N-Q 1 d358105dnq.txt THE DFA INVESTMENT TRUST COMPANY ================================================================================ 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, President and General Counsel 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: January 31, 2017 ================================================================================ ITEM 1. SCHEDULE OF INVESTMENTS. THE DFA INVESTMENT TRUST COMPANY FORM N-Q January 31, 2017 (UNAUDITED) Table of Contents DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES SCHEDULES OF INVESTMENTS The U.S. Large Cap Value Series 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 The Emerging Markets Small Cap Series The Tax-Managed U.S. Marketwide Value Series The DFA Short Term Investment Fund NOTES TO SCHEDULES OF INVESTMENTS Organization Security Valuation Financial Instruments Federal Tax Cost Other Subsequent Event Evaluations 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. (degrees)Security is being fair valued as of January 31, 2017. -- Amounts designated as -- are either zero or rounded to zero. (S) Affiliated Fund. (r) The adjustable/variable rate shown is effective as of January 31, 2017. (y) The rate shown is the effective yield. THE U.S. LARGE CAP VALUE SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE+ ---------- -------------- COMMON STOCKS -- (96.4%) Consumer Discretionary -- (12.6%) * Adient P.L.C. 69,537 $ 4,414,904 # Autoliv, Inc. 73,297 8,477,531 #* AutoNation, Inc. 249,907 13,275,060 # Bed Bath & Beyond, Inc. 223,717 9,026,981 # Best Buy Co., Inc. 1,711,779 76,208,401 # BorgWarner, Inc. 876,473 35,786,393 # Cable One, Inc. 7,575 4,790,278 # CalAtlantic Group, Inc. 14,193 494,910 # Carnival Corp. 1,058,454 58,617,182 CBS Corp. Class A 7,236 475,912 * Charter Communications, Inc. Class A 935,831 303,162,452 Comcast Corp. Class A 10,605,890 799,896,224 DR Horton, Inc. 2,345,862 70,164,732 Ford Motor Co. 14,790,794 182,814,214 # Garmin, Ltd. 266,106 12,850,259 General Motors Co. 5,651,212 206,890,871 # Gentex Corp. 533,525 11,145,337 Goodyear Tire & Rubber Co. (The) 1,440,531 46,658,799 Harman International Industries, Inc. 236,368 26,274,667 * Hyatt Hotels Corp. Class A 26,622 1,456,490 # International Game Technology P.L.C. 24,895 657,477 # Kohl's Corp. 1,327,251 52,864,407 Lear Corp. 170,451 24,219,383 Lennar Corp. Class A 963,230 43,008,219 Lennar Corp. Class B 7,512 270,132 * Liberty Broadband Corp. Class A 23,806 1,992,086 * Liberty Broadband Corp. Class C 87,903 7,501,642 #* Liberty Expedia Holdings, Inc. Class A 48,653 2,141,219 #* Liberty Interactive Corp., QVC Group Class A 2,560,996 49,119,903 * Liberty Media Corp.-Liberty Braves Class A 15,711 313,434 * Liberty Media Corp.-Liberty Braves Class C 31,424 627,852 #* Liberty Media Corp.-Liberty Formula One Class A 39,281 1,138,363 #* Liberty Media Corp.-Liberty Formula One Class C 78,562 2,257,872 * Liberty Media Corp.-Liberty SiriusXM Class A 157,126 5,694,246 * Liberty Media Corp.-Liberty SiriusXM Class C 314,252 11,278,504 * Liberty Ventures Series A 59,566 2,600,056 * LKQ Corp. 357,972 11,422,887 # Macy's, Inc. 1,069,332 31,588,067 * Madison Square Garden Co. (The) Class A 7,458 1,310,147 #* MGM Resorts International 2,471,336 71,174,477 * Mohawk Industries, Inc. 459,921 99,269,349 # Newell Brands, Inc. 243,766 11,537,445 News Corp. Class A 291,885 3,587,267 News Corp. Class B 31,823 402,561 #* Norwegian Cruise Line Holdings, Ltd. 163,822 7,699,634 # Penske Automotive Group, Inc. 157,322 8,552,024 PulteGroup, Inc. 2,258,297 48,575,968 PVH Corp. 366,094 34,343,278 # Ralph Lauren Corp. 84,680 7,488,252 # Royal Caribbean Cruises, Ltd. 1,461,968 136,884,064 # Signet Jewelers, Ltd. 35,969 2,793,712
THE U.S. LARGE CAP VALUE SERIES CONTINUED
SHARES VALUE+ --------- ---------------- Consumer Discretionary -- (Continued) Staples, Inc. 2,175,724 $ 20,016,661 # TEGNA, Inc. 584,954 13,401,296 Time Warner, Inc. 3,804,556 368,471,249 #* Toll Brothers, Inc. 338,804 10,624,893 Whirlpool Corp. 360,810 63,102,061 ---------------- Total Consumer Discretionary 3,030,811,684 ---------------- Consumer Staples -- (6.0%) Archer-Daniels-Midland Co. 2,604,355 115,268,752 Bunge, Ltd. 816,176 56,487,541 Constellation Brands, Inc. Class A 187,751 28,117,590 # CVS Health Corp. 3,989,908 314,444,650 #* Edgewell Personal Care Co. 25,746 2,029,815 Ingredion, Inc. 146,985 18,842,007 JM Smucker Co. (The) 703,972 95,634,596 Kraft Heinz Co. (The) 1,014,794 90,610,956 Molson Coors Brewing Co. Class B 473,017 45,655,601 Mondelez International, Inc. Class A 3,943,573 174,621,412 Pinnacle Foods, Inc. 489,872 26,056,292 #* Post Holdings, Inc. 294,898 24,677,065 Reynolds American, Inc. 112,655 6,773,945 * Seaboard Corp. 13 50,050 # Spectrum Brands Holdings, Inc. 2,402 320,403 #* TreeHouse Foods, Inc. 102,056 7,744,009 # Tyson Foods, Inc. Class A 1,959,828 123,057,600 Wal-Mart Stores, Inc. 3,375,333 225,269,724 Walgreens Boots Alliance, Inc. 1,165,019 95,461,657 # Whole Foods Market, Inc. 132,918 4,016,782 ---------------- Total Consumer Staples 1,455,140,447 ---------------- Energy -- (11.9%) Anadarko Petroleum Corp. 969,947 67,440,415 Apache Corp. 510,221 30,521,420 Baker Hughes, Inc. 1,045,521 65,951,465 Chevron Corp. 3,705,888 412,650,629 Cimarex Energy Co. 76,843 10,389,942 #* Concho Resources, Inc. 339,568 47,349,362 ConocoPhillips 3,218,408 156,929,574 # CONSOL Energy, Inc. 152,413 2,581,876 #* Continental Resources, Inc. 195,583 9,497,510 Devon Energy Corp. 423,759 19,297,985 EOG Resources, Inc. 534,196 54,263,630 Exxon Mobil Corp. 9,683,446 812,344,285 Halliburton Co. 150,257 8,500,039 # Helmerich & Payne, Inc. 613,995 43,691,884 # Hess Corp. 918,391 49,758,424 # HollyFrontier Corp. 645,042 18,686,867 Kinder Morgan, Inc. 1,123,571 25,100,576 # Marathon Oil Corp. 3,272,198 54,809,317 Marathon Petroleum Corp. 2,313,489 111,163,146 # Murphy Oil Corp. 309,108 8,936,312 # Nabors Industries, Ltd. 247,778 4,026,393
THE U.S. LARGE CAP VALUE SERIES CONTINUED
SHARES VALUE+ ---------- ---------------- Energy -- (Continued) # National Oilwell Varco, Inc. 1,747,731 $ 66,081,709 Noble Energy, Inc. 377,591 15,013,018 Occidental Petroleum Corp. 1,862,726 126,236,941 * PDC Energy, Inc. 10,876 804,171 Phillips 66 2,098,959 171,317,034 Pioneer Natural Resources Co. 85,341 15,381,008 * QEP Resources, Inc. 861 15,016 Range Resources Corp. 144,745 4,681,053 * Rice Energy, Inc. 102,107 2,024,782 Schlumberger, Ltd. 1,134,428 94,962,968 * Southwestern Energy Co. 672,113 6,055,738 # Targa Resources Corp. 1,018,074 58,661,424 #* TechnipFMC P.L.C. 961,292 32,318,637 Tesoro Corp. 691,016 55,868,644 #* Transocean, Ltd. 1,340,027 18,720,177 Valero Energy Corp. 2,810,052 184,789,020 #* Weatherford International P.L.C. 2,942,972 15,332,884 ---------------- Total Energy 2,882,155,275 ---------------- Financials -- (22.7%) Aflac, Inc. 1,210,131 84,697,069 * Alleghany Corp. 30,744 18,802,108 Allied World Assurance Co. Holdings AG 274,410 14,579,403 Allstate Corp. (The) 1,133,795 85,272,722 Ally Financial, Inc. 2,344,479 49,515,396 American Financial Group, Inc. 427,555 36,842,414 American International Group, Inc. 2,742,987 176,264,345 * Arch Capital Group, Ltd. 131,470 11,615,375 Assurant, Inc. 333,945 32,436,078 Assured Guaranty, Ltd. 399,510 15,544,934 Axis Capital Holdings, Ltd. 459,271 29,397,937 Bank of America Corp. 20,759,691 469,999,404 Bank of New York Mellon Corp. (The) 4,185,489 187,216,923 # BB&T Corp. 1,861,694 85,991,646 BOK Financial Corp. 4,796 394,423 Capital One Financial Corp. 2,040,010 178,276,474 Chubb, Ltd. 380,680 50,055,613 CIT Group, Inc. 385,811 15,891,555 Citigroup, Inc. 8,639,328 482,333,682 Citizens Financial Group, Inc. 791,252 28,619,585 CME Group, Inc. 492,006 59,572,087 # CNA Financial Corp. 411,635 17,144,598 Comerica, Inc. 126,355 8,532,753 Endurance Specialty Holdings, Ltd. 31,340 2,904,905 Everest Re Group, Ltd. 220,574 48,510,840 Fifth Third Bancorp 5,018,870 130,992,507 First American Financial Corp. 8,092 304,097 Goldman Sachs Group, Inc. (The) 994,469 228,051,631 Hartford Financial Services Group, Inc. (The) 2,793,370 136,065,053 Huntington Bancshares, Inc. 4,311,699 58,337,287 Invesco, Ltd. 175,364 5,071,527 JPMorgan Chase & Co. 11,460,834 969,930,381 KeyCorp 3,304,516 59,382,153
THE U.S. LARGE CAP VALUE SERIES CONTINUED
SHARES VALUE+ --------- ---------------- Financials -- (Continued) # Legg Mason, Inc. 201,788 $ 6,394,662 Leucadia National Corp. 193,405 4,612,709 Lincoln National Corp. 1,166,839 78,773,301 Loews Corp. 1,687,230 78,591,173 # M&T Bank Corp. 315,719 51,326,438 #* Markel Corp. 111 102,675 MetLife, Inc. 2,044,246 111,227,425 Morgan Stanley 3,624,108 153,988,349 Nasdaq, Inc. 439,653 31,013,123 Navient Corp. 652,759 9,817,495 # New York Community Bancorp, Inc. 558,598 8,485,104 Old Republic International Corp. 776,363 16,148,350 PacWest Bancorp 175,044 9,697,438 # People's United Financial, Inc. 304,743 5,713,931 PNC Financial Services Group, Inc. (The) 1,315,829 158,504,761 # Principal Financial Group, Inc. 1,639,822 93,617,438 # Prosperity Bancshares, Inc. 20,045 1,455,868 Prudential Financial, Inc. 1,099,172 115,533,969 Regions Financial Corp. 5,394,447 77,733,981 Reinsurance Group of America, Inc. 313,388 39,320,792 RenaissanceRe Holdings, Ltd. 106,502 14,518,353 #* Santander Consumer USA Holdings, Inc. 146,757 1,940,128 State Street Corp. 524,339 39,954,632 SunTrust Banks, Inc. 1,256,570 71,398,307 Synchrony Financial 159,750 5,722,245 Travelers Cos., Inc. (The) 1,129,653 133,050,530 Unum Group 1,164,036 52,882,156 Validus Holdings, Ltd. 167,263 9,533,991 Voya Financial, Inc. 114,338 4,598,674 Wells Fargo & Co. 4,128,608 232,564,489 # WR Berkley Corp. 214,424 14,411,437 # XL Group, Ltd. 1,261,223 47,384,148 # Zions Bancorporation 710,276 29,966,544 ---------------- Total Financials 5,488,531,521 ---------------- Health Care -- (10.7%) Abbott Laboratories 2,035,003 85,002,075 #* Acadia Healthcare Co., Inc. 26,317 1,009,783 Aetna, Inc. 1,805,018 214,093,185 * Alere, Inc. 8,494 314,278 #* Allergan P.L.C. 496,938 108,774,759 Anthem, Inc. 1,447,321 223,090,059 Baxter International, Inc. 77,675 3,721,409 #* Bio-Rad Laboratories, Inc. Class A 6,194 1,177,356 * Boston Scientific Corp. 1,893,830 45,565,550 * Centene Corp. 450,064 28,475,549 Cigna Corp. 320,341 46,840,261 Danaher Corp. 2,068,334 173,574,589 * DaVita, Inc. 374,271 23,859,776 # DENTSPLY SIRONA, Inc. 57,905 3,283,213 #* Envision Healthcare Corp. 68,624 4,666,432 * Express Scripts Holding Co. 2,740,464 188,763,160 #* Hologic, Inc. 220,398 8,932,731
THE U.S. LARGE CAP VALUE SERIES CONTINUED
SHARES VALUE+ ---------- ---------------- Health Care -- (Continued) Humana, Inc. 708,361 $ 140,609,658 * Laboratory Corp. of America Holdings 594,928 79,845,287 * Mallinckrodt P.L.C. 487,783 23,769,666 #* MEDNAX, Inc. 225,614 15,420,717 Medtronic P.L.C. 3,655,472 277,888,981 * Mylan NV 799,559 30,423,220 PerkinElmer, Inc. 96,682 5,142,516 # Perrigo Co. P.L.C. 26,425 2,012,264 Pfizer, Inc. 16,341,666 518,521,062 Quest Diagnostics, Inc. 881,403 81,018,564 #* Quintiles IMS Holdings, Inc. 56,100 4,403,289 # STERIS P.L.C. 108,345 7,674,076 # Teleflex, Inc. 79,982 13,415,381 Thermo Fisher Scientific, Inc. 1,025,715 156,308,709 #* United Therapeutics Corp. 30,558 5,000,206 Universal Health Services, Inc. Class B 240,412 27,077,604 * WellCare Health Plans, Inc. 101,722 14,804,620 Zimmer Biomet Holdings, Inc. 98,058 11,603,203 ---------------- Total Health Care 2,576,083,188 ---------------- Industrials -- (9.4%) #* AECOM 513,031 18,946,235 # AGCO Corp. 402,503 25,277,188 AMERCO 30,219 11,382,591 # Arconic, Inc. 1,891,460 43,106,373 Carlisle Cos., Inc. 199,191 21,733,730 # Caterpillar, Inc. 1,335,446 127,748,764 * Colfax Corp. 38,985 1,520,415 CSX Corp. 5,240,612 243,111,991 Cummins, Inc. 300,301 44,147,250 Delta Air Lines, Inc. 898,983 42,467,957 Dover Corp. 830,218 64,549,449 Eaton Corp. P.L.C. 1,586,369 112,283,198 EMCOR Group, Inc. 17,959 1,251,563 FedEx Corp. 658,668 124,560,705 Fluor Corp. 690,910 38,345,505 Fortive Corp. 91,052 5,036,086 General Electric Co. 2,108,359 62,618,262 #* Genesee & Wyoming, Inc. Class A 43,270 3,260,827 #* Hertz Global Holdings, Inc. 173,306 3,634,227 # Ingersoll-Rand P.L.C. 830,409 65,892,954 * Jacobs Engineering Group, Inc. 263,089 15,403,861 * JetBlue Airways Corp. 1,929,288 37,833,338 Johnson Controls International P.L.C. 474,098 20,850,830 Kansas City Southern 564,934 48,533,480 L3 Technologies, Inc. 381,968 60,614,502 Macquarie Infrastructure Corp. 141,410 10,604,336 ManpowerGroup, Inc. 322,650 30,800,169 Norfolk Southern Corp. 1,571,094 184,540,701 Northrop Grumman Corp. 245,257 56,183,474 Orbital ATK, Inc. 54,598 4,747,296 Oshkosh Corp. 192,631 13,412,897 Owens Corning 706,294 39,022,743
THE U.S. LARGE CAP VALUE SERIES CONTINUED
SHARES VALUE+ ---------- ---------------- Industrials -- (Continued) # PACCAR, Inc. 522,096 $ 35,142,282 # Pentair P.L.C. 1,008,228 59,112,408 * Quanta Services, Inc. 164,991 5,921,527 Republic Services, Inc. 2,082,943 119,519,269 # Ryder System, Inc. 109,553 8,501,313 Southwest Airlines Co. 1,489,840 77,933,530 Spirit Aerosystems Holdings, Inc. Class A 31,638 1,899,862 Stanley Black & Decker, Inc. 1,095,210 135,806,040 Textron, Inc. 1,673,616 79,279,190 Trinity Industries, Inc. 7,385 203,383 Union Pacific Corp. 497,035 52,973,990 * United Continental Holdings, Inc. 998,734 70,380,785 #* United Rentals, Inc. 198,537 25,116,916 #* USG Corp. 22,946 701,918 #* XPO Logistics, Inc. 287,690 12,871,251 ---------------- Total Industrials 2,268,786,561 ---------------- Information Technology -- (14.3%) Activision Blizzard, Inc. 11,000 442,310 * Akamai Technologies, Inc. 44,939 3,082,366 Amdocs, Ltd. 371,451 21,807,888 * ARRIS International P.L.C. 383,875 10,971,147 * Arrow Electronics, Inc. 608,696 44,751,330 Avnet, Inc. 757,412 35,174,213 Brocade Communications Systems, Inc. 1,391,533 17,352,416 # CA, Inc. 2,715,906 84,926,381 Cisco Systems, Inc. 23,462,378 720,764,252 * CommerceHub, Inc. Series A 47,322 695,160 * CommerceHub, Inc. Series C 107,244 1,563,617 # Computer Sciences Corp. 286,627 17,828,199 * Conduent, Inc. 1,195,377 17,882,840 Corning, Inc. 3,683,566 97,577,663 * Dell Technologies, Inc. Class V 703,394 44,306,788 Dolby Laboratories, Inc. Class A 11,316 542,150 * EchoStar Corp. Class A 2,635 134,201 Fidelity National Information Services, Inc. 1,455,335 115,582,706 #* First Solar, Inc. 88,573 2,762,592 * Flex, Ltd. 1,552,059 24,320,765 FLIR Systems, Inc. 31,719 1,120,632 Hewlett Packard Enterprise Co. 9,176,127 208,114,560 HP, Inc. 9,619,949 144,780,232 * IAC/InterActiveCorp 60,025 4,130,320 Intel Corp. 22,304,768 821,261,558 Jabil Circuit, Inc. 427,971 10,262,745 Juniper Networks, Inc. 1,797,132 48,127,195 # Lam Research Corp. 946,499 108,714,875 # Leidos Holdings, Inc. 399,183 19,288,523 Marvell Technology Group, Ltd. 566,260 8,420,286 * Micron Technology, Inc. 5,266,057 126,964,634 #* Microsemi Corp. 57,304 3,045,708 # NetApp, Inc. 513,180 19,665,058 * Nuance Communications, Inc. 113,903 1,806,502 # NVIDIA Corp. 1,824,559 199,205,352
THE U.S. LARGE CAP VALUE SERIES CONTINUED
SHARES VALUE+ ---------- ---------------- Information Technology -- (Continued) * ON Semiconductor Corp. 550,404 $ 7,331,381 #* Qorvo, Inc. 225,094 14,453,286 QUALCOMM, Inc. 2,686,624 143,546,320 # SS&C Technologies Holdings, Inc. 122,197 3,926,190 Symantec Corp. 1,749,926 48,210,461 SYNNEX Corp. 80,616 9,688,431 * Synopsys, Inc. 83,602 5,257,730 TE Connectivity, Ltd. 879,618 65,399,598 Teradyne, Inc. 130,425 3,701,461 # Western Digital Corp. 1,143,378 91,161,528 Xerox Corp. 5,976,889 41,419,841 * Yahoo!, Inc. 882,945 38,911,386 #* Zillow Group, Inc. Class A 3,568 128,377 * Zillow Group, Inc. Class C 18,297 647,348 ---------------- Total Information Technology 3,461,160,502 ---------------- Materials -- (3.8%) # Albemarle Corp. 447,508 41,457,141 Alcoa Corp. 630,485 22,981,178 Ashland Global Holdings, Inc. 369,760 44,012,533 # CF Industries Holdings, Inc. 1,078,297 38,053,101 Dow Chemical Co. (The) 822,454 49,042,932 Eastman Chemical Co. 876,806 67,952,465 * Freeport-McMoRan, Inc. 4,703,826 78,318,703 Huntsman Corp. 258,591 5,272,671 * Ingevity Corp. 125,857 6,996,391 International Paper Co. 1,171,393 66,300,844 # Martin Marietta Materials, Inc. 101,369 23,274,322 # Mosaic Co. (The) 1,617,958 50,755,342 Newmont Mining Corp. 3,241,858 117,614,608 Nucor Corp. 2,209,800 128,367,282 Reliance Steel & Aluminum Co. 409,494 32,616,197 # Royal Gold, Inc. 12,274 885,815 # Sonoco Products Co. 12,855 706,382 Steel Dynamics, Inc. 889,531 30,075,043 United States Steel Corp. 288 9,421 Vulcan Materials Co. 436,870 56,063,527 # Westlake Chemical Corp. 146,665 9,080,030 WestRock Co. 940,421 50,180,865 ---------------- Total Materials 920,016,793 ---------------- Real Estate -- (0.0%) Jones Lang LaSalle, Inc. 36,373 3,747,510 ---------------- Telecommunication Services -- (4.8%) AT&T, Inc. 21,799,510 919,067,342 CenturyLink, Inc. 3,693,934 95,525,133 # Frontier Communications Corp. 4,303,569 15,019,456 * Level 3 Communications, Inc. 843,237 50,138,872 #* Sprint Corp. 2,014,058 18,589,755 #* T-Mobile US, Inc. 812,604 50,600,851
THE U.S. LARGE CAP VALUE SERIES CONTINUED
SHARES VALUE+ ----------- ----------------- Telecommunication Services -- (Continued) * United States Cellular Corp. 172,920 $ 7,710,503 ----------------- Total Telecommunication Services 1,156,651,912 ----------------- Utilities -- (0.2%) #* Calpine Corp. 1,488,185 17,560,583 NRG Energy, Inc. 1,544,792 25,550,860 ----------------- Total Utilities 43,111,443 ----------------- TOTAL COMMON STOCKS 23,286,196,836 ----------------- RIGHTS/WARRANTS -- (0.0%) (degrees)#* Safeway Casa Ley Contingent Value Rights 196,076 198,998 (degrees)#* Safeway PDC, LLC Contingent Value Rights 196,076 9,568 TOTAL RIGHTS/WARRANTS 208,566 ----------------- TOTAL INVESTMENT SECURITIES 23,286,405,402 ----------------- TEMPORARY CASH INVESTMENTS -- (1.0%) State Street Institutional U.S. Government Money Market Fund, 0.420% 248,190,510 248,190,510 ----------------- SECURITIES LENDING COLLATERAL -- (2.6%) (S)@ DFA Short Term Investment Fund 53,666,748 621,031,612 ----------------- TOTAL INVESTMENTS -- (100.0%) (Cost $16,611,047,031)^^ $ 24,155,627,524 =================
THE U.S. LARGE CAP VALUE SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 3,030,811,684 -- -- $ 3,030,811,684 Consumer Staples 1,455,140,447 -- -- 1,455,140,447 Energy 2,882,155,275 -- -- 2,882,155,275 Financials 5,488,531,521 -- -- 5,488,531,521 Health Care 2,576,083,188 -- -- 2,576,083,188 Industrials 2,268,786,561 -- -- 2,268,786,561 Information Technology 3,461,160,502 -- -- 3,461,160,502 Materials 920,016,793 -- -- 920,016,793 Real Estate 3,747,510 -- -- 3,747,510 Telecommunication Services 1,156,651,912 -- -- 1,156,651,912 Utilities 43,111,443 -- -- 43,111,443 Rights/Warrants -- $ 208,566 -- 208,566 Temporary Cash Investments 248,190,510 -- -- 248,190,510 Securities Lending Collateral -- 621,031,612 -- 621,031,612 Futures Contracts** 1,810,202 -- -- 1,810,202 ----------------- -------------- -- ----------------- TOTAL $ 23,536,197,548 $ 621,240,178 -- $ 24,157,437,726 ================= ============== == =================
** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. THE DFA INTERNATIONAL VALUE SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE++ --------- ------------ COMMON STOCKS -- (92.7%) AUSTRALIA -- (6.3%) # Alumina, Ltd. 312,287 $ 460,141 Aurizon Holdings, Ltd. 2,619,934 9,953,407 # Australia & New Zealand Banking Group, Ltd. 5,840,585 129,768,367 Bank of Queensland, Ltd. 775,513 7,045,954 Bendigo & Adelaide Bank, Ltd. 1,205,237 11,478,017 BHP Billiton, Ltd. 5,929,050 120,289,953 BHP Billiton, Ltd. Sponsored ADR 1,703,682 70,345,030 BlueScope Steel, Ltd. 1,852,810 15,754,981 Boral, Ltd. 2,601,567 11,497,083 Crown Resorts, Ltd. 254,058 2,197,773 # Fortescue Metals Group, Ltd. 8,082,342 40,898,993 # Incitec Pivot, Ltd. 4,609,977 13,473,199 LendLease Group 215,424 2,303,572 Macquarie Group, Ltd. 3,174 203,812 National Australia Bank, Ltd. 157,198 3,614,943 # Newcrest Mining, Ltd. 2,880,245 47,233,635 Origin Energy, Ltd. 2,811,665 15,076,816 QBE Insurance Group, Ltd. 2,856,389 27,099,102 Rio Tinto, Ltd. 566,927 28,759,880 Santos, Ltd. 4,975,438 15,136,721 South32, Ltd. 6,883,451 14,406,950 South32, Ltd. ADR 354,708 3,742,169 Star Entertainment Grp, Ltd. (The) 2,081,089 7,538,985 Suncorp Group, Ltd. 2,798,383 27,667,432 Tatts Group, Ltd. 1,279,473 4,212,286 Treasury Wine Estates, Ltd. 915,665 8,078,015 Wesfarmers, Ltd. 3,443 105,181 Woodside Petroleum, Ltd. 2,846,042 68,238,383 ------------ TOTAL AUSTRALIA 706,580,780 ------------ AUSTRIA -- (0.1%) * Erste Group Bank AG 98,143 2,991,513 OMV AG 151,254 5,293,598 * Raiffeisen Bank International AG 8,241 183,544 ------------ TOTAL AUSTRIA 8,468,655 ------------ BELGIUM -- (1.0%) Ageas 606,443 25,966,361 Colruyt SA 64,233 3,143,636 KBC Group NV 489,692 31,804,063 Proximus SADP 138,071 3,965,353 Solvay SA 270,974 31,771,641 UCB SA 124,849 8,623,331 Umicore SA 92,477 5,180,047 ------------ TOTAL BELGIUM 110,454,432 ------------ CANADA -- (7.7%) # AltaGas, Ltd. 479,450 11,403,633 Bank of Montreal(063671101) 1,623,640 122,795,893 # Bank of Montreal(2076009) 115,400 8,729,162 * BlackBerry, Ltd. 1,009,785 7,123,786
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ --------- ------------ CANADA -- (Continued) Cameco Corp.(13321L108) 546,688 $ 6,970,272 Cameco Corp.(2166160) 507,476 6,462,154 Canadian Natural Resources, Ltd.(136385101) 420,319 12,706,243 Canadian Natural Resources, Ltd.(2171573) 651,736 19,703,588 Cenovus Energy, Inc. 1,330,284 18,131,771 Crescent Point Energy Corp.(22576C101) 1,508,054 17,598,994 Crescent Point Energy Corp.(B67C8W8) 822,786 9,592,057 * Detour Gold Corp. 50,974 691,405 * Eldorado Gold Corp. 748,359 2,645,496 Element Fleet Management Corp. 254,570 2,474,782 Empire Co., Ltd. Class A 788,935 9,852,214 # Enbridge Income Fund Holdings, Inc. 295,758 7,770,963 Encana Corp. 924,931 11,802,120 Fairfax Financial Holdings, Ltd. 62,754 29,321,369 Finning International, Inc. 386,224 7,817,975 First Quantum Minerals, Ltd. 1,102,025 13,897,581 # Genworth MI Canada, Inc. 79,289 1,988,242 Goldcorp, Inc.(380956409) 1,076,273 17,403,334 Goldcorp, Inc.(2676302) 671,692 10,860,634 * Husky Energy, Inc. 1,642,235 21,189,722 Imperial Oil, Ltd.(2454241) 107,006 3,517,938 Imperial Oil, Ltd.(453038408) 85,669 2,816,797 Industrial Alliance Insurance & Financial Services, Inc. 495,231 20,836,809 * Kinross Gold Corp. 5,398,196 21,032,741 * Lundin Mining Corp. 1,892,699 11,578,009 Magna International, Inc. 493,003 21,337,170 Manulife Financial Corp.(2492519) 3,005,038 57,618,212 Manulife Financial Corp.(56501R106) 1,541,750 29,539,930 Maple Leaf Foods, Inc. 65,321 1,497,426 Silver Wheaton Corp. 282,461 6,250,862 Sun Life Financial, Inc.(2566124) 834,296 32,929,447 Sun Life Financial, Inc.(866796105) 277,638 10,955,595 Suncor Energy, Inc.(B3NB1P2) 3,911,426 121,318,096 Suncor Energy, Inc.(867224107) 769,213 23,876,371 Tahoe Resources, Inc. 28,464 259,649 Teck Resources, Ltd. Class B(2879327) 1,355,792 33,226,672 Teck Resources, Ltd. Class B(878742204) 1,245,911 30,574,656 * Tourmaline Oil Corp. 1,170,666 27,367,270 * Turquoise Hill Resources, Ltd.(900435108) 127,382 459,849 * Turquoise Hill Resources, Ltd.(B7WJ1F5) 1,465,290 5,303,759 Veresen, Inc. 51,006 518,585 West Fraser Timber Co., Ltd. 11,349 387,588 Whitecap Resources, Inc. 902,184 7,182,806 # WSP Global, Inc. 302,614 10,646,431 Yamana Gold, Inc. 3,207,591 10,599,533 ------------ TOTAL CANADA 870,565,591 ------------ DENMARK -- (1.6%) AP Moller - Maersk A.S. Class A 7,706 12,337,775 AP Moller - Maersk A.S. Class B 16,058 26,915,259 Carlsberg A.S. Class B 190,294 17,215,380 Danske Bank A.S. 1,075,182 35,862,136 # DSV A.S. 444,855 21,633,096
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ --------- -------------- DENMARK -- (Continued) #* H Lundbeck A.S. 74,464 $ 3,198,152 ISS A.S. 434,105 15,457,776 Novozymes A.S. Class B 47,990 1,870,655 Tryg A.S. 12,675 242,513 Vestas Wind Systems A.S. 680,712 47,737,541 -------------- TOTAL DENMARK 182,470,283 -------------- FINLAND -- (0.7%) Fortum Oyj 1,015,572 16,203,151 Neste Oyj 129,033 4,489,455 Stora Enso Oyj Class R 2,037,136 23,117,770 Stora Enso Oyj Sponsored ADR 91,500 1,035,780 UPM-Kymmene Oyj 1,353,907 30,706,476 UPM-Kymmene Oyj Sponsored ADR 69,300 1,572,417 -------------- TOTAL FINLAND 77,125,049 -------------- FRANCE -- (9.1%) AXA SA 2,773,187 68,157,306 AXA SA Sponsored ADR 9,929 244,551 BNP Paribas SA 1,888,424 120,805,895 * Bollore SA(BD3RTL2) 10,106 41,456 Bollore SA(4572709) 1,500,814 6,002,472 Bouygues SA 709,374 25,775,771 Casino Guichard Perrachon SA 181,821 9,804,198 Cie de Saint-Gobain 1,882,674 92,506,425 Cie Generale des Etablissements Michelin 334,818 35,970,295 CNP Assurances 459,483 8,634,996 Credit Agricole SA 724,924 9,620,951 # Electricite de France SA 661,539 6,521,460 Engie SA 4,083,126 48,885,304 Natixis SA 2,277,633 13,496,282 Orange SA 4,986,752 77,416,513 * Peugeot SA 2,007,197 37,355,144 Renault SA 759,818 68,416,758 SCOR SE 349,012 11,811,923 Societe Generale SA 1,935,625 94,627,859 STMicroelectronics NV 1,809,335 23,879,894 Total SA 4,695,548 237,572,020 Vivendi SA 1,322,728 24,253,624 -------------- TOTAL FRANCE 1,021,801,097 -------------- GERMANY -- (7.0%) Allianz SE 730,758 124,202,765 Allianz SE Sponsored ADR 2,811,910 47,704,053 BASF SE 8,683 838,203 # Bayerische Motoren Werke AG 972,382 88,788,364 # Commerzbank AG 1,643,541 14,294,925 Daimler AG 2,601,292 195,634,993 #* Deutsche Bank AG(5750355) 1,085,904 21,686,538 * Deutsche Bank AG(D18190898) 1,045,984 20,825,541 Deutsche Lufthansa AG 1,080,920 14,439,562 E.ON SE 7,288,458 56,143,578
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ ---------- ------------ GERMANY -- (Continued) # Evonik Industries AG 202,033 $ 6,558,352 Fraport AG Frankfurt Airport Services Worldwide 106,349 6,364,469 Fresenius Medical Care AG & Co. KGaA 112,324 9,168,412 Fresenius Medical Care AG & Co. KGaA ADR 11,257 459,286 Hannover Rueck SE 33,914 3,735,608 HeidelbergCement AG 345,070 33,335,179 Lanxess AG 48,799 3,551,165 Linde AG 157,109 25,549,742 Metro AG 688,018 23,544,491 Muenchener Rueckversicherungs-Gesellschaft AG 138,458 26,072,496 Osram Licht AG 7,588 440,488 * RWE AG 2,182,311 29,057,547 * Talanx AG 175,108 6,027,132 Telefonica Deutschland Holding AG 1,462,519 6,117,982 * Uniper SE 946,234 13,480,093 Volkswagen AG 86,008 13,777,993 ------------ TOTAL GERMANY 791,798,957 ------------ HONG KONG -- (2.4%) Bank of East Asia, Ltd. (The) 275,940 1,175,354 # Cathay Pacific Airways, Ltd. 4,913,000 6,654,113 CK Hutchison Holdings, Ltd. 6,196,984 74,271,969 FIH Mobile, Ltd. 953,000 306,207 Great Eagle Holdings, Ltd. 15,363 69,876 Guoco Group, Ltd. 6,000 67,610 Hang Lung Group, Ltd. 2,740,000 10,508,235 Hang Lung Properties, Ltd. 4,424,000 10,887,790 # Henderson Land Development Co., Ltd. 429,042 2,368,285 Hongkong & Shanghai Hotels, Ltd. (The) 217,131 241,446 Hopewell Holdings, Ltd. 938,669 3,351,621 Kerry Properties, Ltd. 2,556,000 7,233,070 # MTR Corp., Ltd. 591,959 3,007,243 New World Development Co., Ltd. 24,740,784 28,545,774 NWS Holdings, Ltd. 2,143,617 3,851,987 Shangri-La Asia, Ltd. 4,242,000 4,718,335 Sino Land Co., Ltd. 5,960,178 9,848,281 Sun Hung Kai Properties, Ltd. 2,980,920 41,020,599 Swire Pacific, Ltd. Class A 2,098,000 21,374,227 Swire Pacific, Ltd. Class B 1,185,000 2,086,366 Wharf Holdings, Ltd. (The) 2,829,990 21,220,071 Wheelock & Co., Ltd. 3,599,000 21,874,422 Yue Yuen Industrial Holdings, Ltd. 160,000 584,911 ------------ TOTAL HONG KONG 275,267,792 ------------ IRELAND -- (0.3%) * Bank of Ireland 38,071,759 10,228,255 CRH P.L.C. 319,932 11,097,054 CRH P.L.C. Sponsored ADR 254,393 8,781,646
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ --------- ------------ IRELAND -- (Continued) Paddy Power Betfair P.L.C. 6,217 $ 650,060 ------------ TOTAL IRELAND 30,757,015 ------------ ISRAEL -- (0.4%) Azrieli Group, Ltd. 22,873 1,044,038 Bank Hapoalim BM 3,220,797 19,460,595 * Bank Leumi Le-Israel BM 3,525,510 14,581,892 Israel Chemicals, Ltd. 11,324 52,045 # Mizrahi Tefahot Bank, Ltd. 365,367 5,627,688 ------------ TOTAL ISRAEL 40,766,258 ------------ ITALY -- (1.1%) Assicurazioni Generali SpA 722,392 11,527,266 #* Fiat Chrysler Automobiles NV(BRJFWP3) 2,786,618 30,511,959 * Fiat Chrysler Automobiles NV(N31738102) 1,059,600 11,645,004 Intesa Sanpaolo SpA 2,011,897 4,725,664 Mediobanca SpA 1,494,372 12,866,589 * Telecom Italia SpA 7,410,604 6,372,493 * Telecom Italia SpA Sponsored ADR 1,847,002 15,902,687 # UniCredit SpA 1,217,305 33,228,827 ------------ TOTAL ITALY 126,780,489 ------------ JAPAN -- (21.1%) Aeon Co., Ltd. 2,442,200 35,296,743 Aisin Seiki Co., Ltd. 472,800 21,627,954 Alfresa Holdings Corp. 201,700 3,320,058 Amada Holdings Co., Ltd. 694,000 8,157,051 Aoyama Trading Co., Ltd. 41,900 1,476,800 Asahi Glass Co., Ltd. 3,495,000 25,966,554 Asahi Kasei Corp. 2,612,000 24,360,952 # Bank of Kyoto, Ltd. (The) 568,400 4,443,437 Brother Industries, Ltd. 273,855 5,054,776 Calsonic Kansei Corp. 160,000 2,543,612 Canon Marketing Japan, Inc. 153,100 2,922,177 Chiba Bank, Ltd. (The) 960,000 6,279,675 Chugoku Bank, Ltd. (The) 256,900 3,778,974 Citizen Watch Co., Ltd. 689,600 4,282,327 Coca-Cola East Japan Co., Ltd. 123,400 2,687,302 # Coca-Cola West Co., Ltd. 169,907 4,931,804 COMSYS Holdings Corp. 31,300 575,369 Concordia Financial Group, Ltd. 2,373,100 12,516,732 Credit Saison Co., Ltd. 145,400 2,649,183 Dai Nippon Printing Co., Ltd. 901,000 9,166,423 Dai-ichi Life Holdings, Inc. 2,015,000 36,529,713 Daicel Corp. 63,500 702,188 Daido Steel Co., Ltd. 13,000 59,034 Daiwa Securities Group, Inc. 1,662,000 10,597,373 Denka Co., Ltd. 1,110,000 5,463,279 Denso Corp. 337,400 14,610,941 DIC Corp. 228,700 7,082,194 Dowa Holdings Co., Ltd. 231,000 1,960,575 Ebara Corp. 266,800 8,228,457
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ ---------- ------------ JAPAN -- (Continued) Fuji Media Holdings, Inc. 42,100 $ 609,971 FUJIFILM Holdings Corp. 1,018,800 39,453,275 Fujitsu, Ltd. 1,987,000 11,548,353 Fukuoka Financial Group, Inc. 1,044,000 4,608,519 Furukawa Electric Co., Ltd. 42,968 1,457,920 Glory, Ltd. 185,800 5,804,755 Gunma Bank, Ltd. (The) 604,496 3,297,397 H2O Retailing Corp. 198,900 3,291,861 Hachijuni Bank, Ltd. (The) 565,531 3,328,685 Hankyu Hanshin Holdings, Inc. 599,500 20,340,962 Heiwa Corp. 53,100 1,280,200 Hiroshima Bank, Ltd. (The) 727,000 3,396,701 Hitachi Capital Corp. 103,300 2,651,855 Hitachi Chemical Co., Ltd. 320,500 9,099,334 Hitachi Construction Machinery Co., Ltd. 379,100 8,718,408 Hitachi Metals, Ltd. 475,400 6,590,518 Hitachi Transport System, Ltd. 105,000 2,142,955 Hitachi, Ltd. 11,243,000 64,371,265 Hokuhoku Financial Group, Inc. 191,900 3,287,617 Honda Motor Co., Ltd. 3,798,500 113,039,159 # House Foods Group, Inc. 65,300 1,401,265 Ibiden Co., Ltd. 459,900 6,540,835 Idemitsu Kosan Co., Ltd. 195,496 6,045,019 * IHI Corp. 1,136,000 3,059,031 Iida Group Holdings Co., Ltd. 439,300 8,221,601 Inpex Corp. 2,157,500 21,171,951 Isetan Mitsukoshi Holdings, Ltd. 594,700 6,956,368 Isuzu Motors, Ltd. 112,300 1,506,831 ITOCHU Corp. 2,539,900 34,989,405 # Iyo Bank, Ltd. (The) 492,300 3,303,416 # J Front Retailing Co., Ltd. 977,000 14,099,779 JFE Holdings, Inc. 1,698,700 29,734,200 JGC Corp. 250,400 4,346,789 JSR Corp. 458,100 7,851,553 JTEKT Corp. 479,600 7,876,749 JX Holdings, Inc. 4,069,933 19,193,701 # K's Holdings Corp. 152,200 2,746,531 Kamigumi Co., Ltd. 398,000 3,868,857 Kaneka Corp. 1,156,542 9,965,001 Kawasaki Heavy Industries, Ltd. 1,380,000 4,318,296 # Kawasaki Kisen Kaisha, Ltd. 3,012,000 7,323,864 Kinden Corp. 187,800 2,385,284 #* Kobe Steel, Ltd. 1,140,200 11,090,609 Komatsu, Ltd. 726,400 17,200,147 Konica Minolta, Inc. 1,910,700 19,793,004 Kuraray Co., Ltd. 1,340,000 21,238,982 Kurita Water Industries, Ltd. 7,500 177,913 Kyocera Corp. 224,100 11,666,817 Kyocera Corp. Sponsored ADR 25,197 1,378,276 Kyushu Financial Group, Inc. 459,949 3,169,124 LIXIL Group Corp. 487,800 11,389,494 Marubeni Corp. 5,194,400 31,605,020 Mazda Motor Corp. 2,460,200 36,204,586
