd....................... 13,246,985 2,594,317 #* China Dredging Environment Protection Holdings, Ltd.. 3,088,000 932,860 * China Energine International Holdings, Ltd........... 4,080,000 335,664 China Everbright International, Ltd.................. 3,078,800 4,110,328 China Everbright, Ltd................................ 3,554,000 5,483,823 142 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- CHINA -- (Continued) # China Fiber Optic Network System Group, Ltd.......... 5,202,000 $1,508,404 #* China Foods, Ltd..................................... 3,764,000 1,430,001 China Glass Holdings, Ltd............................ 4,002,000 526,798 * China Green Holdings, Ltd............................ 1,212,000 62,968 * China High Precision Automation Group, Ltd........... 1,289,000 202,912 #* China High Speed Transmission Equipment Group Co., Ltd................................................ 5,250,000 4,095,235 # China Hongqiao Group, Ltd............................ 3,378,000 2,889,941 * China Household Holdings, Ltd........................ 3,730,000 392,489 #* China Huiyuan Juice Group, Ltd....................... 2,812,000 1,259,925 China ITS Holdings Co., Ltd.......................... 3,973,000 642,943 #* China Jiuhao Health Industry Corp., Ltd.............. 5,800,000 344,888 # China Lesso Group Holdings, Ltd...................... 6,105,000 3,591,884 # China Lilang, Ltd.................................... 2,368,000 1,544,694 # China Lumena New Materials Corp...................... 14,530,000 2,343,533 China Machinery Engineering Corp. Class H............ 1,329,000 811,326 # China Medical System Holdings, Ltd................... 5,009,500 6,182,527 China Merchants Land, Ltd............................ 6,528,000 972,270 #* China Metal Recycling Holdings, Ltd.................. 2,401,686 547,891 * China Mining Resources Group, Ltd.................... 3,530,000 36,219 #* China Modern Dairy Holdings, Ltd..................... 5,468,000 2,530,712 # China National Materials Co., Ltd.................... 6,206,000 1,432,780 #* China New Town Development Co., Ltd.................. 6,403,148 376,204 # China Oil & Gas Group, Ltd........................... 22,900,000 4,050,159 China Outfitters Holdings, Ltd....................... 24,000 3,457 # China Overseas Grand Oceans Group, Ltd............... 4,056,500 3,275,150 # China Power International Development, Ltd........... 13,612,000 5,655,121 #* China Power New Energy Development Co., Ltd.......... 31,840,000 1,947,909 #* China Precious Metal Resources Holdings Co., Ltd..... 18,124,318 2,405,867 * China Properties Group, Ltd.......................... 2,464,000 547,629 China Qinfa Group, Ltd............................... 2,656,000 132,098 #* China Rare Earth Holdings, Ltd....................... 6,516,000 888,588 #* China Rongsheng Heavy Industries Group Holdings, Ltd................................................ 15,127,500 3,056,495 * China Ruifeng Renewable Energy, Ltd.................. 4,232,000 806,302 # China Sanjiang Fine Chemicals Co., Ltd............... 3,157,000 1,135,319 # China SCE Property Holdings, Ltd..................... 5,883,200 1,188,547 # China Shanshui Cement Group, Ltd..................... 10,313,000 3,718,642 China Shineway Pharmaceutical Group, Ltd............. 1,696,200 2,836,972 #* China Shipping Container Lines Co., Ltd. Class H..... 6,987,000 2,018,048 #* China Shipping Development Co., Ltd. Class H......... 8,656,000 5,695,966 # China Singyes Solar Technologies Holdings, Ltd....... 2,592,200 3,778,346 # China South City Holdings, Ltd....................... 10,282,000 5,152,395 China Southern Airlines Co., Ltd. Class H............ 3,230,000 1,092,208 China Southern Airlines Co., Ltd. Sponsored ADR...... 2,821 46,970 China Starch Holdings, Ltd........................... 6,470,000 162,068 # China Suntien Green Energy Corp., Ltd. Class H....... 9,153,000 2,816,131 * China Taifeng Beddings Holdings, Ltd................. 1,500,000 265,738 * China Taiping Insurance Holdings Co., Ltd............ 3,573,600 7,792,268 #* China Tian Lun Gas Holdings, Ltd..................... 756,000 905,783 China Tianyi Holdings, Ltd........................... 1,876,000 296,149 * China Tontine Wines Group, Ltd....................... 1,610,000 69,323 * China Traditional Chinese Medicine Co., Ltd.......... 2,158,000 934,147 China Travel International Investment Hong Kong, Ltd................................................ 14,349,900 3,416,404 China Vanadium Titano - Magnetite Mining Co., Ltd.... 5,645,000 688,423 143 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ----------- CHINA -- (Continued) # China Water Affairs Group, Ltd...................... 6,502,000 $ 2,247,235 #* China Water Industry Group, Ltd..................... 2,272,000 430,062 * China WindPower Group, Ltd.......................... 24,894,964 2,014,805 #* China Yurun Food Group, Ltd......................... 7,987,000 3,817,445 # China ZhengTong Auto Services Holdings, Ltd......... 4,505,000 2,493,223 # China Zhongwang Holdings, Ltd....................... 7,934,000 2,857,137 #* Chinasoft International, Ltd........................ 6,164,000 1,901,766 #* ChinaVision Media Group, Ltd........................ 12,460,000 2,552,711 * Chinese People Holdings Co., Ltd.................... 8,028,000 200,684 * Chongqing Iron & Steel Co., Ltd. Class H............ 2,247,400 501,963 Chongqing Machinery & Electric Co., Ltd. Class H.... 6,196,000 1,000,123 Chongqing Rural Commercial Bank Class H............. 502,000 248,294 * Chu Kong Petroleum & Natural Gas Steel Pipe Holdings, Ltd..................................... 2,662,000 946,216 # CIMC Enric Holdings, Ltd............................ 2,868,000 3,414,911 * Citic 21CN Co., Ltd................................. 5,303,200 4,010,154 * CITIC Dameng Holdings, Ltd.......................... 274,000 24,582 * CITIC Resources Holdings, Ltd....................... 11,982,600 1,781,818 #* Citychamp Watch & Jewellery Group, Ltd.............. 11,388,000 1,462,659 Clear Media, Ltd.................................... 251,000 245,915 * Coastal Greenland, Ltd.............................. 5,154,000 181,660 #* Comba Telecom Systems Holdings, Ltd................. 4,786,577 1,551,297 #* Comtec Solar Systems Group, Ltd..................... 4,320,000 714,639 Coolpad Group, Ltd.................................. 13,696,000 3,188,249 # Cosco International Holdings, Ltd................... 2,703,000 1,137,575 COSCO Pacific, Ltd.................................. 551,792 830,587 * Coslight Technology International Group, Ltd........ 510,000 460,764 # CP Pokphand Co., Ltd................................ 22,560,594 2,658,209 # CPMC Holdings, Ltd.................................. 2,098,000 1,808,619 CSPC Pharmaceutical Group, Ltd...................... 303,877 236,811 * DaChan Food Asia, Ltd............................... 1,725,955 213,515 # Dah Chong Hong Holdings, Ltd........................ 4,286,000 2,627,287 # Dalian Port PDA Co., Ltd. Class H................... 6,070,000 1,759,164 DaMing International Holdings, Ltd.................. 510,000 176,020 # Daphne International Holdings, Ltd.................. 6,020,000 2,639,030 # Dawnrays Pharmaceutical Holdings, Ltd............... 2,322,943 1,867,906 #* DBA Telecommunication Asia Holdings, Ltd............ 2,108,000 103,631 Digital China Holdings, Ltd......................... 3,999,800 3,936,524 Dongfang Electric Corp., Ltd. Class H............... 183,600 316,819 # Dongjiang Environmental Co., Ltd. Class H........... 193,650 725,144 # Dongyue Group, Ltd.................................. 7,163,000 3,275,754 #* Dynasty Fine Wines Group, Ltd....................... 1,614,000 56,229 Embry Holdings, Ltd................................. 473,000 266,821 EVA Precision Industrial Holdings, Ltd.............. 5,958,435 1,392,403 * EverChina International Holdings Co., Ltd........... 17,180,000 749,959 Evergreen International Holdings, Ltd............... 1,246,000 159,828 * Extrawell Pharmaceutical Holdings, Ltd.............. 6,867,921 300,488 # Fantasia Holdings Group Co., Ltd.................... 9,633,000 1,172,805 # First Tractor Co., Ltd. Class H..................... 3,351,176 2,515,779 Franshion Properties China, Ltd..................... 18,782,300 5,514,404 # Fufeng Group, Ltd................................... 6,004,600 2,322,563 Geely Automobile Holdings, Ltd...................... 26,870,000 10,769,097 * Global Bio-Chem Technology Group Co., Ltd........... 9,996,800 384,427 * Global Sweeteners Holdings, Ltd..................... 770,951 38,798 144 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- CHINA -- (Continued) * Glorious Property Holdings, Ltd...................... 13,214,501 $1,953,599 Goldbond Group Holdings, Ltd......................... 210,000 10,617 # Golden Eagle Retail Group, Ltd....................... 3,089,000 3,969,781 # Golden Meditech Holdings, Ltd........................ 4,855,193 778,866 # Goldlion Holdings, Ltd............................... 1,047,962 451,050 GOME Electrical Appliances Holding, Ltd.............. 51,812,000 8,745,368 Good Friend International Holdings, Inc.............. 404,667 124,629 # Goodbaby International Holdings, Ltd................. 2,969,000 1,488,087 # Greatview Aseptic Packaging Co., Ltd................. 3,156,000 2,473,911 Greenland Hong Kong Holdings, Ltd.................... 1,727,000 851,905 Greentown China Holdings, Ltd........................ 3,486,148 4,484,736 # Guangdong Land Holdings, Ltd......................... 4,396,800 968,671 Guangshen Railway Co., Ltd. Class H.................. 7,452,000 2,993,126 Guangshen Railway Co., Ltd. Sponsored ADR............ 5,067 101,644 Guangzhou Shipyard International Co., Ltd. Class H... 159,400 281,365 # Guodian Technology & Environment Group Co., Ltd. Class H............................................ 2,813,000 630,464 Hainan Meilan International Airport Co., Ltd. Class H............................................ 720,000 627,642 # Haitian International Holdings, Ltd.................. 2,380,000 5,563,184 # Hanergy Solar Group, Ltd............................. 42,960,000 6,730,020 Harbin Electric Co., Ltd. Class H.................... 3,783,413 2,538,878 Henderson Investment, Ltd............................ 596,000 47,490 * Heng Tai Consumables Group, Ltd...................... 14,673,193 264,589 # Hengdeli Holdings, Ltd............................... 11,297,399 1,963,908 #* Hidili Industry International Development, Ltd....... 5,079,000 660,262 # Hilong Holding, Ltd.................................. 3,673,000 2,059,614 * Hisense Kelon Electrical Holdings Co., Ltd. Class H.. 2,030,000 2,582,650 #* HKC Holdings, Ltd.................................... 17,896,447 539,903 # Honghua Group, Ltd................................... 7,696,000 1,885,979 Hopefluent Group Holdings, Ltd....................... 435,670 150,782 # Hopewell Highway Infrastructure, Ltd................. 4,252,000 2,193,188 #* Hopson Development Holdings, Ltd..................... 3,584,000 3,997,985 HOSA International, Ltd.............................. 238,000 73,224 Hua Han Bio-Pharmaceutical Holdings, Ltd............. 11,022,277 3,074,361 * Hua Lien International Holding Co., Ltd.............. 998,000 54,836 # Huabao International Holdings, Ltd................... 9,322,014 6,793,058 # Huadian Power International Corp., Ltd. Class H...... 4,506,000 2,772,446 Huaneng Renewables Corp., Ltd. Class H............... 15,148,000 5,019,497 * Huili Resources Group, Ltd........................... 458,000 73,290 #* Hunan Nonferrous Metal Corp., Ltd. Class H........... 10,634,000 3,645,555 Hutchison Harbour Ring, Ltd.......................... 7,098,000 538,854 Inspur International, Ltd............................ 2,056,000 433,933 Intime Retail Group Co., Ltd......................... 6,140,500 5,721,160 * Jinchuan Group International Resources Co., Ltd...... 2,262,000 255,992 Jingwei Textile Machinery Class H.................... 1,272,000 1,211,951 # Ju Teng International Holdings, Ltd.................. 4,498,000 3,005,303 Jutal Offshore Oil Services, Ltd..................... 728,000 269,325 * Kai Yuan Holdings, Ltd............................... 15,260,000 248,474 # Kaisa Group Holdings, Ltd............................ 9,456,000 3,454,307 Kasen International Holdings, Ltd.................... 222,000 45,910 Kingboard Chemical Holdings, Ltd..................... 3,591,921 7,537,339 Kingboard Laminates Holdings, Ltd.................... 4,689,000 1,935,383 #* Kingdee International Software Group Co., Ltd........ 3,231,200 1,119,880 # Kingsoft Corp., Ltd.................................. 2,937,000 8,667,518 145 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- CHINA -- (Continued) KWG Property Holding, Ltd............................ 6,299,950 $4,599,685 #* Labixiaoxin Snacks Group, Ltd........................ 1,764,000 339,162 Lai Fung Holdings, Ltd............................... 26,020,440 608,374 # Le Saunda Holdings, Ltd.............................. 1,698,000 795,900 Lee & Man Chemical Co., Ltd.......................... 934,785 510,534 Lee & Man Paper Manufacturing, Ltd................... 8,268,000 5,026,267 * Leoch International Technology, Ltd.................. 1,436,000 314,895 #* Li Ning Co., Ltd..................................... 1,301,250 789,941 #* Lianhua Supermarket Holdings Co., Ltd. Class H....... 2,067,600 1,137,149 * Lifetech Scientific Corp............................. 396,000 680,746 Lijun International Pharmaceutical Holding Co., Ltd.. 8,518,000 3,769,271 * Lingbao Gold Co., Ltd. Class H....................... 682,000 119,583 Livzon Pharmaceutical Group, Inc. Class H............ 73,600 453,391 * LK Technology Holdings, Ltd.......................... 837,500 83,749 Lonking Holdings, Ltd................................ 12,626,000 2,259,846 * Loudong General Nice Resources China Holdings, Ltd... 7,842,140 537,945 * Maanshan Iron & Steel Co., Ltd. Class H.............. 9,250,000 2,157,315 * Madex International Holdings, Ltd.................... 18,920,000 287,279 Maoye International Holdings, Ltd.................... 6,490,000 1,091,503 #* Microport Scientific Corp............................ 1,897,000 1,136,641 # MIE Holdings Corp.................................... 4,580,000 778,683 MIN XIN Holdings, Ltd................................ 418,000 227,461 #* Mingfa Group International Co., Ltd.................. 5,806,000 1,345,488 * Mingyuan Medicare Development Co., Ltd............... 510,000 11,862 # Minmetals Land, Ltd.................................. 6,076,000 835,598 # Minth Group, Ltd..................................... 3,199,000 6,103,112 # MMG, Ltd............................................. 8,022,000 3,195,774 MOBI Development Co., Ltd............................ 613,000 127,816 * Nan Hai Corp., Ltd................................... 25,550,000 163,315 Nanjing Panda Electronics Co., Ltd. Class H.......... 134,000 86,654 Nature Home Holding Co., Ltd......................... 520,000 85,579 # NetDragon Websoft, Inc............................... 979,544 1,831,936 New World China Land, Ltd............................ 430,000 256,957 New World Department Store China, Ltd................ 2,276,462 1,002,922 # Nine Dragons Paper Holdings, Ltd..................... 9,746,000 8,006,487 #* North Mining Shares Co., Ltd......................... 19,560,000 1,097,877 # NVC Lighting Holdings, Ltd........................... 7,010,000 1,585,559 * O-Net Communications Group, Ltd...................... 1,308,000 365,296 Overseas Chinese Town Asia Holdings, Ltd............. 764,183 281,003 # Pacific Online, Ltd.................................. 2,016,365 1,115,910 # Parkson Retail Group, Ltd............................ 6,696,500 2,003,521 #* PAX Global Technology, Ltd........................... 1,141,000 874,626 Peak Sport Products Co., Ltd......................... 2,750,000 728,252 # Phoenix Satellite Television Holdings, Ltd........... 5,986,000 2,065,310 Poly Property Group Co., Ltd......................... 10,668,000 5,163,116 Ports Design, Ltd.................................... 1,970,500 843,209 * Pou Sheng International Holdings, Ltd................ 8,067,806 706,121 #* Powerlong Real Estate Holdings, Ltd.................. 6,160,000 926,616 * Prosperity International Holdings HK, Ltd............ 5,020,000 160,695 Qingling Motors Co., Ltd. Class H.................... 1,694,000 508,759 Qunxing Paper Holdings Co., Ltd...................... 669,913 32,674 * Real Gold Mining, Ltd................................ 300,500 10,198 # Real Nutriceutical Group, Ltd........................ 4,270,000 1,045,067 146 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ----------- CHINA -- (Continued) Regent Manner International Holdings, Ltd........... 2,844,000 $ 656,868 #* Renhe Commercial Holdings Co., Ltd.................. 62,338,000 3,080,668 # REXLot Holdings, Ltd................................ 52,801,502 5,496,567 # Road King Infrastructure, Ltd....................... 1,287,000 1,202,406 Samson Holding, Ltd................................. 3,499,000 446,763 #* Sany Heavy Equipment International Holdings Co., Ltd............................................... 4,601,000 1,078,869 Sateri Holdings, Ltd................................ 119,500 23,179 Scud Group, Ltd..................................... 1,876,000 270,561 #* Semiconductor Manufacturing International Corp...... 96,326,000 8,735,755 * Semiconductor Manufacturing International Corp. ADR. 13,049 59,373 Shandong Chenming Paper Holdings, Ltd. Class H...... 1,863,000 880,838 Shanghai Industrial Holdings, Ltd................... 1,700,000 5,657,938 #* Shanghai Industrial Urban Development Group, Ltd.... 9,080,000 1,864,796 Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H...................................... 5,906,000 1,849,777 Shanghai Prime Machinery Co., Ltd. Class H.......... 4,298,000 693,994 * Shanghai Zendai Property, Ltd....................... 8,390,000 133,435 Shengli Oil & Gas Pipe Holdings, Ltd................ 4,506,000 329,490 # Shenguan Holdings Group, Ltd........................ 5,768,000 2,187,487 Shenzhen Expressway Co., Ltd. Class H............... 3,662,400 2,215,895 Shenzhen International Holdings, Ltd................ 4,811,751 5,934,981 Shenzhen Investment, Ltd............................ 13,150,912 4,528,103 Shenzhou International Group Holdings, Ltd.......... 926,000 2,915,238 * Shougang Concord International Enterprises Co., Ltd............................................... 23,560,000 1,128,957 # Shougang Fushan Resources Group, Ltd................ 21,052,000 5,496,077 Shui On Land, Ltd................................... 19,170,643 5,116,245 * Shunfeng Photovoltaic International, Ltd............ 834,000 925,389 Sichuan Expressway Co., Ltd. Class H................ 4,606,000 1,536,934 Sihuan Pharmaceutical Holdings Group, Ltd........... 4,812,000 2,949,933 * Sijia Group Co...................................... 1,076,350 35,693 Silver Grant International Industries, Ltd.......... 4,750,000 631,525 * SIM Technology Group, Ltd........................... 510,000 28,574 Sino Biopharmaceutical, Ltd......................... 13,536,000 11,636,431 #* Sino Oil And Gas Holdings, Ltd...................... 56,847,766 1,810,315 # Sino-Ocean Land Holdings, Ltd....................... 11,957,935 6,983,738 #* Sinofert Holdings, Ltd.............................. 12,637,327 1,778,387 #* Sinolink Worldwide Holdings, Ltd.................... 10,218,800 916,229 SinoMedia Holding, Ltd.............................. 1,513,000 1,159,586 Sinopec Kantons Holdings, Ltd....................... 1,632,000 1,206,684 #* Sinopec Yizheng Chemical Fibre Co., Ltd. Class H.... 3,558,001 812,596 * Sinotrans Shipping, Ltd............................. 6,209,086 1,707,911 # Sinotrans, Ltd. Class H............................. 8,358,000 5,176,375 Sinotruk Hong Kong, Ltd............................. 2,941,000 1,555,368 SITC International Holdings Co., Ltd................ 4,037,000 1,774,815 Skyworth Digital Holdings, Ltd...................... 9,610,892 4,743,960 SMI Corp., Ltd...................................... 14,404,066 546,539 * Solargiga Energy Holdings, Ltd...................... 8,590,000 445,658 * Sparkle Roll Group, Ltd............................. 6,616,000 349,547 Springland International Holdings, Ltd.............. 3,438,000 1,416,965 # SPT Energy Group, Inc............................... 4,150,000 2,190,568 SRE Group, Ltd...................................... 16,652,346 520,201 Sun King Power Electronics Group.................... 132,000 9,305 # Sunac China Holdings, Ltd........................... 7,899,000 6,467,214 # Sunny Optical Technology Group Co., Ltd............. 3,495,000 4,578,668 147 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- CHINA -- (Continued) #* Superb Summit International Group, Ltd............... 170,000 $ 21,081 TCC International Holdings, Ltd...................... 4,185,098 1,934,015 # TCL Communication Technology Holdings, Ltd........... 2,504,198 3,116,615 #* TCL Multimedia Technology Holdings, Ltd.............. 3,322,510 1,221,320 Tenfu Cayman Holdings Co., Ltd....................... 153,000 64,512 # Texhong Textile Group, Ltd........................... 1,460,000 1,105,038 # Tian An China Investment Co., Ltd.................... 1,383,000 1,032,768 Tian Shan Development Holding, Ltd................... 1,390,000 595,820 # Tiangong International Co., Ltd...................... 5,884,000 1,276,250 # Tianjin Capital Environmental Protection Group Co., Ltd. Class H....................................... 1,572,000 1,115,049 # Tianjin Development Hldgs, Ltd....................... 2,116,000 1,724,329 * Tianjin Jinran Public Utilities Co., Ltd. Class H.... 1,910,000 432,826 Tianjin Port Development Holdings, Ltd............... 10,408,800 1,707,487 # Tianneng Power International, Ltd.................... 4,016,048 1,540,107 # Tibet 5100 Water Resources Holdings, Ltd............. 6,635,000 2,291,035 # Tomson Group, Ltd.................................... 1,120,751 305,414 # Tong Ren Tang Technologies Co., Ltd. Class H......... 3,268,000 4,640,531 Tongda Group Holdings, Ltd........................... 14,480,000 2,061,266 Tonly Electronics Holdings, Ltd...................... 287,451 225,636 Top Spring International Holdings, Ltd............... 34,000 11,327 Towngas China Co., Ltd............................... 3,915,000 4,512,795 # TPV Technology, Ltd.................................. 3,783,964 818,129 Travelsky Technology, Ltd. Class H................... 4,569,090 4,124,671 # Trigiant Group, Ltd.................................. 2,774,000 800,907 * Trony Solar Holdings Co., Ltd........................ 1,757,000 26,752 # Truly International Holdings, Ltd.................... 7,141,573 4,296,450 # Uni-President China Holdings, Ltd.................... 5,477,000 4,494,447 * United Energy Group, Ltd............................. 13,116,450 1,939,448 * V1 Group, Ltd........................................ 16,925,600 1,587,185 #* Wanda Commercial Properties Group Co., Ltd........... 1,039,000 334,705 Wanguo International Mining Group, Ltd............... 230,000 82,466 Wasion Group Holdings, Ltd........................... 2,612,000 2,072,547 Weiqiao Textile Co. Class H.......................... 2,509,500 1,338,930 # Welling Holding, Ltd................................. 5,290,000 1,521,558 West China Cement, Ltd............................... 16,444,000 1,996,853 * Winsway Enterprises Holdings, Ltd.................... 6,894,000 429,142 World Wide Touch Technology Holdings, Ltd............ 3,216,000 131,422 # Wumart Stores, Inc. Class H.......................... 2,757,000 2,450,682 Xiamen International Port Co., Ltd. Class H.......... 5,518,000 1,011,615 Xiao Nan Guo Restaurants Holdings, Ltd............... 250,000 30,392 # Xingda International Holdings, Ltd................... 5,376,000 2,153,157 Xinhua Winshare Publishing and Media Co., Ltd. Class H............................................ 307,103 259,779 Xinjiang Goldwind Science & Technology Co., Ltd. Class H............................................ 1,852,800 2,103,260 * Xinjiang Xinxin Mining Industry Co., Ltd. Class H.... 4,094,598 1,087,763 * Xiwang Property Holdings Co., Ltd.................... 2,422,344 175,900 Xiwang Special Steel Co., Ltd........................ 2,743,000 376,363 XTEP International Holdings, Ltd..................... 3,168,000 1,353,795 * Yanchang Petroleum International, Ltd................ 23,970,000 1,196,111 # Yingde Gases Group Co., Ltd.......................... 4,891,500 5,338,789 Yip's Chemical Holdings, Ltd......................... 1,490,000 971,201 Youyuan International Holdings, Ltd.................. 1,131,700 246,470 Yuanda China Holdings, Ltd........................... 8,898,000 673,660 Yuexiu Property Co., Ltd............................. 27,287,432 6,114,243 148 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ------------ CHINA -- (Continued) # Yuexiu Transport Infrastructure, Ltd............... 3,808,018 $ 2,499,516 Yuzhou Properties Co., Ltd......................... 5,245,120 1,215,354 * Zall Development Group, Ltd........................ 2,673,000 949,827 # Zhaojin Mining Industry Co., Ltd................... 4,386,500 2,723,245 Zhejiang Expressway Co., Ltd. Class H.............. 5,900,000 6,396,620 Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H.......................................... 611,000 382,737 Zhong An Real Estate, Ltd.......................... 4,167,400 708,899 # Zhongsheng Group Holdings, Ltd..................... 3,105,500 3,931,316 Zhuzhou CSR Times Electric Co., Ltd. Class H....... 1,824,000 6,249,843 ------------ TOTAL CHINA............................................ 725,032,455 ------------ COLOMBIA -- (0.0%) Bolsa de Valores de Colombia....................... 16,711,449 221,722 Celsia SA ESP...................................... 186,079 603,822 Constructora Conconcreto SA........................ 293,150 238,988 Empresa de Telecomunicaciones de Bogota............ 1,305,521 352,685 * Fabricato SA....................................... 13,706,296 128,537 Grupo Odinsa SA.................................... 39,599 166,689 Isagen SA ESP...................................... 63,666 110,082 Mineros SA......................................... 102,961 158,824 ------------ TOTAL COLOMBIA......................................... 1,981,349 ------------ GREECE -- (0.9%) Aegean Airlines SA................................. 261,316 2,185,126 * Astir Palace Hotel SA.............................. 73,995 394,172 Athens Water Supply & Sewage Co. SA (The).......... 199,331 2,551,010 * Attica Bank........................................ 999,549 167,959 Bank of Greece..................................... 142,930 2,651,293 * Corinth Pipeworks SA............................... 6,729 13,206 * Diagnostic & Therapeutic Center of Athens Hygeia SA........................................ 62,561 24,439 * Ellaktor SA........................................ 909,399 4,606,462 Elval - Hellenic Aluminium Industry SA............. 61,004 141,129 * Fourlis Holdings SA................................ 283,268 2,006,188 * Frigoglass SA...................................... 167,513 785,171 * GEK Terna Holding Real Estate Construction SA...... 475,188 2,361,543 Hellenic Exchanges - Athens Stock Exchange SA Holding............................................ 536,300 5,305,689 * Iaso SA............................................ 234,070 340,135 * Intracom Holdings SA............................... 686,768 606,902 * Intralot SA-Integrated Lottery Systems & Services.. 865,039 2,133,922 * J&P-Avax SA........................................ 242,137 466,197 * Lamda Development SA............................... 16,844 112,579 * Marfin Investment Group Holdings SA................ 6,320,159 3,743,968 Metka SA........................................... 185,058 2,983,159 Motor Oil Hellas Corinth Refineries SA............. 395,567 4,258,737 * Mytilineos Holdings SA............................. 579,170 4,955,855 Piraeus Port Authority............................. 41,359 938,493 Sarantis SA........................................ 95,423 1,016,893 * Sidenor Holdings SA................................ 90,590 172,774 Terna Energy SA.................................... 257,713 1,333,398 149 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ----------- GREECE -- (Continued) Thessaloniki Water Supply & Sewage Co. SA............ 15,807 $ 92,516 ----------- TOTAL GREECE............................................. 46,348,915 ----------- HUNGARY -- (0.0%) * Danubius Hotel and SpA P.L.C......................... 40,728 949,348 * FHB Mortgage Bank P.L.C.............................. 27,009 83,512 * PannErgy............................................. 89,698 118,338 ----------- TOTAL HUNGARY............................................ 1,151,198 ----------- INDIA -- (9.6%) * 3M India, Ltd........................................ 5,470 442,449 * Aarti Industries..................................... 39,017 138,793 Aban Offshore, Ltd................................... 122,757 1,552,590 * ABG Shipyard, Ltd.................................... 174,417 725,953 * Advanta, Ltd......................................... 142,847 716,340 Agro Tech Foods, Ltd................................. 54,133 505,315 Ahmednagar Forgings, Ltd............................. 26,195 121,502 AIA Engineering, Ltd................................. 105,580 1,344,825 Ajanta Pharma, Ltd................................... 103,292 2,740,891 Akzo Nobel India, Ltd................................ 67,372 1,155,933 Alembic Pharmaceuticals, Ltd......................... 490,590 2,834,448 Allahabad Bank....................................... 1,087,083 2,160,098 Alok Industries, Ltd................................. 5,490,403 1,109,347 Alstom India, Ltd.................................... 148,374 1,303,798 Amara Raja Batteries, Ltd............................ 470,856 3,801,556 Amtek Auto, Ltd...................................... 691,784 2,941,306 Amtek India, Ltd..................................... 421,270 632,937 * Anant Raj, Ltd....................................... 1,147,745 1,183,611 * Andhra Bank.......................................... 975,330 1,318,873 Apar Industries, Ltd................................. 15,065 84,606 Apollo Hospitals Enterprise, Ltd..................... 64,709 1,072,237 Apollo Tyres, Ltd.................................... 1,563,412 4,459,863 Arvind, Ltd.......................................... 1,340,968 5,059,779 * Asahi India Glass, Ltd............................... 257,301 379,639 * Ashok Leyland, Ltd................................... 8,562,959 4,842,020 Asian Hotels East, Ltd............................... 4,536 16,078 Atul, Ltd............................................ 69,305 1,360,249 Aurobindo Pharma, Ltd................................ 1,129,123 13,172,358 Automotive Axles, Ltd................................ 11,648 119,307 Bajaj Corp., Ltd..................................... 197,393 746,867 Bajaj Electricals, Ltd............................... 207,026 982,592 Bajaj Finance, Ltd................................... 62,702 2,288,523 Bajaj Finserv, Ltd................................... 120,632 1,882,635 * Bajaj Hindusthan, Ltd................................ 1,489,814 597,648 Bajaj Holdings & Investment, Ltd..................... 92,719 1,985,579 * Balkrishna Industries, Ltd........................... 166,123 2,147,924 Ballarpur Industries, Ltd............................ 1,807,146 497,061 * Balmer Lawrie & Co., Ltd............................. 66,974 608,369 * Balrampur Chini Mills, Ltd........................... 1,179,089 1,468,382 Bank Of Maharashtra.................................. 849,337 649,355 * Bannari Amman Sugars, Ltd............................ 15,663 237,776 BASF India, Ltd...................................... 55,886 785,264 150 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- INDIA -- (Continued) Bata India, Ltd....................................... 145,561 $3,017,724 * BEML, Ltd............................................. 91,544 956,328 Berger Paints India, Ltd.............................. 789,434 3,907,883 * BGR Energy Systems, Ltd............................... 161,858 482,520 Bharat Forge, Ltd..................................... 737,890 8,749,796 Bhushan Steel, Ltd.................................... 393,995 2,562,708 Biocon, Ltd........................................... 508,356 3,932,371 Birla Corp., Ltd...................................... 107,350 672,366 Blue Dart Express, Ltd................................ 23,938 1,520,690 Blue Star, Ltd........................................ 157,634 747,107 Bombay Burmah Trading Co.............................. 43,374 153,443 Bombay Dyeing & Manufacturing Co., Ltd................ 785,565 918,624 * Bombay Rayon Fashions, Ltd............................ 14,855 39,175 Brigade Enterprises, Ltd.............................. 27,004 56,809 Britannia Industries, Ltd............................. 230,022 4,329,876 Capital First, Ltd.................................... 38,554 155,253 Carborundum Universal, Ltd............................ 329,688 934,909 * Ceat, Ltd............................................. 78,266 670,593 * Central Bank Of India................................. 677,911 779,164 * Century Plyboards India, Ltd.......................... 47,122 67,040 Century Textiles & Industries, Ltd.................... 356,772 3,519,050 CESC, Ltd............................................. 546,678 5,800,221 Chambal Fertilizers & Chemicals, Ltd.................. 1,079,706 1,012,376 * Chennai Petroleum Corp., Ltd.......................... 336,439 466,704 Cholamandalam Investment and Finance Co., Ltd......... 71,956 491,477 * City Union Bank, Ltd.................................. 1,302,914 1,597,360 Clariant Chemicals India, Ltd......................... 53,435 718,663 Claris Lifesciences, Ltd.............................. 82,834 231,904 CMC, Ltd.............................................. 60,897 1,923,403 Coromandel International, Ltd......................... 514,179 2,040,164 Corp. Bank............................................ 216,216 1,266,645 * Cox & Kings, Ltd...................................... 332,188 1,443,034 CRISIL, Ltd........................................... 11,905 349,031 Crompton Greaves, Ltd................................. 2,205,917 7,059,758 Cyient, Ltd........................................... 215,396 1,363,533 Dalmia Bharat, Ltd.................................... 62,797 460,059 DB Corp., Ltd......................................... 43,770 234,098 * DB Realty, Ltd........................................ 815,914 1,090,845 * DCB Bank, Ltd......................................... 1,475,813 2,003,535 DCM Shriram, Ltd...................................... 213,725 616,340 Deepak Fertilisers & Petrochemicals Corp., Ltd........ 224,154 604,899 * Delta Corp., Ltd...................................... 535,652 813,931 * DEN Networks, Ltd..................................... 343,697 1,212,820 Dena Bank............................................. 1,059,191 1,180,208 Dewan Housing Finance Corp., Ltd...................... 27,941 162,747 * Dish TV India, Ltd.................................... 3,087,132 2,971,072 Dishman Pharmaceuticals & Chemicals, Ltd.............. 134,312 318,297 * Dredging Corp. Of India, Ltd.......................... 11,933 88,237 eClerx Services, Ltd.................................. 62,384 1,338,772 Edelweiss Financial Services, Ltd..................... 687,337 694,472 * Educomp Solutions, Ltd................................ 125,968 64,752 Eicher Motors, Ltd.................................... 48,396 6,752,637 * EID Parry India, Ltd.................................. 431,793 1,370,919 151 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- INDIA -- (Continued) EIH, Ltd.............................................. 557,144 $ 925,641 * Elder Pharmaceuticals, Ltd............................ 6,252 19,222 * Electrosteel Castings, Ltd............................ 711,611 347,494 * Elgi Equipments, Ltd.................................. 230,271 458,603 Emami, Ltd............................................ 142,377 1,272,180 Engineers India, Ltd.................................. 395,610 1,822,189 Entertainment Network India, Ltd...................... 48,584 350,926 * Era Infra Engineering, Ltd............................ 415,628 147,863 * Eros International Media, Ltd......................... 199,846 724,169 Escorts, Ltd.......................................... 523,565 1,019,188 Ess Dee Aluminium, Ltd................................ 125,607 1,112,028 * Essar Oil, Ltd........................................ 2,063,648 3,911,150 Essar Ports, Ltd...................................... 434,115 655,432 * Essar Shipping, Ltd................................... 112,311 39,112 Essel Propack, Ltd.................................... 245,987 421,237 Exide Industries, Ltd................................. 907,043 2,447,770 FAG Bearings India, Ltd............................... 29,121 1,276,348 FDC, Ltd.............................................. 399,023 923,133 Federal Bank, Ltd..................................... 3,805,760 7,499,337 * Federal-Mogul Goetze India, Ltd....................... 61,495 271,596 * Financial Technologies India, Ltd..................... 124,447 639,622 Finolex Cables, Ltd................................... 422,088 1,441,775 * Finolex Industries, Ltd............................... 324,175 1,487,444 * Firstsource Solutions, Ltd............................ 1,393,467 880,737 * Fortis Healthcare, Ltd................................ 706,957 1,373,040 * Future Consumer Enterprise, Ltd....................... 687,543 111,056 * Future Lifestyle Fashions, Ltd........................ 21,868 34,208 Future Retail, Ltd.................................... 284,732 582,566 * Gammon India, Ltd..................................... 105,203 50,588 Gateway Distriparks, Ltd.............................. 426,924 1,645,150 Gati, Ltd............................................. 66,849 129,814 Gillette India, Ltd................................... 14,470 550,090 * Gitanjali Gems, Ltd................................... 126,872 148,096 Global Offshore Services, Ltd......................... 2,502 19,062 GMR Infrastructure, Ltd............................... 9,412,702 4,163,036 * Godfrey Phillips India, Ltd........................... 4,304 188,272 Godrej Industries, Ltd................................ 212,412 1,167,436 Godrej Properties, Ltd................................ 358,765 1,349,644 * Gokul Refoils & Solvent, Ltd.......................... 20,874 6,056 Graphite India, Ltd................................... 333,056 604,102 * Great Eastern Shipping Co., Ltd. (The)................ 407,286 2,461,596 Greaves Cotton, Ltd................................... 541,165 1,017,512 Grindwell Norton, Ltd................................. 18,171 125,414 Gruh Finance, Ltd..................................... 222,390 759,616 * GTL Infrastructure, Ltd............................... 1,158,583 49,707 Gujarat Alkalies & Chemicals, Ltd..................... 178,029 613,193 * Gujarat Fluorochemicals, Ltd.......................... 161,543 1,401,025 Gujarat Gas Co., Ltd.................................. 62,982 453,332 Gujarat Industries Power Co., Ltd..................... 6,329 8,992 * Gujarat Mineral Development Corp., Ltd................ 536,132 1,359,336 * Gujarat Narmada Valley Fertilizers & Chemicals, Ltd... 320,395 487,726 * Gujarat NRE Coke, Ltd................................. 1,625,158 292,679 * Gujarat Pipavav Port, Ltd............................. 369,670 886,248 152 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- INDIA -- (Continued) Gujarat State Fertilisers & Chemicals, Ltd............ 856,905 $1,079,149 * Gujarat State Petronet, Ltd........................... 1,097,043 1,610,704 * Gulf Oil Corp., Ltd................................... 76,450 194,979 * Gulf Oil Lubricants India, Ltd........................ 76,450 316,990 * GVK Power & Infrastructure, Ltd....................... 5,583,655 1,309,459 * Hathway Cable & Datacom, Ltd.......................... 298,526 1,567,687 Havells India, Ltd.................................... 371,251 7,334,579 * HCL Infosystems, Ltd.................................. 626,484 759,685 HEG, Ltd.............................................. 71,043 314,315 * HeidelbergCement India, Ltd........................... 375,361 382,028 * Hexa Tradex, Ltd...................................... 73,518 44,945 Hexaware Technologies, Ltd............................ 1,467,575 3,430,314 * Hikal, Ltd............................................ 2,335 23,296 * Himachal Futuristic Communications, Ltd............... 2,067,552 492,657 Hinduja Global Solutions, Ltd......................... 30,903 321,801 * Hinduja Ventures, Ltd................................. 36,075 187,531 * Hindustan Construction Co., Ltd....................... 1,572,759 1,028,468 * Hindustan Oil Exploration Co., Ltd.................... 69,160 59,946 Hindustan Petroleum Corp., Ltd........................ 682,702 4,473,472 Honeywell Automation India, Ltd....................... 13,295 1,093,965 * Hotel Leela Venture, Ltd.............................. 540,246 224,477 * Housing Development & Infrastructure, Ltd............. 2,154,402 3,296,069 HSIL, Ltd............................................. 150,799 605,211 HT Media, Ltd......................................... 364,057 634,808 IDBI Bank, Ltd........................................ 1,235,384 1,811,227 IIFL Holdings, Ltd.................................... 1,112,965 2,387,838 * IL&FS Transportation Networks, Ltd.................... 245,989 934,207 India Cements, Ltd. (The)............................. 1,647,531 2,785,348 Indiabulls Housing Finance, Ltd....................... 357,294 2,394,715 Indian Bank........................................... 387,960 941,274 * Indian Hotels Co., Ltd................................ 2,387,814 3,711,569 Indian Overseas Bank.................................. 1,554,951 1,790,289 Indo Rama Synthetics India............................ 21,768 8,519 Indoco Remedies, Ltd.................................. 190,301 749,763 * Indraprastha Gas, Ltd................................. 468,548 2,888,181 Info Edge India, Ltd.................................. 134,956 1,529,836 ING Vysya Bank, Ltd................................... 21,126 214,119 * Ingersoll-Rand India, Ltd............................. 44,994 423,511 * International Paper APPM, Ltd......................... 57,705 281,430 Ipca Laboratories, Ltd................................ 370,908 4,316,398 IRB Infrastructure Developers, Ltd.................... 1,021,009 4,292,284 * Jagran Prakashan, Ltd................................. 528,631 1,034,975 Jai Corp., Ltd........................................ 5,956 9,274 * Jain Irrigation Systems, Ltd.......................... 1,831,218 3,078,569 Jaiprakash Associates, Ltd............................ 7,015,959 6,728,146 * Jaiprakash Power Ventures, Ltd........................ 6,325,569 1,973,128 Jammu & Kashmir Bank, Ltd. (The)...................... 165,268 4,331,859 * Jaypee Infratech, Ltd................................. 3,030,067 1,625,218 * JB Chemicals & Pharmaceuticals, Ltd................... 31,979 92,126 * JBF Industries, Ltd................................... 121,529 268,781 * Jindal Drilling & Industries, Ltd..................... 13,908 56,784 * Jindal Poly Films, Ltd................................ 56,297 244,600 * Jindal Poly Investment & Finance Co., Ltd............. 7,223 19,929 153 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- INDIA -- (Continued) * Jindal Saw, Ltd....................................... 1,073,165 $1,358,838 * Jindal Stainless, Ltd................................. 380,310 304,580 JK Cement, Ltd........................................ 149,599 950,530 JK Lakshmi Cement, Ltd................................ 278,282 1,134,486 * JK Tyre & Industries, Ltd............................. 59,947 303,413 JM Financial, Ltd..................................... 2,073,645 1,388,042 JSW Energy, Ltd....................................... 2,053,448 2,551,635 JSW Steel, Ltd........................................ 775 15,008 * Jubilant Foodworks, Ltd............................... 278,198 5,727,033 * Jubilant Life Sciences, Ltd........................... 381,390 1,175,347 Jyothy Laboratories, Ltd.............................. 390,764 1,166,601 Kajaria Ceramics, Ltd................................. 208,712 2,165,048 * Kakinada Fertilizers, Ltd............................. 632,948 21,983 * Kalpataru Power Transmission, Ltd..................... 335,347 890,640 Kansai Nerolac Paints, Ltd............................ 10,598 278,261 Karnataka Bank, Ltd. (The)............................ 1,085,634 2,268,238 Karur Vysya Bank, Ltd. (The).......................... 