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ ---------- ----------- JAPAN -- (Continued) Mebuki Financial Group, Inc. 1,177,020 $ 4,520,084 Medipal Holdings Corp. 356,400 5,776,355 Mitsubishi Chemical Holdings Corp. 6,562,600 45,773,815 Mitsubishi Corp. 1,101,700 24,887,504 # Mitsubishi Gas Chemical Co., Inc. 570,500 10,942,389 Mitsubishi Heavy Industries, Ltd. 7,148,000 32,110,099 Mitsubishi Logistics Corp. 50,000 711,243 Mitsubishi Materials Corp. 518,200 17,683,590 Mitsubishi Motors Corp. 1,998,400 10,825,618 Mitsubishi UFJ Financial Group, Inc. 14,198,406 90,919,800 Mitsubishi UFJ Financial Group, Inc. Sponsored ADR 4,781,372 30,552,967 Mitsubishi UFJ Lease & Finance Co., Ltd. 1,276,200 6,802,725 Mitsui & Co., Ltd. 939,900 13,793,857 Mitsui & Co., Ltd. Sponsored ADR 11,723 3,446,562 Mitsui Chemicals, Inc. 3,169,800 14,906,257 Mitsui Fudosan Co., Ltd. 232,000 5,356,228 Mitsui OSK Lines, Ltd. 4,123,000 13,102,429 Mizuho Financial Group, Inc. 49,478,100 91,810,915 Mizuho Financial Group, Inc. ADR 205,757 757,186 MS&AD Insurance Group Holdings, Inc. 717,653 24,008,011 NEC Corp. 10,595,101 24,453,513 NGK Spark Plug Co., Ltd. 16,000 360,371 NH Foods, Ltd. 179,536 4,886,212 NHK Spring Co., Ltd. 628,300 6,331,195 Nikon Corp. 750,200 12,107,652 Nippo Corp. 185,000 3,497,414 Nippon Electric Glass Co., Ltd. 551,000 3,171,840 Nippon Express Co., Ltd. 3,529,238 18,669,936 # Nippon Paper Industries Co., Ltd. 373,800 6,843,579 Nippon Shokubai Co., Ltd. 102,400 7,057,303 Nippon Steel & Sumitomo Metal Corp. 2,021,593 48,836,721 Nippon Yusen K.K. 7,713,000 16,310,431 Nissan Motor Co., Ltd. 6,443,700 63,748,588 Nisshin Seifun Group, Inc. 42,800 651,095 Nisshinbo Holdings, Inc. 305,000 2,905,482 NOK Corp. 344,120 6,993,265 Nomura Holdings, Inc. 2,225,400 13,794,935 Nomura Real Estate Holdings, Inc. 389,100 6,692,632 NSK, Ltd. 312,100 3,788,658 NTN Corp. 1,625,000 6,863,184 Obayashi Corp. 279,682 2,664,301 Oji Holdings Corp. 3,833,000 16,965,413 ORIX Corp. 1,698,000 25,618,114 # Otsuka Holdings Co., Ltd. 8,800 405,398 Resona Holdings, Inc. 7,208,900 39,029,497 Ricoh Co., Ltd. 3,215,400 28,686,148 Rohm Co., Ltd. 84,700 5,416,246 Sankyo Co., Ltd. 73,900 2,467,425 SBI Holdings, Inc. 643,100 8,877,179 Sega Sammy Holdings, Inc. 169,200 2,656,766 Seino Holdings Co., Ltd. 413,700 4,784,344 Sekisui Chemical Co., Ltd. 105,000 1,713,341 # Sekisui House, Ltd. 1,345,900 21,771,668
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ --------- -------------- JAPAN -- (Continued) Shinsei Bank, Ltd. 3,134,000 $ 5,390,279 Shizuoka Bank, Ltd. (The) 799,000 6,952,596 Showa Denko K.K. 224,800 3,689,017 Showa Shell Sekiyu K.K. 184,300 1,806,616 Sojitz Corp. 2,218,300 5,717,487 Sompo Holdings, Inc. 291,000 10,537,039 Sony Corp. Sponsored ADR 73,419 2,222,393 Sumco Corp. 46,900 733,241 Sumitomo Chemical Co., Ltd. 7,613,000 40,561,961 Sumitomo Corp. 817,500 10,247,992 Sumitomo Electric Industries, Ltd. 2,838,500 41,302,545 Sumitomo Forestry Co., Ltd. 526,400 7,241,151 Sumitomo Heavy Industries, Ltd. 2,259,000 15,531,486 Sumitomo Metal Mining Co., Ltd. 1,067,000 14,455,937 Sumitomo Mitsui Financial Group, Inc. 2,854,200 111,975,950 Sumitomo Mitsui Trust Holdings, Inc. 581,544 21,676,098 Sumitomo Rubber Industries, Ltd. 659,000 10,292,885 Suzuken Co., Ltd. 113,000 3,730,685 T&D Holdings, Inc. 2,331,000 34,532,673 Taiheiyo Cement Corp. 2,798,212 9,777,763 Takashimaya Co., Ltd. 799,634 6,886,422 TDK Corp. 443,000 31,841,233 Teijin, Ltd. 771,690 16,287,900 THK Co., Ltd. 251,800 6,204,651 Tokai Rika Co., Ltd. 165,500 3,293,845 Tokio Marine Holdings, Inc. 177,100 7,384,003 Tokyo Broadcasting System Holdings, Inc. 29,200 502,861 Tokyo Tatemono Co., Ltd. 277,200 3,671,016 Tokyu Fudosan Holdings Corp. 1,531,000 8,950,012 Toppan Printing Co., Ltd. 1,034,000 10,149,684 Tosoh Corp. 2,121,000 16,024,945 Toyo Seikan Group Holdings, Ltd. 361,749 6,671,952 Toyoda Gosei Co., Ltd. 245,800 5,921,013 Toyota Industries Corp. 198,500 9,579,619 Toyota Motor Corp. 225,790 13,130,333 Toyota Tsusho Corp. 976,400 26,856,881 TV Asahi Holdings Corp. 31,700 634,652 Ube Industries, Ltd. 4,325,000 10,398,945 #* Universal Entertainment Corp. 23,200 843,262 # Yamada Denki Co., Ltd. 2,346,300 12,926,735 Yamaguchi Financial Group, Inc. 320,148 3,488,061 Yokohama Rubber Co., Ltd. (The) 378,800 6,662,015 Zeon Corp. 65,000 745,894 -------------- TOTAL JAPAN 2,382,550,873 -------------- NETHERLANDS -- (2.9%) Aegon NV 2,475,925 13,457,870 Akzo Nobel NV 32,651 2,215,870 * ArcelorMittal(B03XPL1) 3,861,973 30,113,892 * ArcelorMittal(B295F26) 1,085,424 8,455,453 Boskalis Westminster 134,823 4,988,168 Coca-Cola European Partners P.L.C. 31,954 1,103,424 Gemalto NV 22,216 1,289,281
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ ---------- ------------ NETHERLANDS -- (Continued) ING Groep NV 6,261,830 $ 89,957,126 ING Groep NV Sponsored ADR 1,202,410 17,290,656 Koninklijke Ahold Delhaize NV 2,216,999 47,230,368 Koninklijke Ahold Delhaize NV Sponsored ADR 211,969 4,507,521 # Koninklijke DSM NV 658,446 41,976,166 Koninklijke KPN NV 11,313 32,592 Koninklijke Philips NV(500472303) 237,488 6,977,398 Koninklijke Philips NV(5986622) 1,045,983 30,691,747 NN Group NV 713,008 25,251,773 ------------ TOTAL NETHERLANDS 325,539,305 ------------ NEW ZEALAND -- (0.2%) Auckland International Airport, Ltd. 1,223,055 6,134,721 Fletcher Building, Ltd. 1,284,940 9,899,706 Fonterra Co-operative Group, Ltd. 119,064 540,746 ------------ TOTAL NEW ZEALAND 16,575,173 ------------ NORWAY -- (0.7%) DNB ASA 1,669,831 27,856,979 Norsk Hydro ASA 2,633,249 15,020,916 Norsk Hydro ASA Sponsored ADR 59,900 337,836 * Seadrill, Ltd. 258,772 483,904 Statoil ASA 932,224 17,383,361 Statoil ASA Sponsored ADR 305,200 5,698,084 * Storebrand ASA 694,704 4,236,074 * Subsea 7 SA 330,380 4,495,676 Yara International ASA 176,946 7,461,032 ------------ TOTAL NORWAY 82,973,862 ------------ PORTUGAL -- (0.0%) * Banco Espirito Santo SA 2,631,973 -- EDP Renovaveis SA 541,158 3,476,603 ------------ TOTAL PORTUGAL 3,476,603 ------------ SINGAPORE -- (0.9%) CapitaLand, Ltd. 3,934,100 9,181,182 City Developments, Ltd. 1,315,900 8,637,548 DBS Group Holdings, Ltd. 1,809,512 24,464,534 Frasers Centrepoint, Ltd. 453,300 506,953 Golden Agri-Resources, Ltd. 12,719,900 3,826,061 Hutchison Port Holdings Trust 16,251,500 6,912,169 Keppel Corp., Ltd. 4,879,400 21,411,213 Olam International, Ltd. 410,300 578,138 SembCorp Industries, Ltd. 1,715,100 3,830,307 Singapore Airlines, Ltd. 2,418,300 17,032,162 United Industrial Corp., Ltd. 1,917,070 3,850,465 UOL Group, Ltd. 974,274 4,412,560 Wilmar International, Ltd. 561,900 1,546,354 ------------ TOTAL SINGAPORE 106,189,646 ------------ SPAIN -- (2.8%) Acciona SA 6,116 474,470
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ ---------- ------------ SPAIN -- (Continued) Banco de Sabadell SA 12,572,327 $ 18,980,657 # Banco Popular Espanol SA 3,182,696 3,295,628 # Banco Santander SA 38,858,119 217,095,009 Banco Santander SA Sponsored ADR 784,463 4,361,614 CaixaBank SA 4,124,925 15,119,871 Iberdrola SA(B288C92) 2,340,052 14,780,081 * Iberdrola SA(BYXLF46) 59,989 377,796 Mapfre SA 1,066,920 3,234,955 Repsol SA 2,390,611 35,432,885 ------------ TOTAL SPAIN 313,152,966 ------------ SWEDEN -- (2.3%) Boliden AB 1,273,315 37,145,629 Holmen AB Class A 2,781 102,893 Holmen AB Class B 85,183 3,116,713 ICA Gruppen AB 8,133 265,776 Millicom International Cellular SA 70,355 3,484,139 Nordea Bank AB 5,514,131 66,568,086 Skandinaviska Enskilda Banken AB Class A 2,148,822 24,137,311 Skandinaviska Enskilda Banken AB Class C 25,796 296,658 * SSAB AB Class A 323,692 1,330,515 * SSAB AB Class B 795,309 2,680,840 Svenska Cellulosa AB SCA Class A 62,923 1,986,904 Svenska Cellulosa AB SCA Class B 988,825 29,755,309 Svenska Handelsbanken AB Class A 555,585 8,294,166 Svenska Handelsbanken AB Class B 3,434 51,307 Swedbank AB Class A 27,877 704,871 Tele2 AB Class B 872,178 7,689,690 Telefonaktiebolaget LM Ericsson Class A 28,098 168,546 Telefonaktiebolaget LM Ericsson Class B 4,879,427 28,878,060 Telefonaktiebolaget LM Ericsson Sponsored ADR 834,580 4,915,676 Telia Co AB 6,695,621 27,160,364 Trelleborg AB Class B 325,130 6,745,018 ------------ TOTAL SWEDEN 255,478,471 ------------ SWITZERLAND -- (7.3%) * ABB, Ltd. 3,077,842 73,347,542 Adecco Group AG 640,328 45,818,542 Baloise Holding AG 207,040 26,659,070 Banque Cantonale Vaudoise 468 319,695 # Cie Financiere Richemont SA 1,288,956 100,383,509 * Clariant AG 1,150,414 21,560,187 * Credit Suisse Group AG 859,528 13,120,800 * Credit Suisse Group AG Sponsored ADR 1,052,790 16,002,408 * Dufry AG 102,171 14,585,567 Flughafen Zuerich AG 10,906 2,144,771 Helvetia Holding AG 1,645 930,861 * Julius Baer Group, Ltd. 100,967 4,746,533 * LafargeHolcim, Ltd.(7110753) 752,842 40,535,883 * LafargeHolcim, Ltd.(BZ3DNX4) 375,078 20,039,271 Novartis AG 1,332,371 98,365,676 Novartis AG Sponsored ADR 6,178 456,678
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ ---------- --------------- SWITZERLAND -- (Continued) Swatch Group AG (The)(7184736) 172,781 $ 12,072,209 # Swatch Group AG (The)(7184725) 139,269 49,357,646 * Swiss Life Holding AG 93,092 28,261,552 Swiss Re AG 1,037,390 96,942,666 #* UBS Group AG(BRJL176) 3,448,485 56,042,462 * UBS Group AG(H42097107) 500,015 8,055,242 * Zurich Insurance Group AG 326,468 94,014,166 --------------- TOTAL SWITZERLAND 823,762,936 --------------- UNITED KINGDOM -- (16.8%) * Anglo American P.L.C. 3,284,169 56,613,450 Antofagasta P.L.C. 205,201 2,168,088 Aviva P.L.C. 1,004,454 6,047,694 Barclays P.L.C. 164,749 457,231 Barclays P.L.C. Sponsored ADR 4,766,662 52,766,948 Barratt Developments P.L.C. 1,616,630 9,749,167 BHP Billiton P.L.C. 767,576 13,998,893 BHP Billiton P.L.C. ADR 268,993 9,842,454 BP P.L.C. Sponsored ADR 10,222,105 367,791,338 Carnival P.L.C. 155,893 8,340,088 * Glencore P.L.C. 33,377,354 138,238,390 HSBC Holdings P.L.C. 21,477,669 183,224,189 HSBC Holdings P.L.C. Sponsored ADR 3,019,816 128,644,161 J Sainsbury P.L.C. 7,029,804 22,871,923 Kingfisher P.L.C. 7,403,317 31,410,729 Lloyds Banking Group P.L.C. 65,407,793 53,647,501 Lloyds Banking Group P.L.C. ADR 1,412,156 4,688,358 Old Mutual P.L.C. 50,536 132,704 Pearson P.L.C. 813,680 6,343,469 Pearson P.L.C. Sponsored ADR 1,237,005 9,574,419 * Royal Bank of Scotland Group P.L.C. 2,796,353 7,833,874 * Royal Bank of Scotland Group P.L.C. Sponsored ADR 409,166 2,299,513 Royal Dutch Shell P.L.C. Class A 2,248,597 60,985,663 Royal Dutch Shell P.L.C. Class B 398,623 11,258,869 Royal Dutch Shell P.L.C. Sponsored ADR, Class A 3,237,637 176,095,056 Royal Dutch Shell P.L.C. Sponsored ADR, Class B 3,794,361 218,061,927 Royal Mail P.L.C. 769,489 3,996,229 * Standard Chartered P.L.C. 3,984,128 39,013,959 Vodafone Group P.L.C. 58,351,986 142,934,922 Vodafone Group P.L.C. Sponsored ADR 4,011,201 99,878,912 WM Morrison Supermarkets P.L.C. 6,735,041 20,079,095 --------------- TOTAL UNITED KINGDOM 1,888,989,213 --------------- TOTAL COMMON STOCKS 10,441,525,446 --------------- PREFERRED STOCKS -- (0.9%) GERMANY -- (0.9%) Bayerische Motoren Werke AG 51,209 3,847,058 Porsche Automobil Holding SE 267,840 16,111,434
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
SHARES VALUE++ ---------- --------------- GERMANY -- (Continued) Volkswagen AG 535,010 $ 83,545,030 --------------- TOTAL GERMANY 103,503,522 --------------- TOTAL PREFERRED STOCKS 103,503,522 --------------- TOTAL INVESTMENT SECURITIES 10,545,028,968 --------------- VALUE+ --------------- SECURITIES LENDING COLLATERAL -- (6.4%) (S)@ DFA Short Term Investment Fund 62,620,174 724,640,657 --------------- TOTAL INVESTMENTS -- (100.0%) (Cost $10,505,613,163)^^ $11,269,669,625 ===============
THE DFA INTERNATIONAL VALUE SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 74,087,199 $ 632,493,581 -- $ 706,580,780 Austria -- 8,468,655 -- 8,468,655 Belgium -- 110,454,432 -- 110,454,432 Canada 870,565,591 -- -- 870,565,591 Denmark -- 182,470,283 -- 182,470,283 Finland 2,608,197 74,516,852 -- 77,125,049 France 286,007 1,021,515,090 -- 1,021,801,097 Germany 68,988,880 722,810,077 -- 791,798,957 Hong Kong -- 275,267,792 -- 275,267,792 Ireland 8,781,646 21,975,369 -- 30,757,015 Israel -- 40,766,258 -- 40,766,258 Italy 27,547,691 99,232,798 -- 126,780,489 Japan 38,357,384 2,344,193,489 -- 2,382,550,873 Netherlands 38,520,309 287,018,996 -- 325,539,305 New Zealand -- 16,575,173 -- 16,575,173 Norway 6,519,824 76,454,038 -- 82,973,862 Portugal -- 3,476,603 -- 3,476,603 Singapore -- 106,189,646 -- 106,189,646 Spain 4,739,410 308,413,556 -- 313,152,966 Sweden 4,915,676 250,562,795 -- 255,478,471 Switzerland 24,514,328 799,248,608 -- 823,762,936 United Kingdom 1,069,643,086 819,346,127 -- 1,888,989,213 Preferred Stocks Germany -- 103,503,522 -- 103,503,522 Securities Lending Collateral -- 724,640,657 -- 724,640,657 Futures Contracts** 1,101,341 -- -- 1,101,341 -------------- -------------- -- --------------- TOTAL $2,241,176,569 $9,029,594,397 -- $11,270,770,966 ============== ============== == ===============
** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. THE JAPANESE SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE++ ------- ----------- COMMON STOCKS -- (92.9%) Consumer Discretionary -- (17.8%) Adastria Co., Ltd. 194,640 $ 5,223,268 # Aeon Fantasy Co., Ltd. 49,332 1,358,063 * AGORA Hospitality Group Co., Ltd. 591,000 198,462 Ahresty Corp. 137,600 1,452,362 Aigan Co., Ltd. 33,400 58,241 Aisan Industry Co., Ltd. 203,300 1,707,115 #* Akebono Brake Industry Co., Ltd. 592,900 1,589,733 # Alpen Co., Ltd. 111,900 1,997,037 Alpha Corp. 30,400 307,963 Alpine Electronics, Inc. 277,500 4,052,270 Amiyaki Tei Co., Ltd. 25,600 896,022 Amuse, Inc. 70,298 1,120,693 * Anrakutei Co., Ltd. 2,200 89,837 # AOI TYO Holdings, Inc. 109,931 823,679 AOKI Holdings, Inc. 268,400 3,379,647 Aoyama Trading Co., Ltd. 304,000 10,714,730 # Arata Corp. 28,300 688,213 Arcland Sakamoto Co., Ltd. 176,200 2,157,577 Arcland Service Holdings Co., Ltd. 40,000 1,096,416 Asahi Broadcasting Corp. 24,800 165,548 Asahi Co., Ltd. 103,300 1,213,405 Asante, Inc. 17,700 268,682 Asatsu-DK, Inc. 207,400 5,489,514 Ashimori Industry Co., Ltd. 254,000 362,570 # ASKUL Corp. 85,400 2,775,648 # Atom Corp. 435,000 2,778,452 Atsugi Co., Ltd. 961,000 1,063,032 Autobacs Seven Co., Ltd. 455,700 7,052,946 Avex Group Holdings, Inc. 225,400 3,387,790 Beenos, Inc. 5,900 77,002 Belluna Co., Ltd. 291,800 1,999,992 Best Denki Co., Ltd. 351,100 447,844 Bic Camera, Inc. 546,600 5,105,411 # Bookoff Corp. 59,400 428,995 # BRONCO BILLY Co., Ltd. 62,800 1,543,716 # Calsonic Kansei Corp. 241,000 3,831,316 Can Do Co., Ltd. 65,500 1,067,182 Central Automotive Products, Ltd. 5,600 57,360 Central Sports Co., Ltd. 33,800 885,293 CHIMNEY Co., Ltd. 27,800 691,449 Chiyoda Co., Ltd. 102,100 2,414,184 Chofu Seisakusho Co., Ltd. 127,700 2,911,740 Chori Co., Ltd. 71,800 1,245,873 Chuo Spring Co., Ltd. 196,000 566,380 Clarion Co., Ltd. 677,000 2,550,410 Cleanup Corp. 129,700 1,028,822 Coco's Japan Co., Ltd. 3,600 62,719 Colowide Co., Ltd. 358,200 6,005,041 Corona Corp. 86,700 874,894 # Create Restaurants Holdings, Inc. 174,300 1,524,239 * D.A. Consortium Holdings, Inc. 118,700 891,182
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ---------- Consumer Discretionary -- (Continued) Daido Metal Co., Ltd. 193,000 $1,797,394 # Daidoh, Ltd. 139,800 547,022 Daiichikosho Co., Ltd. 101,900 4,049,159 Daikoku Denki Co., Ltd. 51,800 782,634 Daikyonishikawa Corp. 221,700 2,891,811 Dainichi Co., Ltd. 49,300 317,045 Daisyo Corp. 47,200 656,818 # DCM Holdings Co., Ltd. 530,600 4,761,280 Descente, Ltd. 250,600 2,847,362 #* DLE, Inc. 49,600 312,914 Doshisha Co., Ltd. 146,100 2,801,294 Doutor Nichires Holdings Co., Ltd. 195,386 3,724,551 Dunlop Sports Co., Ltd. 76,600 703,878 Dynic Corp. 174,000 297,289 Eagle Industry Co., Ltd. 147,200 1,975,766 # EDION Corp. 513,900 4,933,291 # ES-Con Japan, Ltd. 209,400 711,801 Exedy Corp. 193,000 5,226,254 # F-Tech, Inc. 41,900 474,384 FCC Co., Ltd. 231,400 4,191,844 Fields Corp. 75,900 832,577 Fine Sinter Co., Ltd. 9,800 162,080 First Juken Co., Ltd. 22,400 281,696 FJ Next Co., Ltd. 44,200 291,030 Foster Electric Co., Ltd. 140,200 2,194,262 France Bed Holdings Co., Ltd. 139,600 1,150,872 # FTGroup Co., Ltd. 74,000 479,056 # Fuji Co., Ltd. 110,400 2,297,362 Fuji Corp. 5,600 100,588 Fuji Corp., Ltd. 149,600 997,321 Fuji Kiko Co., Ltd. 137,400 556,660 # Fuji Kyuko Co., Ltd. 250,000 2,369,466 Fuji Oozx, Inc. 6,000 20,023 Fujibo Holdings, Inc. 67,100 1,997,561 # Fujikura Rubber, Ltd. 93,200 542,445 # Fujio Food System Co., Ltd. 8,800 205,008 Fujishoji Co., Ltd. 47,100 496,567 # Fujita Kanko, Inc. 226,000 709,126 FuKoKu Co., Ltd. 40,800 334,174 # Funai Electric Co., Ltd. 121,700 976,811 # Furukawa Battery Co., Ltd. (The) 89,000 590,956 Futaba Industrial Co., Ltd. 344,700 2,049,105 G-7 Holdings, Inc. 32,000 579,943 G-Tekt Corp. 110,800 2,080,925 Gakken Holdings Co., Ltd. 313,000 864,893 Gakkyusha Co., Ltd. 14,600 194,999 # Genki Sushi Co., Ltd. 13,700 264,678 # Geo Holdings Corp. 223,300 2,579,648 Gfoot Co., Ltd. 12,700 92,277 # GLOBERIDE, Inc. 62,299 1,020,176 # Gokurakuyu Holdings Co., Ltd. 21,200 162,177 Goldwin, Inc. 4,000 184,589 Golf Digest Online, Inc. 49,500 402,537
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Consumer Discretionary -- (Continued) Gourmet Kineya Co., Ltd. 85,000 $ 761,143 GSI Creos Corp. 306,000 365,781 Gunze, Ltd. 1,080,000 3,712,788 H-One Co., Ltd. 91,800 841,070 H2O Retailing Corp. 326,600 5,405,338 Hagihara Industries, Inc. 35,500 822,155 # Hakuyosha Co., Ltd. 6,500 153,561 # Handsman Co., Ltd. 22,800 365,746 # Happinet Corp. 93,800 1,068,473 Hard Off Corp. Co., Ltd. 57,900 602,135 Haruyama Holdings, Inc. 47,900 388,729 Heiwa Corp. 200,400 4,831,488 HI-LEX Corp. 63,100 1,653,281 Hiday Hidaka Corp. 98,047 2,333,719 # Himaraya Co., Ltd. 35,900 272,451 # Hiramatsu, Inc. 174,500 1,013,463 # HIS Co., Ltd. 247,200 6,596,850 Honeys Co., Ltd. 106,040 1,014,738 Hoosiers Holdings 181,100 972,046 # Hotland Co., Ltd. 32,300 307,422 I K K, Inc. 25,900 163,222 * IBJ, Inc. 103,500 537,694 # Ichibanya Co., Ltd. 54,958 1,805,705 Ichikoh Industries, Ltd. 286,000 1,079,383 # IDOM, Inc. 420,500 2,752,430 IJT Technology Holdings Co., Ltd. 124,680 561,362 Imasen Electric Industrial 93,900 831,110 Imperial Hotel, Ltd. 13,000 240,342 Intage Holdings, Inc. 97,800 1,818,120 * Izuhakone Railway Co., Ltd. 300 -- * Izutsuya Co., Ltd. 61,699 217,000 #* Janome Sewing Machine Co., Ltd. 106,400 789,238 Japan Wool Textile Co., Ltd. (The) 343,000 2,685,890 # Jin Co., Ltd. 84,100 4,285,062 # Joban Kosan Co., Ltd. 35,399 504,449 Jolly - Pasta Co., Ltd. 2,000 24,955 Joshin Denki Co., Ltd. 205,000 1,906,272 Joyful Honda Co., Ltd. 29,300 810,336 # JP-Holdings, Inc. 374,800 868,207 # JVC Kenwood Corp. 885,430 2,395,204 # K's Holdings Corp. 48,000 866,186 * Kadokawa Dwango 328,233 5,072,523 # Kappa Create Co., Ltd. 145,300 1,704,792 Kasai Kogyo Co., Ltd. 143,900 1,661,738 Kawai Musical Instruments Manufacturing Co., Ltd. 45,200 898,821 Keihin Corp. 267,500 4,733,953 # Keiyo Co., Ltd. 179,800 914,275 # KFC Holdings Japan, Ltd. 90,600 1,568,290 #* Kintetsu Department Store Co., Ltd. 218,000 686,910 Kitamura Co., Ltd. 2,000 13,825 * KNT-CT Holdings Co., Ltd. 697,000 900,363 # Kohnan Shoji Co., Ltd. 188,500 3,515,139 #* Kojima Co., Ltd. 176,000 425,559
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Consumer Discretionary -- (Continued) # Komatsu Seiren Co., Ltd. 193,700 $1,239,198 # Komehyo Co., Ltd. 19,700 220,468 Komeri Co., Ltd. 202,200 4,761,244 # Konaka Co., Ltd. 120,060 619,539 Koshidaka Holdings Co., Ltd. 56,300 1,155,250 Kourakuen Holdings Corp. 49,400 710,239 KU Holdings Co., Ltd. 130,900 999,174 Kura Corp. 69,200 2,886,100 Kurabo Industries, Ltd. 1,241,000 2,581,772 KYB Corp. 1,157,000 5,633,312 Kyoritsu Maintenance Co., Ltd. 83,831 5,467,810 #* Laox Co., Ltd. 180,100 1,112,825 LEC, Inc. 41,600 1,355,716 Look, Inc. 228,000 361,735 # Mamiya-Op Co., Ltd. 25,800 281,910 Mars Engineering Corp. 50,500 968,744 #* Maruzen CHI Holdings Co., Ltd. 41,700 131,070 # Matsuya Co., Ltd. 188,500 1,628,159 # Matsuya Foods Co., Ltd. 52,900 1,927,524 Meiko Network Japan Co., Ltd. 146,800 1,626,962 Meiwa Estate Co., Ltd. 65,400 425,404 Mikuni Corp. 121,200 422,955 # Misawa Homes Co., Ltd. 164,000 1,550,981 Mitsuba Corp. 208,690 3,634,356 Mitsui Home Co., Ltd. 165,000 814,732 Mizuno Corp. 594,000 3,071,010 # Monogatari Corp. (The) 31,500 1,141,200 # Morito Co., Ltd. 33,400 278,497 Mr Max Corp. 102,200 368,615 Murakami Corp. 13,500 294,556 Musashi Seimitsu Industry Co., Ltd. 145,900 4,016,247 # Nafco Co., Ltd. 35,800 575,876 Nagawa Co., Ltd. 17,100 669,983 * Naigai Co., Ltd. 544,000 298,304 # Nakayamafuku Co., Ltd. 13,900 101,198 # Next Co., Ltd. 319,300 2,157,765 NHK Spring Co., Ltd. 123,200 1,241,450 Nice Holdings, Inc. 444,000 601,048 Nichirin Co., Ltd. 17,900 269,523 Nihon Eslead Corp. 36,000 447,672 Nihon House Holdings Co., Ltd. 233,300 1,054,317 Nihon Plast Co., Ltd. 46,100 416,257 Nihon Tokushu Toryo Co., Ltd. 78,800 1,225,484 Nippon Felt Co., Ltd. 58,200 262,919 Nippon Piston Ring Co., Ltd. 48,600 907,157 Nippon Seiki Co., Ltd. 244,400 5,264,736 Nippon View Hotel Co., Ltd. 6,200 77,825 Nishikawa Rubber Co., Ltd. 15,000 215,560 Nishimatsuya Chain Co., Ltd. 172,700 2,159,422 Nissan Shatai Co., Ltd. 255,200 2,417,918 Nissan Tokyo Sales Holdings Co., Ltd. 208,000 626,130 Nissei Build Kogyo Co., Ltd. 388,000 1,970,476 Nissin Kogyo Co., Ltd. 230,200 3,803,140
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Consumer Discretionary -- (Continued) Nittan Valve Co., Ltd. 86,000 $ 313,978 Nojima Corp. 129,700 1,427,747 Ohashi Technica, Inc. 36,600 469,510 Ohsho Food Service Corp. 66,700 2,588,917 Onward Holdings Co., Ltd. 736,000 5,433,824 # Ootoya Holdings Co., Ltd. 10,900 197,908 #* OPT Holdings, Inc. 86,700 552,201 # Otsuka Kagu, Ltd. 57,300 507,984 # Pacific Industrial Co., Ltd. 248,400 3,070,953 # PAL GROUP Holdings Co., Ltd. 75,500 1,922,303 PALTAC Corp. 214,634 5,548,546 PanaHome Corp. 507,200 4,299,563 PAPYLESS Co., Ltd. 3,700 153,922 Parco Co., Ltd. 123,400 1,202,502 Paris Miki Holdings, Inc. 161,800 661,100 # PC Depot Corp. 234,241 1,298,684 People Co., Ltd. 17,000 283,201 PIA Corp. 17,400 433,896 Piolax, Inc. 56,700 3,656,612 * Pioneer Corp. 1,938,300 4,254,600 Plenus Co., Ltd. 133,800 2,907,051 Press Kogyo Co., Ltd. 595,000 2,700,742 Pressance Corp. 214,000 2,580,185 Proto Corp. 64,100 792,842 # Raccoon Co., Ltd. 30,400 134,210 Renaissance, Inc. 60,600 815,263 #* Renown, Inc. 306,000 314,173 # Resol Holdings Co., Ltd. 168,000 508,954 Rhythm Watch Co., Ltd. 559,000 910,099 # Riberesute Corp. 36,900 271,073 # Ride On Express Co., Ltd. 18,700 141,066 # Right On Co., Ltd. 87,425 755,915 Riken Corp. 54,100 2,054,278 Ringer Hut Co., Ltd. 126,000 2,630,804 # Riso Kyoiku Co., Ltd. 211,700 1,119,669 Round One Corp. 456,600 3,285,058 Royal Holdings Co., Ltd. 186,600 3,165,791 # Sac's Bar Holdings, Inc. 103,450 1,124,071 Saizeriya Co., Ltd. 194,300 4,493,921 # Sakai Ovex Co., Ltd. 29,799 476,419 San Holdings, Inc. 15,400 214,915 Sanden Holdings Corp. 714,000 2,257,081 # Sanei Architecture Planning Co., Ltd. 50,300 702,082 Sangetsu Corp. 328,750 5,819,235 # Sanko Marketing Foods Co., Ltd. 27,800 233,081 Sankyo Seiko Co., Ltd. 183,400 678,779 Sanoh Industrial Co., Ltd. 136,500 990,252 # Sanrio Co., Ltd. 306,400 6,008,883 Sanyo Electric Railway Co., Ltd. 296,000 1,602,611 Sanyo Housing Nagoya Co., Ltd. 46,100 409,630 # Sanyo Shokai, Ltd. 694,000 1,032,823 Sato Restaurant Systems Co., Ltd. 26,300 195,023 # Scroll Corp. 166,300 507,532
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ---------- Consumer Discretionary -- (Continued) # Seiko Holdings Corp. 979,407 $3,546,945 Seiren Co., Ltd. 306,800 3,792,525 Senshukai Co., Ltd. 213,600 1,393,105 # Septeni Holdings Co., Ltd. 609,000 1,970,745 # SFP Dining Co., Ltd. 50,600 668,952 # Shidax Corp. 108,100 433,648 Shikibo, Ltd. 779,000 1,075,078 Shimachu Co., Ltd. 297,200 7,270,283 Shimojima Co., Ltd. 27,900 288,319 Shobunsha Publications, Inc. 258,500 1,593,296 Shochiku Co., Ltd. 54,000 643,282 Shoei Co., Ltd. 46,700 1,068,483 Showa Corp. 317,500 2,184,784 SKY Perfect JSAT Holdings, Inc. 764,600 3,440,858 # Snow Peak, Inc. 22,200 594,794 SNT Corp. 92,800 580,963 # Soft99 Corp. 68,600 512,676 # Sotoh Co., Ltd. 41,400 426,798 SPK Corp. 19,800 437,095 St Marc Holdings Co., Ltd. 101,400 3,055,278 Starts Corp., Inc. 181,500 3,157,602 Step Co., Ltd. 40,700 505,606 # Studio Alice Co., Ltd. 57,700 1,103,877 Suminoe Textile Co., Ltd. 323,000 782,704 Sumitomo Riko Co., Ltd. 235,200 2,428,734 # Sun Corp. 58,100 394,340 Suncall Corp. 27,000 129,122 T RAD Co., Ltd. 422,000 1,081,407 T-Gaia Corp. 155,100 2,538,357 Tachi-S Co., Ltd. 166,140 2,739,566 # Tachikawa Corp. 52,400 430,836 Taiho Kogyo Co., Ltd. 98,200 1,430,941 #* Takata Corp. 168,000 792,570 Take And Give Needs Co., Ltd. 54,070 356,767 Takihyo Co., Ltd. 79,000 328,045 # Tama Home Co., Ltd. 95,900 467,126 Tamron Co., Ltd. 128,500 2,328,746 # TASAKI & Co., Ltd. 88,900 1,215,494 TBK Co., Ltd. 118,500 517,036 Tear Corp. 7,100 40,051 Tenpos Busters Co., Ltd. 6,500 107,228 Tigers Polymer Corp. 50,600 367,612 Toa Corp. 127,800 1,163,911 # Toabo Corp. 54,799 267,241 Toei Animation Co., Ltd. 26,100 1,333,463 Toei Co., Ltd. 449,000 3,993,740 Tohokushinsha Film Corp. 22,500 152,125 Tokai Rika Co., Ltd. 318,800 6,344,881 Token Corp. 47,550 3,359,903 # Tokyo Dome Corp. 567,100 5,379,435 # Tokyo Individualized Educational Institute, Inc. 112,900 922,865 Tokyo Radiator Manufacturing Co., Ltd. 3,400 28,120 Tokyotokeiba Co., Ltd. 822,000 1,909,412
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Consumer Discretionary -- (Continued) # Tokyu Recreation Co., Ltd. 83,000 $ 582,432 Tomy Co., Ltd. 440,593 4,685,774 Topre Corp. 264,300 6,733,171 Toridoll Holdings Corp. 146,300 3,198,534 # Torikizoku Co., Ltd. 43,700 900,578 Tosho Co., Ltd. 51,200 2,382,383 Tow Co., Ltd. 69,300 396,129 Toyo Tire & Rubber Co., Ltd. 623,700 7,566,114 TPR Co., Ltd. 131,000 3,734,487 TS Tech Co., Ltd. 291,000 7,426,706 TSI Holdings Co., Ltd. 439,895 3,146,248 # Tsukada Global Holdings, Inc. 109,400 630,822 Tsukamoto Corp. Co., Ltd. 190,000 216,918 Tsutsumi Jewelry Co., Ltd. 50,900 877,479 TV Asahi Holdings Corp. 63,100 1,263,297 Tv Tokyo Holdings Corp. 86,300 1,767,968 #* U-Shin, Ltd. 114,300 888,545 Umenohana Co., Ltd. 1,000 23,735 Unipres Corp. 230,700 4,867,265 # United Arrows, Ltd. 157,600 4,451,793 #* Unitika, Ltd. 3,992,000 2,857,909 #* Universal Entertainment Corp. 116,400 4,230,851 Usen Corp. 685,080 2,299,178 ValueCommerce Co., Ltd. 57,700 180,434 Vector, Inc. 166,500 1,751,037 # VIA Holdings, Inc. 41,700 409,937 # Village Vanguard Co., Ltd. 32,100 323,366 # VT Holdings Co., Ltd. 508,400 2,472,181 Wacoal Holdings Corp. 676,000 8,192,069 # WATAMI Co., Ltd. 141,100 1,377,550 Watts Co., Ltd. 4,500 45,126 Workman Co., Ltd. 2,200 65,817 Wowow, Inc. 49,200 1,558,690 Xebio Holdings Co., Ltd. 162,900 2,433,919 Yachiyo Industry Co., Ltd. 24,000 226,202 Yamato International, Inc. 13,900 50,329 Yellow Hat, Ltd. 92,700 2,123,151 Yomiuri Land Co., Ltd. 243,000 1,002,826 Yondoshi Holdings, Inc. 21,320 469,124 Yorozu Corp. 112,500 1,563,372 Yoshinoya Holdings Co., Ltd. 54,500 785,243 # Yume No Machi Souzou Iinkai Co., Ltd. 15,600 458,868 Yutaka Giken Co., Ltd. 3,100 64,268 Zenrin Co., Ltd. 161,500 3,135,414 # Zojirushi Corp. 232,300 3,034,868 ------------ Total Consumer Discretionary 600,957,873 ------------ Consumer Staples -- (7.4%) Aeon Hokkaido Corp. 273,900 1,488,994 Ain Holdings, Inc. 124,600 9,133,632 Albis Co., Ltd. 11,800 334,327 Arcs Co., Ltd. 232,800 5,245,278 Ariake Japan Co., Ltd. 117,000 6,201,909
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ---------- Consumer Staples -- (Continued) Artnature, Inc. 113,600 $ 759,538 Axial Retailing, Inc. 89,300 3,509,554 Belc Co., Ltd. 59,400 2,188,937 Bourbon Corp. 9,300 231,465 C'BON COSMETICS Co., Ltd. 3,000 65,938 Cawachi, Ltd. 91,800 2,362,154 Chubu Shiryo Co., Ltd. 119,300 1,106,380 # Chuo Gyorui Co., Ltd. 93,000 229,667 # Ci:z Holdings Co., Ltd. 157,300 4,542,065 Coca-Cola East Japan Co., Ltd. 108,400 2,360,645 Cocokara fine, Inc. 109,660 4,558,556 Cota Co., Ltd. 7,600 91,079 Create SD Holdings Co., Ltd. 164,400 3,626,189 # Daikokutenbussan Co., Ltd. 38,300 1,779,476 DyDo Group Holdings, Inc. 47,100 2,485,770 # Earth Chemical Co., Ltd. 26,300 1,125,547 Eco's Co., Ltd. 24,700 273,742 Fancl Corp. 95,300 1,315,766 Feed One Co., Ltd. 812,440 1,251,774 * First Baking Co., Ltd. 183,000 208,851 Fuji Oil Holdings, Inc. 362,600 7,258,143 Fujicco Co., Ltd. 90,400 2,005,114 # Genky Stores, Inc. 24,200 1,324,320 # HABA Laboratories, Inc. 4,200 153,369 Hagoromo Foods Corp. 39,000 451,156 Halows Co., Ltd. 21,300 435,248 * Hayashikane Sangyo Co., Ltd. 24,200 184,550 Heiwado Co., Ltd. 182,000 4,194,009 Hokkaido Coca-Cola Bottling Co., Ltd. 87,000 499,010 Hokuto Corp. 154,600 2,797,434 # House Foods Group, Inc. 99,700 2,139,451 Ichimasa Kamaboko Co., Ltd. 3,300 33,189 # Inageya Co., Ltd. 177,800 2,414,231 Itochu-Shokuhin Co., Ltd. 27,200 1,045,050 Iwatsuka Confectionery Co., Ltd. 2,200 86,428 J-Oil Mills, Inc. 57,100 1,979,237 Kadoya Sesame Mills, Inc. 700 29,164 # Kakiyasu Honten Co., Ltd. 29,800 521,624 Kameda Seika Co., Ltd. 72,000 3,380,328 Kaneko Seeds Co., Ltd. 29,600 388,164 Kato Sangyo Co., Ltd. 121,100 2,908,653 Kenko Mayonnaise Co., Ltd. 60,800 1,621,737 # Key Coffee, Inc. 109,700 2,053,835 Kirindo Holdings Co., Ltd. 29,300 221,649 # Kobe Bussan Co., Ltd. 78,000 2,522,891 Kotobuki Spirits Co., Ltd. 107,100 2,592,987 Kusuri no Aoki Holdings Co., Ltd. 92,700 3,961,363 # Kyokuyo Co., Ltd. 59,299 1,429,555 Life Corp. 165,100 4,773,988 Mandom Corp. 104,400 4,927,735 Marudai Food Co., Ltd. 605,000 2,626,947 Maruha Nichiro Corp. 244,307 6,757,316
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Consumer Staples -- (Continued) # Maxvalu Nishinihon Co., Ltd. 6,500 $ 97,594 # Maxvalu Tokai Co., Ltd. 49,300 852,919 Medical System Network Co., Ltd. 143,300 526,708 Megmilk Snow Brand Co., Ltd. 88,700 2,328,074 Meito Sangyo Co., Ltd. 52,200 646,148 Milbon Co., Ltd. 67,676 2,960,558 Ministop Co., Ltd. 92,800 1,666,797 Mitsubishi Shokuhin Co., Ltd. 81,100 2,417,884 Mitsui Sugar Co., Ltd. 112,770 2,508,047 Miyoshi Oil & Fat Co., Ltd. 379,000 476,493 Morinaga & Co., Ltd. 40,300 1,743,814 Morinaga Milk Industry Co., Ltd. 1,164,000 8,030,185 # Morozoff, Ltd. 189,000 846,936 Nagatanien Holdings Co., Ltd. 138,000 1,739,656 Nakamuraya Co., Ltd. 18,400 820,055 Natori Co., Ltd. 41,600 666,320 Nichimo Co., Ltd. 170,000 265,005 Nihon Chouzai Co., Ltd. 29,060 1,098,084 Niitaka Co., Ltd. 2,060 26,379 Nippon Beet Sugar Manufacturing Co., Ltd. 66,100 1,346,009 Nippon Flour Mills Co., Ltd. 361,000 5,116,044 Nippon Suisan Kaisha, Ltd. 1,570,900 7,734,656 Nisshin Oillio Group, Ltd. (The) 808,000 3,816,993 Nissin Sugar Co., Ltd. 64,400 961,618 Nitto Fuji Flour Milling Co., Ltd. 6,400 230,613 Noevir Holdings Co., Ltd. 61,300 2,140,001 Oenon Holdings, Inc. 307,000 741,778 # OIE Sangyo Co., Ltd. 20,900 209,464 Okuwa Co., Ltd. 162,000 1,652,279 Olympic Group Corp. 63,100 346,531 # OUG Holdings, Inc. 34,000 78,011 Prima Meat Packers, Ltd. 956,000 3,734,554 Qol Co., Ltd. 91,800 1,194,380 Retail Partners Co., Ltd. 1,100 11,863 Riken Vitamin Co., Ltd. 74,100 2,921,554 Rock Field Co., Ltd. 132,000 1,907,509 Rokko Butter Co., Ltd. 71,900 1,538,404 # S Foods, Inc. 78,162 2,121,158 S&B Foods, Inc. 499 23,370 Sagami Rubber Industries Co., Ltd. 6,000 57,542 Sakata Seed Corp. 142,600 4,089,942 San-A Co., Ltd. 101,200 4,693,128 Sapporo Holdings, Ltd. 200,000 5,201,699 Shoei Foods Corp. 75,600 1,459,836 Showa Sangyo Co., Ltd. 609,000 3,226,199 Sogo Medical Co., Ltd. 55,800 2,043,766 ST Corp. 81,200 1,272,548 # Starzen Co., Ltd. 55,800 2,351,665 Takara Holdings, Inc. 980,300 9,368,016 Tobu Store Co., Ltd. 19,000 485,353 Toho Co., Ltd. 44,100 973,779 Tohto Suisan Co., Ltd. 17,299 295,809 # Torigoe Co., Ltd. (The) 82,000 570,246
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Consumer Staples -- (Continued) Toyo Sugar Refining Co., Ltd. 157,000 $ 161,183 Transaction Co., Ltd. 9,500 176,740 United Super Markets Holdings, Inc. 300,300 2,625,128 Valor Holdings Co., Ltd. 220,500 5,729,500 Warabeya Nichiyo Holdings Co., Ltd. 87,360 1,901,391 Watahan & Co., Ltd. 28,300 406,974 YA-MAN, Ltd. 6,800 389,450 # Yaizu Suisankagaku Industry Co., Ltd. 47,300 507,780 Yakuodo Co., Ltd. 55,600 999,435 Yamatane Corp. 53,500 770,751 # Yamaya Corp. 25,600 389,070 Yamazawa Co., Ltd. 700 11,405 Yaoko Co., Ltd. 111,400 4,526,252 # Yokohama Reito Co., Ltd. 291,700 2,664,038 Yomeishu Seizo Co., Ltd. 49,800 833,448 Yuasa Funashoku Co., Ltd. 125,000 336,659 Yutaka Foods Corp. 6,000 99,648 ------------ Total Consumer Staples 250,357,933 ------------ Energy -- (1.0%) # BP Castrol K.K. 57,400 834,586 Cosmo Energy Holdings Co., Ltd. 363,000 6,281,940 Fuji Kosan Co., Ltd. 33,100 134,230 * Fuji Oil Co., Ltd. 284,800 1,019,535 Itochu Enex Co., Ltd. 302,200 2,449,625 # Japan Drilling Co., Ltd. 41,100 870,084 Japan Oil Transportation Co., Ltd. 8,400 183,132 Japan Petroleum Exploration Co., Ltd. 190,600 4,281,507 Mitsuuroko Group Holdings Co., Ltd. 181,700 1,144,535 # Modec, Inc. 114,600 1,915,037 Nippon Coke & Engineering Co., Ltd. 1,272,800 1,229,639 Nippon Gas Co., Ltd. 206,100 5,916,821 Sala Corp. 208,100 1,136,765 San-Ai Oil Co., Ltd. 310,000 2,380,599 Shinko Plantech Co., Ltd. 237,200 1,698,419 Sinanen Holdings Co., Ltd. 52,000 1,013,748 Toa Oil Co., Ltd. 415,000 555,049 Toyo Kanetsu K.K. 568,000 1,684,874 ------------ Total Energy 34,730,125 ------------ Financials -- (8.8%) 77 Bank, Ltd. (The) 1,749,760 8,117,696 Accretive Co., Ltd. 57,800 220,043 Advance Create Co., Ltd. 3,900 69,366 Aichi Bank, Ltd. (The) 51,700 2,989,576 Aizawa Securities Co., Ltd. 162,800 935,446 Akita Bank, Ltd. (The) 1,079,400 3,396,968 # Anicom Holdings, Inc. 88,500 1,804,807 Aomori Bank, Ltd. (The) 1,186,000 3,908,007 Asax Co., Ltd. 1,700 24,259 Awa Bank, Ltd. (The) 1,178,000 7,344,081 # Bank of Iwate, Ltd. (The) 99,400 3,977,353
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Financials -- (Continued) Bank of Kochi, Ltd. (The) 301,000 $ 358,930 # Bank of Nagoya, Ltd. (The) 102,430 3,698,815 Bank of Okinawa, Ltd. (The) 132,960 4,779,509 Bank of Saga, Ltd. (The) 808,000 2,067,331 Bank of the Ryukyus, Ltd. 227,380 3,039,988 Bank of Toyama, Ltd. (The) 300 10,929 Chiba Kogyo Bank, Ltd. (The) 259,600 1,340,739 # Chukyo Bank, Ltd. (The) 70,000 1,429,091 # Daisan Bank, Ltd. (The) 85,500 1,317,524 Daishi Bank, Ltd. (The) 2,071,000 9,141,971 Daito Bank, Ltd. (The) 873,000 1,289,525 Dream Incubator, Inc. 10,600 185,897 # DSB Co., Ltd. 55,800 309,458 # eGuarantee, Inc. 39,200 947,471 # Ehime Bank, Ltd. (The) 190,600 2,294,625 Eighteenth Bank, Ltd. (The) 1,048,000 3,239,204 FIDEA Holdings Co., Ltd. 874,800 1,600,823 Financial Products Group Co., Ltd. 409,700 3,666,897 Fukui Bank, Ltd. (The) 1,317,000 3,412,308 Fukushima Bank, Ltd. (The) 1,421,000 1,193,962 Fuyo General Lease Co., Ltd. 92,800 4,615,564 GCA Corp. 119,400 871,394 GMO Click Holdings, Inc. 19,500 140,210 Gunma Bank, Ltd. (The) 83,100 453,293 Hokkoku Bank, Ltd. (The) 1,742,000 6,641,728 Hokuetsu Bank, Ltd. (The) 130,000 3,072,938 Hokuhoku Financial Group, Inc. 364,900 6,251,441 Hyakugo Bank, Ltd. (The) 1,614,609 6,631,902 Hyakujushi Bank, Ltd. (The) 1,584,000 5,265,477 IBJ Leasing Co., Ltd. 116,300 2,546,536 Ichiyoshi Securities Co., Ltd. 229,400 1,781,088 IwaiCosmo Holdings, Inc. 106,900 1,016,372 Iyo Bank, Ltd. (The) 419,200 2,812,903 J Trust Co., Ltd. 214,200 2,310,064 Jaccs Co., Ltd. 449,000 2,033,062 Jafco Co., Ltd. 218,500 7,369,979 Japan Securities Finance Co., Ltd. 371,100 1,990,681 Jimoto Holdings, Inc. 544,200 920,118 Juroku Bank, Ltd. (The) 2,085,000 7,227,893 kabu.com Securities Co., Ltd. 1,026,600 3,502,141 Kansai Urban Banking Corp. 149,200 1,954,637 Keiyo Bank, Ltd. (The) 1,576,000 7,252,850 Kita-Nippon Bank, Ltd. (The) 49,506 1,358,214 Kiyo Bank, Ltd. (The) 396,690 6,318,450 Kosei Securities Co., Ltd. (The) 85,000 145,428 Kyokuto Securities Co., Ltd. 128,800 1,864,607 Kyushu Financial Group, Inc. 410,520 2,828,552 * M&A Capital Partners Co., Ltd. 30,400 1,110,293 # Marusan Securities Co., Ltd. 119,100 1,005,631 Matsui Securities Co., Ltd. 77,900 667,070 # Michinoku Bank, Ltd. (The) 846,000 1,428,494 Mie Bank, Ltd. (The) 52,300 1,080,911 # Minato Bank, Ltd. (The) 108,400 2,023,418
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Financials -- (Continued) Mito Securities Co., Ltd. 338,500 $ 923,327 Miyazaki Bank, Ltd. (The) 931,000 3,088,094 Monex Group, Inc. 1,215,700 3,209,548 # Money Partners Group Co., Ltd. 96,900 458,408 Musashino Bank, Ltd. (The) 206,000 6,089,162 # Nagano Bank, Ltd. (The) 51,799 919,648 Nanto Bank, Ltd. (The) 121,600 4,896,717 * New Real Property K.K. 43,900 -- * Nishi-Nippon Financial Holdings, Inc. 499,600 5,239,053 North Pacific Bank, Ltd. 2,303,600 9,252,568 OAK Capital Corp. 265,200 420,388 Ogaki Kyoritsu Bank, Ltd. (The) 1,857,000 7,166,966 # Oita Bank, Ltd. (The) 1,014,900 3,802,848 Okasan Securities Group, Inc. 779,000 5,086,750 Pocket Card Co., Ltd. 35,600 188,826 Ricoh Leasing Co., Ltd. 96,900 2,942,335 San-In Godo Bank, Ltd. (The) 957,000 7,989,001 # Sawada Holdings Co., Ltd. 142,000 1,159,347 Senshu Ikeda Holdings, Inc. 1,424,200 6,543,080 # Shiga Bank, Ltd. (The) 1,365,000 7,659,686 Shikoku Bank, Ltd. (The) 1,210,000 3,026,486 Shimane Bank, Ltd. (The) 16,600 204,275 Shimizu Bank, Ltd. (The) 48,000 1,524,010 #* Showa Holdings Co., Ltd. 10,600 25,071 # Sparx Group Co., Ltd. 584,100 1,165,655 Taiko Bank, Ltd. (The) 219,000 490,158 # Takagi Securities Co., Ltd. 224,000 422,123 Tochigi Bank, Ltd. (The) 705,000 3,583,769 Toho Bank, Ltd. (The) 1,323,200 4,971,649 Tohoku Bank, Ltd. (The) 588,000 810,930 Tokai Tokyo Financial Holdings, Inc. 1,190,900 6,613,756 Tokyo TY Financial Group, Inc. 155,338 5,403,309 Tomato Bank, Ltd. 48,400 675,373 TOMONY Holdings, Inc. 913,950 4,863,885 Tottori Bank, Ltd. (The) 35,300 593,862 Towa Bank, Ltd. (The) 2,066,000 2,098,502 Toyo Securities Co., Ltd. 419,000 988,073 Tsukuba Bank, Ltd. 495,100 1,501,095 # Yamagata Bank, Ltd. (The) 854,500 3,656,306 Yamanashi Chuo Bank, Ltd. (The) 976,000 4,589,692 ------------ Total Financials 298,849,669 ------------ Health Care -- (4.0%) As One Corp. 86,768 3,990,056 # ASKA Pharmaceutical Co., Ltd. 131,300 1,972,295 Biofermin Pharmaceutical Co., Ltd. 13,900 351,600 BML, Inc. 136,600 3,296,658 # CMIC Holdings Co., Ltd. 72,200 955,778 Create Medic Co., Ltd. 28,000 238,609 # Daiken Medical Co., Ltd. 101,500 722,880 Daito Pharmaceutical Co., Ltd. 69,580 1,388,156 Dvx, Inc. 10,800 122,551 Eiken Chemical Co., Ltd. 100,900 2,605,620
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ----------- Health Care -- (Continued) EPS Holdings, Inc. 198,600 $ 2,516,717 FALCO HOLDINGS Co., Ltd. 45,700 607,155 # FINDEX, Inc. 98,600 807,944 Fuji Pharma Co., Ltd. 47,000 1,149,548 Fukuda Denshi Co., Ltd. 2,400 136,768 Fuso Pharmaceutical Industries, Ltd. 41,500 1,041,639 Hogy Medical Co., Ltd. 71,300 4,353,335 Iwaki & Co., Ltd. 154,000 403,799 Japan Lifeline Co., Ltd. 99,400 1,867,333 Japan Medical Dynamic Marketing, Inc. 108,100 855,412 Jeol, Ltd. 512,000 2,569,159 JMS Co., Ltd. 162,000 472,381 Kawasumi Laboratories, Inc. 69,100 409,752 Kissei Pharmaceutical Co., Ltd. 163,700 4,015,973 KYORIN Holdings, Inc. 276,100 6,057,512 # Linical Co., Ltd. 80,000 920,344 Mani, Inc. 134,700 3,252,533 Menicon Co., Ltd. 47,900 1,426,278 Mochida Pharmaceutical Co., Ltd. 78,399 5,631,741 # N Field Co., Ltd. 67,900 876,332 Nagaileben Co., Ltd. 51,200 1,159,420 Nakanishi, Inc. 117,700 4,552,866 ND Software Co., Ltd. 5,200 50,971 # Nichi-iko Pharmaceutical Co., Ltd. 264,250 3,857,999 # NichiiGakkan Co., Ltd. 244,000 1,761,682 Nikkiso Co., Ltd. 391,100 3,634,589 Nippon Chemiphar Co., Ltd. 17,100 851,833 Nipro Corp. 767,500 8,603,970 Nissui Pharmaceutical Co., Ltd. 70,900 819,970 Paramount Bed Holdings Co., Ltd. 114,200 4,596,204 Rion Co., Ltd. 45,300 639,663 # Rohto Pharmaceutical Co., Ltd. 546,700 9,506,050 Seed Co., Ltd. 13,800 215,307 * Shin Nippon Biomedical Laboratories, Ltd. 22,500 112,395 Ship Healthcare Holdings, Inc. 279,700 7,439,132 Shofu, Inc. 36,800 442,079 Software Service, Inc. 18,000 840,207 Taiko Pharmaceutical Co., Ltd. 51,400 829,493 Techno Medica Co., Ltd. 26,400 484,771 # Toho Holdings Co., Ltd. 321,000 6,925,405 Tokai Corp. 60,100 2,112,319 Torii Pharmaceutical Co., Ltd. 81,400 1,806,078 # Towa Pharmaceutical Co., Ltd. 59,100 2,309,524 Tsukui Corp. 339,000 2,293,661 Tsumura & Co. 359,800 10,484,670 Uchiyama Holdings Co., Ltd. 24,200 94,239 # Vital KSK Holdings, Inc. 212,300 1,893,358 # Wakamoto Pharmaceutical Co., Ltd. 107,000 235,668 WIN-Partners Co., Ltd. 42,800 368,876
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Health Care -- (Continued) ZERIA Pharmaceutical Co., Ltd. 128,099 $ 2,020,647 ------------ Total Health Care 135,958,904 ------------ Industrials -- (26.9%) # A&A Material Corp. 127,000 148,415 Abist Co., Ltd. 7,800 272,066 Advan Co., Ltd. 167,700 1,632,724 Advanex, Inc. 22,099 378,295 Aeon Delight Co., Ltd. 111,400 3,200,166 Aica Kogyo Co., Ltd. 314,300 8,197,485 Aichi Corp. 202,700 1,529,790 Aida Engineering, Ltd. 344,200 3,389,920 AIT Corp. 27,300 263,755 Ajis Co., Ltd. 11,000 535,424 # Alinco, Inc. 71,600 667,036 Alps Logistics Co., Ltd. 98,600 623,754 Altech Corp. 44,750 1,031,481 Anest Iwata Corp. 187,100 1,823,180 #* Arrk Corp. 422,400 449,223 Asahi Diamond Industrial Co., Ltd. 328,200 2,456,692 Asahi Kogyosha Co., Ltd. 25,000 654,684 Asanuma Corp. 383,000 1,202,500 Asunaro Aoki Construction Co., Ltd. 142,800 991,892 Bando Chemical Industries, Ltd. 231,000 2,066,815 Benefit One, Inc. 96,900 2,464,177 Bunka Shutter Co., Ltd. 346,100 2,792,980 Canare Electric Co., Ltd. 4,200 84,369 Career Design Center Co., Ltd. 28,800 335,659 Central Glass Co., Ltd. 1,214,000 5,817,183 Central Security Patrols Co., Ltd. 48,200 837,012 Chilled & Frozen Logistics Holdings Co., Ltd. 22,000 255,389 # Chiyoda Corp. 993,000 6,683,687 Chiyoda Integre Co., Ltd. 74,300 1,595,994 Chudenko Corp. 157,900 3,355,771 Chugai Ro Co., Ltd. 373,000 732,818 Chuo Warehouse Co., Ltd. 900 8,527 CKD Corp. 341,900 4,567,140 Comany, Inc. 3,100 46,314 Cosel Co., Ltd. 120,800 1,411,616 Creek & River Co., Ltd. 32,100 293,017 CTI Engineering Co., Ltd. 72,300 672,049 CTS Co., Ltd. 1,900 22,389 Dai-Dan Co., Ltd. 162,000 1,374,867 Daido Kogyo Co., Ltd. 206,000 466,669 Daifuku Co., Ltd. 53,600 1,184,910 Daihatsu Diesel Manufacturing Co., Ltd. 86,000 516,147 Daihen Corp. 641,000 4,117,445 Daiho Corp. 521,000 2,407,036 Daiichi Jitsugyo Co., Ltd. 260,000 1,566,145 #* Daikokuya Holdings Co., Ltd. 389,900 282,951 Daiseki Co., Ltd. 216,263 4,320,496 # Daiseki Eco. Solution Co., Ltd. 23,300 330,006 # Daisue Construction Co., Ltd. 41,100 359,418
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- Industrials -- (Continued) Daiwa Industries, Ltd. 173,000 $ 1,500,159 #* Danto Holdings Corp. 165,000 276,577 Denyo Co., Ltd. 87,500 1,276,796 # DMG Mori Co., Ltd. 434,800 5,941,493 DMW Corp. 4,800 80,755 Duskin Co., Ltd. 224,100 4,888,772 Ebara Jitsugyo Co., Ltd. 39,300 470,794 # EF-ON, Inc. 52,200 460,099 Eidai Co., Ltd. 127,000 578,033 en-japan, Inc. 137,400 2,482,026 Endo Lighting Corp. 60,200 480,088 #* Enshu, Ltd. 197,000 176,268 * Escrow Agent Japan Co., Ltd. 8,500 130,868 F&M Co., Ltd. 9,400 74,905 # Freund Corp. 42,100 557,160 Fudo Tetra Corp. 1,050,500 1,926,878 Fuji Machine Manufacturing Co., Ltd. 119,900 1,506,588 Fujikura, Ltd. 1,935,000 12,252,235 Fujisash Co., Ltd. 505,600 452,090 # Fujitec Co., Ltd. 436,800 5,133,435 Fukuda Corp. 395,000 3,875,867 Fukushima Industries Corp. 86,000 2,723,063 # Fukuyama Transporting Co., Ltd. 774,400 4,266,344 FULLCAST Holdings Co., Ltd.. 121,700 1,016,220 Funai Soken Holdings, Inc. 160,860 2,493,959 Furukawa Co., Ltd. 1,800,000 3,516,230 Furukawa Electric Co., Ltd. 462,800 15,702,970 Furusato Industries, Ltd. 52,900 785,350 # Futaba Corp. 211,300 3,689,475 Gecoss Corp. 104,400 988,727 Giken, Ltd. 18,300 335,734 Glory, Ltd. 268,900 8,400,961 GS Yuasa Corp. 2,130,000 8,818,710 # Hamakyorex Co., Ltd. 93,600 1,795,917 # Haneda Zenith Holdings Co., Ltd. 148,800 390,798 Hanwa Co., Ltd. 1,221,000 8,327,988 Hazama Ando Corp. 1,082,400 7,552,856 # Helios Techno Holdings Co., Ltd. 14,200 72,876 Hibiya Engineering, Ltd. 118,200 1,778,654 Hirakawa Hewtech Corp. 28,300 323,936 Hirano Tecseed Co., Ltd. 13,900 183,317 # Hirata Corp. 30,600 2,090,501 Hisaka Works, Ltd. 110,800 920,664 # Hitachi Koki Co., Ltd. 311,600 2,392,878 Hitachi Transport System, Ltd. 278,000 5,673,729 Hitachi Zosen Corp. 991,379 5,208,094 Hito Communications, Inc. 36,700 524,324 Hokuetsu Industries Co., Ltd. 107,600 818,423 # Hokuriku Electrical Construction Co., Ltd. 24,400 191,195 Hosokawa Micron Corp. 204,000 1,430,137 # Howa Machinery, Ltd. 72,100 467,920 # Ichiken Co., Ltd. 143,000 586,328 Ichinen Holdings Co., Ltd. 115,500 1,133,385
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Industrials -- (Continued) Idec Corp. 161,700 $1,659,950 Iino Kaiun Kaisha, Ltd. 541,400 2,210,989 Inaba Denki Sangyo Co., Ltd. 138,700 4,917,601 Inaba Seisakusho Co., Ltd. 49,700 576,493 Inabata & Co., Ltd. 296,300 3,380,907 Interworks, Inc. 6,800 74,529 Inui Global Logistics Co., Ltd. 71,880 611,863 # Iseki & Co., Ltd. 1,110,000 2,200,718 # Ishii Iron Works Co., Ltd. 11,000 175,772 Itoki Corp. 215,800 1,388,275 Iwasaki Electric Co., Ltd. 372,000 629,763 Iwatani Corp. 1,087,000 6,055,895 JAC Recruitment Co., Ltd. 93,100 1,126,264 # Jalux, Inc. 39,500 722,715 # Jamco Corp. 68,400 1,525,787 Japan Foundation Engineering Co., Ltd. 147,400 451,587 Japan Pulp & Paper Co., Ltd. 529,000 1,717,690 Japan Steel Works, Ltd. (The) 398,400 7,480,651 Japan Transcity Corp. 242,000 925,261 JK Holdings Co., Ltd. 89,940 474,670 Juki Corp. 185,800 1,999,040 Kamei Corp. 148,700 1,687,314 Kanaden Corp. 110,600 1,001,489 # Kanagawa Chuo Kotsu Co., Ltd. 192,000 1,237,577 Kanamoto Co., Ltd. 171,600 4,465,501 Kandenko Co., Ltd. 626,000 5,815,808 Kanematsu Corp. 2,438,625 4,295,289 Katakura Industries Co., Ltd. 137,300 1,605,627 Kato Works Co., Ltd. 61,800 1,649,594 KAWADA TECHNOLOGIES, Inc. 53,700 3,854,604 Kawasaki Kinkai Kisen Kaisha, Ltd. 96,000 253,881 # Kawasaki Kisen Kaisha, Ltd. 3,035,000 7,379,790 Keihin Co., Ltd. 249,000 337,485 KFC, Ltd. 2,000 39,009 #* KI Holdings Co., Ltd. 88,000 256,573 Kimura Chemical Plants Co., Ltd. 39,900 122,952 Kimura Unity Co., Ltd. 1,100 11,704 King Jim Co., Ltd. 14,700 111,040 # Kinki Sharyo Co., Ltd. 15,299 354,738 Kintetsu World Express, Inc. 191,200 2,633,059 Kitagawa Iron Works Co., Ltd. 49,600 1,078,181 Kitano Construction Corp. 259,000 733,984 # Kito Corp. 109,500 1,226,142 Kitz Corp. 543,500 3,310,357 Kobelco Eco-Solutions Co., Ltd. 100,000 442,926 Koike Sanso Kogyo Co., Ltd. 145,000 384,271 # Kokusai Co., Ltd. 41,700 314,043 Kokuyo Co., Ltd. 525,125 6,484,499 KOMAIHALTEC, Inc. 22,700 423,768 Komatsu Wall Industry Co., Ltd. 40,000 685,614 Komori Corp. 348,700 4,788,350 Kondotec, Inc. 124,000 940,246 Konoike Transport Co., Ltd. 130,400 1,720,199
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Industrials -- (Continued) #* Kosaido Co., Ltd. 248,600 $ 898,576 KRS Corp. 38,100 826,241 Kumagai Gumi Co., Ltd. 2,175,000 6,236,785 Kuroda Electric Co., Ltd. 219,100 4,519,410 Kyodo Printing Co., Ltd. 506,000 1,789,936 Kyokuto Boeki Kaisha, Ltd. 75,000 160,835 Kyokuto Kaihatsu Kogyo Co., Ltd. 185,700 2,671,543 Kyoritsu Printing Co., Ltd. 124,100 360,547 Kyowa Exeo Corp. 481,800 7,129,715 Kyudenko Corp. 219,000 5,942,739 Like Co., Ltd. 22,300 482,738 # Link And Motivation, Inc. 251,400 992,493 Lonseal Corp. 11,600 239,730 Maeda Corp. 821,000 7,157,206 Maeda Kosen Co., Ltd. 109,900 1,261,625 Maeda Road Construction Co., Ltd. 387,000 6,689,597 Maezawa Industries, Inc. 35,700 115,571 Maezawa Kasei Industries Co., Ltd. 55,100 585,969 Maezawa Kyuso Industries Co., Ltd. 50,000 675,606 Makino Milling Machine Co., Ltd. 655,000 5,731,434 Marubeni Construction Material Lease Co., Ltd. 75,000 150,070 Marufuji Sheet Piling Co., Ltd. 58,000 137,747 Maruka Machinery Co., Ltd. 32,200 506,868 # Maruwa Unyu Kikan Co., Ltd. 34,300 823,337 Maruyama Manufacturing Co., Inc. 230,000 395,423 Maruzen Co., Ltd. 46,000 486,411 Maruzen Showa Unyu Co., Ltd. 304,000 1,206,006 Matsuda Sangyo Co., Ltd. 83,782 1,127,572 Matsui Construction Co., Ltd. 135,300 1,293,149 Max Co., Ltd. 191,000 2,607,929 Meidensha Corp. 1,175,050 4,002,365 Meiji Electric Industries Co., Ltd. 1,300 14,080 Meiji Shipping Co., Ltd. 111,000 421,406 # Meisei Industrial Co., Ltd. 251,000 1,341,446 Meitec Corp. 181,300 6,807,726 # Meiwa Corp. 158,000 548,753 Mesco, Inc. 22,000 222,270 METAWATER Co., Ltd. 63,900 1,576,237 Mie Kotsu Group Holdings, Inc. 169,200 587,290 # MINEBEA MITSUMI, Inc. 311,284 3,094,505 Mirait Holdings Corp. 374,085 3,407,895 Mitani Corp. 68,200 1,974,639 Mitsubishi Kakoki Kaisha, Ltd. 182,000 352,791 Mitsubishi Nichiyu Forklift Co., Ltd. 194,000 1,392,649 # Mitsubishi Pencil Co., Ltd. 100,300 5,375,453 Mitsuboshi Belting, Ltd. 328,000 2,854,308 Mitsui Engineering & Shipbuilding Co., Ltd. 5,109,000 8,264,597 Mitsui Matsushima Co., Ltd. 84,700 1,033,546 Mitsui-Soko Holdings Co., Ltd. 626,000 1,870,188 # Mitsumura Printing Co., Ltd. 93,000 212,974 # Miyaji Engineering Group, Inc. 332,175 567,192 Morita Holdings Corp. 227,700 3,225,618 # NAC Co., Ltd. 61,700 531,273
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Industrials -- (Continued) # Nachi-Fujikoshi Corp. 1,045,000 $5,121,016 Nagase & Co., Ltd. 481,100 6,593,195 Naigai Trans Line, Ltd. 6,400 62,159 Nakabayashi Co., Ltd. 211,000 502,437 Nakano Corp. 44,200 218,721 Namura Shipbuilding Co., Ltd. 314,028 2,090,299 Narasaki Sangyo Co., Ltd. 103,000 269,328 NDS Co., Ltd. 24,100 617,615 # NEC Capital Solutions, Ltd. 49,900 774,672 Nichias Corp. 587,000 6,020,233 Nichiban Co., Ltd. 141,000 1,070,350 Nichiden Corp. 25,200 721,934 Nichiha Corp. 178,680 4,583,133 Nichireki Co., Ltd. 148,000 1,205,700 Nihon Dengi Co., Ltd. 5,800 121,903 Nihon Flush Co., Ltd. 16,800 193,339 # Nihon Trim Co., Ltd. 30,700 1,094,583 Nikkato Corp. 700 2,576 Nikko Co., Ltd. 31,800 612,689 Nikkon Holdings Co., Ltd. 356,800 7,385,958 Nippi, Inc. 30,000 227,744 Nippo Corp. 227,000 4,291,422 Nippon Air Conditioning Services Co., Ltd. 44,900 245,830 # Nippon Carbon Co., Ltd. 665,000 1,618,106 Nippon Densetsu Kogyo Co., Ltd. 227,300 3,744,287 Nippon Dry-Chemical Co., Ltd. 300 6,264 Nippon Filcon Co., Ltd. 70,900 360,924 Nippon Hume Corp. 129,400 803,318 Nippon Kanzai Co., Ltd. 88,700 1,376,766 Nippon Koei Co., Ltd. 78,000 1,757,802 # Nippon Parking Development Co., Ltd. 1,224,400 1,660,700 Nippon Rietec Co., Ltd. 8,300 86,674 Nippon Road Co., Ltd. (The) 384,000 1,564,438 # Nippon Seisen Co., Ltd. 100,000 558,315 #* Nippon Sharyo, Ltd. 422,000 1,031,146 * Nippon Sheet Glass Co., Ltd. 584,800 4,809,658 Nippon Steel & Sumikin Bussan Corp. 95,560 3,932,674 Nippon Thompson Co., Ltd. 410,000 1,911,432 Nippon Tungsten Co., Ltd. 62,000 100,076 Nishi-Nippon Railroad Co., Ltd. 1,639,000 7,252,274 Nishimatsu Construction Co., Ltd. 1,794,000 8,970,920 Nishio Rent All Co., Ltd. 93,700 2,671,426 # Nissei ASB Machine Co., Ltd. 52,300 1,010,658 Nissei Corp. 37,900 326,207 Nissei Plastic Industrial Co., Ltd. 184,500 1,691,459 # Nissha Printing Co., Ltd. 165,400 4,542,011 Nisshinbo Holdings, Inc. 870,500 8,292,531 Nissin Corp. 409,000 1,262,839 Nissin Electric Co., Ltd. 279,000 3,343,045 Nitta Corp. 105,000 2,852,613 Nitto Boseki Co., Ltd. 934,000 3,746,227 Nitto Kogyo Corp. 161,500 2,204,358 Nitto Kohki Co., Ltd. 68,500 1,521,880
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- Industrials -- (Continued) Nitto Seiko Co., Ltd. 149,000 $ 542,236 # Nittoc Construction Co., Ltd. 161,600 651,202 # Nittoku Engineering Co., Ltd. 81,900 1,304,856 NJS Co., Ltd. 30,200 366,378 Noda Corp. 153,600 988,127 Nomura Co., Ltd. 220,200 3,829,047 Noritake Co., Ltd. 64,200 1,647,411 Noritz Corp. 172,400 2,956,818 NS Tool Co., Ltd. 1,700 25,913 NS United Kaiun Kaisha, Ltd. 599,000 1,114,653 NTN Corp. 2,488,000 10,508,063 Obara Group, Inc. 79,200 3,726,096 Obayashi Road Corp. 166,300 1,005,885 # Odelic Co., Ltd. 21,400 846,307 Ohmoto Gumi Co., Ltd. 2,000 14,194 Oiles Corp. 151,350 2,701,385 Okabe Co., Ltd. 242,100 2,047,134 # Okamoto Machine Tool Works, Ltd. 205,000 344,649 Okamura Corp. 381,900 3,785,186 # OKK Corp. 425,000 473,549 OKUMA Corp. 849,000 8,819,560 Okumura Corp. 999,400 6,055,414 Onoken Co., Ltd. 86,100 1,035,533 Organo Corp. 228,000 974,505 # OSG Corp. 452,700 9,365,694 # OSJB Holdings Corp. 677,200 1,468,166 # Outsourcing, Inc. 81,300 2,733,176 Oyo Corp. 111,300 1,421,018 Paraca, Inc. 7,100 124,659 # Pasco Corp. 137,000 514,389 # Pasona Group, Inc. 126,800 866,246 Pegasus Sewing Machine Manufacturing Co., Ltd. 50,800 333,586 Penta-Ocean Construction Co., Ltd. 1,724,600 8,420,391 Pilot Corp. 188,800 7,660,590 Prestige International, Inc. 284,800 2,080,354 Pronexus, Inc. 126,400 1,182,500 # PS Mitsubishi Construction Co., Ltd. 147,700 495,217 Punch Industry Co., Ltd. 11,600 98,235 Quick Co., Ltd. 37,000 360,451 Raito Kogyo Co., Ltd. 313,100 3,285,528 Relia, Inc. 204,200 2,127,075 Rheon Automatic Machinery Co., Ltd. 110,500 1,073,005 Rix Corp. 1,700 24,980 Ryobi, Ltd. 820,200 3,748,192 Sakai Heavy Industries, Ltd. 237,000 706,847 # Sakai Moving Service Co., Ltd. 60,800 1,620,441 Sanki Engineering Co., Ltd. 297,600 2,536,601 Sanko Metal Industrial Co., Ltd. 13,600 384,584 # Sankyo Tateyama, Inc. 166,200 2,486,100 Sankyu, Inc. 1,540,000 9,710,300 # Sanoyas Holdings Corp. 141,400 336,498 Sansei Technologies, Inc. 13,600 119,707 Sanwa Holdings Corp. 1,232,600 11,473,478
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Industrials -- (Continued) Sanyo Denki Co., Ltd. 264,000 $2,063,715 Sanyo Engineering & Construction, Inc. 48,000 278,738 Sanyo Industries, Ltd. 99,000 173,489 Sanyo Trading Co., Ltd. 23,100 340,737 # Sata Construction Co., Ltd. 85,399 331,106 Sato Holdings Corp. 158,000 3,392,327 Sato Shoji Corp. 66,800 513,454 SBS Holdings, Inc. 114,100 816,473 Secom Joshinetsu Co., Ltd. 32,900 963,535 Seibu Electric Industry Co., Ltd. 15,600 314,113 Seika Corp. 313,000 955,715 Seikitokyu Kogyo Co., Ltd. 178,300 786,136 Seino Holdings Co., Ltd. 258,600 2,990,649 Sekisui Jushi Corp. 180,900 2,883,256 Senko Co., Ltd. 564,500 3,616,578 Senshu Electric Co., Ltd. 35,800 584,830 Shibusawa Warehouse Co., Ltd. (The) 267,000 809,714 Shibuya Corp. 104,400 2,103,814 Shima Seiki Manufacturing, Ltd. 161,400 5,567,814 Shin Nippon Air Technologies Co., Ltd. 86,280 967,296 # Shin-Keisei Electric Railway Co., Ltd. 181,000 664,476 Shinmaywa Industries, Ltd. 550,000 5,143,463 Shinnihon Corp. 186,700 1,439,392 Shinsho Corp. 29,600 642,272 Shinwa Co., Ltd. 29,700 474,435 * Shoko Co., Ltd. 198,000 176,885 Showa Aircraft Industry Co., Ltd. 15,837 162,087 Sinfonia Technology Co., Ltd. 684,000 1,747,747 Sinko Industries, Ltd. 110,700 1,382,750 Sintokogio, Ltd. 265,000 2,409,017 Soda Nikka Co., Ltd. 86,100 388,711 Sodick Co., Ltd. 285,400 2,492,761 Space Co., Ltd. 66,220 719,380 # Srg Takamiya Co., Ltd. 118,600 627,096 # Star Micronics Co., Ltd. 196,000 2,969,672 # Subaru Enterprise Co., Ltd. 55,000 256,584 Sugimoto & Co., Ltd. 31,500 432,542 Sumitomo Densetsu Co., Ltd. 104,400 1,184,038 Sumitomo Mitsui Construction Co., Ltd. 5,237,600 5,561,354 Sumitomo Precision Products Co., Ltd. 189,000 587,733 Sumitomo Warehouse Co., Ltd. (The) 819,000 4,404,386 * SWCC Showa Holdings Co., Ltd. 1,562,000 1,232,122 # Tadano, Ltd. 591,700 7,256,037 Taihei Dengyo Kaisha, Ltd. 189,000 1,809,948 # Taiheiyo Kouhatsu, Inc. 407,000 374,333 Taikisha, Ltd. 147,000 3,634,692 Takamatsu Construction Group Co., Ltd. 80,000 1,807,791 # Takano Co., Ltd. 49,400 400,392 Takaoka Toko Co., Ltd. 62,220 1,310,360 Takara Printing Co., Ltd. 51,955 692,246 Takara Standard Co., Ltd. 253,500 4,263,650 Takasago Thermal Engineering Co., Ltd. 355,200 4,853,803 Takashima & Co., Ltd. 225,000 400,078
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Industrials -- (Continued) Takeei Corp. 129,400 $1,172,933 Takeuchi Manufacturing Co., Ltd. 208,300 4,421,170 Takigami Steel Construction Co., Ltd. (The) 53,000 205,878 Takisawa Machine Tool Co., Ltd. 368,000 556,675 Takuma Co., Ltd. 438,000 3,793,232 # Tanseisha Co., Ltd. 216,349 1,702,239 Tatsuta Electric Wire and Cable Co., Ltd. 257,400 1,053,078 TECHNO ASSOCIE Co., Ltd. 56,800 549,138 Techno Ryowa, Ltd. 69,390 502,539 TechnoPro Holdings, Inc. 154,000 5,320,308 Teikoku Electric Manufacturing Co., Ltd. 96,000 868,617 # Teikoku Sen-I Co., Ltd. 103,100 1,390,091 # Tekken Corp. 464,000 1,354,942 Teraoka Seisakusho Co., Ltd. 53,600 183,574 Toa Corp. 110,300 1,748,765 TOA ROAD Corp. 266,000 803,190 Tobishima Corp. 1,073,200 1,680,755 Tocalo Co., Ltd. 83,100 1,888,170 Toda Corp. 1,230,000 6,753,674 Toenec Corp. 212,000 1,043,273 Togami Electric Manufacturing Co., Ltd. 29,000 129,008 # TOKAI Holdings Corp. 528,400 3,767,974 Tokai Lease Co., Ltd. 162,000 305,442 Tokyo Energy & Systems, Inc. 139,000 1,239,145 # Tokyo Keiki, Inc. 354,000 794,907 * Tokyo Kikai Seisakusho, Ltd. 17,000 11,403 Tokyo Sangyo Co., Ltd. 83,900 346,646 Tokyu Construction Co., Ltd. 352,500 2,772,784 Toli Corp. 261,000 920,351 Tomoe Corp. 152,000 487,918 # Tomoe Engineering Co., Ltd. 40,000 679,027 Tonami Holdings Co., Ltd. 313,000 992,153 Toppan Forms Co., Ltd. 298,500 3,096,162 # Torishima Pump Manufacturing Co., Ltd. 117,100 1,158,287 Toshiba Machine Co., Ltd. 698,000 3,039,361 # Toshiba Plant Systems & Services Corp. 262,650 3,956,634 # Tosho Printing Co., Ltd. 236,000 984,548 Totech Corp. 3,200 53,764 Totetsu Kogyo Co., Ltd. 148,900 4,386,806 Toyo Construction Co., Ltd. 428,400 1,546,315 Toyo Denki Seizo K.K. 42,600 624,699 Toyo Engineering Corp. 892,400 2,379,241 Toyo Machinery & Metal Co., Ltd. 87,400 425,748 Toyo Tanso Co., Ltd. 67,000 1,123,771 # Toyo Wharf & Warehouse Co., Ltd. 340,000 559,502 Trancom Co., Ltd. 42,300 2,037,737 Trinity Industrial Corp. 19,000 85,888 Trusco Nakayama Corp. 242,200 5,501,104 Trust Tech, Inc. 48,900 780,819 Tsubakimoto Chain Co. 864,700 6,927,135 Tsubakimoto Kogyo Co., Ltd. 117,000 388,362 #* Tsudakoma Corp. 294,000 484,155 Tsugami Corp. 395,000 2,410,304
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Industrials -- (Continued) Tsukishima Kikai Co., Ltd. 171,300 $ 1,839,055 Tsurumi Manufacturing Co., Ltd. 106,000 1,463,888 TTK Co., Ltd. 62,000 274,073 Uchida Yoko Co., Ltd. 59,400 1,282,252 Ueki Corp. 348,000 782,313 # Union Tool Co. 55,600 1,551,046 Ushio, Inc. 655,900 8,325,269 Utoc Corp. 98,700 353,050 # Wakachiku Construction Co., Ltd. 1,052,000 1,415,073 Wakita & Co., Ltd. 219,800 2,033,810 WDB Holdings Co., Ltd. 21,200 248,971 Weathernews, Inc. 29,600 916,925 World Holdings Co., Ltd. 43,300 786,428 # Yahagi Construction Co., Ltd. 159,400 1,499,339 YAMABIKO Corp. 216,428 3,033,264 YAMADA Consulting Group Co., Ltd. 4,100 182,721 Yamato Corp. 82,000 391,793 Yamaura Corp. 16,200 83,264 Yamazen Corp. 345,700 2,957,777 Yasuda Logistics Corp. 94,300 626,150 Yokogawa Bridge Holdings Corp. 199,000 2,533,192 Yondenko Corp. 128,800 507,578 Yuasa Trading Co., Ltd. 105,000 2,838,499 Yuken Kogyo Co., Ltd. 196,000 387,011 # Yumeshin Holdings Co., Ltd. 212,500 1,493,253 Yurtec Corp. 249,000 1,815,509 Yusen Logistics Co., Ltd. 109,500 1,087,797 # Yushin Precision Equipment Co., Ltd. 42,100 1,146,038 Zenitaka Corp. (The) 85,000 359,904 # Zuiko Corp. 21,500 796,174 ------------ Total Industrials 910,691,522 ------------ Information Technology -- (12.4%) # A&D Co., Ltd. 113,900 497,090 # Ai Holdings Corp. 247,200 4,756,214 Aichi Tokei Denki Co., Ltd. 18,700 633,862 Aiphone Co., Ltd. 71,900 1,216,535 # Aisan Technology Co., Ltd. 12,000 435,608 Alpha Systems, Inc. 33,260 578,261 Amano Corp. 377,600 7,229,540 Anritsu Corp. 873,500 6,029,599 AOI Electronic Co., Ltd. 26,900 830,937 Argo Graphics, Inc. 34,300 766,181 Arisawa Manufacturing Co., Ltd. 200,900 1,210,361 # ArtSpark Holdings, Inc. 32,000 474,357 Asahi Net, Inc. 80,600 361,453 # Ateam, Inc. 65,100 1,235,168 Axell Corp. 44,900 333,314 Azbil Corp. 190,300 5,737,535 Broadband Tower, Inc. 234,500 564,534 # Broadleaf Co., Ltd. 266,000 1,653,976 CAC Holdings Corp. 61,900 518,382 Canon Electronics, Inc. 133,800 2,049,993
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- Information Technology -- (Continued) Capcom Co., Ltd. 294,600 $6,252,683 Chino Corp. 35,900 382,722 Citizen Watch Co., Ltd. 1,523,200 9,458,876 * CMK Corp. 271,300 1,610,361 # COLOPL, Inc. 259,900 2,247,915 Computer Engineering & Consulting, Ltd. 80,000 1,320,016 Computer Institute of Japan, Ltd. 32,400 149,105 Comture Corp. 19,100 599,924 CONEXIO Corp. 114,700 1,504,739 #* COOKPAD, Inc. 287,400 2,565,915 Cresco, Ltd. 28,500 653,566 # CROOZ, Inc. 43,100 1,136,496 Cube System, Inc. 12,300 74,466 # Cybernet Systems Co., Ltd. 30,300 179,228 Dai-ichi Seiko Co., Ltd. 55,600 661,467 Daishinku Corp. 40,999 518,374 Daitron Co., Ltd. 7,700 65,725 Daiwabo Holdings Co., Ltd. 1,186,000 2,929,451 Denki Kogyo Co., Ltd. 313,000 1,608,918 Densan System Co., Ltd. 4,500 65,508 * Dexerials Corp. 243,100 2,670,864 Digital Arts, Inc. 58,800 1,560,951 Digital Garage, Inc. 118,500 2,182,179 # Dip Corp. 174,100 3,558,696 DKK-Toa Corp. 38,200 185,277 DTS Corp. 123,600 2,797,021 Eizo Corp. 104,800 2,951,888 # Elecom Co., Ltd. 102,900 1,747,458 Elematec Corp. 52,271 886,982 EM Systems Co., Ltd. 43,600 641,761 Enplas Corp. 59,300 1,753,174 ESPEC Corp. 118,000 1,338,745 # Excel Co., Ltd. 49,300 654,591 # F@N Communications, Inc. 279,800 1,820,145 # Faith, Inc. 27,910 324,256 #* FDK Corp. 552,000 454,389 Ferrotec Corp. 187,500 2,689,012 Forval Corp. 4,700 30,421 Fuji Soft, Inc. 117,500 2,890,136 Fujitsu Frontech, Ltd. 75,300 978,069 Fukui Computer Holdings, Inc. 31,500 858,906 Furuno Electric Co., Ltd. 137,500 909,863 Furuya Metal Co., Ltd. 11,800 188,162 Future Corp. 129,200 907,701 GMO internet, Inc. 410,800 5,963,519 # GMO Payment Gateway, Inc. 98,500 4,899,131 Gree, Inc. 672,200 3,625,837 Gurunavi, Inc. 172,800 3,817,878 Hagiwara Electric Co., Ltd. 19,500 366,859 Hakuto Co., Ltd. 84,500 767,644 # Hearts United Group Co., Ltd. 84,800 1,304,572 Hibino Corp. 1,700 63,040 Hioki EE Corp. 53,500 1,030,140
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- Information Technology -- (Continued) Hitachi Kokusai Electric, Inc. 332,500 $ 7,467,422 Hitachi Maxell, Ltd. 190,000 3,835,150 Hochiki Corp. 140,000 1,740,010 # Hokuriku Electric Industry Co., Ltd. 482,000 592,852 Honda Tsushin Kogyo Co., Ltd. 20,200 228,965 Horiba, Ltd. 212,650 11,191,445 Hosiden Corp. 362,000 2,797,707 I-Net Corp. 59,290 639,780 I-O Data Device, Inc. 13,900 161,070 Ibiden Co., Ltd. 620,978 8,831,735 Icom, Inc. 50,200 1,011,864 # Ikegami Tsushinki Co., Ltd. 339,000 479,821 # Imagica Robot Holdings, Inc. 87,500 570,349 Ines Corp. 183,900 1,876,421 Infocom Corp. 80,400 1,169,767 # Infomart Corp. 467,000 2,622,418 Information Development Co. 1,900 19,993 Information Services International-Dentsu, Ltd. 75,900 1,397,799 Innotech Corp. 105,000 572,634 Internet Initiative Japan, Inc. 192,400 3,094,202 # Iriso Electronics Co., Ltd. 55,300 3,092,583 # Istyle, Inc. 183,900 1,258,650 Itfor, Inc. 115,100 623,943 * Iwatsu Electric Co., Ltd. 572,000 444,835 Japan Asia Group, Ltd. 79,600 305,021 # Japan Aviation Electronics Industry, Ltd. 317,000 3,878,903 #* Japan Display, Inc. 2,144,300 5,821,778 # Japan Material Co., Ltd. 118,600 1,787,921 Japan Radio Co., Ltd. 71,000 824,399 Jastec Co., Ltd. 54,400 512,265 # JBCC Holdings, Inc. 87,500 628,366 Justsystems Corp. 198,400 2,177,886 Kaga Electronics Co., Ltd. 105,100 1,826,051 Kanematsu Electronics, Ltd. 74,100 1,717,841 #* KLab, Inc. 191,400 1,059,814 Koa Corp. 195,900 2,297,225 Kyosan Electric Manufacturing Co., Ltd. 279,000 998,648 Kyowa Electronics Instruments Co., Ltd. 135,100 490,291 # LAC Co., Ltd. 87,300 926,365 Lasertec Corp. 112,100 2,338,266 * Livesense, Inc. 2,700 10,719 Macnica Fuji Electronics Holdings, Inc. 195,650 2,756,484 Mamezou Holdings Co., Ltd. 85,300 763,390 MarkLines Co., Ltd. 500 13,119 Marubun Corp. 95,700 586,311 Maruwa Co., Ltd. 56,800 1,867,848 # Marvelous, Inc. 196,300 1,470,324 MCJ Co., Ltd. 186,300 1,909,747 Media Do Co., Ltd. 19,600 268,057 Megachips Corp. 1,700 41,365 #* Meiko Electronics Co., Ltd. 121,800 843,455 Melco Holdings, Inc. 75,500 2,170,132 # Micronics Japan Co., Ltd. 191,600 1,886,276
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ---------- Information Technology -- (Continued) Mimaki Engineering Co., Ltd. 73,500 $ 452,005 Mimasu Semiconductor Industry Co., Ltd. 92,281 1,487,869 Miraial Co., Ltd. 31,100 266,145 Miroku Jyoho Service Co., Ltd. 105,800 1,582,895 # Mitsubishi Research Institute, Inc. 36,500 1,055,892 Mitsui High-Tec, Inc. 139,000 1,071,228 MTI, Ltd. 189,500 1,210,757 Mutoh Holdings Co., Ltd. 146,000 331,241 Nagano Keiki Co., Ltd. 14,900 93,281 # Nakayo, Inc. 390,000 1,402,176 NEC Networks & System Integration Corp. 136,600 2,488,468 NET One Systems Co., Ltd. 525,900 3,590,215 * New Japan Radio Co., Ltd. 96,000 331,031 # Nexyz Group Corp. 48,000 637,224 Nichicon Corp. 334,200 3,143,054 Nihon Dempa Kogyo Co., Ltd. 102,700 811,382 Nihon Unisys, Ltd. 351,175 4,537,512 # Nippon Ceramic Co., Ltd. 62,200 1,147,447 Nippon Chemi-Con Corp. 950,000 2,190,698 Nippon Information Develop 400 13,066 # Nippon Kodoshi Corp. 25,000 197,187 Nippon Signal Co., Ltd. 316,400 3,000,539 Nippon Systemware Co., Ltd. 39,900 600,389 Nohmi Bosai, Ltd. 145,900 2,191,288 Noritsu Koki Co., Ltd. 117,500 960,637 NS Solutions Corp. 192,200 3,804,436 NSD Co., Ltd. 187,780 2,924,178 # Nuflare Technology, Inc. 25,300 1,613,417 # Ohara, Inc. 47,600 381,064 # Okaya Electric Industries Co., Ltd. 73,000 267,571 Oki Electric Industry Co., Ltd. 493,000 7,092,356 ONO Sokki Co., Ltd. 58,400 444,572 # Optex Group Co., Ltd. 76,000 1,773,204 #* Optim Corp. 11,900 637,087 Origin Electric Co., Ltd. 173,000 484,656 Osaki Electric Co., Ltd. 246,000 2,597,213 Panasonic Industrial Devices SUNX Co., Ltd. 111,600 793,784 PCA Corp. 2,500 35,334 Poletowin Pitcrew Holdings, Inc. 76,100 737,696 Renesas Easton Co., Ltd. 6,900 34,783 Riken Keiki Co., Ltd. 84,600 1,273,061 Riso Kagaku Corp. 179,500 3,201,297 Roland DG Corp. 60,900 1,830,945 # Rorze Corp. 50,900 1,005,448 * RVH, Inc. 58,700 517,195 Ryoden Corp. 178,000 1,171,692 Ryosan Co., Ltd. 191,900 5,959,371 # Ryoyo Electro Corp. 122,600 1,552,841 # Sakura Internet, Inc. 79,100 831,257 * Sanken Electric Co., Ltd. 698,000 3,276,521 Sanshin Electronics Co., Ltd. 164,300 1,772,746 Satori Electric Co., Ltd. 85,880 559,886 Saxa Holdings, Inc. 298,000 659,189
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ----------- Information Technology -- (Continued) # Scala, Inc. 68,600 $ 490,354 Shibaura Electronics Co., Ltd. 36,300 818,934 Shibaura Mechatronics Corp. 200,000 508,855 Shindengen Electric Manufacturing Co., Ltd. 450,000 1,658,185 #* Shinkawa, Ltd. 94,400 717,721 Shinko Electric Industries Co., Ltd. 470,400 3,560,819 Shinko Shoji Co., Ltd. 127,300 1,354,615 Shizuki Electric Co., Inc. 101,900 592,118 # Siix Corp. 92,900 3,385,434 SK-Electronics Co., Ltd. 15,100 138,541 SMK Corp. 372,000 1,352,698 # SMS Co., Ltd. 150,200 3,604,220 # Softbank Technology Corp. 29,000 1,055,225 #* Softbrain Co., Ltd. 161,300 628,467 Softcreate Holdings Corp. 26,500 325,345 # Sourcenext Corp. 67,800 416,056 SRA Holdings 59,500 1,360,542 Sumida Corp. 112,849 1,118,301 Sun-Wa Technos Corp. 40,500 353,351 Suzuden Corp. 2,400 22,222 Systena Corp. 116,600 1,870,638 Tabuchi Electric Co., Ltd. 154,600 550,464 Tachibana Eletech Co., Ltd. 85,260 1,027,062 Taiyo Yuden Co., Ltd. 678,700 8,277,641 Takachiho Koheki Co., Ltd. 300 2,709 TAKEBISHI Corp. 2,800 32,419 Tamura Corp. 457,000 1,746,752 TDC Software Engineering, Inc. 5,900 64,019 TechMatrix Corp. 46,400 862,879 # Tecnos Japan, Inc. 98,800 1,144,659 Teikoku Tsushin Kogyo Co., Ltd. 198,000 315,545 TIS, Inc. 505,101 11,444,748 TKC Corp. 104,700 3,161,034 Tokyo Electron Device, Ltd. 41,100 574,305 Tokyo Seimitsu Co., Ltd. 240,800 7,881,567 Tomen Devices Corp. 2,400 45,004 Topcon Corp. 595,400 9,126,483 Torex Semiconductor, Ltd. 26,700 387,305 Tose Co., Ltd. 22,100 155,893 * Toshiba TEC Corp. 806,000 4,414,328 Toukei Computer Co., Ltd. 22,710 441,520 # Towa Corp. 131,400 1,886,769 Toyo Corp. 141,000 1,225,348 Transcosmos, Inc. 154,000 4,040,678 # Tri Chemical Laboratories, Inc. 29,200 638,249 UKC Holdings Corp. 79,900 1,551,820 Ulvac, Inc. 252,600 8,948,043 * Uniden Holdings Corp. 376,000 552,224 UNIRITA, Inc. 3,500 56,736 * UT Group Co., Ltd. 189,500 1,787,139 # V Technology Co., Ltd. 26,300 4,138,745 #* V-Cube, Inc. 67,700 398,953 # VeriServe Corp. 11,700 298,814