283,321 2,251,512 * Kaveri Seed Co., Ltd.................................. 174,871 2,101,718 KEC International, Ltd................................ 616,384 1,219,986 * Kesoram Industries, Ltd............................... 218,736 396,668 * Kewal Kiran Clothing, Ltd............................. 1,598 46,527 Kirloskar Brothers, Ltd............................... 817 3,879 Kirloskar Oil Engines, Ltd............................ 223,454 972,256 KPIT Technologies, Ltd................................ 851,895 2,167,770 * KRBL, Ltd............................................. 80,445 105,194 KSB Pumps, Ltd........................................ 40,597 357,160 * KSK Energy Ventures, Ltd.............................. 117,923 193,269 Lakshmi Machine Works, Ltd............................ 22,273 1,388,478 Lakshmi Vilas Bank, Ltd. (The)........................ 238,720 326,811 * Lanco Infratech, Ltd.................................. 4,921,870 750,323 * Mahanagar Telephone Nigam............................. 361,078 178,547 * Maharashtra Seamless, Ltd............................. 127,319 639,253 Mahindra & Mahindra Financial Services, Ltd........... 214,465 830,841 Mahindra Holidays & Resorts India, Ltd................ 79,240 382,539 Mahindra Lifespace Developers, Ltd.................... 65,477 633,977 Man Infraconstruction, Ltd............................ 25,035 66,929 * Mandhana Industries, Ltd.............................. 54,218 212,428 * Mangalore Refinery & Petrochemicals, Ltd.............. 465,723 498,101 * Marico Kaya Enterprises, Ltd.......................... 6,469 31,446 Marico, Ltd........................................... 151,827 638,693 * MAX India, Ltd........................................ 903,229 4,564,456 McLeod Russel India, Ltd.............................. 298,850 1,383,008 * Mercator, Ltd......................................... 612,469 335,024 Merck, Ltd............................................ 24,729 292,956 MindTree, Ltd......................................... 248,814 4,316,192 * MOIL, Ltd............................................. 158,280 781,671 * Monnet Ispat & Energy, Ltd............................ 58,491 123,651 Monsanto India, Ltd................................... 36,659 1,203,363 Motherson Sumi Systems, Ltd........................... 1,229,584 7,374,266 * Motilal Oswal Financial Services, Ltd................. 8,131 29,974 Mphasis, Ltd.......................................... 264,977 1,989,702 MRF, Ltd.............................................. 9,265 3,555,221 * Nagarjuna Oil Refinery, Ltd........................... 575,408 44,074 154 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- INDIA -- (Continued) * Nahar Capital and Financial Services, Ltd............. 309 $ 397 Natco Pharma, Ltd..................................... 94,555 1,680,333 National Aluminium Co., Ltd........................... 146,078 139,372 Nava Bharat Ventures, Ltd............................. 13,117 48,540 Navneet Education, Ltd................................ 468,196 622,066 NCC, Ltd.............................................. 1,258,711 1,511,535 NESCO, Ltd............................................ 38,589 732,984 NIIT Technologies, Ltd................................ 251,992 1,555,838 NIIT, Ltd............................................. 167,888 117,500 * Nitin Fire Protection Industries, Ltd................. 618,739 652,205 * Noida Toll Bridge Co., Ltd............................ 126,184 66,855 * Oberoi Realty, Ltd.................................... 178,278 760,784 OCL India, Ltd........................................ 51,578 245,147 * OMAXE, Ltd............................................ 450,427 938,916 Orient Cement, Ltd.................................... 351,095 601,985 Orient Paper & Industries, Ltd........................ 14,822 6,706 Oriental Bank of Commerce............................. 598,876 2,718,448 * Orissa Minerals Development Co., Ltd.................. 6,645 464,208 * Oswal Chemicals & Fertilizers, Ltd.................... 29,723 15,799 Page Industries, Ltd.................................. 22,109 2,940,163 * Panacea Biotec, Ltd................................... 39,463 108,945 * Pantaloons Fashions and Retail, Ltd................... 515 1,063 * Parsvnath Developers, Ltd............................. 652,167 287,265 * Patel Engineering, Ltd................................ 17,376 29,103 * PC Jeweller, Ltd...................................... 209,725 440,654 * Peninsula Land, Ltd................................... 559,353 351,085 Persistent Systems, Ltd............................... 81,500 1,680,977 Petronet LNG, Ltd..................................... 663,651 1,999,858 Pfizer, Ltd........................................... 38,140 856,292 * Phoenix Mills, Ltd. (The)............................. 181,403 1,049,861 * PI Industries, Ltd.................................... 171,013 1,124,679 Pidilite Industries, Ltd.............................. 515,071 3,175,315 * Pipavav Defence & Offshore Engineering Co., Ltd....... 1,532,809 1,359,057 Piramal Enterprises, Ltd.............................. 237,828 2,539,449 * Plethico Pharmaceuticals, Ltd......................... 68,473 51,836 Polaris Financial Technology, Ltd..................... 586,163 2,066,493 Praj Industries, Ltd.................................. 425,982 421,003 * Prakash Industries, Ltd............................... 209,894 387,288 * Prestige Estates Projects, Ltd........................ 582,877 2,411,598 * Prime Focus, Ltd...................................... 113,893 92,997 * Prism Cement, Ltd..................................... 645,641 767,736 Procter & Gamble Hygiene & Health Care, Ltd........... 4,185 322,135 * PTC India Financial Services, Ltd..................... 865,247 464,775 * PTC India, Ltd........................................ 1,926,354 2,646,981 * Punj Lloyd, Ltd....................................... 1,344,331 951,676 Punjab & Sind Bank.................................... 252,456 268,121 * Puravankara Projects, Ltd............................. 171,909 310,426 * Radico Khaitan, Ltd................................... 493,729 794,407 Rain Industries, Ltd.................................. 615,823 397,279 * Rajesh Exports, Ltd................................... 106,849 283,568 Rallis India, Ltd..................................... 595,300 2,131,729 Ramco Cements, Ltd. (The)............................. 426,872 2,009,179 * Ratnamani Metals & Tubes, Ltd......................... 5,198 35,369 155 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- INDIA -- (Continued) Raymond, Ltd.......................................... 249,192 $1,727,075 Redington India, Ltd.................................. 950,563 1,548,297 REI Agro, Ltd......................................... 3,369,565 197,370 * Rolta India, Ltd...................................... 724,825 1,265,931 * Ruchi Soya Industries, Ltd............................ 755,541 485,669 S Mobility, Ltd....................................... 70,822 32,736 * Sadbhav Engineering, Ltd.............................. 196,387 648,771 Sanofi India, Ltd..................................... 24,992 1,224,315 * Schneider Electric Infrastructure, Ltd................ 246,388 568,357 Selan Exploration Technology, Ltd..................... 10,599 103,684 * Shipping Corp. of India, Ltd.......................... 1,026,945 976,678 Shoppers Stop, Ltd.................................... 155,785 1,010,155 Shree Renuka Sugars, Ltd.............................. 3,517,973 1,330,602 * Simplex Infrastructures, Ltd.......................... 11,214 53,515 Sintex Industries, Ltd................................ 1,531,929 2,133,759 SJVN, Ltd............................................. 840,586 337,192 SKF India, Ltd........................................ 78,886 1,535,211 Sobha Developers, Ltd................................. 353,600 2,624,858 Solar Industries India, Ltd........................... 25,815 866,185 South Indian Bank, Ltd. (The)......................... 2,782,692 1,380,560 SREI Infrastructure Finance, Ltd...................... 223,216 166,925 SRF, Ltd.............................................. 129,938 1,260,261 Star Ferro and Cement, Ltd............................ 137,796 94,973 State Bank of Bikaner & Jaipur........................ 88,255 960,977 State Bank of Travancore.............................. 22,747 233,482 * Sterling Biotech, Ltd................................. 182,022 34,809 Sterlite Technologies, Ltd............................ 1,051,108 990,148 * Strides Arcolab, Ltd.................................. 338,221 3,672,975 Styrolution ABS India, Ltd............................ 23,441 210,923 * Sun Pharma Advanced Research Co., Ltd................. 683,215 1,899,278 Sundaram Finance, Ltd................................. 34,562 539,742 Sundaram-Clayton, Ltd................................. 3,890 85,075 Sundram Fasteners, Ltd................................ 415,483 719,416 Supreme Industries, Ltd............................... 179,999 1,776,679 Supreme Petrochem, Ltd................................ 103,075 132,623 * Surana Industries, Ltd................................ 14,879 14,968 * Suzlon Energy, Ltd.................................... 7,128,765 2,551,006 Swaraj Engines, Ltd................................... 3,896 57,843 Syndicate Bank........................................ 1,199,412 2,823,501 Tamil Nadu Newsprint & Papers, Ltd.................... 53,619 142,712 Tata Chemicals, Ltd................................... 421,074 2,389,714 Tata Communications, Ltd.............................. 663,303 4,069,003 Tata Elxsi, Ltd....................................... 155,165 1,503,352 Tata Global Beverages, Ltd............................ 1,925,124 4,860,734 Tata Investment Corp., Ltd............................ 5,717 51,846 Tata Sponge Iron, Ltd................................. 1,517 22,090 * Tata Teleservices Maharashtra, Ltd.................... 3,804,750 737,476 Tech Mahindra, Ltd.................................... 170,401 6,057,274 Techno Electric & Engineering Co., Ltd................ 77,977 353,648 * Texmaco Rail & Engineering, Ltd....................... 108,580 157,872 Thermax, Ltd.......................................... 214,137 3,080,577 * Time Technoplast, Ltd................................. 99,668 81,630 Timken India, Ltd..................................... 43,278 238,553 156 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ----------- ------------ INDIA -- (Continued) Torrent Pharmaceuticals, Ltd...................... 364,010 $ 4,466,396 Torrent Power, Ltd................................ 488,808 1,129,232 Transport Corp. of India, Ltd..................... 43,990 146,424 * Tree House Education and Accessories, Ltd......... 39,147 226,423 Trent, Ltd........................................ 44,342 890,482 Triveni Turbine, Ltd.............................. 226,276 361,175 TTK Prestige, Ltd................................. 31,862 2,042,295 Tube Investments of India, Ltd.................... 437,178 2,131,313 * TV18 Broadcast, Ltd............................... 3,543,321 1,734,346 TVS Motor Co., Ltd................................ 1,420,718 3,449,639 UCO Bank.......................................... 1,711,048 2,776,087 Uflex, Ltd........................................ 11,351 23,153 Unichem Laboratories, Ltd......................... 263,459 910,538 Union Bank of India............................... 794,314 2,483,010 * Unitech, Ltd...................................... 12,550,150 5,235,766 UPL, Ltd.......................................... 2,016,992 10,870,394 * Usha Martin, Ltd.................................. 660,595 461,997 * Uttam Galva Steels, Ltd........................... 151,190 188,557 V-Guard Industries, Ltd........................... 84,617 1,070,413 VA Tech Wabag, Ltd................................ 42,048 986,863 * Vakrangee, Ltd.................................... 430,682 976,476 * Vardhman Special Steels, Ltd...................... 15,258 10,851 * Vardhman Textiles, Ltd............................ 93,438 732,899 Vesuvius India, Ltd............................... 1,802 22,142 Videocon Industries, Ltd.......................... 577,596 1,598,140 Vijaya Bank....................................... 1,183,999 944,230 VIP Industries, Ltd............................... 417,617 758,818 Voltas, Ltd....................................... 993,937 3,135,917 VST Industries, Ltd............................... 15,968 399,009 WABCO India, Ltd.................................. 10,311 565,201 Welspun Corp., Ltd................................ 706,339 969,985 * Welspun Enterprises, Ltd.......................... 35,317 106,145 Welspun India, Ltd................................ 117,306 456,770 Wockhardt, Ltd.................................... 196,723 2,184,062 Wyeth, Ltd........................................ 39,587 603,061 Zensar Technologies, Ltd.......................... 104,999 728,776 Zuari Agro Chemicals, Ltd......................... 42,970 127,142 Zuari Global, Ltd................................. 32,457 45,886 Zydus Wellness, Ltd............................... 67,180 649,550 ------------ TOTAL INDIA........................................... 522,282,332 ------------ INDONESIA -- (3.2%) Ace Hardware Indonesia Tbk PT..................... 32,168,700 2,567,522 Adhi Karya Persero Tbk PT......................... 9,983,100 2,651,748 Agung Podomoro Land Tbk PT........................ 44,518,800 1,268,413 AKR Corporindo Tbk PT............................. 11,342,300 4,277,663 Alam Sutera Realty Tbk PT......................... 81,359,500 3,600,398 Aneka Tambang Persero Tbk PT...................... 32,303,800 3,489,242 Arwana Citramulia Tbk PT.......................... 22,123,600 1,918,518 Asahimas Flat Glass Tbk PT........................ 983,000 648,627 Astra Graphia Tbk PT.............................. 2,211,000 435,044 * Bakrie and Brothers Tbk PT........................ 319,498,500 1,379,825 * Bakrie Sumatera Plantations Tbk PT................ 58,428,800 252,836 157 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ----------- ---------- INDONESIA -- (Continued) * Bakrie Telecom Tbk PT............................... 80,514,398 $ 347,719 * Bakrieland Development Tbk PT....................... 204,925,750 885,017 Bank Bukopin Tbk PT................................. 29,846,666 1,853,839 * Bank Pan Indonesia Tbk PT........................... 16,508,200 1,262,716 Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT............................................ 18,834,900 1,355,208 Bank Permata Tbk PT................................. 293,000 34,657 Bank Tabungan Negara Persero Tbk PT................. 34,158,549 3,159,343 * Barito Pacific Tbk PT............................... 11,044,500 270,979 * Benakat Integra Tbk PT.............................. 136,687,800 1,376,080 * Berau Coal Energy Tbk PT............................ 34,734,400 296,193 * Berlian Laju Tanker Tbk PT.......................... 35,106,366 -- BISI International Tbk PT........................... 9,272,000 405,208 * Borneo Lumbung Energi & Metal Tbk PT................ 26,226,700 199,348 * Budi Starch & Sweetener Tbk PT...................... 5,947,000 56,833 * Bumi Resources Minerals Tbk PT...................... 25,413,900 613,907 * Bumi Resources Tbk PT............................... 68,262,100 1,105,593 * BW Plantation Tbk PT................................ 13,515,400 1,330,901 * Central Proteinaprima Tbk PT........................ 21,920,000 94,666 Chandra Asri Petrochemical Tbk PT................... 13,500 3,137 Charoen Pokphand Indonesia Tbk PT................... 2,370,800 790,241 Ciputra Development Tbk PT.......................... 63,915,780 6,291,201 Ciputra Property Tbk PT............................. 21,221,700 1,373,863 Ciputra Surya Tbk PT................................ 6,946,000 1,439,501 Citra Marga Nusaphala Persada Tbk PT................ 12,391,100 4,231,592 * Clipan Finance Indonesia Tbk PT..................... 1,482,000 53,164 * Darma Henwa Tbk PT.................................. 72,303,600 312,259 * Davomas Abadi Tbk PT................................ 37,629,500 -- * Delta Dunia Makmur Tbk PT........................... 33,174,600 462,528 Elnusa Tbk PT....................................... 21,629,800 1,243,742 * Energi Mega Persada Tbk PT.......................... 236,262,900 1,831,441 * Erajaya Swasembada Tbk PT........................... 9,039,700 876,577 * Ever Shine Textile Tbk PT........................... 3,654,640 69,131 * Exploitasi Energi Indonesia Tbk PT.................. 50,011,000 797,215 * Express Transindo Utama Tbk PT...................... 7,437,300 868,905 * Fajar Surya Wisesa Tbk PT........................... 672,500 90,730 Gajah Tunggal Tbk PT................................ 12,688,400 1,970,445 * Garda Tujuh Buana Tbk PT............................ 214,000 3,703 * Garuda Indonesia Persero Tbk PT..................... 31,709,749 1,195,347 * Golden Eagle Energy Tbk PT.......................... 5,771,550 883,139 * Gozco Plantations Tbk PT............................ 10,666,000 91,788 * Hanson International Tbk PT......................... 64,400,400 3,455,524 Harum Energy Tbk PT................................. 6,251,700 1,122,534 Hexindo Adiperkasa Tbk PT........................... 1,326,000 414,598 Holcim Indonesia Tbk PT............................. 4,558,300 1,179,462 * Indah Kiat Pulp & Paper Corp. Tbk PT................ 20,848,200 2,443,415 * Indika Energy Tbk PT................................ 14,941,000 885,127 * Indo-Rama Synthetics Tbk PT......................... 479,000 35,788 Indomobil Sukses Internasional Tbk PT............... 33,000 12,901 * Inovisi Infracom Tbk PT............................. 2,713,367 349,448 Intiland Development Tbk PT......................... 41,974,732 1,718,932 Japfa Comfeed Indonesia Tbk PT...................... 29,136,300 3,129,727 Jaya Real Property Tbk PT........................... 9,837,500 786,274 Kawasan Industri Jababeka Tbk PT.................... 162,617,377 3,622,299 158 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ----------- ---------- INDONESIA -- (Continued) * Krakatau Steel Persero Tbk PT....................... 12,979,100 $ 511,163 * Lippo Cikarang Tbk PT............................... 3,276,700 2,247,296 * Malindo Feedmill Tbk PT............................. 7,671,000 1,873,000 Matahari Putra Prima Tbk PT......................... 12,819,128 3,234,805 Mayora Indah Tbk PT................................. 3,259,650 8,258,054 Medco Energi Internasional Tbk PT................... 11,226,100 3,355,708 Mitra Adiperkasa Tbk PT............................. 7,948,300 3,527,773 * Mitra International Resources Tbk PT................ 4,216,700 18,037 MNC Investama Tbk PT................................ 152,397,400 4,833,328 Modern Internasional Tbk PT......................... 4,017,800 230,710 * Modernland Realty Tbk PT............................ 46,197,400 1,752,627 Multipolar Tbk PT................................... 51,277,100 3,278,786 * Multistrada Arah Sarana Tbk PT...................... 6,875,500 175,271 Nippon Indosari Corpindo Tbk PT..................... 6,360,400 708,423 * Nusantara Infrastructure Tbk PT..................... 78,200,000 1,397,035 Pabrik Kertas Tjiwi Kimia Tbk PT.................... 1,115,000 104,015 Pakuwon Jati Tbk PT................................. 74,593,900 2,670,634 Pan Brothers Tbk PT................................. 12,302,400 440,004 * Panasia Indo Resources Tbk PT....................... 79,000 2,190 * Panin Financial Tbk PT.............................. 109,840,300 2,340,272 Panin Sekuritas Tbk PT.............................. 31,500 13,747 * Paninvest Tbk PT.................................... 8,124,500 444,853 Pembangunan Perumahan Persero Tbk PT................ 23,207,900 4,446,031 Perusahaan Perkebunan London Sumatra Indonesia Tbk PT................................................ 23,130,400 4,142,456 Petrosea Tbk PT..................................... 3,520,500 383,707 * Polaris Investama Tbk PT............................ 2,730,500 352,356 * Polychem Indonesia Tbk PT........................... 5,091,000 89,583 * PT Texmaco Jaya Tbk................................. 93,000 -- Ramayana Lestari Sentosa Tbk PT..................... 25,093,200 2,330,043 Resource Alam Indonesia Tbk PT...................... 2,489,000 318,683 Salim Ivomas Pratama Tbk PT......................... 18,744,600 1,434,118 Samindo Resources Tbk PT............................ 475,750 20,381 Sampoerna Agro PT................................... 5,317,000 970,099 Selamat Sempurna Tbk PT............................. 5,481,000 2,109,475 * Sentul City Tbk PT.................................. 216,989,600 2,183,951 * Sigmagold Inti Perkasa Tbk PT....................... 12,930,500 495,138 Sinar Mas Agro Resources and Technology Tbk PT...... 1,037,460 561,000 * Sugih Energy Tbk PT................................. 93,530,600 3,333,973 Summarecon Agung Tbk PT............................. 67,437,864 7,737,862 * Sunson Textile Manufacturer Tbk PT.................. 2,325,500 13,429 * Surabaya Agung Industri Pulp & Kertas Tbk PT........ 64,500 209 * Surya Dumai Industri Tbk............................ 3,298,500 -- Surya Semesta Internusa Tbk PT...................... 30,722,000 1,909,346 * Suryainti Permata Tbk PT............................ 7,252,000 -- Tempo Scan Pacific Tbk PT........................... 190,100 49,304 * Tiga Pilar Sejahtera Food Tbk....................... 15,893,000 3,232,116 Timah Persero Tbk PT................................ 24,752,714 3,012,470 * Tiphone Mobile Indonesia Tbk PT..................... 14,335,600 970,564 Total Bangun Persada Tbk PT......................... 11,120,000 748,888 * Trada Maritime Tbk PT............................... 12,248,113 1,951,869 Trias Sentosa Tbk PT................................ 37,122,100 1,053,581 * Trimegah Securities Tbk PT.......................... 9,740,000 61,799 * Truba Alam Manunggal Engineering PT................. 21,316,500 11,047 159 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ------------ INDONESIA -- (Continued) Tunas Baru Lampung Tbk PT.......................... 11,313,100 $ 656,028 Tunas Ridean Tbk PT................................ 13,838,000 865,253 Ultrajaya Milk Industry & Trading Co. Tbk PT....... 3,667,600 1,263,594 Unggul Indah Cahaya Tbk PT......................... 48,239 7,406 * Visi Media Asia Tbk PT............................. 21,901,100 500,186 Waskita Karya Persero Tbk PT....................... 13,428,300 924,800 Wijaya Karya Persero Tbk PT........................ 20,249,600 4,561,670 Wintermar Offshore Marine Tbk PT................... 1,378,657 167,904 ------------ TOTAL INDONESIA........................................ 175,461,771 ------------ ISRAEL -- (0.0%) * Knafaim Holdings, Ltd.............................. 7,307 14,141 * Metis Capital, Ltd................................. 919 -- ------------ TOTAL ISRAEL........................................... 14,141 ------------ MALAYSIA -- (5.6%) A & M Realty Bhd................................... 264,200 121,094 * Adventa Bhd........................................ 4,600 1,483 Aeon Co. M Bhd..................................... 4,103,000 5,169,020 Aeon Credit Service M Bhd.......................... 46,800 260,208 # Affin Holdings Bhd................................. 1,324,320 1,454,503 * Ahmad Zaki Resources Bhd........................... 761,300 171,031 # Alam Maritim Resources Bhd......................... 3,550,800 1,716,132 Allianz Malaysia Bhd............................... 22,300 90,736 Amway Malaysia Hldgs Bhd........................... 399,300 1,500,992 Ann Joo Resources Bhd.............................. 1,116,650 449,882 * Anson Perdana Bhd.................................. 10,000 -- APM Automotive Holdings Bhd........................ 256,900 497,338 Benalec Holdings Bhd............................... 3,915,600 1,294,419 Berjaya Assets Bhd................................. 810,100 209,960 Berjaya Corp. Bhd.................................. 20,740,900 3,272,902 Berjaya Land Bhd................................... 3,734,000 987,970 BIMB Holdings Bhd.................................. 2,051,208 2,774,360 Bintulu Port Holdings Bhd.......................... 25,900 58,713 BLD Plantation Bhd................................. 21,400 56,818 Bonia Corp. Bhd.................................... 520,000 232,766 * Borneo Aqua Harvest Bhd............................ 381,200 107,189 Boustead Holdings Bhd.............................. 979,872 1,604,540 * Boustead Plantations Bhd........................... 199,900 98,824 # Bursa Malaysia Bhd................................. 3,632,100 9,446,873 Cahya Mata Sarawak Bhd............................. 3,237,000 3,976,817 Can-One Bhd........................................ 497,700 410,828 # Carlsberg Brewery Malaysia Bhd Class B............. 1,144,000 4,274,775 * Carotech Bhd....................................... 230,650 289 CB Industrial Product Holding Bhd.................. 1,348,620 2,019,490 Chin Teck Plantations Bhd.......................... 33,000 100,316 # Coastal Contracts Bhd.............................. 1,749,466 2,802,850 Crescendo Corp. Bhd................................ 64,200 59,391 CSC Steel Holdings Bhd............................. 564,800 213,755 * Cycle & Carriage Bintang Bhd....................... 15,000 11,136 Cypark Resources Bhd............................... 1,493,300 1,276,371 * D&O Green Technologies Bhd......................... 149,900 16,322 160 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- MALAYSIA -- (Continued) Daibochi Plastic & Packaging Industry Bhd............ 46,200 $ 64,254 * Datuk Keramik Holdings Bhd........................... 24,000 -- * Daya Materials Bhd................................... 15,996,000 1,469,720 # Dayang Enterprise Holdings Bhd....................... 2,409,196 2,856,096 DKSH Holdings Malaysia Bhd........................... 160,600 380,143 # DRB-Hicom Bhd........................................ 7,280,700 5,087,845 Dutch Lady Milk Industries Bhd....................... 140,200 2,053,936 # Eastern & Oriental Bhd............................... 6,142,200 5,593,891 * ECM Libra Financial Group Bhd........................ 367,466 117,862 Eng Kah Corp. Bhd.................................... 90 70 Engtex Group Bhd..................................... 451,700 267,280 * Evergreen Fibreboard Bhd............................. 1,165,300 203,666 Eversendai Corp. Bhd................................. 1,278,200 403,722 Faber Group Bhd...................................... 1,767,200 2,022,025 FAR East Holdings Bhd................................ 61,500 145,982 * Fountain View Development Bhd........................ 808,200 -- George Kent Malaysia BHD............................. 291,800 167,321 Globetronics Technology Bhd.......................... 1,731,760 2,547,335 Glomac Bhd........................................... 2,945,400 1,103,845 * Golden Plus Holding Bhd.............................. 216,000 -- * Goldis Bhd........................................... 604,277 460,780 * Green Packet Bhd..................................... 3,430,800 431,651 Guan Chong Bhd....................................... 212,100 90,022 Guinness Anchor Bhd.................................. 845,000 3,569,263 GuocoLand Malaysia Bhd............................... 1,354,300 756,550 Hai-O Enterprise Bhd................................. 722,380 589,432 HAP Seng Consolidated Bhd............................ 5,293,240 5,810,109 Hap Seng Plantations Holdings Bhd.................... 1,686,900 1,402,983 Hartalega Holdings Bhd............................... 1,531,900 3,168,009 Hiap Teck Venture Bhd................................ 1,006,000 240,778 * Ho Wah Genting Bhd................................... 1,947,000 112,317 Hock Seng LEE BHD.................................... 1,309,416 781,891 Hong Leong Industries Bhd............................ 605,900 1,287,954 Hovid Bhd............................................ 749,200 108,293 Hua Yang Bhd......................................... 1,360,000 1,023,203 Hup Seng Industries Bhd.............................. 253,333 90,061 Hwang Capital Malaysia Bhd........................... 476,900 289,444 IGB Corp. Bhd........................................ 5,809,555 5,158,539 IJM Land Bhd......................................... 3,270,200 3,442,836 IJM Plantations Bhd.................................. 1,683,700 1,900,217 Inch Kenneth Kajang Rubber........................... 1,045,300 291,955 Insas Bhd............................................ 4,478,281 1,712,835 Integrax Bhd......................................... 191,900 140,566 Iris Corp. Bhd....................................... 9,726,800 1,329,775 * Iskandar Waterfront City Bhd......................... 3,000,600 1,457,584 * JAKS Resources Bhd................................... 3,430,900 809,193 Jaya Tiasa Holdings Bhd.............................. 2,723,627 2,086,274 JCY International Bhd................................ 4,164,400 914,894 * K&N Kenanga Holdings Bhd............................. 1,781,560 444,419 * Karambunai Corp. Bhd................................. 4,654,100 129,109 Keck Seng Malaysia Bhd............................... 828,150 1,718,745 Kian JOO CAN Factory Bhd............................. 1,893,880 1,840,704 Kim Loong Resources Bhd.............................. 292,760 272,796 161 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- MALAYSIA -- (Continued) Kimlun Corp. Bhd..................................... 813,900 $ 414,828 * Kinsteel Bhd......................................... 1,427,600 71,290 KLCCP Stapled Group.................................. 874,200 1,755,792 * KNM Group Bhd........................................ 11,072,950 3,655,432 Kossan Rubber Industries............................. 3,543,700 4,443,993 # KPJ Healthcare Bhd................................... 6,458,025 7,125,178 * Kretam Holdings Bhd.................................. 2,992,000 532,050 * KSL Holdings Bhd..................................... 2,036,466 1,908,929 * KUB Malaysia Bhd..................................... 1,353,500 263,291 * Kulim Malaysia Bhd................................... 2,845,300 2,897,268 * Kumpulan Europlus Bhd................................ 1,808,600 728,425 Kumpulan Fima Bhd.................................... 897,450 628,206 Kumpulan Perangsang Selangor Bhd..................... 2,317,900 1,099,342 Kwantas Corp. Bhd.................................... 390,200 261,290 * Land & General Bhd................................... 7,240,100 1,470,352 * Landmarks Bhd........................................ 1,485,100 747,977 LBS Bina Group Bhd................................... 2,206,100 1,192,748 Lingkaran Trans Kota Holdings Bhd.................... 999,500 1,201,953 Lion Industries Corp. Bhd............................ 3,189,100 781,364 LPI Capital Bhd...................................... 110,680 603,989 Magnum Bhd........................................... 3,785,200 3,621,953 # Mah Sing Group Bhd................................... 7,451,024 5,560,007 Malayan Flour Mills Bhd.............................. 1,623,850 1,041,482 # Malaysia Building Society Bhd........................ 1,588,105 1,114,279 #* Malaysian Airline System Bhd......................... 31,866,900 2,185,146 Malaysian Bulk Carriers Bhd.......................... 3,246,700 1,783,696 Malaysian Pacific Industries Bhd..................... 562,313 1,066,074 # Malaysian Resources Corp. Bhd........................ 10,516,349 5,686,610 * Mancon Bhd........................................... 12,000 -- MBM Resources Bhd.................................... 1,208,296 1,123,607 Media Chinese International, Ltd..................... 3,632,300 1,046,540 Media Prima Bhd...................................... 6,973,103 5,418,930 Mega First Corp. Bhd................................. 472,600 338,746 * MEMS Technology Bhd.................................. 1,917,000 -- MHC Plantations Bhd.................................. 22,300 8,222 MK Land Holdings BHD................................. 3,560,800 588,144 MKH Bhd.............................................. 1,490,390 1,939,093 MNRB Holdings Bhd.................................... 778,600 1,148,351 Muda Holdings Bhd.................................... 358,600 254,299 # Mudajaya Group Bhd................................... 1,826,566 1,437,829 # Muhibbah Engineering M Bhd........................... 3,118,350 3,047,818 #* Mulpha International Bhd............................. 12,935,100 2,159,494 # My EG Services Bhd................................... 2,910,000 2,612,425 Naim Holdings Bhd.................................... 1,382,200 1,728,755 NCB Holdings Bhd..................................... 1,147,200 1,053,223 * Nikko Electronics Bhd................................ 36,600 -- NTPM Holdings Bhd.................................... 2,029,780 520,805 # Oldtown Bhd.......................................... 1,836,550 1,261,034 Oriental Holdings Bhd................................ 182,700 447,514 OSK Holdings Bhd..................................... 3,616,670 2,450,059 Pacific & Orient Bhd................................. 231,100 100,349 Padini Holdings Bhd.................................. 3,437,000 2,148,370 Panasonic Manufacturing Malaysia Bhd................. 159,584 1,051,814 162 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- MALAYSIA -- (Continued) * Panglobal Bhd........................................ 14,000 $ -- Pantech Group Holdings Bhd........................... 1,369,900 447,557 Paramount Corp. Bhd.................................. 387,625 192,983 #* Parkson Holdings Bhd................................. 3,428,027 3,113,128 #* Perdana Petroleum Bhd................................ 4,471,740 2,597,442 #* Perisai Petroleum Teknologi Bhd...................... 7,311,700 3,496,830 Perusahaan Sadur Timah Malaysia Bhd.................. 5,000 7,597 Pharmaniaga Bhd...................................... 326,360 490,728 Pie Industrial Bhd................................... 174,720 382,363 PJ Development Holdings Bhd.......................... 2,247,800 1,311,970 Pos Malaysia Bhd..................................... 2,861,100 4,684,531 Power Root Bhd....................................... 109,100 77,034 Press Metal Bhd...................................... 1,298,300 2,156,206 Prestariang Bhd...................................... 2,107,600 1,536,090 * Prime Utilities Bhd.................................. 3,000 -- Protasco Bhd......................................... 949,100 541,644 #* Puncak Niaga Holding Bhd............................. 1,353,220 1,404,820 QL Resources Bhd..................................... 3,954,330 4,224,365 RCE Capital Bhd...................................... 1,535,850 172,351 * Rimbunan Sawit Bhd................................... 3,335,900 786,112 Salcon Bhd........................................... 4,438,500 1,266,565 Sarawak Oil Palms Bhd................................ 471,360 999,490 Sarawak Plantation Bhd............................... 106,600 89,869 Scientex Bhd......................................... 475,162 845,138 #* Scomi Energy Services Bhd............................ 3,824,700 1,202,376 * Scomi Group Bhd...................................... 10,047,900 1,311,770 * Seal, Inc. BHD....................................... 770,200 345,605 SEG International Bhd................................ 85,100 38,390 Selangor Dredging Bhd................................ 1,118,200 458,791 Selangor Properties Bhd.............................. 151,500 308,517 Shangri-La Hotels Malaysia Bhd....................... 357,100 834,939 * Shell Refining Co. Federation of Malaya Bhd.......... 30,000 51,677 SHL Consolidated Bhd................................. 277,400 262,805 Southern Acids Malaysia Bhd.......................... 41,000 67,612 # Star Publications Malaysia Bhd....................... 1,567,700 1,288,238 Subur Tiasa Holdings Bhd............................. 306,985 221,790 Sunway Bhd........................................... 5,477,060 5,488,861 # Supermax Corp. Bhd................................... 5,402,500 3,666,893 Suria Capital Holdings Bhd........................... 715,500 616,956 Syarikat Takaful Malaysia Bhd........................ 448,800 1,823,257 * Symphony Life Bhd.................................... 999,926 352,296 Ta Ann Holdings Bhd.................................. 1,048,008 1,400,116 TA Enterprise Bhd.................................... 9,078,000 2,886,869 TA Global Bhd........................................ 6,219,540 817,700 TAHPS Group Bhd...................................... 4,000 11,792 Tambun Indah Land Bhd................................ 1,096,800 838,488 TAN Chong Motor Holdings Bhd......................... 1,992,000 3,300,776 * Tanjung Offshore Bhd................................. 2,906,700 528,515 Tasek Corp. Bhd...................................... 75,900 354,461 TDM Bhd.............................................. 6,981,400 2,143,154 #* TH Heavy Engineering Bhd............................. 6,433,100 1,830,452 TH Plantations Bhd................................... 1,639,960 1,025,293 * Time dotCom Bhd...................................... 1,821,888 2,614,901 163 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ------------ MALAYSIA -- (Continued) Tiong NAM Logistics Holdings........................ 1,927,200 $ 831,399 # Top Glove Corp. Bhd................................. 3,212,160 4,643,475 TRC Synergy Bhd..................................... 155,520 24,982 Tropicana Corp. Bhd................................. 3,400,700 1,520,593 TSH Resources Bhd................................... 2,469,400 2,780,083 Tune Ins Holdings Bhd............................... 333,600 242,888 Uchi Technologies Bhd............................... 1,476,400 655,588 Unisem M Bhd........................................ 4,669,690 2,545,669 United Malacca Bhd.................................. 396,150 929,620 United Plantations Bhd.............................. 495,000 4,485,419 UOA Development Bhd................................. 3,211,900 2,072,014 * Uzma Bhd............................................ 434,000 507,818 VS Industry Bhd..................................... 344,026 214,255 Wah Seong Corp. Bhd................................. 2,471,638 1,437,707 # WCT Holdings Bhd.................................... 6,572,140 4,432,857 Wellcall Holdings Bhd............................... 114,500 54,777 Wing Tai Malaysia Bhd............................... 620,000 419,924 WTK Holdings Bhd.................................... 3,019,100 1,307,660 Yinson Holdings Bhd................................. 2,891,600 2,665,082 YNH Property Bhd.................................... 2,143,398 1,390,679 YTL E-Solutions Bhd................................. 3,485,600 658,258 * YTL Land & Development Bhd.......................... 1,286,200 399,018 Zhulian Corp. Bhd................................... 1,171,233 965,457 ------------ TOTAL MALAYSIA.......................................... 302,919,957 ------------ MEXICO -- (4.3%) # Alpek S.A. de C.V................................... 1,094,899 1,988,542 #* Alsea S.A.B. de C.V................................. 4,300,236 14,689,762 Arca Continental S.A.B. de C.V...................... 477,498 3,375,716 #* Axtel S.A.B. de C.V................................. 8,265,993 2,813,689 # Banregio Grupo Financiero S.A.B. de C.V............. 1,536,695 8,718,012 * Bio Pappel S.A.B. de C.V............................ 547,937 1,081,367 # Bolsa Mexicana de Valores S.A.B. de C.V............. 3,680,840 7,492,542 # Cia Minera Autlan S.A.B. de C.V. Series B........... 885,151 1,057,896 # Compartamos S.A.B. de C.V........................... 3,957,362 8,013,508 #* Consorcio ARA S.A.B. de C.V. Series *............... 7,305,844 3,337,920 # Controladora Comercial Mexicana S.A.B. de C.V....... 327,677 1,205,613 Corp. Actinver S.A.B. de C.V........................ 161,282 185,316 #* Corp. GEO S.A.B. de C.V. Series B................... 3,194,830 31,948 # Corp. Inmobiliaria Vesta S.A.B. de C.V.............. 2,137,072 4,605,536 * Corp. Interamericana de Entretenimiento S.A.B. de C.V. Class B...................................... 960,372 711,925 * Corp. Mexicana de Restaurantes S.A.B. de C.V........ 1,323 535 Corp. Moctezuma S.A.B. de C.V. Series *............. 861,300 2,948,096 Corporativo Fragua S.A.B. de C.V.................... 3 57 * Corporativo GBM S.A.B. de C.V....................... 22,477 19,043 #* Desarrolladora Homex S.A.B. de C.V.................. 781,820 149,849 * Empaques Ponderosa S.A. de C.V...................... 206,000 -- #* Empresas ICA S.A.B. de C.V.......................... 3,496,823 6,200,116 #* Empresas ICA S.A.B. de C.V. Sponsored ADR........... 761,355 5,420,848 * Financiera Independencia S.A.B. de C.V.............. 199,935 111,915 #* Genomma Lab Internacional S.A.B. de C.V. Class B.... 7,354,004 19,664,451 * Gruma S.A.B. de C.V. Class B........................ 1,606,949 17,637,542 * Gruma S.A.B. de C.V. Sponsored ADR.................. 31,770 1,394,068 164 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ------------ MEXICO -- (Continued) #* Grupo Aeromexico S.A.B. de C.V..................... 1,181,380 $ 1,965,988 # Grupo Aeroportuario del Centro Norte S.A.B. de C.V.............................................. 1,767,812 6,965,607 Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR......................................... 3,642 114,759 Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR.............................................. 74,739 5,031,429 Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class B.......................................... 2,116,469 14,243,740 Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR.............................................. 98,417 12,250,948 Grupo Aeroportuario del Sureste S.A.B. de C.V. Class B.......................................... 714,292 8,882,724 * Grupo Cementos de Chihuahua S.A.B. de C.V.......... 822,000 2,292,833 # Grupo Comercial Chedraui S.A. de C.V............... 1,504,179 4,881,186 #* Grupo Famsa S.A.B. de C.V. Class A................. 1,682,548 1,991,821 # Grupo Financiero Interacciones S.A. de C.V......... 270,595 1,964,986 # Grupo Herdez S.A.B. de C.V. Series *............... 1,132,308 3,187,935 Grupo Industrial Maseca S.A.B. de C.V. Class B..... 592,181 935,754 Grupo Industrial Saltillo S.A.B. de C.V............ 233,531 579,411 Grupo KUO S.A.B. de C.V. Series B.................. 699,333 1,582,228 #* Grupo Pochteca S.A.B. de C.V....................... 547,728 660,837 * Grupo Posadas S.A.B. de C.V........................ 198,900 361,089 * Grupo Qumma S.A. de C.V. Series B.................. 105,334 -- # Grupo Sanborns S.A.B. de C.V....................... 225,221 371,734 #* Grupo Simec S.A.B. de C.V. Series B................ 922,430 4,410,499 #* Grupo Simec S.A.B. de C.V. Sponsored ADR........... 5,180 75,058 * Grupo Sports World S.A.B. de C.V................... 333,134 572,023 Industrias Bachoco S.A.B. de C.V. ADR.............. 19,706 1,047,177 # Industrias Bachoco S.A.B. de C.V. Series B......... 653,269 2,896,719 #* Industrias CH S.A.B. de C.V. Series B.............. 1,696,510 9,483,517 #* Inmuebles Carso S.A.B. de C.V...................... 340,447 379,076 #* Maxcom Telecomunicaciones S.A.B. de C.V............ 3,254,120 731,069 Megacable Holdings S.A.B. de C.V................... 797,354 3,446,355 #* Minera Frisco S.A.B. de C.V........................ 51,540 101,209 * OHL Mexico S.A.B. de C.V........................... 338,045 982,939 #* Organizacion Cultiba S.A.B. de C.V................. 899,344 1,600,043 * Promotora y Operadora de Infraestructura S.A.B. de C.V.............................................. 1,619,335 21,854,898 # Qualitas Controladora S.A.B. de C.V................ 329,874 895,051 * Sanluis Corp. S.A.B. de C.V.(B0507N6).............. 90,235 255,893 * Sanluis Corp. S.A.B. de C.V.(2385783).............. 4,642 -- * Sanluis Corp. S.A.B. de C.V. Class B............... 4,642 -- * Sanluis Rassini S.A.P.I. de C.V. Series A.......... 3,300 -- * Savia SA Class A................................... 610,700 -- # TV Azteca S.A.B. de C.V............................ 8,465,134 4,655,183 #* Urbi Desarrollos Urbanos S.A.B. de C.V............. 2,371,991 718 Value Grupo Financiero S.A.B. de CV................ 2,800 17,579 * Vitro S.A.B. de C.V. Series A...................... 775,631 2,053,486 ------------ TOTAL MEXICO........................................... 236,579,313 ------------ PHILIPPINES -- (1.3%) A Soriano Corp..................................... 3,430,211 550,270 Alsons Consolidated Resources, Inc................. 8,261,000 388,021 Atlas Consolidated Mining & Development............ 4,307,200 1,579,465 Belle Corp......................................... 32,381,800 3,679,226 Cebu Air, Inc...................................... 1,122,650 1,477,252 Cebu Holdings, Inc................................. 3,291,900 389,255 Century Properties Group, Inc...................... 18,163,000 546,023 China Banking Corp................................. 745,722 948,168 165 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ----------- PHILIPPINES -- (Continued) COL Financial Group, Inc............................ 130,900 $ 44,720 D&L Industries, Inc................................. 4,974,300 1,242,343 * East West Banking Corp.............................. 797,800 548,571 EEI Corp............................................ 3,567,700 949,194 * Empire East Land Holdings, Inc...................... 20,479,000 437,871 Energy Development Corp............................. 10,402,900 1,461,106 Filinvest Development Corp.......................... 3,314,322 354,609 Filinvest Land, Inc................................. 97,563,577 3,249,148 * First Gen Corp...................................... 10,461,500 5,333,024 First Philippine Holdings Corp...................... 2,105,270 3,474,805 Lafarge Republic, Inc............................... 1,035,882 236,135 Leisure & Resorts World Corp........................ 1,442,140 221,201 * Lepanto Consolidated Mining Co...................... 38,640,000 343,900 Lopez Holdings Corp................................. 14,737,100 1,779,881 * Macroasia Corp...................................... 120,500 6,402 Manila Water Co., Inc............................... 6,700,000 4,116,780 * Megawide Construction Corp.......................... 1,344,700 407,255 Megaworld Corp...................................... 15,715,000 1,522,696 * Metro Pacific Corp. Series A........................ 1,827,193 -- Metro Pacific Investments Corp...................... 2,302,400 263,863 * Pepsi-Cola Products Philippines, Inc................ 10,924,900 1,188,550 Petron Corp......................................... 2,072,000 584,219 * Philex Petroleum Corp............................... 287,100 49,779 * Philippine Bank of Communications................... 14,726 21,014 * Philippine National Bank............................ 1,548,555 3,187,767 * Philippine National Construction Corp............... 173,000 3,657 * Philippine Savings Bank............................. 356,863 1,110,066 Philippine Stock Exchange, Inc. (The)............... 113,232 721,475 * Philippine Townships, Inc........................... 318,732 -- * Philtown Properties, Inc............................ 111,562 -- Philweb Corp........................................ 3,070,740 323,986 Phinma Corp......................................... 135,549 34,308 Phoenix Petroleum Philippines, Inc.................. 892,880 121,081 RFM Corp............................................ 8,845,668 1,135,750 Rizal Commercial Banking Corp....................... 2,513,090 3,222,586 Robinsons Land Corp................................. 11,890,105 6,163,949 San Miguel Pure Foods Co., Inc...................... 83,210 440,501 Security Bank Corp.................................. 1,547,208 4,255,101 Semirara Mining Corp................................ 396,560 3,199,573 Shang Properties, Inc............................... 831,970 63,534 SM Prime Holdings, Inc.............................. 351,632 123,189 Trans-Asia Oil & Energy Development Corp............ 11,379,000 640,363 Union Bank of the Philippines....................... 732,480 1,983,027 * Universal Rightfield Property Holdings, Inc......... 1,062,000 -- Universal Robina Corp............................... 737,225 2,731,030 * Victorias Milling Co., Inc.......................... 231,600 23,174 Vista Land & Lifescapes, Inc........................ 31,761,900 4,277,719 ----------- TOTAL PHILIPPINES....................................... 71,156,582 ----------- POLAND -- (1.9%) ABC Data SA......................................... 129,926 165,499 Action SA........................................... 19,311 265,287 * Agora SA............................................ 279,183 715,095 166 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ----------- POLAND -- (Continued) * Alchemia SA.......................................... 380,695 $ 615,829 * Alior Bank SA........................................ 59,299 1,462,509 Amica Wronki SA...................................... 11,290 333,243 * AmRest Holdings SE................................... 58,462 1,346,196 Apator SA............................................ 54,682 609,295 Asseco Poland SA..................................... 647,612 8,614,838 ATM SA............................................... 64,541 246,983 * Bioton SA............................................ 367,361 502,037 * Boryszew SA.......................................... 1,238,906 2,139,050 Budimex SA........................................... 101,706 3,610,925 CCC SA............................................... 129,831 4,556,671 #* CD Projekt SA........................................ 727,757 3,565,835 Ciech SA............................................. 295,749 3,411,634 ComArch SA........................................... 2,740 66,058 Dom Development SA................................... 4,673 66,292 # Eko Export SA........................................ 46,236 480,889 Elektrobudowa SA..................................... 8,568 208,806 Emperia Holding SA................................... 79,720 1,528,324 Enea SA.............................................. 59,692 289,899 # Eurocash SA.......................................... 199,667 2,465,877 Fabryki Mebli Forte SA............................... 100,503 1,383,105 Famur SA............................................. 350,412 406,996 * Farmacol SA.......................................... 50,868 769,896 Firma Oponiarska Debica SA........................... 29,862 880,429 * Getin Holding SA..................................... 2,582,004 2,281,742 * Getin Noble Bank SA.................................. 1,154,756 1,017,817 * Global City Holdings NV.............................. 53,690 602,850 Grupa Azoty SA....................................... 120,112 2,802,925 Grupa Azoty Zaklady Chemiczne Police SA.............. 76,751 550,748 Grupa Kety SA........................................ 46,362 3,266,719 * Grupa Lotos SA....................................... 645,490 7,487,876 #* Hawe SA.............................................. 846,548 804,344 * Impexmetal SA........................................ 925,041 646,519 #* Integer.pl SA........................................ 12,270 787,871 Inter Cars SA........................................ 22,331 1,194,487 * Jastrzebska Spolka Weglowa SA........................ 113,004 1,499,347 * Kernel Holding SA.................................... 282,561 2,604,057 * Kopex SA............................................. 214,308 723,667 * KRUK SA.............................................. 29,383 814,760 * LC Corp. SA.......................................... 192,664 107,848 Lentex SA............................................ 203,837 524,135 LPP SA............................................... 718 1,791,275 Lubelski Wegiel Bogdanka SA.......................... 274,756 10,072,209 * MCI Management SA.................................... 225,220 680,220 Mercor SA............................................ 7,843 19,177 * Midas SA............................................. 1,891,867 314,223 * Mostostal Zabrze SA.................................. 338,878 196,508 Netia SA............................................. 2,021,330 3,640,986 Neuca SA............................................. 16,095 1,154,809 Orbis SA............................................. 132,247 1,773,388 Pelion SA............................................ 47,515 1,089,809 * Pfleiderer Grajewo SA................................ 26,312 199,944 * Polimex-Mostostal SA................................. 3,287,314 94,253 167 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ------------ POLAND -- (Continued) * Polnord SA.......................................... 227,279 $ 579,470 * Polski Koncern Miesny Duda SA....................... 161,488 339,897 * PZ Cormay SA........................................ 120,099 186,643 * Rafako SA........................................... 320,028 374,606 * Rovese SA........................................... 2,276,863 874,158 * Stalexport Autostrady SA............................ 282,703 239,689 Stalprodukt SA...................................... 9,034 609,203 * Sygnity SA.......................................... 54,489 292,089 # Synthos SA.......................................... 1,249,268 1,797,794 #* Trakcja SA.......................................... 2,364,349 768,479 * TVN SA.............................................. 1,387,511 6,312,111 * Vistula Group SA.................................... 861,272 478,629 # Warsaw Stock Exchange............................... 171,071 1,956,161 Wawel SA............................................ 646 196,678 * Zespol Elektrowni Patnow Adamow Konin SA............ 13,855 126,198 ------------ TOTAL POLAND............................................ 104,583,815 ------------ SOUTH AFRICA -- (7.2%) #* Adcock Ingram Holdings, Ltd......................... 945,633 4,656,231 Adcorp Holdings, Ltd................................ 514,912 1,608,490 Advtech, Ltd........................................ 2,050,113 1,469,844 Aeci, Ltd........................................... 857,982 9,780,096 # African Bank Investments, Ltd....................... 5,287,877 3,033,292 African Oxygen, Ltd................................. 853,971 1,484,990 Allied Electronics Corp., Ltd....................... 194,270 478,143 * ArcelorMittal South Africa, Ltd..................... 934,251 3,309,205 # Astral Foods, Ltd................................... 288,222 3,863,202 #* Aveng, Ltd.......................................... 3,212,008 7,288,477 AVI, Ltd............................................ 2,752,735 15,572,063 Barloworld, Ltd..................................... 1,035,173 9,817,091 * Basil Read Holdings, Ltd............................ 325,585 203,235 * Bell Equipment, Ltd................................. 142,161 191,685 Blue Label Telecoms, Ltd............................ 2,690,014 2,017,367 * Brait SE............................................ 498,180 3,470,481 Business Connexion Group, Ltd....................... 1,486,408 880,840 # Capitec Bank Holdings, Ltd.......................... 186,454 4,226,294 # Cashbuild, Ltd...................................... 174,734 2,223,741 Caxton and CTP Publishers and Printers, Ltd......... 286,266 422,170 City Lodge Hotels, Ltd.............................. 263,575 2,871,448 # Clicks Group, Ltd................................... 2,314,163 14,185,173 Clover Industries, Ltd.............................. 764,047 1,237,027 * Consolidated Infrastructure Group, Ltd.............. 209,797 582,526 Coronation Fund Managers, Ltd....................... 1,346,747 12,289,887 * Corpgro, Ltd........................................ 241,136 -- Cullinan Holdings, Ltd.............................. 197,115 40,708 Datacentrix Holdings, Ltd........................... 641,400 233,465 DataTec, Ltd........................................ 1,470,990 7,680,190 Distell Group, Ltd.................................. 233,656 2,960,617 Distribution and Warehousing Network, Ltd........... 258,997 255,941 DRDGOLD, Ltd........................................ 2,685,729 760,588 EOH Holdings, Ltd................................... 775,196 6,806,763 Eqstra Holdings, Ltd................................ 1,839,705 1,186,866 * Evraz Highveld Steel and Vanadium, Ltd.............. 147,042 92,747 168 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ----------- SOUTH AFRICA -- (Continued) # Famous Brands, Ltd................................... 452,663 $ 4,185,282 # Foschini Group, Ltd. (The)........................... 864,510 9,456,236 Grand Parade Investments, Ltd........................ 1,440,467 846,806 Grindrod, Ltd........................................ 3,554,566 8,653,179 Group Five, Ltd...................................... 909,514 3,389,146 * Harmony Gold Mining Co., Ltd......................... 549,623 1,691,676 * Harmony Gold Mining Co., Ltd. Sponsored ADR.......... 2,538,198 7,690,740 Holdsport, Ltd....................................... 104,181 414,291 Hudaco Industries, Ltd............................... 229,223 1,938,658 * Hulamin, Ltd......................................... 670,442 501,354 Iliad Africa, Ltd.................................... 233,033 159,137 Illovo Sugar, Ltd.................................... 1,768,890 4,944,922 Invicta Holdings, Ltd................................ 66,590 681,710 * JCI, Ltd............................................. 3,131,151 -- # JD Group, Ltd........................................ 1,277,054 2,967,735 JSE, Ltd............................................. 710,153 6,579,887 KAP Industrial Holdings, Ltd......................... 2,148,005 799,797 # Lewis Group, Ltd..................................... 875,093 5,183,069 * Merafe Resources, Ltd................................ 6,781,336 873,915 Metair Investments, Ltd.............................. 904,546 3,125,650 Mpact, Ltd........................................... 1,222,365 3,425,893 * Murray & Roberts Holdings, Ltd....................... 3,176,473 7,392,097 Mustek, Ltd.......................................... 740,975 536,011 Nampak, Ltd.......................................... 2,669,684 10,139,214 * Northam Platinum, Ltd................................ 2,408,001 9,850,314 Nu-World Holdings, Ltd............................... 28,894 51,367 Oceana Group, Ltd.................................... 369,193 2,844,102 Omnia Holdings, Ltd.................................. 546,689 11,828,019 Peregrine Holdings, Ltd.............................. 951,014 2,059,223 Petmin, Ltd.......................................... 1,215,428 244,431 # Pick n Pay Stores, Ltd............................... 879,231 4,789,425 Pinnacle Holdings, Ltd............................... 1,141,564 1,432,377 Pioneer Foods, Ltd................................... 645,921 7,066,573 PPC, Ltd............................................. 4,436,466 13,292,754 Premium Properties, Ltd.............................. 34,094 59,968 # PSG Group, Ltd....................................... 782,739 7,199,595 Raubex Group, Ltd.................................... 898,077 1,931,400 * RCL Foods, Ltd....................................... 490,053 751,155 Resilient Property Income Fund, Ltd.................. 284,617 1,698,116 Reunert, Ltd......................................... 1,409,627 8,447,108 * Royal Bafokeng Platinum, Ltd......................... 356,391 2,422,632 Santam, Ltd.......................................... 117,782 2,194,551 #* Sappi, Ltd........................................... 4,658,009 17,606,989 Sibanye Gold, Ltd.................................... 3,685,088 8,740,734 Sibanye Gold, Ltd. Sponsored ADR..................... 611,009 5,829,026 Spar Group, Ltd. (The)............................... 1,091,443 12,596,706 Spur Corp., Ltd...................................... 555,255 1,618,544 * Stefanutti Stocks Holdings, Ltd...................... 524,569 450,851 Sun International, Ltd............................... 852,325 8,509,848 * Super Group, Ltd..................................... 2,603,218 7,291,979 * Telkom SA SOC, Ltd................................... 2,411,246 11,132,161 Times Media Group, Ltd............................... 82,884 166,352 Tongaat Hulett, Ltd.................................. 786,861 11,204,815 169 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ------------ SOUTH AFRICA -- (Continued) Trencor, Ltd........................................ 913,662 $ 6,469,532 Value Group, Ltd.................................... 363,719 179,168 Wilson Bayly Holmes-Ovcon, Ltd...................... 447,982 5,345,127 Zeder Investments, Ltd.............................. 3,630,040 1,972,156 ------------ TOTAL SOUTH AFRICA...................................... 390,034,386 ------------ SOUTH KOREA -- (13.1%) #* 3S Korea Co., Ltd................................... 45,293 121,403 # Able C&C Co., Ltd................................... 55,911 1,412,768 #* Actoz Soft Co., Ltd................................. 29,003 742,847 * Advanced Nano Products Co., Ltd..................... 811 14,769 #* Advanced Process Systems Corp....................... 112,505 807,210 # Aekyung Petrochemical Co., Ltd...................... 6,167 396,858 # AfreecaTV Co., Ltd.................................. 55,144 1,476,585 # Agabang&Company..................................... 137,202 700,566 Ahn-Gook Pharmaceutical Co., Ltd.................... 20,591 254,439 #* AJ Rent A Car Co., Ltd.............................. 76,565 1,016,838 # AK Holdings, Inc.................................... 13,089 767,420 #* Aminologics Co., Ltd................................ 68,404 94,809 #* Amotech Co., Ltd.................................... 41,358 285,577 Anapass, Inc........................................ 40,115 406,881 Asia Cement Co., Ltd................................ 8,724 926,606 ASIA Holdings Co., Ltd.............................. 5,611 750,743 # Asia Paper Manufacturing Co., Ltd................... 28,021 632,543 * Asiana Airlines, Inc................................ 514,064 2,333,424 AtlasBX Co., Ltd.................................... 38,736 1,549,383 * AUK Corp............................................ 199,140 387,961 # Autech Corp......................................... 52,319 369,764 #* Avaco Co., Ltd...................................... 44,746 196,974 # Baiksan Co., Ltd.................................... 58,310 318,996 # Basic House Co., Ltd. (The)......................... 37,960 789,113 #* BH Co., Ltd......................................... 57,838 374,861 # BHI Co., Ltd........................................ 26,142 355,395 # Binggrae Co., Ltd................................... 26,617 2,061,793 # Bioland, Ltd........................................ 45,866 743,374 # Biospace Co., Ltd................................... 48,097 876,611 #* Biotoxtech Co., Ltd................................. 4,621 18,329 # Bluecom Co., Ltd.................................... 48,205 720,600 * Bongshin Co., Ltd................................... 2 -- Bookook Securities Co., Ltd......................... 7,410 98,274 #* Boryung Medience Co., Ltd........................... 28,638 199,082 # Boryung Pharmaceutical Co., Ltd..................... 23,013 900,701 Bukwang Pharmaceutical Co., Ltd..................... 81,519 1,324,221 BYC Co., Ltd........................................ 710 155,540 # Byucksan Corp....................................... 171,105 729,916 # CammSys Corp........................................ 176,838 380,120 #* Capro Corp.......................................... 153,464 653,154 #* Celltrion Pharm, Inc................................ 62,265 598,260 #* Chabiotech Co., Ltd................................. 151,362 2,027,885 #* Chadiostech Co., Ltd................................ 57,058 158,764 #* Charm Engineering Co., Ltd.......................... 42,800 72,378 # Chemtronics Co., Ltd................................ 42,261 412,850 #* Chin Hung International, Inc........................ 132,439 195,702 170 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) #* China Great Star International, Ltd..................... 281,781 $ 923,162 #* China Ocean Resources Co., Ltd.......................... 447,288 517,396 * Choa Pharmaceutical Co.................................. 53,419 182,032 Chokwang Paint, Ltd..................................... 41,364 417,725 Chong Kun Dang Pharmaceutical Corp...................... 34,126 2,121,346 # Chongkundang Holdings Corp.............................. 16,130 669,731 # Choong Ang Vaccine Laboratory........................... 18,948 252,344 Chosun Refractories Co., Ltd............................ 4,133 463,447 # Chungdahm Learning, Inc................................. 17,619 223,467 # CJ CGV Co., Ltd......................................... 63,320 2,815,492 * CJ E&M Corp............................................. 97,431 3,665,440 #* CJ Freshway Corp........................................ 8,711 285,754 #* CJ Korea Express Co., Ltd............................... 28,793 3,772,643 CJ O Shopping Co., Ltd.................................. 6,462 2,472,112 #* CJ Seafood Corp......................................... 91,710 230,141 CKD Bio Corp............................................ 14,374 215,853 #* CNK International Co., Ltd.............................. 59,774 100,316 #* Com2uSCorp.............................................. 19,797 1,825,820 # Cosmax BTI, Inc......................................... 16,671 696,808 * Cosmax, Inc............................................. 32,665 2,975,564 #* CosmoAM&T Co., Ltd...................................... 51,209 292,226 #* Cosmochemical Co., Ltd.................................. 52,090 322,432 # Credu Corp.............................................. 11,472 823,290 # Crown Confectionery Co., Ltd............................ 3,241 716,163 #* CTC BIO, Inc............................................ 69,173 854,893 #* CUROCOM Co., Ltd........................................ 182,360 185,588 #* D.I Corp................................................ 87,180 740,875 #* D.ID Corp............................................... 68,169 132,417 Dae Dong Industrial Co., Ltd............................ 59,724 616,910 Dae Han Flour Mills Co., Ltd............................ 5,921 1,098,511 # Dae Hyun Co., Ltd....................................... 108,890 201,436 Dae Won Kang Up Co., Ltd................................ 115,802 786,215 #* Dae Young Packaging Co., Ltd............................ 329,600 227,610 # Dae-Il Corp............................................. 75,338 491,341 #* Daea TI Co., Ltd........................................ 327,849 494,705 #* Daechang Co., Ltd....................................... 319,448 332,524 Daechang Forging Co., Ltd............................... 231 11,598 # Daeduck Electronics Co.................................. 182,896 1,455,652 # Daeduck GDS Co., Ltd.................................... 92,186 1,132,933 Daegu Department Store.................................. 25,278 411,086 #* Daehan New Pharm Co., Ltd............................... 42,266 458,127 # Daehan Steel Co., Ltd................................... 79,022 453,065 * Daeho International Corp................................ 543 -- Daehwa Pharmaceutical Co., Ltd.......................... 63,319 402,348 Daekyo Co., Ltd......................................... 72,780 476,465 #* Daekyung Machinery & Engineering Co., Ltd............... 139,260 252,087 Daelim Trading Co., Ltd................................. 342 1,495 # Daesang Corp............................................ 116,870 5,796,844 Daesang Holdings Co., Ltd............................... 68,612 1,321,035 Daesung Holdings Co., Ltd............................... 18,044 213,592 Daewon Pharmaceutical Co., Ltd.......................... 54,481 593,246 Daewon San Up Co., Ltd.................................. 35,469 442,001 Daewoong Co., Ltd....................................... 3,947 154,742 171 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ------- ----------- SOUTH KOREA -- (Continued) Daewoong Pharmaceutical Co., Ltd....................... 23,674 $ 1,406,078 * Dahaam E-Tec Co., Ltd.................................. 2,100 6,895 # Daishin Securities Co., Ltd............................ 198,340 2,040,428 #* Danal Co., Ltd......................................... 4,730 32,352 # Daou Data Corp......................................... 57,148 273,218 Daou Technology, Inc................................... 167,950 1,806,735 #* Dasan Networks, Inc.................................... 94,525 757,578 # Daum Communications Corp............................... 55,806 7,131,309 # Dawonsys Co., Ltd...................................... 37,691 396,360 # Dayou Automotive Seat Technology Co., Ltd.............. 315,450 487,963 DCM Corp............................................... 17,132 207,177 #* Deutsch Motors, Inc.................................... 57,548 239,315 DGB Financial Group, Inc............................... 721,377 11,710,548 Digital Chosun Co., Ltd................................ 4,745 10,100 # Digital Power Communications Co., Ltd.................. 50,540 157,246 #* Digitech Systems Co., Ltd.............................. 68,918 106,611 #* DIO Corp............................................... 66,510 504,003 Dong Ah Tire & Rubber Co., Ltd......................... 23,935 475,669 #* Dong Yang Gang Chul Co., Ltd........................... 144,840 422,954 Dong-A Socio Holdings Co., Ltd......................... 13,294 1,653,647 # Dong-Ah Geological Engineering Co., Ltd................ 30,200 250,569 Dong-Il Corp........................................... 3,402 268,432 # Dongaone Co., Ltd...................................... 111,180 329,123 # Dongbang Transport Logistics Co., Ltd.................. 75,370 153,523 #* Dongbu CNI Co., Ltd.................................... 20,390 60,164 #* Dongbu Corp............................................ 41,240 82,518 #* Dongbu HiTek Co., Ltd.................................. 151,833 587,258 * Dongbu Securities Co., Ltd............................. 142,637 720,444 #* Dongbu Steel Co., Ltd.................................. 244,720 428,058 Dongil Industries Co., Ltd............................. 5,791 325,436 # Dongjin Semichem Co., Ltd.............................. 140,811 506,651 #* Dongkook Industrial Co., Ltd........................... 124,790 418,910 # DongKook Pharmaceutical Co., Ltd....................... 21,467 620,288 # Dongkuk Industries Co., Ltd............................ 29,303 120,875 # Dongkuk Steel Mill Co., Ltd............................ 343,023 2,622,388 # DONGKUK STRUCTURES & CONSTRUCTION Co., Ltd............. 138,512 516,917 Dongsuh Co., Inc....................................... 28,699 537,747 # Dongsung Chemical Co., Ltd............................. 8,700 154,285 # Dongsung Holdings Co., Ltd............................. 124,153 758,419 # Dongsung Pharmaceutical Co., Ltd....................... 78,985 271,072 # Dongwha Pharm Co., Ltd................................. 107,890 532,942 Dongwon F&B Co., Ltd................................... 6,814 1,375,361 # Dongwon Industries Co., Ltd............................ 5,912 1,892,994 * Dongwon Systems Corp................................... 4,921 56,819 * Dongwoo Co., Ltd....................................... 58,857 217,700 Dongyang E&P, Inc...................................... 35,068 483,003 # Dongyang Mechatronics Corp............................. 148,648 1,364,288 #* Doosan Engine Co., Ltd................................. 136,053 1,087,667 #* Doosan Engineering & Construction Co., Ltd............. 24,154 325,084 #* Doosan Infracore Co., Ltd.............................. 113,280 1,423,936 #* Dragonfly GF Co., Ltd.................................. 32,142 226,812 # DRB Holding Co., Ltd................................... 57,798 790,760 #* Duksan Hi-Metal Co., Ltd............................... 66,011 1,065,286 172 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) # DuzonBIzon Co., Ltd..................................... 109,890 $1,003,691 * e Tec E&C, Ltd.......................................... 695 46,274 # e-LITECOM Co., Ltd...................................... 37,721 559,628 #* e-Starco Co., Ltd....................................... 153,747 592,544 E1 Corp................................................. 15,150 1,057,965 # Eagon Industries Co., Ltd............................... 29,742 350,450 # Easy Bio, Inc........................................... 180,267 1,241,400 #* Ecopro Co., Ltd......................................... 51,772 408,059 # EG Corp................................................. 20,136 413,926 #* ELK Corp................................................ 84,447 244,479 #* EMKOREA Co., Ltd........................................ 20,391 101,479 # ENF Technology Co., Ltd................................. 46,783 418,904 # Eo Technics Co., Ltd.................................... 41,683 2,795,523 # Estechpharma Co., Ltd................................... 52,820 382,412 #* ESTsoft Corp............................................ 4,772 66,284 Eugene Corp............................................. 241,224 859,149 #* Eugene Investment & Securities Co., Ltd................. 257,638 614,010 # Eugene Technology Co., Ltd.............................. 77,838 1,171,930 EVERDIGM Corp........................................... 29,621 199,681 #* Farmsco................................................. 10,730 144,621 Fila Korea, Ltd......................................... 46,332 4,072,049 * Fine Technix Co., Ltd................................... 67,492 177,530 #* Finetex EnE, Inc........................................ 86,393 168,374 # Firstec Co., Ltd........................................ 164,190 298,378 #* Flexcom, Inc............................................ 53,658 268,947 #* Foosung Co., Ltd........................................ 142,799 449,925 Fursys, Inc............................................. 14,315 460,030 #* Gamevil, Inc............................................ 28,066 2,827,592 Gaon Cable Co., Ltd..................................... 18,531 498,631 #* GeneOneLifeScience, Inc................................. 46,810 47,530 #* Genexine Co., Ltd....................................... 3,715 186,578 #* Genic Co., Ltd.......................................... 23,585 397,221 GIIR, Inc............................................... 10,990 85,845 Global & Yuasa Battery Co., Ltd......................... 28,740 1,345,879 # Global Display Co., Ltd................................. 67,110 452,418 #* GNCO Co., Ltd........................................... 270,836 315,389 # Golfzon Co., Ltd........................................ 84,536 1,625,953 # Grand Korea Leisure Co., Ltd............................ 150,160 6,198,360 Green Cross Corp........................................ 33,326 3,942,179 Green Cross Holdings Corp............................... 114,382 1,726,338 * Green Non-Life Insurance Co., Ltd....................... 22,357 -- #* GS Engineering & Construction Corp...................... 223,398 8,443,094 # GS Global Corp.......................................... 64,716 585,147 GS Home Shopping, Inc................................... 8,182 2,210,156 # GS retail Co., Ltd...................................... 137,660 2,916,145 # Gwangju Shinsegae Co., Ltd.............................. 3,400 821,339 #* Halla Corp.............................................. 92,360 710,680 # Halla Visteon Climate Control Corp...................... 51,440 2,536,624 # Han Kuk Carbon Co., Ltd................................. 155,149 1,096,771 #* Hana Micron, Inc........................................ 82,433 657,551 # Hana Tour Service, Inc.................................. 44,458 2,821,159 #* Hanall Biopharma Co., Ltd............................... 92,648 351,274 Handok, Inc............................................. 26,092 653,806 173 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) # Handsome Co., Ltd....................................... 73,942 $1,969,927 Hanil Cement Co., Ltd................................... 20,147 2,578,906 # Hanil E-Wha Co., Ltd.................................... 111,930 2,303,176 #* Hanjin Heavy Industries & Construction Co., Ltd......... 239,542 1,651,105 # Hanjin Heavy Industries & Construction Holdings Co., Ltd................................................... 70,127 744,058 #* Hanjin P&C Co., Ltd..................................... 110,818 131,535 #* Hanjin Shipping Co., Ltd................................ 75,681 406,552 #* Hanjin Shipping Holdings Co., Ltd....................... 33,400 383,630 Hanjin Transportation Co., Ltd.......................... 50,181 1,568,418 Hankook Shell Oil Co., Ltd.............................. 3,445 1,708,747 * Hankook Synthetics, Inc................................. 550 -- * Hankuk Glass Industries, Inc............................ 11,460 239,927 Hankuk Paper Manufacturing Co., Ltd..................... 11,951 361,617 * Hanmi Pharm Co., Ltd.................................... 27,841 2,345,753 #* Hanmi Science Co., Ltd.................................. 58,368 784,656 # Hanmi Semiconductor Co., Ltd............................ 53,050 754,940 # Hansae Co., Ltd......................................... 85,981 2,249,445 # Hansae Yes24 Holdings Co., Ltd.......................... 58,604 510,807 Hanshin Construction.................................... 9,920 146,754 # Hansol Chemical Co., Ltd................................ 49,483 1,386,661 #* Hansol HomeDeco Co., Ltd................................ 294,113 600,375 # Hansol Logistics Co., Ltd............................... 205,620 479,445 # Hansol Paper Co......................................... 203,390 2,359,377 #* Hansol Technics Co., Ltd................................ 53,475 997,614 # Hanssem Co., Ltd........................................ 49,360 4,482,320 Hanwha Corp............................................. 234,549 6,647,894 Hanwha Galleria Timeworld Co., Ltd...................... 8,190 367,554 #* Hanwha General Insurance Co., Ltd....................... 173,490 1,005,861 * Hanwha Investment & Securities Co., Ltd................. 305,909 1,340,374 Hanyang Eng Co., Ltd.................................... 56,842 377,278 Hanyang Securities Co., Ltd............................. 15,710 115,395 * Harim Holdings Co., Ltd................................. 102,741 578,992 # Heung-A Shipping Co., Ltd............................... 519,442 632,722 * Heungkuk Fire & Marine Insurance Co., Ltd............... 74,867 292,565 High Tech Pharm Co., Ltd................................ 28,464 398,497 # Hite Jinro Co., Ltd..................................... 140,668 3,096,609 Hitejinro Holdings Co., Ltd............................. 40,120 492,935 * HMC Investment Securities Co., Ltd...................... 90,880 1,161,127 Hotel Shilla Co., Ltd................................... 53,993 5,753,221 HS R&A Co., Ltd......................................... 16,836 526,355 # Huchems Fine Chemical Corp.............................. 109,178 2,743,374 # Humax Co., Ltd.......................................... 86,296 911,140 # Huons Co., Ltd.......................................... 31,243 1,350,570 # Husteel Co., Ltd........................................ 21,565 389,086 Huvis Corp.............................................. 83,090 891,566 # Huvitz Co., Ltd......................................... 39,094 495,210 # Hwa Shin Co., Ltd....................................... 95,559 1,067,112 Hwacheon Machine Tool Co., Ltd.......................... 4,979 301,556 HwaSung Industrial Co., Ltd............................. 43,735 607,687 # Hy-Lok Corp............................................. 39,193 1,286,279 Hyosung Corp............................................ 121,019 8,789,853 * Hyundai BNG Steel Co., Ltd.............................. 51,160 1,053,248 # Hyundai Corp............................................ 58,941 2,070,008 174 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ------- ----------- SOUTH KOREA -- (Continued) # Hyundai Development Co................................. 299,750 $11,127,949 #* Hyundai Elevator Co., Ltd.............................. 64,859 2,385,088 # Hyundai Engineering Plastics Co., Ltd.................. 93,890 692,171 # Hyundai Greenfood Co., Ltd............................. 232,990 3,754,132 Hyundai Home Shopping Network Corp..................... 29,313 4,715,977 Hyundai Hy Communications & Networks Co., Ltd.......... 173,909 788,875 # Hyundai Hysco Co., Ltd................................. 33,182 2,656,034 Hyundai Livart Co., Ltd................................ 44,540 1,392,280 Hyundai Marine & Fire Insurance Co., Ltd............... 27,130 802,217 #* Hyundai Merchant Marine Co., Ltd....................... 39,429 394,376 # Hyundai Mipo Dockyard.................................. 2,711 321,195 #* Hyundai Securities Co., Ltd............................ 590,660 4,537,515 #* Hyunjin Materials Co., Ltd............................. 72,882 331,138 # HyVision System, Inc................................... 57,761 433,492 #* ICD Co., Ltd........................................... 70,948 454,823 #* IHQ, Inc............................................... 93,626 248,487 # Il Dong Pharmaceutical Co., Ltd........................ 62,230 841,438 # Iljin Electric Co., Ltd................................ 100,639 753,359 Iljin Holdings Co., Ltd................................ 92,116 545,764 #* Iljin Materials Co., Ltd............................... 68,180 683,801 Ilshin Spinning Co., Ltd............................... 7,626 980,196 # Ilsung Pharmaceuticals Co., Ltd........................ 2,864 240,125 #* IM Co., Ltd............................................ 65,996 230,043 # iMarketKorea, Inc...................................... 88,230 2,716,127 #* Infinitt Healthcare Co., Ltd........................... 18,639 119,182 #* Infopia Co., Ltd....................................... 36,952 467,095 #* Infraware, Inc......................................... 88,556 518,718 #* InkTec Co., Ltd........................................ 30,500 392,646 # Innochips Technology, Inc.............................. 31,294 379,912 #* InnoWireless, Inc...................................... 21,995 253,656 #* Innox Corp............................................. 51,473 872,880 #* Insun ENT Co., Ltd..................................... 146,886 472,055 # Intelligent Digital Integrated Securities Co., Ltd..... 19,755 297,695 #* Interflex Co., Ltd..................................... 48,886 503,262 Intergis Co., Ltd...................................... 5,610 49,621 Interojo Co., Ltd...................................... 35,292 683,031 # Interpark Corp......................................... 169,412 1,832,056 INTOPS Co., Ltd........................................ 34,729 618,009 # Inzi Controls Co., Ltd................................. 45,990 238,630 INZI Display Co., Ltd.................................. 64,622 117,034 #* IS Dongseo Co., Ltd.................................... 52,132 1,570,796 # ISU Chemical Co., Ltd.................................. 59,130 764,122 # IsuPetasys Co., Ltd.................................... 171,914 793,884 # Jahwa Electronics Co., Ltd............................. 66,762 932,620 # JB Financial Group Co., Ltd............................ 402,950 2,847,869 * Jcontentree Corp....................................... 115,864 403,472 # Jeil Pharmaceutical Co................................. 32,520 915,031 #* Jeju Semiconductor Corp................................ 33,053 81,198 * Jenax, Inc............................................. 6,754 63,151 Jinro Distillers Co., Ltd.............................. 4,585 113,493 # Jinsung T.E.C.......................................... 70,489 380,456 # JNK Heaters Co., Ltd................................... 11,537 63,971 #* JoyCity Corp........................................... 15,243 245,500 175 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) * Joymax Co., Ltd......................................... 21,192 $ 505,513 #* Jusung Engineering Co., Ltd............................. 119,127 426,004 #* JVM Co., Ltd............................................ 16,837 949,137 JW Holdings Co., Ltd.................................... 186,156 470,802 # JW Pharmaceutical Corp.................................. 54,412 815,296 # JW Shinyak Corp......................................... 13,505 64,795 #* JYP Entertainment Corp.................................. 11,644 47,365 # KB Capital Co., Ltd..................................... 56,381 1,152,931 # KC Cottrell Co., Ltd.................................... 28,203 176,065 # KC Green Holdings Co., Ltd.............................. 62,335 388,447 # KC Tech Co., Ltd........................................ 123,092 670,599 #* KCC Engineering & Construction Co., Ltd................. 14,644 166,784 * KCO Energy, Inc......................................... 120 -- # KCP Co., Ltd............................................ 51,119 413,126 * Keangnam Enterprises, Ltd............................... 5,833 24,696 #* KEC Corp................................................ 101,438 87,360 # KEPCO Engineering & Construction Co., Inc............... 17,746 984,181 KEPCO Plant Service & Engineering Co., Ltd.............. 5,409 389,159 # Keyang Electric Machinery Co., Ltd...................... 122,355 573,273 KG Chemical Corp........................................ 37,603 505,288 # Kginicis Co., Ltd....................................... 75,234 800,876 # KGMobilians Co., Ltd.................................... 57,044 663,762 # KH Vatec Co., Ltd....................................... 64,783 1,219,932 # KISCO Corp.............................................. 19,419 551,685 KISCO Holdings Co., Ltd................................. 2,292 101,077 # Kishin Corp............................................. 49,420 359,111 KISWIRE, Ltd............................................ 25,959 1,084,814 # KIWOOM Securities Co., Ltd.............................. 61,811 2,976,718 * KMH Co., Ltd............................................ 42,510 351,554 #* KMW Co., Ltd............................................ 49,321 733,226 # Koentec Co., Ltd........................................ 194,086 441,825 Koh Young Technology, Inc............................... 63,733 1,617,776 # Kolao Holdings.......................................... 131,554 2,729,853 Kolon Corp.............................................. 38,619 1,168,188 #* Kolon Global Corp....................................... 34,852 341,593 Kolon Industries, Inc................................... 86,258 5,690,693 # Kolon Life Science, Inc................................. 22,796 1,319,513 #* Komipharm International Co., Ltd........................ 22,247 175,630 # KONA I Co., Ltd......................................... 49,612 1,677,866 Kook Je Electric Korea Co., Ltd......................... 24,109 516,690 # Kook Soon Dang Brewery Co., Ltd......................... 54,524 313,328 Korea Airport Service Co., Ltd.......................... 2,433 58,828 # Korea Cast Iron Pipe Industries Co., Ltd................ 8,530 36,836 # Korea Circuit Co., Ltd.................................. 56,217 446,495 # Korea District Heating Corp............................. 15,388 1,124,046 Korea Electric Terminal Co., Ltd........................ 30,068 1,300,668 Korea Export Packaging Industrial Co., Ltd.............. 4,840 98,964 # Korea Flange Co., Ltd................................... 17,974 411,399 #* Korea Info & Comm....................................... 61,340 348,006 Korea Investment Holdings Co., Ltd...................... 171,470 7,670,328 # Korea Kolmar Co., Ltd................................... 69,030 3,270,327 # Korea Kolmar Holdings Co., Ltd.......................... 33,913 849,587 Korea Petrochemical Ind Co., Ltd........................ 18,138 1,153,297 176 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) # Korea United Pharm, Inc............................... 50,081 $ 540,420 * Korean Air Lines Co., Ltd............................. 141,091 4,888,859 Korean Reinsurance Co................................. 487,744 5,336,401 # Kortek Corp........................................... 45,406 521,684 # KPF................................................... 42,149 163,246 # KPX Chemical Co., Ltd................................. 6,479 371,093 #* KR Motors Co., Ltd.................................... 102,980 99,259 #* KSCB Co., Ltd......................................... 7,972 27,185 * KT Hitel Co., Ltd..................................... 37,333 297,473 KT Skylife Co., Ltd................................... 103,427 2,249,577 * KTB Investment & Securities Co., Ltd.................. 279,130 700,137 Kukdo Chemical Co., Ltd............................... 20,758 1,082,261 # Kumho Electric Co., Ltd............................... 22,347 451,343 * Kumho Industrial Co., Ltd............................. 901 9,669 #* Kumho Investment Bank................................. 2,881,160 1,285,174 * Kumho Tire Co., Inc................................... 341,696 3,750,644 Kumkang Kind Co., Ltd................................. 14,256 864,229 * Kun Wha Pharmaceutical Co., Ltd....................... 7,580 161,809 Kunsul Chemical Industrial Co., Ltd................... 20,675 928,348 Kwang Dong Pharmaceutical Co., Ltd.................... 194,647 1,805,098 #* Kwang Myung Electric Engineering Co., Ltd............. 192,960 433,877 * Kyeryong Construction Industrial Co., Ltd............. 25,068 393,646 * Kyobo Securities Co., Ltd,............................ 