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Information Technology -- (Continued) Vitec Holdings Co., Ltd. 45,100 $ 503,773 # Voyage Group, Inc. 37,700 551,213 Wacom Co., Ltd. 442,000 1,341,304 Wellnet Corp. 80,700 943,875 # Y A C Co., Ltd. 48,900 690,128 # Yamaichi Electronics Co., Ltd. 146,000 1,678,535 Yashima Denki Co., Ltd. 27,700 155,860 Yokowo Co., Ltd. 86,200 831,557 * Zappallas, Inc. 55,900 220,171 Zuken, Inc. 83,000 943,814 ------------ Total Information Technology 418,216,455 ------------ Materials -- (12.0%) Achilles Corp. 91,900 1,361,600 ADEKA Corp. 544,000 7,922,881 Agro-Kanesho Co., Ltd. 62,400 690,813 Aichi Steel Corp. 65,400 2,862,559 Alconix Corp. 59,000 932,369 Arakawa Chemical Industries, Ltd. 89,500 1,484,024 Araya Industrial Co., Ltd. 268,000 386,518 Asahi Holdings, Inc. 178,650 3,544,194 Asahi Printing Co., Ltd. 800 18,297 Asahi Yukizai Corp. 412,000 864,780 Asia Pile Holdings Corp. 50,000 254,711 C Uyemura & Co., Ltd. 24,500 1,114,211 Carlit Holdings Co., Ltd. 78,700 389,565 Chuetsu Pulp & Paper Co., Ltd. 552,000 1,223,244 * Chugai Mining Co., Ltd. 1,012,400 259,521 Chugoku Marine Paints, Ltd. 347,000 2,524,097 Dai Nippon Toryo Co., Ltd. 740,000 1,566,252 Daido Steel Co., Ltd. 1,685,000 7,651,688 # Daiichi Kigenso Kagaku-Kogyo Co., Ltd. 18,000 616,168 Daiken Corp. 84,200 1,592,455 Daiki Aluminium Industry Co., Ltd. 160,000 752,130 Dainichiseika Color & Chemicals Manufacturing Co., Ltd. 408,000 2,450,463 # Daio Paper Corp. 497,300 5,581,151 Denka Co., Ltd. 1,949,000 9,592,730 # DKS Co., Ltd. 247,000 859,179 Dowa Holdings Co., Ltd. 647,000 5,491,308 Dynapac Co., Ltd. 25,000 60,479 FP Corp. 148,000 7,063,603 Fuji Seal International, Inc. 264,200 5,609,808 Fujikura Kasei Co., Ltd. 145,500 853,899 Fujimi, Inc. 103,500 2,272,074 Fujimori Kogyo Co., Ltd. 89,700 2,358,556 Fumakilla, Ltd. 94,000 622,415 Fuso Chemical Co., Ltd. 82,200 1,818,780 Geostr Corp. 25,100 199,417 Godo Steel, Ltd. 87,400 1,480,255 Gun-Ei Chemical Industry Co., Ltd. 28,600 897,380 Hakudo Co., Ltd. 4,300 58,582 Harima Chemicals Group, Inc. 73,300 503,894 # Hodogaya Chemical Co., Ltd. 37,000 911,998
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- Materials -- (Continued) Hokkan Holdings, Ltd. 275,000 $ 1,123,859 Hokko Chemical Industry Co., Ltd. 104,000 433,889 # Hokuetsu Kishu Paper Co., Ltd. 857,799 5,204,993 Honshu Chemical Industry Co., Ltd. 14,000 99,787 Ihara Chemical Industry Co., Ltd. 199,100 1,844,661 Ise Chemicals Corp. 81,000 354,545 * Ishihara Sangyo Kaisha, Ltd. 191,150 1,559,719 Ishizuka Glass Co., Ltd. 119,000 232,924 JCU Corp. 31,000 1,613,532 JSP Corp. 75,800 1,758,956 Kanto Denka Kogyo Co., Ltd. 264,000 2,510,367 Katakura & Co-op Agri Corp. 39,000 81,812 Kawakin Holdings Co., Ltd. 11,000 34,432 Keeper Technical Laboratory 2,100 35,983 Kimoto Co., Ltd. 228,000 500,378 Koatsu Gas Kogyo Co., Ltd. 160,393 1,042,183 # Kogi Corp. 55,000 129,901 Kohsoku Corp. 60,200 577,694 Konishi Co., Ltd. 193,600 2,242,502 Konoshima Chemical Co., Ltd. 1,000 11,129 Krosaki Harima Corp. 275,000 969,007 # Kumiai Chemical Industry Co., Ltd. 79,300 463,274 Kureha Corp. 87,650 3,717,247 Kurimoto, Ltd. 61,500 1,282,852 Kuriyama Holdings Corp. 16,200 264,156 Kyoei Steel, Ltd. 106,200 2,141,637 Kyowa Leather Cloth Co., Ltd. 47,700 375,153 Lintec Corp. 286,700 6,416,361 # MEC Co., Ltd. 109,500 995,766 Mitani Sekisan Co., Ltd. 32,200 838,526 * Mitsubishi Paper Mills, Ltd. 167,900 1,167,527 Mitsubishi Steel Manufacturing Co., Ltd. 849,000 1,936,926 Mitsui Mining & Smelting Co., Ltd. 3,627,000 10,141,809 # MORESCO Corp. 41,300 633,424 Mory Industries, Inc. 30,400 557,917 * Nakayama Steel Works, Ltd. 93,500 629,666 Neturen Co., Ltd. 183,300 1,460,320 #* New Japan Chemical Co., Ltd. 182,300 254,784 Nicca Chemical Co., Ltd. 6,000 57,257 Nichia Steel Works, Ltd. 164,900 413,809 Nihon Kagaku Sangyo Co., Ltd. 71,000 839,136 # Nihon Nohyaku Co., Ltd. 272,900 1,484,530 Nihon Parkerizing Co., Ltd. 553,500 6,778,927 Nihon Yamamura Glass Co., Ltd. 503,000 916,323 Nippon Carbide Industries Co., Inc. 434,000 580,485 Nippon Chemical Industrial Co., Ltd. 477,000 1,012,826 # Nippon Concrete Industries Co., Ltd. 253,600 771,927 * Nippon Denko Co., Ltd. 673,414 1,938,271 Nippon Fine Chemical Co., Ltd. 81,000 641,107 Nippon Kayaku Co., Ltd. 683,000 8,926,474 #* Nippon Kinzoku Co., Ltd. 29,300 353,777 # Nippon Koshuha Steel Co., Ltd. 460,000 349,948 Nippon Light Metal Holdings Co., Ltd. 3,065,900 7,488,869
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- Materials -- (Continued) # Nippon Paper Industries Co., Ltd. 290,600 $ 5,320,343 Nippon Pillar Packing Co., Ltd. 116,800 1,415,518 Nippon Soda Co., Ltd. 827,000 4,021,867 # Nippon Valqua Industries, Ltd. 97,799 1,545,992 Nippon Yakin Kogyo Co., Ltd. 831,300 1,396,913 # Nisshin Steel Co., Ltd. 582,592 7,893,928 # Nitta Gelatin, Inc. 77,400 515,963 Nittetsu Mining Co., Ltd. 34,400 1,735,521 # Nitto FC Co., Ltd. 83,800 690,913 NOF Corp. 870,000 9,113,685 Nozawa Corp. 3,500 35,311 Okamoto Industries, Inc. 405,000 3,818,619 Okura Industrial Co., Ltd. 284,000 1,347,675 Osaka Organic Chemical Industry, Ltd. 74,500 596,305 Osaka Soda Co., Ltd. 424,000 1,863,741 Osaka Steel Co., Ltd. 83,300 1,553,425 * OSAKA Titanium Technologies Co., Ltd. 16,100 258,108 #* Pacific Metals Co., Ltd. 941,000 2,973,350 Pack Corp. (The) 80,200 2,097,470 #* Rasa Industries, Ltd. 480,000 598,820 Rengo Co., Ltd. 1,261,000 7,701,037 # Riken Technos Corp. 212,600 1,066,151 Sakai Chemical Industry Co., Ltd. 570,000 2,012,414 Sakata INX Corp. 252,400 3,307,197 Sanyo Chemical Industries, Ltd. 69,800 3,048,394 Sanyo Special Steel Co., Ltd. 650,300 3,444,362 Seiko PMC Corp. 20,100 214,957 Sekisui Plastics Co., Ltd. 134,000 978,422 Shikoku Chemicals Corp. 225,000 2,216,276 Shin-Etsu Polymer Co., Ltd. 258,500 1,900,097 Shinagawa Refractories Co., Ltd. 264,000 665,929 # Shinko Wire Co., Ltd. 184,000 234,650 Showa Denko K.K. 845,099 13,868,257 Soken Chemical & Engineering Co., Ltd. 3,200 46,021 Stella Chemifa Corp. 61,800 1,877,790 Sumitomo Bakelite Co., Ltd. 1,163,000 6,877,766 Sumitomo Osaka Cement Co., Ltd. 2,493,000 10,038,612 Sumitomo Seika Chemicals Co., Ltd. 55,800 2,322,561 T Hasegawa Co., Ltd. 134,800 2,296,615 # T&K Toka Co., Ltd. 80,000 735,732 Taisei Lamick Co., Ltd. 29,600 814,594 Taiyo Holdings Co., Ltd. 104,900 4,236,958 Takasago International Corp. 87,200 2,333,672 Takiron Co., Ltd. 295,000 1,394,084 #* Tanaka Chemical Corp. 62,500 475,932 Tayca Corp. 182,000 1,144,133 Tenma Corp. 80,800 1,469,667 Toagosei Co., Ltd. 658,000 7,043,884 # Toda Kogyo Corp. 253,000 642,429 # Toho Titanium Co., Ltd. 183,700 1,464,647 Toho Zinc Co., Ltd. 800,000 3,484,406 Tokai Carbon Co., Ltd. 1,289,000 4,633,886 Tokushu Tokai Paper Co., Ltd. 57,258 2,034,253
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Materials -- (Continued) * Tokuyama Corp. 2,159,000 $ 9,662,834 Tokyo Ohka Kogyo Co., Ltd. 220,600 7,881,487 Tokyo Rope Manufacturing Co., Ltd. 84,800 1,434,230 Tokyo Steel Manufacturing Co., Ltd. 652,000 5,876,171 Tokyo Tekko Co., Ltd. 251,000 1,065,836 # Tomoegawa Co., Ltd. 125,000 253,433 # Tomoku Co., Ltd. 339,000 1,005,984 Topy Industries, Ltd. 114,200 3,191,724 Toyo Ink SC Holdings Co., Ltd. 1,157,000 5,647,354 Toyo Kohan Co., Ltd. 286,000 1,038,739 Toyobo Co., Ltd. 5,688,000 9,221,049 TYK Corp. 138,000 240,533 UACJ Corp. 1,486,415 4,673,078 Ube Industries, Ltd. 6,126,000 14,729,234 # W-Scope Corp. 148,900 2,410,598 Wood One Co., Ltd. 164,000 402,423 Yamato Kogyo Co., Ltd. 188,800 5,645,407 Yodogawa Steel Works, Ltd. 144,700 4,127,281 Yotai Refractories Co., Ltd. 8,000 25,706 Yuki Gosei Kogyo Co., Ltd. 36,200 86,628 Yushiro Chemical Industry Co., Ltd. 61,400 792,877 Zeon Corp. 613,000 7,034,352 ------------ Total Materials 406,157,522 ------------ Real Estate -- (1.8%) AD Works Co., Ltd. 572,000 217,441 Airport Facilities Co., Ltd. 132,770 706,771 Anabuki Kosan, Inc. 2,200 50,869 Aoyama Zaisan Networks Co., Ltd. 7,900 50,174 # Apamanshop Holdings Co., Ltd. 40,900 332,617 # Ardepro Co., Ltd. 872,800 1,089,424 #* Ascot Corp. 42,600 216,348 CRE, Inc. 5,000 67,444 Daibiru Corp. 303,600 2,753,826 Daikyo, Inc. 1,904,000 3,910,108 Dear Life Co., Ltd. 3,300 11,331 Goldcrest Co., Ltd. 101,790 1,808,688 Grandy House Corp. 31,200 115,704 Heiwa Real Estate Co., Ltd. 236,600 3,288,146 # Ichigo, Inc. 1,303,900 4,230,287 # Japan Property Management Center Co., Ltd. 75,300 858,491 Kabuki-Za Co., Ltd. 36,000 1,632,263 Keihanshin Building Co., Ltd. 197,900 1,051,453 # Kenedix, Inc. 1,201,100 4,489,936 # Land Business Co., Ltd. 40,900 103,211 Leopalace21 Corp. 1,960,700 11,231,749 Mugen Estate Co., Ltd. 66,300 442,123 Nisshin Fudosan Co. 186,100 870,402 Open House Co., Ltd. 179,100 4,192,103 * Properst Co., Ltd. 26,600 52,710 # Raysum Co., Ltd. 78,500 554,041 # SAMTY Co., Ltd. 76,900 783,161 Sankyo Frontier Co., Ltd. 12,000 140,741
THE JAPANESE SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- -------------- Real Estate -- (Continued) # Shinoken Group Co., Ltd. 76,100 $ 1,275,965 Star Mica Co., Ltd. 29,100 540,600 * Striders Corp. 103,000 77,564 Sumitomo Real Estate Sales Co., Ltd. 106,460 2,422,419 Sun Frontier Fudousan Co., Ltd. 163,300 1,451,881 # Takara Leben Co., Ltd. 552,800 3,094,692 # TOC Co., Ltd. 323,950 2,560,361 # Tokyo Rakutenchi Co., Ltd. 207,000 962,979 # Tokyo Theatres Co., Inc. 468,000 691,056 Tosei Corp. 201,700 1,362,190 Unizo Holdings Co., Ltd. 95,300 2,710,574 Urbanet Corp. Co., Ltd. 20,100 66,556 -------------- Total Real Estate 62,468,399 -------------- Telecommunication Services -- (0.1%) #* Broadmedia Corp. 257,200 221,070 Freebit Co., Ltd. 25,800 209,660 # Okinawa Cellular Telephone Co. 43,600 1,372,440 # WirelessGate, Inc. 39,400 605,586 -------------- Total Telecommunication Services 2,408,756 -------------- Utilities -- (0.7%) # eRex Co., Ltd. 47,400 1,380,315 Hiroshima Gas Co., Ltd. 109,300 355,283 Hokkaido Electric Power Co., Inc. 1,082,100 7,840,690 Hokkaido Gas Co., Ltd. 281,000 689,439 Hokuriku Gas Co., Ltd. 9,900 238,377 K&O Energy Group, Inc. 80,200 1,264,260 Okinawa Electric Power Co., Inc. (The) 214,834 4,972,566 Saibu Gas Co., Ltd. 1,881,000 4,246,525 Shizuoka Gas Co., Ltd. 315,100 2,045,157 Toell Co., Ltd. 13,800 114,775 West Holdings Corp. 96,800 698,869 -------------- Total Utilities 23,846,256 -------------- TOTAL COMMON STOCKS 3,144,643,414 -------------- TOTAL INVESTMENT SECURITIES 3,144,643,414 -------------- VALUE+ -------------- SECURITIES LENDING COLLATERAL -- (7.1%) (S)@ DFA Short Term Investment Fund 20,692,156 239,449,624 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $2,922,165,432)^^ $3,384,093,038 ==============
THE JAPANESE SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 823,679 $ 600,134,194 -- $ 600,957,873 Consumer Staples 3,961,363 246,396,570 -- 250,357,933 Energy -- 34,730,125 -- 34,730,125 Financials -- 298,849,669 -- 298,849,669 Health Care -- 135,958,904 -- 135,958,904 Industrials -- 910,691,522 -- 910,691,522 Information Technology -- 418,216,455 -- 418,216,455 Materials -- 406,157,522 -- 406,157,522 Real Estate -- 62,468,399 -- 62,468,399 Telecommunication Services -- 2,408,756 -- 2,408,756 Utilities -- 23,846,256 -- 23,846,256 Securities Lending Collateral -- 239,449,624 -- 239,449,624 ---------- -------------- -------- -------------- TOTAL $4,785,042 $3,379,307,996 -- $3,384,093,038 ========== ============== ======== ==============
THE ASIA PACIFIC SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE++ ---------- ----------- COMMON STOCKS -- (86.7%) AUSTRALIA -- (43.4%) * 3P Learning, Ltd. 16,559 $ 11,931 * AAT Corp., Ltd. 99 -- * Acrux, Ltd. 660,428 155,559 Adacel Technologies, Ltd. 15,787 28,521 Adelaide Brighton, Ltd. 3,668,074 14,252,693 * AED Oil, Ltd. 363,401 -- # Ainsworth Game Technology, Ltd. 801,969 1,101,737 * Alkane Resources, Ltd. 1,463,658 378,101 ALS, Ltd. 1,315,878 5,915,073 # Altium, Ltd. 233,430 1,430,538 * Altona Mining, Ltd. 1,108,169 113,749 # Alumina, Ltd. 5,055,712 7,449,367 # AMA Group, Ltd. 263,663 197,991 Amaysim Australia, Ltd. 84,737 131,218 Ansell, Ltd. 563,728 10,160,923 * Antares Energy, Ltd. 199,346 3,987 # AP Eagers, Ltd. 242,303 1,767,199 * APN News & Media, Ltd. 1,911,001 3,683,462 # APN Outdoor Group, Ltd. 383,050 1,637,069 APN Property Group Ltd. 26,661 8,704 Appen, Ltd. 31,356 66,623 # ARB Corp., Ltd. 478,040 5,880,021 # Ardent Leisure Group 731,999 1,167,499 #* Arrium, Ltd. 17,951,296 95 Asaleo Care, Ltd. 920,754 1,053,540 * Atlas Iron, Ltd. 2,098,007 70,202 AUB Group, Ltd. 261,159 2,072,928 * Ausdrill, Ltd. 1,723,145 1,828,554 # Austal, Ltd. 1,230,775 1,495,163 #* Australian Agricultural Co., Ltd. 2,525,883 2,808,732 Australian Pharmaceutical Industries, Ltd. 2,445,097 3,501,813 Australian Vintage, Ltd. 4,105,188 1,635,185 # Auswide Bank, Ltd. 94,385 380,842 # Automotive Holdings Group, Ltd. 1,729,397 5,131,221 * Avanco Resources, Ltd. 2,444,368 164,969 Aveo Group 878,958 2,126,205 # AVJennings, Ltd. 7,051,385 3,232,803 #* AWE, Ltd. 3,834,269 1,690,243 Baby Bunting Group, Ltd. 1,176 2,151 Bank of Queensland, Ltd. 869,690 7,901,603 # Bapcor, Ltd. 641,446 2,668,382 Beach Energy, Ltd. 13,573,519 7,746,994 #* Beadell Resources, Ltd. 5,808,573 1,352,611 # Bega Cheese, Ltd. 575,247 2,239,873 # Bellamy's Australia, Ltd. 270,885 869,460 #* Billabong International, Ltd. 756,968 780,984 # Blackmores, Ltd. 81,784 7,172,707 # Blue Sky Alternative Investments, Ltd. 39,616 207,438 BlueScope Steel, Ltd. 521,553 4,434,921 * Boart Longyear, Ltd. 2,546,867 241,362 * Boom Logistics, Ltd. 166,262 15,166
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ----------- AUSTRALIA -- (Continued) Boral, Ltd. 3,427,616 $15,147,634 * Bradken, Ltd. 1,242,062 3,033,679 # Breville Group, Ltd. 813,901 5,155,832 Brickworks, Ltd. 228,958 2,199,991 # BT Investment Management, Ltd. 613,273 4,358,042 #* Buccaneer Energy, Ltd. 3,283,586 -- #* Buru Energy, Ltd. 316,943 45,770 # Cabcharge Australia, Ltd. 863,423 2,392,589 Capilano Honey, Ltd. 6,569 79,109 * Capitol Health, Ltd. 164,543 14,333 * Capral, Ltd. 58,499 7,417 #* Cardno, Ltd. 1,615,947 1,391,860 * Carnarvon Petroleum, Ltd. 5,095,141 371,094 * Carnegie Clean Energy, Ltd. 563,165 37,660 carsales.com, Ltd. 1,702,940 13,495,405 # Cash Converters International, Ltd. 2,406,480 648,801 * CDS Technologies, Ltd. 13,276 -- Cedar Woods Properties, Ltd. 323,002 1,318,824 Cleanaway Waste Management, Ltd. 10,357,050 8,958,222 * Clinuvel Pharmaceuticals, Ltd. 44,412 270,777 Codan, Ltd. 438,878 674,957 # Collection House, Ltd. 2,175,227 2,253,351 Collins Foods, Ltd. 335,073 1,530,675 * Cooper Energy, Ltd. 719,967 205,025 # Corporate Travel Management, Ltd. 250,018 3,300,561 Costa Group Holdings, Ltd. 119,336 297,047 Cover-More Group, Ltd. 353,468 514,810 # Credit Corp. Group, Ltd. 159,925 2,128,633 # CSG, Ltd. 1,003,475 593,539 CSR, Ltd. 3,680,857 12,326,154 * CuDeco, Ltd. 387,893 117,656 Data#3, Ltd. 585,871 799,900 # Decmil Group, Ltd. 867,988 688,552 * Devine, Ltd. 224,413 76,683 Dicker Data, Ltd. 12,339 23,215 Donaco International, Ltd. 28,566 7,803 Downer EDI, Ltd. 2,910,872 13,701,445 * DSHE Holdings, Ltd. 91,564 -- DuluxGroup, Ltd. 3,101,823 14,296,001 DWS, Ltd. 395,621 447,347 Eclipx Group, Ltd. 170,997 485,665 #* Elders, Ltd. 493,928 1,592,278 * Emeco Holdings, Ltd. 1,193,646 77,758 #* Energy Resources of Australia, Ltd. 1,156,799 605,770 #* Energy World Corp., Ltd. 4,185,404 1,233,048 * Enero Group, Ltd. 12,387 8,540 # EQT Holdings, Ltd. 22,542 316,349 # ERM Power, Ltd. 822,449 751,598 # Estia Health, Ltd. 220,069 448,256 Euroz, Ltd. 101,762 79,355 Event Hospitality and Entertainment, Ltd. 502,500 5,623,247 Evolution Mining, Ltd. 4,976,497 8,093,457 Fairfax Media, Ltd. 15,303,894 9,876,566
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- AUSTRALIA -- (Continued) #* FAR, Ltd. 1,808,777 $ 109,829 Finbar Group, Ltd. 154,390 111,281 #* Fleetwood Corp., Ltd. 394,575 578,304 # FlexiGroup, Ltd. 1,059,617 1,834,621 # Flight Centre Travel Group, Ltd. 168,891 3,840,059 # G8 Education, Ltd. 1,589,192 4,308,541 # Gateway Lifestyle 161,886 249,218 Gazal Corp., Ltd. 22,520 39,217 # GBST Holdings, Ltd. 41,117 120,096 # Genworth Mortgage Insurance Australia, Ltd. 200,049 505,018 Global Construction Services, Ltd. 4,832 2,107 GR Engineering Services, Ltd. 8,765 10,401 GrainCorp, Ltd. Class A 1,251,687 9,024,246 Grange Resources, Ltd. 1,724,297 288,172 # Greencross, Ltd. 202,188 1,010,734 # GUD Holdings, Ltd. 882,277 6,497,841 GWA Group, Ltd. 2,003,302 3,984,547 # Hansen Technologies, Ltd. 222,485 651,795 Healthscope, Ltd. 1,336,318 2,219,179 HFA Holdings, Ltd. 310,766 504,546 #* Hills, Ltd. 1,277,876 329,844 * Horizon Oil, Ltd. 4,073,887 191,684 * IDM International, Ltd. 958 -- IDP Education, Ltd. 9,712 30,058 Iluka Resources, Ltd. 1,499,173 8,603,682 * Imdex, Ltd. 1,586,552 818,916 # IMF Bentham, Ltd. 762,337 1,012,608 Independence Group NL 2,082,153 5,984,517 * Infigen Energy 2,588,938 1,966,114 Infomedia, Ltd. 2,051,811 1,129,254 Integrated Research, Ltd. 344,737 793,383 # InvoCare, Ltd. 909,636 9,167,220 # IOOF Holdings, Ltd. 2,068,330 14,286,364 # IRESS, Ltd. 1,123,183 9,632,233 # iSelect, Ltd. 149,200 196,927 # iSentia Group, Ltd. 373,303 742,687 # Japara Healthcare, Ltd. 238,347 379,245 # JB Hi-Fi, Ltd. 962,791 20,195,054 * Jupiter Mines, Ltd. 405,443 5,658 K&S Corp., Ltd. 265,983 317,105 #* Karoon Gas Australia, Ltd. 804,029 1,096,818 #* Kingsgate Consolidated, Ltd. 1,717,937 363,589 * Kingsrose Mining, Ltd. 937,248 71,081 * Lednium Technology Pty, Ltd. 195,019 -- Link Administration Holdings, Ltd. 13,977 81,365 #* Lynas Corp., Ltd. 3,390,978 218,972 MACA, Ltd. 712,773 857,434 * Macmahon Holdings, Ltd. 6,881,875 809,568 Macquarie Atlas Roads Group 565,764 2,154,336 Magellan Financial Group, Ltd. 493,135 8,797,192 # Mantra Group, Ltd. 765,881 1,575,615 MaxiTRANS Industries, Ltd. 915,613 416,898 #* Mayne Pharma Group, Ltd. 6,419,629 6,140,003
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- AUSTRALIA -- (Continued) McMillan Shakespeare, Ltd. 430,931 $ 3,425,722 McPherson's, Ltd. 558,677 439,740 * Medusa Mining, Ltd. 1,263,898 384,364 Melbourne IT, Ltd. 441,811 666,919 #* Mesoblast, Ltd. 143,272 174,942 #* Metals X, Ltd. 1,642,001 996,284 #* Metcash, Ltd. 5,144,197 8,225,308 # Michael Hill International, Ltd. 1,490,263 1,492,461 * Millennium Minerals, Ltd. 45,061 9,903 * Mincor Resources NL 1,067,643 214,927 # Mineral Resources, Ltd. 1,168,088 10,906,714 #* MMA Offshore, Ltd. 2,282,868 484,441 MNF Group, Ltd. 3,078 10,621 # Monadelphous Group, Ltd. 795,650 6,279,389 Monash IVF Group, Ltd. 155,665 196,360 # Money3 Corp., Ltd. 29,801 38,884 * Morning Star Gold NL 332,749 76 Mortgage Choice, Ltd. 680,426 1,266,099 * Mount Gibson Iron, Ltd. 4,617,886 1,330,432 # Myer Holdings, Ltd. 5,669,367 5,207,967 MYOB Group, Ltd. 11,334 29,232 MyState, Ltd. 193,507 665,547 Navitas, Ltd. 1,459,890 4,906,213 * Nearmap, Ltd. 176,170 80,322 #* NetComm Wireless, Ltd. 36,441 51,033 New Hope Corp., Ltd. 212,522 258,220 * NEXTDC, Ltd. 42,329 99,044 nib holdings, Ltd. 2,713,689 9,482,561 Nick Scali, Ltd. 171,369 857,085 # Nine Entertainment Co. Holdings, Ltd. 650,611 491,505 Northern Star Resources, Ltd. 4,806,957 13,984,245 #* NRW Holdings, Ltd. 2,147,851 1,142,398 Nufarm, Ltd. 1,353,168 9,216,722 # OFX Group, Ltd. 608,481 771,366 oOh!media, Ltd. 49,189 166,742 #* Orocobre, Ltd. 389,899 1,250,467 Orora, Ltd. 4,036,759 8,734,470 # OrotonGroup, Ltd. 131,885 173,723 OZ Minerals, Ltd. 2,198,276 15,000,138 # Pacific Current Group, Ltd. 30,242 120,981 Pacific Smiles Group, Ltd. 247,728 373,168 Pact Group Holdings, Ltd. 277,018 1,373,353 #* Paladin Energy, Ltd. 9,564,569 907,889 * Panoramic Resources, Ltd. 1,865,498 375,776 # Peet, Ltd. 1,645,757 1,291,156 #* Peninsula Energy, Ltd. 209,095 108,689 # Perpetual, Ltd. 356,426 12,656,839 #* Perseus Mining, Ltd. 3,800,711 971,182 # Platinum Asset Management, Ltd. 357,871 1,355,903 * Pluton Resources, Ltd. 20,710 -- # PMP, Ltd. 2,327,074 1,138,496 Premier Investments, Ltd. 594,567 5,820,436 * Prima Biomed, Ltd. 1,409,121 37,113
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ----------- AUSTRALIA -- (Continued) Primary Health Care, Ltd. 3,292,878 $ 9,371,231 # Prime Media Group, Ltd. 2,031,951 470,257 Pro Medicus, Ltd. 3,343 12,561 # Programmed Maintenance Services, Ltd. 1,818,274 2,621,816 # Qube Holdings, Ltd. 3,194,523 5,575,630 #* Ramelius Resources, Ltd. 2,721,716 1,243,446 # RCG Corp., Ltd. 482,996 499,601 RCR Tomlinson, Ltd. 1,055,209 2,328,061 Reckon, Ltd. 374,943 458,579 * Red 5, Ltd. 9,022 488 # Reece, Ltd. 228,772 7,733,551 # Regis Healthcare, Ltd. 345,772 1,145,585 Regis Resources, Ltd. 2,663,182 6,454,379 # Reject Shop, Ltd. (The) 265,486 1,707,863 # Resolute Mining, Ltd. 6,772,221 7,536,738 # Retail Food Group, Ltd. 1,099,481 5,372,920 # Ridley Corp., Ltd. 1,365,765 1,332,177 * RiverCity Motorway Group 1,563,354 -- * RungePincockMinarco, Ltd. 30,702 12,900 Ruralco Holdings, Ltd. 115,893 267,992 * Salmat, Ltd. 645,788 298,731 Sandfire Resources NL 674,598 3,375,568 * Saracen Mineral Holdings, Ltd. 6,350,203 5,134,092 # SeaLink Travel Group, Ltd. 33,446 116,705 # Select Harvests, Ltd. 532,021 2,259,700 * Senetas Corp., Ltd. 131,335 10,966 #* Senex Energy, Ltd. 6,525,453 1,385,693 Servcorp, Ltd. 319,070 1,524,711 Service Stream, Ltd. 1,930,150 1,693,117 Seven Group Holdings, Ltd. 559,015 3,104,661 # Seven West Media, Ltd. 7,785,820 4,788,324 SG Fleet Group, Ltd. 86,366 224,238 Shine Corporate, Ltd. 15,573 8,326 Sigma Pharmaceuticals, Ltd. 7,584,855 6,932,843 #* Silex Systems, Ltd. 511,695 269,747 # Silver Chef, Ltd. 110,079 751,415 #* Silver Lake Resources, Ltd. 3,947,068 2,014,642 # Sims Metal Management, Ltd. 1,382,214 11,746,462 Sirtex Medical, Ltd. 413,240 4,405,138 #* Slater & Gordon, Ltd. 2,016,208 390,165 SmartGroup Corp., Ltd. 58,935 288,475 # SMS Management & Technology, Ltd. 575,318 606,139 Southern Cross Media Group, Ltd. 3,965,374 4,421,449 # Spark Infrastructure Group 11,913,246 21,173,542 * Specialty Fashion Group, Ltd. 786,397 313,517 SpeedCast International, Ltd. 115,660 315,254 Spotless Group Holdings, Ltd. 3,358,153 2,396,375 * St Barbara, Ltd. 3,864,261 6,840,917 Star Entertainment Grp, Ltd. (The) 1,234,530 4,472,227 Steadfast Group, Ltd. 1,948,644 3,387,097 * Strike Energy, Ltd. 1,576,787 102,744 * Sundance Energy Australia, Ltd. 5,684,787 865,351 Sunland Group, Ltd. 729,757 925,441
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ------------ AUSTRALIA -- (Continued) # Super Retail Group, Ltd. 1,280,749 $ 9,469,704 * Superloop, Ltd. 2,718 5,121 #* Syrah Resources, Ltd. 200,945 470,398 Tabcorp Holdings, Ltd. 3,586,818 12,891,917 Tassal Group, Ltd. 922,313 3,231,599 Technology One, Ltd. 1,645,166 6,429,641 #* Ten Network Holdings, Ltd. 1,309,458 894,504 # TFS Corp., Ltd. 2,106,773 2,510,975 Thorn Group, Ltd. 637,974 837,125 * Tiger Resources, Ltd. 9,447,997 279,657 Tox Free Solutions, Ltd. 1,181,498 2,374,760 Treasury Wine Estates, Ltd. 458,301 4,043,141 * Tribune Resources, Ltd. 3,093 14,096 #* Troy Resources, Ltd. 2,230,415 254,903 # Villa World, Ltd. 293,588 541,119 # Village Roadshow, Ltd. 831,506 2,499,625 * Virgin Australia Holdings, Ltd.() 7,648,897 -- * Virgin Australia Holdings, Ltd.(B43DQC7) 11,885,050 1,983,493 Virtus Health, Ltd. 246,508 957,677 # Vita Group, Ltd. 112,514 271,427 # Vocus Group, Ltd. 4,260,609 13,065,999 * Watpac, Ltd. 760,701 433,255 Webjet, Ltd. 604,413 5,177,327 Webster, Ltd. 23,507 24,448 #* Western Areas, Ltd. 2,274,784 4,247,298 #* Westgold Resources, Ltd. 820,999 1,235,952 #* Whitehaven Coal, Ltd. 4,143,411 8,949,245 #* WorleyParsons, Ltd. 600,923 4,518,434 WPP AUNZ, Ltd. 2,447,007 1,970,292 ------------ TOTAL AUSTRALIA 770,641,814 ------------ CHINA -- (0.1%) China Everbright Water, Ltd. 3,313,100 1,008,933 K Wah International Holdings, Ltd. 1,860,632 929,396 * Lifestyle China Group, Ltd. 1,514,000 354,502 ------------ TOTAL CHINA 2,292,831 ------------ HONG KONG -- (24.5%) * 13 Holdings, Ltd. (The) 54,500 16,109 Aeon Credit Service Asia Co., Ltd. 582,000 418,344 Aeon Stores Hong Kong Co., Ltd. 248,000 220,494 Agritrade Resources, Ltd. 3,065,000 566,327 Alco Holdings, Ltd. 1,614,000 476,102 Allan International Holdings 32,000 7,877 Allied Group, Ltd. 663,200 3,485,706 Allied Properties HK, Ltd. 12,007,857 2,689,219 * Anxian Yuan China Holdings, Ltd. 3,100,000 33,780 * Apac Resources, Ltd. 31,747,350 454,006 * Applied Development Holdings, Ltd. 5,550,000 535,655 APT Satellite Holdings, Ltd. 3,008,500 1,511,253 Arts Optical International Hldgs, Ltd. 730,000 296,786 Asia Financial Holdings, Ltd. 2,404,908 1,189,156
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ---------- HONG KONG -- (Continued) * Asia Satellite Telecommunications Holdings, Ltd. 934,500 $1,173,678 Asia Standard Hotel Group, Ltd. 11,437,218 375,153 Asia Standard International Group, Ltd. 13,316,917 2,755,772 ASM Pacific Technology, Ltd. 145,100 1,764,163 Associated International Hotels, Ltd. 952,000 2,769,435 * Auto Italia Holdings 1,900,000 28,856 * BeijingWest Industries International, Ltd. 419,600 99,385 * Bel Global Resources Holdings, Ltd. 2,576,000 -- # BEP International Holdings, Ltd. 20,370,000 1,173,977 * Bestway International Holdings, Ltd. 1,495,000 329,486 Bonjour Holdings, Ltd. 13,988,600 655,592 Bossini International Holdings, Ltd. 3,699,500 213,107 Bright Smart Securities & Commodities Group, Ltd. 5,254,000 1,798,824 #* Brightoil Petroleum Holdings, Ltd. 6,741,000 2,078,153 #* Brockman Mining, Ltd. 22,810,814 385,161 * Burwill Holdings, Ltd. 31,596,960 799,785 Cafe de Coral Holdings, Ltd. 2,412,000 7,999,530 * Cash Financial Services Group, Ltd. 3,438,000 209,482 * CCT Land Holdings, Ltd. 18,640,000 26,371 Century City International Holdings, Ltd. 6,391,460 443,113 * CGN Mining Co., Ltd. 1,085,000 116,994 * Champion Technology Holdings, Ltd. 17,285,089 277,420 Chen Hsong Holdings 1,212,000 305,986 Cheuk Nang Holdings, Ltd. 649,742 459,863 Chevalier International Holdings, Ltd. 820,989 1,275,715 * China Billion Resources, Ltd. 2,438,000 10,359 * China Chuanglian Education Group, Ltd. 4,664,000 88,935 * China Digicontent Co., Ltd. 2,710,000 -- * China Energy Development Holdings, Ltd. 52,140,000 580,832 * China Environmental Energy Investment, Ltd. 196,000 11,658 * China Ever Grand Financial Leasing Group Co., Ltd. 810,000 10,099 China Flavors & Fragrances Co., Ltd. 517,028 136,344 * China Healthcare Enterprise Group, Ltd. 7,756,000 116,489 # China LNG Group, Ltd. 16,100,000 345,433 * China Ludao Technology Co., Ltd. 580,000 125,596 * China Medical & Healthcare Group, Ltd. 42,916,800 2,204,334 China Metal International Holdings, Inc. 2,670,000 808,553 # China Motor Bus Co., Ltd. 53,600 761,605 * China National Culture Group, Ltd. 7,410,000 36,041 * China Soft Power Technology Holdings, Ltd. 672,000 13,299 * China Solar Energy Holdings, Ltd. 1,669,500 7,262 * China Star Entertainment, Ltd. 1,850,000 106,771 #* China Strategic Holdings, Ltd. 53,276,250 1,108,283 China Ting Group Holdings, Ltd. 2,565,151 153,099 * China Wah Yan Healthcare, Ltd. 11,685,000 57,301 # Chinese Estates Holdings, Ltd. 55,000 86,410 * Chinlink International Holdings, Ltd. 2,900,000 8,559 Chinney Investments, Ltd. 1,144,000 312,052 Chong Hing Bank, Ltd. 85,000 167,204 Chow Sang Sang Holdings International, Ltd. 2,373,000 4,528,846 Chuang's China Investments, Ltd. 7,571,407 481,374 Chuang's Consortium International, Ltd. 6,943,043 1,310,821 CITIC Telecom International Holdings, Ltd. 12,426,125 4,054,303
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ----------- ----------- HONG KONG -- (Continued) CK Life Sciences International Holdings, Inc. 22,714,000 $ 1,978,869 * CMMB Vision Holdings, Ltd. 6,376,000 422,131 CNQC International Holdings, Ltd. 2,615,000 979,584 CNT Group, Ltd. 8,303,264 619,204 * Common Splendor International Health Industry Group, Ltd. 8,436,000 802,399 * Continental Holdings, Ltd. 450,000 7,616 Convenience Retail Asia, Ltd. 142,000 67,827 * Convoy Global Holdings, Ltd. 45,144,000 1,273,707 #* Cowell e Holdings, Inc. 1,794,000 539,757 * CP Lotus Corp. 11,880,000 210,050 * Crocodile Garments 1,611,000 221,284 # Cross-Harbour Holdings, Ltd. (The) 856,956 1,232,136 # CSI Properties, Ltd. 37,346,383 1,607,196 # CW Group Holdings, Ltd. 2,624,000 520,176 Dah Sing Banking Group, Ltd. 3,867,116 7,541,314 # Dah Sing Financial Holdings, Ltd. 1,500,544 11,586,667 Dickson Concepts International, Ltd. 1,282,500 453,777 * Ding He Mining Holdings, Ltd. 7,056,000 101,742 * Dragonite International, Ltd. 56,000 10,566 Dynamic Holdings, Ltd. 18,000 11,034 Eagle Nice International Holdings, Ltd. 1,846,000 516,529 EcoGreen International Group, Ltd. 1,634,640 351,516 * EganaGoldpfeil Holdings, Ltd. 4,121,757 -- Emperor Capital Group, Ltd. 31,083,000 2,831,534 Emperor Entertainment Hotel, Ltd. 4,450,000 1,040,057 Emperor International Holdings, Ltd. 8,868,753 2,085,911 * Emperor Watch & Jewellery, Ltd. 26,450,000 967,788 #* Enerchina Holdings, Ltd. 10,083,000 399,006 * ENM Holdings, Ltd. 14,680,000 1,129,958 * EPI Holdings, Ltd. 1,950,001 48,146 #* Esprit Holdings, Ltd. 14,828,050 11,573,546 * eSun Holdings, Ltd. 4,344,000 447,493 * Eternity Investment, Ltd. 830,000 26,460 * Ezcom Holdings, Ltd. 72,576 -- # Fairwood Holdings, Ltd. 719,100 2,682,337 Far East Consortium International, Ltd. 9,369,798 4,059,999 * Far East Holdings International, Ltd. 720,000 75,650 FIH Mobile, Ltd. 12,357,000 3,970,412 First Pacific Co., Ltd. 4,976,000 3,772,903 First Shanghai Investments, Ltd. 5,064,000 763,027 Fountain SET Holdings, Ltd. 5,730,000 765,978 Four Seas Mercantile Holdings, Ltd. 610,000 298,627 * Freeman FinTech Corp., Ltd. 1,820,000 112,109 Fulum Group Holdings, Ltd. 76,000 9,997 Future Bright Holdings, Ltd. 3,288,000 331,787 G-Resources Group, Ltd. 169,647,600 3,023,326 #* GCL New Energy Holdings, Ltd. 23,402,000 1,201,031 # Get Nice Financial Group, Ltd. 966,600 116,693 # Get Nice Holdings, Ltd. 41,752,000 1,449,985 Giordano International, Ltd. 11,262,000 6,099,076 * Global Brands Group Holding, Ltd. 32,030,000 4,024,736 Glorious Sun Enterprises, Ltd. 4,328,000 550,762 Gold Peak Industries Holdings, Ltd. 3,029,642 300,259
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ----------- HONG KONG -- (Continued) Golden Resources Development International, Ltd. 3,330,500 $ 195,958 #* Good Resources Holdings, Ltd. 6,020,000 324,382 * Grande Holdings, Ltd. (The) 882,000 47,927 Great Eagle Holdings, Ltd. 494,467 2,249,000 Guangnan Holdings, Ltd. 2,363,600 295,028 Guoco Group, Ltd. 2,000 22,537 # Guotai Junan International Holdings, Ltd. 24,430,797 8,005,738 # Haitong International Securities Group, Ltd. 13,596,015 7,598,119 Hanison Construction Holdings, Ltd. 2,103,649 374,783 * Hao Tian Development Group, Ltd. 16,639,200 845,278 Harbour Centre Development, Ltd. 935,500 1,733,427 High Fashion International, Ltd. 268,000 68,187 # HKBN, Ltd. 1,888,000 2,298,482 * HKR International, Ltd. 5,957,536 2,992,717 Hon Kwok Land Investment Co., Ltd. 314,800 143,682 # Hong Kong Aircraft Engineering Co., Ltd. 109,600 754,397 * Hong Kong Building & Loan Agency, Ltd. (The) 1,200,000 57,029 Hong Kong Ferry Holdings Co., Ltd. 855,300 979,469 Hong Kong Shanghai Alliance Holdings, Ltd. 1,248,002 149,187 * Hong Kong Television Network, Ltd. 2,688,751 462,684 * HongDa Financial Holding, Ltd. 1,560,000 58,295 # Hongkong & Shanghai Hotels, Ltd. (The) 1,738,112 1,932,749 Hongkong Chinese, Ltd. 5,038,000 936,238 Hop Hing Group Holdings, Ltd. 1,812,000 36,730 Hopewell Holdings, Ltd. 3,287,000 11,736,595 #* Hsin Chong Group Holdings, Ltd. 12,421,658 590,157 * Huarong Investment Stock Corp., Ltd. 220,000 41,182 Hung Hing Printing Group, Ltd. 2,628,000 439,420 Hutchison Telecommunications Hong Kong Holdings, Ltd. 12,042,000 3,903,251 * I-CABLE Communications, Ltd. 4,529,000 565,022 IGG, Inc. 7,821,000 5,827,915 #* Imagi International Holdings, Ltd. 17,138,400 226,520 * International Standard Resources Holdings, Ltd. 32,591,500 176,124 * iOne Holdings, Ltd. 11,400,000 321,775 IPE Group, Ltd. 3,345,000 904,859 * IRC, Ltd. 10,590,266 537,486 IT, Ltd. 4,344,532 1,788,280 ITC Corp., Ltd. 2,619,150 189,038 ITC Properties Group, Ltd. 5,487,001 2,262,918 * Jinhui Holdings Co., Ltd. 102,000 13,826 Johnson Electric Holdings, Ltd. 2,248,750 5,983,508 Kader Holdings Co., Ltd. 92,000 9,440 Kam Hing International Holdings, Ltd. 1,830,000 123,488 * Kantone Holdings, Ltd. 919,364 77,335 Karrie International Holdings, Ltd. 138,000 13,442 Keck Seng Investments 878,600 645,825 Kerry Logistics Network, Ltd. 2,055,000 2,650,813 * King Pacific International Holdings, Ltd. 1,404,200 -- Kingmaker Footwear Holdings, Ltd. 1,914,955 533,845 # Kingston Financial Group, Ltd. 4,867,000 2,147,806 * Kong Sun Holdings, Ltd. 175,000 7,061 Kowloon Development Co., Ltd. 2,541,000 2,388,046 #* KuangChi Science, Ltd. 207,000 76,493