98,440 1,001,574 # Kyung Dong Navien Co., Ltd............................ 28,750 793,801 # Kyung-In Synthetic Corp............................... 115,845 789,371 Kyungbang, Ltd........................................ 3,264 392,450 Kyungchang Industrial Co., Ltd........................ 63,745 797,995 KyungDong City Gas Co., Ltd........................... 11,986 1,420,847 Kyungdong Pharm Co., Ltd.............................. 32,635 664,995 # L&F Co., Ltd.......................................... 50,139 257,110 #* LB Semicon, Inc....................................... 164,971 304,958 # LEENO Industrial, Inc................................. 51,031 1,770,346 # LF Corp............................................... 103,743 2,903,226 LG Hausys, Ltd........................................ 32,510 5,952,303 #* LG Innotek Co., Ltd................................... 55,586 6,730,912 LG International Corp................................. 156,201 4,505,895 #* LG Life Sciences, Ltd................................. 57,740 1,773,448 * LIG ADP Co., Ltd...................................... 2,798 12,951 LIG Insurance Co., Ltd................................ 203,911 5,810,301 # LMS Co., Ltd.......................................... 28,169 491,272 # Lock & Lock Co., Ltd.................................. 132,290 1,613,912 #* Logistics Energy Korea Co., Ltd....................... 134,570 217,164 Lotte Chilsung Beverage Co., Ltd...................... 3,217 5,781,656 Lotte Confectionery Co., Ltd.......................... 2,556 5,206,145 Lotte Food Co., Ltd................................... 3,776 2,725,255 # LOTTE Himart Co., Ltd................................. 43,798 2,906,214 #* Lotte Non-Life Insurance Co., Ltd..................... 141,571 459,803 LS Corp............................................... 18,353 1,292,935 # LS Industrial Systems Co., Ltd........................ 72,572 4,451,890 #* Lumens Co., Ltd....................................... 197,117 1,564,644 # Macquarie Korea Infrastructure Fund................... 1,514,061 9,717,183 * Macrogen, Inc......................................... 28,340 1,287,234 # Maeil Dairy Industry Co., Ltd......................... 40,992 1,485,849 177 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) # Mando Corp............................................ 60,934 $7,423,728 #* Medifron DBT Co., Ltd................................. 97,748 271,676 #* Medipost Co., Ltd..................................... 3,841 211,259 # Medy-Tox, Inc......................................... 21,135 3,129,459 MegaStudy Co., Ltd.................................... 25,476 1,487,409 #* Melfas, Inc........................................... 84,026 450,877 # Meritz Financial Group, Inc........................... 118,136 908,581 Meritz Fire & Marine Insurance Co., Ltd............... 291,385 3,780,841 Meritz Securities Co., Ltd............................ 1,043,095 2,953,206 #* Mgame Corp............................................ 5,454 18,172 Mi Chang Oil Industrial Co., Ltd...................... 2,078 144,416 # Mirae Asset Securities Co., Ltd....................... 129,254 5,831,461 #* Mirae Corp............................................ 436,967 82,386 Miwon Chemicals Co., Ltd.............................. 1,890 65,357 * Miwon Commercial Co., Ltd............................. 716 118,079 Miwon Specialty Chemical Co., Ltd..................... 1,041 292,038 MK Electron Co., Ltd.................................. 86,407 443,520 #* MNTech Co., Ltd....................................... 99,776 437,853 # Modetour Network, Inc................................. 59,242 1,415,412 #* Monalisa Co., Ltd..................................... 68,050 163,005 Moorim P&P Co., Ltd................................... 133,920 543,910 Moorim Paper Co., Ltd................................. 98,440 225,537 Motonic Corp.......................................... 57,760 840,124 #* Muhak Co., Ltd........................................ 44,507 1,508,733 Namhae Chemical Corp.................................. 120,134 1,053,357 # Namyang Dairy Products Co., Ltd....................... 1,390 1,148,798 National Plastic Co................................... 56,060 360,953 #* Neowiz Games Corp..................................... 75,015 1,320,092 #* NEOWIZ HOLDINGS Corp.................................. 24,844 346,178 #* NEPES Corp............................................ 94,472 592,893 # Nexen Corp............................................ 33,168 2,821,716 # Nexen Tire Corp....................................... 173,236 2,787,613 #* Nexolon Co., Ltd...................................... 29,760 20,350 #* Nexon GT Co., Ltd..................................... 77,052 591,899 NH Investment & Securities Co., Ltd................... 151,949 1,121,033 NICE Holdings Co., Ltd................................ 61,740 775,886 NICE Information Service Co., Ltd..................... 151,539 498,170 #* NK Co., Ltd........................................... 93,370 297,710 # Nong Shim Holdings Co., Ltd........................... 8,976 1,027,724 # Nong Woo Bio Co., Ltd................................. 31,995 639,396 # NongShim Co., Ltd..................................... 17,374 4,404,357 Noroo Holdings Co., Ltd............................... 7,112 151,015 NOROO Paint & Coatings Co., Ltd....................... 47,451 372,750 # OCI Materials Co., Ltd................................ 35,023 1,588,910 #* OPTRON-TEC, Inc....................................... 81,696 356,008 #* Orientbio, Inc........................................ 218,393 107,980 #* OSANGJAIEL Co., Ltd................................... 45,028 648,967 #* Osstem Implant Co., Ltd............................... 56,145 1,859,362 #* Osung LST Co., Ltd.................................... 24,751 38,184 Ottogi Corp........................................... 5,962 3,082,857 #* Paik Kwang Industrial Co., Ltd........................ 85,406 255,778 #* Pan Ocean Co., Ltd.................................... 17,111 65,388 # Pan-Pacific Co., Ltd.................................. 101,793 613,828 178 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) #* PaperCorea, Inc......................................... 422,059 $ 319,318 # Partron Co., Ltd........................................ 209,167 2,049,949 #* Pharmicell Co., Ltd..................................... 129,934 370,454 Poongsan Corp........................................... 104,011 3,005,444 # Poongsan Holdings Corp.................................. 22,248 870,330 POSCO Chemtech Co., Ltd................................. 9,949 1,416,987 * POSCO Coated & Color Steel Co., Ltd..................... 4,130 60,534 # Posco ICT Co., Ltd...................................... 261,024 1,803,925 # Posco M-Tech Co., Ltd................................... 102,771 399,667 #* Posco Plantec Co., Ltd.................................. 21,301 80,848 #* Power Logics Co., Ltd................................... 134,027 497,474 # PSK, Inc................................................ 58,750 721,229 Pulmuone Co., Ltd....................................... 5,952 709,704 # Pyeong Hwa Automotive Co., Ltd.......................... 59,253 1,345,837 #* Redrover Co., Ltd....................................... 92,932 525,407 # Reyon Pharmaceutical Co., Ltd........................... 18,952 450,629 # RFsemi Technologies, Inc................................ 30,415 245,468 # RFTech Co., Ltd......................................... 43,940 283,288 # Romanson Co., Ltd....................................... 40,410 463,617 * S&C Engine Group, Ltd................................... 105,599 302,346 S&T Corp................................................ 5,003 82,226 S&T Dynamics Co., Ltd................................... 147,292 1,558,925 # S&T Holdings Co., Ltd................................... 26,504 458,016 S&T Motiv Co., Ltd...................................... 50,410 1,719,753 S-1 Corp................................................ 26,707 1,986,961 # S-Energy Co., Ltd....................................... 47,170 444,467 # S-MAC Co., Ltd.......................................... 82,037 377,407 # Saeron Automotive Corp.................................. 2,640 28,365 #* Sajo Industries Co., Ltd................................ 11,813 417,430 Sam Young Electronics Co., Ltd.......................... 63,000 736,308 # Sam Yung Trading Co., Ltd............................... 54,602 1,066,735 Samchully Co., Ltd...................................... 15,646 2,556,236 Samho Development Co., Ltd.............................. 61,747 196,058 * Samho International Co., Ltd............................ 7,876 118,722 # SAMHWA Paints Industrial Co., Ltd....................... 43,265 641,803 # Samick Musical Instruments Co., Ltd..................... 257,520 861,082 # Samick THK Co., Ltd..................................... 42,891 342,966 # Samjin Pharmaceutical Co., Ltd.......................... 59,596 1,093,983 Samkwang Glass.......................................... 17,041 928,784 # Samlip General Foods Co., Ltd........................... 9,750 879,523 # Samsung Fine Chemicals Co., Ltd......................... 97,503 4,081,166 #* SAMT Co., Ltd........................................... 76,958 156,644 # Samyang Foods Co., Ltd.................................. 17,230 448,901 Samyang Holdings Corp................................... 20,208 1,506,040 Samyang Tongsang Co., Ltd............................... 7,465 452,407 #* Samyoung Chemical Co., Ltd.............................. 173,170 340,185 #* Sangbo Corp............................................. 59,215 691,625 #* Sapphire Technology Co., Ltd............................ 8,161 246,658 Satrec Initiative Co., Ltd.............................. 5,805 122,456 SAVEZONE I&C CORP....................................... 58,190 407,773 SBS Contents Hub Co., Ltd............................... 40,540 601,087 SBS Media Holdings Co., Ltd............................. 229,079 810,471 #* SBW..................................................... 340,780 260,539 179 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) Seah Besteel Corp..................................... 65,015 $2,251,572 SeAH Holdings Corp.................................... 4,622 750,503 SeAH Steel Corp....................................... 13,506 1,248,594 Sebang Co., Ltd....................................... 53,803 1,057,341 #* Seegene, Inc.......................................... 38,981 2,260,484 # Sejong Industrial Co., Ltd............................ 54,313 938,971 Sempio Foods Co....................................... 7,350 175,683 #* Seobu T&D............................................. 56,299 1,055,519 # Seohan Co., Ltd....................................... 277,691 528,739 #* Seohee Construction Co., Ltd.......................... 787,809 494,909 # Seoul Semiconductor Co., Ltd.......................... 36,969 1,020,301 # SEOWONINTECH Co., Ltd................................. 49,169 608,880 #* Sewon Cellontech Co., Ltd............................. 141,557 453,347 * Sewon Precision Industry Co., Ltd..................... 9,457 274,513 # SEWOONMEDICAL Co., Ltd................................ 95,161 662,488 # SFA Engineering Corp.................................. 50,853 1,969,916 #* SG Corp............................................... 660,590 406,199 # SH Energy & Chemical Co., Ltd......................... 438,586 340,502 Shin Poong Pharmaceutical Co., Ltd.................... 141,356 557,048 #* Shinil Industrial Co., Ltd............................ 228,580 447,575 Shinsegae Co., Ltd.................................... 35,692 8,074,778 Shinsegae Information & Communication Co., Ltd........ 4,229 338,230 # Shinsegae International Co., Ltd...................... 12,829 1,124,581 #* Shinsung Solar Energy Co., Ltd........................ 269,802 320,362 #* Shinsung Tongsang Co., Ltd............................ 349,750 338,839 * Shinwha Intertek Corp................................. 103,734 310,130 * Shinwon Corp.......................................... 141,823 302,494 Shinyoung Securities Co., Ltd......................... 14,050 652,783 #* Signetics Corp........................................ 247,452 381,459 #* SIGONG TECH Co., Ltd.................................. 67,831 261,156 Silicon Works Co., Ltd................................ 53,771 1,119,840 # Silla Co., Ltd........................................ 38,238 944,413 #* Simm Tech Co., Ltd.................................... 121,398 772,937 # SIMPAC, Inc........................................... 73,030 508,568 Sindoh Co., Ltd....................................... 10,939 759,047 # SJM Co., Ltd.......................................... 43,590 410,797 * SK Broadband Co., Ltd................................. 788,263 2,902,275 # SK Chemicals Co., Ltd................................. 77,076 4,855,171 #* SK Communications Co., Ltd............................ 79,814 695,610 SK Gas, Ltd........................................... 19,027 2,050,574 * SK Networks Co., Ltd.................................. 660,780 7,192,107 * SK Securities Co., Ltd................................ 1,493,565 1,489,424 # SKC Co., Ltd.......................................... 105,222 3,683,210 # SL Corp............................................... 70,320 1,420,239 #* SM Culture & Contents Co., Ltd........................ 59,505 193,516 #* SM Entertainment Co................................... 82,349 2,655,988 * Softmax Co., Ltd...................................... 3,419 43,694 #* Solborn, Inc.......................................... 69,704 277,448 * Solco Biomedical Co., Ltd............................. 56,341 25,595 Solid, Inc............................................ 40,402 318,190 # Songwon Industrial Co., Ltd........................... 93,750 782,043 #* Sonokong Co., Ltd..................................... 86,999 217,184 # Soulbrain Co., Ltd.................................... 46,183 1,463,711 180 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) * Ssangyong Cement Industrial Co., Ltd.................... 99,641 $ 934,187 #* Steel Flower Co., Ltd................................... 29,816 116,061 #* STS Semiconductor & Telecommunications.................. 251,742 715,191 #* STX Corp................................................ 16,753 16,746 #* STX Engine Co., Ltd..................................... 115,112 393,095 # Suheung Co., Ltd........................................ 32,370 1,488,508 Sun Kwang Co., Ltd...................................... 15,705 309,524 # Sunchang Corp........................................... 36,505 361,963 # Sung Kwang Bend Co., Ltd................................ 88,301 1,701,183 #* Sungchang Enterprise Holdings, Ltd...................... 27,044 625,294 #* Sungshin Cement Co., Ltd................................ 99,968 936,808 Sungwoo Hitech Co., Ltd................................. 166,659 2,318,768 Sunjin Co., Ltd......................................... 25,055 909,968 #* Sunny Electronics Corp.................................. 81,771 142,057 #* Suprema, Inc............................................ 57,629 1,420,240 #* Synopex, Inc............................................ 277,992 440,340 Tae Kyung Industrial Co., Ltd........................... 37,420 225,144 Taekwang Industrial Co., Ltd............................ 1,942 2,629,298 #* Taewoong Co., Ltd....................................... 55,939 1,235,740 * Taeyoung Engineering & Construction Co., Ltd............ 217,943 1,211,953 #* Taihan Electric Wire Co., Ltd........................... 189,922 392,189 # Tailim Packaging Industrial Co., Ltd.................... 157,168 312,417 # TCC Steel............................................... 38,096 130,359 # TechWing, Inc........................................... 43,253 295,862 # TES Co., Ltd............................................ 29,074 378,660 #* Theall Medi Bio......................................... 24,080 50,884 #* Theragen Etex Co., Ltd.................................. 43,667 293,504 #* TK Chemical Corp........................................ 222,222 436,429 # Tong Yang Moolsan Co., Ltd.............................. 22,590 218,593 Tongyang Life Insurance................................. 192,400 1,877,473 * TONGYANG Securities, Inc................................ 12,966 38,518 #* Top Engineering Co., Ltd................................ 43,811 172,866 # Toptec Co., Ltd......................................... 44,470 495,902 * Toray Chemical Korea, Inc............................... 121,710 1,305,443 # Tovis Co., Ltd.......................................... 68,690 916,741 #* Trais Co., Ltd.......................................... 59,456 127,404 * Trigem Computer, Inc.................................... 1 -- # TS Corp................................................. 19,290 615,358 * TSM Tech Co., Ltd....................................... 10,714 59,587 #* UBCare Co., Ltd......................................... 51,297 149,730 # Ubiquoss, Inc........................................... 68,224 517,642 #* Ubivelox, Inc........................................... 15,537 187,538 # UI Display Co., Ltd..................................... 34,401 222,273 # Uju Electronics Co., Ltd................................ 38,229 426,339 Unid Co., Ltd........................................... 17,354 1,121,492 Union Steel............................................. 8,052 102,487 #* Uniquest Corp........................................... 16,050 147,993 #* Unison Co., Ltd......................................... 99,851 273,085 Value Added Technologies Co., Ltd....................... 39,778 779,042 # Vieworks Co., Ltd....................................... 37,657 1,089,659 # Visang Education, Inc................................... 29,722 246,238 #* Webzen, Inc............................................. 44,001 271,450 #* WeMade Entertainment Co., Ltd........................... 33,045 1,200,355 181 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ------------ SOUTH KOREA -- (Continued) # Whanin Pharmaceutical Co., Ltd................... 43,130 $ 634,283 #* WillBes & Co. (The).............................. 288,928 371,848 #* WiSoL Co., Ltd................................... 68,668 530,220 #* WONIK CUBE Corp.................................. 20,753 41,628 #* Wonik IPS Co., Ltd............................... 256,672 2,832,071 * Wonik Materials Co., Ltd......................... 6,457 267,065 # Woojeon & Handan Co., Ltd........................ 90,141 320,335 #* Woongjin Energy Co., Ltd......................... 212,230 511,672 #* Woongjin Holdings Co., Ltd....................... 219,995 552,733 #* Woongjin Thinkbig Co., Ltd....................... 101,385 680,339 # Wooree ETI Co., Ltd.............................. 161,548 294,351 Woori Investment & Securities Co., Ltd........... 627,028 6,815,387 # WooSung Feed Co., Ltd............................ 86,370 284,436 # Y G-1 Co., Ltd................................... 85,954 797,565 YESCO Co., Ltd................................... 13,100 515,811 # YG Entertainment, Inc............................ 43,305 1,499,116 # Yoosung Enterprise Co., Ltd...................... 100,472 557,146 Youlchon Chemical Co., Ltd....................... 59,750 752,044 # Young Heung Iron & Steel Co., Ltd................ 287,784 760,238 Young Poong Corp................................. 2,389 3,148,077 * Young Poong Mining & Construction Corp........... 1,580 -- Young Poong Precision Corp....................... 72,998 773,000 # Youngone Corp.................................... 106,357 4,386,679 Youngone Holdings Co., Ltd....................... 28,420 2,159,061 # Yuhan Corp....................................... 44,525 7,628,681 YuHwa Securities Co., Ltd........................ 13,060 175,526 #* Yungjin Pharmaceutical Co., Ltd.................. 469,292 710,388 * ZeroOne Interactive Co., Ltd..................... 3,200 -- ------------ TOTAL SOUTH KOREA.................................... 715,338,496 ------------ TAIWAN -- (12.8%) # A-DATA Technology Co., Ltd....................... 1,078,000 2,552,085 Ability Enterprise Co., Ltd...................... 1,790,076 1,335,375 # AcBel Polytech, Inc.............................. 1,849,599 2,979,201 Accton Technology Corp........................... 2,545,763 1,530,206 # Ace Pillar Co., Ltd.............................. 254,008 208,201 #* ACES Electronic Co., Ltd......................... 421,000 588,720 # ACHEM Technology Corp............................ 868,860 548,442 # Acter Co., Ltd................................... 184,000 579,249 * Action Electronics Co., Ltd...................... 761,635 160,508 # Actron Technology Corp........................... 263,150 1,046,918 # Adlink Technology, Inc........................... 507,184 1,283,334 # Advanced Ceramic X Corp.......................... 222,000 1,042,328 * Advanced Connectek, Inc.......................... 935,000 361,644 Advanced International Multitech Co., Ltd........ 425,000 405,290 * Advanced Wireless Semiconductor Co............... 567,000 467,902 # Advancetek Enterprise Co., Ltd................... 677,917 700,743 #* AGV Products Corp................................ 2,428,801 790,471 #* AimCore Technology Co., Ltd...................... 321,589 290,636 Alcor Micro Corp................................. 379,000 426,074 ALI Corp......................................... 1,479,000 1,454,340 Allis Electric Co., Ltd.......................... 54,000 16,452 * Alltop Technology Co., Ltd....................... 54,000 46,402 182 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) # Alpha Networks, Inc................................... 1,582,763 $1,111,078 #* Altek Corp............................................ 1,893,637 1,507,889 # Ambassador Hotel (The)................................ 1,385,000 1,344,240 AMPOC Far-East Co., Ltd............................... 472,444 453,416 AmTRAN Technology Co., Ltd............................ 4,067,951 3,013,922 #* Anpec Electronics Corp................................ 602,000 573,531 # Apacer Technology, Inc................................ 591,576 634,490 # APCB, Inc............................................. 719,000 541,592 # Apex Biotechnology Corp............................... 576,483 1,148,212 # Apex International Co., Ltd........................... 255,000 407,653 * Apex International Rights............................. 29,295 5,666 # Apex Medical Corp..................................... 325,500 539,226 * Apex Science & Engineering............................ 689,907 398,996 Arcadyan Technology Corp.............................. 512,581 789,492 * Ardentec Corp......................................... 1,847,992 1,574,655 #* Arima Communications Corp............................. 993,719 499,155 #* Asia Optical Co., Inc................................. 1,228,000 1,707,371 # Asia Plastic Recycling Holding, Ltd................... 882,462 1,274,149 # Asia Polymer Corp..................................... 1,439,484 1,140,536 #* Asia Vital Components Co., Ltd........................ 1,548,058 1,227,166 #* ASROCK, Inc........................................... 192,000 739,181 Aten International Co., Ltd........................... 430,479 1,153,834 #* Audix Corp............................................ 519,000 593,463 # AURAS Technology Co., Ltd............................. 99,585 73,472 # Aurora Corp........................................... 541,499 954,987 AV Tech Corp.......................................... 205,000 472,856 Avermedia Technologies................................ 774,446 326,415 * Avision, Inc.......................................... 916,000 324,440 # AVY Precision Technology, Inc......................... 250,000 563,820 # Awea Mechantronic Co., Ltd............................ 137,200 212,723 * Bank of Kaohsiung Co., Ltd............................ 1,946,054 632,905 # Basso Industry Corp................................... 581,000 929,292 BenQ Materials Corp................................... 751,000 1,064,384 #* BES Engineering Corp.................................. 7,292,750 1,970,255 # Bin Chuan Enterprise Co., Ltd......................... 172,542 121,513 * Bionet Corp........................................... 191,000 317,185 * Biostar Microtech International Corp.................. 899,975 408,171 # Bizlink Holding, Inc.................................. 308,677 1,230,932 # Boardtek Electronics Corp............................. 783,000 816,606 * Bright Led Electronics Corp........................... 637,520 327,557 # C Sun Manufacturing, Ltd.............................. 698,221 555,108 #* Cameo Communications, Inc............................. 1,147,818 342,024 # Capella Microsystems Taiwan, Inc...................... 194,598 883,379 # Capital Securities Corp............................... 9,603,142 3,656,005 Career Technology MFG. Co., Ltd....................... 1,388,000 1,840,844 # Carnival Industrial Corp.............................. 1,753,000 493,487 Cathay Chemical Works................................. 30,000 16,730 # Cathay Real Estate Development Co., Ltd............... 4,042,000 2,289,473 # Celxpert Energy Corp.................................. 164,000 101,132 Central Reinsurance Co., Ltd.......................... 867,410 464,884 # ChainQui Construction Development Co., Ltd............ 360,083 297,982 #* Chaintech Technology Corp............................. 192,241 243,210 Champion Building Materials Co., Ltd.................. 1,798,851 647,177 183 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) # Chang Wah Electromaterials, Inc...................... 215,673 $ 539,383 Channel Well Technology Co., Ltd..................... 648,000 392,881 # Charoen Pokphand Enterprise.......................... 867,000 814,118 # Chaun-Choung Technology Corp......................... 360,000 1,199,706 # CHC Resources Corp................................... 329,348 806,520 # Chen Full International Co., Ltd..................... 382,000 490,127 # Chenbro Micom Co., Ltd............................... 338,000 701,805 Cheng Fwa Industrial Co., Ltd........................ 66,000 33,513 Cheng Loong Corp..................................... 4,354,383 1,800,127 Cheng Uei Precision Industry Co., Ltd................ 2,288,331 4,259,896 #* Chenming Mold Industry Corp.......................... 610,437 815,250 #* Chia Chang Co., Ltd.................................. 650,000 817,189 # Chia Hsin Cement Corp................................ 2,128,121 1,080,737 # Chien Kuo Construction Co., Ltd...................... 1,436,312 656,206 #* Chilisin Electronics Corp............................ 505,572 489,326 # Chime Ball Technology Co., Ltd....................... 143,000 396,381 # Chimei Materials Technology Corp..................... 698,000 830,029 Chin-Poon Industrial Co., Ltd........................ 1,754,207 3,154,522 China Chemical & Pharmaceutical Co., Ltd............. 1,394,000 1,046,143 # China Ecotek Corp.................................... 187,000 458,907 * China Electric Manufacturing Corp.................... 1,435,900 563,827 China General Plastics Corp.......................... 1,702,105 831,791 China Glaze Co., Ltd................................. 654,139 330,375 #* China Man-Made Fiber Corp............................ 5,236,879 1,895,546 # China Metal Products................................. 1,380,003 1,682,647 China Motor Corp..................................... 586,609 565,330 # China Petrochemical Development Corp................. 10,578,000 4,298,385 China Steel Chemical Corp............................ 351,554 2,219,170 # China Steel Structure Co., Ltd....................... 655,000 645,609 China Synthetic Rubber Corp.......................... 2,303,563 2,268,532 * China United Trust & Investment Corp................. 164,804 -- * China Wire & Cable Co., Ltd.......................... 592,000 255,479 # Chinese Maritime Transport, Ltd...................... 543,850 625,063 # Chipbond Technology Corp............................. 1,688,000 2,728,208 #* Chong Hong Construction Co........................... 662,646 1,808,012 * Chou Chin Industrial Co., Ltd........................ 825 -- # Chroma ATE, Inc...................................... 1,531,821 4,059,778 * Chun YU Works & Co., Ltd............................. 1,148,000 549,148 Chun Yuan Steel...................................... 1,991,529 803,886 #* Chung Hsin Electric & Machinery Manufacturing Corp... 1,995,000 1,401,240 * Chung Hung Steel Corp................................ 3,932,979 1,051,774 #* Chung Hwa Pulp Corp.................................. 2,616,031 821,479 Chunghwa Chemical Synthesis & Biotech Co., Ltd....... 277,000 385,030 * Chunghwa Picture Tubes, Ltd.......................... 16,151,000 959,351 Chyang Sheng Dyeing & Finishing Co., Ltd............. 139,000 75,994 # Cleanaway Co., Ltd................................... 312,000 1,812,890 Clevo Co............................................. 2,044,200 3,764,045 #* CMC Magnetics Corp................................... 13,033,960 2,044,672 # CoAsia Microelectronics Corp......................... 472,500 220,138 Collins Co., Ltd..................................... 565,431 211,563 Compeq Manufacturing Co., Ltd........................ 5,058,000 2,987,762 * Concord Securities Corp.............................. 2,295,000 654,454 Continental Holdings Corp............................ 2,004,067 807,704 184 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) #* Coretronic Corp....................................... 3,577,000 $4,243,069 * Cosmo Electronics Corp................................ 159,137 200,405 * Cosmos Bank Taiwan.................................... 1,044,926 531,975 Coxon Precise Industrial Co., Ltd..................... 548,000 984,592 Creative Sensor, Inc.................................. 85,000 71,734 #* Crystalwise Technology, Inc........................... 592,302 601,213 CSBC Corp. Taiwan..................................... 2,145,610 1,282,970 CTCI Corp............................................. 215,000 355,780 Cub Elecparts, Inc.................................... 79,000 899,682 # CviLux Corp........................................... 353,039 592,229 # Cyberlink Corp........................................ 413,697 1,349,384 # CyberPower Systems, Inc............................... 211,000 452,885 * CyberTAN Technology, Inc.............................. 921,779 909,119 #* D-Link Corp........................................... 3,208,665 2,290,796 # DA CIN Construction Co., Ltd.......................... 910,711 684,713 #* Da-Li Construction Co., Ltd........................... 439,220 511,538 Dafeng TV, Ltd........................................ 265,540 459,426 #* Danen Technology Corp................................. 1,820,000 822,385 # Darfon Electronics Corp............................... 1,333,550 911,737 # Davicom Semiconductor, Inc............................ 52,888 69,715 # Daxin Materials Corp.................................. 235,000 431,684 De Licacy Industrial Co., Ltd......................... 70,000 27,248 * Delpha Construction Co., Ltd.......................... 991,931 460,251 #* Depo Auto Parts Ind Co., Ltd.......................... 497,000 1,953,162 * Der Pao Construction Co., Ltd......................... 476,000 -- # DFI, Inc.............................................. 253,524 303,755 Dimerco Express Corp.................................. 373,000 235,974 #* DYNACOLOR, Inc........................................ 224,000 554,847 * Dynamic Electronics Co., Ltd.......................... 1,320,321 677,004 # Dynapack International Technology Corp................ 607,000 1,685,885 #* E Ink Holdings, Inc................................... 4,165,000 2,631,006 # E-Lead Electronic Co., Ltd............................ 386,942 879,394 E-LIFE MALL Corp...................................... 362,000 756,035 #* E-Ton Solar Tech Co., Ltd............................. 2,396,209 1,559,085 Eastern Media International Corp...................... 2,058,889 846,943 # Edimax Technology Co., Ltd............................ 897,108 407,276 # Edison Opto Corp...................................... 524,000 580,908 # Edom Technology Co., Ltd.............................. 602,553 531,134 # eGalax_eMPIA Technology, Inc.......................... 224,660 568,785 # Elan Microelectronics Corp............................ 1,655,715 2,681,905 # Elite Advanced Laser Corp............................. 360,000 1,510,596 Elite Material Co., Ltd............................... 1,507,350 1,720,804 # Elite Semiconductor Memory Technology, Inc............ 1,242,200 1,964,213 * Elitegroup Computer Systems Co., Ltd.................. 2,085,833 1,468,664 # eMemory Technology, Inc............................... 328,000 2,979,725 # ENG Electric Co., Ltd................................. 671,580 543,526 # EnTie Commercial Bank................................. 1,833,603 885,501 #* Entire Technology Co., Ltd............................ 229,000 232,528 * Episil Technologies, Inc.............................. 1,387,000 541,746 # Eternal Materials Co., Ltd............................ 3,361,794 3,913,114 * Etron Technology, Inc................................. 1,395,000 701,689 Everest Textile Co., Ltd.............................. 1,263,562 645,375 Evergreen International Storage & Transport Corp...... 2,516,000 1,638,052 185 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) # Everlight Chemical Industrial Corp.................... 1,737,933 $2,074,446 # Everlight Electronics Co., Ltd........................ 1,685,000 3,801,342 # Everspring Industry Co., Ltd.......................... 445,000 619,969 * Excelsior Medical Co., Ltd............................ 487,654 942,529 # Far Eastern International Bank........................ 8,674,820 3,273,362 # Faraday Technology Corp............................... 1,679,648 2,103,633 #* Farglory F T Z Investment Holding Co., Ltd............ 425,000 316,483 Federal Corp.......................................... 2,358,359 1,581,144 # Feedback Technology Corp.............................. 172,000 288,454 # Feng Hsin Iron & Steel Co............................. 1,859,100 2,561,506 Feng TAY Enterprise Co., Ltd.......................... 1,006,806 2,881,821 Fine Blanking & Tool Co., Ltd......................... 13,000 21,461 First Copper Technology Co., Ltd...................... 929,000 317,268 * First Hotel........................................... 720,212 504,714 # First Insurance Co, Ltd. (The)........................ 1,074,179 614,765 * First Steamship Co., Ltd.............................. 1,829,218 1,282,366 # FLEXium Interconnect, Inc............................. 882,839 2,378,180 # Flytech Technology Co., Ltd........................... 418,838 1,911,357 * Forhouse Corp......................................... 1,902,635 895,227 # Formosa Advanced Technologies Co., Ltd................ 800,000 600,794 #* Formosa Epitaxy, Inc.................................. 1,937,811 1,187,822 # Formosa International Hotels Corp..................... 158,243 1,882,813 # Formosa Oilseed Processing............................ 625,567 441,543 Formosa Optical Technology Co., Ltd................... 239,000 767,429 Formosan Rubber Group, Inc............................ 2,028,000 1,939,473 Formosan Union Chemical............................... 1,222,218 610,465 # Fortune Electric Co., Ltd............................. 524,078 287,413 Founding Construction & Development Co., Ltd.......... 940,082 585,518 # Foxlink Image Technology Co., Ltd..................... 619,000 426,688 * Froch Enterprise Co., Ltd............................. 843,000 331,744 FSP Technology, Inc................................... 855,887 860,711 Fullerton Technology Co., Ltd......................... 527,600 442,851 # Fulltech Fiber Glass Corp............................. 1,713,083 692,886 # Fwusow Industry Co., Ltd.............................. 750,186 436,261 #* G Shank Enterprise Co., Ltd........................... 1,056,013 898,647 #* G Tech Optoelectronics Corp........................... 1,058,000 1,245,752 Gallant Precision Machining Co., Ltd.................. 750,000 308,402 #* Gamania Digital Entertainment Co., Ltd................ 645,000 690,313 GEM Terminal Industrial Co., Ltd...................... 23,386 10,060 #* Gemtek Technology Corp................................ 1,607,219 1,460,329 # General Plastic Industrial Co., Ltd................... 154,553 180,549 #* Genesis Photonics, Inc................................ 1,402,712 1,067,232 #* Genius Electronic Optical Co., Ltd.................... 319,427 992,094 # GeoVision, Inc........................................ 259,079 1,046,559 #* Getac Technology Corp................................. 2,105,360 1,170,066 #* Giantplus Technology Co., Ltd......................... 1,025,900 443,404 # Giga Solution Tech Co., Ltd........................... 525,446 310,290 # Gigabyte Technology Co., Ltd.......................... 2,532,800 3,480,367 # Gigasolar Materials Corp.............................. 87,400 1,626,073 #* Gigastorage Corp...................................... 1,377,561 1,388,558 #* Gintech Energy Corp................................... 1,880,936 1,710,841 * Global Brands Manufacture, Ltd........................ 1,543,359 548,011 Global Lighting Technologies, Inc..................... 295,000 416,982 186 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) Global Mixed Mode Technology, Inc.................... 381,000 $1,230,298 # Global Unichip Corp.................................. 398,000 1,121,998 * Globe Union Industrial Corp.......................... 893,944 504,423 # Gloria Material Technology Corp...................... 2,195,565 1,850,415 * Glory Science Co., Ltd............................... 142,000 249,476 * Glotech Industrial Corp.............................. 465,000 134,474 #* Gold Circuit Electronics, Ltd........................ 2,165,227 732,337 * Goldsun Development & Construction Co., Ltd.......... 7,030,722 2,477,250 # Good Will Instrument Co., Ltd........................ 200,703 137,882 # Gourmet Master Co., Ltd.............................. 208,000 1,761,100 # Grand Pacific Petrochemical.......................... 5,777,000 3,376,940 Grape King Bio, Ltd.................................. 460,000 2,196,889 Great China Metal Industry........................... 800,000 921,590 Great Taipei Gas Co., Ltd............................ 1,467,000 1,210,270 #* Great Wall Enterprise Co., Ltd....................... 2,015,057 2,387,051 #* Green Energy Technology, Inc......................... 1,327,457 1,112,977 #* GTM Corp............................................. 679,000 485,278 Hannstar Board Corp.................................. 1,493,049 641,317 #* HannStar Display Corp................................ 10,217,495 3,962,632 * HannsTouch Solution, Inc............................. 3,934,130 1,121,175 * Harvatek Corp........................................ 811,623 630,764 # Hey Song Corp........................................ 1,556,750 1,688,981 # Hi-Clearance, Inc.................................... 117,000 359,925 # Hiroca Holdings, Ltd................................. 208,448 896,090 * HiTi Digital, Inc.................................... 117,935 78,092 # Hitron Technology, Inc............................... 1,041,213 613,731 * Hiyes International Co., Ltd......................... 5,043 8,075 # Ho Tung Chemical Corp................................ 3,824,191 1,670,016 #* Hocheng Corp......................................... 1,351,700 466,433 #* Hold-Key Electric Wire & Cable Co., Ltd.............. 205,908 67,162 Holiday Entertainment Co., Ltd....................... 305,800 399,910 # Holtek Semiconductor, Inc............................ 829,000 1,611,069 # Holy Stone Enterprise Co., Ltd....................... 1,036,728 1,645,452 * Hong Ho Precision Textile Co., Ltd................... 40,000 42,206 Hong TAI Electric Industrial......................... 1,201,000 425,759 Hong YI Fiber Industry Co............................ 75,652 28,801 Horizon Securities Co., Ltd.......................... 2,117,000 720,571 #* Hota Industrial Manufacturing Co., Ltd............... 859,471 1,440,083 * Howarm United Industries Co., Ltd.................... 140,811 183,468 # Hsin Kuang Steel Co., Ltd............................ 1,317,443 808,890 # Hsin Yung Chien Co., Ltd............................. 151,000 627,922 Hsing TA Cement Co................................... 620,000 292,561 # Hu Lane Associate, Inc............................... 267,866 1,048,289 HUA ENG Wire & Cable................................. 2,359,565 875,993 * Hua Yu Lien Development Co., Ltd..................... 3,701 5,612 # Huaku Development Co., Ltd........................... 1,137,816 2,701,857 # Huang Hsiang Construction Co......................... 568,800 742,690 # Hung Ching Development & Construction Co., Ltd....... 449,000 242,297 Hung Poo Real Estate Development Corp................ 1,293,185 1,073,468 Hung Sheng Construction, Ltd......................... 2,545,400 1,712,074 # Huxen Corp........................................... 268,244 369,662 Hwa Fong Rubber Co., Ltd............................. 1,466,010 1,128,784 * Hwacom Systems, Inc.................................. 443,000 352,561 187 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) # I-Chiun Precision Industry Co., Ltd................... 924,313 $ 720,690 # I-Sheng Electric Wire & Cable Co., Ltd................ 547,000 787,366 # Ibase Technology, Inc................................. 433,719 857,090 Ichia Technologies, Inc............................... 1,679,000 2,517,190 * Ideal Bike Corp....................................... 95,000 50,246 #* IEI Integration Corp.................................. 950,565 1,756,281 # ILI Technology Corp................................... 340,383 780,147 Infortrend Technology, Inc............................ 1,075,163 622,464 * Inotera Memories, Inc................................. 204,000 348,640 #* Inpaq Technology Co., Ltd............................. 157,000 270,200 Insyde Software Corp.................................. 107,000 176,489 ITE Technology, Inc................................... 656,095 773,992 # ITEQ Corp............................................. 1,193,614 1,263,840 #* J Touch Corp.......................................... 626,000 497,906 * Janfusun Fancyworld Corp.............................. 823,564 159,720 * Jenn Feng New Energy Co., Ltd......................... 286,000 86,083 # Jentech Precision Industrial Co., Ltd................. 290,868 862,166 * Jess-Link Products Co., Ltd........................... 792,900 896,326 Jih Sun Financial Holdings Co., Ltd................... 4,011,142 1,209,168 # Johnson Health Tech Co., Ltd.......................... 462,331 1,207,269 K Laser Technology, Inc............................... 616,000 360,242 # Kang Na Hsiung Enterprise Co., Ltd.................... 489,020 239,252 Kao Hsing Chang Iron & Steel.......................... 509,600 208,192 # Kaori Heat Treatment Co., Ltd......................... 341,210 894,296 # Kaulin Manufacturing Co., Ltd......................... 664,330 482,454 # KD Holding Corp....................................... 78,000 453,129 # KEE TAI Properties Co., Ltd........................... 1,903,473 1,200,509 # Kenmec Mechanical Engineering Co., Ltd................ 931,000 467,056 Kerry TJ Logistics Co., Ltd........................... 1,609,000 2,132,276 Keysheen Cayman Holdings Co., Ltd..................... 2,000 3,176 King Slide Works Co., Ltd............................. 241,550 3,196,740 # King Yuan Electronics Co., Ltd........................ 5,559,979 4,553,981 King's Town Bank...................................... 4,036,701 4,082,980 * King's Town Construction Co., Ltd..................... 929,210 744,123 # Kingdom Construction Co............................... 1,646,000 1,589,305 # Kinik Co.............................................. 594,000 1,604,560 # Kinko Optical Co., Ltd................................ 747,000 692,253 #* Kinpo Electronics..................................... 5,249,157 2,237,435 # KMC Kuei Meng International, Inc...................... 143,875 699,138 # KS Terminals, Inc..................................... 449,482 644,580 #* Kung Long Batteries Industrial Co., Ltd............... 308,000 1,108,235 Kung Sing Engineering Corp............................ 1,578,000 686,277 # Kuo Toong International Co., Ltd...................... 801,000 1,305,066 #* Kuoyang Construction Co., Ltd......................... 2,228,384 1,078,820 #* Kwong Fong Industries................................. 1,305,760 827,705 KYE Systems Corp...................................... 1,372,903 611,597 L&K Engineering Co., Ltd.............................. 623,048 533,368 LAN FA Textile........................................ 826,933 332,508 * Laser Tek Taiwan Co., Ltd............................. 46,504 35,810 # LCY Chemical Corp..................................... 1,265,383 1,048,985 Leader Electronics, Inc............................... 690,000 306,640 #* Leadtrend Technology Corp............................. 194,086 379,720 * Lealea Enterprise Co., Ltd............................ 3,423,891 1,169,969 188 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) # Ledtech Electronics Corp............................. 449,000 $ 286,752 LEE CHI Enterprises Co., Ltd......................... 957,000 523,041 * Lelon Electronics Corp............................... 333,000 478,786 #* Leofoo Development Co................................ 1,394,000 598,551 LES Enphants Co., Ltd................................ 981,754 637,847 # Lextar Electronics Corp.............................. 1,765,500 1,739,571 #* Li Peng Enterprise Co., Ltd.......................... 2,992,426 1,186,635 #* Lian HWA Food Corp................................... 346,289 496,848 Lien Hwa Industrial Corp............................. 2,668,676 1,927,546 Lingsen Precision Industries, Ltd.................... 1,886,506 1,124,290 #* Lite-On Semiconductor Corp........................... 1,454,730 1,031,519 # Long Bon International Co., Ltd...................... 1,575,945 1,130,023 # Long Chen Paper Co., Ltd............................. 2,214,709 1,160,384 # Longwell Co.......................................... 539,000 631,603 # Lotes Co., Ltd....................................... 273,778 1,053,469 # Lucky Cement Corp.................................... 895,000 258,219 # Lumax International Corp., Ltd....................... 448,769 1,053,201 # Lung Yen Life Service Corp........................... 119,000 335,025 # Macroblock, Inc...................................... 141,000 339,757 #* Macronix International............................... 