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ----------- ---------- HONG KONG -- (Continued) * Kwan On Holdings, Ltd. 1,900,000 $ 496,561 Kwoon Chung Bus Holdings, Ltd. 20,000 10,044 L'Occitane International SA 662,500 1,305,356 * L'sea Resources International Holdings, Ltd. 5,480,000 70,283 Lai Sun Development Co., Ltd. 90,938,345 1,960,222 Lai Sun Garment International, Ltd. 3,347,156 695,112 Lam Soon Hong Kong, Ltd. 302,310 350,357 * Landing International Development, Ltd. 24,795,000 203,252 Landsea Green Properties Co., Ltd. 948,000 79,323 * Leading Spirit High-Tech Holdings Co., Ltd. 2,310,000 -- Lifestyle International Holdings, Ltd. 1,916,000 2,456,752 Lippo China Resources, Ltd. 20,922,000 635,051 Lippo, Ltd. 1,161,700 705,121 Lisi Group Holdings, Ltd. 10,142,000 980,337 # Liu Chong Hing Investment, Ltd. 1,299,200 1,798,300 Luen Thai Holdings, Ltd. 1,207,000 279,587 Luk Fook Holdings International, Ltd. 3,243,000 9,528,761 Luks Group Vietnam Holdings Co., Ltd. 514,913 183,869 Lung Kee Bermuda Holdings 1,567,875 591,046 #* Macau Legend Development, Ltd. 16,576,000 3,377,563 Magnificent Hotel Investment, Ltd. 13,170,000 305,862 # Major Holdings, Ltd. 780,000 131,339 * Man Sang International, Ltd. 132,000 9,845 Man Wah Holdings, Ltd. 13,578,800 8,684,699 #* Mason Financial Holdings, Ltd. 19,270,000 357,643 # Master Glory Group, Ltd.(BYTP1T9) 38,810,592 1,009,223 Master Glory Group, Ltd.(BYTP1T9) 394,860 10,331 Matrix Holdings, Ltd. 1,067,414 471,970 Melbourne Enterprises, Ltd. 39,500 890,791 # Melco International Development, Ltd. 4,978,000 7,509,655 #* Midland Holdings, Ltd. 5,182,000 1,310,881 #* Midland IC&I, Ltd. 25,910,000 179,716 Ming Fai International Holdings, Ltd. 2,148,000 276,025 Miramar Hotel & Investment 910,000 1,922,761 #* Mongolian Mining Corp. 8,115,500 306,947 NagaCorp, Ltd. 10,982,000 6,444,528 Nanyang Holdings, Ltd. 133,500 728,826 National Electronic Hldgs 2,668,600 343,389 * National United Resources Holdings, Ltd. 18,280,000 250,914 * Neo-Neon Holdings, Ltd. 2,337,500 334,321 * Neptune Group, Ltd. 2,785,000 116,843 * NetMind Financial Holdings, Ltd. 130,048,000 849,572 * New Century Group Hong Kong, Ltd. 13,351,464 265,665 * New Times Energy Corp., Ltd. 2,276,400 77,461 Newocean Energy Holdings, Ltd. 8,052,000 2,181,726 * Next Digital, Ltd. 4,295,183 205,367 * Nine Express, Ltd. 11,388,000 613,955 * O Luxe Holdings, Ltd. 10,978,500 1,247,559 OP Financial Investments, Ltd. 828,000 284,796 * Orange Sky Golden Harvest Entertainment Holdings, Ltd. 9,759,706 867,932 Orient Overseas International, Ltd. 1,483,500 7,689,027 * Orient Power Holdings, Ltd. 804,000 -- # Oriental Watch Holdings 3,070,800 631,249
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ---------- HONG KONG -- (Continued) * Pacific Andes International Holdings, Ltd. 19,435,067 $ 68,634 #* Pacific Basin Shipping, Ltd. 30,220,000 5,674,800 # Pacific Textiles Holdings, Ltd. 6,707,000 7,407,376 Pak Fah Yeow International, Ltd. 5,000 2,299 Paliburg Holdings, Ltd. 3,104,830 1,002,729 * Pan Asia Environmental Protection Group, Ltd. 214,000 47,598 #* Paradise Entertainment, Ltd. 3,652,000 717,025 #* Peace Mark Holdings, Ltd. 2,712,022 -- * Pearl Oriental Oil, Ltd. 11,849,400 387,402 * Pegasus Entertainment Holdings, Ltd. 664,000 24,409 Pegasus International Holdings, Ltd. 226,000 37,918 Perfect Shape Beauty Technology, Ltd. 1,172,000 102,856 Pico Far East Holdings, Ltd. 5,256,000 1,757,474 Playmates Holdings, Ltd. 692,000 951,070 Playmates Toys, Ltd. 6,208,000 1,171,686 # Pokfulam Development Co. 234,000 487,737 Polytec Asset Holdings, Ltd. 11,323,526 717,270 Public Financial Holdings, Ltd. 3,102,000 1,350,974 PuraPharm Corp., Ltd. 137,000 71,743 * PYI Corp., Ltd. 24,147,973 549,317 * Pyxis Group, Ltd. 1,936,000 -- * Qianhai Health Holdings, Ltd. 157,499 2,651 Quam, Ltd. 2,500,000 438,936 Raymond Industrial, Ltd. 30,400 4,223 # Regal Hotels International Holdings, Ltd. 2,871,800 1,577,973 #* Rentian Technology Holdings, Ltd. 7,000,000 400,029 Rivera Holdings, Ltd. 5,710,000 422,654 SA SA International Holdings, Ltd. 11,234,688 4,476,492 Safety Godown Co., Ltd. 400,000 931,078 SAS Dragon Holdings, Ltd. 2,120,000 424,669 # SEA Holdings, Ltd. 1,162,000 2,764,944 * SEEC Media Group, Ltd. 6,100,000 89,595 Shangri-La Asia, Ltd. 652,000 725,213 # Shenwan Hongyuan HK, Ltd. 4,201,250 1,852,262 * Shougang Concord Grand Group, Ltd. 1,158,000 36,777 Shun Ho Property Investments, Ltd. 1,254,757 454,313 * Shun Tak Holdings, Ltd. 13,985,419 4,833,248 * Silver base Group Holdings, Ltd. 3,641,515 256,961 #* Sincere Watch Hong Kong, Ltd. 4,450,000 107,885 * Sing Pao Media Enterprises, Ltd. 250,511 -- Sing Tao News Corp., Ltd. 1,974,000 257,078 #* Singamas Container Holdings, Ltd. 11,232,000 1,269,892 * Sinocan Holdings, Ltd. 350,000 -- SIS International Holdings 34,000 17,569 # SITC International Holdings Co., Ltd. 661,000 410,543 Sitoy Group Holdings, Ltd. 1,322,000 336,791 #* Skyway Securities Group, Ltd. 12,270,000 299,138 SmarTone Telecommunications Holdings, Ltd. 3,918,031 5,397,673 * SOCAM Development, Ltd. 1,744,771 634,250 * Solartech International Holdings, Ltd. 11,280,000 659,846 * Solomon Systech International, Ltd. 9,504,000 482,143 Soundwill Holdings, Ltd. 552,000 1,016,018 * South China Assets Holdings, Ltd. 1,679,170 15,024
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ----------- HONG KONG -- (Continued) * South China Financial Holdings, Ltd. 16,950,000 $ 163,169 * South China Holdings Co., Ltd. 17,774,503 778,368 Stella International Holdings, Ltd. 1,583,500 2,410,581 * Stelux Holdings International, Ltd. 3,011,400 216,387 * Success Universe Group, Ltd. 6,716,000 190,046 Sun Hing Vision Group Holdings, Ltd. 358,000 130,514 Sun Hung Kai & Co., Ltd. 4,771,429 3,113,395 Sunwah Kingsway Capital Holdings, Ltd. 7,690,000 137,978 # TAI Cheung Holdings, Ltd. 2,081,000 1,895,235 Tai Sang Land Development, Ltd. 781,910 493,797 * Talent Property Group, Ltd. 12,825,000 245,207 # Tan Chong International, Ltd. 1,176,000 367,379 Tao Heung Holdings, Ltd. 1,166,000 309,086 * TCL Display Technology Holdings, Ltd. 2,032,000 177,572 # Television Broadcasts, Ltd. 2,137,000 8,197,318 * Termbray Industries International Holdings, Ltd. 2,304,900 186,685 Tern Properties Co., Ltd. 51,200 29,694 # Texwinca Holdings, Ltd. 6,986,000 4,476,188 Tian Teck Land, Ltd. 1,024,000 1,110,028 * Titan Petrochemicals Group, Ltd. 13,140,000 180,418 #* TOM Group, Ltd. 620,000 153,209 # Town Health International Medical Group, Ltd. 2,672,000 429,088 Tradelink Electronic Commerce, Ltd. 5,280,000 1,072,327 # Transport International Holdings, Ltd. 1,264,141 3,707,797 #* Trinity, Ltd. 8,046,000 610,300 * Tristate Holdings, Ltd. 100,000 24,315 * TSC Group Holdings, Ltd. 3,386,000 503,640 # Tsui Wah Holdings, Ltd. 1,602,000 266,739 #* United Laboratories International Holdings, Ltd. (The) 5,776,000 3,595,015 * Universal Technologies Holdings, Ltd. 7,410,000 324,554 * Up Energy Development Group, Ltd. 3,929,000 24,509 Upbest Group, Ltd. 72,000 11,579 * Value Convergence Holdings, Ltd. 3,156,000 621,191 # Value Partners Group, Ltd. 3,009,000 2,583,227 Vanke Property Overseas, Ltd. 49,000 32,770 Vantage International Holdings, Ltd. 2,788,000 426,554 Varitronix International, Ltd. 2,769,293 1,242,946 Vedan International Holdings, Ltd. 3,360,000 431,915 Victory City International Holdings, Ltd. 24,573,660 898,782 # Vitasoy International Holdings, Ltd. 5,537,000 10,748,672 * VS International Group, Ltd. 488,000 20,755 # VST Holdings, Ltd. 5,221,600 1,829,885 VTech Holdings, Ltd. 782,900 9,718,023 Wai Kee Holdings, Ltd. 7,640,738 2,465,226 Wang On Group, Ltd. 4,000,000 34,947 Win Hanverky Holdings, Ltd. 2,734,000 445,697 * Winfull Group Holdings, Ltd. 9,512,000 220,050 Wing On Co. International, Ltd. 759,000 2,402,787 Wing Tai Properties, Ltd. 1,923,331 1,173,511 Wonderful Sky Financial Group Holdings, Ltd. 358,000 93,107 Wong's International Holdings, Ltd. 737,641 265,266 Wong's Kong King International 322,000 37,273 Xinyi Glass Holdings, Ltd. 17,658,000 15,882,710
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ------------ HONG KONG -- (Continued) Yangtzekiang Garment, Ltd. 606,500 $ 223,877 * Yat Sing Holdings, Ltd. 190,000 126,483 * Yau Lee Holdings, Ltd. 424,000 54,187 Yeebo International Holdings, Ltd. 2,890,000 1,698,209 YGM Trading, Ltd. 447,000 427,484 YT Realty Group, Ltd. 749,000 292,158 Yugang International, Ltd. 90,818,000 1,761,042 ------------ TOTAL HONG KONG 436,039,595 ------------ NEW ZEALAND -- (7.5%) #* a2 Milk Co., Ltd. 1,594,236 2,589,708 Abano Healthcare Group, Ltd. 30,725 202,910 Air New Zealand, Ltd. 3,693,701 5,693,390 Arvida Group, Ltd. 13,540 13,294 Briscoe Group, Ltd. 2,235 6,520 Chorus, Ltd. 2,169,937 6,455,409 Colonial Motor Co., Ltd. (The) 144,588 776,489 # Contact Energy, Ltd. 2,259,220 7,916,885 EBOS Group, Ltd. 451,590 5,596,866 Fisher & Paykel Healthcare Corp., Ltd. 1,396,706 8,906,322 Freightways, Ltd. 974,609 4,993,335 Genesis Energy, Ltd. 669,694 1,061,291 # Hallenstein Glasson Holdings, Ltd. 242,445 574,814 # Heartland Bank, Ltd. 676,874 784,548 Infratil, Ltd. 3,268,694 6,881,806 Kathmandu Holdings, Ltd. 663,170 919,195 # Mainfreight, Ltd. 539,049 8,271,989 # Mercury NZ, Ltd. 7,949 17,913 Methven, Ltd. 93,877 88,125 Metlifecare, Ltd. 574,517 2,351,901 Metro Performance Glass, Ltd. 10,753 14,597 Millennium & Copthorne Hotels New Zealand, Ltd. 395,725 833,629 New Zealand Oil & Gas, Ltd. 1,659,791 778,269 New Zealand Refining Co., Ltd. (The) 589,962 1,169,723 # NZME, Ltd. 945,851 466,765 NZX, Ltd. 952,265 769,483 Opus International Consultants, Ltd. 12,925 8,999 * Orion Health Group, Ltd. 4,001 5,957 #* Pacific Edge, Ltd. 442,720 165,752 PGG Wrightson, Ltd. 999,976 388,842 * Pike River Coal, Ltd. 490,805 -- # Port of Tauranga, Ltd. 2,576,525 7,918,478 Restaurant Brands New Zealand, Ltd. 580,362 2,358,312 * Richina Pacific, Ltd. 274,180 -- * Rubicon, Ltd. 1,442,620 253,534 # Ryman Healthcare, Ltd. 1,569,887 10,034,420 Sanford, Ltd. 382,357 1,989,123 Scales Corp., Ltd. 14,687 36,632 Scott Technology, Ltd. 39,805 63,392 # Skellerup Holdings, Ltd. 563,985 653,432 SKY Network Television, Ltd. 2,080,268 7,081,649 SKYCITY Entertainment Group, Ltd. 5,162,402 14,308,624 Steel & Tube Holdings, Ltd. 441,625 820,060
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ------------ NEW ZEALAND -- (Continued) Summerset Group Holdings, Ltd. 536,346 $ 1,948,640 Tilt Renewables, Ltd. 81,096 136,850 Tourism Holdings, Ltd. 342,879 984,142 # Tower, Ltd. 887,040 533,463 Trade Me Group, Ltd. 1,693,962 6,288,127 Trustpower, Ltd. 81,096 276,212 Vector, Ltd. 1,381,288 3,256,310 Warehouse Group, Ltd. (The) 698,604 1,343,880 * Xero, Ltd. 173,810 2,412,713 # Z Energy, Ltd. 199,895 1,067,355 ------------ TOTAL NEW ZEALAND 132,470,074 ------------ SINGAPORE -- (11.2%) * Abterra, Ltd. 531,800 157,796 # Accordia Golf Trust 3,040,700 1,446,479 Amara Holdings, Ltd. 922,800 263,540 Ascendas India Trust 1,141,600 848,519 * ASL Marine Holdings, Ltd. 610,750 64,668 Aspial Corp., Ltd. 75,877 16,529 Baker Technology, Ltd. 289,580 126,730 * Banyan Tree Holdings, Ltd. 1,022,900 365,440 # Best World International, Ltd. 1,033,625 1,344,882 Bonvests Holdings, Ltd. 950,000 856,399 * Boustead Projects, Ltd. 497,612 258,688 Boustead Singapore, Ltd. 1,827,636 1,046,568 Breadtalk Group, Ltd. 894,200 816,600 * Broadway Industrial Group, Ltd. 835,330 115,349 Bukit Sembawang Estates, Ltd. 606,203 2,109,579 Bund Center Investment, Ltd. 659,825 342,149 # Centurion Corp., Ltd. 825,900 207,533 # China Aviation Oil Singapore Corp., Ltd. 2,336,199 2,513,885 # Chip Eng Seng Corp., Ltd. 3,445,300 1,621,478 Chuan Hup Holdings, Ltd. 3,853,500 658,047 #* Cityneon Holdings, Ltd. 486,200 334,291 Civmec, Ltd. 53,200 25,389 #* COSCO Corp. Singapore, Ltd. 8,095,300 1,608,319 * Creative Technology, Ltd. 272,200 182,430 CSE Global, Ltd. 3,443,600 1,121,394 # CWT, Ltd. 1,799,000 2,549,133 # Del Monte Pacific, Ltd. 2,363,364 564,611 # Delfi, Ltd. 788,500 1,252,677 * DMX Technologies Group, Ltd. 2,096,000 30,260 * Dyna-Mac Holdings, Ltd. 2,007,300 252,200 Elec & Eltek International Co., Ltd. 147,000 149,931 EnGro Corp., Ltd. 354,000 218,064 #* Ezion Holdings, Ltd. 12,591,378 3,678,852 #* Ezra Holdings, Ltd. 19,242,923 654,001 * Falcon Energy Group, Ltd. 2,008,800 202,830 Far East Orchard, Ltd. 1,074,985 1,125,193 # First Resources, Ltd. 4,935,500 6,735,635 * First Ship Lease Trust 160,900 17,564 First Sponsor Group, Ltd. 440,661 418,147 * Food Empire Holdings, Ltd. 1,362,000 547,717
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ---------- SINGAPORE -- (Continued) # Fragrance Group, Ltd. 6,077,000 $ 755,124 Frasers Centrepoint, Ltd. 471,700 527,531 Fu Yu Corp., Ltd. 1,539,300 214,168 #* Gallant Venture, Ltd. 4,992,500 436,323 * Geo Energy Resources, Ltd. 432,000 77,941 GK Goh Holdings, Ltd. 1,484,065 879,477 GL, Ltd. 3,401,300 1,895,753 * Global Premium Hotels, Ltd. 559,480 118,189 Golden Agri-Resources, Ltd. 17,549,200 5,278,681 GP Batteries International, Ltd. 235,000 136,861 GP Industries, Ltd. 2,567,609 1,033,026 GSH Corp., Ltd. 60,860 22,844 # GuocoLand, Ltd. 606,014 789,036 * Halcyon Agri Corp., Ltd. 1,669,048 833,625 * Hanwell Holdings, Ltd. 1,771,219 287,395 Haw Par Corp., Ltd. 30,400 207,308 # Health Management International, Ltd. 1,156,800 528,054 Hi-P International, Ltd. 1,271,600 453,533 Hiap Hoe, Ltd. 498,000 246,799 Ho Bee Land, Ltd. 1,604,700 2,533,970 # Hong Fok Corp., Ltd. 3,551,394 1,671,198 * Hong Fok Land, Ltd. 1,210,000 -- Hong Leong Asia, Ltd. 690,700 441,945 Hotel Grand Central, Ltd. 1,461,261 1,441,507 Hour Glass, Ltd. (The) 1,814,832 798,493 Hutchison Port Holdings Trust 112,400 47,807 Hwa Hong Corp., Ltd. 2,123,500 459,519 # Hyflux, Ltd. 3,262,300 1,202,140 Indofood Agri Resources, Ltd. 3,432,100 1,305,153 * InnoTek, Ltd. 408,900 92,885 # Innovalues, Ltd. 1,659,300 1,184,770 IPC Corp., Ltd. 225,970 84,045 Isetan Singapore, Ltd. 119,000 314,848 Japfa, Ltd. 2,179,700 1,608,205 #* Jurong Technologies Industrial Corp., Ltd. 2,227,680 -- k1 Ventures, Ltd. 1,005,220 634,643 Keppel Infrastructure Trust 7,134,532 2,505,826 Keppel Telecommunications & Transportation, Ltd. 1,369,300 1,642,801 * Koh Brothers Eco Engineering, Ltd. 143,200 4,625 Koh Brothers Group, Ltd. 1,432,000 273,781 #* KrisEnergy, Ltd. 296,200 40,001 KSH Holdings, Ltd. 57,200 21,972 Lian Beng Group, Ltd. 2,253,500 741,337 # Low Keng Huat Singapore, Ltd. 889,800 366,911 Lum Chang Holdings, Ltd. 1,094,030 271,453 # M1, Ltd. 2,667,000 3,800,725 Mandarin Oriental International, Ltd. 91,700 114,718 * Marco Polo Marine, Ltd. 574,800 19,586 Metro Holdings, Ltd. 2,689,592 2,023,313 Mewah International, Inc. 89,000 20,409 Midas Holdings, Ltd. 8,558,700 1,394,855 #* Nam Cheong, Ltd. 7,506,340 299,290 Nera Telecommunications, Ltd. 1,143,400 300,173
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ----------- SINGAPORE -- (Continued) New Toyo International Holdings, Ltd. 1,624,000 $ 327,030 #* Noble Group, Ltd. 75,184,800 9,092,914 NSL, Ltd. 409,900 473,156 Olam International, Ltd. 290,300 409,051 # OUE, Ltd. 1,996,500 2,591,927 # Overseas Education, Ltd. 65,300 16,638 # Oxley Holdings, Ltd. 1,442,400 476,632 Pacc Offshore Services Holdings, Ltd. 478,200 124,660 Pan-United Corp., Ltd. 1,948,600 852,332 Penguin International, Ltd. 446,032 78,162 # Q&M Dental Group Singapore, Ltd. 2,188,300 1,054,444 QAF, Ltd. 1,359,162 1,401,307 * Raffles Education Corp., Ltd. 4,176,710 574,210 # Raffles Medical Group, Ltd. 4,426,173 4,659,172 RHT Health Trust 2,131,100 1,389,991 * Rickmers Maritime 1,008,350 18,602 # Riverstone Holdings, Ltd. 1,089,000 680,879 # Rotary Engineering, Ltd. 1,443,100 378,719 #* Rowsley, Ltd. 298,400 25,402 Roxy-Pacific Holdings, Ltd. 297,500 105,251 San Teh, Ltd. 248,387 39,599 SATS, Ltd. 2,695,900 10,102,636 # SBS Transit, Ltd. 926,200 1,444,014 SembCorp Industries, Ltd. 3,431,700 7,663,964 # SembCorp Marine, Ltd. 3,089,000 3,268,317 Sheng Siong Group, Ltd. 4,266,400 2,816,472 # SHS Holdings, Ltd. 2,304,100 368,542 SIA Engineering Co., Ltd. 250,100 618,156 #* SIIC Environment Holdings, Ltd. 4,324,920 1,798,033 # Sinarmas Land, Ltd. 6,788,400 2,162,679 Sing Holdings, Ltd. 1,134,000 253,239 Sing Investments & Finance, Ltd. 297,675 257,330 # Singapore Post, Ltd. 10,740,900 11,198,193 Singapore Reinsurance Corp., Ltd. 1,514,530 329,598 Singapore Shipping Corp., Ltd. 1,640,700 286,788 * Singapura Finance, Ltd. 348,124 211,573 # Sino Grandness Food Industry Group, Ltd. 2,981,300 550,923 Stamford Land Corp., Ltd. 3,188,100 1,154,161 StarHub, Ltd. 274,700 578,368 # Straco Corp., Ltd. 130,000 71,205 Sunningdale Tech, Ltd. 793,060 631,778 * SunVic Chemical Holdings, Ltd. 1,137,845 70,021 # Super Group, Ltd. 3,509,900 3,210,885 #* Swiber Holdings, Ltd. 2,895,250 168,043 #* Tat Hong Holdings, Ltd. 2,218,800 568,032 Thakral Corp., Ltd. 139,165 23,619 Tiong Woon Corp. Holding, Ltd. 228,100 40,259 # Tuan Sing Holdings, Ltd. 4,167,162 887,338 # UMS Holdings, Ltd. 2,656,700 1,166,307 United Engineers, Ltd. 3,272,728 6,571,169 United Industrial Corp., Ltd. 19,552 39,270 United Overseas Insurance, Ltd. 181,850 627,426 UOB-Kay Hian Holdings, Ltd. 1,955,133 1,764,787
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- -------------- SINGAPORE -- (Continued) UOL Group, Ltd. 2,060,664 $ 9,332,902 UPP Holdings, Ltd. 2,972,500 664,909 Valuetronics Holdings, Ltd. 1,659,500 647,473 Venture Corp., Ltd. 1,994,100 14,425,462 Vibrant Group, Ltd. 1,974,019 478,268 Vicom, Ltd. 119,500 480,980 Wee Hur Holdings, Ltd. 2,670,400 465,116 Wheelock Properties Singapore, Ltd. 1,324,800 1,533,873 # Wing Tai Holdings, Ltd. 3,573,667 4,406,596 Yeo Hiap Seng, Ltd. 223,731 222,010 YHI International, Ltd. 402,400 88,201 * Yongnam Holdings, Ltd. 2,977,200 415,317 * Yuuzoo Corp., Ltd. 4,202,500 424,943 Zhongmin Baihui Retail Group, Ltd. 26,900 21,212 -------------- TOTAL SINGAPORE 198,514,533 -------------- TOTAL COMMON STOCKS 1,539,958,847 -------------- RIGHTS/WARRANTS -- (0.0%) AUSTRALIA -- (0.0%) * Centrebet International, Ltd. Claim Units Rights 81,336 -- * Centrebet International, Ltd. Litigation Rights 81,336 -- -------------- TOTAL AUSTRALIA -- -------------- HONG KONG -- (0.0%) * Abel Engineering Rights 02/07/17 76,971 6,944 * Enerchina Holdings, Ltd. Rights 3/06/17 1,603,500 9,300 * Enviro Energy International Holdings, Ltd. Warrants 11/17/16 1,171,800 -- * Mason Financial Holdings, Ltd. Rights 02/01/17 23,124,000 41,725 -------------- TOTAL HONG KONG 57,969 -------------- SINGAPORE -- (0.0%) * Tat Hong Holdings, Ltd. Rights 03/02/2017 443,760 9,446 -------------- TOTAL RIGHTS/WARRANTS 67,415 -------------- TOTAL INVESTMENT SECURITIES 1,540,026,262 -------------- VALUE+ -------------- SECURITIES LENDING COLLATERAL -- (13.3%) (S)@ DFA Short Term Investment Fund 20,499,795 237,223,630 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $1,826,607,715)^^ $1,777,249,892 ==============
THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $1,235,952 $ 769,405,862 -- $ 770,641,814 China -- 2,292,831 -- 2,292,831 Hong Kong 339,817 435,699,778 -- 436,039,595 New Zealand 136,850 132,333,224 -- 132,470,074 Singapore -- 198,514,533 -- 198,514,533 Rights/Warrants Hong Kong -- 57,969 -- 57,969 Singapore -- 9,446 -- 9,446 Securities Lending Collateral -- 237,223,630 -- 237,223,630 ---------- -------------- -- -------------- TOTAL $1,712,619 $1,775,537,273 -- $1,777,249,892 ========== ============== == ==============
THE UNITED KINGDOM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE++ --------- ----------- COMMON STOCKS -- (96.1%) Consumer Discretionary -- (18.9%) 4imprint Group P.L.C. 96,987 $ 2,030,838 888 Holdings P.L.C. 1,003,090 2,832,147 AA P.L.C. 3,050,962 9,384,788 B&M European Value Retail SA 3,343,063 12,666,216 Bellway P.L.C. 637,459 19,979,665 Berkeley Group Holdings P.L.C. 262,704 9,278,576 Bloomsbury Publishing P.L.C. 274,093 583,814 Bovis Homes Group P.L.C. 863,746 8,990,536 Card Factory P.L.C. 623,214 1,958,851 #* Carpetright P.L.C. 82,608 196,197 # Centaur Media P.L.C. 537,905 345,885 Cineworld Group P.L.C. 1,228,419 9,507,412 Connect Group P.L.C. 1,312,384 2,279,481 Crest Nicholson Holdings P.L.C. 1,158,420 7,401,767 Daily Mail & General Trust P.L.C. Class A 1,271,481 11,104,496 Debenhams P.L.C. 6,545,871 4,333,841 Dignity P.L.C. 251,989 7,758,565 Domino's Pizza Group P.L.C. 2,536,833 11,588,609 Dunelm Group P.L.C. 384,367 3,294,445 * Enterprise Inns P.L.C. 2,902,133 4,838,192 Entertainment One, Ltd. 667,181 1,938,964 Euromoney Institutional Investor P.L.C. 282,895 3,985,156 * Findel P.L.C. 239,314 641,969 * Forminster P.L.C. 43,333 -- Fuller Smith & Turner P.L.C. Class A 134,418 1,709,432 * Future P.L.C. 781,879 121,706 Games Workshop Group P.L.C. 96,572 1,002,945 Greene King P.L.C. 1,786,209 15,348,023 * Groupe Fnac SA 30,145 1,965,497 GVC Holdings P.L.C. 1,254,675 9,575,435 Halfords Group P.L.C. 1,155,920 5,276,775 Headlam Group P.L.C. 390,021 2,667,041 Henry Boot P.L.C. 417,992 1,088,669 Huntsworth P.L.C. 938,084 459,438 Inchcape P.L.C. 2,190,976 19,830,034 ITE Group P.L.C. 1,527,105 3,006,813 # J D Wetherspoon P.L.C. 481,928 5,687,844 JD Sports Fashion P.L.C. 2,325,390 10,185,030 #* Jimmy Choo P.L.C. 174,676 321,727 John Menzies P.L.C. 471,800 3,546,297 Ladbrokes P.L.C. 5,357,119 8,065,732 Laura Ashley Holdings P.L.C. 1,465,488 351,208 Lookers P.L.C. 1,876,000 2,950,207 Marston's P.L.C. 3,563,291 5,919,525 McCarthy & Stone P.L.C. 190,389 392,985 Millennium & Copthorne Hotels P.L.C. 1,000,376 5,443,644 Mitchells & Butlers P.L.C. 1,079,240 3,626,182 MJ Gleeson P.L.C. 189,171 1,298,539 * Mothercare P.L.C. 596,178 852,170 N Brown Group P.L.C. 882,575 2,435,022 #* Ocado Group P.L.C. 2,584,145 8,114,200
THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Consumer Discretionary -- (Continued) Pendragon P.L.C. 6,452,203 $ 2,829,897 Pets at Home Group P.L.C. 1,213,698 3,054,215 Photo-Me International P.L.C. 1,136,550 2,202,835 * Punch Taverns P.L.C. 133,442 315,196 Rank Group P.L.C. 605,016 1,516,484 Redrow P.L.C. 1,386,677 7,759,644 Restaurant Group P.L.C. (The) 1,055,514 3,902,292 * Sportech P.L.C. 371,065 425,069 #* Sports Direct International P.L.C. 729,355 2,617,531 SSP Group P.L.C. 1,560,500 7,675,169 STV Group P.L.C. 4,868 22,135 SuperGroup P.L.C. 249,314 4,711,331 Tarsus Group P.L.C. 207,820 688,296 Ted Baker P.L.C. 153,478 5,494,825 * Thomas Cook Group P.L.C. 7,366,211 8,095,360 Topps Tiles P.L.C. 925,429 970,506 Trinity Mirror P.L.C. 1,612,879 2,116,375 UBM P.L.C. 1,967,965 17,486,873 Vitec Group P.L.C. (The) 159,712 1,369,235 WH Smith P.L.C. 680,498 13,990,309 William Hill P.L.C. 4,310,927 14,061,814 ------------ Total Consumer Discretionary 359,467,921 ------------ Consumer Staples -- (5.3%) A.G. Barr P.L.C. 572,191 3,620,211 # Anglo-Eastern Plantations P.L.C. 104,452 941,047 Booker Group P.L.C. 8,370,700 21,493,845 Britvic P.L.C. 1,162,274 9,162,850 Cranswick P.L.C. 269,159 7,848,363 # Dairy Crest Group P.L.C. 810,911 6,073,935 Devro P.L.C. 930,843 1,932,163 Greencore Group P.L.C. 3,643,038 10,844,860 Greggs P.L.C. 567,823 6,967,202 Hilton Food Group P.L.C. 32,989 277,047 McBride P.L.C. 995,483 2,034,219 McColl's Retail Group P.L.C. 22,532 50,794 * Premier Foods P.L.C. 4,724,268 2,364,146 PZ Cussons P.L.C. 1,430,101 5,486,022 * REA Holdings P.L.C. 50,639 227,542 Stock Spirits Group P.L.C. 629,381 1,402,819 Tate & Lyle P.L.C. 2,330,716 19,700,036 ------------ Total Consumer Staples 100,427,101 ------------ Energy -- (5.3%) #* Afren P.L.C. 5,446,344 -- Amec Foster Wheeler P.L.C. 2,037,469 11,391,583 Anglo Pacific Group P.L.C. 650,526 1,081,187 * Cairn Energy P.L.C. 3,385,007 9,692,915 #* EnQuest P.L.C. 5,271,422 2,995,755 * Gulf Keystone Petroleum, Ltd. 57,160 91,983 Gulf Marine Services P.L.C. 31,549 26,928 Hunting P.L.C. 855,838 6,009,558
THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Energy -- (Continued) James Fisher & Sons P.L.C. 261,549 $ 5,007,934 John Wood Group P.L.C. 1,887,172 19,964,241 * Lamprell P.L.C. 1,137,514 1,310,913 * Ophir Energy P.L.C. 3,501,303 4,143,076 Petrofac, Ltd. 1,141,776 13,220,845 #* Premier Oil P.L.C. 2,986,706 3,171,098 Soco International P.L.C. 1,115,663 2,158,053 Stobart Group, Ltd. 999,060 2,253,467 #* Tullow Oil P.L.C. 5,009,214 18,666,002 ------------ Total Energy 101,185,538 ------------ Financials -- (13.2%) Aberdeen Asset Management P.L.C. 2,018,888 6,681,424 * Aldermore Group P.L.C. 614,130 1,691,900 Arrow Global Group P.L.C. 843,729 3,294,669 Ashmore Group P.L.C. 1,929,531 7,549,355 Beazley P.L.C. 2,740,810 14,020,884 BGEO Group P.L.C. 184,238 6,859,270 Brewin Dolphin Holdings P.L.C. 1,582,577 6,237,392 Charles Stanley Group P.L.C. 122,025 464,138 Charles Taylor P.L.C. 192,071 512,157 Chesnara P.L.C. 632,685 2,866,884 Close Brothers Group P.L.C. 785,896 14,373,008 esure Group P.L.C. 1,438,156 3,642,783 Hansard Global P.L.C. 16,468 20,869 Henderson Group P.L.C. 5,628,395 15,535,008 Hiscox, Ltd. 1,494,924 19,344,811 IG Group Holdings P.L.C. 1,792,534 12,050,302 * Industrial & Commercial Holdings P.L.C. 5,000 -- Intermediate Capital Group P.L.C. 1,340,691 11,705,856 International Personal Finance P.L.C. 1,088,952 2,397,636 #* IP Group P.L.C. 1,626,154 3,937,558 Jardine Lloyd Thompson Group P.L.C. 633,589 8,222,214 JRP Group P.L.C. 1,254,215 2,306,458 Jupiter Fund Management P.L.C. 2,162,762 10,965,595 Lancashire Holdings, Ltd. 1,084,204 9,257,744 Man Group P.L.C. 8,409,222 14,120,809 Nex Group P.L.C. 1,541,699 11,142,175 Novae Group P.L.C. 324,392 2,566,350 OneSavings Bank P.L.C. 506,750 2,162,631 Paragon Group of Cos. P.L.C. (The) 1,102,825 5,615,862 Phoenix Group Holdings 1,466,980 13,926,565 Rathbone Brothers P.L.C. 206,750 5,412,858 S&U P.L.C. 20,417 534,186 Saga P.L.C. 4,875,878 11,329,450 * Shawbrook Group P.L.C. 323,611 1,018,599 TP ICAP P.L.C. 2,563,778 14,996,624 Virgin Money Holdings UK P.L.C. 846,720 3,323,229
THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Financials -- (Continued) * Waterloo Investment Holdings, Ltd. 5,979 $ 526 ------------ Total Financials 250,087,779 ------------ Health Care -- (3.3%) #* Alizyme P.L.C. 660,805 -- * BTG P.L.C. 1,870,654 12,604,691 * Cambian Group P.L.C. 237,284 447,889 #* Circassia Pharmaceuticals P.L.C. 285,098 322,344 Consort Medical P.L.C. 243,634 2,985,127 Dechra Pharmaceuticals P.L.C. 447,265 8,203,982 Genus P.L.C. 314,507 6,791,388 Indivior P.L.C. 3,662,912 13,678,810 Spire Healthcare Group P.L.C. 882,823 3,484,214 UDG Healthcare P.L.C. 1,224,291 9,902,251 * Vectura Group P.L.C. 2,891,647 4,739,692 ------------ Total Health Care 63,160,388 ------------ Industrials -- (27.5%) Aggreko P.L.C. 1,332,278 16,929,688 Air Partner P.L.C. 204,845 282,307 Alumasc Group P.L.C. (The) 120,110 264,442 Avon Rubber P.L.C. 105,903 1,371,767 Balfour Beatty P.L.C. 3,549,781 11,584,243 BBA Aviation P.L.C. 5,623,297 19,832,915 Berendsen P.L.C. 823,219 8,643,920 Bodycote P.L.C. 1,121,708 9,438,662 Braemar Shipping Services P.L.C. 84,411 264,908 # Brammer P.L.C. 668,388 1,384,066 Cape P.L.C. 685,676 1,557,682 # Carillion P.L.C. 2,653,376 7,213,640 Carr's Group P.L.C. 343,111 613,101 Castings P.L.C. 157,187 899,946 * Chemring Group P.L.C. 1,487,205 3,593,875 # Clarkson P.L.C. 108,032 3,189,765 Cobham P.L.C. 8,760,026 14,990,012 Communisis P.L.C. 1,025,909 593,085 Costain Group P.L.C. 486,534 2,274,227 De La Rue P.L.C. 611,081 4,542,654 * Dialight P.L.C. 103,553 1,147,868 Diploma P.L.C. 593,886 7,590,048 Fenner P.L.C. 1,116,324 4,416,585 * Firstgroup P.L.C. 6,359,105 8,338,403 * Flybe Group P.L.C. 433,682 238,712 G4S P.L.C. 4,186,631 13,487,899 Galliford Try P.L.C. 430,288 7,325,319 Go-Ahead Group P.L.C. 225,669 6,389,698 Goodwin P.L.C. 383 8,268 Grafton Group P.L.C. 1,008,564 7,435,573 Harvey Nash Group P.L.C. 46,693 35,964 Hays P.L.C. 6,566,676 12,635,849 Hogg Robinson Group P.L.C. 134,014 120,586 HomeServe P.L.C. 1,369,369 10,321,251
THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ----------- Industrials -- (Continued) Howden Joinery Group P.L.C. 3,165,528 $15,080,295 IMI P.L.C. 1,336,273 19,662,283 Interserve P.L.C. 841,666 3,427,176 IWG P.L.C. 3,349,423 10,551,799 John Laing Group P.L.C. 783,573 2,603,211 Keller Group P.L.C. 403,236 4,130,316 Kier Group P.L.C. 550,776 9,579,509 Lavendon Group P.L.C. 844,223 2,861,633 Management Consulting Group P.L.C. 928,526 70,063 Mears Group P.L.C. 550,537 3,515,201 Meggitt P.L.C. 3,100,615 16,352,502 Melrose Industries P.L.C. 10,887,020 26,803,448 # Mitie Group P.L.C. 1,998,966 5,057,701 Morgan Advanced Materials P.L.C. 1,527,336 5,802,594 Morgan Sindall Group P.L.C. 191,927 1,977,329 National Express Group P.L.C. 2,195,042 9,363,321 Norcros P.L.C. 27,976 59,555 Northgate P.L.C. 801,556 5,128,166 Pagegroup P.L.C. 1,565,329 8,526,205 PayPoint P.L.C. 257,859 3,130,247 Polypipe Group P.L.C. 733,536 3,123,046 QinetiQ Group P.L.C. 3,269,092 10,873,084 * Renold P.L.C. 193,435 134,799 Rentokil Initial P.L.C. 8,861,710 25,534,217 Ricardo P.L.C. 271,798 3,270,249 Robert Walters P.L.C. 381,498 1,769,838 Rotork P.L.C. 4,078,824 13,140,120 RPS Group P.L.C. 1,250,133 3,587,740 Senior P.L.C. 2,337,741 5,834,461 * Serco Group P.L.C. 3,255,309 5,912,366 Severfield P.L.C. 1,262,597 1,275,096 Shanks Group P.L.C. 3,379,190 4,030,319 SIG P.L.C. 3,113,733 4,025,973 Speedy Hire P.L.C. 2,827,989 1,819,795 Spirax-Sarco Engineering P.L.C. 361,441 19,631,684 St. Ives P.L.C. 654,912 602,845 Stagecoach Group P.L.C. 2,117,596 5,591,875 Sthree P.L.C. 411,722 1,657,011 T Clarke P.L.C. 147,457 134,947 Travis Perkins P.L.C. 177,453 3,254,618 Trifast P.L.C. 447,201 1,160,057 Tyman P.L.C. 167,358 561,639 Ultra Electronics Holdings P.L.C. 392,382 9,132,282 Vesuvius P.L.C. 1,389,950 8,281,550 * Volex P.L.C. 307,047 175,831 Vp P.L.C. 160,962 1,622,261 Weir Group P.L.C. (The) 1,080,278 27,366,229 Wilmington P.L.C. 334,384 1,084,409 Wincanton P.L.C. 626,212 1,944,919 * Wizz Air Holdings P.L.C. 141,798 3,183,391 WS Atkins P.L.C. 502,623 9,269,321
THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Industrials -- (Continued) XP Power, Ltd. 74,988 $ 1,705,072 ------------ Total Industrials 523,330,526 ------------ Information Technology -- (9.4%) Acal P.L.C. 293,479 864,478 AVEVA Group P.L.C. 322,264 7,748,887 Computacenter P.L.C. 389,033 3,884,041 E2V Technologies P.L.C. 846,513 2,887,795 Electrocomponents P.L.C. 2,396,207 14,654,581 FDM Group Holdings P.L.C. 26,428 198,936 Fidessa Group P.L.C. 207,306 6,019,494 * Gocompare.Com Group P.L.C. 1,511,722 1,621,238 Halma P.L.C. 1,951,180 22,732,866 * Imagination Technologies Group P.L.C. 1,005,602 3,020,343 Laird P.L.C. 1,470,974 3,072,749 # Micro Focus International P.L.C. 372,388 10,072,956 Moneysupermarket.com Group P.L.C. 2,647,367 10,994,403 # NCC Group P.L.C. 700,295 1,632,353 Oxford Instruments P.L.C. 260,282 2,322,000 * Paysafe Group P.L.C. 2,331,349 11,237,637 Playtech P.L.C. 1,111,348 11,612,259 Renishaw P.L.C. 179,288 6,434,071 Rightmove P.L.C. 477,301 24,193,041 RM P.L.C. 318,504 577,159 SDL P.L.C. 395,868 2,439,170 * Sepura P.L.C. 429,568 102,770 Softcat P.L.C. 63,395 247,458 Spectris P.L.C. 613,329 18,662,921 Spirent Communications P.L.C. 3,014,698 3,698,290 TT Electronics P.L.C. 828,017 1,552,442 Xaar P.L.C. 370,936 1,862,009 Zoopla Property Group P.L.C. 945,477 4,366,140 ------------ Total Information Technology 178,712,487 ------------ Materials -- (8.1%) Acacia Mining P.L.C. 900,534 4,883,452 # Carclo P.L.C. 213,640 356,625 Centamin P.L.C. 6,065,603 11,994,009 Croda International P.L.C. 224,656 9,486,576 DS Smith P.L.C. 4,938,232 27,604,222 Elementis P.L.C. 2,601,104 8,793,652 * Evraz P.L.C. 1,660,604 4,670,896 * Ferrexpo P.L.C. 433,035 830,056 # Filtrona P.L.C.Essentra P.L.C. 1,251,793 6,463,447 Gem Diamonds, Ltd. 633,596 975,330 Hill & Smith Holdings P.L.C. 416,549 6,318,189 # Hochschild Mining P.L.C. 1,480,894 4,615,336 * KAZ Minerals P.L.C. 1,307,816 7,760,048 * Lonmin P.L.C. 1,647,895 2,647,566 Low & Bonar P.L.C. 1,119,286 979,063 Marshalls P.L.C. 1,079,270 3,935,977 * Petra Diamonds, Ltd. 3,007,687 5,742,341
THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- -------------- Materials -- (Continued) #* Petropavlovsk P.L.C. 13,101,159 $ 1,117,379 RPC Group P.L.C. 1,638,321 22,124,174 Synthomer P.L.C. 1,362,487 7,743,883 Vedanta Resources P.L.C. 365,710 4,832,960 Victrex P.L.C. 443,677 10,632,302 Zotefoams P.L.C. 93,537 326,263 -------------- Total Materials 154,833,746 -------------- Real Estate -- (2.5%) # Capital & Counties Properties P.L.C. 2,645,264 9,075,177 #* CLS Holdings P.L.C. 21,962 441,927 Countrywide P.L.C. 649,114 1,439,340 Daejan Holdings P.L.C. 36,744 2,929,442 Foxtons Group P.L.C. 843,692 1,032,423 Grainger P.L.C. 1,870,698 5,608,609 Harworth Group P.L.C. 30,680 34,302 Helical P.L.C. 619,438 2,294,197 LSL Property Services P.L.C. 328,694 847,214 * Raven Russia, Ltd. 1,046,108 627,091 Savills P.L.C. 734,682 7,179,103 St. Modwen Properties P.L.C. 1,098,776 4,401,674 U & I Group P.L.C. 642,624 1,313,009 UNITE Group P.L.C. (The) 1,349,912 9,964,106 -------------- Total Real Estate 47,187,614 -------------- Telecommunication Services -- (0.7%) Inmarsat P.L.C. 611,879 4,688,093 KCOM Group P.L.C. 3,197,302 3,599,760 # TalkTalk Telecom Group P.L.C. 2,586,447 5,100,436 -------------- Total Telecommunication Services 13,388,289 -------------- Utilities -- (1.9%) Dee Valley Group P.L.C. 12,109 265,844 Drax Group P.L.C. 2,261,324 10,560,122 Pennon Group P.L.C. 1,994,817 19,943,961 Telecom Plus P.L.C. 324,498 4,974,229 -------------- Total Utilities 35,744,156 -------------- TOTAL COMMON STOCKS 1,827,525,545 -------------- TOTAL INVESTMENT SECURITIES 1,827,525,545 -------------- VALUE+ -------------- SECURITIES LENDING COLLATERAL -- (3.9%) (S)@ DFA Short Term Investment Fund 6,368,165 73,692,403 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $1,759,624,374)^^ $1,901,217,948 ==============
THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 -- $ 359,467,921 -- $ 359,467,921 Consumer Staples -- 100,427,101 -- 100,427,101 Energy -- 101,185,538 -- 101,185,538 Financials $11,142,175 238,945,604 -- 250,087,779 Health Care -- 63,160,388 -- 63,160,388 Industrials -- 523,330,526 -- 523,330,526 Information Technology 1,621,238 177,091,249 -- 178,712,487 Materials -- 154,833,746 -- 154,833,746 Real Estate -- 47,187,614 -- 47,187,614 Telecommunication Services -- 13,388,289 -- 13,388,289 Utilities -- 35,744,156 -- 35,744,156 Securities Lending Collateral -- 73,692,403 -- 73,692,403 ----------- -------------- -- -------------- TOTAL $12,763,413 $1,888,454,535 -- $1,901,217,948 =========== ============== == ==============
THE CONTINENTAL SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE++ --------- -------------- COMMON STOCKS -- (91.9%) AUSTRIA -- (3.1%) Agrana Beteiligungs AG 16,785 $ 2,166,757 ANDRITZ AG 325,216 17,577,868 Atrium European Real Estate, Ltd. 733,594 3,080,365 # Austria Technologie & Systemtechnik AG 154,803 1,586,703 BUWOG AG 357,653 8,534,478 CA Immobilien Anlagen AG 352,590 6,946,339 # DO & CO AG 29,227 1,828,742 EVN AG 200,982 2,460,856 * FACC AG 25,271 165,873 Flughafen Wien AG 4,221 119,318 # IMMOFINANZ AG 3,445,943 6,328,158 Josef Manner & Co. AG 870 49,776 Kapsch TrafficCom AG 30,685 1,262,515 Lenzing AG 51,632 7,376,616 Mayr Melnhof Karton AG 49,358 5,569,641 Oberbank AG 45,050 3,043,709 Oesterreichische Post AG 203,557 7,363,712 Palfinger AG 79,849 2,688,426 POLYTEC Holding AG 92,160 1,271,028 Porr Ag 50,044 2,169,187 * Raiffeisen Bank International AG 533,683 11,886,253 RHI AG 147,894 3,649,658 # Rosenbauer International AG 18,560 1,060,324 S IMMO AG 330,386 3,834,564 Schoeller-Bleckmann Oilfield Equipment AG 63,040 4,750,670 Semperit AG Holding 68,546 2,155,257 Strabag SE 105,005 3,846,420 Telekom Austria AG 430,644 2,651,609 # UBM Development AG 314 10,690 UNIQA Insurance Group AG 639,601 5,274,654 # Verbund AG 308,524 4,974,210 Vienna Insurance Group AG Wiener Versicherung Gruppe 138,580 3,377,373 Voestalpine AG 4,113 174,404 Wienerberger AG 615,431 11,879,926 Wolford AG 11,252 255,112 Zumtobel Group AG 163,135 2,740,583 -------------- TOTAL AUSTRIA 144,111,774 -------------- BELGIUM -- (4.2%) #* Ablynx NV 303,349 3,910,067 Ackermans & van Haaren NV 134,383 18,325,930 * AGFA-Gevaert NV 965,465 3,808,167 Atenor 7,598 378,359 Banque Nationale de Belgique 986 3,065,062 Barco NV 65,535 5,701,510 Bekaert SA 183,930 7,982,230 bpost SA 447,777 10,831,982 #* Celyad SA 17,193 376,249 # Cie d'Entreprises CFE 49,147 5,428,015 * Cie Immobiliere de Belgique SA 14,788 885,693 Co.Br.Ha Societe Commerciale de Brasserie SA 111 349,599
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ------------ BELGIUM -- (Continued) D'ieteren SA 131,557 $ 5,943,256 #* Dalenys 20,562 143,873 Deceuninck NV 358,205 850,259 Econocom Group SA 343,333 5,185,013 Elia System Operator SA 169,789 8,469,588 Euronav NV 679,242 5,304,469 EVS Broadcast Equipment SA 74,156 2,562,904 # Exmar NV 174,456 1,390,978 #* Fagron 224,088 2,188,064 * Galapagos NV 175,431 11,432,281 Gimv NV 30,402 1,696,806 Ion Beam Applications 115,719 4,920,609 Jensen-Group NV 13,482 561,755 Kinepolis Group NV 94,699 4,544,640 # Lotus Bakeries 1,454 3,858,504 #* MDxHealth 180,487 978,073 Melexis NV 113,838 8,556,943 #* Nyrstar NV 745,541 6,305,840 Ontex Group NV 314,694 9,529,699 * Orange Belgium SA 167,280 3,775,115 Picanol 28,800 2,613,720 RealDolmen 8,137 214,612 RealDolmen NV 120 2 Recticel SA 218,046 1,626,023 Resilux 5,092 905,148 Roularta Media Group NV 10,263 292,413 * Sapec 390 67,821 Sioen Industries NV 50,430 1,593,533 Sipef SA 25,871 1,767,010 * Telenet Group Holding NV 49,363 2,648,814 # TER Beke SA 2,260 373,354 * Tessenderlo Chemie NV 190,301 7,072,228 #* ThromboGenics NV 159,152 583,978 Umicore SA 412,343 23,097,160 Van de Velde NV 35,498 2,482,989 * Viohalco SA 583,796 863,250 ------------ TOTAL BELGIUM 195,443,587 ------------ DENMARK -- (4.6%) ALK-Abello A.S. 30,494 4,497,910 Alm Brand A.S. 524,498 4,118,286 Ambu A.S. Class B 128,860 5,513,540 Arkil Holding A.S. Class B 504 71,663 * Bang & Olufsen A.S. 226,236 3,307,600 BankNordik P/F 1,753 37,024 #* Bavarian Nordic A.S. 185,809 7,325,933 Brodrene Hartmann A.S. 15,178 810,670 #* D/S Norden A.S. 175,318 3,118,353 DFDS A.S. 175,917 8,604,495 Djurslands Bank A.S. 8,970 327,380 FLSmidth & Co. A.S. 260,041 12,102,121 Fluegger A.S. Class B 4,198 205,324 GN Store Nord A.S. 855,243 19,102,465
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ DENMARK -- (Continued) * GPV Industri A.S. Class B 2,200 $ -- Gronlandsbanken A.S. 1,125 102,068 * H+H International A.S. Class B 47,950 533,087 Harboes Bryggeri A.S. Class B 16,516 336,788 IC Group A.S. 39,589 821,617 * Jeudan A.S. 5,970 603,018 Jyske Bank A.S. 355,855 18,333,477 Lan & Spar Bank 4,981 357,872 Matas A.S. 180,232 2,628,189 NKT Holding A.S. 144,405 11,164,495 # NNIT A.S. 14,470 381,236 Nordjyske Bank A.S. 38,971 673,619 * Parken Sport & Entertainment A.S. 33,556 348,181 Per Aarsleff Holding A.S. 113,913 2,946,043 Ringkjoebing Landbobank A.S. 23,334 5,082,478 Roblon A.S. Class B 2,700 89,800 Rockwool International A.S. Class A 116 19,974 Rockwool International A.S. Class B 44,467 7,933,115 Royal Unibrew A.S. 227,860 8,644,370 RTX A.S. 42,134 862,597 * Santa Fe Group A.S. 127,806 1,077,546 Schouw & Co. AB 79,335 5,990,525 SimCorp A.S. 214,954 11,016,302 Solar A.S. Class B 28,476 1,538,185 Spar Nord Bank A.S. 403,107 4,708,043 Sydbank A.S. 383,352 12,711,540 * TDC A.S. 4,287,899 22,593,321 * Tivoli A.S. 9,370 653,895 * TK Development A.S. 608,784 856,020 * Topdanmark A.S. 491,266 12,929,462 Tryg A.S. 65,070 1,244,996 United International Enterprises 10,218 1,848,685 * Vestjysk Bank A.S. 53,413 128,279 * William Demant Holding A.S. 365,410 6,841,962 #* Zealand Pharma A.S. 62,015 1,052,912 ------------ TOTAL DENMARK 216,196,461 ------------ FINLAND -- (6.7%) Ahlstrom Oyj 50,394 753,737 Aktia Bank Oyj 97,998 1,126,872 Alandsbanken Abp Class B 21,354 345,570 Alma Media Oyj 42,130 235,912 Amer Sports Oyj 641,324 16,992,531 # Apetit Oyj 18,766 277,635 Aspo Oyj 92,762 868,741 Atria Oyj 44,202 550,662 #* BasWare Oyj 43,305 1,540,078 # Bittium Oyj 128,198 844,584 Cargotec Oyj Class B 235,592 11,295,832 # Caverion Corp. 522,975 4,194,650 Citycon Oyj 2,246,894 5,583,934 # Comptel Oyj 382,182 958,757 Cramo Oyj 193,511 4,824,541
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ FINLAND -- (Continued) Digia Oyj 48,912 $ 164,255 Elisa Oyj 734,075 24,736,570 F-Secure Oyj 529,757 1,850,271 * Finnair Oyj 450,180 1,966,652 # Fiskars Oyj Abp 191,481 3,726,719 * Glaston Oyj Abp 46,084 21,704 HKScan Oyj Class A 172,657 587,605 Huhtamaki Oyj 467,536 17,165,066 Ilkka-Yhtyma Oyj 61,503 192,925 Kemira Oyj 673,239 8,434,577 Kesko Oyj Class A 14,466 671,731 Kesko Oyj Class B 345,206 17,467,791 Konecranes Oyj 262,339 10,309,802 Lassila & Tikanoja Oyj 171,857 3,564,694 Lemminkainen Oyj 30,098 586,040 # Metsa Board Oyj 1,336,761 9,131,120 Metso Oyj 576,499 17,723,305 Munksjo Oyj 24,345 380,309 Nokian Renkaat Oyj 623,433 23,387,139 Olvi Oyj Class A 68,749 2,098,643 Oriola-KD Oyj Class A 6,054 28,210 Oriola-KD Oyj Class B 628,439 2,972,227 Orion Oyj Class A 126,645 5,869,170 Orion Oyj Class B 436,647 20,325,362 * Outokumpu Oyj 3,022,031 27,041,513 #* Outotec Oyj 930,304 5,291,378 PKC Group Oyj 115,436 2,920,213 Ponsse Oy 49,070 1,259,648 * Poyry Oyj 188,253 671,726 * QT Group Oyj 48,912 316,549 Raisio Oyj Class V 573,332 2,154,116 Ramirent Oyj 378,668 2,822,797 Rapala VMC Oyj 109,543 520,227 Revenio Group Oyj 23,248 738,630 Sanoma Oyj 754,064 6,861,588 Sponda Oyj 618,559 2,811,512 SRV Group Oyj 23,502 133,315 * Stockmann Oyj Abp Class A 42,474 326,245 #* Stockmann Oyj Abp Class B 162,231 1,240,526 Technopolis Oyj 905,646 3,010,113 Teleste Oyj 46,406 448,926 Tieto Oyj 295,694 8,182,596 # Tikkurila Oyj 224,347 4,577,632 # Uponor Oyj 287,363 5,184,376 Vaisala Oyj Class A 47,987 1,781,941 Valmet Oyj 526,890 8,330,453 Viking Line Abp 10,366 229,238 YIT Oyj 669,695 5,314,039 ------------ TOTAL FINLAND 315,925,220 ------------ FRANCE -- (12.7%) ABC Arbitrage 150,388 1,105,767 Actia Group 48,398 477,634
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ----------- FRANCE -- (Continued) #* Air France-KLM 993,402 $ 5,248,727 Akka Technologies 51,478 2,091,384 Albioma SA 97,566 1,665,102 Altamir 114,870 1,643,207 Alten SA 136,617 10,173,541 Altran Technologies SA 771,932 11,422,631 April SA 74,473 957,715 #* Archos 138,714 206,627 Arkema SA 269,899 26,655,708 Assystem 62,634 1,986,656 Aubay 29,713 876,583 Axway Software SA 31,550 984,480 Bastide le Confort Medical 8,920 274,574 Beneteau SA 199,333 2,456,875 * Bigben Interactive 7,330 47,764 # BioMerieux 67,996 10,756,941 Boiron SA 38,334 3,546,033 Bonduelle SCA 74,889 1,932,235 # Bourbon Corp. 93,321 1,121,601 Burelle SA 3,632 3,960,568 Casino Guichard Perrachon SA 3,794 204,581 Catering International Services 14,124 298,974 #* Cegedim SA 23,645 663,330 * Cegid Group SA 26,749 -- #* CGG SA 97,011 975,448 Chargeurs SA 95,815 1,876,036 Cie des Alpes 40,086 837,917 Cie Plastic Omnium SA 318,364 10,800,985 * Coface SA 147,327 952,217 Derichebourg SA 549,528 2,532,730 Devoteam SA 27,976 1,759,055 Dom Security 2,414 131,442 Edenred 946,779 20,642,217 Electricite de Strasbourg SA 21,168 2,462,639 Elior Group 402,856 9,012,213 # Elis SA 147,633 2,643,433 * Eramet 28,909 1,663,201 * Esso SA Francaise 15,115 677,270 * Etablissements Maurel et Prom 844,597 3,868,941 Euler Hermes Group 56,627 5,112,891 Eurofins Scientific SE 26,545 11,917,681 Euronext NV 244,308 10,808,656 Eutelsat Communications SA 68,147 1,162,360 Exel Industries Class A 10,330 886,659 Faiveley Transport SA 34,183 3,696,696 Faurecia 306,467 13,315,846 # Fleury Michon SA 5,962 354,440 # Gaumont SA 13,521 824,950 Gaztransport Et Technigaz SA 79,978 3,300,742 GEA 2,433 234,835 Gevelot SA 3,466 554,132 GL Events 48,589 952,543 Groupe Crit 23,258 1,851,315
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- FRANCE -- (Continued) * Groupe Fnac SA 52,433 $ 3,393,293 * Groupe Gorge 22,858 555,237 Groupe Open 28,097 739,799 Guerbet 32,666 2,824,695 Haulotte Group SA 74,466 1,210,168 Havas SA 568,898 5,115,861 * Herige SADCS 4,147 126,372 #* HiPay Group SA 24,579 302,227 * ID Logistics Group 5,984 920,713 Imerys SA 145,098 11,652,290 # Ingenico Group SA 43,343 3,654,953 # Interparfums SA 54,443 1,651,177 Ipsen SA 162,032 12,555,357 IPSOS 168,064 5,570,487 Jacquet Metal Service 70,664 1,613,059 Korian SA 196,034 5,620,428 Lagardere SCA 663,377 16,643,358 Lanson-BCC 8,795 317,815 Laurent-Perrier 12,372 921,489 # Le Noble Age 25,159 1,041,135 Lectra 115,852 2,247,714 Linedata Services 8,608 440,619 LISI 94,248 3,409,937 Maisons France Confort SA 15,743 850,777 Manitou BF SA 49,563 1,131,553 Manutan International 14,076 1,048,310 Mersen SA 117,956 2,893,236 #* METabolic EXplorer SA 151,621 391,437 Metropole Television SA 293,607 5,771,408 MGI Coutier 56,015 1,574,045 Mr Bricolage 30,731 401,218 #* Naturex 31,570 2,940,651 Neopost SA 176,348 5,828,860 * Nexans SA 188,998 10,967,307 Nexity SA 171,171 8,407,347 #* Nicox 76,283 677,358 * NRJ Group 71,278 797,952 # Oeneo SA 107,682 959,173 #* Onxeo SA(BPFJVR0) 48,958 143,017 #* Onxeo SA(B04P0G6) 160,610 466,791 Orpea 182,255 14,849,883 #* Parrot SA 25,254 236,441 PCAS 5,254 83,310 #* Pierre & Vacances SA 26,157 1,187,976 Plastivaloire 1,854 268,000 PSB Industries SA 8,161 463,855 # Rallye SA 128,234 2,848,243 Remy Cointreau SA 55,277 5,025,550 Rexel SA 1,596,995 27,853,096 Robertet SA 3,063 1,212,058 Rothschild & Co. 22,859 660,831 Rubis SCA 203,675 17,148,044 Samse SA 8,068 1,293,052
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ FRANCE -- (Continued) Sartorius Stedim Biotech 101,854 $ 6,163,317 Savencia SA 33,142 2,620,934 SEB SA 120,657 15,173,364 Seche Environnement SA 11,799 384,578 #* Sequana SA 289,137 567,810 * Societe des Bains de Mer et du Cercle des Etrangers a Monaco 60,258 2,206,432 * Societe Internationale de Plantations d'Heveas SA 7,523 514,076 Societe Marseillaise du Tunnel Prado-Carenage SA 3,434 87,565 Societe pour l'Informatique Industrielle 39,566 820,457 * SOITEC 1,279,868 2,433,145 #* Solocal Group 184,916 478,467 Somfy SA 20,959 9,030,286 Sopra Steria Group 74,501 8,637,925 SPIE SA 161,256 3,657,164 * Stallergenes Greer P.L.C. 12,201 429,487 * Ste Industrielle d'Aviation Latecoere SA 310,883 1,455,036 Stef SA 28,166 2,424,368 STMicroelectronics NV 2,136,887 28,202,978 #* Store Electronic 14,048 428,294 Sword Group 32,374 1,074,837 Synergie SA 69,989 2,891,277 Tarkett SA 62,317 2,415,875 Technicolor SA 1,482,868 6,357,936 Teleperformance 336,308 36,001,516 # Television Francaise 1 626,436 6,901,293 Tessi SA 6,807 1,078,751 # TFF Group 5,065 612,267 # Thermador Groupe 13,789 1,233,202 Total Gabon 1,515 268,115 * Touax SA 5,568 72,161 Trigano SA 46,958 4,214,089 * Ubisoft Entertainment SA 521,852 17,157,528 Union Financiere de France BQE SA 16,855 448,200 #* Vallourec SA 1,427,206 10,143,742 #* Valneva SE 218,939 656,146 Vetoquinol SA 16,625 897,831 Vicat SA 86,767 5,270,386 VIEL & Cie SA 161,700 780,261 Vilmorin & Cie SA 27,056 1,815,246 #* Virbac SA 22,063 4,070,781 Vranken-Pommery Monopole SA 18,262 439,625 * Worldline SA 34,569 932,308 ------------ TOTAL FRANCE 598,926,746 ------------ GERMANY -- (15.2%) Aareal Bank AG 409,233 15,877,124 # Adler Modemaerkte AG 41,855 218,015 #* ADLER Real Estate AG 111,691 1,635,465 * ADVA Optical Networking SE 206,292 1,728,827 #* AIXTRON SE 396,410 1,464,585 * Aligna AG 318,087 -- All for One Steeb AG 569 34,842 # Allgeier SE 26,260 512,271
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------- GERMANY -- (Continued) Amadeus Fire AG 30,168 $ 2,378,599 * AS Creation Tapeten 7,109 238,222 Aurubis AG 180,566 10,638,737 Axel Springer SE 194,300 10,241,581 Basler AG 3,576 231,789 Bauer AG 33,835 512,584 BayWa AG(5838057) 78,978 2,682,936 BayWa AG(5838068) 124 4,235 Bechtle AG 80,333 8,159,874 # Bertrandt AG 27,357 2,731,200 Bijou Brigitte AG 19,236 1,163,144 #* Bilfinger SE 178,040 7,398,863 Biotest AG 60,306 1,145,750 * BKN International AG 33,408 -- Borussia Dortmund GmbH & Co. KGaA 473,904 2,730,089 # CANCOM SE 86,805 4,075,646 Carl Zeiss Meditec AG 160,352 5,994,843 # CENIT AG 50,111 1,082,246 CENTROTEC Sustainable AG 44,227 764,485 Cewe Stiftung & Co. KGAA 31,218 2,544,769 # Clere AG 21,096 373,021 Comdirect Bank AG 182,514 1,918,955 # CompuGroup Medical SE 119,816 4,713,816 * Constantin Medien AG 340,089 696,611 CropEnergies AG 116,924 781,175 # CTS Eventim AG & Co. KGaA 216,083 7,513,770 Data Modul AG 11,455 631,259 * DEAG Deutsche Entertainment AG 11,399 38,053 # Delticom AG 28,981 532,644 Deutsche Beteiligungs AG 50,300 1,810,418 Deutsche EuroShop AG 220,384 9,161,049 Deutsche Lufthansa AG 28,830 385,128 Deutsche Pfandbriefbank AG 47,168 480,729 Deutz AG 599,311 3,988,375 * Dialog Semiconductor P.L.C. 382,079 17,778,911 DIC Asset AG 265,874 2,630,357 DMG Mori AG 179,867 8,694,992 Dr Hoenle AG 25,078 785,675 Draegerwerk AG & Co. KGaA 10,065 712,184 # Drillisch AG 227,365 10,546,061 Duerr AG 133,802 11,607,582 Eckert & Ziegler AG 18,549 510,654 Elmos Semiconductor AG 53,988 845,397 # ElringKlinger AG 167,277 2,968,688 * Euromicron AG 32,612 222,638 * Evotec AG 1,103,203 8,419,602 # Fielmann AG 114,167 7,980,895 * First Sensor AG 22,812 337,289 Francotyp-Postalia Holding AG Class A 53,729 284,469 Fraport AG Frankfurt Airport Services Worldwide 179,584 10,747,226 Freenet AG 652,809 19,626,308 Fuchs Petrolub SE 147,943 6,245,705 Gerresheimer AG 198,146 16,154,435
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------- GERMANY -- (Continued) Gerry Weber International AG 98,127 $ 1,144,088 # Gesco AG 43,467 1,073,413 GFK SE 76,920 3,615,746 # GFT Technologies SE 90,843 1,905,637 Grammer AG 79,765 4,504,582 GRENKE AG 36,620 6,131,297 * H&R GmbH & Co. KGaA 33,528 560,972 Hamburger Hafen und Logistik AG 113,533 2,314,301 #* Heidelberger Druckmaschinen AG 1,506,720 3,952,676 Hella KGaA Hueck & Co. 119,350 4,878,240 * Highlight Communications AG 94,846 561,802 * HolidayCheck Group AG 114,390 313,992 Hornbach Baumarkt AG 22,599 698,217 Hugo Boss AG 285,824 18,363,543 Indus Holding AG 129,827 7,416,898 # Init Innovation In Traffic Systems AG 23,180 385,762 Isra Vision AG 18,038 2,185,062 Jenoptik AG 262,122 5,028,143 # K+S AG 990,931 25,172,889 * Kampa AG 7,101 115 KION Group AG 258,832 15,774,242 * Kloeckner & Co. SE 555,392 7,252,413 * Koenig & Bauer AG 69,890 3,725,348 #* Kontron AG 437,004 1,373,380 # Krones AG 75,044 7,671,075 KSB AG 3,466 1,351,204 # KWS Saat SE 15,970 5,009,222 Lanxess AG 484,758 35,276,450 LEG Immobilien AG 306,750 24,127,486 Leifheit AG 13,935 909,947 Leoni AG 159,356 6,400,215 #* LPKF Laser & Electronics AG 76,947 592,702 #* Manz AG 21,725 916,271 * MasterFlex SE 19,347 140,801 * Mediclin AG 88,966 542,896 #* Medigene AG 56,083 790,975 MLP AG 303,693 1,568,865 * msg life ag 11,646 32,828 MTU Aero Engines AG 249,839 29,927,859 Nemetschek SE 107,874 5,521,869 # Nexus AG 49,542 1,053,770 #* Nordex SE 307,691 6,502,161 NORMA Group AG 202,672 9,045,273 OHB SE 34,003 699,393 Osram Licht AG 343,036 19,913,458 # paragon AG 5,079 224,945 * Patrizia Immobilien AG 263,203 4,235,292 #* Petro Welt Technologies AG 6,474 51,819 # Pfeiffer Vacuum Technology AG 52,225 5,680,457 PNE Wind AG 367,537 856,240 Progress-Werk Oberkirch AG 7,571 316,571 PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie 27,232 349,610
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ------------ GERMANY -- (Continued) Puma SE 10,528 $ 3,206,237 * PVA TePla AG 46,019 114,363 QIAGEN NV 717,083 20,867,290 # QSC AG 498,723 975,672 # R Stahl AG 14,952 468,831 Rational AG 14,449 6,560,667 Rheinmetall AG 223,411 17,144,856 RHOEN-KLINIKUM AG 235,088 6,444,009 # RIB Software AG 167,309 2,139,131 # S&T AG 49,127 452,147 SAF-Holland SA 248,917 3,785,971 Salzgitter AG 212,972 8,173,475 # Schaltbau Holding AG 27,311 976,636 Schloss Wachenheim AG 7,479 127,750 * SER Systems AG 9,400 -- #* SGL Carbon SE 266,687 2,323,190 SHW AG 25,624 848,378 * Siltronic AG 12,459 668,389 # Sixt Leasing SE 12,545 248,070 Sixt SE 80,910 4,212,070 # SMA Solar Technology AG 59,062 1,521,393 * SMT Scharf AG 18,103 271,288 Softing AG 21,576 287,790 Software AG 309,788 11,175,138 #* Solarworld AG 13,177 57,607 * Stabilus SA 37,141 2,245,413 Stada Arzneimittel AG 306,492 15,786,529 STRATEC Biomedical AG 3,205 168,952 # Stroeer SE & Co. KGaA 118,799 5,852,543 Suedzucker AG 438,206 11,593,011 * Suess MicroTec AG 105,674 872,619 Surteco SE 26,117 666,122 TAG Immobilien AG 798,736 10,798,826 Takkt AG 163,454 3,653,944 Technotrans AG 32,047 849,441 TLG Immobilien AG 165,302 3,141,575 * Tom Tailor Holding AG 108,631 646,063 * Uniper SE 170,816 2,433,453 VERBIO Vereinigte BioEnergie AG 127,536 1,447,592 #* Vossloh AG 68,437 4,408,606 # VTG AG 80,128 2,666,130 Wacker Chemie AG 77,716 9,392,604 Wacker Neuson SE 146,155 2,401,016 Washtec AG 45,252 2,557,028 Wincor Nixdorf AG 1,815 129,349 XING AG 16,563 3,243,779 Zeal Network SE 35,397 1,113,719 ------------ TOTAL GERMANY 713,475,866 ------------ GREECE -- (0.0%) * Alfa Alfa Energy SA 3,810 -- * Alysida SA 2,376 -- * Atlantic Supermarkets SA 34,730 --
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- GREECE -- (Continued) * Babis Vovos International Construction SA 21,073 $ -- * Balafas SA 15,200 -- * Elektroniki Athinon SA 7,497 -- * 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 -- ----------- IRELAND -- (1.2%) C&C Group P.L.C.(B010DT8) 399,607 1,702,813 C&C Group P.L.C.(B011Y09) 1,077,904 4,604,538 Datalex P.L.C. 60,575 222,326 * FBD Holdings P.L.C. 125,728 1,051,856 Glanbia P.L.C.(0066950) 700,613 11,794,609 Glanbia P.L.C.(4058629) 49,281 832,332 IFG Group P.L.C. 302,015 567,255 * Independent News & Media P.L.C. 1,593,163 206,490 Irish Continental Group P.L.C.(BLP5857) 397,499 2,024,366 Irish Continental Group P.L.C.(BLP59W1) 234,200 1,187,938 Kingspan Group P.L.C. 644,320 18,775,905 Paddy Power Betfair P.L.C. 1 84 Smurfit Kappa Group P.L.C. 601,045 15,842,356 ----------- TOTAL IRELAND 58,812,868 ----------- ISRAEL -- (2.0%) * ADO Group, Ltd. 49,052 564,593 #* Africa Israel Investments, Ltd. 1,160,746 174,398 * Africa Israel Properties, Ltd. 78,320 1,445,897 Africa Israel Residences, Ltd. 594 12,268 #* Airport City, Ltd. 316,100 3,391,855 Albaad Massuot Yitzhak, Ltd. 466 8,087 #* Allot Communications, Ltd. 131,391 646,113 # Alrov Properties and Lodgings, Ltd. 44,880 1,021,782 # Amot Investments, Ltd. 472,876 1,995,204 Arad, Ltd. 1,053 11,023 Ashtrom Properties, Ltd. 23,018 83,380 #* AudioCodes, Ltd. 163,675 1,083,516 Avgol Industries 1953, Ltd. 407,132 494,848 * Azorim-Investment Development & Construction Co., Ltd. 394,505 415,641 Bayside Land Corp. 3,697 1,361,953 # Big Shopping Centers, Ltd. 19,629 1,318,136 #* BioLine RX, Ltd. 59,630 61,065 # Blue Square Real Estate, Ltd. 23,007 912,317 Brack Capital Properties NV 14,766 1,260,693 #* Cellcom Israel, Ltd. 298,341 3,140,431 * Ceragon Networks, Ltd. 128,451 472,496 #* Clal Biotechnology Industries, Ltd. 174,162 125,629
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ---------- ISRAEL -- (Continued) * Clal Insurance Enterprises Holdings, Ltd. 118,904 $1,653,581 * Cohen Development & Industrial Buildings, Ltd. 2,564 63,479 #* Compugen, Ltd. 185,531 890,001 Delek Automotive Systems, Ltd. 172,159 1,581,690 # Delta-Galil Industries, Ltd. 56,527 1,800,771 Direct Insurance Financial Investments, Ltd. 73,126 643,439 El Al Israel Airlines 1,621,784 1,057,594 Electra Consumer Products 1970, Ltd. 18,614 323,522 Electra, Ltd. 9,110 1,655,025 Elron Electronic Industries, Ltd. 62,094 281,035 # Energix-Renewable Energies, Ltd. 94,709 62,152 * Equital, Ltd. 7,312 135,986 #* Evogene, Ltd. 70,559 352,241 # First International Bank Of Israel, Ltd. 194,692 2,928,928 FMS Enterprises Migun, Ltd. 12,189 341,918 Formula Systems 1985, Ltd. 45,817 1,782,506 Fox Wizel, Ltd. 21,125 333,957 * Gilat Satellite Networks, Ltd. 120,892 688,577 #* Hadera Paper, Ltd. 10,176 387,177 Hamlet Israel-Canada, Ltd. 851 11,939 Harel Insurance Investments & Financial Services, Ltd. 571,614 2,868,237 # Hilan, Ltd. 48,212 722,457 IDI Insurance Co., Ltd. 22,850 1,125,655 # Industrial Buildings Corp., Ltd. 475,849 564,887 #* Israel Discount Bank, Ltd. Class A 2,736,507 5,688,649 Israel Land Development Co., Ltd. (The) 22,310 167,154 * Jerusalem Oil Exploration 46,427 2,024,359 #* Kamada, Ltd. 126,672 786,574 * Kenon Holdings, Ltd. 36,491 467,215 Kerur Holdings, Ltd. 8,893 239,251 Klil Industries, Ltd. 729 65,689 Maabarot Products, Ltd. 21,999 344,451 Magic Software Enterprises, Ltd. 92,863 659,267 # Matrix IT, Ltd. 183,996 1,480,739 Maytronics, Ltd. 138,532 531,681 #* Mazor Robotics, Ltd. 228,777 2,626,630 Meitav DS Investments, Ltd. 44,186 210,806 # Melisron, Ltd. 57,038 2,613,251 * Menora Mivtachim Holdings, Ltd. 127,166 1,178,166 * Migdal Insurance & Financial Holding, Ltd. 1,649,434 1,469,005 # Mivtach Shamir 22,547 468,355 #* Naphtha Israel Petroleum Corp., Ltd. 164,741 1,099,393 Neto ME Holdings, Ltd. 5,778 451,602 * Nova Measuring Instruments, Ltd. 135,303 2,011,753 # Oil Refineries, Ltd. 5,367,932 1,889,230 #* Partner Communications Co., Ltd. 499,200 2,926,724 Paz Oil Co., Ltd. 25,703 3,979,834 * Perion Network, Ltd. 16,455 30,639 * Phoenix Holdings, Ltd. (The) 295,823 1,085,934 # Plasson Industries, Ltd. 13,484 429,425 # Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. 32,629 1,326,532 #* Redhill Biopharma, Ltd. 45,309 43,813 Sapiens International Corp. NV 117,922 1,575,300
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- ISRAEL -- (Continued) Scope Metals Group, Ltd. 7,746 $ 159,887 Shapir Engineering and Industry, Ltd. 88,287 206,315 # Shikun & Binui, Ltd. 1,096,671 2,271,002 Shufersal, Ltd. 392,383 1,504,938 #* Space Communication, Ltd. 17,611 120,828 # Strauss Group, Ltd. 136,109 2,190,460 * Summit Real Estate Holdings, Ltd. 107,123 568,981 Tadiran Holdings, Ltd. 7,555 173,960 #* Tower Semiconductor, Ltd. 283,546 6,081,907 * Union Bank of Israel 132,846 558,277 ----------- TOTAL ISRAEL 93,966,055 ----------- ITALY -- (8.9%) A2A SpA 8,290,391 11,073,159 ACEA SpA 302,509 3,703,984 #* Aedes SIIQ SpA 691,904 279,187 #* Aeffe SpA 167,738 205,819 Aeroporto di Venezia Marco Polo SpA - SAVE 85,250 1,724,905 Amplifon SpA 515,448 5,233,521 Anima Holding SpA 855,810 5,103,213 Ansaldo STS SpA 572,443 7,227,805 * Arnoldo Mondadori Editore SpA 724,145 1,054,395 Ascopiave SpA 424,667 1,248,887 # Astaldi SpA 288,057 1,877,390 Autogrill SpA 728,145 6,403,549 Azimut Holding SpA 623,078 11,211,816 #* Banca Carige SpA 1,893,751 766,908 # Banca Finnat Euramerica SpA 616,149 246,295 Banca Generali SpA 284,313 7,252,431 Banca IFIS SpA 147,336 3,995,982 Banca Mediolanum SpA 1,097,031 8,415,759 #* Banca Monte dei Paschi di Siena SpA 19,884 310,592 #* Banca Popolare dell'Etruria e del Lazio SC 1,058,027 -- Banca Popolare di Sondrio SCPA 2,316,219 8,213,303 # Banca Profilo SpA 1,221,744 274,055 # Banco BPM SpA 6,471,527 18,373,211 Banco di Desio e della Brianza SpA 224,677 542,638 BasicNet SpA 170,033 594,195 Biesse SpA 68,574 1,414,870 BPER Banca 2,548,728 14,494,760 Brembo SpA 161,253 10,331,835 # Brunello Cucinelli SpA 108,066 2,446,480 Buzzi Unicem SpA 409,864 10,106,358 # Cairo Communication SpA 339,858 1,312,739 * Caltagirone Editore SpA 6,277 5,147 Cembre SpA 39,007 599,705 Cementir Holding SpA 325,211 1,392,652 Cerved Information Solutions SpA 668,295 5,469,295 CIR-Compagnie Industriali Riunite SpA 2,065,487 2,395,626 Credito Emiliano SpA 471,853 3,066,527 # Credito Valtellinese SC 5,732,088 3,007,828 d'Amico International Shipping SA 830,428 219,640 Danieli & C Officine Meccaniche SpA 72,897 1,564,027
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ------------- ITALY -- (Continued) Datalogic SpA 111,466 $ 2,290,529 Davide Campari-Milano SpA 1,402,760 14,070,566 De' Longhi SpA 274,771 6,862,169 DeA Capital SpA 526,890 692,188 DiaSorin SpA 116,636 6,963,980 #* Ei Towers SpA 87,314 4,831,862 El.En. SpA 48,277 1,173,368 Elica SpA 4,665 8,463 # ERG SpA 319,564 3,548,669 Esprinet SpA 169,978 1,259,646 #* Eurotech SpA 90,850 131,985 Falck Renewables SpA 704,182 717,432 * Fincantieri SpA 2,268,686 1,348,241 FinecoBank Banca Fineco SpA 922,158 5,493,217 FNM SpA 627,039 347,779 # Geox SpA 453,868 979,318 * Gruppo Editoriale L'Espresso SpA 481,852 409,767 # Gruppo MutuiOnline SpA 103,077 997,804 Hera SpA 3,352,671 7,828,360 IMMSI SpA 1,202,186 480,991 Industria Macchine Automatiche SpA 70,748 4,689,362 Infrastrutture Wireless Italiane SpA 328,849 1,558,453 #* Intek Group SpA 1,768,514 413,613 Interpump Group SpA 425,898 8,004,421 Iren SpA 2,952,554 4,802,194 * Italgas SpA 660,607 2,510,200 Italmobiliare SpA 45,336 2,241,790 * Juventus Football Club SpA 2,220,681 746,625 La Doria SpA 65,929 594,684 # Maire Tecnimont SpA 643,190 1,812,061 # MARR SpA 182,251 3,541,872 # Mediaset SpA 4,351,208 18,641,783 Moncler SpA 664,534 12,771,025 # Nice SpA 71,162 194,140 OVS SpA 155,923 870,525 Parmalat SpA 1,761,867 5,687,075 # Piaggio & C SpA 961,442 1,599,228 #* Prelios SpA 127,326 13,106 # Prima Industrie SpA 15,358 274,495 Prysmian SpA 1,026,230 26,695,289 RAI Way SpA 17,334 68,632 Recordati SpA 474,431 13,509,975 # Reno de Medici SpA 840,050 320,383 Reply SpA 23,664 3,036,906 #* Retelit SpA 732,206 845,456 * Richard-Ginori 1735 SpA 8,489 -- Sabaf SpA 25,688 287,382 # SAES Getters SpA 40,332 495,598 * Safilo Group SpA 176,776 1,311,395 * Saipem SpA 26,968,903 13,847,999 # Salini Impregilo SpA 1,159,746 3,620,738 # Salvatore Ferragamo SpA 262,482 6,942,916 Saras SpA 1,637,194 2,536,060
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ ITALY -- (Continued) Servizi Italia SpA 34,833 $ 138,966 #* Snai SpA 117,457 142,781 Societa Cattolica di Assicurazioni SCRL 852,357 5,333,086 Societa Iniziative Autostradali e Servizi SpA 349,366 2,843,447 * Sogefi SpA 284,842 679,207 SOL SpA 161,050 1,451,637 Tamburi Investment Partners SpA 418,473 1,754,236 #* Tiscali SpA 9,160,788 482,468 # Tod's SpA 70,079 5,061,502 #* Trevi Finanziaria Industriale SpA 509,518 556,957 TXT e-solutions SpA 28,342 270,028 # Unione di Banche Italiane SpA 2,172,739 7,577,401 Unipol Gruppo Finanziario SpA 2,168,748 8,020,405 UnipolSai SpA 4,147,843 8,650,531 Vittoria Assicurazioni SpA 124,843 1,408,606 #* Yoox Net-A-Porter Group SpA 280,998 7,048,739 Zignago Vetro SpA 142,878 877,572 ------------ TOTAL ITALY 420,379,772 ------------ LUXEMBOURG -- (0.0%) BRAAS Monier Building Group SA 20,914 570,512 ------------ NETHERLANDS -- (5.0%) Aalberts Industries NV 600,156 21,066,023 Accell Group 146,494 3,435,619 * AFC Ajax NV 18,134 174,889 AMG Advanced Metallurgical Group NV 171,531 3,177,754 Amsterdam Commodities NV 92,796 2,058,125 APERAM SA 270,393 12,787,825 Arcadis NV 381,581 5,188,546 ASM International NV 290,828 14,338,912 * Atag Group NV 4,630 -- BE Semiconductor Industries NV 196,836 7,107,336 Beter Bed Holding NV 97,492 1,694,348 BinckBank NV 301,078 1,725,639 Boskalis Westminster 492,042 18,204,520 Brunel International NV 118,473 2,078,743 Corbion NV 334,113 8,557,720 Delta Lloyd NV 2,709,093 15,597,267 # Flow Traders 19,559 683,498 * Fugro NV 381,770 6,021,536 # Gemalto NV(B9MS8P5) 304,031 17,668,914 Gemalto NV(B011JK4) 119,289 6,922,807 #* Heijmans NV 126,289 841,400 Hunter Douglas NV 11,551 723,864 IMCD Group NV 57,669 2,590,155 KAS Bank NV 80,799 744,201 Kendrion NV 67,325 1,911,713 # Koninklijke BAM Groep NV 1,407,837 6,642,383 Koninklijke Vopak NV 180,802 7,766,364 # Nederland Apparatenfabriek 27,865 1,059,611 #* OCI NV 292,497 5,520,697 * Ordina NV 866,273 1,856,790
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ NETHERLANDS -- (Continued) * PostNL NV 2,511,108 $ 11,021,188 Refresco Group NV 51,605 779,455 SBM Offshore NV 973,469 15,835,779 Sligro Food Group NV 134,719 4,887,661 #* SRH NV 705,718 -- Telegraaf Media Groep NV 170,034 1,090,240 TKH Group NV 223,860 9,073,878 #* TomTom NV 606,779 5,562,366 Van Lanschot NV 27,907 603,350 Wessanen 469,148 6,659,029 ------------ TOTAL NETHERLANDS 233,660,145 ------------ NORWAY -- (2.8%) # ABG Sundal Collier Holding ASA 1,786,130 1,128,887 AF Gruppen ASA 23,088 426,859 #* Akastor ASA 917,989 1,644,386 Aker ASA Class A 109,341 4,534,082 Aker BP ASA 356,696 6,490,249 * Aker Solutions ASA 791,226 4,266,527 # American Shipping Co. ASA 201,106 743,403 Arendals Fossekompani A.S. 90 31,719 Atea ASA 362,945 3,532,249 Austevoll Seafood ASA 517,682 4,788,170 # Avance Gas Holding, Ltd. 139,810 492,067 #* Axactor AB 4,472,166 1,415,567 Bakkafrost P/F 188,658 7,250,941 * Biotec Pharmacon ASA 139,685 191,251 Bonheur ASA 140,320 1,412,446 Borregaard ASA 475,583 5,234,272 BW LPG, Ltd. 347,224 1,770,432 * BW Offshore, Ltd. 863,791 2,520,883 * Deep Sea Supply P.L.C. 254,547 49,740 #* DNO ASA 3,249,546 3,401,091 * DOF ASA 760,264 101,688 Ekornes ASA 111,584 1,543,670 Entra ASA 52,251 563,557 #* Fred Olsen Energy ASA 147,008 316,778 # Frontline, Ltd. 280,146 1,936,814 Grieg Seafood ASA 272,291 2,285,083 #* Hexagon Composites ASA 431,883 1,447,227 # Hoegh LNG Holdings Ltd 245,363 2,728,893 * Kongsberg Automotive ASA 2,171,519 1,534,898 Kongsberg Gruppen A.S. 30,248 499,214 * Kvaerner ASA 1,616,475 2,128,141 #* Nordic Semiconductor ASA 703,953 2,965,937 #* Norske Skogindustrier ASA 1,270,388 423,550 #* Norwegian Air Shuttle ASA 154,653 5,048,598 # Norwegian Property ASA 35,843 43,024 # Ocean Yield ASA 236,171 1,790,385 * Odfjell Drilling, Ltd. 39,423 75,038 * Odfjell SE Class A 134,257 531,889 Olav Thon Eindom A.S. 115,054 2,205,489 # Opera Software ASA 514,924 2,315,209