18,362,481 4,732,842 MacroWell OMG Digital Entertainment Co., Ltd......... 38,000 101,713 #* Mag Layers Scientific-Technics Co., Ltd.............. 139,337 170,155 # Makalot Industrial Co., Ltd.......................... 733,202 3,729,467 * Makalot Industrial Co., Lts.......................... 64,519 103,266 # Marketech International Corp......................... 612,000 466,922 Masterlink Securities Corp........................... 5,472,896 1,916,162 Mayer Steel Pipe Corp................................ 842,567 384,988 # Maywufa Co., Ltd..................................... 170,322 85,685 #* Meiloon Industrial Co................................ 393,809 244,013 * Mercuries & Associates, Ltd.......................... 1,478,991 986,152 * Mercuries Life Insurance Co., Ltd.................... 1,557,000 955,574 Merry Electronics Co., Ltd........................... 1,014,477 5,053,457 # Micro-Star International Co., Ltd.................... 3,332,075 5,105,924 #* Microbio Co., Ltd.................................... 1,664,607 1,760,013 #* Microelectronics Technology, Inc..................... 739,019 458,563 # Microlife Corp....................................... 220,600 518,983 # MIN AIK Technology Co., Ltd.......................... 674,316 3,943,849 # Mirle Automation Corp................................ 698,009 672,865 # Mitac Holdings Corp.................................. 2,729,000 2,293,262 * Mosel Vitelic, Inc................................... 1,924,014 574,266 # Motech Industries, Inc............................... 1,592,000 2,137,596 # MPI Corp............................................. 320,000 1,001,501 # Nak Sealing Technologies Corp........................ 248,954 1,028,790 Namchow Chemical Industrial Co., Ltd................. 760,000 1,733,691 # Nan Kang Rubber Tire Co., Ltd........................ 2,494,952 2,904,983 Nan Ren Lake Leisure Amusement Co., Ltd.............. 917,000 448,580 * Nan Ya Printed Circuit Board Corp.................... 1,197,000 1,855,214 Nantex Industry Co., Ltd............................. 1,282,157 729,630 * Nanya Technology Corp................................ 58,000 15,346 # National Petroleum Co., Ltd.......................... 874,824 984,296 # Neo Solar Power Corp................................. 3,146,187 3,097,775 # Netronix, Inc........................................ 319,000 709,426 * New Asia Construction & Development Corp............. 732,835 199,831 189 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) # New Era Electronics Co., Ltd.......................... 380,000 $ 460,452 # Newmax Technology Co., Ltd............................ 413,009 635,839 # Nexcom International Co., Ltd......................... 419,257 596,447 Nichidenbo Corp....................................... 552,340 586,892 # Nien Hsing Textile Co., Ltd........................... 1,210,436 1,085,562 * Nishoku Technology, Inc............................... 133,000 218,062 #* Nuvoton Technology Corp............................... 353,000 377,145 #* O-TA Precision Industry Co., Ltd...................... 17,000 11,240 #* Ocean Plastics Co., Ltd............................... 812,200 1,143,014 # OptoTech Corp......................................... 2,758,886 1,344,448 * Orient Semiconductor Electronics, Ltd................. 2,708,000 1,269,382 # Oriental Union Chemical Corp.......................... 2,859,267 2,856,486 # Orise Technology Co., Ltd............................. 478,000 776,675 * P-Two Industries, Inc................................. 49,000 23,735 * Pacific Construction Co............................... 1,061,921 359,498 Pacific Hospital Supply Co., Ltd...................... 219,000 537,364 #* Pan Jit International, Inc............................ 1,696,541 890,833 # Pan-International Industrial Corp..................... 1,883,331 1,383,535 # Parade Technologies, Ltd.............................. 204,401 2,580,828 # Paragon Technologies Co., Ltd......................... 371,246 810,730 PChome Online, Inc.................................... 262,000 2,695,498 # Phihong Technology Co., Ltd........................... 1,266,901 865,035 # Phison Electronics Corp............................... 136,000 996,579 # Phoenix Tours International, Inc...................... 273,000 445,541 * Phytohealth Corp...................................... 50,929 65,327 #* Pixart Imaging, Inc................................... 666,150 1,889,490 * Plotech Co., Ltd...................................... 115,000 47,233 # Polytronics Technology Corp........................... 280,027 674,344 Portwell, Inc......................................... 457,000 537,805 # Posiflex Technology, Inc.............................. 165,374 1,002,270 * Potrans Electrical Corp............................... 228,000 -- Power Mate Technology Co., Ltd........................ 90,000 186,579 #* Power Quotient International Co., Ltd................. 836,600 450,641 * Powercom Co., Ltd..................................... 867,140 197,301 #* Powertech Industrial Co., Ltd......................... 367,000 269,870 # Poya Co., Ltd......................................... 257,065 1,493,564 President Securities Corp............................. 3,898,488 2,208,789 # Prime Electronics Satellitics, Inc.................... 687,822 391,358 #* Prince Housing & Development Corp..................... 5,912,276 2,642,322 * Princeton Technology Corp............................. 709,000 323,197 * Prodisc Technology, Inc............................... 1,707,199 -- # Promate Electronic Co., Ltd........................... 732,000 894,067 # Promise Technology, Inc............................... 686,286 893,841 * Protop Technology Co., Ltd............................ 192,000 -- #* Qisda Corp............................................ 8,204,900 4,047,027 # Qualipoly Chemical Corp............................... 275,000 206,948 # Quanta Storage, Inc................................... 723,000 860,588 #* Quintain Steel Co., Ltd............................... 1,777,824 391,763 # Radium Life Tech Co., Ltd............................. 3,441,235 2,473,545 # Ralec Electronic Corp................................. 154,209 286,814 Realtek Semiconductor Corp............................ 1 3 # Rechi Precision Co., Ltd.............................. 1,364,181 1,415,148 # Rexon Industrial Corp., Ltd........................... 94,392 32,247 190 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) # Rich Development Co., Ltd............................ 2,669,036 $1,174,776 # Richtek Technology Corp.............................. 654,000 3,772,688 #* Ritek Corp........................................... 13,129,387 1,968,110 * Rotam Global Agrosciences, Ltd....................... 196,000 463,523 Ruentex Engineering & Construction Co................ 145,000 287,514 #* Run Long Construction Co., Ltd....................... 380,000 369,897 * Sainfoin Technology Corp............................. 131,260 -- * Sampo Corp........................................... 2,833,327 1,171,868 San Fang Chemical Industry Co., Ltd.................. 681,480 658,192 # San Shing Fastech Corp............................... 305,040 893,069 Sanyang Industry Co., Ltd............................ 2,947,628 2,845,725 # SCI Pharmtech, Inc................................... 146,091 347,718 # Scientech Corp....................................... 195,000 373,419 # SDI Corp............................................. 601,000 786,739 * Sea Sonic Electronics Co., Ltd....................... 175,000 379,199 # Senao International Co., Ltd......................... 445,541 978,202 Sercomm Corp......................................... 839,000 1,934,766 # Sesoda Corp.......................................... 726,822 1,005,277 Shan-Loong Transportation Co., Ltd................... 29,000 25,334 # Sheng Yu Steel Co., Ltd.............................. 605,980 465,008 ShenMao Technology, Inc.............................. 441,891 512,609 # Shih Her Technologies, Inc........................... 193,000 429,500 * Shih Wei Navigation Co., Ltd......................... 1,083,183 740,564 Shihlin Electric & Engineering Corp.................. 1,346,000 1,791,294 * Shihlin Paper Corp................................... 494,000 748,841 * Shin Hai Gas Corp.................................... 1,113 1,745 Shin Zu Shing Co., Ltd............................... 694,144 1,766,498 * Shining Building Business Co., Ltd................... 1,348,770 1,219,022 # Shinkong Insurance Co., Ltd.......................... 1,052,131 867,687 #* Shinkong Synthetic Fibers Corp....................... 7,363,395 2,724,559 Shinkong Textile Co., Ltd............................ 1,068,542 1,435,672 # Shiny Chemical Industrial Co., Ltd................... 273,032 460,351 # Shuttle, Inc......................................... 1,494,152 523,167 Sigurd Microelectronics Corp......................... 1,698,974 1,807,118 #* Silicon Integrated Systems Corp...................... 2,908,820 1,041,203 #* Silicon Power Computer & Communications, Inc......... 250,000 337,143 # Silitech Technology Corp............................. 708,774 756,677 # Sinbon Electronics Co., Ltd.......................... 945,000 1,493,409 Sincere Navigation Corp.............................. 1,586,786 1,454,817 Singatron Enterprise Co., Ltd........................ 437,000 221,625 # Sinkang Industries Co., Ltd.......................... 153,521 60,772 # Sinmag Equipment Corp................................ 163,810 939,367 # Sino-American Silicon Products, Inc.................. 2,409,000 4,125,616 # Sinon Corp........................................... 1,748,510 1,056,232 # Sinphar Pharmaceutical Co., Ltd...................... 572,588 944,069 # Sinyi Realty Co...................................... 1,030,028 1,336,932 # Sirtec International Co., Ltd........................ 621,000 1,373,437 Sitronix Technology Corp............................. 536,879 1,121,616 Siward Crystal Technology Co., Ltd................... 742,000 486,784 #* Soft-World International Corp........................ 550,000 1,672,695 # Solar Applied Materials Technology Co................ 1,603,581 1,490,445 #* Solartech Energy Corp................................ 1,792,616 1,307,928 Solomon Technology Corp.............................. 142,723 81,794 191 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) #* Solytech Enterprise Corp.............................. 974,000 $ 338,230 Sonix Technology Co., Ltd............................. 806,000 1,382,676 Southeast Cement Co., Ltd............................. 1,053,700 573,404 Spirox Corp........................................... 66,000 40,947 # Sporton International, Inc............................ 275,829 1,318,996 St Shine Optical Co., Ltd............................. 177,000 3,682,813 Standard Chemical & Pharmaceutical Co., Ltd........... 493,571 688,027 Stark Technology, Inc................................. 598,860 546,818 # Sunonwealth Electric Machine Industry Co., Ltd........ 662,487 471,351 #* Sunplus Technology Co., Ltd........................... 1,808,000 782,219 * Sunrex Technology Corp................................ 914,736 443,879 # Sunspring Metal Corp.................................. 431,000 796,307 # Super Dragon Technology Co., Ltd...................... 159,382 113,116 # Supreme Electronics Co., Ltd.......................... 982,579 591,391 # Swancor Ind Co., Ltd.................................. 211,000 730,041 * Sweeten Construction Co., Ltd......................... 577,206 394,522 # Syncmold Enterprise Corp.............................. 525,000 1,212,762 # Sysage Technology Co., Ltd............................ 388,080 446,346 Systex Corp........................................... 242,388 406,851 T-Mac Techvest PCB Co., Ltd........................... 492,000 297,325 # TA Chen Stainless Pipe................................ 2,808,248 1,834,758 * Ta Chong Bank, Ltd.................................... 8,810,528 2,831,461 # Ta Chong Securities Co., Ltd.......................... 870,000 350,059 #* Ta Ya Electric Wire & Cable........................... 2,704,306 658,998 # Ta Yih Industrial Co., Ltd............................ 194,000 485,866 # TA-I Technology Co., Ltd.............................. 811,972 500,059 * Tah Hsin Industrial Co., Ltd.......................... 474,000 450,347 TAI Roun Products Co., Ltd............................ 239,000 83,409 # Tai Tung Communication Co., Ltd....................... 123,727 213,033 * Taichung Commercial Bank.............................. 9,445,069 3,419,659 # TaiDoc Technology Corp................................ 184,000 630,084 # Taiflex Scientific Co., Ltd........................... 865,000 1,484,264 # Taimide Tech, Inc..................................... 446,000 610,444 # Tainan Enterprises Co., Ltd........................... 661,370 658,990 # Tainan Spinning Co., Ltd.............................. 4,952,172 3,252,801 #* Taisun Enterprise Co., Ltd............................ 1,425,428 679,219 #* Taita Chemical Co., Ltd............................... 987,951 364,761 # Taiwan Acceptance Corp................................ 390,480 1,052,476 # Taiwan Calsonic Co., Ltd.............................. 33,000 29,207 # Taiwan Chinsan Electronic Industrial Co., Ltd......... 378,000 672,558 # Taiwan Cogeneration Corp.............................. 1,625,566 1,120,248 Taiwan Fire & Marine Insurance Co., Ltd............... 1,055,338 810,470 * Taiwan Flourescent Lamp Co., Ltd...................... 176,000 -- # Taiwan FU Hsing Industrial Co., Ltd................... 670,000 646,533 # Taiwan Hon Chuan Enterprise Co., Ltd.................. 1,216,814 2,525,631 #* Taiwan Hopax Chemicals Manufacturing Co., Ltd......... 795,120 715,579 * Taiwan Kolin Co., Ltd................................. 1,356,000 -- * Taiwan Land Development Corp.......................... 3,424,798 1,366,226 #* Taiwan Life Insurance Co., Ltd........................ 1,897,586 1,370,411 #* Taiwan Line Tek Electronic............................ 404,529 433,684 Taiwan Mask Corp...................................... 1,038,412 356,489 Taiwan Navigation Co., Ltd............................ 714,777 522,020 # Taiwan Paiho, Ltd..................................... 1,274,287 1,675,164 192 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) Taiwan PCB Techvest Co., Ltd......................... 1,239,238 $1,763,448 #* Taiwan Prosperity Chemical Corp...................... 637,000 614,455 #* Taiwan Pulp & Paper Corp............................. 1,940,980 906,398 # Taiwan Sakura Corp................................... 1,398,003 1,058,589 Taiwan Sanyo Electric Co., Ltd....................... 458,400 536,756 # Taiwan Secom Co., Ltd................................ 1,069,332 2,871,775 Taiwan Semiconductor Co., Ltd........................ 1,215,000 1,433,052 Taiwan Sogo Shin Kong SEC............................ 1,096,278 1,542,840 #* Taiwan Styrene Monomer............................... 2,424,961 1,414,240 Taiwan Surface Mounting Technology Co., Ltd.......... 1,237,132 1,806,295 # Taiwan TEA Corp...................................... 3,185,897 2,213,365 # Taiwan Union Technology Corp......................... 971,000 923,949 # Taiyen Biotech Co., Ltd.............................. 757,883 689,460 * Tang Eng Iron Works Co., Ltd......................... 60,000 72,405 * Tatung Co., Ltd...................................... 10,752,015 3,527,177 # Te Chang Construction Co., Ltd....................... 412,482 382,943 * Tecom Co., Ltd....................................... 108,114 14,081 #* Tekcore Co., Ltd..................................... 360,000 163,872 Ten Ren Tea Co., Ltd................................. 187,980 316,745 Test Research, Inc................................... 757,821 1,267,846 Test-Rite International Co., Ltd..................... 1,680,495 1,161,734 Tex-Ray Industrial Co., Ltd.......................... 275,000 123,485 # ThaiLin Semiconductor Corp........................... 226,000 162,328 # Thinking Electronic Industrial Co., Ltd.............. 403,204 652,127 #* Thye Ming Industrial Co., Ltd........................ 873,669 1,186,418 Ton Yi Industrial Corp............................... 1,338,644 1,240,559 # Tong Hsing Electronic Industries, Ltd................ 625,963 3,253,743 Tong Yang Industry Co., Ltd.......................... 1,818,741 2,238,793 Tong-Tai Machine & Tool Co., Ltd..................... 932,599 1,044,456 * Topco Scientific Co., Ltd............................ 712,572 1,463,814 # Topco Technologies Corp.............................. 121,000 291,061 # Topoint Technology Co., Ltd.......................... 725,776 745,033 # Toung Loong Textile Manufacturing.................... 373,000 1,110,374 #* Trade-Van Information Services Co.................... 239,000 215,711 # Transasia Airways Corp............................... 608,000 229,200 Tripod Technology Corp............................... 1,130,000 2,139,379 # Tsann Kuen Enterprise Co., Ltd....................... 514,686 668,663 # TSC Auto ID Technology Co., Ltd...................... 72,000 735,966 # TSRC Corp............................................ 319,200 472,012 # Ttet Union Corp...................................... 270,000 673,862 TTFB Co., Ltd........................................ 34,000 348,166 TTY Biopharm Co., Ltd................................ 851,902 2,298,519 Tung Ho Steel Enterprise Corp........................ 4,120,000 3,605,681 # Tung Ho Textile Co., Ltd............................. 598,000 179,527 #* Tung Thih Electronic Co., Ltd........................ 298,600 1,056,487 # TURVO International Co., Ltd......................... 133,400 569,640 TXC Corp............................................. 1,349,053 1,935,616 * TYC Brother Industrial Co., Ltd...................... 815,980 534,877 #* Tycoons Group Enterprise............................. 2,555,182 528,652 * Tyntek Corp.......................................... 1,638,393 541,852 TZE Shin International Co., Ltd...................... 275,425 93,770 # Ubright Optronics Corp............................... 178,500 386,307 * Unic Technology Corp................................. 72,723 27,254 193 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) #* Union Bank Of Taiwan................................. 4,654,707 $1,640,231 * Union Insurance Co., Ltd............................. 21,000 18,751 # Unitech Computer Co., Ltd............................ 500,804 276,650 # Unitech Printed Circuit Board Corp................... 2,859,370 1,152,004 # United Integrated Services Co., Ltd.................. 1,140,439 1,084,610 #* Unity Opto Technology Co., Ltd....................... 1,413,500 1,593,775 # Universal Cement Corp................................ 1,781,114 1,726,721 * Unizyx Holding Corp.................................. 1,999,430 1,643,923 * UPC Technology Corp.................................. 3,551,447 1,548,568 # Userjoy Technology Co., Ltd.......................... 74,000 144,240 # USI Corp............................................. 3,932,734 2,502,143 * Ve Wong Corp......................................... 503,696 422,603 # Viking Tech Corp..................................... 392,815 318,939 Visual Photonics Epitaxy Co., Ltd.................... 1,151,696 1,139,656 # Vivotek, Inc......................................... 283,225 1,123,130 #* Wafer Works Corp..................................... 1,756,580 821,149 # Wah Hong Industrial Corp............................. 331,021 416,204 # Wah Lee Industrial Corp.............................. 819,000 1,572,708 * Walsin Lihwa Corp.................................... 4,298,000 1,598,442 #* Walsin Technology Corp............................... 2,624,873 970,622 # Walton Advanced Engineering, Inc..................... 1,443,197 620,551 Wan Hai Lines, Ltd................................... 2,105,000 1,103,403 * WAN HWA Enterprise Co................................ 633,992 339,876 Waterland Financial Holdings Co., Ltd................ 5,334,504 1,710,920 Ways Technical Corp., Ltd............................ 295,000 385,181 * WEI Chih Steel Industrial Co., Ltd................... 433,000 67,539 # Wei Chuan Foods Corp................................. 1,836,000 2,932,742 #* Wei Mon Industry Co., Ltd............................ 1,767,282 497,938 # Weikeng Industrial Co., Ltd.......................... 1,037,100 814,978 # Well Shin Technology Co., Ltd........................ 328,000 601,760 * Weltrend Semiconductor............................... 1 1 Wha Yu Industrial Co., Ltd........................... 108,000 58,157 # Win Semiconductors Corp.............................. 2,928,000 2,569,852 * Winbond Electronics Corp............................. 12,634,138 4,552,085 #* Wintek Corp.......................................... 8,975,000 3,363,296 # Wisdom Marine Lines Co., Ltd......................... 832,403 963,676 # Wistron NeWeb Corp................................... 1,133,021 3,059,424 WT Microelectronics Co., Ltd......................... 1,599,024 2,169,217 WUS Printed Circuit Co., Ltd......................... 1,582,000 778,602 # X-Legend Entertainment Co., Ltd...................... 69,500 528,110 # XAC Automation Corp.................................. 312,000 372,429 # Xxentria Technology Materials Corp................... 587,000 1,466,985 # Yageo Corp........................................... 7,108,200 4,795,601 * Yang Ming Marine Transport Corp...................... 1,209,000 500,425 # YC Co., Ltd.......................................... 1,947,642 1,377,637 # YC INOX Co., Ltd..................................... 1,562,171 1,490,878 # YeaShin International Development Co., Ltd........... 979,144 624,368 * Yeong Guan Energy Group.............................. 6,280 5,131 # Yeong Guan Energy Technology Group Co., Ltd.......... 176,000 824,844 YFY, Inc............................................. 6,150,212 2,873,822 # Yi Jinn Industrial Co., Ltd.......................... 735,312 207,078 * Yieh Phui Enterprise Co., Ltd........................ 5,023,338 1,625,993 # Yonyu Plastics Co., Ltd.............................. 264,000 301,294 194 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ------------ TAIWAN -- (Continued) #* Young Fast Optoelectronics Co., Ltd.............. 696,872 $ 642,757 # Young Optics, Inc................................ 303,111 651,993 #* Youngtek Electronics Corp........................ 495,245 1,038,544 Yufo Electronics Co., Ltd........................ 98,000 59,822 * Yung Chi Paint & Varnish Manufacturing Co., Ltd.. 333,869 928,456 # Yungshin Construction & Development Co........... 151,000 338,255 YungShin Global Holding Corp..................... 800,300 1,542,570 # Yungtay Engineering Co., Ltd..................... 1,597,000 4,070,424 # Zeng Hsing Industrial Co., Ltd................... 259,107 1,360,659 Zenitron Corp.................................... 969,000 578,243 # Zig Sheng Industrial Co., Ltd.................... 2,268,732 691,237 # Zinwell Corp..................................... 1,454,586 1,434,958 # Zippy Technology Corp............................ 581,948 928,684 # ZongTai Real Estate Development Co., Ltd......... 396,090 269,511 ------------ TOTAL TAIWAN......................................... 698,310,449 ------------ THAILAND -- (3.8%) AAPICO Hitech PCL................................ 964,380 477,535 Aeon Thana Sinsap Thailand PCL................... 142,500 461,538 * AJ Plast PCL..................................... 1,601,288 493,701 Amarin Printing & Publishing PCL................. 77,660 32,651 Amata Corp. PCL.................................. 5,111,800 2,690,421 AP Thailand PCL.................................. 11,253,560 2,383,189 * Apex Development PCL............................. 3,536 -- Asia Green Energy PCL............................ 1,711,270 123,642 Asia Plus Securities PCL......................... 10,379,800 1,208,983 Asian Insulators PCL............................. 2,273,500 863,803 Bangchak Petroleum PCL (The)..................... 4,817,500 4,313,395 Bangkok Aviation Fuel Services PCL............... 1,418,717 1,568,497 Bangkok Chain Hospital PCL....................... 8,664,937 2,469,143 Bangkok Expressway PCL........................... 2,873,100 3,333,011 Bangkok Insurance PCL............................ 180,181 1,975,201 Bangkok Land PCL................................. 81,318,070 5,267,567 Bangkok Life Assurance PCL....................... 732,000 2,120,087 * Bangkok Metro PCL................................ 4,239,819 204,663 * Bangkok Rubber PCL............................... 14,600 -- Bumrungrad Hospital PCL.......................... 802,200 3,010,436 Cal-Comp Electronics Thailand PCL................ 13,593,216 1,295,398 * Central Paper Industry P.L.C..................... 20 -- Central Plaza Hotel PCL.......................... 4,356,900 5,190,016 CH Karnchang PCL................................. 5,932,905 4,619,204 Charoong Thai Wire & Cable PCL................... 1,317,400 422,585 Christiani & Nielsen Thai........................ 1,037,000 187,312 Country Group Securities PCL..................... 6,720,500 267,899 CS Loxinfo PCL................................... 1,759,200 558,824 Delta Electronics Thailand PCL................... 2,201,300 4,250,408 Demco PCL........................................ 1,969,700 604,221 Dhipaya Insurance PCL............................ 709,900 934,079 Diamond Building Products PCL.................... 3,074,800 588,914 DSG International Thailand PCL................... 4,018,840 1,051,332 Dynasty Ceramic PCL.............................. 1,353,400 2,571,081 Eastern Water Resources Development and Management PCL................................... 4,333,100 1,484,401 Electricity Generating PCL....................... 98,400 447,412 195 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ----------- ---------- THAILAND -- (Continued) Erawan Group PCL (The).............................. 11,173,270 $1,614,574 * Esso Thailand PCL................................... 12,141,400 2,249,808 * G J Steel PCL....................................... 130,617,600 183,052 * G Steel PCL......................................... 27,015,300 94,650 GFPT PCL............................................ 4,603,000 2,178,935 * GMM Grammy PCL...................................... 1,640,660 797,082 * Golden Land Property Development PCL................ 2,715,300 845,624 Grand Canal Land PCL................................ 2,615,400 268,789 Hana Microelectronics PCL........................... 2,487,496 2,866,314 Hemaraj Land and Development PCL.................... 33,959,700 3,891,987 ICC International PCL............................... 204,600 256,467 * Italian-Thai Development PCL........................ 19,673,827 3,186,045 * ITV PCL............................................. 2,785,600 -- Jay Mart PCL........................................ 1,655,125 664,937 Jubilee Enterprise PCL.............................. 159,300 147,592 Kang Yong Electric PCL.............................. 27,200 232,949 KCE Electronics PCL................................. 1,786,218 2,308,566 KGI Securities Thailand PCL......................... 9,781,400 962,604 Khon Kaen Sugar Industry PCL........................ 4,863,800 2,014,592 Kiatnakin Bank PCL.................................. 3,023,300 3,789,717 Laguna Resorts & Hotels PCL......................... 197,000 199,393 Lanna Resources PCL................................. 1,894,350 802,341 LH Financial Group PCL.............................. 27,662,484 1,395,616 Loxley PCL.......................................... 7,850,565 1,002,408 LPN Development PCL(B00PXK5)........................ 411,500 281,937 LPN Development PCL(B00Q643)........................ 4,549,000 3,116,724 Major Cineplex Group PCL............................ 3,105,500 1,914,946 Maybank Kim Eng Securities Thailand PCL............. 516,300 360,172 MBK PCL............................................. 5,547,000 2,763,999 MCOT PCL............................................ 2,352,600 1,886,623 Modernform Group PCL................................ 413,900 128,256 Muang Thai Insurance PCL............................ 50,488 250,003 Muramoto Electron Thailand PCL...................... 14,000 92,432 Nation Multimedia Group PCL......................... 14,377,900 586,579 * Natural Park PCL.................................... 51,018,000 111,220 Nava Nakorn PCL..................................... 1,715,500 107,920 Noble Development PCL............................... 621,200 205,068 Polyplex Thailand PCL............................... 2,300,700 709,341 Precious Shipping PCL............................... 3,208,300 2,387,990 Premier Marketing PCL............................... 977,500 316,599 President Rice Products PCL......................... 3,375 4,782 * Property Perfect PCL................................ 21,874,700 790,241 Pruksa Real Estate PCL.............................. 6,796,500 7,090,712 Quality Houses PCL.................................. 33,698,108 4,134,866 * Raimon Land PCL..................................... 21,994,800 1,308,317 * Regional Container Lines PCL........................ 2,341,500 557,847 Rojana Industrial Park PCL.......................... 5,372,000 1,288,209 RS PCL.............................................. 3,358,700 774,039 Saha Pathana Inter-Holding PCL...................... 680,300 529,664 Saha-Union PCL...................................... 746,600 1,023,058 * Sahaviriya Steel Industries PCL..................... 88,960,400 1,080,491 Samart Corp. PCL.................................... 3,498,300 2,473,105 Samart I-Mobile PCL................................. 12,701,000 1,344,858 196 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- ---------- THAILAND -- (Continued) Samart Telcoms PCL................................... 2,212,100 $1,019,591 Sansiri PCL.......................................... 33,810,908 2,127,002 SC Asset Corp PCL.................................... 14,046,225 1,662,275 Siam Future Development PCL.......................... 7,221,961 1,338,233 Siam Global House PCL................................ 4,788,680 1,908,910 Siamgas & Petrochemicals PCL......................... 2,832,300 1,393,657 Sino-Thai Engineering & Construction PCL............. 5,251,500 3,892,423 SNC Former PCL....................................... 869,400 498,192 Somboon Advance Technology PCL....................... 1,715,637 945,711 * SPCG PCL............................................. 2,848,000 2,199,639 Sri Ayudhya Capital PCL.............................. 27,000 31,112 Sri Trang Agro-Industry PCL.......................... 4,616,690 2,027,260 Sriracha Construction PCL............................ 492,900 521,912 Srithai Superware PCL................................ 11,135,000 832,264 STP & I PCL.......................................... 5,087,440 3,105,382 Supalai PCL.......................................... 5,976,633 4,467,119 Susco PCL............................................ 849,100 78,273 SVI PCL.............................................. 8,178,900 1,095,275 Symphony Communication PCL........................... 601,200 308,932 * Tata Steel Thailand PCL.............................. 18,704,100 495,126 * Thai Agro Energy PCL................................. 378,870 50,028 * Thai Airways International PCL(6888868).............. 6,713,400 3,282,478 * Thai Airways International PCL(6364971).............. 141,400 69,137 * Thai Carbon Black PCL................................ 504,600 377,154 Thai Central Chemical PCL............................ 194,300 178,507 Thai Factory Development PCL......................... 535,680 101,764 Thai Metal Trade PCL................................. 629,300 209,701 Thai Rayon PCL....................................... 9,400 9,880 * Thai Reinsurance PCL................................. 592,900 64,626 Thai Rung Union Car PCL.............................. 786,120 140,772 Thai Stanley Electric PCL............................ 206,600 1,428,377 Thai Steel Cable PCL................................. 3,400 1,684 Thai Vegetable Oil PCL............................... 2,939,475 2,050,584 Thai Wacoal PCL...................................... 78,000 120,243 Thai-German Ceramic Industry PCL..................... 3,855,000 379,377 Thaicom PCL.......................................... 3,837,200 4,242,311 Thanachart Capital PCL............................... 4,752,800 5,254,575 Thitikorn PCL........................................ 742,400 235,829 * Thoresen Thai Agencies PCL........................... 4,868,396 2,986,839 Ticon Industrial Connection PCL...................... 5,824,184 3,174,189 Tipco Asphalt PCL.................................... 684,790 1,290,246 * TIPCO Foods PCL...................................... 1,278,482 308,572 Tisco Financial Group PCL(B3KFW10)................... 677,900 876,140 Tisco Financial Group PCL(B3KFW76)................... 2,247,400 2,904,612 Toyo-Thai Corp. PCL(B5ML0B6)......................... 411,928 429,760 Toyo-Thai Corp. PCL(B5ML0D8)......................... 1,350,871 1,409,348 TPI Polene PCL....................................... 7,578,660 3,422,316 TTW PCL.............................................. 13,650,100 5,101,252 Union Mosaic Industry PCL (The)...................... 1,714,500 400,459 Unique Engineering & Construction PCL................ 3,441,400 1,044,960 Univanich Palm Oil PCL............................... 939,000 315,827 Univentures PCL...................................... 7,086,000 2,008,178 * Vanachai Group PCL................................... 3,287,866 511,969 197 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ------------ THAILAND -- (Continued) Vibhavadi Medical Center PCL..................... 4,111,920 $ 2,100,140 Vinythai PCL..................................... 2,792,934 930,688 * Workpoint Entertainment PCL...................... 839,900 752,013 ------------ TOTAL THAILAND....................................... 205,157,412 ------------ TURKEY -- (2.5%) #* Adana Cimento Sanayii TAS Class A................ 507,598 1,107,475 # Adel Kalemcilik Ticaret ve Sanayi A.S............ 22,672 571,919 #* Adese Alisveris Merkezleri Ticaret A.S........... 110,463 1,031,007 Akcansa Cimento A.S.............................. 429,680 2,651,025 #* Akenerji Elektrik Uretim A.S..................... 1,914,223 1,043,740 # Akfen Holding A.S................................ 885,501 2,026,145 * AKIS Gayrimenkul Yatirimi A.S.................... 52,982 52,735 Aksa Akrilik Kimya Sanayii....................... 843,653 3,028,128 Aksigorta A.S.................................... 995,287 1,354,433 * Aktas Elektrik Ticaret A.S....................... 370 -- Alarko Holding A.S............................... 682,424 1,499,900 Albaraka Turk Katilim Bankasi A.S................ 2,591,157 2,098,175 Alkim Alkali Kimya A.S........................... 6,300 47,281 * Anadolu Anonim Tuerk Sigorta Sirketi............. 1,936,423 1,298,186 # Anadolu Cam Sanayii A.S.......................... 1,148,378 959,566 # Anadolu Hayat Emeklilik A.S...................... 800,433 1,895,670 # Anadolu Isuzu Otomotiv Sanayi Ve Ticaret A.S..... 105,289 1,017,935 * Asya Katilim Bankasi A.S......................... 5,934,410 3,350,120 Aygaz A.S........................................ 124,525 532,535 #* Bagfas Bandirma Gubre Fabrik..................... 54,144 1,324,173 #* Banvit Bandirma Vitaminli Yem Sanayii ASA........ 297,934 340,086 Baticim Bati Anadolu Cimento Sanayii A.S......... 285,680 951,903 #* Besiktas Futbol Yatirimlari Sanayi ve Ticaret A.S............................................ 885,060 896,331 # Bizim Toptan Satis Magazalari A.S................ 181,001 1,589,718 * Bolu Cimento Sanayii A.S......................... 514,692 937,517 # Borusan Mannesmann Boru Sanayi ve Ticaret A.S.... 511,465 1,633,715 #* Bosch Fren Sistemleri............................ 989 60,389 * Boyner Buyuk Magazacilik......................... 107,290 270,358 * Boyner Perakende Ve Tekstil Yatirimlari AS....... 110,344 2,706,602 Brisa Bridgestone Sabanci Sanayi ve Ticaret A.S.. 457,826 1,527,870 Bursa Cimento Fabrikasi A.S...................... 229,830 603,571 * Celebi Hava Servisi A.S.......................... 45,555 516,968 Cimsa Cimento Sanayi VE Tica..................... 505,224 3,459,728 #* Deva Holding A.S................................. 683,187 633,167 * Dogan Sirketler Grubu Holding A.S................ 6,403,075 2,410,987 #* Dogan Yayin Holding A.S.......................... 4,683,342 1,069,289 Dogus Otomotiv Servis ve Ticaret A.S............. 595,613 2,326,457 #* Dyo Boya Fabrikalari Sanayi ve Ticaret A.S....... 541,645 446,058 * Eczacibasi Yapi Gerecleri Sanayi ve Ticaret A.S.. 265,518 551,373 # Eczacibasi Yatirim Holding Ortakligi A.S......... 354,065 867,183 EGE Seramik Sanayi ve Ticaret A.S................ 822,424 1,292,119 # EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S............... 1,950,686 1,973,791 #* Fenerbahce Futbol A.S............................ 84,383 1,327,962 #* Galatasaray Sportif Sinai ve Ticari Yatirimlar A.S............................................ 81,766 825,047 Gentas Genel Metal Sanayi ve Ticaret A.S......... 647,218 563,892 * Global Yatirim Holding A.S....................... 2,051,887 1,450,853 * Goldas Kuyumculuk Sanayi Ithalat ve Ihracat A.S.. 8,540 -- 198 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ --------- ---------- TURKEY -- (Continued) Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S... 62,751 $1,713,157 Goodyear Lastikleri TAS............................... 37,464 1,477,602 #* Gozde Girisim Sermayesi Yatirim Ortakligi A.S......... 1,114,071 1,555,228 #* GSD Holding........................................... 2,604,393 1,584,810 # Gubre Fabrikalari TAS................................. 900,985 1,851,080 * Gunes Sigorta......................................... 330,927 332,635 #* Hurriyet Gazetecilik A.S.............................. 1,277,435 392,505 #* Ihlas Holding A.S..................................... 7,530,182 1,295,189 #* Ihlas Madencilik A.S.................................. 148,484 129,376 Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret A.S......................................... 82,829 184,118 * Ipek Dogal Enerji Kaynaklari Ve Uretim A.S............ 1,329,455 1,546,760 Is Finansal Kiralama A.S.............................. 1,034,680 472,603 Is Yatirim Menkul Degerler A.S. Class A............... 272,347 160,260 #* Izmir Demir Celik Sanayi A.S.......................... 819,232 1,054,856 * Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class A............................................. 1,448,775 2,052,650 * Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class B............................................. 692,748 983,651 #* Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class D............................................. 6,197,721 6,695,037 #* Karsan Otomotiv Sanayii Ve Ticaret A.S................ 1,639,695 952,667 # Kartonsan Karton Sanayi ve Ticaret A.S................ 12,685 1,442,615 #* Kerevitas Gida Sanayi ve Ticaret A.S.................. 5,801 100,260 Konya Cimento Sanayii A.S............................. 8,645 1,078,184 * Koza Anadolu Metal Madencilik Isletmeleri A.S......... 1,427,863 1,682,248 * Mardin Cimento Sanayii ve Ticaret A.S................. 288,609 700,438 #* Marshall Boya ve Vernik............................... 37,108 611,383 * Menderes Tekstil Sanayi ve Ticaret A.S................ 249,561 100,050 #* Metro Ticari ve Mali Yatirimlar Holding A.S........... 2,278,836 733,835 #* Migros Ticaret A.S.................................... 99,028 883,491 #* Milpa................................................. 134,673 65,209 #* Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii A.S........ 149,549 75,311 * Mudurnu Tavukculuk A.S................................ 1,740 -- * Nergis Holding A.S.................................... 1,784 -- #* NET Holding A.S....................................... 1,444,578 1,765,357 #* Netas Telekomunikasyon A.S............................ 216,273 661,655 Nuh Cimento Sanayi A.S................................ 339,327 1,512,017 Otokar Otomotiv Ve Savunma Sanayi A.S................. 107,742 2,901,727 # Park Elektrik Uretim Madencilik Sanayi ve Ticaret A.S................................................ 618,340 1,284,108 # Petkim Petrokimya Holding A.S......................... 3,566,431 5,671,513 Pinar Entegre Et ve Un Sanayi A.S..................... 139,619 591,571 Pinar SUT Mamulleri Sanayii A.S....................... 132,554 1,155,644 * Raks Elektronik Sanayi ve Ticaret A.S................. 2,730 -- Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S.... 356,531 507,055 #* Sasa Polyester Sanayi A.S............................. 756,712 444,394 #* Sekerbank TAS......................................... 3,190,761 2,799,815 Selcuk Ecza Deposu Ticaret ve Sanayi A.S.............. 1,294,214 1,359,681 Soda Sanayii A.S...................................... 1,412,501 2,507,209 * Tat Gida Sanayi A.S................................... 729,258 899,556 #* Tekfen Holding A.S.................................... 1,393,413 3,231,457 Teknosa Ic Ve Dis Ticaret A.S......................... 201,012 1,116,039 #* Tekstil Bankasi A.S................................... 1,337,315 1,215,408 Tofas Turk Otomobil Fabrikasi A.S..................... 1 6 # Trakya Cam Sanayi A.S................................. 2,696,210 3,417,653 # Turcas Petrol A.S..................................... 685,172 800,916 Turk Traktor ve Ziraat Makineleri A.S................. 104,899 3,685,166 199 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- -------------- TURKEY -- (Continued) Turkiye Sinai Kalkinma Bankasi A.S............... 7,582,370 $ 6,733,030 Ulker Biskuvi Sanayi A.S......................... -- 3 Vestel Beyaz Esya Sanayi ve Ticaret A.S.......... 304,308 1,000,289 * Vestel Elektronik Sanayi ve Ticaret A.S.......... 1,090,031 1,953,849 #* Zorlu Enerji Elektrik Uretim A.S................. 1,738,991 948,386 -------------- TOTAL TURKEY......................................... 138,193,794 -------------- UNITED STATES -- (0.0%) * Bizlink Holding Rights........................... 7,725 2,524 -------------- TOTAL COMMON STOCKS.................................. 4,769,730,535 -------------- PREFERRED STOCKS -- (1.0%) BRAZIL -- (0.9%) AES Tiete SA..................................... 92,100 753,444 Alpargatas SA.................................... 998,118 4,672,182 Banco ABC Brasil SA.............................. 617,234 3,523,165 Banco Alfa de Investimento SA.................... 2,600 6,882 Banco Daycoval SA................................ 424,527 1,732,725 Banco do Estado do Rio Grande do Sul SA Class B.. 1,219,765 6,204,336 * Banco Industrial e Comercial SA.................. 484,320 1,690,717 Banco Mercantil do Brasil SA..................... 7,269 19,224 * Banco Panamericano SA............................ 1,064,300 1,594,984 Banco Pine SA.................................... 287,303 980,155 Banco Sofisa SA.................................. 75,000 99,669 Centrais Eletricas de Santa Catarina SA.......... 79,600 524,527 Cia de Gas de Sao Paulo COMGAS Class A........... 137,587 3,191,109 Cia de Saneamento do Parana...................... 185,001 472,950 * Cia de Tecidos do Norte de Minas - Coteminas..... 2 1 Cia de Transmissao de Energia Eletrica Paulista.. 271,800 3,444,297 Cia Energetica de Sao Paulo Class B.............. 42,400 540,664 Cia Energetica do Ceara Class A.................. 96,139 1,476,780 Cia Ferro Ligas da Bahia - Ferbasa............... 312,649 1,408,385 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA......................................... 1,219,300 5,605,421 Empresa Metropolitana de Aguas e Energia SA...... 23,900 63,207 Eucatex SA Industria e Comercio.................. 223,327 433,119 * Forjas Taurus SA................................. 577,332 173,040 * Gol Linhas Aereas Inteligentes SA................ 286,417 1,733,336 * Inepar SA Industria e Construcoes................ 87,868 17,041 Marcopolo SA..................................... 3,477,600 6,131,306 Parana Banco SA.................................. 52,900 252,055 Randon Participacoes SA.......................... 1,468,157 4,031,567 Saraiva SA Livreiros Editores.................... 167,673 1,349,514 Schulz SA........................................ 9,000 33,719 * Sharp SA......................................... 30,200,000 -- Unipar Carbocloro SA Class B..................... 2,790,948 602,783 200 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED SHARES VALUE++ ---------- -------------- BRAZIL -- (Continued) Whirlpool SA................................... 5,559 $ 9,507 -------------- TOTAL BRAZIL......................................... 52,771,811 -------------- CHILE -- (0.0%) Coca-Cola Embonor SA Class B................... 8,190 14,418 -------------- COLOMBIA -- (0.1%) Avianca Holdings SA............................ 1,708,676 3,482,458 -------------- TOTAL PREFERRED STOCKS............................... 56,268,687 -------------- RIGHTS/WARRANTS -- (0.0%) BRAZIL -- (0.0%) * Cia de Transmissao de Energia Eletrica Paulista Rights 08/15/14..................... 15,182 24,157 -------------- CHINA -- (0.0%) * Golden Meditech Warrants 07/30/15.............. 860,943 -- -------------- INDIA -- (0.0%) * Indian Hotels Co., Ltd. Rights 08/20/14........ 537,258 -- * Lakshmi Vilas Rights 12/31/14.................. 198,933 109,291 -------------- TOTAL INDIA.......................................... 109,291 -------------- INDONESIA -- (0.0%) * Bumi Resources Tbk PT Rights 09/01/14.......... 74,281,425 6,416 * Pabrik Kertas Tjiwi Kimia Tbk PT Warrant 07/11/17..................................... 185,833 4,334 -------------- TOTAL INDONESIA...................................... 10,750 -------------- MALAYSIA -- (0.0%) * Malaysian Resources Corp. Bhd Warrants 09/16/18.................................... -- -- * Symphony Life Bhd Warrants 11/11/20............ 1 -- -------------- TOTAL MALAYSIA....................................... -- -------------- SOUTH KOREA -- (0.0%) * AK Holdings, Inc. Rights 08/13/14.............. 1,479 14,893 * Hanjin Heavy Industrial and Construction Rights 08/07/14.............................. 91,305 89,719 * JB Financial Group Rights 09/03/14............. 87,472 114,887 * NK Co., Ltd. Rights 08/01/14................... 22,943 25,670 -------------- TOTAL SOUTH KOREA.................................... 245,169 -------------- THAILAND -- (0.0%) * Gland W3 Warrants 12/31/14..................... 174,360 12,489 -------------- TOTAL RIGHTS/WARRANTS................................ 401,856 -------------- SHARES/ FACE AMOUNT (000) VALUE+ ---------- -------------- SECURITIES LENDING COLLATERAL -- (11.4%) (S)@ DFA Short Term Investment Fund................. 53,406,882 617,917,630 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $4,758,413,565)^^............................ $5,444,318,708 ============== 201 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) -------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------ -------------- ------- -------------- Common Stocks Brazil..................... $371,328,485 $ 1,365,150 -- $ 372,693,635 Chile...................... 62,488,011 -- -- 62,488,011 China...................... 291,736 724,740,719 -- 725,032,455 Colombia................... 1,981,349 -- -- 1,981,349 Greece..................... -- 46,348,915 -- 46,348,915 Hungary.................... -- 1,151,198 -- 1,151,198 India...................... 157,520 522,124,812 -- 522,282,332 Indonesia.................. 3,305,042 172,156,729 -- 175,461,771 Israel..................... -- 14,141 -- 14,141 Malaysia................... 157,537 302,762,420 -- 302,919,957 Mexico..................... 236,396,798 182,515 -- 236,579,313 Philippines................ -- 71,156,582 -- 71,156,582 Poland..................... -- 104,583,815 -- 104,583,815 South Africa............... 13,519,766 376,514,620 -- 390,034,386 South Korea................ 317,484 715,021,012 -- 715,338,496 Taiwan..................... -- 698,310,449 -- 698,310,449 Thailand................... 204,879,710 277,702 -- 205,157,412 Turkey..................... -- 138,193,794 -- 138,193,794 United States.............. -- 2,524 -- 2,524 Preferred Stocks Brazil..................... 52,771,811 -- -- 52,771,811 Chile...................... 14,418 -- -- 14,418 Colombia................... 3,482,458 -- -- 3,482,458 Rights/Warrants Brazil..................... -- 24,157 -- 24,157 China...................... -- -- -- -- India...................... -- 109,291 -- 109,291 Indonesia.................. -- 10,750 -- 10,750 Malaysia................... -- -- -- -- South Korea................ -- 245,169 -- 245,169 Thailand................... -- 12,489 -- 12,489 Securities Lending Collateral. -- 617,917,630 -- 617,917,630 ------------ -------------- -- -------------- TOTAL......................... $951,092,125 $4,493,226,583 -- $5,444,318,708 ============ ============== == ==============
202 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES SCHEDULE OF INVESTMENTS JULY 31, 2014 (UNAUDITED) SHARES VALUE+ --------- ------------ COMMON STOCKS -- (94.9%) Consumer Discretionary -- (17.1%) * 1-800-Flowers.com, Inc. Class A.................... 44,330 $ 226,970 Aaron's, Inc....................................... 4,830 127,415 AH Belo Corp. Class A.............................. 14,556 153,566 #* ALCO Stores, Inc................................... 700 4,876 Arctic Cat, Inc.................................... 3,436 122,322 * Ascent Capital Group, Inc. Class A................. 8,564 530,797 # Autoliv, Inc....................................... 9,404 935,792 * Ballantyne Strong, Inc............................. 9,030 34,946 #* Barnes & Noble, Inc................................ 12,200 254,004 Bassett Furniture Industries, Inc.................. 2,900 42,282 Beasley Broadcasting Group, Inc. Class A........... 9,471 57,963 #* Beazer Homes USA, Inc.............................. 12,516 192,121 # bebe stores, Inc................................... 19,551 54,938 #* Belmond, Ltd. Class A.............................. 75,198 932,455 Best Buy Co., Inc.................................. 197,800 5,880,594 # Big 5 Sporting Goods Corp.......................... 8,501 84,245 #* Biglari Holdings, Inc.............................. 1,953 830,045 #* BJ's Restaurants, Inc.............................. 25,971 890,026 # Bob Evans Farms, Inc............................... 52,387 2,488,906 # Bon-Ton Stores, Inc. (The)......................... 2,986 27,770 #* Books-A-Million, Inc............................... 14,887 31,858 Brown Shoe Co., Inc................................ 74,697 2,105,708 * Build-A-Bear Workshop, Inc......................... 25,874 272,971 #* Cabela's, Inc...................................... 53,051 3,096,056 #* Cache, Inc......................................... 26,610 31,134 # Callaway Golf Co................................... 122,359 929,928 #* Cambium Learning Group, Inc........................ 37,733 73,957 * Canterbury Park Holding Corp....................... 2,755 26,283 Carnival Corp...................................... 489,649 17,735,087 # Carriage Services, Inc............................. 20,916 337,375 * Cavco Industries, Inc.............................. 7,600 542,564 CBS Corp. Class A.................................. 28,263 1,612,404 CBS Corp. Class B.................................. 201,625 11,458,349 * Christopher & Banks Corp........................... 56,231 480,775 # Churchill Downs, Inc............................... 7,682 664,493 * Citi Trends, Inc................................... 3,415 68,812 * Coast Distribution System, Inc. (The).............. 547 1,655 Columbia Sportswear Co............................. 4,317 322,739 Comcast Corp. Class A.............................. 3,446,875 185,200,594 Comcast Corp. Special Class A...................... 1,088,341 58,193,593 #* Conn's, Inc........................................ 25,450 1,018,000 Core-Mark Holding Co., Inc......................... 48,118 2,271,170 #* Corinthian Colleges, Inc........................... 36,345 7,632 # CSS Industries, Inc................................ 13,050 322,204 CST Brands, Inc.................................... 50,181 1,677,551 Culp, Inc.......................................... 10,036 181,852 #* dELiA*s, Inc....................................... 22,143 13,618 #* Delta Apparel, Inc................................. 7,532 97,012 Destination Maternity Corp......................... 200 3,806 #* Destination XL Group, Inc.......................... 15,601 83,465 DeVry Education Group, Inc......................... 8,757 350,017 203 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ----------- Consumer Discretionary -- (Continued) Dillard's, Inc. Class A.............................. 120,300 $14,342,166 * Discovery Communications, Inc. Class B............... 3,762 321,312 #* Dixie Group, Inc. (The).............................. 11,800 99,002 #* Dorman Products, Inc................................. 20,712 898,487 * Dover Downs Gaming & Entertainment, Inc.............. 5,935 7,478 Dover Motorsports, Inc............................... 15,098 41,972 DR Horton, Inc....................................... 208,125 4,308,187 #* DreamWorks Animation SKG, Inc. Class A............... 46,429 928,580 #* Education Management Corp............................ 13,202 17,031 # Educational Development Corp......................... 1,679 8,059 Escalade, Inc........................................ 277 4,404 * EW Scripps Co. (The) Class A......................... 41,061 890,202 #* Federal-Mogul Holdings Corp.......................... 38,585 615,045 #* Flanigan's Enterprises, Inc.......................... 865 12,880 # Flexsteel Industries, Inc............................ 2,068 62,578 Foot Locker, Inc..................................... 15,700 746,221 # Fred's, Inc. Class A................................. 47,275 748,363 Frisch's Restaurants, Inc............................ 600 14,190 #* FTD Cos., Inc........................................ 24,893 819,975 #* Fuel Systems Solutions, Inc.......................... 3,398 35,679 * Full House Resorts, Inc.............................. 2,574 3,629 #* G-III Apparel Group, Ltd............................. 11,394 884,972 * Gaiam, Inc. Class A.................................. 5,988 39,401 # GameStop Corp. Class A............................... 104,752 4,396,441 #* Gaming Partners International Corp................... 500 4,320 Gannett Co., Inc..................................... 119,639 3,914,588 General Motors Co.................................... 674,707 22,818,591 #* Genesco, Inc......................................... 7,056 538,161 Graham Holdings Co. Class B.......................... 5,780 3,963,635 #* Gray Television, Inc................................. 46,874 570,925 # Group 1 Automotive, Inc.............................. 57,936 4,282,629 Harte-Hanks, Inc..................................... 12,432 81,554 Haverty Furniture Cos., Inc.......................... 33,479 744,238 * Helen of Troy, Ltd................................... 64,389 3,453,182 #* hhgregg, Inc......................................... 36,388 258,719 * Hollywood Media Corp................................. 19,037 23,987 Hooker Furniture Corp................................ 14,814 215,099 * Hyatt Hotels Corp. Class A........................... 14,601 858,977 #* Iconix Brand Group, Inc.............................. 95,618 4,037,948 # International Speedway Corp. Class A................. 24,844 753,270 * Isle of Capri Casinos, Inc........................... 15,434 122,083 #* JAKKS Pacific, Inc................................... 13,103 81,763 * Jarden Corp.......................................... 162,075 9,059,992 #* JC Penney Co., Inc................................... 85,215 799,317 # Johnson Outdoors, Inc. Class A....................... 15,588 359,459 * Journal Communications, Inc. Class A................. 77,674 845,093 # KB Home.............................................. 30,800 502,040 # Kohl's Corp.......................................... 14,353 768,460 La-Z-Boy, Inc........................................ 56,332 1,185,225 * Lakeland Industries, Inc............................. 11,757 72,306 #* Lands' End, Inc...................................... 21,056 740,961 #* Lee Enterprises, Inc................................. 38,128 144,886 # Lennar Corp. Class A................................. 224,100 8,119,143 204 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ----------- Consumer Discretionary -- (Continued) Lennar Corp. Class B................................. 7,868 $ 240,761 * Liberty Interactive Corp. Class A.................... 882,463 24,753,087 #* Liberty Interactive Corp. Class B.................... 35,706 999,768 * Liberty Media Corp................................... 208,010 9,776,470 * Liberty Media Corp. Class A.......................... 96,383 4,534,820 * Liberty Media Corp. Class B.......................... 7,622 379,271 * Liberty Ventures Series A............................ 76,802 5,311,626 * Liberty Ventures Series B............................ 3,570 260,664 #* Life Time Fitness, Inc............................... 13,317 524,024 # Lifetime Brands, Inc................................. 16,431 279,327 Lithia Motors, Inc. Class A.......................... 34,933 3,103,797 * Live Nation Entertainment, Inc....................... 145,347 3,373,504 * Loral Space & Communications, Inc.................... 26,050 1,883,415 Lowe's Cos., Inc..................................... 139,546 6,677,276 * Luby's, Inc.......................................... 44,415 222,963 #* M/I Homes, Inc....................................... 37,930 780,599 * Madison Square Garden Co. (The) Class A.............. 29,558 1,753,972 Marcus Corp. (The)................................... 18,899 333,945 #* MarineMax, Inc....................................... 29,164 486,164 * Marriott Vacations Worldwide Corp.................... 662 38,098 #* Martha Stewart Living Omnimedia, Inc. Class A........ 980 4,420 # Matthews International Corp. Class A................. 12,388 538,752 * McClatchy Co. (The) Class A.......................... 60,603 292,712 # MDC Holdings, Inc.................................... 18,400 496,248 #* Media General, Inc. Class A.......................... 25,196 507,951 # Men's Wearhouse, Inc. (The).......................... 52,860 2,659,915 # Meredith Corp........................................ 32,676 1,500,482 * Meritage Homes Corp.................................. 28,156 1,078,375 #* MGM Resorts International............................ 251,100 6,739,524 * Modine Manufacturing Co.............................. 14,650 201,730 * Mohawk Industries, Inc............................... 98,740 12,319,790 * Monarch Casino & Resort, Inc......................... 1,103 13,765 #* Motorcar Parts of America, Inc....................... 13,074 291,027 Movado Group, Inc.................................... 36,900 1,510,317 * MTR Gaming Group, Inc................................ 24,536 112,866 #* Multimedia Games Holding Co., Inc.................... 23,224 560,163 * Murphy USA, Inc...................................... 47,356 2,340,334 NACCO Industries, Inc. Class A....................... 6,832 325,818 * New York & Co., Inc.................................. 6,926 23,341 * News Corp. Class A................................... 402,247 7,099,660 #* News Corp. Class B................................... 99,903 1,719,331 #* Office Depot, Inc.................................... 181,609 909,861 #* Pacific Sunwear of California, Inc................... 43,900 89,117 #* Penn National Gaming, Inc............................ 63,446 664,914 Penske Automotive Group, Inc......................... 43,845 2,036,600 #* Pep Boys-Manny, Moe & Jack (The)..................... 75,098 794,537 * Perfumania Holdings, Inc............................. 537 3,491 #* Perry Ellis International, Inc....................... 21,492 395,453 #* Pinnacle Entertainment, Inc.......................... 71,930 1,568,074 PulteGroup, Inc...................................... 143,221 2,527,851 PVH Corp............................................. 31,964 3,521,794 #* Quiksilver, Inc...................................... 74,010 221,290 * Radio One, Inc. Class D.............................. 13,955 60,983 205 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ------------ Consumer Discretionary -- (Continued) #* RadioShack Corp..................................... 46,847 $ 29,045 * Red Lion Hotels Corp................................ 8,907 48,810 #* Red Robin Gourmet Burgers, Inc...................... 31,175 2,006,423 Regis Corp.......................................... 54,292 756,288 # Rent-A-Center, Inc.................................. 76,435 1,829,854 #* Rick's Cabaret International, Inc................... 12,026 133,248 Rocky Brands, Inc................................... 8,729 131,633 Royal Caribbean Cruises, Ltd........................ 322,500 19,237,125 #* Ruby Tuesday, Inc................................... 70,361 422,870 # Saga Communications, Inc. Class A................... 8,693 312,948 # Salem Communications Corp. Class A.................. 10,922 95,131 # Scholastic Corp..................................... 30,900 1,094,478 #* Scientific Games Corp. Class A...................... 41,635 355,563 #* Sears Holdings Corp................................. 70,001 2,670,538 Service Corp. International......................... 274,069 5,755,449 #* Shiloh Industries, Inc.............................. 24,793 421,481 Shoe Carnival, Inc.................................. 33,450 595,410 #* Sizmek, Inc......................................... 8,748 79,519 * Skechers U.S.A., Inc. Class A....................... 49,610 2,588,154 # Spartan Motors, Inc................................. 16,820 72,326 # Speedway Motorsports, Inc........................... 52,187 910,141 * Sport Chalet, Inc. Class A.......................... 875 989 #* Sport Chalet, Inc. Class B.......................... 299 336 # Stage Stores, Inc................................... 53,575 965,421 Standard Motor Products, Inc........................ 37,342 1,346,179 * Stanley Furniture Co., Inc.......................... 15,798 40,917 # Staples, Inc........................................ 497,525 5,766,315 #* Starz............................................... 84,255 2,402,110 * Starz Class B....................................... 7,622 224,849 # Stein Mart, Inc..................................... 22,915 297,437 * Steiner Leisure, Ltd................................ 2,225 88,800 * Stoneridge, Inc..................................... 19,361 212,390 Strattec Security Corp.............................. 5,224 328,224 # Superior Industries International, Inc.............. 37,089 693,935 # Superior Uniform Group, Inc......................... 8,978 186,294 # Sypris Solutions, Inc............................... 8,460 40,100 #* Systemax, Inc....................................... 11,750 160,623 # Tandy Leather Factory, Inc.......................... 500 4,670 Time Warner Cable, Inc.............................. 693,942 100,690,984 Time Warner, Inc.................................... 1,534,860 127,424,077 * Time, Inc........................................... 191,856 4,623,730 * Toll Brothers, Inc.................................. 203,299 6,645,844 Trans World Entertainment Corp...................... 5,781 20,812 #* Tuesday Morning Corp................................ 60,500 995,830 Twenty-First Century Fox, Inc. Class A.............. 1,287,383 40,784,293 Twenty-First Century Fox, Inc. Class B.............. 550,972 17,443,774 #* Unifi, Inc.......................................... 43,422 1,243,606 * Universal Electronics, Inc.......................... 3,206 152,702 Vail Resorts, Inc................................... 11,600 875,800 #* Valuevision Media, Inc. Class A..................... 3,998 18,311 * VOXX International Corp............................. 24,496 242,755 Walt Disney Co. (The)............................... 26,220 2,251,774 # Wendy's Co. (The)................................... 242,704 1,978,038 206 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ------------ Consumer Discretionary -- (Continued) #* West Marine, Inc................................... 26,468 $ 227,095 #* Wet Seal, Inc. (The) Class A....................... 13,619 12,558 Whirlpool Corp..................................... 30,049 4,286,189 Wyndham Worldwide Corp............................. 144,114 10,887,813 ------------ Total Consumer Discretionary........................... 894,607,545 ------------ Consumer Staples -- (6.7%) # Alico, Inc......................................... 960 35,434 * Alliance One International, Inc.................... 35,084 79,641 Andersons, Inc. (The).............................. 23,660 1,278,113 Archer-Daniels-Midland Co.......................... 813,476 37,745,286 #* Boulder Brands, Inc................................ 76,099 863,724 Bunge, Ltd......................................... 121,368 9,568,653 CCA Industries, Inc................................ 8,323 29,297 * Central Garden and Pet Co.......................... 25,184 231,441 * Central Garden and Pet Co. Class A................. 54,453 508,046 #* Chiquita Brands International, Inc................. 69,284 664,434 * Constellation Brands, Inc. Class A................. 249,042 20,735,237 * Constellation Brands, Inc. Class B................. 12,715 1,057,888 #* Craft Brew Alliance, Inc........................... 9,754 109,440 CVS Caremark Corp.................................. 1,510,745 115,360,488 * Farmer Bros. Co.................................... 6,695 137,047 # Fresh Del Monte Produce, Inc....................... 39,437 1,180,744 #* Hain Celestial Group, Inc. (The)................... 43,646 3,731,733 Ingles Markets, Inc. Class A....................... 11,437 280,435 Ingredion, Inc..................................... 62,117 4,573,675 JM Smucker Co. (The)............................... 108,204 10,781,447 John B. Sanfilippo & Son, Inc...................... 10,428 275,821 Kraft Foods Group, Inc............................. 209,706 11,237,096 * Mannatech, Inc..................................... 717 8,812 MGP Ingredients, Inc............................... 4,788 38,543 Molson Coors Brewing Co. Class A................... 1,908 129,152 Molson Coors Brewing Co. Class B................... 186,550 12,597,721 Mondelez International, Inc. Class A............... 2,081,099 74,919,564 * Nutraceutical International Corp................... 14,615 337,314 # Oil-Dri Corp. of America........................... 5,047 147,221 * Omega Protein Corp................................. 25,852 362,445 #* Pantry, Inc. (The)................................. 22,475 402,527 * Post Holdings, Inc................................. 50,201 2,255,029 Safeway, Inc....................................... 157,807 5,438,029 # Sanderson Farms, Inc............................... 16,100 1,466,549 * Seaboard Corp...................................... 1,812 5,167,824 #* Seneca Foods Corp. Class A......................... 6,301 180,335 * Seneca Foods Corp. Class B......................... 300 9,120 # Snyder's-Lance, Inc................................ 28,337 703,041 SpartanNash Co..................................... 34,281 718,530 Spectrum Brands Holdings, Inc...................... 46,130 3,847,242 #* Susser Holdings Corp............................... 12,360 990,901 * TreeHouse Foods, Inc............................... 24,190 1,777,965 Tyson Foods, Inc. Class A.......................... 405,030 15,071,166 # Universal Corp..................................... 22,290 1,157,520 207 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ------------ Consumer Staples -- (Continued) # Weis Markets, Inc................................... 11,602 $ 494,941 ------------ Total Consumer Staples.................................. 348,686,611 ------------ Energy -- (16.8%) Adams Resources & Energy, Inc....................... 6,004 392,301 Alon USA Energy, Inc................................ 33,484 430,269 #* Alpha Natural Resources, Inc........................ 170,794 578,992 Anadarko Petroleum Corp............................. 845,068 90,295,516 Apache Corp......................................... 289,715 29,742,142 #* Approach Resources, Inc............................. 6,883 144,818 # Arch Coal, Inc...................................... 60,743 180,407 * Atwood Oceanics, Inc................................ 4,600 221,490 Baker Hughes, Inc................................... 84,672 5,822,893 * Barnwell Industries, Inc............................ 8,038 24,596 * Bill Barrett Corp................................... 51,500 1,236,515 Bolt Technology Corp................................ 9,574 163,428 # Bristow Group, Inc.................................. 43,589 3,110,947 #* C&J Energy Services, Inc............................ 37,416 1,120,983 Cabot Oil & Gas Corp................................ 568 18,716 * Callon Petroleum Co................................. 13,214 130,554 # Chesapeake Energy Corp.............................. 624,655 16,472,152 Chevron Corp........................................ 793,183 102,510,971 #* Cloud Peak Energy, Inc.............................. 33,115 512,620 # Comstock Resources, Inc............................. 32,421 767,081 ConocoPhillips...................................... 1,766,829 145,763,393 * Contango Oil & Gas Co............................... 1,064 42,805 Dawson Geophysical Co............................... 17,055 428,081 Delek US Holdings, Inc.............................. 52,256 1,526,920 # Denbury Resources, Inc.............................. 289,460 4,906,347 Devon Energy Corp................................... 42,463 3,205,957 #* Emerald Oil, Inc.................................... 32,065 235,357 #* Endeavour International Corp........................ 4,300 6,063 Energy XXI Bermuda, Ltd............................. 15,380 306,985 EOG Resources, Inc.................................. 12,090 1,323,130 * Era Group, Inc...................................... 36,653 982,300 * Escalera Resources Co............................... 7,844 17,414 # Exterran Holdings, Inc.............................. 69,200 2,923,700 Exxon Mobil Corp.................................... 704,402 69,693,534 # Green Plains, Inc................................... 26,534 994,760 Gulf Island Fabrication, Inc........................ 15,018 292,851 # Gulfmark Offshore, Inc. Class A..................... 35,505 1,358,776 #* Harvest Natural Resources, Inc...................... 48,645 210,146 #* Helix Energy Solutions Group, Inc................... 103,010 2,619,544 Helmerich & Payne, Inc.............................. 108,670 11,547,274 #* Hercules Offshore, Inc.............................. 107,413 379,168 Hess Corp........................................... 378,130 37,427,307 * HKN, Inc............................................ 564 40,072 HollyFrontier Corp.................................. 26,505 1,246,000 #* Hornbeck Offshore Services, Inc..................... 29,719 1,298,720 #* Key Energy Services, Inc............................ 49,745 305,434 #* Magnum Hunter Resources Corp........................ 82,198 528,533 Marathon Oil Corp................................... 903,937 35,027,559 Marathon Petroleum Corp............................. 451,968 37,730,289 208 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ------------ Energy -- (Continued) #* Matador Resources Co................................ 6,400 $ 173,056 * Matrix Service Co................................... 15,423 414,108 #* McDermott International, Inc........................ 63,698 464,995 Murphy Oil Corp..................................... 189,426 11,769,037 Nabors Industries, Ltd.............................. 272,782 7,408,759 National Oilwell Varco, Inc......................... 250,948 20,336,826 #* Natural Gas Services Group, Inc..................... 15,026 468,811 * Newfield Exploration Co............................. 48,506 1,954,792 #* Newpark Resources, Inc.............................. 97,395 1,191,141 # Noble Corp. P.L.C................................... 74,243 2,329,003 Noble Energy, Inc................................... 133,794 8,895,963 #* Northern Oil and Gas, Inc........................... 16,372 263,426 Occidental Petroleum Corp........................... 182,979 17,878,878 #* Overseas Shipholding Group, Inc..................... 2,355 16,132 * Parker Drilling Co.................................. 142,573 881,101 Patterson-UTI Energy, Inc........................... 152,325 5,232,364 * PDC Energy, Inc..................................... 24,103 1,307,829 #* Penn Virginia Corp.................................. 35,279 459,333 #* PHI, Inc. Non-Voting................................ 21,843 861,706 * PHI, Inc. Voting.................................... 1,099 40,630 Phillips 66......................................... 883,414 71,653,710 * Pioneer Energy Services Corp........................ 98,221 1,444,831 Pioneer Natural Resources Co........................ 88,400 19,577,064 QEP Resources, Inc.................................. 33,043 1,092,071 #* Renewable Energy Group, Inc......................... 2,882 32,278 * REX American Resources Corp......................... 4,050 341,618 * Rex Energy Corp..................................... 35,100 484,029 Rowan Cos. P.L.C. Class A........................... 121,858 3,719,106 #* SEACOR Holdings, Inc................................ 36,653 2,784,162 # SemGroup Corp. Class A.............................. 4,727 364,357 * Seventy Seven Energy, Inc........................... 44,618 1,000,782 # Ship Finance International, Ltd..................... 40,467 736,499 * Stone Energy Corp................................... 1,115 42,426 Superior Energy Services, Inc....................... 75,686 2,543,050 #* Swift Energy Co..................................... 34,900 385,645 Teekay Corp......................................... 37,720 2,099,495 # Tesco Corp.......................................... 3,745 73,102 Tesoro Corp......................................... 168,807 10,388,383 #* TETRA Technologies, Inc............................. 25,510 280,865 #* TGC Industries, Inc................................. 1,787 7,023 # Tidewater, Inc...................................... 49,127 2,322,233 # Transocean, Ltd..................................... 274,265 11,063,850 #* Triangle Petroleum Corp............................. 7,779 84,013 * Unit Corp........................................... 57,000 3,610,950 Valero Energy Corp.................................. 605,899 30,779,669 * Weatherford International P.L.C..................... 281,383 6,294,538 Western Refining, Inc............................... 68,485 2,805,146 * Whiting Petroleum Corp.............................. 16,007 1,416,459 * Willbros Group, Inc................................. 18,620 215,806 ------------ Total Energy............................................ 876,236,860 ------------ Financials -- (17.6%) # 1st Source Corp..................................... 41,187 1,169,299 209 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ------------ Financials -- (Continued) # 1st United Bancorp, Inc............................ 863 $ 7,206 ACE, Ltd........................................... 46,348 4,639,435 # Alexander & Baldwin, Inc........................... 66,838 2,551,206 * Alleghany Corp..................................... 2,626 1,086,770 Allied World Assurance Co. Holdings AG............. 76,431 2,752,280 Allstate Corp. (The)............................... 157,339 9,196,465 * American Capital, Ltd.............................. 422,803 6,409,694 American Equity Investment Life Holding Co......... 88,700 1,963,818 American Financial Group, Inc...................... 173,596 9,719,640 * American Independence Corp......................... 173 2,093 American International Group, Inc.................. 899,581 46,760,220 American National Insurance Co..................... 37,287 4,064,283 Ameris Bancorp..................................... 12,022 262,560 AmeriServ Financial, Inc........................... 33,075 105,179 Argo Group International Holdings, Ltd............. 42,675 2,125,642 Aspen Insurance Holdings, Ltd...................... 102,623 4,105,946 # Associated Banc-Corp............................... 31,434 563,297 Assurant, Inc...................................... 65,820 4,170,355 Assured Guaranty, Ltd.............................. 122,989 2,745,115 * Asta Funding, Inc.................................. 7,527 63,076 Astoria Financial Corp............................. 19,344 249,151 #* Atlanticus Holdings Corp........................... 19,218 51,120 #* AV Homes, Inc...................................... 15,767 245,808 Axis Capital Holdings, Ltd......................... 800 34,520 Baldwin & Lyons, Inc. Class A...................... 300 7,190 Baldwin & Lyons, Inc. Class B...................... 6,556 161,933 Banc of California, Inc............................ 810 9,615 #* Bancorp, Inc....................................... 459 4,361 Bank Mutual Corp................................... 51,232 308,929 Bank of America Corp............................... 6,542,656 99,775,504 Bank of New York Mellon Corp. (The)................ 491,755 19,198,115 # BankFinancial Corp................................. 39,867 407,441 Banner Corp........................................ 7,943 319,626 BCB Bancorp, Inc................................... 1,059 13,820 Berkshire Hills Bancorp, Inc....................... 25,980 627,937 #* BofI Holding, Inc.................................. 8,208 612,235 * Capital Bank Financial Corp. Class A............... 233 5,308 # Capital City Bank Group, Inc....................... 16,844 226,215 Capital One Financial Corp......................... 356,632 28,366,509 # Capital Southwest Corp............................. 27,628 968,085 * Cascade Bancorp.................................... 15,799 85,631 Cathay General Bancorp............................. 17,730 453,711 Centerstate Banks, Inc............................. 747 7,784 # Century Bancorp, Inc. Class A...................... 495 17,335 Chicopee Bancorp, Inc.............................. 1,000 16,480 CIT Group, Inc..................................... 39,411 1,935,474 Citigroup, Inc..................................... 2,248,344 109,966,505 Citizens Community Bancorp, Inc.................... 10,355 91,124 CME Group, Inc..................................... 414,385 30,639,627 CNA Financial Corp................................. 277,671 10,376,565 CNO Financial Group, Inc........................... 301,264 4,874,452 Codorus Valley Bancorp, Inc........................ 126 2,643 Community West Bancshares.......................... 400 2,796 210 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ----------- Financials -- (Continued) #* Cowen Group, Inc. Class A............................ 15,961 $ 63,844 Donegal Group, Inc. Class A.......................... 27,472 414,278 Donegal Group, Inc. Class B.......................... 300 6,630 * E*TRADE Financial Corp............................... 89,699 1,885,473 East West Bancorp, Inc............................... 671 22,854 * Eastern Virginia Bankshares, Inc..................... 307 1,940 # EMC Insurance Group, Inc............................. 18,341 539,776 #* Encore Capital Group, Inc............................ 627 26,635 Endurance Specialty Holdings, Ltd.................... 76,288 4,034,872 Enterprise Financial Services Corp................... 3,235 56,451 # ESB Financial Corp................................... 432 5,370 ESSA Bancorp, Inc.................................... 8,217 95,071 Evans Bancorp, Inc................................... 1,681 39,335 Everest Re Group, Ltd................................ 34,913 5,443,286 #* Farmers Capital Bank Corp............................ 302 7,130 FBL Financial Group, Inc. Class A.................... 24,660 1,054,955 Federal Agricultural Mortgage Corp. Class A.......... 177 4,115 Federal Agricultural Mortgage Corp. Class C.......... 9,200 268,180 Federated National Holding Co........................ 13,665 275,623 # Fidelity Southern Corp............................... 7,213 99,900 #* First Acceptance Corp................................ 39,006 90,104 # First American Financial Corp........................ 61,982 1,682,192 First Bancorp.(318910106)............................ 16,138 259,499 #* First BanCorp.(318672706)............................ 7,500 38,550 * First Bancshares, Inc................................ 400 3,200 First Business Financial Services, Inc............... 482 21,025 First Citizens BancShares, Inc. Class A.............. 8,627 1,918,213 # First Commonwealth Financial Corp.................... 30,547 261,482 First Community Bancshares, Inc...................... 183 2,692 First Defiance Financial Corp........................ 10,880 293,869 # First Federal of Northern Michigan Bancorp, Inc...... 900 5,094 # First Financial Northwest, Inc....................... 25,371 266,903 First Merchants Corp................................. 46,827 933,262 First Midwest Bancorp, Inc........................... 7,168 116,122 First Niagara Financial Group, Inc................... 77,106 663,112 First South Bancorp, Inc............................. 2,278 17,404 * FNF Group............................................ 46,321 1,255,762 * FNFV Group........................................... 15,438 252,566 # Fox Chase Bancorp, Inc............................... 351 5,904 * Genworth Financial, Inc. Class A..................... 34,964 458,028 # German American Bancorp, Inc......................... 7,459 192,815 GFI Group, Inc....................................... 2,875 13,024 #* Global Indemnity P.L.C............................... 8,282 206,470 Goldman Sachs Group, Inc. (The)...................... 143,685 24,838,826 # Great Southern Bancorp, Inc.......................... 1,616 50,387 # Griffin Land & Nurseries, Inc........................ 1,500 39,915 # Guaranty Bancorp..................................... 15,867 206,271 Guaranty Federal Bancshares, Inc..................... 1,684 21,353 * Hallmark Financial Services, Inc..................... 25,666 230,224 # Hampden Bancorp, Inc................................. 5,886 101,386 Hanover Insurance Group, Inc. (The).................. 88,829 5,135,205 Hartford Financial Services Group, Inc. (The)........ 308,762 10,547,310 HCC Insurance Holdings, Inc.......................... 17,700 826,236 211 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ----------- Financials -- (Continued) # Heartland Financial USA, Inc........................ 465 $ 11,081 Heritage Commerce Corp.............................. 14,483 115,864 HF Financial Corp................................... 400 5,388 * Hilltop Holdings, Inc............................... 26,171 536,506 # Hingham Institution for Savings..................... 500 41,290 * HMN Financial, Inc.................................. 3,456 41,230 * Home Bancorp, Inc................................... 719 15,760 HopFed Bancorp, Inc................................. 6,781 81,643 Horace Mann Educators Corp.......................... 58,206 1,667,602 Hudson City Bancorp, Inc............................ 28,191 274,862 Iberiabank Corp..................................... 697 45,730 * ICG Group, Inc...................................... 1,184 20,033 #* Imperial Holdings, Inc.............................. 2,882 19,655 # Independence Holding Co............................. 24,172 302,392 Infinity Property & Casualty Corp................... 15,800 1,023,208 Intercontinental Exchange, Inc...................... 1,479 284,293 International Bancshares Corp....................... 800 20,280 Intervest Bancshares Corp. Class A.................. 2,078 16,582 * Investment Technology Group, Inc.................... 23,677 433,052 # Investors Title Co.................................. 1,169 80,766 # Janus Capital Group, Inc............................ 24,840 282,928 JPMorgan Chase & Co................................. 1,717,466 99,046,264 Kemper Corp......................................... 67,002 2,318,939 Kentucky First Federal Bancorp...................... 2,800 24,024 KeyCorp............................................. 526,210 7,124,883 Lakeland Bancorp, Inc............................... 8,740 87,750 Landmark Bancorp, Inc............................... 1,968 41,663 # Legg Mason, Inc..................................... 93,283 4,426,278 Lincoln National Corp............................... 378,093 19,808,292 LNB Bancorp, Inc.................................... 13,395 162,213 Loews Corp.......................................... 243,798 10,271,210 Louisiana Bancorp, Inc.............................. 5,606 110,270 # Macatawa Bank Corp.................................. 18,892 88,792 * Magyar Bancorp, Inc................................. 500 3,863 # Maiden Holdings, Ltd................................ 5,792 66,492 MainSource Financial Group, Inc..................... 45,000 734,850 Marlin Business Services Corp....................... 14,241 262,034 MB Financial, Inc................................... 19,678 530,125 * MBIA, Inc........................................... 82,267 788,118 * MBT Financial Corp.................................. 24,724 126,092 # MCG Capital Corp.................................... 11,930 47,362 # Meadowbrook Insurance Group, Inc.................... 26,353 158,909 # Medallion Financial Corp............................ 9,550 106,387 # Mercantile Bank Corp................................ 4,422 84,549 # Meta Financial Group, Inc........................... 1,083 39,854 MetLife, Inc........................................ 1,125,923 59,223,550 * Metro Bancorp, Inc.................................. 26,598 610,424 #* MGIC Investment Corp................................ 72,733 537,497 MicroFinancial, Inc................................. 5,900 45,076 # MidWestOne Financial Group, Inc..................... 346 8,131 # Montpelier Re Holdings, Ltd......................... 38,746 1,144,169 Morgan Stanley...................................... 1,476,248 47,741,860 MutualFirst Financial, Inc.......................... 2,300 44,229 212 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ----------- Financials -- (Continued) NASDAQ OMX Group, Inc. (The)..................... 42,129 $ 1,777,423 # National Western Life Insurance Co. Class A...... 900 216,900 * Navigators Group, Inc. (The)..................... 3,685 224,048 # New Hampshire Thrift Bancshares, Inc............. 3,667 55,005 #* NewBridge Bancorp................................ 11,413 85,483 #* NewStar Financial, Inc........................... 41,166 466,411 * North Valley Bancorp............................. 907 19,083 Northeast Community Bancorp, Inc................. 18,190 126,784 Northrim BanCorp, Inc............................ 5,734 140,483 OFG Bancorp...................................... 30,191 481,848 Old Republic International Corp.................. 280,714 4,039,474 #* Old Second Bancorp, Inc.......................... 4,874 23,590 Oppenheimer Holdings, Inc. Class A............... 3,097 70,674 * Pacific Mercantile Bancorp....................... 16,236 113,977 PacWest Bancorp.................................. 1,076 44,837 Park Sterling Corp............................... 3,253 22,316 PartnerRe, Ltd................................... 52,224 5,450,097 # People's United Financial, Inc................... 68,700 997,524 Peoples Bancorp of North Carolina, Inc........... 250 4,108 # Peoples Bancorp, Inc............................. 17,608 410,795 #* PHH Corp......................................... 91,804 2,143,623 #* Phoenix Cos., Inc. (The)......................... 2,631 145,784 Pinnacle Financial Partners, Inc................. 23,924 885,188 * Piper Jaffray Cos................................ 312 16,099 Platinum Underwriters Holdings, Ltd.............. 21,715 1,272,499 * Popular, Inc..................................... 56,536 1,803,498 * Porter Bancorp, Inc.............................. 1,737 1,702 #* Portfolio Recovery Associates, Inc............... 28,203 1,662,849 Premier Financial Bancorp, Inc................... 4,434 69,348 Principal Financial Group, Inc................... 217,722 10,816,429 Protective Life Corp............................. 98,037 6,801,807 Provident Financial Holdings, Inc................ 544 7,752 Provident Financial Services, Inc................ 21,059 351,896 Prudential Financial, Inc........................ 497,625 43,278,446 # Pulaski Financial Corp........................... 4,550 51,279 # Radian Group, Inc................................ 161,945 2,050,224 Regions Financial Corp........................... 1,302,555 13,207,908 Reinsurance Group of America, Inc................ 169,166 13,577,263 # Renasant Corp.................................... 42,102 1,195,697 #* Republic First Bancorp, Inc...................... 2,174 9,566 # Resource America, Inc. Class A................... 21,051 198,300 * Riverview Bancorp, Inc........................... 15,319 58,519 Safety Insurance Group, Inc...................... 26,197 1,310,112 # Sandy Spring Bancorp, Inc........................ 9,125 213,616 * Select Bancorp, Inc.............................. 600 4,050 Selective Insurance Group, Inc................... 45,200 1,007,508 SI Financial Group, Inc.......................... 5,661 61,309 South State Corp................................. 8,549 496,782 o* Southern Community Financial Corp................ 29,890 27,669 * Southern First Bancshares, Inc................... 1,216 17,085 Southwest Bancorp, Inc........................... 16,974 261,739 StanCorp Financial Group, Inc.................... 15,636 943,476 # State Auto Financial Corp........................ 56,823 1,199,534 213 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ------------ Financials -- (Continued) Sterling Bancorp.................................... 70,552 $ 839,569 # Stewart Information Services Corp................... 12,271 361,626 * Stratus Properties, Inc............................. 3,069 47,876 * Suffolk Bancorp..................................... 