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- ------------ NORWAY -- (Continued) #* Petroleum Geo-Services ASA 1,527,469 $ 5,076,253 #* PhotoCure ASA 59,328 316,955 #* Prosafe SE 84,834 352,414 # Protector Forsikring ASA 285,028 2,541,233 * Q-Free ASA 179,836 179,268 #* REC Silicon ASA 14,281,005 2,235,171 Scatec Solar ASA 223,910 1,004,633 #* Seadrill, Ltd. 463,580 908,280 Selvaag Bolig ASA 144,329 694,804 #* Sevan Marine ASA 124,800 240,905 * Solstad Offshore ASA 72,220 95,048 #* Songa Offshore 134,471 518,475 SpareBank 1 SMN 131,684 1,101,848 SpareBank 1 SR-Bank ASA 212,083 1,576,871 Stolt-Nielsen, Ltd. 129,421 1,955,019 * Storebrand ASA 762,009 4,646,478 # TGS Nopec Geophysical Co. ASA 351,607 8,441,905 Tomra Systems ASA 647,834 7,089,983 * Treasure ASA 300,823 628,508 Veidekke ASA 400,114 5,946,283 * Wilh Wilhelmsen ASA 306,364 1,503,200 Wilh Wilhelmsen Holding ASA Class A 61,068 1,663,587 # XXL ASA 190,687 2,197,135 ------------ TOTAL NORWAY 132,724,559 ------------ PORTUGAL -- (0.8%) Altri SGPS SA 577,518 2,533,021 * Banco BPI SA 2,573,144 3,151,710 #* Banco Comercial Portugues SA Class R 4,200,763 712,296 * Banco Espirito Santo SA 4,777,921 -- CTT-Correios de Portugal SA 692,539 3,863,361 EDP Renovaveis SA 182,845 1,174,665 Ibersol SGPS SA 24,481 330,337 Mota-Engil SGPS SA 731,919 1,272,767 Navigator Co. SA (The) 2,010,412 7,322,158 NOS SGPS SA 1,118,059 6,295,240 Novabase SGPS SA 65,729 181,594 # REN - Redes Energeticas Nacionais SGPS SA 1,360,984 3,748,925 Semapa-Sociedade de Investimento e Gestao 113,416 1,610,265 Sonae Capital SGPS SA 252,051 187,995 Sonae SGPS SA 5,008,224 4,310,904 Teixeira Duarte SA 710,639 152,649 ------------ TOTAL PORTUGAL 36,847,887 ------------ SPAIN -- (5.3%) Acciona SA 148,641 11,531,333 Acerinox SA 881,010 12,115,387 # Adveo Group International SA 104,096 429,691 Almirall SA 297,107 4,789,263 #* Amper SA 3,523,945 988,856 Applus Services SA 437,416 4,999,692 # Atresmedia Corp de Medios de Comunicacion SA 377,516 4,296,298
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- SPAIN -- (Continued) Azkoyen SA 64,022 $ 542,714 # Banco Popular Espanol SA 1,713,211 1,774,001 * Baron de Ley 13,360 1,578,820 # Bolsas y Mercados Espanoles SHMSF SA 410,153 12,948,445 #* Caja de Ahorros del Mediterraneo 116,412 -- Cellnex Telecom SA 578,540 8,238,269 * Cementos Portland Valderrivas SA 68,410 440,356 Cia de Distribucion Integral Logista Holdings SA 154,045 3,723,543 Cie Automotive SA 249,123 4,634,803 Clinica Baviera SA 3,698 37,870 Construcciones y Auxiliar de Ferrocarriles SA 91,240 3,705,061 #* Deoleo SA 1,293,368 370,892 # Distribuidora Internacional de Alimentacion SA 2,929,226 15,503,758 #* Duro Felguera SA 489,623 629,915 Ebro Foods SA 366,900 7,572,225 * eDreams ODIGEO SA 287,020 974,718 Elecnor SA 192,862 1,934,233 Ence Energia y Celulosa SA 1,037,062 2,768,100 * Ercros SA 793,700 1,864,664 Euskaltel SA 101,284 935,034 Faes Farma SA 1,444,899 5,357,359 Fluidra SA 161,639 762,336 * Fomento de Construcciones y Contratas SA 25,883 215,649 Gamesa Corp. Tecnologica SA 1,203,576 25,309,348 Grupo Catalana Occidente SA 209,782 6,838,839 * Grupo Empresarial San Jose SA 30,406 115,847 #* Grupo Ezentis SA 1,004,696 585,420 Iberpapel Gestion SA 37,248 1,042,458 * Indra Sistemas SA 608,560 6,703,684 Inmobiliaria Colonial SA 1,025,681 7,539,416 Inmobiliaria del Sur SA 2,902 28,481 # Laboratorios Farmaceuticos Rovi SA 68,607 967,893 * Liberbank SA 1,864,533 2,069,585 Mediaset Espana Comunicacion SA 965,451 11,816,667 Melia Hotels International SA 459,423 5,908,130 Miquel y Costas & Miquel SA 69,370 1,839,890 * NH Hotel Group SA 1,249,728 5,530,316 Nmas1 Dinamia SA 20,438 193,056 # Obrascon Huarte Lain SA 747,423 2,538,642 Papeles y Cartones de Europa SA 286,581 1,730,033 * Pescanova SA 68,547 -- * Pharma Mar SA 1,020,304 3,333,896 Prim SA 39,424 378,818 #* Promotora de Informaciones SA Class A 284,300 1,612,495 Prosegur Cia de Seguridad SA 1,357,255 8,553,550 #* Quabit Inmobiliaria SA 189,793 495,994 * Realia Business SA 755,842 737,058 #* Sacyr SA 1,654,044 4,307,532 Saeta Yield SA 87,546 780,847 #* Solaria Energia y Medio Ambiente SA 207,171 226,983 #* Talgo SA 224,549 1,127,700 Tecnicas Reunidas SA 174,427 6,925,859 Tecnocom Telecomunicaciones y Energia SA 147,909 688,171
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ SPAIN -- (Continued) Tubacex SA 655,565 $ 2,050,380 #* Tubos Reunidos SA 510,636 507,787 Vidrala SA 82,427 4,473,474 # Viscofan SA 229,641 11,677,752 #* Vocento SA 231,302 320,157 # Zardoya Otis SA 748,923 6,321,587 ------------ TOTAL SPAIN 250,941,030 ------------ SWEDEN -- (7.6%) # AAK AB 121,469 8,066,536 Acando AB 433,023 1,454,841 * AddLife AB 84,566 1,400,914 AddNode Group AB 22,737 161,093 AddTech AB Class B 276,883 4,782,504 AF AB Class B 299,403 5,979,593 #* Anoto Group AB 4,862,822 79,486 * Arise AB 36,861 85,506 # Atrium Ljungberg AB Class B 107,861 1,676,835 Avanza Bank Holding AB 99,342 4,549,520 B&B Tools AB Class B 126,318 2,893,822 * BE Group AB 1,335 7,837 Beijer Alma AB 109,736 3,074,315 # Beijer Electronics AB 53,995 240,628 # Beijer Ref AB 71,389 1,729,819 Betsson AB 499,850 4,302,739 Bilia AB Class A 317,389 7,625,721 BillerudKorsnas AB 198,365 3,304,780 BioGaia AB Class B 80,672 2,921,302 Biotage AB 305,541 1,612,787 # Bjorn Borg AB 33,945 131,920 * Bonava AB 9,670 148,346 * Bonava AB Class B 196,607 3,027,032 Bulten AB 79,868 848,893 Bure Equity AB 316,106 3,567,234 # Byggmax Group AB 343,939 2,332,678 Catena AB 53,725 815,193 # Cavotec SA 16,457 39,715 Clas Ohlson AB Class B 176,242 2,780,479 Cloetta AB Class B 1,266,726 4,272,284 * Collector AB 2,532 30,301 Com Hem Holding AB 220,469 2,313,057 Concentric AB 234,948 3,162,577 Concordia Maritime AB Class B 100,760 165,286 Corem Property Group AB Class B 2,296 9,663 # Dios Fastigheter AB(B1323T9) 254,122 1,265,371 * Dios Fastigheter AB(BDRJYQ4) 203,296 1,011,007 * Doro AB 151,342 908,097 Duni AB 204,624 2,926,649 Dustin Group AB 100,500 760,184 East Capital Explorer AB 52,072 395,772 Elanders AB Class B 13,319 160,412 Elekta AB Class B 1,122,190 10,153,219 # Eltel AB 76,853 434,633
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- SWEDEN -- (Continued) Enea AB 63,008 $ 700,139 Fabege AB 651,224 11,089,102 # Fagerhult AB 61,882 1,996,025 Fenix Outdoor International AG 8,198 687,309 Granges AB 311,138 3,453,957 Gunnebo AB 149,602 712,491 Haldex AB 218,762 2,976,212 Heba Fastighets AB Class B 42,288 534,880 Hemfosa Fastigheter AB 681,330 6,303,458 Hexpol AB 767,636 7,434,674 HIQ International AB 281,281 2,044,718 HMS Networks AB 6,593 255,549 # Hoist Finance AB 78,279 755,633 Holmen AB Class B 264,932 9,693,448 Hufvudstaden AB Class A 235,964 3,759,742 Indutrade AB 405,090 8,220,412 # Intrum Justitia AB 385,511 12,978,597 Inwido AB 207,239 2,230,077 ITAB Shop Concept AB Class B 63,302 608,541 JM AB 385,931 11,637,746 KappAhl AB 329,079 1,968,753 #* Karo Pharma AB 92,144 268,910 * Karolinska Development AB Class B 5,146 3,466 Klovern AB Class B 2,268,287 2,388,666 KNOW IT AB 74,077 731,460 Kungsleden AB 853,505 5,499,423 Lagercrantz Group AB Class B 244,772 2,231,285 Lifco AB Class B 24,751 707,747 Lindab International AB 407,193 3,539,459 Loomis AB Class B 316,344 9,258,656 #* Medivir AB Class B 157,280 1,570,397 # Mekonomen AB 149,584 3,197,653 # Modern Times Group MTG AB Class B 319,844 9,858,259 MQ Holding AB 165,718 658,750 # Mycronic AB 460,561 5,252,225 NCC AB Class B 482,488 11,866,503 Nederman Holding AB 4,621 110,115 * Net Insight AB Class B 1,013,964 961,882 NetEnt AB 876,576 7,033,129 New Wave Group AB Class B 243,911 1,519,003 Nibe Industrier AB Class B 141,857 1,169,896 Nobia AB 745,291 6,701,143 Nolato AB Class B 134,540 3,986,800 OEM International AB Class B 44,190 808,002 Opus Group AB 939,109 838,574 #* Orexo AB 6,681 25,097 Oriflame Holding AG 169,708 5,151,343 Pandox AB 13,693 219,300 Peab AB 871,789 7,142,509 Pricer AB Class B 811,833 977,104 Proact IT Group AB 39,943 713,658 Probi AB 15,237 907,808 #* Qliro Group AB 452,751 565,078
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ SWEDEN -- (Continued) Ratos AB Class B 1,069,160 $ 5,765,276 # RaySearch Laboratories AB 84,689 1,769,925 # Recipharm AB Class B 94,245 1,343,650 Rezidor Hotel Group AB 416,046 1,682,825 Rottneros AB 145,388 131,422 Saab AB Class B 42,685 1,743,168 Sagax AB Class B 93,502 852,616 #* SAS AB 738,160 1,195,452 Scandi Standard AB 215,392 1,379,510 Sectra AB Class B 58,461 1,022,583 Semcon AB 100,425 553,571 #* Sensys Gatso Group AB 1,035,356 142,752 SkiStar AB 110,328 1,942,995 #* SSAB AB Class A(B17H0S8) 1,081,113 4,443,843 #* SSAB AB Class A(BPRBWK4) 189,016 777,586 * SSAB AB Class B(B17H3F6) 2,535,211 8,545,728 #* SSAB AB Class B(BPRBWM6) 1,131,651 3,814,029 Sweco AB Class B 324,327 7,158,226 Swedol AB Class B 48,327 137,781 Systemair AB 48,630 703,493 Thule Group AB (The) 238,574 3,870,387 Transcom Worldwide AB 39,127 391,602 # Unibet Group P.L.C. 1,169,254 9,866,948 VBG Group AB Class B 137 1,740 # Victoria Park AB Class B 361,402 929,653 Vitrolife AB 71,728 3,333,009 Wallenstam AB Class B 836,910 6,568,319 Wihlborgs Fastigheter AB 342,126 6,530,702 ------------ TOTAL SWEDEN 360,114,134 ------------ SWITZERLAND -- (11.8%) Allreal Holding AG 61,547 9,347,822 * Alpiq Holding AG 10,240 859,250 ALSO Holding AG 17,465 1,739,382 # ams AG 372,640 12,837,261 APG SGA SA 7,581 3,450,093 * Arbonia AG 183,624 3,164,895 Aryzta AG 368,607 10,153,329 # Ascom Holding AG 210,467 3,528,514 Autoneum Holding AG 16,300 4,262,738 Bachem Holding AG Class B 23,344 2,577,817 Baloise Holding AG 112,429 14,476,683 Bank Coop AG 30,632 1,339,881 Banque Cantonale de Geneve 4,039 1,208,743 Banque Cantonale du Jura SA 4,442 251,296 Banque Cantonale Vaudoise 11,753 8,028,590 # Basler Kantonalbank 5,896 405,354 Belimo Holding AG 2,156 6,929,637 Bell AG 4,315 1,817,148 Bellevue Group AG 49,926 868,448 # Berner Kantonalbank AG 23,094 4,261,612 BFW Liegenschaften AG 620 25,540 BKW AG 64,177 3,241,674
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- SWITZERLAND -- (Continued) Bobst Group SA 44,716 $ 3,265,052 Bossard Holding AG Class A 32,905 5,479,085 Bucher Industries AG 33,396 9,063,646 # Burckhardt Compression Holding AG 11,640 3,435,649 Burkhalter Holding AG 20,988 2,962,103 Calida Holding AG 25,084 941,473 Carlo Gavazzi Holding AG 1,415 373,937 Cembra Money Bank AG 130,353 9,842,212 Cham Paper Holding AG 1,894 629,573 * Cicor Technologies 5,936 204,685 Cie Financiere Tradition SA 9,458 769,553 Clariant AG 815,669 15,286,650 Coltene Holding AG 20,595 1,607,668 Conzzeta AG 6,172 4,951,602 Daetwyler Holding AG 37,940 5,787,921 DKSH Holding AG 91,087 6,734,428 dorma+kaba Holding AG Class B 16,675 12,947,049 Edmond de Rothschild Suisse SA 134 1,926,722 # EFG International AG 354,095 2,149,448 Emmi AG 12,810 8,030,644 Energiedienst Holding AG 68,912 1,803,097 #* Evolva Holding SA 590,066 312,047 Feintool International Holding AG 7,642 968,706 Flughafen Zuerich AG 104,871 20,623,905 Forbo Holding AG 6,853 9,450,587 GAM Holding AG 925,197 9,440,623 Georg Fischer AG 22,511 18,552,115 Gurit Holding AG 2,329 1,804,693 Helvetia Holding AG 36,269 20,523,638 # HOCHDORF Holding AG 4,171 1,280,543 Huber & Suhner AG 69,938 4,356,877 Implenia AG 85,074 6,368,323 Inficon Holding AG 9,382 3,963,938 Interroll Holding AG 3,127 3,669,218 Intershop Holding AG 8,065 4,083,210 Jungfraubahn Holding AG 4,767 466,462 Kardex AG 35,549 3,565,571 Komax Holding AG 18,489 4,850,774 Kudelski SA 195,049 3,573,409 * Lastminute.com NV 3,079 45,483 LEM Holding SA 3,773 3,525,879 Liechtensteinische Landesbank AG 30,127 1,364,221 Logitech International SA 708,858 20,301,611 # Luzerner Kantonalbank AG 16,857 6,980,310 MCH Group AG 1,879 134,927 Metall Zug AG Class B 888 3,191,437 #* Meyer Burger Technology AG 2,370,456 1,900,943 # Mobilezone Holding AG 133,170 1,962,105 Mobimo Holding AG 32,882 8,610,075 # OC Oerlikon Corp. AG 929,429 10,544,002 #* Orascom Development Holding AG 60,240 304,625 # Orell Fuessli Holding AG 5,028 630,375 Orior AG 28,059 2,273,645
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- -------------- SWITZERLAND -- (Continued) Panalpina Welttransport Holding AG 63,044 $ 7,795,303 * Parco Industriale e Immobiliare SA 600 -- Phoenix Mecano AG 3,125 1,576,720 Plazza AG 5,892 1,327,001 PSP Swiss Property AG 201,709 18,149,791 Rieter Holding AG 17,376 3,298,346 Romande Energie Holding SA 2,625 3,339,255 #* Schaffner Holding AG 2,950 763,822 #* Schmolz + Bickenbach AG 2,676,034 1,788,807 Schweiter Technologies AG 4,581 5,165,645 SFS Group AG 30,519 2,684,742 Siegfried Holding AG 21,530 4,687,893 St Galler Kantonalbank AG 11,780 4,768,732 Straumann Holding AG 36,392 14,686,577 Sulzer AG 107,928 12,215,092 Sunrise Communications Group AG 127,122 8,617,176 Swiss Prime Site AG 139,414 11,613,630 # Swissquote Group Holding SA 45,894 1,124,737 Tamedia AG 14,493 2,171,810 Tecan Group AG 41,207 6,461,793 Temenos Group AG 318,043 23,125,937 Thurgauer Kantonalbank 659 59,428 u-blox Holding AG 30,554 5,515,900 Valiant Holding AG 84,507 8,984,401 Valora Holding AG 15,777 5,280,945 Vaudoise Assurances Holding SA 5,255 2,612,693 Vetropack Holding AG 976 1,839,481 * Von Roll Holding AG 250,484 150,364 Vontobel Holding AG 136,975 7,669,506 VP Bank AG 7,217 789,757 VZ Holding AG 10,596 3,191,056 Walliser Kantonalbank 16,716 1,304,237 Walter Meier AG 22,913 859,012 Ypsomed Holding AG 16,382 3,036,192 * Zehnder Group AG 57,019 1,905,457 # Zug Estates Holding AG Class B 612 1,028,756 Zuger Kantonalbank AG 614 3,197,206 -------------- TOTAL SWITZERLAND 555,379,381 -------------- TOTAL COMMON STOCKS 4,327,475,997 -------------- PREFERRED STOCKS -- (0.7%) GERMANY -- (0.7%) Biotest AG 88,910 1,540,644 Draegerwerk AG & Co. KGaA 33,128 2,913,461 Fuchs Petrolub SE 212,417 9,727,448 Jungheinrich AG 245,511 7,566,123 Sartorius AG 117,188 8,248,376 Sixt SE 63,526 2,609,886 STO SE & Co. KGaA 8,021 817,773
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- -------------- GERMANY -- (Continued) Villeroy & Boch AG 41,209 $ 645,247 -------------- TOTAL GERMANY 34,068,958 -------------- TOTAL PREFERRED STOCKS 34,068,958 -------------- RIGHTS/WARRANTS -- (0.1%) AUSTRIA -- (0.0%) * Intercell AG Rights 05/16/13 254,689 -- -------------- PORTUGAL -- (0.1%) #* Banco Comercial Portugues SA Rights 02/02/17 4,200,763 4,244,500 -------------- SWEDEN -- (0.0%) #* Karo Pharma AB 171,750 12,960 * VBG Group AB 137 736 -------------- TOTAL SWEDEN 13,696 -------------- TOTAL RIGHTS/WARRANTS 4,258,196 -------------- TOTAL INVESTMENT SECURITIES 4,365,803,151 -------------- VALUE+ -------------- SECURITIES LENDING COLLATERAL -- (7.3%) (S)@ DFA Short Term Investment Fund 29,595,228 342,475,980 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $3,921,496,854)^^ $4,708,279,131 ==============
THE CONTINENTAL SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 -- $ 144,111,774 -- $ 144,111,774 Belgium -- 195,443,587 -- 195,443,587 Denmark -- 216,196,461 -- 216,196,461 Finland -- 315,925,220 -- 315,925,220 France $ 3,696,696 595,230,050 -- 598,926,746 Germany -- 713,475,866 -- 713,475,866 Ireland 1,051,856 57,761,012 -- 58,812,868 Israel -- 93,966,055 -- 93,966,055 Italy 20,883,411 399,496,361 -- 420,379,772 Luxembourg -- 570,512 -- 570,512 Netherlands 6,922,807 226,737,338 -- 233,660,145 Norway -- 132,724,559 -- 132,724,559 Portugal -- 36,847,887 -- 36,847,887 Spain -- 250,941,030 -- 250,941,030 Sweden 1,011,007 359,103,127 -- 360,114,134 Switzerland -- 555,379,381 -- 555,379,381 Preferred Stocks Germany -- 34,068,958 -- 34,068,958 Rights/Warrants Portugal -- 4,244,500 -- 4,244,500 Sweden -- 13,696 -- 13,696 Securities Lending Collateral -- 342,475,980 -- 342,475,980 ----------- -------------- -- -------------- TOTAL $33,565,777 $4,674,713,354 -- $4,708,279,131 =========== ============== == ==============
THE CANADIAN SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE++ ------- ----------- COMMON STOCKS -- (82.8%) Consumer Discretionary -- (7.7%) Aimia, Inc. 487,793 $ 3,197,598 #* Amaya, Inc. 17,000 233,199 # AutoCanada, Inc. 147,511 2,874,835 # BMTC Group, Inc. 17,481 174,306 * BRP, Inc. 174,422 3,523,961 # Cineplex, Inc. 321,092 12,927,577 Cogeco Communications, Inc. 85,848 4,684,118 Cogeco, Inc. 38,068 1,810,881 # Corus Entertainment, Inc. Class B 740,938 7,356,710 #* Craft Oil, Ltd. 349,041 -- DHX Media, Ltd.(BRF12N3) 363,010 1,881,654 DHX Media, Ltd.(BRF12P5) 122,725 635,671 Dorel Industries, Inc. Class B 169,797 4,697,554 # Enercare, Inc. 527,359 7,339,459 # Gamehost, Inc. 46,573 409,807 * Glacier Media, Inc. 171,625 98,919 goeasy, Ltd. 3,600 80,784 * Great Canadian Gaming Corp. 299,800 5,858,916 # Hudson's Bay Co. 365,311 2,807,385 * IMAX Corp. 259,917 8,473,294 * Indigo Books & Music, Inc. 2,402 32,525 * Jackpotjoy P.L.C. 348,348 2,651,240 # Leon's Furniture, Ltd. 138,675 2,032,301 Linamar Corp. 237,218 10,429,389 Martinrea International, Inc. 476,656 3,018,364 # MTY Food Group, Inc. 73,963 2,687,393 # Pizza Pizza Royalty Corp. 141,312 1,884,160 Reitmans Canada, Ltd. Class A 260,312 1,210,288 #* Sears Canada, Inc. 50,217 71,780 # Torstar Corp. Class B 352,389 517,243 * TVA Group, Inc. Class B 7,000 16,623 Uni-Select, Inc. 128,742 2,934,477 #* Yellow Pages, Ltd. 147,535 2,029,492 Zenith Capital Corp. 111,820 6,961 ----------- Total Consumer Discretionary 98,588,864 ----------- Consumer Staples -- (3.6%) AGT Food & Ingredients, Inc. 125,802 3,442,697 Andrew Peller, Ltd. Class A 25,900 211,778 Clearwater Seafoods, Inc. 90,557 704,274 Corby Spirit and Wine, Ltd. 70,767 1,219,830 Cott Corp.(22163N106) 96,682 1,024,829 Cott Corp.(2228952) 600,036 6,368,105 High Liner Foods, Inc. 87,391 1,285,429 Jean Coutu Group PJC, Inc. (The) Class A 167,493 2,632,263 # Liquor Stores N.A., Ltd. 181,111 1,414,092 Maple Leaf Foods, Inc. 400,847 9,189,061 * Neptune Technologies & Bioressources, Inc. 22,102 23,949 North West Co., Inc. (The) 266,936 6,006,445 Premium Brands Holdings Corp. 144,762 7,757,352 # Rogers Sugar, Inc. 510,071 2,602,783
THE CANADIAN SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- Consumer Staples -- (Continued) #* SunOpta, Inc. 324,591 $ 2,267,460 ----------- Total Consumer Staples 46,150,347 ----------- Energy -- (19.4%) * Advantage Oil & Gas, Ltd. 1,116,844 7,201,015 #* Africa Oil Corp. 543,399 1,106,634 AKITA Drilling, Ltd. Class A 40,600 284,863 #* Athabasca Oil Corp. 2,023,011 2,580,748 #* Baytex Energy Corp. 1,304,806 5,204,183 #* Bellatrix Exploration, Ltd. 1,440,395 1,195,486 * Birchcliff Energy, Ltd. 1,069,135 6,589,405 #* BlackPearl Resources, Inc. 1,397,501 1,664,651 Bonavista Energy Corp. 1,294,515 4,596,088 # Bonterra Energy Corp. 175,395 3,388,611 # Calfrac Well Services, Ltd. 512,149 1,664,853 #* Canacol Energy, Ltd. 719,842 2,052,344 Canadian Energy Services & Technology Corp. 953,842 5,651,583 Canyon Services Group, Inc. 401,132 1,926,667 * Cequence Energy, Ltd. 863,916 219,091 #* Chinook Energy, Inc. 496,199 165,876 * Corridor Resources, Inc. 1,246 527 * Crew Energy, Inc. 860,700 3,829,743 #* Delphi Energy Corp. 911,939 1,023,194 #* Denison Mines Corp. 2,713,471 2,022,722 # Enbridge Income Fund Holdings, Inc. 251,755 6,614,796 Enerflex, Ltd. 445,163 6,270,769 #* Energy Fuels, Inc. 199,428 438,320 Enerplus Corp. 517,999 4,617,705 # Ensign Energy Services, Inc. 758,725 5,171,866 #* Epsilon Energy, Ltd. 260,061 677,508 * Essential Energy Services Trust 844,741 499,866 # Freehold Royalties, Ltd. 477,614 4,742,189 * GASFRAC Energy Services, Inc. 91,560 9 # Gibson Energy, Inc. 702,339 10,228,107 * Gran Tierra Energy, Inc. 1,901,507 4,880,717 Granite Oil Corp. 195,608 771,157 #* Ithaca Energy, Inc. 1,799,379 2,419,914 #* Kelt Exploration, Ltd. 373,141 1,803,694 * Lightstream Resources, Ltd. 687,816 -- #* MEG Energy Corp. 808,031 4,197,725 Mullen Group, Ltd. 551,525 7,947,046 # Newalta Corp. 494,282 885,054 North American Energy Partners, Inc. 132,734 687,514 # Northern Blizzard Resources, Inc. 174,800 517,180 * NuVista Energy, Ltd. 854,869 4,276,808 * Painted Pony Petroleum, Ltd. 553,861 3,328,486 * Paramount Resources, Ltd. Class A 303,969 3,905,753 * Parex Resources, Inc. 765,891 8,911,116 # Parkland Fuel Corp. 477,625 9,969,103 Pason Systems, Inc. 356,252 5,212,709 #* Pengrowth Energy Corp. 2,992,716 3,748,801 #* Penn West Petroleum, Ltd. 2,769,490 4,724,894 * Perpetual Energy, Inc. 41,575 66,456
THE CANADIAN SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Energy -- (Continued) * Petrus Resources, Ltd. 19,582 $ 43,640 # PHX Energy Services Corp. 179,474 555,835 * Pine Cliff Energy, Ltd. 301,700 227,217 * Precision Drilling Corp. 1,782,881 10,029,348 #* Pulse Seismic, Inc. 268,280 486,563 * Questerre Energy Corp. Class A 764,460 411,237 * Raging River Exploration, Inc. 1,094,651 7,958,040 #* RMP Energy, Inc. 982,111 588,700 #* Savanna Energy Services Corp. 520,779 800,429 # Secure Energy Services, Inc. 837,639 6,952,162 * Seven Generations Energy, Ltd. Class A 10,885 217,574 ShawCor, Ltd. 319,981 8,938,566 * Spartan Energy Corp. 1,623,143 3,555,011 #* Sprott Resource Corp. 455,390 192,480 * Strad Energy Services, Ltd. 39,947 55,258 # Surge Energy, Inc. 1,313,923 2,847,464 # TORC Oil & Gas, Ltd. 741,178 4,140,914 Total Energy Services, Inc. 178,778 2,030,616 TransGlobe Energy Corp. 448,945 755,573 * Trican Well Service, Ltd. 830,838 3,122,227 #* Trilogy Energy Corp. 387,642 2,025,718 Trinidad Drilling, Ltd. 1,372,323 3,068,941 # Veresen, Inc. 1,597,192 16,238,886 # Western Energy Services Corp. 463,897 1,069,503 # Whitecap Resources, Inc. 1,466,035 11,671,948 * Xtreme Drilling Corp. 229,619 478,207 * Yangarra Resources, Ltd. 147,300 269,413 # ZCL Composites, Inc. 118,527 1,133,123 ------------ Total Energy 249,748,139 ------------ Financials -- (5.2%) # AGF Management, Ltd. Class B 449,269 2,088,820 # Alaris Royalty Corp. 176,560 2,980,998 # Callidus Capital Corp. 84,120 1,214,043 * Canaccord Genuity Group, Inc. 677,678 2,286,268 # Canadian Western Bank 468,032 10,642,895 Chesswood Group, Ltd. 32,742 297,414 Clairvest Group, Inc. 1,900 45,074 # Clarke, Inc. 17,242 131,708 E-L Financial Corp., Ltd. 2,078 1,160,981 # Echelon Financial Holdings, Inc. 14,650 128,909 # Equitable Group, Inc. 58,995 2,695,295 * Equity Financial Holdings, Inc. 800 5,761 Fiera Capital Corp. 194,237 1,980,807 # Firm Capital Mortgage Investment Corp. 64,246 689,240 # First National Financial Corp. 54,637 1,214,296 # Genworth MI Canada, Inc. 270,380 6,780,019 Gluskin Sheff + Associates, Inc. 162,696 2,284,308 # GMP Capital, Inc. 294,287 938,552 Guardian Capital Group, Ltd. Class A 26,597 501,178 # Home Capital Group, Inc. 325,263 7,431,369 * Kingsway Financial Services, Inc. 14,370 91,329 Laurentian Bank of Canada 197,446 8,931,160
THE CANADIAN SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ------- ----------- Financials -- (Continued) Sprott, Inc. 945,088 $ 1,670,472 #* Street Capital Group, Inc. 120,227 173,700 TMX Group, Ltd. 194,867 10,315,035 ----------- Total Financials 66,679,631 ----------- Health Care -- (1.3%) # Concordia International Corp.(BDD7WR9) 47,100 87,594 Concordia International Corp.(20653P102) 65,542 123,219 * CRH Medical Corp. 207,180 1,284,874 # Extendicare, Inc. 561,871 4,464,743 * Knight Therapeutics, Inc. 517,358 4,087,178 # Medical Facilities Corp. 177,969 2,593,116 #* Merus Labs International, Inc. 384,845 310,538 * Novelion Therapeutics, Inc. 43,802 414,709 # Sienna Senior Living, Inc. 231,915 3,042,297 #* Theratechnologies, Inc. 157,601 388,779 ----------- Total Health Care 16,797,047 ----------- Industrials -- (10.3%) Aecon Group, Inc. 408,101 5,096,362 # Ag Growth International, Inc. 91,689 3,843,716 * Air Canada 312,200 3,207,773 Algoma Central Corp. 25,790 259,832 * ATS Automation Tooling Systems, Inc. 522,530 5,272,483 # Badger Daylighting, Ltd. 225,381 5,712,250 #* Ballard Power Systems, Inc. 122,047 226,977 # Bird Construction, Inc. 204,133 1,389,908 # Black Diamond Group, Ltd. 252,541 1,046,068 CanWel Building Materials Group, Ltd. 144,631 652,437 Cargojet, Inc. 3,049 111,299 # Cervus Equipment Corp. 35,397 412,387 * DIRTT Environmental Solutions 70,700 377,067 # Exchange Income Corp. 113,984 3,505,583 Exco Technologies, Ltd. 128,615 1,016,071 # Finning International, Inc. 238,878 4,835,386 * GDI Integrated Facility Services, Inc. 400 5,373 * Heroux-Devtek, Inc. 152,654 1,697,524 HNZ Group, Inc. 23,088 229,948 # Horizon North Logistics, Inc. 625,925 971,657 # K-Bro Linen, Inc. 30,453 965,135 Logistec Corp. Class B 300 7,816 MacDonald Dettwiler & Associates, Ltd. 172,507 9,554,336 Magellan Aerospace Corp. 75,876 1,036,170 # Morneau Shepell, Inc. 271,111 3,873,163 New Flyer Industries, Inc. 254,471 8,154,806 Richelieu Hardware, Ltd. 245,655 5,144,360 Rocky Mountain Dealerships, Inc. 82,555 701,678 Russel Metals, Inc. 362,155 7,514,455 # Stantec, Inc.(2854238) 429,129 11,502,801 Stantec, Inc.(85472N109) 3,715 99,562 # Stuart Olson, Inc. 98,459 397,241 # Student Transportation, Inc. 508,854 2,788,188
THE CANADIAN SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Industrials -- (Continued) TFI International, Inc. 491,359 $ 13,299,261 Toromont Industries, Ltd. 398,385 12,904,459 Transcontinental, Inc. Class A 360,976 6,011,412 Wajax Corp. 106,738 2,015,410 # WestJet Airlines, Ltd. 6,379 107,653 * Westport Fuel Systems, Inc. 3,750 4,784 Westshore Terminals Investment Corp. 318,149 6,237,065 ------------ Total Industrials 132,189,856 ------------ Information Technology -- (3.4%) #* 5N Plus, Inc. 359,429 488,906 # Absolute Software Corp. 234,888 1,263,567 #* Avigilon Corp. 220,494 2,443,438 Calian Group, Ltd. 25,255 524,993 * Celestica, Inc.(15101Q108) 36,408 505,343 * Celestica, Inc.(2263362) 524,635 7,285,421 # Computer Modelling Group, Ltd. 407,452 2,933,968 * Descartes Systems Group, Inc. (The) 304,849 6,655,723 # DH Corp. 270,455 4,782,455 Enghouse Systems, Ltd. 99,557 3,892,765 Evertz Technologies, Ltd. 143,053 1,890,883 #* EXFO, Inc. 10,486 61,647 # Mediagrif Interactive Technologies, Inc. 13,070 181,298 * Mitel Networks Corp. 440,424 3,056,313 * Points International, Ltd.(2556879) 36,359 275,225 * Points International, Ltd.(730843208) 3,323 25,089 Pure Technologies, Ltd. 73,445 254,553 * Redknee Solutions, Inc. 5,111 6,991 # Sandvine Corp. 1,036,169 2,245,531 #* Sierra Wireless, Inc.(2418968) 163,947 2,866,316 * Sierra Wireless, Inc.(826516106) 10,722 188,171 #* Solium Capital, Inc. 96,906 604,708 Vecima Networks, Inc. 6,059 46,796 Wi-LAN, Inc. 780,333 1,277,317 ------------ Total Information Technology 43,757,417 ------------ Materials -- (24.4%) Acadian Timber Corp. 42,638 568,179 # AirBoss of America Corp. 80,062 817,694 #* Alacer Gold Corp. 1,485,088 2,739,067 Alamos Gold, Inc. Class A 1,545,462 11,591,709 #* Almaden Minerals, Ltd. Class B 50,744 52,645 # Altius Minerals Corp. 134,900 1,234,704 #* Americas Silver Corp. 90,408 307,093 * Argonaut Gold, Inc. 923,902 1,725,327 * Asanko Gold, Inc. 800,944 2,936,025 * AuRico Metals, Inc. 679,583 600,592 * B2Gold Corp. 5,284,073 16,040,029 #* Banro Corp. 184,289 29,741 Caledonia Mining Corp. P.L.C. 2,700 3,880 Canam Group, Inc. 237,796 1,683,075 Canexus Corp. 797,964 999,563
THE CANADIAN SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ----------- Materials -- (Continued) * Canfor Corp. 322,770 $ 3,499,931 Canfor Pulp Products, Inc. 206,915 1,664,861 #* Capstone Mining Corp. 2,219,255 2,472,945 Cascades, Inc. 477,193 4,345,619 Centerra Gold, Inc. 1,111,077 5,490,280 #* China Gold International Resources Corp., Ltd. 1,286,957 2,591,222 #* Continental Gold, Inc. 464,000 1,543,992 #* Copper Mountain Mining Corp. 684,831 615,756 * Detour Gold Corp. 79,500 1,078,329 Dominion Diamond Corp.(B95LX89) 487,201 4,878,562 Dominion Diamond Corp.(257287102) 20,700 207,207 #* Dundee Precious Metals, Inc. 665,722 1,504,110 #* Eastern Platinum, Ltd. 208,136 66,380 #* Eastmain Resources, Inc. 49,500 18,640 * EcoSynthetix, Inc. 1,500 2,467 * Eldorado Gold Corp. 1,329,908 4,701,308 * Endeavour Mining Corp. 321,438 6,140,972 * Endeavour Silver Corp. 197,026 834,285 #* Exeter Resource Corp. 4,111 4,075 #* First Majestic Silver Corp. 571,687 5,478,532 #* Fortress Paper, Ltd. Class A 16,706 107,201 * Fortuna Silver Mines, Inc. 876,406 5,455,438 #* Golden Star Resources, Ltd. 1,377,613 1,175,140 #* Great Panther Silver, Ltd. 700,801 1,276,387 * Guyana Goldfields, Inc. 287,744 1,428,493 * Hanfeng Evergreen, Inc. 45,837 -- HudBay Minerals, Inc. 1,453,305 11,380,732 * IAMGOLD Corp. 2,443,241 11,303,217 #* Imperial Metals Corp. 251,360 1,313,543 * Interfor Corp. 394,708 4,188,986 * International Tower Hill Mines, Ltd. 13,001 8,592 Intertape Polymer Group, Inc. 328,477 5,990,209 * Ivanhoe Mines, Ltd. Class A 2,184,189 6,663,770 * Kirkland Lake Gold, Ltd. 531,244 3,809,035 * Klondex Mines, Ltd. 539,122 2,668,162 Labrador Iron Ore Royalty Corp. 290,156 4,187,612 Lucara Diamond Corp. 1,407,865 3,180,882 * Lundin Mining Corp. 2,567,823 15,707,874 * Lydian International, Ltd. 91,514 25,670 * Major Drilling Group International, Inc. 559,212 3,382,131 # Mandalay Resources Corp. 1,371,135 927,261 # Methanex Corp.(59151K108) 92,958 4,652,548 Methanex Corp.(2654416) 188,866 9,442,937 #* Midas Gold Corp. 293,884 194,229 * Minco Base Metals Corp. 2,780 -- * Nautilus Minerals, Inc. 227,078 27,049 Nevsun Resources, Ltd. 1,563,246 4,925,501 * New Gold, Inc. 2,777,383 7,406,355 Norbord, Inc. 195,580 4,854,745 #* Northern Dynasty Minerals, Ltd. 148,624 430,596 #* Novagold Resources, Inc. 10,309 54,664 OceanaGold Corp. 3,061,665 10,634,948 * Orbite Technologies, Inc. 73,500 14,121
THE CANADIAN SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ --------- ------------ Materials -- (Continued) Osisko Gold Royalties, Ltd. 630,175 $ 6,915,575 Pan American Silver Corp. 990,673 19,307,179 #* Pilot Gold, Inc. 153,861 68,580 * Platinum Group Metals, Ltd. 105,831 180,553 #* PolyMet Mining Corp. 613,665 532,904 #* Pretium Resources, Inc.(B57Q8S9) 114,400 1,232,575 * Pretium Resources, Inc.(74139C102) 325,217 3,512,344 #* Primero Mining Corp. 1,071,138 806,697 #* RB Energy, Inc. 396,013 277 * Richmont Mines, Inc. 256,813 2,105,817 * Royal Nickel Corp. 385,500 78,507 #* Sabina Gold & Silver Corp. 1,010,421 1,040,510 * Sandstorm Gold, Ltd. 767,972 3,387,634 #* Seabridge Gold, Inc. 111,235 1,092,475 * SEMAFO, Inc. 1,661,946 6,194,381 #* Sherritt International Corp. 2,013,361 2,228,042 * Silver Standard Resources, Inc. 760,590 8,036,974 # Stella-Jones, Inc. 204,600 6,289,337 #* Stornoway Diamond Corp. 1,252,797 818,350 Tahoe Resources, Inc. 227,000 2,070,694 #* Tanzanian Royalty Exploration Corp. 298,950 149,331 * Taseko Mines, Ltd. 1,117,553 1,648,954 * Tembec, Inc. 403,476 930,204 #* Teranga Gold Corp. 2,251,863 1,522,874 #* Timmins Gold Corp. 1,530,103 623,212 * Torex Gold Resources, Inc. 263,060 5,579,601 * Trevali Mining Corp. 1,312,859 1,281,330 * Wesdome Gold Mines, Ltd. 402,664 804,554 West Fraser Timber Co., Ltd. 288,203 9,842,645 Western Forest Products, Inc. 2,211,609 3,161,262 Winpak, Ltd. 153,235 5,524,114 Yamana Gold, Inc. 262,157 866,302 ------------ Total Materials 313,120,612 ------------ Real Estate -- (1.6%) # Altus Group, Ltd. 211,914 4,861,197 # Brookfield Real Estate Services, Inc. 14,569 179,698 Colliers International Group, Inc. 162,348 5,944,962 * DREAM Unlimited Corp. Class A 13,200 68,473 FirstService Corp.(BYL7ZF7) 163,033 8,137,555 FirstService Corp.(33767E103) 1,234 61,564 Genesis Land Development Corp. 76,842 165,937 Information Services Corp. 3,674 56,271 #* Mainstreet Equity Corp. 26,949 690,682 Melcor Developments, Ltd. 43,540 483,834 Morguard Corp. 4,568 607,663 ------------ Total Real Estate 21,257,836 ------------ Telecommunication Services -- (0.4%) Manitoba Telecom Services, Inc. 161,284 4,655,391 ------------ Utilities -- (5.5%) # Algonquin Power & Utilities Corp. 1,268,653 11,026,679
THE CANADIAN SMALL COMPANY SERIES CONTINUED
SHARES VALUE++ ---------- -------------- Utilities -- (Continued) Alterra Power Corp. 110,442 $ 420,974 Boralex, Inc. Class A 285,291 4,349,797 Capital Power Corp. 535,609 10,158,563 Innergex Renewable Energy, Inc. 520,627 5,517,346 # Just Energy Group, Inc. 727,176 4,319,747 * Maxim Power Corp. 92,234 197,049 # Northland Power, Inc. 536,896 9,877,649 # Superior Plus Corp. 737,043 7,284,052 TransAlta Corp. 1,451,525 8,589,235 # TransAlta Renewables, Inc. 456,746 5,194,882 # Valener, Inc. 273,976 4,307,819 -------------- Total Utilities 71,243,792 -------------- TOTAL COMMON STOCKS 1,064,188,932 -------------- RIGHTS/WARRANTS -- (0.0%) * QLT, Inc. Warrants 11/23/17 219,010 -- * QLT, Inc. Warrants 11/23/17 Class A 219,010 -- -------------- TOTAL RIGHTS/WARRANTS -- -------------- TOTAL INVESTMENT SECURITIES 1,064,188,932 -------------- VALUE+ -------------- Securities Lending Collateral -- (17.2%) (S)@ DFA Short Term Investment Fund 19,141,967 221,510,837 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $1,427,177,866)^^ $1,285,699,769 ==============
THE CANADIAN SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 98,581,903 $ 6,961 -- $ 98,588,864 Consumer Staples 46,150,347 -- -- 46,150,347 Energy 249,748,130 9 -- 249,748,139 Financials 66,679,631 -- -- 66,679,631 Health Care 16,797,047 -- -- 16,797,047 Industrials 132,189,856 -- -- 132,189,856 Information Technology 43,757,417 -- -- 43,757,417 Materials 313,120,335 277 -- 313,120,612 Real Estate 21,257,836 -- -- 21,257,836 Telecommunication Services 4,655,391 -- -- 4,655,391 Utilities 71,243,792 -- -- 71,243,792 Securities Lending Collateral -- 221,510,837 -- 221,510,837 -------------- ------------ -- -------------- TOTAL $1,064,181,685 $221,518,084 -- $1,285,699,769 ============== ============ == ==============