205 4,151 #* Sun Bancorp, Inc.................................... 4,075 15,322 SunTrust Banks, Inc................................. 491,691 18,708,843 Susquehanna Bancshares, Inc......................... 97,547 993,028 Symetra Financial Corp.............................. 20,319 463,273 Synovus Financial Corp.............................. 22,796 536,846 TF Financial Corp................................... 630 26,605 Timberland Bancorp, Inc............................. 2,500 25,675 Travelers Cos., Inc. (The).......................... 28,000 2,507,680 #* Tree.com, Inc....................................... 5,635 143,805 # Trustmark Corp...................................... 4,194 96,588 Umpqua Holdings Corp................................ 34,932 591,049 * Unico American Corp................................. 1,900 23,883 Union Bankshares Corp............................... 37,042 884,563 # United Bankshares, Inc.............................. 12,121 388,842 United Financial Bancorp, Inc....................... 9,193 116,567 United Fire Group, Inc.............................. 38,612 1,091,175 * United Security Bancshares.......................... 399 2,334 Unity Bancorp, Inc.................................. 3,306 29,754 Unum Group.......................................... 517,445 17,763,887 Validus Holdings, Ltd............................... 4,399 160,695 Washington Federal, Inc............................. 1,243 26,053 Waterstone Financial, Inc........................... 1,426 15,729 # WesBanco, Inc....................................... 31,462 940,085 # West Bancorporation, Inc............................ 13,957 203,214 Westfield Financial, Inc............................ 10,811 78,055 # Wintrust Financial Corp............................. 24,224 1,122,298 XL Group P.L.C...................................... 240,766 7,762,296 * Yadkin Financial Corp............................... 5,570 103,379 Zions Bancorporation................................ 53,325 1,536,827 * ZipRealty, Inc...................................... 10,028 67,488 ------------ Total Financials........................................ 918,560,021 ------------ Health Care -- (9.4%) * Actavis P.L.C....................................... 26,101 5,592,400 * Addus HomeCare Corp................................. 2,044 45,254 Aetna, Inc.......................................... 558,462 43,297,559 #* Affymetrix, Inc..................................... 42,297 363,754 #* Albany Molecular Research, Inc...................... 34,587 658,536 * Alere, Inc.......................................... 74,130 2,965,200 * Allied Healthcare Products, Inc..................... 1,000 2,060 * Allscripts Healthcare Solutions, Inc................ 187,470 2,984,522 * Alphatec Holdings, Inc.............................. 5,644 7,902 #* Amedisys, Inc....................................... 19,727 398,091 * AMN Healthcare Services, Inc........................ 8,600 112,660 * Amsurg Corp......................................... 30,743 1,468,286 Analogic Corp....................................... 2,988 214,867 * AngioDynamics, Inc.................................. 44,530 650,138 #* Anika Therapeutics, Inc............................. 14,671 617,062 #* Arrhythmia Research Technology, Inc................. 1,200 8,076 214 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ----------- Health Care -- (Continued) #* Baxano Surgical, Inc............................. 5,997 $ 3,178 #* BioScrip, Inc.................................... 36,570 273,909 * BioTelemetry, Inc................................ 5,328 38,362 * Boston Scientific Corp........................... 1,204,199 15,389,663 * Cambrex Corp..................................... 43,567 917,957 #* Capital Senior Living Corp....................... 54,559 1,344,334 * CareFusion Corp.................................. 207,163 9,071,668 #* Celldex Therapeutics, Inc........................ 4,759 62,295 Cigna Corp....................................... 42,954 3,867,578 * Community Health Systems, Inc.................... 105,314 5,023,478 CONMED Corp...................................... 43,239 1,686,321 Cooper Cos., Inc. (The).......................... 13,956 2,245,241 * Cross Country Healthcare, Inc.................... 28,968 208,280 # CryoLife, Inc.................................... 17,502 172,395 #* Cumberland Pharmaceuticals, Inc.................. 23,319 108,200 * Cutera, Inc...................................... 23,864 235,060 #* Cynosure, Inc. Class A........................... 34,622 787,304 Daxor Corp....................................... 545 3,826 Digirad Corp..................................... 29,111 96,066 #* Emergent Biosolutions, Inc....................... 8,678 190,916 * Endo International P.L.C......................... 54,588 3,661,763 * Enzo Biochem, Inc................................ 47,997 230,386 * Exactech, Inc.................................... 3,390 77,089 * Express Scripts Holding Co....................... 493,239 34,354,096 * Five Star Quality Care, Inc...................... 28,953 132,315 * Gentiva Health Services, Inc..................... 31,640 572,684 * Greatbatch, Inc.................................. 41,672 2,063,181 #* Hanger, Inc...................................... 16,897 534,790 #* Harvard Apparatus Regenerative Technology, Inc... 8,026 58,911 * Harvard Bioscience, Inc.......................... 32,107 148,334 * Health Net, Inc.................................. 44,958 1,851,820 #* Healthways, Inc.................................. 46,297 800,475 * Hologic, Inc..................................... 305,036 7,952,289 Humana, Inc...................................... 236,814 27,861,167 #* Impax Laboratories, Inc.......................... 4,700 109,933 Invacare Corp.................................... 30,851 461,839 Kewaunee Scientific Corp......................... 1,631 29,391 Kindred Healthcare, Inc.......................... 59,114 1,412,825 #* Lannett Co., Inc................................. 3,649 122,643 LeMaitre Vascular, Inc........................... 5,100 41,259 #* LHC Group, Inc................................... 1,418 33,295 * LifePoint Hospitals, Inc......................... 82,208 5,895,958 * Magellan Health, Inc............................. 17,899 1,030,982 #* MedAssets, Inc................................... 44,682 949,046 o* MedCath Corp..................................... 29,240 -- * Medical Action Industries, Inc................... 24,509 338,224 * Merit Medical Systems, Inc....................... 13,395 171,992 * Misonix, Inc..................................... 4,083 27,234 #* Molina Healthcare, Inc........................... 24,941 1,018,840 # National Healthcare Corp......................... 6,484 356,361 * Natus Medical, Inc............................... 15,698 451,631 * NuVasive, Inc.................................... 2,045 76,442 Omnicare, Inc.................................... 197,388 12,336,750 215 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ------------ Health Care -- (Continued) * Omnicell, Inc............................. 35,405 $ 970,097 * PDI, Inc.................................. 14,978 54,969 PerkinElmer, Inc.......................... 76,500 3,535,830 Pfizer, Inc............................... 3,950,849 113,389,366 * PharMerica Corp........................... 33,305 898,902 * Prestige Brands Holdings, Inc............. 111,489 3,433,861 #* Repligen Corp............................. 21,271 446,053 #* RTI Surgical, Inc......................... 73,086 334,003 #* Sciclone Pharmaceuticals, Inc............. 13,028 62,795 Select Medical Holdings Corp.............. 42,204 655,850 #* Skilled Healthcare Group, Inc. Class A.... 9,380 55,811 * SunLink Health Systems, Inc............... 1,750 2,083 #* SurModics, Inc............................ 5,593 106,211 * Symmetry Medical, Inc..................... 77,051 678,819 # Teleflex, Inc............................. 37,223 4,010,406 Thermo Fisher Scientific, Inc............. 499,520 60,691,680 * Triple-S Management Corp. Class B......... 20,684 357,420 UnitedHealth Group, Inc................... 89,716 7,271,482 # Universal American Corp................... 84,328 669,564 * VCA, Inc.................................. 69,140 2,578,231 * WellCare Health Plans, Inc................ 18,375 1,146,233 WellPoint, Inc............................ 504,640 55,414,518 #* Wright Medical Group, Inc................. 32,357 997,243 Zoetis, Inc............................... 805,208 26,499,395 ------------ Total Health Care............................. 490,537,165 ------------ Industrials -- (13.1%) # AAR Corp.................................. 32,906 885,171 ABM Industries, Inc....................... 64,500 1,587,345 # Aceto Corp................................ 31,686 531,057 # Acme United Corp.......................... 1,030 17,510 Actuant Corp. Class A..................... 44,986 1,452,148 #* Adept Technology, Inc..................... 20,476 186,332 # ADT Corp. (The)........................... 197,193 6,862,316 #* AECOM Technology Corp..................... 23,177 786,859 #* Aegion Corp............................... 83,805 1,919,973 #* Aerovironment, Inc........................ 35,065 1,104,197 AGCO Corp................................. 58,973 2,872,575 * Air Transport Services Group, Inc......... 6,308 48,382 Alamo Group, Inc.......................... 22,751 1,081,355 Alaska Air Group, Inc..................... 105,252 4,627,930 Albany International Corp. Class A........ 20,551 736,548 Allegion P.L.C............................ 71,036 3,653,381 Alliant Techsystems, Inc.................. 38,805 5,041,934 o* Allied Defense Group, Inc................. 2,645 212 AMERCO.................................... 29,431 7,745,062 #* Ameresco, Inc. Class A.................... 981 7,377 # American Railcar Industries, Inc.......... 20,003 1,368,605 #* AMREP Corp................................ 1,159 6,629 # Apogee Enterprises, Inc................... 36,374 1,180,336 ArcBest Corp.............................. 12,135 385,044 Argan, Inc................................ 21 712 Astec Industries, Inc..................... 22,925 891,095 216 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ----------- Industrials -- (Continued) #* Atlas Air Worldwide Holdings, Inc................... 36,746 $ 1,257,448 * Avis Budget Group, Inc.............................. 94,608 5,316,024 # Baltic Trading, Ltd................................. 40 204 # Barnes Group, Inc................................... 36,400 1,246,700 # Barrett Business Services, Inc...................... 12,955 739,471 #* BlueLinx Holdings, Inc.............................. 17,052 19,610 Brady Corp. Class A................................. 38,500 1,006,775 # Briggs & Stratton Corp.............................. 41,033 752,135 #* Builders FirstSource, Inc........................... 12,182 72,361 * CAI International, Inc.............................. 17,082 326,095 #* Casella Waste Systems, Inc. Class A................. 9,162 43,245 #* CBIZ, Inc........................................... 38,149 311,296 CDI Corp............................................ 39,837 552,539 # Ceco Environmental Corp............................. 3,773 51,237 Celadon Group, Inc.................................. 24,642 523,396 Chicago Rivet & Machine Co.......................... 700 23,576 CIRCOR International, Inc........................... 6,849 492,238 Columbus McKinnon Corp.............................. 17,542 407,851 Comfort Systems USA, Inc............................ 44,560 663,944 Compx International, Inc............................ 500 5,257 Courier Corp........................................ 8,245 107,597 # Covanta Holding Corp................................ 94,292 1,925,443 * Covenant Transportation Group, Inc. Class A......... 7,080 84,181 * CPI Aerostructures, Inc............................. 4,626 54,818 * CRA International, Inc.............................. 7,613 181,798 CSX Corp............................................ 1,242,950 37,189,064 Curtiss-Wright Corp................................. 46,353 2,943,879 #* DigitalGlobe, Inc................................... 21,971 574,542 Douglas Dynamics, Inc............................... 30,234 504,908 * Ducommun, Inc....................................... 16,645 460,234 * Dycom Industries, Inc............................... 39,867 1,121,060 # Dynamic Materials Corp.............................. 1,436 29,409 Eastern Co. (The)................................... 10,193 164,719 Eaton Corp. P.L.C................................... 78,508 5,332,263 Ecology and Environment, Inc. Class A............... 900 9,324 EMCOR Group, Inc.................................... 50,540 2,068,602 Encore Wire Corp.................................... 19,966 837,374 #* Energy Recovery, Inc................................ 1,783 7,988 # EnerSys............................................. 43,239 2,742,650 #* Engility Holdings, Inc.............................. 7,988 276,065 Ennis, Inc.......................................... 48,483 687,489 #* EnPro Industries, Inc............................... 17,635 1,206,587 ESCO Technologies, Inc.............................. 17,601 590,514 Espey Manufacturing & Electronics Corp.............. 1,671 41,065 * Esterline Technologies Corp......................... 44,968 4,881,276 Exelis, Inc......................................... 73,253 1,233,581 Federal Signal Corp................................. 65,358 945,077 FedEx Corp.......................................... 142,324 20,904,549 Fortune Brands Home & Security, Inc................. 149,626 5,654,367 #* Franklin Covey Co................................... 3,046 57,448 # FreightCar America, Inc............................. 9,404 202,938 #* FTI Consulting, Inc................................. 25,736 951,203 #* Furmanite Corp...................................... 31,044 284,053 217 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ------------ Industrials -- (Continued) G&K Services, Inc. Class A.......................... 29,714 $ 1,428,946 # GATX Corp........................................... 65,445 4,057,590 #* Gencor Industries, Inc.............................. 8,766 94,497 # General Cable Corp.................................. 8,357 185,776 General Dynamics Corp............................... 28,674 3,348,263 General Electric Co................................. 5,154,411 129,633,437 * Genesee & Wyoming, Inc. Class A..................... 1,200 119,676 * Gibraltar Industries, Inc........................... 42,111 618,611 * GP Strategies Corp.................................. 18,583 505,643 # Granite Construction, Inc........................... 27,179 884,676 * Great Lakes Dredge & Dock Corp...................... 69,820 504,100 # Greenbrier Cos., Inc. (The)......................... 22,451 1,446,967 # Griffon Corp........................................ 67,323 725,069 * H&E Equipment Services, Inc......................... 59,629 2,157,377 Hardinge, Inc....................................... 19,132 228,245 Harsco Corp......................................... 54,094 1,366,955 #* Hawaiian Holdings, Inc.............................. 18,070 251,715 Heidrick & Struggles International, Inc............. 18,234 340,429 * Hertz Global Holdings, Inc.......................... 278,411 7,856,758 * Hill International, Inc............................. 27,154 130,611 * Hudson Global, Inc.................................. 15,880 61,138 Huntington Ingalls Industries, Inc.................. 47,666 4,333,793 Hurco Cos., Inc..................................... 7,910 253,990 * Huron Consulting Group, Inc......................... 4,001 241,820 Hyster-Yale Materials Handling, Inc................. 12,246 980,905 * ICF International, Inc.............................. 31,660 1,094,486 Ingersoll-Rand P.L.C................................ 213,109 12,528,678 Insteel Industries, Inc............................. 17,578 322,556 # International Shipholding Corp...................... 11,354 240,705 # Intersections, Inc.................................. 26,279 96,970 #* JetBlue Airways Corp................................ 324,893 3,482,853 Kadant, Inc......................................... 5,786 220,678 KAR Auction Services, Inc........................... 18,100 530,511 KBR, Inc............................................ 3,600 74,376 Kelly Services, Inc. Class A........................ 41,722 665,049 Kennametal, Inc..................................... 1,000 42,280 * Key Technology, Inc................................. 3,199 41,715 Kimball International, Inc. Class B................. 31,258 492,939 Knightsbridge Tankers, Ltd.......................... 14,861 169,415 * Korn/Ferry International............................ 33,148 975,214 * Kratos Defense & Security Solutions, Inc............ 2,711 19,790 L-3 Communications Holdings, Inc.................... 100,470 10,545,331 * Lawson Products, Inc................................ 8,847 167,208 #* Layne Christensen Co................................ 31,561 342,437 # LB Foster Co. Class A............................... 6,682 311,715 #* LMI Aerospace, Inc.................................. 13,807 180,734 LS Starrett Co. (The) Class A....................... 4,097 61,209 # LSI Industries, Inc................................. 27,715 197,885 * Lydall, Inc......................................... 14,605 368,484 Manpowergroup, Inc.................................. 22,886 1,782,591 Marten Transport, Ltd............................... 47,782 967,108 Matson, Inc......................................... 62,316 1,679,416 # McGrath RentCorp.................................... 17,552 606,422 218 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ----------- Industrials -- (Continued) #* Metalico, Inc.................................... 27,024 $ 40,266 * Mfri, Inc........................................ 8,900 97,989 Miller Industries, Inc........................... 20,099 385,700 Mobile Mini, Inc................................. 54,461 2,056,447 * Moog, Inc. Class A............................... 35,339 2,333,081 Mueller Industries, Inc.......................... 30,912 860,281 Mueller Water Products, Inc. Class A............. 185,957 1,441,167 # Multi-Color Corp................................. 308 12,126 * MYR Group, Inc................................... 19,582 485,829 # National Presto Industries, Inc.................. 571 36,601 * Navigant Consulting, Inc......................... 12,297 200,687 # NL Industries, Inc............................... 51,251 445,884 NN, Inc.......................................... 18,396 533,484 Norfolk Southern Corp............................ 545,229 55,427,980 Northrop Grumman Corp............................ 337,038 41,546,674 * Northwest Pipe Co................................ 8,801 315,516 #* NOW, Inc......................................... 62,737 2,019,504 #* Ocean Power Technologies, Inc.................... 8,400 11,592 * On Assignment, Inc............................... 53,951 1,457,216 * Orbital Sciences Corp............................ 39,656 1,017,970 #* Orion Energy Systems, Inc........................ 1,043 4,391 Oshkosh Corp..................................... 14,466 668,619 Owens Corning.................................... 149,300 5,083,665 * PAM Transportation Services, Inc................. 19,428 675,317 Pentair P.L.C.................................... 117,934 7,556,031 * Pike Corp........................................ 22,013 177,425 Powell Industries, Inc........................... 7,529 439,769 #* PowerSecure International, Inc................... 19,459 191,282 # Providence and Worcester Railroad Co............. 850 14,866 Quad/Graphics, Inc............................... 2,390 50,477 Quanex Building Products Corp.................... 21,431 366,256 * Quanta Services, Inc............................. 168,307 5,636,601 Raytheon Co...................................... 96,954 8,800,515 * RCM Technologies, Inc............................ 20,293 136,166 Regal-Beloit Corp................................ 16,070 1,129,560 * Republic Airways Holdings, Inc................... 48,736 484,436 Republic Services, Inc........................... 429,755 16,300,607 Resources Connection, Inc........................ 25,955 391,920 #* Roadrunner Transportation Systems, Inc........... 879 22,098 #* Rush Enterprises, Inc. Class A................... 32,603 1,148,604 #* Rush Enterprises, Inc. Class B................... 18,522 572,330 Ryder System, Inc................................ 89,844 7,738,264 * Saia, Inc........................................ 8,925 407,426 SIFCO Industries, Inc............................ 6,623 185,378 SkyWest, Inc..................................... 38,506 411,629 * SL Industries, Inc............................... 300 10,854 Southwest Airlines Co............................ 645,761 18,262,121 * Sparton Corp..................................... 9,132 252,408 SPX Corp......................................... 12,803 1,269,161 #* Standard Register Co. (The)...................... 6,086 33,169 Standex International Corp....................... 22,341 1,473,389 Stanley Black & Decker, Inc...................... 154,919 13,547,667 Steelcase, Inc. Class A.......................... 55,469 837,582 219 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ------------ Industrials -- (Continued) * Sterling Construction Co., Inc................... 18,633 $ 165,275 * Supreme Industries, Inc. Class A................. 1,433 9,773 # TAL International Group, Inc..................... 24,053 1,063,143 * Tecumseh Products Co............................. 14,000 68,180 # Terex Corp....................................... 27,578 951,717 Tetra Tech, Inc.................................. 45,222 1,097,990 #* Titan Machinery, Inc............................. 2,883 42,265 * TRC Cos., Inc.................................... 28,708 144,401 Trinity Industries, Inc.......................... 183,814 8,021,643 # Triumph Group, Inc............................... 57,456 3,639,838 * Tutor Perini Corp................................ 33,844 921,572 # Twin Disc, Inc................................... 900 25,956 Tyco International, Ltd.......................... 240,619 10,382,710 * Ultralife Corp................................... 10,710 38,663 UniFirst Corp.................................... 18,705 1,818,313 Union Pacific Corp............................... 888,128 87,311,864 # United Stationers, Inc........................... 24,021 926,730 # Universal Forest Products, Inc................... 31,800 1,392,204 URS Corp......................................... 84,698 4,850,654 #* USA Truck, Inc................................... 15,105 279,442 #* UTi Worldwide, Inc............................... 16,157 152,845 #* Veritiv Corp..................................... 9,437 376,725 * Versar, Inc...................................... 5,526 17,573 Viad Corp........................................ 27,114 575,359 * Virco Manufacturing Corp......................... 12,601 32,763 VSE Corp......................................... 305 18,169 Waste Connections, Inc........................... 2,800 132,552 # Watts Water Technologies, Inc. Class A........... 53,615 3,134,333 # Werner Enterprises, Inc.......................... 34,105 838,301 * Wesco Aircraft Holdings, Inc..................... 6,228 118,021 #* WESCO International, Inc......................... 11,687 917,313 * Willdan Group, Inc............................... 1,000 7,720 * Willis Lease Finance Corp........................ 6,713 152,922 #* XPO Logistics, Inc............................... 12,216 377,352 ------------ Total Industrials.................................... 688,023,552 ------------ Information Technology -- (6.6%) Activision Blizzard, Inc......................... 982,162 21,980,786 * Acxiom Corp...................................... 7,769 142,328 * Advanced Energy Industries, Inc.................. 47,985 807,108 * Agilysys, Inc.................................... 16,899 222,222 #* Alpha & Omega Semiconductor, Ltd................. 419 3,834 * Amtech Systems, Inc.............................. 8,571 83,824 #* ANADIGICS, Inc................................... 33,721 26,977 * AOL, Inc......................................... 105,592 4,070,572 * ARRIS Group, Inc................................. 140,787 4,810,692 * Arrow Electronics, Inc........................... 182,170 10,556,752 #* Ascent Solar Technologies, Inc................... 1,951 683 Astro-Med, Inc................................... 6,285 84,282 * Aviat Networks, Inc.............................. 44,931 58,410 Avnet, Inc....................................... 139,400 5,900,802 AVX Corp......................................... 172,540 2,346,544 # Aware, Inc....................................... 14,326 61,459 220 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ----------- Information Technology -- (Continued) * Axcelis Technologies, Inc........................ 17,951 $ 31,414 * AXT, Inc......................................... 20,506 44,088 * Bankrate, Inc.................................... 4,453 75,078 Bel Fuse, Inc. Class A........................... 4,174 96,294 Bel Fuse, Inc. Class B........................... 18,286 432,281 * Benchmark Electronics, Inc....................... 93,903 2,267,757 Black Box Corp................................... 26,448 547,474 * Blackhawk Network Holdings, Inc. Class B......... 25,926 723,076 #* Blucora, Inc..................................... 81,156 1,385,333 Brocade Communications Systems, Inc.............. 461,513 4,250,535 Brooks Automation, Inc........................... 50,847 517,622 * Bsquare Corp..................................... 4,065 12,398 * BTU International, Inc........................... 1,600 5,344 #* CACI International, Inc. Class A................. 24,830 1,713,022 * Calix, Inc....................................... 16,027 148,891 * Cascade Microtech, Inc........................... 24,071 266,225 * Ceva, Inc........................................ 3,580 50,943 * Checkpoint Systems, Inc.......................... 27,235 333,356 * CIBER, Inc....................................... 85,855 299,634 Cisco Systems, Inc............................... 131,037 3,306,064 Cohu, Inc........................................ 40,815 455,087 Communications Systems, Inc...................... 12,612 139,236 Computer Sciences Corp........................... 205,559 12,824,826 Comtech Telecommunications Corp.................. 15,569 526,232 Concurrent Computer Corp......................... 13,740 102,363 # Convergys Corp................................... 197,364 3,826,888 * CoreLogic, Inc................................... 96,545 2,626,024 Corning, Inc..................................... 1,201,485 23,609,180 #* Cray, Inc........................................ 12,866 341,206 CSP, Inc......................................... 2,414 18,298 CTS Corp......................................... 66,936 1,164,017 #* CyberOptics Corp................................. 9,134 75,264 * Datalink Corp.................................... 1,412 15,956 #* Dataram Corp..................................... 1,257 3,809 * Digi International, Inc.......................... 31,089 256,795 * Digital River, Inc............................... 22,145 316,452 * Diodes, Inc...................................... 4,709 120,080 * DSP Group, Inc................................... 46,713 414,344 # EarthLink Holdings Corp.......................... 83,735 329,916 * EchoStar Corp. Class A........................... 23,551 1,194,036 * Edgewater Technology, Inc........................ 13,603 83,114 # Electro Rent Corp................................ 40,561 618,555 # Electro Scientific Industries, Inc............... 36,298 217,062 * Electronics for Imaging, Inc..................... 58,110 2,560,908 #* Emcore Corp...................................... 744 3,021 #* Emulex Corp...................................... 52,269 307,342 * EnerNOC, Inc..................................... 13,197 236,490 * Entegris, Inc.................................... 300 3,447 * Entropic Communications, Inc..................... 3,600 10,044 EPIQ Systems, Inc................................ 23,453 338,192 * ePlus, Inc....................................... 8,745 478,264 #* Euronet Worldwide, Inc........................... 23,278 1,164,831 #* Exar Corp........................................ 51,341 494,414 221 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ----------- Information Technology -- (Continued) #* Fabrinet......................................... 4,055 $ 75,423 #* Fairchild Semiconductor International, Inc....... 118,008 1,796,082 Fidelity National Information Services, Inc...... 151,857 8,564,735 #* Finisar Corp..................................... 61,526 1,213,908 #* First Solar, Inc................................. 28,266 1,783,867 * FormFactor, Inc.................................. 30,568 206,334 * Frequency Electronics, Inc....................... 16,953 193,942 * GSE Systems, Inc................................. 17,638 29,103 * GSI Technology, Inc.............................. 9,236 59,110 Hackett Group, Inc. (The)........................ 53,321 319,926 * Harmonic, Inc.................................... 35,712 214,272 Hewlett-Packard Co............................... 718,074 25,570,615 * Hutchinson Technology, Inc....................... 22,425 49,784 IAC/InterActiveCorp.............................. 125,298 8,420,026 #* ID Systems, Inc.................................. 17,291 98,905 * Identiv, Inc..................................... 1,017 11,187 * Imation Corp..................................... 28,996 93,367 * Ingram Micro, Inc. Class A....................... 277,679 7,969,387 * Insight Enterprises, Inc......................... 42,100 1,105,967 * Integrated Device Technology, Inc................ 177,893 2,554,543 Integrated Silicon Solution, Inc................. 42,178 616,642 # Intel Corp....................................... 176,618 5,985,584 #* Internap Network Services Corp................... 32,386 233,503 * International Rectifier Corp..................... 79,000 1,962,360 * Interphase Corp.................................. 2,999 11,126 Intersil Corp. Class A........................... 119,798 1,537,008 #* Intevac, Inc..................................... 7,954 50,428 * IntraLinks Holdings, Inc......................... 3,070 24,621 * IntriCon Corp.................................... 2,835 19,080 #* Itron, Inc....................................... 33,397 1,201,624 IXYS Corp........................................ 3,055 34,888 * Juniper Networks, Inc............................ 212,100 4,992,834 * Kemet Corp....................................... 2,700 13,311 * Key Tronic Corp.................................. 17,623 186,804 * Kulicke & Soffa Industries, Inc.................. 71,688 976,391 #* KVH Industries, Inc.............................. 35,149 457,289 * Lattice Semiconductor Corp....................... 108,469 741,928 Leidos Holdings, Inc............................. 10,850 400,799 # Lexmark International, Inc. Class A.............. 35,849 1,721,827 #* Limelight Networks, Inc.......................... 18,463 47,450 # ManTech International Corp. Class A.............. 12,385 334,395 Marchex, Inc. Class B............................ 32,883 361,713 Marvell Technology Group, Ltd.................... 166,418 2,220,016 * Maxwell Technologies, Inc........................ 2,521 27,428 * Measurement Specialties, Inc..................... 251 21,583 Mentor Graphics Corp............................. 35,620 703,495 * Mercury Systems, Inc............................. 2,055 22,708 Methode Electronics, Inc......................... 79,272 2,535,119 * Micron Technology, Inc........................... 758,908 23,184,639 MKS Instruments, Inc............................. 61,200 1,944,936 MOCON, Inc....................................... 700 10,850 #* ModusLink Global Solutions, Inc.................. 68,955 257,202 #* Nanometrics, Inc................................. 13,265 206,403 222 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ---------- Information Technology -- (Continued) * NCI, Inc. Class A................................ 686 $ 6,160 * NETGEAR, Inc..................................... 428 13,401 * Newport Corp..................................... 64,756 1,120,926 #* Novatel Wireless, Inc............................ 22,113 41,572 #* OmniVision Technologies, Inc..................... 37,132 831,757 #* Oplink Communications, Inc....................... 38,456 732,971 Optical Cable Corp............................... 10,793 46,518 * PAR Technology Corp.............................. 22,705 88,550 Park Electrochemical Corp........................ 1,642 46,239 PC Connection, Inc............................... 39,267 802,225 PC-Tel, Inc...................................... 33,870 255,380 * PCM, Inc......................................... 10,471 103,663 Perceptron, Inc.................................. 8,428 94,815 * Pericom Semiconductor Corp....................... 37,284 329,218 #* Photronics, Inc.................................. 79,712 635,305 * Planar Systems, Inc.............................. 3,449 9,347 * Plexus Corp...................................... 10,626 417,921 * PMC-Sierra, Inc.................................. 102,988 693,109 * Polycom, Inc..................................... 36,977 474,045 * Qualstar Corp.................................... 12,400 16,244 * Qumu Corp........................................ 800 10,520 #* Radisys Corp..................................... 9,762 31,629 * Rambus, Inc...................................... 1,069 12,304 * RealNetworks, Inc................................ 30,402 228,623 Reis, Inc........................................ 13,511 291,973 # RF Industries, Ltd............................... 2,823 14,962 # Richardson Electronics, Ltd...................... 24,525 244,514 #* Rofin-Sinar Technologies, Inc.................... 4,978 108,670 * Rogers Corp...................................... 7,543 432,666 * Rosetta Stone, Inc............................... 1,466 14,132 #* Rovi Corp........................................ 19,000 444,030 #* Rudolph Technologies, Inc........................ 45,996 423,623 SanDisk Corp..................................... 13,097 1,201,126 * Sanmina Corp..................................... 39,846 928,013 * ScanSource, Inc.................................. 14,745 528,018 # Science Applications International Corp.......... 6,199 258,932 * Seachange International, Inc..................... 39,044 292,440 * ShoreTel, Inc.................................... 3,200 19,776 * Sigma Designs, Inc............................... 11,784 49,964 #* Smith Micro Software, Inc........................ 500 530 * SMTC Corp........................................ 1,200 2,292 * Sonus Networks, Inc.............................. 33,110 116,878 #* Spansion, Inc. Class A........................... 21,173 401,652 #* Speed Commerce, Inc.............................. 336 1,045 * SS&C Technologies Holdings, Inc.................. 25,793 1,117,095 * StarTek, Inc..................................... 27,060 192,397 #* SunEdison, Inc................................... 154,224 3,084,480 #* SunPower Corp.................................... 18,322 672,967 * Super Micro Computer, Inc........................ 5,886 154,037 * support.com, Inc................................. 25,400 60,452 * Sykes Enterprises, Inc........................... 20,292 420,044 #* SYNNEX Corp...................................... 55,900 3,605,550 * Tech Data Corp................................... 82,952 5,208,556 223 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- ------------ Information Technology -- (Continued) * TeleCommunication Systems, Inc. Class A.......... 54,047 $ 170,248 * Telenav, Inc..................................... 9,865 49,029 # Teradyne, Inc.................................... 26,789 488,096 # Tessco Technologies, Inc......................... 8,689 265,015 Tessera Technologies, Inc........................ 48,635 1,235,815 TheStreet, Inc................................... 35,273 85,713 * TriQuint Semiconductor, Inc...................... 59,493 1,069,684 * TSR, Inc......................................... 550 1,722 #* TTM Technologies, Inc............................ 62,635 470,389 United Online, Inc............................... 17,780 190,424 #* Veeco Instruments, Inc........................... 15,978 554,596 #* Viasystems Group, Inc............................ 11,376 111,371 * Vicon Industries, Inc............................ 5,787 13,339 * Video Display Corp............................... 600 1,908 * Virtusa Corp..................................... 30,064 940,402 # Vishay Intertechnology, Inc...................... 228,349 3,363,581 * Vishay Precision Group, Inc...................... 24,277 350,317 * Westell Technologies, Inc. Class A............... 16,329 28,249 Western Digital Corp............................. 212,781 21,241,927 * Xcerra Corp...................................... 20,165 188,543 Xerox Corp....................................... 1,188,277 15,756,553 * XO Group, Inc.................................... 6,284 70,192 * Yahoo!, Inc...................................... 1,048,770 37,556,454 * Zynga, Inc. Class A.............................. 170,882 498,975 ------------ Total Information Technology......................... 347,952,062 ------------ Materials -- (3.1%) A Schulman, Inc.................................. 32,960 1,309,830 Alcoa, Inc....................................... 888,828 14,567,891 Allegheny Technologies, Inc...................... 22,777 857,554 #* AM Castle & Co................................... 36,370 301,144 # Ampco-Pittsburgh Corp............................ 4,007 80,821 Ashland, Inc..................................... 112,560 11,779,404 Axiall Corp...................................... 26,423 1,131,697 Bemis Co., Inc................................... 24,092 939,829 Cabot Corp....................................... 46,280 2,424,609 * Century Aluminum Co.............................. 15,822 297,454 #* Chemtura Corp.................................... 49,368 1,148,300 * Clearwater Paper Corp............................ 16,822 1,137,167 # Cliffs Natural Resources, Inc.................... 35,738 623,628 * Coeur Mining, Inc................................ 128,160 999,648 Commercial Metals Co............................. 85,208 1,468,986 * Continental Materials Corp....................... 100 1,680 * Core Molding Technologies, Inc................... 11,847 156,973 Cytec Industries, Inc............................ 64,700 6,524,995 Domtar Corp...................................... 61,834 2,221,077 Dow Chemical Co. (The)........................... 14,000 714,980 * Ferro Corp....................................... 42,247 529,777 Freeport-McMoRan, Inc............................ 147,916 5,505,434 Friedman Industries, Inc......................... 16,110 140,479 # FutureFuel Corp.................................. 6,104 96,199 * Graphic Packaging Holding Co..................... 154,000 1,848,000 Greif, Inc. Class A.............................. 4,885 245,129 224 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ------- ------------ Materials -- (Continued) * Headwaters, Inc.................................. 23,663 $ 252,957 # Hecla Mining Co.................................. 203,366 642,637 #* Horsehead Holding Corp........................... 49,015 918,051 Huntsman Corp.................................... 50,242 1,308,804 International Paper Co........................... 493,615 23,446,712 # Kaiser Aluminum Corp............................. 27,181 2,098,917 * KapStone Paper and Packaging Corp................ 80,984 2,408,464 * Kraton Performance Polymers, Inc................. 5,435 112,015 # Kronos Worldwide, Inc............................ 4,331 64,575 #* Landec Corp...................................... 37,056 452,454 #* Louisiana-Pacific Corp........................... 173,457 2,348,608 LyondellBasell Industries NV Class A............. 71,793 7,628,006 Martin Marietta Materials, Inc................... 23,633 2,935,928 Materion Corp.................................... 18,497 597,638 MeadWestvaco Corp................................ 188,451 7,877,252 * Mercer International, Inc........................ 21,725 216,381 Minerals Technologies, Inc....................... 34,280 1,990,640 Myers Industries, Inc............................ 64,720 1,196,026 Neenah Paper, Inc................................ 7,684 381,280 * Northern Technologies International Corp......... 3,035 61,610 Nucor Corp....................................... 83,945 4,215,718 # Olin Corp........................................ 62,261 1,654,275 # Olympic Steel, Inc............................... 9,986 218,993 # OM Group, Inc.................................... 42,299 1,195,793 * Penford Corp..................................... 26,122 320,778 PH Glatfelter Co................................. 50,600 1,204,280 # PolyOne Corp..................................... 8,983 340,905 Reliance Steel & Aluminum Co..................... 93,801 6,401,918 * Resolute Forest Products, Inc.................... 1,817 27,964 Rock-Tenn Co. Class A............................ 26,305 2,615,506 * RTI International Metals, Inc.................... 50,032 1,243,796 # Schnitzer Steel Industries, Inc. Class A......... 14,397 384,544 Sensient Technologies Corp....................... 38,101 2,000,302 Steel Dynamics, Inc.............................. 94,919 2,013,232 #* Stillwater Mining Co............................. 59,549 1,065,927 * SunCoke Energy, Inc.............................. 62,210 1,420,254 # Synalloy Corp.................................... 5,144 86,111 Tredegar Corp.................................... 40,177 785,059 Tronox, Ltd. Class A............................. 1,600 42,464 #* Universal Stainless & Alloy Products, Inc........ 9,093 262,151 Vulcan Materials Co.............................. 58,246 3,677,070 Wausau Paper Corp................................ 13,070 131,615 Westlake Chemical Corp........................... 158,152 13,820,903 Worthington Industries, Inc...................... 47,320 1,809,990 ------------ Total Materials...................................... 160,931,188 ------------ Other -- (0.0%) o* Gerber Scientific, Inc. Escrow Shares............ 47,409 -- 225 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ --------- -------------- Other -- (Continued) o* Petrocorp, Inc. Escrow Shares.................... 900 $ -- -------------- Total Other........................................... -- -------------- Real Estate Investment Trusts -- (0.0%) Geo Group, Inc. (The)............................ 5,052 173,839 -------------- Telecommunication Services -- (4.2%) AT&T, Inc........................................ 4,065,906 144,705,595 # Atlantic Tele-Network, Inc....................... 84 4,915 # CenturyLink, Inc................................. 510,163 20,018,796 # Frontier Communications Corp..................... 696,949 4,565,016 * General Communication, Inc. Class A.............. 45,867 506,372 #* Iridium Communications, Inc...................... 14,800 121,064 Lumos Networks Corp.............................. 500 7,670 #* ORBCOMM, Inc..................................... 44,499 279,454 #* Premiere Global Services, Inc.................... 2,000 26,200 # Shenandoah Telecommunications Co................. 3,026 83,850 Spok Holdings, Inc............................... 12,522 187,454 * Sprint Corp...................................... 824,326 6,058,796 * T-Mobile US, Inc................................. 113,786 3,748,111 Telephone & Data Systems, Inc.................... 154,629 3,865,725 #* United States Cellular Corp...................... 33,568 1,312,173 Verizon Communications, Inc...................... 644,888 32,515,253 * Vonage Holdings Corp............................. 85,934 299,050 -------------- Total Telecommunication Services...................... 218,305,494 -------------- Utilities -- (0.3%) * Calpine Corp..................................... 62,921 1,386,778 Consolidated Water Co., Ltd...................... 6,656 69,156 #* Genie Energy, Ltd. Class B....................... 5,000 34,650 NRG Energy, Inc.................................. 367,799 11,387,057 # Ormat Technologies, Inc.......................... 20,134 519,256 SJW Corp......................................... 6,569 176,115 UGI Corp......................................... 52,659 2,556,068 -------------- Total Utilities....................................... 16,129,080 -------------- TOTAL COMMON STOCKS................................... 4,960,143,417 -------------- RIGHTS/WARRANTS -- (0.0%) o* Leap Wireless International, Inc. Contingent Value Rights................................... 8,393 21,150 o#* Magnum Hunter Resources Corp. Warrants 04/15/16.. 8,220 -- 226 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED SHARES VALUE+ ---------- -------------- o#* Unity Bancorp, Inc. Rights 08/08/14..... 3,306 $ 232 -------------- TOTAL RIGHTS/WARRANTS......................... 21,382 -------------- TEMPORARY CASH INVESTMENTS -- (0.2%) State Street Institutional Liquid Reserves, 0.068%...................... 13,008,390 13,008,390 -------------- SHARES/ FACE AMOUNT (000) ---------- SECURITIES LENDING COLLATERAL -- (4.9%) (S)@ DFA Short Term Investment Fund.......... 22,022,778 254,803,537 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $2,994,378,783)^^..................... $5,227,976,726 ============== 227 THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED Summary of the Series' investments as of July 31, 2014, based on their valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE) -------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL -------------- ------------ ------- -------------- Common Stocks Consumer Discretionary........ $ 894,607,545 -- -- $ 894,607,545 Consumer Staples.............. 348,686,611 -- -- 348,686,611 Energy........................ 876,236,860 -- -- 876,236,860 Financials.................... 918,532,352 $ 27,669 -- 918,560,021 Health Care................... 490,537,165 -- -- 490,537,165 Industrials................... 688,023,340 212 -- 688,023,552 Information Technology........ 347,952,062 -- -- 347,952,062 Materials..................... 160,931,188 -- -- 160,931,188 Other......................... -- -- -- -- Real Estate Investment Trusts. 173,839 -- -- 173,839 Telecommunication Services.... 218,305,494 -- -- 218,305,494 Utilities..................... 16,129,080 -- -- 16,129,080 Rights/Warrants.................. -- 21,382 -- 21,382 Temporary Cash Investments....... 13,008,390 -- -- 13,008,390 Securities Lending Collateral.... -- 254,803,537 -- 254,803,537 -------------- ------------ -- -------------- TOTAL............................ $4,973,123,926 $254,852,800 -- $5,227,976,726 ============== ============ == ==============
228 -------------------------------------------------------------------------------- THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments July 31, 2014 (Unaudited) --------------------------------------------------------------------------------
Security Description Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- ------------ CORPORATE BONDS - 2.0% (r)Berkshire Hathaway, Inc................. 0.92% 08/15/14 86,165,000 86,163,880 (r)General Electric Capital Corp........... 0.49% 09/15/14 37,663,000 37,665,109 (r)General Electric Capital Corp........... 1.08% 05/28/15 100,000,000 100,699,300 (r)Toronto Dominion Bank NY................ 0.40% 05/01/15 130,527,000 130,681,413 (r)Toyota Motor Credit Corp................ 0.23% 08/04/14 12,000,000 12,000,000 (r)Toyota Motor Credit Corp................ 0.23% 01/14/15 90,000,000 89,992,260 ----------- ----------- TOTAL CORPORATE BONDS (Cost $457,288,962).. 456,355,000 457,201,962 ----------- ----------- YANKEE BONDS - 1.3% National Australia Bank Ltd................ 3.75% 03/02/15 50,000,000 50,956,150 (r)Rabobank Nederland NV NY................ 0.28% 02/25/15 100,000,000 100,005,000 (r)Rabobank Nederland NV NY................ 0.27% 03/16/15 100,000,000 99,992,900 (r)Royal Bank of Canada NY................. 0.94% 10/30/14 34,647,000 34,700,149 ----------- ----------- TOTAL YANKEE BONDS (Cost $285,708,935)..... 284,647,000 285,654,199 ----------- ----------- COMMERCIAL PAPER - 63.5% (y)++ANZ National International Ltd........ 0.16% 08/07/14 100,000,000 99,999,220 (y)++ANZ National International Ltd........ 0.20% 10/16/14 100,000,000 99,963,140 (y)++ANZ National International Ltd........ 0.20% 11/07/14 49,450,000 49,423,346 (y)++ANZ National International Ltd........ 0.19% 11/26/14 95,250,000 95,184,954 (y)++ANZ National International Ltd........ 0.21% 01/07/15 93,000,000 92,906,451 (y)++ANZ National International Ltd........ 0.20% 01/20/15 80,000,000 79,909,400 (y)++ASB Finance Ltd. London............... 0.21% 08/26/14 100,000,000 99,993,070 (y)++Australia & New Zealand Banking Group. 0.12% 09/05/14 9,200,000 9,198,878 (y)++Bank Nederlandse Gemeenten NV......... 0.14% 08/05/14 90,000,000 89,999,100 (y)++Bank Nederlandse Gemeenten NV......... 0.16% 08/06/14 115,000,000 114,998,850 (y)++Bank Nederlandse Gemeenten NV......... 0.21% 08/07/14 100,000,000 99,999,000 (y)++Bank Nederlandse Gemeenten NV......... 0.18% 10/10/14 34,000,000 33,989,460 (y)++Bank Nederlandse Gemeenten NV......... 0.13% 10/24/14 70,000,000 69,972,700 (y)++Bank Nederlandse Gemeenten NV......... 0.20% 11/10/14 100,000,000 99,950,000 (y)++Bank Nederlandse Gemeenten NV......... 0.25% 11/21/14 50,000,000 49,971,000 (y)++Bank Nederlandse Gemeenten NV......... 0.19% 12/10/14 100,000,000 99,929,000 (y)Banque et Caisse d'Epargne de I'Etat.... 0.11% 08/01/14 75,000,000 74,999,858 (y)Banque et Caisse d'Epargne de I'Etat.... 0.11% 08/06/14 50,000,000 49,999,415 (y)Banque et Caisse d'Epargne de I'Etat.... 0.13% 08/11/14 50,000,000 49,998,855 (y)Banque et Caisse d'Epargne de I'Etat.... 0.15% 09/18/14 25,000,000 24,995,748 (y)Banque et Caisse d'Epargne de I'Etat.... 0.17% 10/01/14 100,000,000 99,975,720 (y)Banque et Caisse d'Epargne de I'Etat.... 0.18% 10/06/14 117,700,000 117,668,233 (y)Banque et Caisse d'Epargne de I'Etat.... 0.16% 10/14/14 80,000,000 79,975,000 (y)Banque et Caisse d'Epargne de I'Etat.... 0.18% 10/27/14 100,000,000 99,961,130 (y)Banque et Caisse d'Epargne de I'Etat.... 0.18% 11/24/14 54,000,000 53,966,072 (y)Banque et Caisse d'Epargne de I'Etat.... 0.21% 12/02/14 50,000,000 49,964,865 (y)++Basin Electric Power Cooperative...... 0.10% 10/27/14 10,000,000 9,995,400 (y)++Basin Electric Power Cooperative...... 0.17% 12/02/14 10,000,000 9,991,940 (y)++BNZ International Funding............. 0.16% 09/22/14 14,500,000 14,496,250 (y)++BNZ International Funding............. 0.15% 10/02/14 100,000,000 99,968,330 (y)++BNZ International Funding............. 0.16% 10/23/14 75,000,000 74,967,098 (y)++Caisse des Depots et Consignations.... 0.16% 08/18/14 100,000,000 99,994,750 (y)++Caisse des Depots et Consignations.... 0.14% 08/22/14 47,500,000 47,496,780 (y)++Caisse des Depots et Consignations.... 0.16% 08/28/14 50,000,000 49,995,410 (y)++Caisse des Depots et Consignations.... 0.14% 09/04/14 100,000,000 99,987,650 (y)++Caisse des Depots et Consignations.... 0.15% 09/05/14 50,000,000 49,993,600 (y)++Caisse des Depots et Consignations.... 0.15% 09/09/14 20,000,000 19,997,044 (y)++Caisse des Depots et Consignations.... 0.16% 10/09/14 1,500,000 1,499,513 (y)++Caisse des Depots et Consignations.... 0.17% 10/17/14 82,200,000 82,169,364 (y)++Caisse des Depots et Consignations.... 0.16% 10/23/14 75,000,000 74,969,198 (y)++Caisse des Depots et Consignations.... 0.15% 10/24/14 60,000,000 59,974,926 (y)++Caisse des Depots et Consignations.... 0.23% 02/17/15 100,000,000 99,879,000
See Notes to Schedule of Investments. 229 -------------------------------------------------------------------------------- THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (continued) July 31, 2014 (Unaudited) --------------------------------------------------------------------------------
Security Description Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- ------------ COMMERCIAL PAPER - 63.5% (CONTINUED) (y)++Coca-Cola Co................... 0.17% 08/06/14 70,750,000 70,749,293 (y)++Coca-Cola Co................... 0.12% 08/20/14 50,000,000 49,998,110 (y)++Coca-Cola Co................... 0.07% 08/22/14 42,350,000 42,348,187 (y)++Coca-Cola Co................... 0.18% 09/08/14 50,000,000 49,995,885 (y)++Coca-Cola Co................... 0.13% 09/10/14 51,100,000 51,095,519 (y)++Coca-Cola Co................... 0.10% 09/11/14 140,000,000 139,987,260 (y)++Coca-Cola Co................... 0.14% 09/18/14 100,000,000 99,988,020 (y)++Coca-Cola Co................... 0.10% 09/19/14 50,000,000 49,993,750 (y)++Coca-Cola Co................... 0.09% 10/07/14 50,000,000 49,989,140 (y)++Coca-Cola Co................... 0.15% 11/19/14 80,000,000 79,966,208 (y)++Coca-Cola Co................... 0.14% 12/04/14 18,000,000 17,990,928 (y)++Commonwealth Bank of Australia. 0.14% 09/02/14 30,000,000 29,997,636 (y)++CPPIB Capital, Inc............. 0.18% 08/06/14 40,000,000 39,999,532 (y)++CPPIB Capital, Inc............. 0.14% 08/07/14 100,000,000 99,998,640 (y)++CPPIB Capital, Inc............. 0.14% 08/13/14 125,000,000 124,996,813 (y)++CPPIB Capital, Inc............. 0.14% 09/03/14 47,000,000 46,994,661 (y)++CPPIB Capital, Inc............. 0.14% 09/04/14 15,000,000 14,998,197 (y)++CPPIB Capital, Inc............. 0.14% 09/05/14 9,000,000 8,998,866 (y)++CPPIB Capital, Inc............. 0.16% 10/01/14 30,000,000 29,991,681 (y)++CPPIB Capital, Inc............. 0.13% 10/09/14 75,000,000 74,975,648 (y)++CPPIB Capital, Inc............. 0.14% 10/16/14 30,000,000 29,989,029 (y)++CPPIB Capital, Inc............. 0.14% 10/22/14 80,000,000 79,968,000 (y)++CPPIB Capital, Inc............. 0.17% 11/05/14 50,000,000 49,975,480 (y)++DBS Bank Ltd................... 0.22% 08/19/14 145,000,000 144,993,344 (y)++DBS Bank Ltd................... 0.22% 08/26/14 27,690,000 27,688,081 (y)++DBS Bank Ltd................... 0.23% 09/02/14 10,500,000 10,498,950 (y)++DBS Bank Ltd................... 0.23% 09/04/14 44,830,000 44,825,338 (y)++DBS Bank Ltd................... 0.23% 09/08/14 100,000,000 99,987,870 (y)++DBS Bank Ltd................... 0.23% 10/23/14 100,000,000 99,963,600 (y)++DBS Bank Ltd................... 0.23% 01/15/15 16,465,000 16,445,484 (y)++DBS Bank Ltd................... 0.23% 01/29/15 50,000,000 49,931,245 (y)++DuPont Ei de Nemours Co........ 0.08% 08/04/14 46,000,000 45,999,540 (y)++eBay, Inc...................... 0.11% 08/12/14 85,300,000 85,298,294 (y)++Emerson Electric Co............ 0.10% 08/06/14 38,000,000 37,999,620 (y)General Electric Capital Corp.... 0.20% 08/07/14 60,000,000 59,999,532 (y)General Electric Capital Corp.... 0.15% 08/14/14 100,000,000 99,998,440 (y)General Electric Capital Corp.... 0.14% 08/26/14 75,000,000 74,997,750 (y)General Electric Capital Corp.... 0.17% 09/08/14 175,000,000 174,991,249 (y)General Electric Capital Corp.... 0.17% 09/22/14 100,000,000 99,991,000 (y)++Google, Inc.................... 0.12% 10/07/14 70,000,000 69,988,800 (y)++Hydro-Quebec................... 0.08% 08/01/14 28,000,000 27,999,947 (y)++Hydro-Quebec................... 0.09% 08/12/14 20,000,000 19,999,400 (y)++Hydro-Quebec................... 0.08% 08/15/14 25,000,000 24,999,250 (y)++Hydro-Quebec................... 0.10% 08/27/14 23,000,000 22,998,390 (y)++Hydro-Quebec................... 0.09% 09/15/14 50,000,000 49,992,500 (y)++Hydro-Quebec................... 0.09% 09/25/14 11,800,000 11,797,522 (y)++Hydro-Quebec................... 0.10% 10/03/14 10,000,000 9,997,500 (y)++Hydro-Quebec................... 0.10% 10/08/14 90,000,000 89,974,800 (y)Intel Corp....................... 0.10% 09/16/14 100,000,000 99,984,000 (y)++Kimberly-Clark Worldwide....... 0.07% 08/18/14 23,000,000 22,999,310 (y)++Kimberly-Clark Worldwide....... 0.08% 09/08/14 30,000,000 29,997,600 (y)++Koch Resources LLC............. 0.10% 08/13/14 88,900,000 88,897,333 (y)++Koch Resources LLC............. 0.11% 08/18/14 65,000,000 64,997,400 (y)++Koch Resources LLC............. 0.12% 08/21/14 100,000,000 99,995,000 (y)++Koch Resources LLC............. 0.13% 09/04/14 65,000,000 64,993,500 (y)++Koch Resources LLC............. 0.13% 09/12/14 25,000,000 24,996,500 (y)++Koch Resources LLC............. 0.13% 09/19/14 50,000,000 49,991,180 (y)++Koch Resources LLC............. 0.14% 10/16/14 50,000,000 49,984,000 (y)++Kreditanstalt Fur Wiederaufbau. 0.06% 08/01/14 140,000,000 140,000,000 (y)++Kreditanstalt Fur Wiederaufbau. 0.11% 08/04/14 25,000,000 24,999,750 (y)++Kreditanstalt Fur Wiederaufbau. 0.11% 10/23/14 100,000,000 99,975,000
See Notes to Schedule of Investments. 230 -------------------------------------------------------------------------------- THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (continued) July 31, 2014 (Unaudited) --------------------------------------------------------------------------------
Security Description Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- ------------ COMMERCIAL PAPER - 63.5% (CONTINUED) (y)++Kreditanstalt Fur Wiederaufbau................... 0.11% 12/17/14 96,000,000 95,955,840 (y)++L'Oreal USA, Inc................................. 0.06% 08/07/14 40,000,000 39,999,600 (y)++National Australia Funding....................... 0.19% 08/13/14 100,000,000 99,998,000 (y)++National Australia Funding....................... 0.16% 11/20/14 75,000,000 74,962,500 (y)++National Australia Funding....................... 0.20% 01/09/15 50,000,000 49,957,500 (y)National Rural Utilities Cooperative Finance Corp.. 0.09% 08/04/14 66,000,000 65,999,340 (y)National Rural Utilities Cooperative Finance Corp.. 0.10% 08/18/14 15,000,000 14,999,100 (y)National Rural Utilities Cooperative Finance Corp.. 0.09% 08/20/14 47,000,000 46,996,710 (y)++Nederlandse Waterschaps.......................... 0.14% 08/06/14 100,000,000 99,999,000 (y)++Nederlandse Waterschaps.......................... 0.15% 08/18/14 94,000,000 93,997,180 (y)++Nederlandse Waterschaps.......................... 0.14% 09/22/14 100,000,000 99,979,000 (y)++Nederlandse Waterschaps.......................... 0.16% 10/22/14 100,000,000 99,962,000 (y)++Nederlandse Waterschaps.......................... 0.17% 11/21/14 15,000,000 14,992,050 (y)++Nestle Capital Corp.............................. 0.16% 08/11/14 98,500,000 98,499,015 (y)Nestle Finance International Ltd................... 0.09% 09/08/14 4,750,000 4,749,620 (y)Nestle Finance International Ltd................... 0.10% 10/06/14 100,000,000 99,983,000 (y)++Nordea North America, Inc........................ 0.18% 08/01/14 59,600,000 59,600,000 (y)++Nordea North America, Inc........................ 0.20% 08/21/14 80,000,000 79,996,000 (y)++Nordea North America, Inc........................ 0.21% 08/22/14 100,000,000 99,994,000 (y)++Nordea North America, Inc........................ 0.17% 09/05/14 25,000,000 24,997,250 (y)++Nordea North America, Inc........................ 0.15% 09/08/14 75,000,000 74,991,000 (y)++Nordea North America, Inc........................ 0.18% 10/23/14 100,000,000 99,964,000 (y)++Nordea North America, Inc........................ 0.22% 11/03/14 50,000,000 49,978,000 (y)++Nordea North America, Inc........................ 0.18% 11/06/14 50,000,000 49,976,500 (y)++Nordea North America, Inc........................ 0.21% 12/01/14 15,000,000 14,989,650 (y)++NRW Bank AG...................................... 0.08% 08/05/14 50,000,000 49,999,500 (y)++NRW Bank AG...................................... 0.10% 08/07/14 100,000,000 99,999,000 (y)++NRW Bank AG...................................... 0.13% 08/14/14 100,000,000 99,997,000 (y)++NRW Bank AG...................................... 0.13% 08/18/14 75,000,000 74,997,000 (y)++NRW Bank AG...................................... 0.17% 11/05/14 100,000,000 99,954,000 (y)++NRW Bank AG...................................... 0.18% 12/15/14 100,000,000 99,917,000 (y)Oesterreich Kontrollbank AG........................ 0.07% 08/18/14 47,750,000 47,748,090 (y)Oesterreich Kontrollbank AG........................ 0.17% 08/21/14 82,500,000 82,495,875 (y)Oesterreich Kontrollbank AG........................ 0.10% 08/27/14 75,000,000 74,994,750 (y)Oesterreich Kontrollbank AG........................ 0.16% 09/22/14 100,000,000 99,981,000 (y)++Old Line Funding LLC............................. 0.15% 09/15/14 59,000,000 58,995,870 (y)++Old Line Funding LLC............................. 0.15% 09/18/14 35,018,000 35,015,549 (y)Oversea-Chinese Banking Corp. Ltd.................. 0.23% 08/19/14 85,000,000 84,994,900 (y)Oversea-Chinese Banking Corp. Ltd.................. 0.21% 08/21/14 40,000,000 39,997,600 (y)Oversea-Chinese Banking Corp. Ltd.................. 0.18% 10/23/14 50,000,000 49,980,500 (y)++Procter & Gamble Co.............................. 0.09% 08/08/14 75,000,000 74,999,250 (y)++Procter & Gamble Co.............................. 0.10% 08/13/14 35,000,000 34,999,650 (y)++Procter & Gamble Co.............................. 0.10% 09/22/14 100,000,000 99,990,000 (y)++Procter & Gamble Co.............................. 0.14% 10/01/14 100,000,000 99,986,000 (y)++Procter & Gamble Co.............................. 0.12% 11/12/14 50,000,000 49,985,000 (y)Province of Ontario................................ 0.09% 08/05/14 78,000,000 77,999,220 (y)Province of Ontario................................ 0.09% 08/07/14 50,000,000 49,999,500 (y)Province of Ontario................................ 0.10% 08/13/14 175,000,000 174,998,249 (y)Province of Ontario................................ 0.10% 08/15/14 25,000,000 24,999,500 (y)Province of Ontario................................ 0.10% 08/18/14 75,000,000 74,998,500 (y)Province of Ontario................................ 0.12% 08/22/14 100,000,000 99,996,000 (y)Province of Ontario................................ 0.09% 08/27/14 12,000,000 11,999,280 (y)Province of Ontario................................ 0.09% 12/11/14 100,000,000 99,961,000 (y)++Province of Quebec............................... 0.10% 08/01/14 100,000,000 100,000,000 (y)++Province of Quebec............................... 0.08% 08/05/14 100,000,000 99,999,000 (y)++Province of Quebec............................... 0.10% 08/07/14 48,000,000 47,999,520 (y)++Province of Quebec............................... 0.10% 08/08/14 15,000,000 14,999,700 (y)++Province of Quebec............................... 0.09% 08/11/14 160,000,000 159,996,799 (y)++Province of Quebec............................... 0.09% 10/15/14 50,000,000 49,984,060 (y)++Roche Holdings, Inc.............................. 0.08% 09/17/14 50,000,000 49,991,500 (y)++Sanofi-Aventis................................... 0.13% 09/05/14 100,000,000 99,996,000
See Notes to Schedule of Investments. 231 -------------------------------------------------------------------------------- THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (continued) July 31, 2014 (Unaudited) --------------------------------------------------------------------------------
Security Description Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- -------------- -------------- COMMERCIAL PAPER - 63.5% (CONTINUED) (y)++Sanofi-Aventis........................... 0.11% 09/15/14 53,250,000 53,246,273 (y)++Sanofi-Aventis........................... 0.12% 09/19/14 94,500,000 94,492,440 (y)++Sanofi-Aventis........................... 0.10% 09/26/14 100,000,000 99,988,000 (y)++Siemens Capital Co. LLC.................. 0.07% 08/22/14 71,000,000 70,944,620 (y)++Siemens Capital Co. LLC.................. 0.07% 08/28/14 20,000,000 19,998,400 (y)++Siemens Capital Co. LLC.................. 0.12% 09/19/14 92,000,000 91,983,440 (y)++Standard Chartered Bank PLC.............. 0.17% 08/04/14 77,050,000 77,049,230 (y)++Standard Chartered Bank PLC.............. 0.18% 08/08/14 18,900,000 18,899,622 (y)++Standard Chartered Bank PLC.............. 0.18% 08/18/14 75,000,000 74,997,000 (y)++Standard Chartered Bank PLC.............. 0.19% 08/20/14 137,500,000 137,494,500 (y)++Standard Chartered Bank PLC.............. 0.19% 08/22/14 34,000,000 33,998,300 (y)++Standard Chartered Bank PLC.............. 0.19% 09/02/14 50,400,000 50,395,968 (y)++Standard Chartered Bank PLC.............. 0.18% 09/11/14 75,000,000 74,990,250 (y)++Standard Chartered Bank PLC.............. 0.17% 09/24/14 100,000,000 99,978,000 (y)++Standard Chartered Bank PLC.............. 0.18% 10/20/14 50,000,000 49,979,000 (y)++Standard Chartered Bank PLC.............. 0.18% 10/21/14 75,000,000 74,967,750 (y)++Standard Chartered Bank PLC.............. 0.18% 10/22/14 8,000,000 7,996,480 (y)++Svenska Handelsbanken, Inc............... 0.15% 08/04/14 35,000,000 34,999,650 (y)++Svenska Handelsbanken, Inc............... 0.16% 08/06/14 50,000,000 49,999,500 (y)++Svenska Handelsbanken, Inc............... 0.21% 09/10/14 40,000,000 39,994,000 (y)++Svenska Handelsbanken, Inc............... 0.18% 09/22/14 30,000,000 29,993,400 (y)++Svenska Handelsbanken, Inc............... 0.20% 10/21/14 100,000,000 99,960,000 (y)++Svenska Handelsbanken, Inc............... 0.20% 10/22/14 50,000,000 49,980,000 (y)++Svenska Handelsbanken, Inc............... 0.20% 10/29/14 100,000,000 99,955,000 (y)++Svenska Handelsbanken, Inc............... 0.20% 12/12/14 43,800,000 43,767,588 (y)++Svenska Handelsbanken, Inc............... 0.20% 01/15/15 25,000,000 24,970,250 (y)++Toronto Dominion Holdings................ 0.15% 10/02/14 50,000,000 49,987,500 (y)++Toronto Dominion Holdings................ 0.19% 10/23/14 50,000,000 49,982,500 (y)++Toronto Dominion Holdings................ 0.19% 11/07/14 65,000,000 64,973,350 (y)++Toronto Dominion Holdings................ 0.19% 11/13/14 100,000,000 99,956,000 (y)++Total Capital Canada Ltd................. 0.09% 08/18/14 205,000,000 204,991,799 (y)++Total Capital Canada Ltd................. 0.10% 09/24/14 30,000,000 29,994,000 (y)++Total Capital SA......................... 0.02% 08/01/14 300,000,000 299,999,429 (y)Toyota Motor Credit Corp................... 0.13% 08/14/14 100,000,000 99,998,000 (y)Toyota Motor Credit Corp................... 0.12% 10/01/14 50,000,000 49,992,000 (y)Toyota Motor Credit Corp................... 0.13% 10/09/14 100,000,000 99,981,000 (y)Toyota Motor Credit Corp................... 0.12% 10/23/14 100,000,000 99,975,000 (y)Toyota Motor Credit Corp................... 0.14% 12/02/14 50,000,000 49,975,500 (y)Toyota Motor Credit Corp................... 0.21% 01/21/15 150,000,000 149,873,999 (y)++United Overseas Bank..................... 0.23% 09/10/14 75,000,000 74,990,250 (y)++United Overseas Bank..................... 0.21% 10/06/14 15,000,000 14,995,950 (y)++United Overseas Bank..................... 0.18% 10/20/14 75,000,000 74,973,750 (y)++United Overseas Bank..................... 0.23% 10/23/14 100,000,000 99,964,000 (y)++United Overseas Bank..................... 0.22% 01/22/15 50,000,000 49,936,000 (y)Wells Fargo & Co........................... 0.14% 10/09/14 49,000,000 48,987,260 (y)++Westpac Securities NZ Ltd................ 0.15% 08/20/14 45,000,000 44,998,200 (y)++Westpac Securities NZ Ltd................ 0.17% 09/15/14 58,989,000 58,981,331 (y)++Westpac Securities NZ Ltd................ 0.20% 09/26/14 21,150,000 21,146,616 (y)++Westpac Securities NZ Ltd................ 0.20% 11/12/14 50,000,000 49,979,000 (y)++Westpac Securities NZ Ltd................ 0.21% 01/12/15 25,000,000 24,973,750 -------------- -------------- TOTAL COMMERCIAL PAPER (Cost $14,449,267,248). 14,452,642,000 14,449,509,282 -------------- -------------- YANKEE CERTIFICATES OF DEPOSIT - 10.5% (r)Australia & New Zealand Banking Group...... 0.48% 01/29/15 2,000,000 2,002,796 (r)National Australia Bank NY................. 0.23% 08/14/14 100,000,000 100,002,000 (r)National Australia Bank NY................. 0.22% 10/23/14 125,000,000 125,009,000 Nordea Bank Finland NY........................ 0.19% 08/11/14 50,000,000 50,001,350 (r)Nordea Bank Finland NY..................... 0.35% 07/17/15 17,750,000 17,753,373 (r)Rabobank Nederland NV NY................... 0.24% 10/03/14 75,000,000 75,001,350 (r)Rabobank Nederland NV NY................... 0.28% 12/01/14 75,000,000 75,007,275 (r)Rabobank Nederland NV NY................... 0.27% 05/06/15 75,000,000 74,988,675 (r)Rabobank Nederland NV NY................... 0.28% 06/12/15 100,000,000 99,982,000
See Notes to Schedule of Investments. 232 -------------------------------------------------------------------------------- THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (continued) July 31, 2014 (Unaudited) --------------------------------------------------------------------------------
Security Description Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- ------------- YANKEE CERTIFICATES OF DEPOSIT - 10.5% (CONTINUED) (r)Rabobank Nederland NV NY.................................................. 0.31% 07/06/15 125,000,000 124,976,125 (r)Royal Bank of Canada NY................................................... 0.46% 01/06/15 220,450,000 220,687,204 (r)Royal Bank of Canada NY................................................... 0.24% 02/20/15 100,000,000 99,994,400 (r)Royal Bank of Canada NY................................................... 0.23% 02/23/15 100,000,000 99,994,700 (r)Royal Bank of Canada NY................................................... 0.23% 03/27/15 20,000,000 19,998,660 (r)Royal Bank of Canada NY................................................... 0.23% 06/18/15 100,000,000 99,982,500 (r)Royal Bank of Canada NY................................................... 0.22% 06/26/15 100,000,000 99,990,800 Svenska Handelsbanken NY..................................................... 0.22% 08/25/14 105,000,000 105,007,350 (r)Svenska Handelsbanken NY.................................................. 0.41% 10/06/14 32,000,000 32,007,616 Svenska Handelsbanken NY..................................................... 0.19% 12/01/14 75,000,000 74,970,750 (r)Toronto Dominion Bank NY.................................................. 0.22% 11/18/14 100,000,000 100,005,900 (r)Toronto Dominion Bank NY.................................................. 0.23% 06/08/15 100,000,000 99,983,200 (r)Toronto Dominion Bank NY.................................................. 0.22% 06/16/15 100,000,000 99,982,600 (r)Westpac Banking Corp...................................................... 0.24% 08/15/14 100,000,000 100,003,000 (r)Westpac Banking Corp...................................................... 0.23% 08/28/14 100,000,000 100,005,000 (r)Westpac Banking Corp...................................................... 0.23% 03/19/15 200,000,000 200,061,800 (r)Westpac Banking Corp...................................................... 0.23% 04/02/15 100,000,000 99,985,400 ------------- ------------- TOTAL YANKEE CERTIFICATES OF DEPOSIT (Cost $2,397,491,328)................... 2,397,200,000 2,397,384,824 ------------- ------------- GOVERNMENT BOND - 0.2% Province of Ontario.......................................................... 2.95% 02/05/15 36,100,000 36,589,697 ------------- ------------- TOTAL GOVERNMENT BOND (Cost $36,608,843)..................................... 36,100,000 36,589,697 ------------- ------------- U.S. GOVERNMENT AGENCY SECURITIES - 6.1% (y)Federal Home Loan Bank.................................................... 0.06% 08/06/14 100,000,000 99,999,600 (y)Federal Home Loan Bank.................................................... 0.06% 08/08/14 100,000,000 99,999,400 (y)Federal Home Loan Bank.................................................... 0.07% 08/12/14 100,000,000 99,999,100 (y)Federal Home Loan Bank.................................................... 0.06% 08/22/14 30,000,000 29,999,490 (y)Federal Home Loan Bank.................................................... 0.07% 08/27/14 200,000,000 199,995,800 (y)Federal Home Loan Bank.................................................... 0.03% 09/03/14 100,000,000 99,996,900 (y)Federal Home Loan Bank.................................................... 0.07% 09/10/14 159,800,000 159,793,928 (y)Federal Home Loan Bank.................................................... 0.08% 09/19/14 100,000,000 99,995,400 (y)Federal Home Loan Bank.................................................... 0.08% 09/22/14 100,000,000 99,995,100 (y)Federal Home Loan Bank.................................................... 0.09% 10/17/14 100,000,000 99,988,200 (y)Federal Home Loan Bank.................................................... 0.09% 10/24/14 98,975,000 98,962,331 (y)Federal Home Loan Mortgage Corp........................................... 0.05% 08/19/14 100,000,000 99,998,600 (y)Federal Home Loan Mortgage Corp........................................... 0.05% 08/26/14 100,000,000 99,998,000 ------------- ------------- TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,388,676,006)...................................................... 1,388,775,000 1,388,721,849 ------------- ------------- REPURCHASE AGREEMENTS - 13.4% Bank of America Corp. (Purchased on 07/31/14, Proceeds at maturity $100,000,222 collateralized by U.S. Treasury Securities, 0.00% - 0.38%, 11/15/15 - 11/15/22, market value $102,000,082)............................ 0.08% 08/01/14 100,000,000 100,000,000 Barclays Capital Group LLC (Purchased on 07/31/14, Proceeds at maturity $700,001,167 collateralized by U.S. Treasury Securities, 0.00% - 4.63%, 10/30/14 - 04/30/21, market value $714,000,093)............................ 0.06% 08/01/14 700,000,000 700,000,000 Deutsche Bank Securities, Inc. (Purchased on 07/31/14, Proceeds at maturity $700,001,750 collateralized by U.S. Treasury Securities, 0.00%, 05/15/18 - 02/15/24, market value $714,000,080)....................................... 0.09% 08/01/14 700,000,000 700,000,000 Deutsche Bank Securities, Inc. (Purchased on 07/31/14, Proceeds at maturity $150,000,375 collateralized by U.S. Government Agency Backed Securities, 1.25% - 2.00%, 11/06/17 - 10/02/19, market value $153,000,724)............. 0.09% 08/01/14 150,000,000 150,000,000 Goldman Sachs & Co. (Purchased on 07/31/14, Proceeds at maturity $200,000,444 collateralized by U.S. Government Agency Backed Securities, 2.50% - 7.50%, 07/20/26-06/20/44, market value $204,000,001)............... 0.08% 08/01/14 200,000,000 200,000,000
See Notes to Schedule of Investments. 233 -------------------------------------------------------------------------------- THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (concluded) July 31, 2014 (Unaudited) --------------------------------------------------------------------------------
Security Description Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- --------------- REPURCHASE AGREEMENTS - 13.4% (CONTINUED) HSBC Securities (USA), Inc. (Purchased on 07/31/14, Proceeds at maturity $300,000,583 collateralized by U.S. Treasury Securities, 0.00% - 11.25%, 08/15/14 - 11/15/22, market value $306,004,658).......................... 0.07% 08/01/14 300,000,000 300,000,000 JPMorgan Securities (Purchased on 07/31/14, Proceeds at maturity $100,000,194 collateralized by U.S. Government Agency Backed Securities, 0.00% - 6.25%, 08/21/14 - 03/15/24, market value $102,000,231)........... 0.07% 08/01/14 100,000,000 100,000,000 RBC Capital Markets LLC (Purchased on 07/31/14, Proceeds at maturity $150,000,250 collateralized by U.S. Treasury Securities, 0.00% - 3.88%, 02/15/15 - 09/30/20, market value $153,000,088).......................... 0.06% 08/01/14 150,000,000 150,000,000 Toronto Dominion Bank NY (Purchased on 07/31/14, Proceeds at maturity $650,001,625 collateralized by U.S. Government Agency Backed Securities and U.S. Treasury Securities, 0.00% - 5.50%, 09/02/14 - 05/15/24, market value $663,000,097)...................................................... 0.09% 08/01/14 650,000,000 650,000,000 ------------- --------------- TOTAL REPURCHASE AGREEMENTS (Cost $3,050,000,000).......................... 3,050,000,000 3,050,000,000 ------------- --------------- U.S. TREASURY OBLIGATIONS - 3.1% (y)U.S. Treasury Bill...................................................... 0.07% 08/21/14 200,000,000 199,998,400 (y)U.S. Treasury Bill...................................................... 0.06% 08/28/14 100,000,000 99,999,200 (y)U.S. Treasury Bill...................................................... 0.08% 09/04/14 100,000,000 99,999,100 (y)U.S. Treasury Bill...................................................... 0.07% 09/11/14 100,000,000 99,998,000 (y)U.S. Treasury Bill...................................................... 0.07% 09/18/14 100,000,000 99,997,700 (y)U.S. Treasury Bill...................................................... 0.06% 09/25/14 100,000,000 99,998,100 ------------- --------------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $699,952,549)........................ 700,000,000 699,990,500 ------------- --------------- TOTAL INVESTMENTS (Cost 22,764,993,871) - 100.0%........................... $22,765,052,313 ===============
AG--Aktiengesellschaft (German & Swiss stock corporation) LLC--Limited Liability Co. NY--New York Shares PLC--Public Limited Company ++ Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund's Advisor has deemed this security to be liquid based upon procedures approved by the Board of Directors/Trustees. The aggregate value of these securities at July 31, 2014 was $11,211,387,922 which represented 49.3% of the total investments of the Fund. (r)The adjustable/variable rate shown is effective as of 07/31/14. (y)The rate shown is the effective yield. Summary of inputs used to value the Fund's investments as of July 31, 2014 is as follows (See Security Valuation Note):
LEVEL 1 LEVEL 2 LEVEL 3 INVESTMENTS IN INVESTMENTS IN INVESTMENTS IN SECURITIES SECURITIES SECURITIES -------------- --------------- -------------- THE DFA SHORT TERM INVESTMENT FUND Corporate Bonds................... $ -- $ 457,201,962 $ -- Yankee Bonds...................... -- 285,654,199 -- Commercial Paper.................. -- 14,449,509,282 -- Yankee Certificates of Deposit.... -- 2,397,384,824 -- Government Bond................... -- 36,589,697 -- U.S. Government Agency Securities. -- 1,388,721,849 -- Repurchase Agreements............. -- 3,050,000,000 -- U.S. Treasury Obligations......... -- 699,990,500 -- ------- --------------- ------- Total Investments............. $ -- $22,765,052,313 $ -- ======= =============== =======
See Notes to Schedule of Investments. 234 ORGANIZATION The DFA Investment Trust Company (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940. The Fund's advisor is Dimensional Fund Advisors LP (the "Advisor"). At July 31, 2014, the Trust consisted of eleven operational portfolios, ten (collectively, the "Series") and one, The DFA Short Term Investment Fund (the "Fund"), which are included in this document. SECURITY VALUATION The Series and the Fund utilize a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below: . Level 1 - inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, futures contracts) . Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) . Level 3 - significant unobservable inputs (including the Series' and the Fund's own assumptions in determining the fair value of investments) Securities held by the Domestic Equity Portfolios (The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series) and the International Equity Portfolios (The DFA International Value Series, The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series, The Canadian Small Company Series, The Emerging Markets Series and The Emerging Markets Small Cap Series), including over-the-counter securities, are valued at the last quoted sale price at the close of the exchanges on which they are principally traded (official closing price). International equity securities are subject to a fair value factor, as described later in this note. Securities held by the Domestic Equity Portfolios and the International Equity Portfolios that are listed on Nasdaq are valued at the Nasdaq Official Closing Price ("NOCP"). If there is no last reported sale price or NOCP for the day, the Domestic Equity Portfolios and the International Equity Portfolios value the securities at the mean of the most recent quoted bid and asked prices which approximate fair value. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end investment companies are valued using their respective net asset values or public offering prices, as appropriate, for purchase orders placed at the close of the New York Stock Exchange (NYSE). These securities are generally categorized as Level 1 in the hierarchy. Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with procedures adopted by the Board of Directors/Trustees. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of the Investment Committee of the Advisor) occur before the net asset value is calculated. When fair value pricing is used, the prices of securities used by the Domestic Equity Portfolios and the International Equity Portfolios may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy. The International Equity Portfolios 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 NYSE. For example, trading in the Japanese securities markets is completed each day at the close of the Tokyo Stock Exchange (normally, 11:00 p.m. PT, the previous day), which is fourteen hours prior to the close of the NYSE (normally, 1:00 p.m. PT) and the time that the net asset values of the International Equity Portfolios are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time International Equity Portfolios price their shares at the close of the NYSE, the International Equity Portfolios will fair value their 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 International Equity Portfolios 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/Trustees of the International Equity Portfolios have 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. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by International Equity Portfolios utilizes data furnished 235 by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When an International Equity Portfolio uses fair value pricing, the values assigned to the foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy. Futures contracts held by the Series are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy. A summary of the inputs used to value the Series' and the Fund's investments by each major security type, industry and/or country is disclosed previously in this note. Valuation hierarchy tables have been included at the end of the Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Series recognizes transfers between the levels as of the end of the period. As of July 31, 2014, The Emerging Markets Series and The Emerging Markets Small Cap Series had significant transfers of securities with a total value of $324,394 and $441,326 (in thousands), respectively, that transferred from Level 2 to Level 1 because fair value procedures were no longer applied. At October 31, 2013, the fair market value of certain securities were adjusted due to developments which occurred between the time of the close of the foreign markets on which they trade and the close of business on the NYSE which resulted in their Level 2 classification. FINANCIAL INSTRUMENTS In accordance with the Series' and the Fund's investment objectives and policies, the Series and 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 Series and the Fund may purchase certain U.S. Government securities 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 with the Series' or 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. 2. FOREIGN MARKET RISKS: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, 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 of America. Consequently, acquisition and disposition of international securities held by the Series may be inhibited. 3. INTEREST RATE AND CREDIT RISKS: The Fund invests primarily in money market instruments maturing in 397 days or less whose ratings are within one of the two highest ratings categories assigned by a nationally recognized statistical rating organization, or, if not rated, are believed by the Advisor to be of comparable quality. The ability of the issuers of the securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry, state or region. The Fund is subject to the risk that the Advisor's security selection and expectations regarding interest rate trends will cause the yields of the Fund to lag the performance of other mutual funds with similar investment objectives or the performance of short-term debt instruments. The emphasis of the Fund on quality and liquidity also could cause the Fund to underperform when compared to other money market funds, particularly those that take greater maturity and credit risks. 236 FEDERAL TAX COST At July 31, 2014, the total cost of securities for federal income tax purposes was: The U.S. Large Cap Value Series.............. $11,498,560,553 The DFA International Value Series........... 8,705,773,246 The Japanese Small Company Series............ 2,592,577,299 The Asia Pacific Small Company Series........ 1,796,643,970 The United Kingdom Small Company Series...... 1,517,257,045 The Continental Small Company Series......... 2,972,976,872 The Canadian Small Company Series............ 1,211,068,584 The Emerging Markets Series.................. 3,209,432,307 The Emerging Markets Small Cap Series........ 4,790,956,920 The Tax-Managed U.S. Marketwide Value Series. 2,995,030,385 The DFA Short Term Investment Fund........... 22,764,993,871
OTHER The Series and the Fund are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company who tendered shares when the Tribune Company went private in 2007 in a leveraged buyout transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on our financial position, our results of operations, or our cash flows, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series have been named as defendants in a multi-district litigation pending in the United States District Court for the Southern District of New York (the "Court"), captioned IN RE TRIBUNE COMPANY FRAUDULENT CONVEYANCE LITIGATION, No. 11-MD-2296-RJS (the "Tribune MDL"). The Tribune MDL arises from the 2007 leveraged buyout of The Tribune Company ("Tribune") (the "LBO") and Tribune's subsequent bankruptcy and reorganization. In connection with the LBO, thousands of Tribune shareholders, including The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series, sold Tribune shares back to Tribune for $34 per share. The Tribune MDL includes a series of lawsuits brought by individual creditors of Tribune (the "Individual Creditor Actions") and a lawsuit brought by a court-appointed trustee on behalf of the committee of unsecured creditors of Tribune (the "Committee Action," and with the Individual Creditor Actions, collectively referred to as the "Lawsuits"). The Lawsuits seek to unwind the LBO stock repurchases as fraudulent transfers and recover the stock repurchase proceeds paid to the Tribune shareholders who participated in the LBO. On September 23, 2013, the Court entered an order dismissing the Individual Creditor Actions in their entirety on the grounds that the individual creditor plaintiffs lack standing to pursue their claims. The Court's dismissal order is on appeal to the Second Circuit. The Committee Action remains pending, and a motion to dismiss on behalf of all shareholder defendants in the Committee Action was filed on May 23, 2014. Briefing on the motion to dismiss will be completed by July 2014, with oral argument on the motion to be held thereafter. The Committee Action is stayed pending the disposition of the motion to dismiss. Litigation counsel to The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series in the Lawsuits do not believe that it is possible, at this early stage in the proceedings, to predict with any reasonable certainty the probable outcome of the Lawsuits or quantify the ultimate exposure to The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series arising from the Lawsuits. Until The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series can do so, no reduction of the net asset values of the U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series will be made relating to the Lawsuits. However, even if the plaintiffs in the Lawsuits were to obtain the full recovery the plaintiffs seek, the amount would be less than 1% of The U.S. Large Cap Value Series' and The Tax-Managed U.S. Marketwide Value Series' net asset values, respectively, at this time. The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series also cannot predict what their size might be at the time the cost of the Lawsuits might be quantifiable and thus potentially deducted from their net asset values. Therefore, at this time, those investors buying or redeeming shares of The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series will pay or receive, as the case may be, a price based on the net asset values of The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series, with no adjustment relating to the Lawsuits. The attorneys' fees and costs relating to the Lawsuits will be taken as expenses by The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series as incurred and in a manner similar to any other expense incurred by The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series. 237 SUBSEQUENT EVENT EVALUATIONS Management has evaluated the impact of all subsequent events on the Series and the Fund and has determined that there are no subsequent events requiring recognition or disclosure in the Schedules of Investments. 238 ITEM 2. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-Q (the "Report"), the Registrant's Principal Executive Officer and Principal Financial Officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effectively designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the filing date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's officers that are making certifications in the Report, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the Principal Executive Officer and the Principal Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. (b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Separate certifications for the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are filed herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. The DFA Investment Trust Company By: /s/ David G. Booth ---------------------------------- David G. Booth Chairman, Trustee, President and Co-Chief Executive Officer Date: September 29, 2014 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 The DFA Investment Trust Company Date: September 29, 2014 By: /s/ David R. Martin ---------------------------------- David R. Martin Principal Financial Officer The DFA Investment Trust Company Date: September 29, 2014