THE EMERGING MARKETS SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE++ --------- ------------ COMMON STOCKS -- (94.2%) BRAZIL -- (5.3%) Ambev SA 855,320 $ 4,669,776 Ambev SA ADR 5,984,451 32,256,191 Banco Bradesco SA 932,732 9,513,781 Banco do Brasil SA 1,076,318 10,624,935 Banco Santander Brasil SA 479,757 4,766,624 BB Seguridade Participacoes SA 1,072,125 9,493,051 BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros 1,804,083 10,585,349 Braskem SA Sponsored ADR 165,709 3,428,516 BRF SA 577,166 8,145,934 BRF SA ADR 539,479 7,622,838 BTG Pactual Group 33,841 178,022 CCR SA 1,910,468 9,408,142 * Centrais Eletricas Brasileiras SA 368,500 2,435,434 * Centrais Eletricas Brasileiras SA ADR 85,023 659,778 * Centrais Eletricas Brasileiras SA Sponsored ADR 100,200 658,314 CETIP SA - Mercados Organizados 492,000 7,347,122 Cia de Saneamento Basico do Estado de Sao Paulo 424,900 4,227,058 Cia de Saneamento Basico do Estado de Sao Paulo ADR 178,668 1,779,533 * Cia Siderurgica Nacional SA Sponsored ADR 241,268 878,216 Cielo SA 1,506,864 12,663,433 * Cosan Logistica SA 164,136 306,935 Cosan SA Industria e Comercio 209,443 2,676,464 CPFL Energia SA 220,971 1,775,548 CPFL Energia SA ADR 67,189 1,079,048 Embraer SA ADR 287,837 6,579,954 Engie Brasil Energia SA 250,101 2,841,366 Fibria Celulose SA Sponsored ADR 488,398 4,503,030 Gerdau SA 195,832 536,541 Gerdau SA Sponsored ADR 577,984 2,213,679 Hypermarcas SA 561,762 4,983,236 Itau Unibanco Holding SA 427,826 4,365,288 JBS SA 2,413,848 9,118,642 Klabin SA 996,400 5,136,142 Kroton Educacional SA 2,220,459 9,520,329 Lojas Americanas SA 297,764 1,242,911 Lojas Renner SA 1,404,820 10,646,944 M Dias Branco SA 40,100 1,576,994 * Petroleo Brasileiro SA 2,305,200 11,847,093 * Petroleo Brasileiro SA Sponsored ADR 986,404 10,120,505 Raia Drogasil SA 381,000 7,918,103 Tim Participacoes SA 1,162,813 3,302,220 Tim Participacoes SA ADR 63,679 899,784 Ultrapar Participacoes SA 394,184 8,271,938 Ultrapar Participacoes SA Sponsored ADR 254,308 5,325,209 Vale SA 398,300 4,068,489 Vale SA Sponsored ADR 1,209,916 12,316,945 WEG SA 808,815 4,083,507 ------------ TOTAL BRAZIL 278,598,891 ------------ CHILE -- (1.3%) AES Gener SA 2,528,093 881,325
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ----------- ----------- CHILE -- (Continued) Aguas Andinas SA Class A 4,491,454 $ 2,439,425 Banco de Chile 1,408,402 167,884 Banco de Chile ADR 53,799 3,836,403 Banco de Credito e Inversiones 74,477 3,830,321 Banco Santander Chile ADR 258,123 5,572,876 Cencosud SA 2,057,923 5,998,297 Cencosud SA ADR 1,648 14,189 Cia Cervecerias Unidas SA 109,017 1,234,809 Cia Cervecerias Unidas SA Sponsored ADR 66,158 1,494,509 Colbun SA 11,492,940 2,189,603 Embotelladora Andina SA Class A ADR 21,736 432,981 Embotelladora Andina SA Class B ADR 21,587 464,121 Empresas CMPC SA 2,386,070 5,136,074 Empresas COPEC SA 441,781 4,519,997 Enel Americas SA Sponsored ADR 853,477 7,706,898 Enel Chile SA 610,581 2,943,000 Enel Generacion Chile SA Sponsored ADR 148,697 2,881,748 Inversiones Aguas Metropolitanas SA 122,035 175,768 Itau CorpBanca(45033E105) 30,902 378,550 Itau CorpBanca(BYT25P4) 305,068,641 2,500,140 * Latam Airlines Group SA 8,686 80,242 Latam Airlines Group SA Sponsored ADR 634,556 5,818,879 SACI Falabella 724,788 5,875,235 Sociedad Quimica y Minera de Chile SA Sponsored ADR 153,936 4,975,212 ----------- TOTAL CHILE 71,548,486 ----------- CHINA -- (16.6%) * 58.com, Inc. ADR 46,274 1,350,275 # AAC Technologies Holdings, Inc. 634,000 6,510,985 Agricultural Bank of China, Ltd. Class H 18,363,000 7,670,619 Air China, Ltd. Class H 2,890,000 2,067,878 * Alibaba Group Holding, Ltd. Sponsored ADR 556,642 56,393,401 * Alibaba Health Information Technology, Ltd. 914,000 423,659 #* Alibaba Pictures Group, Ltd. 8,470,000 1,422,987 * Aluminum Corp. of China, Ltd. ADR 107,180 1,381,550 #* Aluminum Corp. of China, Ltd. Class H 650,000 335,731 * Angang Steel Co., Ltd. Class H 1,338,000 1,024,357 # Anhui Conch Cement Co., Ltd. Class H 985,500 3,171,304 # Anta Sports Products, Ltd. 995,000 3,166,939 AviChina Industry & Technology Co., Ltd. Class H 2,765,000 2,029,693 BAIC Motor Corp., Ltd. Class H 740,500 709,695 * Baidu, Inc. Sponsored ADR 120,156 21,035,711 Bank of China, Ltd. Class H 63,274,181 28,657,914 Bank of Communications Co., Ltd. Class H 6,226,515 4,579,867 BBMG Corp. Class H 2,535,500 973,023 Beijing Capital International Airport Co., Ltd. Class H 1,450,000 1,402,762 Beijing Enterprises Holdings, Ltd. 468,472 2,335,263 #* Beijing Enterprises Water Group, Ltd. 3,160,000 2,191,715 Belle International Holdings, Ltd. 8,013,000 4,884,282 # Brilliance China Automotive Holdings, Ltd. 2,194,000 3,090,775 # Byd Co., Ltd. Class H 512,886 2,837,219 CGN Power Co., Ltd. Class H 6,045,000 1,704,580 China Cinda Asset Management Co., Ltd. Class H 11,189,000 3,876,266
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ----------- CHINA -- (Continued) China CITIC Bank Corp., Ltd. Class H 7,411,928 $ 4,874,882 #* China Coal Energy Co., Ltd. Class H 3,038,777 1,584,659 China Communications Construction Co., Ltd. Class H 3,529,000 4,247,463 China Communications Services Corp., Ltd. Class H 2,194,000 1,491,418 China Construction Bank Corp. Class H 69,895,590 51,819,776 China Eastern Airlines Corp., Ltd. 2,200 55,396 # China Eastern Airlines Corp., Ltd. Class H 1,734,000 874,461 China Everbright Bank Co., Ltd. Class H 4,987,000 2,400,450 # China Everbright International, Ltd. 2,508,000 3,041,715 China Everbright, Ltd. 758,000 1,447,196 # China Evergrande Group 10,542,000 7,343,237 China Galaxy Securities Co., Ltd. Class H 3,747,000 3,478,441 # China Gas Holdings, Ltd. 1,520,000 2,200,431 # China Hongqiao Group, Ltd. 2,662,000 2,734,893 * China Huarong Asset Management Co., Ltd. Class H 1,254,000 475,359 # China Huishan Dairy Holdings Co., Ltd. 2,888,000 1,078,356 # China International Marine Containers Group Co., Ltd. Class H 487,400 728,930 China Life Insurance Co., Ltd. ADR 849,036 11,674,245 China Life Insurance Co., Ltd. Class H 111,000 305,759 China Longyuan Power Group Corp., Ltd. Class H 3,255,000 2,658,745 # China Medical System Holdings, Ltd. 530,000 863,653 China Mengniu Dairy Co., Ltd. 1,984,000 3,703,424 China Merchants Bank Co., Ltd. Class H 3,120,554 7,815,002 China Merchants Port Holdings Co., Ltd. 1,560,099 4,170,672 China Minsheng Banking Corp., Ltd. Class H 4,658,500 5,126,777 China Mobile, Ltd. 172,500 1,941,077 China Mobile, Ltd. Sponsored ADR 918,178 52,336,146 China Molybdenum Co., Ltd. Class H 1,638,966 476,370 China Oilfield Services, Ltd. Class H 1,632,000 1,740,899 China Overseas Land & Investment, Ltd. 3,406,000 10,001,554 # China Overseas Property Holdings, Ltd. 1,459,999 256,197 China Pacific Insurance Group Co., Ltd. Class H 1,547,400 5,496,376 China Petroleum & Chemical Corp. ADR 132,615 10,614,481 China Petroleum & Chemical Corp. Class H 11,600,800 9,163,777 # China Railway Construction Corp., Ltd. Class H 2,743,500 3,806,615 China Railway Group, Ltd. Class H 3,186,000 2,788,744 * China Resources Beer Holdings Co., Ltd. 1,483,611 3,013,382 # China Resources Gas Group, Ltd. 894,000 2,825,372 China Resources Land, Ltd. 3,234,666 8,001,117 China Resources Power Holdings Co., Ltd. 1,954,517 3,356,856 China Shenhua Energy Co., Ltd. Class H 1,817,000 3,839,881 China Southern Airlines Co., Ltd. Class H 2,638,000 1,510,884 China Southern Airlines Co., Ltd. Sponsored ADR 14,306 414,302 China State Construction International Holdings, Ltd. 1,668,000 2,710,422 * China Taiping Insurance Holdings Co., Ltd. 1,654,506 3,624,548 China Telecom Corp., Ltd. ADR 56,720 2,725,396 China Telecom Corp., Ltd. Class H 4,088,000 1,930,101 China Unicom Hong Kong, Ltd. 8,168,000 9,640,864 China Unicom Hong Kong, Ltd. ADR 589,865 7,060,684 China Vanke Co., Ltd. Class H 1,896,700 4,811,473 Chongqing Rural Commercial Bank Co., Ltd. Class H 4,350,000 2,648,850 CITIC Securities Co., Ltd. Class H 2,666,500 5,426,149 CITIC, Ltd. 5,705,000 8,457,650
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ----------- CHINA -- (Continued) CNOOC, Ltd. 5,051,000 $ 6,307,456 CNOOC, Ltd. Sponsored ADR 127,716 16,070,504 #* COSCO SHIPPING Development Co., Ltd. Class H 2,657,000 563,664 COSCO SHIPPING Energy Transportation Co., Ltd. Class H 1,056,000 583,663 #* COSCO SHIPPING Holdings Co., Ltd. Class H 1,197,000 447,012 COSCO SHIPPING Ports, Ltd. 1,819,160 1,807,753 # Country Garden Holdings Co., Ltd. 9,884,686 5,668,009 CRRC Corp., Ltd. Class H 3,040,000 2,958,297 CSPC Pharmaceutical Group, Ltd. 3,616,000 4,069,657 # CSSC Offshore and Marine Engineering Group Co., Ltd. Class H 190,000 361,940 * Ctrip.com International, Ltd. ADR 225,680 9,751,633 # Dalian Port PDA Co., Ltd. Class H 1,495,000 258,710 # Datang International Power Generation Co., Ltd. Class H 3,068,000 795,521 Dongfeng Motor Group Co., Ltd. Class H 3,274,000 3,470,889 ENN Energy Holdings, Ltd. 786,000 3,874,943 Fosun International, Ltd. 2,542,222 3,858,416 Fullshare Holdings, Ltd. 2,165,000 912,151 Fuyao Glass Industry Group Co., Ltd. Class H 341,200 1,008,489 # Geely Automobile Holdings, Ltd. 4,750,000 5,614,133 GF Securities Co., Ltd. Class H 755,600 1,615,409 Great Wall Motor Co., Ltd. Class H 3,142,000 3,148,227 Guangdong Investment, Ltd. 2,736,000 3,395,112 Guangshen Railway Co., Ltd. Class H 172,000 110,908 Guangshen Railway Co., Ltd. Sponsored ADR 27,717 891,102 Guangzhou Automobile Group Co., Ltd. Class H 974,259 1,328,706 # Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H 98,000 239,645 # Guangzhou R&F Properties Co., Ltd. Class H 2,458,800 3,153,638 Haier Electronics Group Co., Ltd. 1,403,000 2,467,883 Haitong Securities Co., Ltd. Class H 2,196,800 3,941,362 * Hanergy Thin Film Power Group, Ltd. 5,416,000 26,576 Hengan International Group Co., Ltd. 677,000 5,542,764 Huadian Power International Corp., Ltd. Class H 1,738,000 738,703 # Huaneng Power International, Inc. Class H 1,598,000 1,036,622 Huaneng Power International, Inc. Sponsored ADR 34,452 901,609 Huatai Securities Co., Ltd. Class H 933,000 1,799,351 # Huishang Bank Corp., Ltd. Class H 1,038,000 523,827 Industrial & Commercial Bank of China, Ltd. Class H 71,229,185 43,548,427 * JD.com, Inc. ADR 236,604 6,719,554 Jiangsu Expressway Co., Ltd. Class H 1,356,000 1,698,264 Jiangxi Copper Co., Ltd. Class H 1,501,000 2,592,130 Kunlun Energy Co., Ltd. 6,128,000 4,866,856 Lee & Man Paper Manufacturing, Ltd. 543,000 488,089 Lenovo Group, Ltd. 9,299,278 6,091,191 Longfor Properties Co., Ltd. 2,266,500 3,263,034 Metallurgical Corp. of China, Ltd. Class H 2,232,000 809,282 Minth Group, Ltd. 464,000 1,500,578 NetEase, Inc. ADR 71,278 18,097,484 New China Life Insurance Co., Ltd. Class H 540,400 2,607,402 * New Oriental Education & Technology Group, Inc. Sponsored ADR 75,786 3,603,624 Nine Dragons Paper Holdings, Ltd. 1,012,000 1,164,746 People's Insurance Co. Group of China, Ltd. (The) Class H 9,393,000 3,658,790 PetroChina Co., Ltd. ADR 125,562 9,980,923 PetroChina Co., Ltd. Class H 2,090,000 1,660,360
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ --------- ------------ CHINA -- (Continued) PICC Property & Casualty Co., Ltd. Class H 5,836,132 $ 8,822,177 Ping An Insurance Group Co. of China, Ltd. Class H 4,622,500 23,712,387 * Qinqin Foodstuffs Group Cayman Co., Ltd. 64,400 20,366 #* Semiconductor Manufacturing International Corp. 2,996,600 4,109,101 * Semiconductor Manufacturing International Corp. ADR 15,278 105,113 #* Shanghai Electric Group Co., Ltd. Class H 1,866,000 849,224 # Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H 292,500 970,390 Shanghai Pharmaceuticals Holding Co., Ltd. Class H 618,200 1,574,408 # Shengjing Bank Co., Ltd. Class H 244,500 244,186 Shenzhou International Group Holdings, Ltd. 467,000 2,880,641 Shimao Property Holdings, Ltd. 3,034,871 4,065,726 Sino Biopharmaceutical, Ltd. 4,129,000 3,240,759 Sino-Ocean Group Holdings, Ltd. 2,021,243 870,493 Sinopec Engineering Group Co., Ltd. Class H 1,341,000 1,089,040 #* Sinopec Oilfield Service Corp. Class H 1,818,000 360,888 Sinopec Shanghai Petrochemical Co., Ltd. Class H 2,329,000 1,442,146 Sinopec Shanghai Petrochemical Co., Ltd. Sponsored ADR 7,418 461,665 Sinopharm Group Co., Ltd. Class H 1,224,000 5,593,573 # Sun Art Retail Group, Ltd. 3,039,500 3,059,686 Sunny Optical Technology Group Co., Ltd. 469,000 2,748,109 * TAL Education Group ADR 14,938 1,209,829 Tencent Holdings, Ltd. 4,351,400 113,768,919 # Tingyi Cayman Islands Holding Corp. 2,860,000 3,251,033 # Travelsky Technology, Ltd. Class H 598,000 1,343,233 # Tsingtao Brewery Co., Ltd. Class H 256,000 1,022,209 * Vipshop Holdings, Ltd. ADR 278,274 3,150,062 # Want Want China Holdings, Ltd. 5,568,000 3,972,516 # Weichai Power Co., Ltd. Class H 1,708,400 3,027,298 # Xinjiang Goldwind Science & Technology Co., Ltd. Class H 346,600 578,551 # Yanzhou Coal Mining Co., Ltd. Class H 718,000 562,448 Yanzhou Coal Mining Co., Ltd. Sponsored ADR 106,215 816,793 Zhejiang Expressway Co., Ltd. Class H 1,570,000 1,576,967 Zhuzhou CRRC Times Electric Co., Ltd. Class H 447,000 2,546,796 Zijin Mining Group Co., Ltd. Class H 3,699,000 1,265,659 Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H 1,589,400 804,023 # ZTE Corp. Class H 601,485 935,179 ------------ TOTAL CHINA 879,690,568 ------------ COLOMBIA -- (0.5%) Banco de Bogota SA 35,006 716,457 Bancolombia SA 331,749 2,890,149 Bancolombia SA Sponsored ADR 140,271 5,310,660 Cementos Argos SA 440,578 1,756,437 Corp. Financiera Colombiana SA 59,499 701,035 * Ecopetrol SA 2,862,362 1,345,670 * Ecopetrol SA Sponsored ADR 220,479 2,072,503 Empresa de Energia de Bogota SA ESP 1,425,504 877,308 Grupo Argos SA 52,034 344,432 Grupo Aval Acciones y Valores SA 112,983 940,019 Grupo de Inversiones Suramericana SA 253,198 3,376,262 Grupo Nutresa SA 210,697 1,733,266
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ --------- ----------- COLOMBIA -- (Continued) Interconexion Electrica SA ESP 609,290 $ 2,199,881 ----------- TOTAL COLOMBIA 24,264,079 ----------- CZECH REPUBLIC -- (0.2%) CEZ A.S. 323,343 5,538,264 Komercni banka A.S. 66,980 2,368,586 O2 Czech Republic A.S. 46,620 481,814 Pegas Nonwovens SA 5,839 191,485 Philip Morris CR A.S. 712 376,187 Unipetrol A.S. 49,918 383,456 ----------- TOTAL CZECH REPUBLIC 9,339,792 ----------- EGYPT -- (0.1%) Commercial International Bank Egypt S.A.E. GDR(201712205) 142,858 567,861 Commercial International Bank Egypt S.A.E. GDR(566828901) 1,400,823 5,578,126 * Egyptian Financial Group-Hermes Holding Co. GDR 774 1,917 * Global Telecom Holding S.A.E. GDR(37953P202) 12,341 22,337 * Global Telecom Holding S.A.E. GDR(BF8HVZ900) 640,757 1,165,083 ----------- TOTAL EGYPT 7,335,324 ----------- GREECE -- (0.2%) * Alpha Bank AE 105,217 186,714 Athens Water Supply & Sewage Co. SA (The) 23,541 135,981 * Eurobank Ergasias SA 331 201 * FF Group 34,149 653,185 * Hellenic Petroleum SA 112,224 524,021 Hellenic Telecommunications Organization SA 340,319 3,086,581 JUMBO SA 168,373 2,364,254 Motor Oil Hellas Corinth Refineries SA 96,253 1,380,488 * National Bank of Greece SA 128,189 30,675 OPAP SA 278,698 2,467,904 * Piraeus Bank SA 20,676 3,949 Titan Cement Co. SA 61,385 1,378,366 ----------- TOTAL GREECE 12,212,319 ----------- HUNGARY -- (0.4%) MOL Hungarian Oil & Gas P.L.C. 102,134 7,197,469 OTP Bank P.L.C. 312,182 9,599,740 Richter Gedeon Nyrt 211,877 4,563,262 ----------- TOTAL HUNGARY 21,360,471 ----------- INDIA -- (11.3%) ABB India, Ltd. 33,317 537,533 ACC, Ltd. 64,891 1,353,618 Adani Ports & Special Economic Zone, Ltd. 807,107 3,504,194 * Aditya Birla Fashion and Retail, Ltd. 605,239 1,339,471 Aditya Birla Nuvo, Ltd. 89,635 1,794,745 Amara Raja Batteries, Ltd. 19,010 251,583 Ambuja Cements, Ltd. 996,614 3,351,284 Apollo Hospitals Enterprise, Ltd. 127,802 2,320,158 Ashok Leyland, Ltd. 1,810,886 2,431,983 Asian Paints, Ltd. 474,671 6,787,774
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ --------- ----------- INDIA -- (Continued) Aurobindo Pharma, Ltd. 625,132 $ 6,283,917 Axis Bank, Ltd. 2,033,467 13,988,394 Bajaj Auto, Ltd. 155,378 6,513,815 Bajaj Finance, Ltd. 382,190 5,832,177 Bajaj Finserv, Ltd. 70,539 3,366,345 Bajaj Holdings & Investment, Ltd. 54,452 1,605,896 * Bank of Baroda 910,704 2,226,618 Berger Paints India, Ltd. 331,080 1,029,054 Bharat Electronics, Ltd. 48,814 1,108,491 Bharat Forge, Ltd. 242,918 3,341,292 Bharat Heavy Electricals, Ltd. 1,315,511 2,650,426 Bharat Petroleum Corp., Ltd. 486,244 4,894,332 Bharti Airtel, Ltd. 1,665,743 8,565,010 Bharti Infratel, Ltd. 213,865 924,845 Blue Dart Express, Ltd. 5,251 336,798 Bosch, Ltd. 8,153 2,662,694 Britannia Industries, Ltd. 26,712 1,234,273 Cadila Healthcare, Ltd. 362,605 1,882,555 Cairn India, Ltd. 655,103 2,686,482 Castrol India, Ltd. 38,740 232,077 Cipla, Ltd. 561,301 4,753,435 Coal India, Ltd. 547,750 2,499,327 Colgate-Palmolive India, Ltd. 142,544 1,871,925 Container Corp. Of India, Ltd. 55,130 971,530 CRISIL, Ltd. 7,945 241,454 Cummins India, Ltd. 94,559 1,169,096 Dabur India, Ltd. 743,476 3,024,674 Divi's Laboratories, Ltd. 186,164 1,923,636 DLF, Ltd. 371,230 744,098 Dr Reddy's Laboratories, Ltd. 71,015 3,175,907 Dr Reddy's Laboratories, Ltd. ADR 148,465 6,710,618 Eicher Motors, Ltd. 20,610 7,017,845 Emami, Ltd. 90,332 1,375,663 GAIL India, Ltd. 575,655 3,962,648 GAIL India, Ltd. GDR 28,791 1,190,427 GlaxoSmithKline Consumer Healthcare, Ltd. 14,937 1,141,638 GlaxoSmithKline Pharmaceuticals, Ltd. 13,217 529,007 Glenmark Pharmaceuticals, Ltd. 316,017 4,163,436 Godrej Consumer Products, Ltd. 168,863 3,919,935 Grasim Industries, Ltd. 31,500 422,553 Havells India, Ltd. 407,089 2,521,338 HCL Technologies, Ltd. 1,011,418 12,016,332 HDFC Bank, Ltd. 1,441,144 27,299,261 Hero MotoCorp, Ltd. 152,387 7,121,771 Hindalco Industries, Ltd. 1,549,771 4,336,355 Hindustan Petroleum Corp., Ltd. 346,890 2,675,553 Hindustan Unilever, Ltd. 1,148,145 14,461,369 Housing Development Finance Corp., Ltd. 1,095,932 22,112,655 ICICI Bank, Ltd. 1,656,257 6,556,711 ICICI Bank, Ltd. Sponsored ADR 1,043,395 8,086,311 Idea Cellular, Ltd. 2,689,000 4,370,342 IDFC Bank, Ltd. 601,656 532,785 Indiabulls Housing Finance, Ltd. 567,836 6,283,515
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ --------- ----------- INDIA -- (Continued) Indian Oil Corp., Ltd. 1,284,042 $ 6,924,568 IndusInd Bank, Ltd. 390,301 7,192,968 Infosys, Ltd. 1,886,232 25,821,862 Infosys, Ltd. Sponsored ADR 847,888 11,675,418 ITC, Ltd. 4,896,443 18,665,191 JSW Steel, Ltd. 3,656,090 10,694,525 Kansai Nerolac Paints, Ltd. 4,919 24,976 Kotak Mahindra Bank, Ltd. 541,230 6,192,024 Larsen & Toubro, Ltd. 363,180 7,722,648 LIC Housing Finance, Ltd. 847,563 6,921,792 Lupin, Ltd. 355,461 7,734,962 Mahindra & Mahindra, Ltd. 682,599 12,527,336 Marico, Ltd. 748,884 2,840,761 Maruti Suzuki India, Ltd. 138,331 12,049,356 Max Financial Services, Ltd. 22,519 189,059 * MAX India, Ltd. 65,990 136,782 Motherson Sumi Systems, Ltd. 542,274 2,648,382 MRF, Ltd. 2,969 2,250,890 Nestle India, Ltd. 37,106 3,206,371 NHPC, Ltd. 2,310,835 984,737 NTPC, Ltd. 1,434,092 3,648,398 Oil & Natural Gas Corp., Ltd. 1,483,958 4,427,503 Oil India, Ltd. 295,703 1,434,195 Oracle Financial Services Software, Ltd. 27,493 1,344,039 Page Industries, Ltd. 3,097 663,372 Petronet LNG, Ltd. 405,630 2,235,324 Pidilite Industries, Ltd. 196,824 1,966,608 Piramal Enterprises, Ltd. 114,581 2,848,093 Power Finance Corp., Ltd. 1,604,279 3,072,196 Power Grid Corp. of India, Ltd. 1,599,407 4,892,155 Procter & Gamble Hygiene & Health Care, Ltd. 10,286 1,059,063 * Punjab National Bank 308,644 619,174 Rajesh Exports, Ltd. 117,218 861,241 Reliance Industries, Ltd. 1,625,226 25,063,075 Rural Electrification Corp., Ltd. 1,513,852 3,181,324 Shree Cement, Ltd. 10,928 2,486,052 Shriram Transport Finance Co., Ltd. 268,934 3,720,361 Siemens, Ltd. 65,181 1,096,531 State Bank of India 1,858,229 7,130,711 Sun Pharmaceutical Industries, Ltd. 1,256,320 11,678,377 Sun TV Network, Ltd. 204,506 1,590,405 Sundaram Finance, Ltd. 13,385 271,979 Tata Consultancy Services, Ltd. 720,066 23,701,494 Tata Motors, Ltd. 1,952,358 15,091,281 Tata Motors, Ltd. Sponsored ADR 84,855 3,305,951 Tata Power Co., Ltd. 2,105,165 2,470,329 Tata Steel, Ltd. 683,642 4,680,012 Tech Mahindra, Ltd. 955,950 6,402,109 Titan Co., Ltd. 329,228 1,762,285 Torrent Pharmaceuticals, Ltd. 94,358 1,815,508 Ultratech Cement, Ltd. 43,023 2,340,444 United Breweries, Ltd. 96,720 1,141,447 * United Spirits, Ltd. 58,173 1,872,644
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ------------ INDIA -- (Continued) UPL, Ltd. 812,040 $ 8,676,491 Vedanta, Ltd. 3,139,759 11,780,827 Vedanta, Ltd. ADR 42,052 622,370 Wipro, Ltd. 742,954 5,050,332 Yes Bank, Ltd. 271,196 5,591,744 Zee Entertainment Enterprises, Ltd. 719,876 5,202,833 ------------ TOTAL INDIA 597,423,869 ------------ INDONESIA -- (2.9%) Adaro Energy Tbk PT 37,523,800 4,769,234 AKR Corporindo Tbk PT 1,426,100 713,246 Astra Agro Lestari Tbk PT 1,205,244 1,423,566 Astra International Tbk PT 23,646,410 14,096,940 Bank Central Asia Tbk PT 15,447,700 17,705,482 Bank Danamon Indonesia Tbk PT 5,763,579 1,796,183 Bank Mandiri Persero Tbk PT 11,912,417 9,729,829 Bank Negara Indonesia Persero Tbk PT 14,471,622 6,183,162 Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 3,168,500 546,110 Bank Rakyat Indonesia Persero Tbk PT 15,742,100 13,823,034 * Bayan Resources Tbk PT 79,500 36,011 Bumi Serpong Damai Tbk PT 15,448,500 2,119,020 Charoen Pokphand Indonesia Tbk PT 10,504,800 2,441,394 Ciputra Development Tbk PT 9,449,946 934,587 Gudang Garam Tbk PT 675,500 3,123,475 Indocement Tunggal Prakarsa Tbk PT 2,000,200 2,251,498 Indofood CBP Sukses Makmur Tbk PT 3,456,800 2,175,069 Indofood Sukses Makmur Tbk PT 11,903,400 7,064,984 * Indosat Tbk PT 1,720,800 831,410 Jasa Marga Persero Tbk PT 3,871,113 1,224,422 Kalbe Farma Tbk PT 32,614,300 3,544,824 Matahari Department Store Tbk PT 2,210,800 2,447,539 Mayora Indah Tbk PT 21,553,325 2,857,308 Media Nusantara Citra Tbk PT 12,764,400 1,621,343 Mitra Keluarga Karyasehat Tbk PT 1,038,500 194,519 Pakuwon Jati Tbk PT 58,500,300 2,455,642 Perusahaan Gas Negara Persero Tbk 13,675,600 2,953,424 Semen Indonesia Persero Tbk PT 7,107,200 4,806,759 * Sinar Mas Agro Resources & Technology Tbk PT 1,116,500 342,604 Summarecon Agung Tbk PT 10,778,900 1,058,394 Surya Citra Media Tbk PT 10,406,100 2,199,439 Telekomunikasi Indonesia Persero Tbk PT 39,175,700 11,356,435 Telekomunikasi Indonesia Persero Tbk PT Sponsored ADR 196,768 5,788,915 Tower Bersama Infrastructure Tbk PT 1,958,100 725,866 Unilever Indonesia Tbk PT 2,121,800 6,542,826 United Tractors Tbk PT 5,132,496 8,399,737 Waskita Karya Persero Tbk PT 6,283,179 1,205,330 * XL Axiata Tbk PT 7,703,800 1,679,586 ------------ TOTAL INDONESIA 153,169,146 ------------ MALAYSIA -- (3.2%) Affin Holdings Bhd 847,600 466,891 Alliance Financial Group Bhd 1,850,200 1,570,965
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ----------- MALAYSIA -- (Continued) AMMB Holdings Bhd 5,557,859 $ 5,746,742 Astro Malaysia Holdings Bhd 2,488,700 1,528,246 Axiata Group Bhd 3,946,521 4,217,213 Batu Kawan Bhd 105,400 449,705 * Berjaya Land Bhd 43,000 5,976 BIMB Holdings Bhd 1,182,855 1,145,942 Boustead Holdings Bhd 304,800 184,442 British American Tobacco Malaysia Bhd 212,600 2,226,308 CIMB Group Holdings Bhd 6,513,512 7,311,612 Dialog Group Bhd 4,981,118 1,720,390 DiGi.Com Bhd 5,805,020 6,498,881 Felda Global Ventures Holdings Bhd 379,100 158,195 Gamuda Bhd 2,395,200 2,602,043 Genting Bhd 4,388,100 8,127,957 Genting Malaysia Bhd 3,837,600 4,364,651 Genting Plantations Bhd 325,000 800,484 HAP Seng Consolidated Bhd 1,066,700 2,094,693 Hartalega Holdings Bhd 1,084,200 1,154,696 Hong Leong Bank Bhd 1,040,166 3,096,039 Hong Leong Financial Group Bhd 744,483 2,468,128 IHH Healthcare Bhd 2,483,200 3,523,618 IJM Corp. Bhd 7,006,462 5,236,871 IOI Corp. Bhd 4,711,405 4,692,023 IOI Properties Group Bhd 2,441,943 1,179,706 Kuala Lumpur Kepong Bhd 504,800 2,746,823 Lafarge Malaysia Bhd 659,480 1,027,954 Malakoff Corp. Bhd 67,100 19,392 Malayan Banking Bhd 6,090,245 11,302,520 Malaysia Airports Holdings Bhd 1,492,441 2,084,752 Maxis Bhd 2,881,400 4,001,537 MISC Bhd 1,636,998 2,705,372 MMC Corp. Bhd 1,978,300 1,042,973 Oriental Holdings Bhd 16,600 25,494 Petronas Chemicals Group Bhd 3,567,800 5,737,825 Petronas Dagangan Bhd 367,500 1,952,353 Petronas Gas Bhd 890,500 4,203,040 PPB Group Bhd 900,800 3,310,005 Public Bank Bhd 3,537,614 16,051,986 QL Resources Bhd 497,800 493,595 RHB Bank Bhd 1,537,905 1,701,410 * Sapurakencana Petroleum Bhd 10,900,700 4,235,021 Sime Darby Bhd 3,740,861 7,521,414 SP Setia Bhd Group 1,127,141 865,753 Sunway Bhd 1,710,000 1,172,735 Telekom Malaysia Bhd 1,435,664 1,928,860 Tenaga Nasional Bhd 4,375,250 13,224,647 Top Glove Corp. Bhd 908,900 1,068,359 UMW Holdings Bhd 1,515,766 1,933,152 United Plantations Bhd 61,000 378,466 Westports Holdings Bhd 1,509,000 1,421,474 YTL Corp. Bhd 16,425,686 5,641,158
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ------------ MALAYSIA -- (Continued) YTL Power International Bhd 3,177,547 $ 1,026,205 ------------ TOTAL MALAYSIA 171,396,692 ------------ MEXICO -- (4.4%) Alfa S.A.B. de C.V. Class A 8,197,783 10,637,639 Alpek S.A.B. de C.V. 103,669 119,311 America Movil S.A.B. de C.V. Series L 46,329,297 29,148,123 America Movil S.A.B. de C.V. Series L ADR 22,528 284,078 Arca Continental S.A.B. de C.V. 777,376 4,179,978 * Cemex S.A.B. de C.V. 10,756,423 9,939,639 * Cemex S.A.B. de C.V. Sponsored ADR 1,691,964 15,667,587 Coca-Cola Femsa S.A.B. de C.V. Series L 510,276 3,161,467 Coca-Cola Femsa S.A.B. de C.V. Sponsored ADR 36,634 2,272,041 * Corp Interamericana de Entretenimiento S.A.B. de C.V. Class B 8,719 6,736 El Puerto de Liverpool S.A.B. de C.V. Class C1 197,143 1,243,163 Fomento Economico Mexicano S.A.B. de C.V. 1,793,669 13,510,039 Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR 39,796 2,993,853 Gruma S.A.B. de C.V. Class B 541,859 7,276,582 Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR 15,027 1,161,888 Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class B 469,811 3,641,607 Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR 32,867 4,761,442 Grupo Bimbo S.A.B. de C.V. Series A 2,572,025 5,672,306 Grupo Carso S.A.B. de C.V. Series A1 932,489 3,735,590 Grupo Elektra S.A.B. de C.V. 93,009 1,199,771 Grupo Financiero Banorte S.A.B. de C.V. Class O 4,609,848 22,094,819 Grupo Financiero Inbursa S.A.B. de C.V. Class O 3,781,424 5,621,317 Grupo Financiero Santander Mexico S.A.B. de C.V. Class B 3,362,943 4,791,188 Grupo Financiero Santander Mexico S.A.B. de C.V. Class B ADR 64,027 457,793 Grupo Lala S.A.B. de C.V. 1,018,201 1,527,778 Grupo Mexico S.A.B. de C.V. Series B 6,058,822 18,228,618 * Grupo Qumma SA de C.V. Series B 1,591 -- Grupo Televisa S.A.B. Series CPO 3,436,374 15,353,152 Grupo Televisa S.A.B. Sponsored ADR 148,075 3,316,880 * Impulsora del Desarrollo y El Empleo en America Latina S.A.B. de C.V. 2,362,916 2,832,757 Industrias Penoles S.A.B. de C.V. 277,953 6,571,785 Infraestructura Energetica Nova S.A.B. de C.V. 516,686 2,279,479 Kimberly-Clark de Mexico S.A.B. de C.V. Class A 2,348,560 4,226,698 * La Comer S.A.B. de C.V. 732,725 520,024 Megacable Holdings S.A.B. de C.V. 89,863 284,411 Mexichem S.A.B. de C.V. 2,890,435 6,854,102 * Organizacion Soriana S.A.B. de C.V. Class B 1,102,476 2,326,178 Promotora y Operadora de Infraestructura S.A.B. de C.V. 404,964 3,540,170 * Savia SA Class A 120,000 -- Wal-Mart de Mexico S.A.B. de C.V. 7,054,235 12,482,378 ------------ TOTAL MEXICO 233,922,367 ------------ PERU -- (0.3%) Cementos Pacasmayo SAA ADR 14,995 142,453 Cia de Minas Buenaventura SAA ADR 139,674 1,926,104 Credicorp, Ltd. 78,885 12,911,897
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ----------- PERU -- (Continued) Grana y Montero SAA Sponsored ADR 99,446 $ 448,501 ----------- TOTAL PERU 15,428,955 ----------- PHILIPPINES -- (1.6%) Aboitiz Equity Ventures, Inc. 2,259,870 3,377,524 Aboitiz Power Corp. 2,462,500 2,086,640 Alliance Global Group, Inc. 7,852,800 1,979,988 Ayala Corp. 284,537 4,577,118 Ayala Land, Inc. 9,207,218 6,581,172 Bank of the Philippine Islands 1,202,323 2,165,428 BDO Unibank, Inc. 3,010,192 6,821,112 DMCI Holdings, Inc. 10,645,700 2,765,671 * DoubleDragon Properties Corp. 297,600 308,460 Emperador, Inc. 1,850,900 258,895 Energy Development Corp. 24,538,700 2,692,570 * Fwbc Holdings, Inc. 2,006,957 -- Globe Telecom, Inc. 60,840 2,103,809 GT Capital Holdings, Inc. 138,545 3,632,923 International Container Terminal Services, Inc. 1,287,400 2,002,401 JG Summit Holdings, Inc. 1,874,500 2,798,938 Jollibee Foods Corp. 695,840 2,874,357 LT Group, Inc. 4,344,100 1,143,621 Manila Electric Co. 348,700 1,996,313 Megaworld Corp. 23,849,800 1,760,549 Metro Pacific Investments Corp. 23,790,000 3,262,229 Metropolitan Bank & Trust Co. 1,097,655 1,798,126 Philippine National Bank 248,758 272,505 PLDT, Inc. 100,220 2,962,478 PLDT, Inc. Sponsored ADR 59,031 1,773,882 Puregold Price Club, Inc. 1,510,400 1,311,714 Robinsons Land Corp. 3,988,000 2,013,329 Robinsons Retail Holdings, Inc. 373,260 592,702 San Miguel Corp. 1,374,390 2,706,993 Security Bank Corp. 174,300 747,224 Semirara Mining & Power Corp. 529,000 1,437,395 SM Investments Corp. 282,933 3,924,384 SM Prime Holdings, Inc. 8,486,110 5,067,475 * Top Frontier Investment Holdings, Inc. 42,789 226,944 Universal Robina Corp. 1,282,840 4,203,626 ----------- TOTAL PHILIPPINES 84,228,495 ----------- POLAND -- (1.6%) * Alior Bank SA 133,578 2,037,738 * AmRest Holdings SE 344 28,173 Bank Handlowy w Warszawie SA 44,679 857,356 * Bank Millennium SA 1,076,823 1,582,506 Bank Pekao SA 121,618 4,114,431 Bank Zachodni WBK SA 50,450 4,347,525 Budimex SA 505 27,249 CCC SA 34,972 1,806,387 * Cyfrowy Polsat SA 393,451 2,381,237 Eurocash SA 127,351 1,269,054
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ --------- ------------ POLAND -- (Continued) Grupa Azoty SA 83,448 $ 1,431,605 * Grupa Lotos SA 186,978 1,762,085 ING Bank Slaski SA 39,956 1,768,018 Kernel Holding SA 2,130 42,435 KGHM Polska Miedz SA 388,331 12,044,448 LPP SA 1,669 2,126,804 * mBank SA 26,866 2,539,834 Orange Polska SA 1,116,971 1,507,025 PGE Polska Grupa Energetyczna SA 2,683,831 7,328,132 Polski Koncern Naftowy Orlen SA 649,675 13,184,338 Polskie Gornictwo Naftowe i Gazownictwo SA 2,283,734 3,136,153 * Powszechna Kasa Oszczednosci Bank Polski SA 964,323 7,398,274 Powszechny Zaklad Ubezpieczen SA 808,411 7,113,789 Synthos SA 889,961 1,333,532 * Tauron Polska Energia SA 2,110,398 1,555,085 ------------ TOTAL POLAND 82,723,213 ------------ RUSSIA -- (2.1%) Gazprom PJSC Sponsored ADR 4,944,295 24,532,005 * Lenta, Ltd. GDR(BJ621Y903) 30,830 243,207 * Lenta, Ltd. GDR(52634T200) 51,556 405,230 Lukoil PJSC Sponsored ADR 257,005 14,483,453 Magnitogorsk Iron & Steel OJSC Sponsored GDR 197,103 1,656,579 * Mail.Ru Group, Ltd. GDR(B53NQB903) 41,223 748,653 * Mail.Ru Group, Ltd. GDR(560317208) 15,547 282,178 MegaFon PJSC GDR 139,778 1,519,277 MMC Norilsk Nickel PJSC ADR 406,377 6,590,803 Novatek PJSC GDR 61,847 7,870,498 Novolipetsk Steel PJSC GDR 123,601 2,442,800 PhosAgro PJSC GDR 76,363 1,172,625 Rosneft Oil Co. PJSC GDR 833,683 5,528,012 Rostelecom PJSC Sponsored ADR(B114RM901) 78,867 670,935 Rostelecom PJSC Sponsored ADR(778529107) 2,291 19,153 RusHydro PJSC ADR(BYZ5W4903) 1,329,772 2,259,084 RusHydro PJSC ADR(782183404) 12,131 20,623 Sberbank of Russia PJSC Sponsored ADR 1,818,206 21,318,854 Severstal PJSC GDR 216,701 3,442,226 Tatneft PJSC Sponsored ADR 258,800 10,550,538 VimpelCom, Ltd. Sponsored ADR 105,901 447,961 VTB Bank PJSC GDR(B1W7FX909) 1,358,280 3,097,145 VTB Bank PJSC GDR(46630Q202) 130,253 295,674 ------------ TOTAL RUSSIA 109,597,513 ------------ SOUTH AFRICA -- (7.6%) * African Bank Investments, Ltd. 709,671 266 * Anglo American Platinum, Ltd. 121,432 3,179,116 * AngloGold Ashanti, Ltd. Sponsored ADR 1,637,102 20,807,566 Aspen Pharmacare Holdings, Ltd. 447,818 10,245,472 AVI, Ltd. 175,886 1,198,872 Barclays Africa Group, Ltd. 1,084,401 12,771,446 Bid Corp., Ltd. 778,465 13,506,231 Bidvest Group, Ltd. (The) 778,465 9,167,754
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ --------- ------------ SOUTH AFRICA -- (Continued) * Brait SE 232,213 $ 1,366,511 Capitec Bank Holdings, Ltd. 88,443 4,621,973 Discovery, Ltd. 741,415 6,327,597 Distell Group, Ltd. 70,509 785,562 FirstRand, Ltd. 4,730,180 17,620,467 Gold Fields, Ltd. Sponsored ADR 2,642,178 9,274,045 * Impala Platinum Holdings, Ltd. 613,363 2,444,382 Imperial Holdings, Ltd. 618,348 7,677,217 Investec, Ltd. 841,341 5,946,769 * Kumba Iron Ore, Ltd. 96,985 1,495,844 Liberty Holdings, Ltd. 431,434 3,533,698 Life Healthcare Group Holdings, Ltd. 2,679,724 6,675,161 MMI Holdings, Ltd. 3,545,776 6,523,236 Mondi, Ltd. 273,651 6,032,296 Mr. Price Group, Ltd. 545,010 6,597,626 MTN Group, Ltd. 2,516,919 23,469,883 Naspers, Ltd. Class N 370,571 59,036,347 Nedbank Group, Ltd. 634,489 10,944,316 Netcare, Ltd. 2,630,152 6,326,005 New Europe Property Investments P.L.C. 103,926 1,210,657 Pick n Pay Stores, Ltd. 473,477 2,405,358 Pioneer Foods Group, Ltd. 225,369 2,787,560 PSG Group, Ltd. 161,662 2,732,043 Sanlam, Ltd. 2,999,830 14,491,751 Sappi, Ltd. 1,116,061 7,176,059 Sasol, Ltd. 130,693 3,898,829 Sasol, Ltd. Sponsored ADR 778,314 23,240,456 Shoprite Holdings, Ltd. 951,195 12,625,912 Sibanye Gold, Ltd. Sponsored ADR 89,285 808,922 SPAR Group, Ltd. (The) 284,382 4,011,321 Standard Bank Group, Ltd. 2,023,352 21,637,096 Steinhoff International Holdings NV 3,453,813 16,653,855 Telkom SA SOC, Ltd. 457,121 2,505,151 Tiger Brands, Ltd. 264,186 7,973,977 Truworths International, Ltd. 973,557 5,846,146 Vodacom Group, Ltd. 520,334 5,831,192 Woolworths Holdings, Ltd. 1,765,305 9,698,654 ------------ TOTAL SOUTH AFRICA 403,110,597 ------------ SOUTH KOREA -- (15.6%) Amorepacific Corp. 39,658 10,824,199 # AMOREPACIFIC Group 39,706 4,632,991 # BGF retail Co., Ltd. 17,067 1,350,398 BNK Financial Group, Inc. 597,367 4,384,312 #* Celltrion, Inc. 68,926 5,956,387 Cheil Worldwide, Inc. 73,456 1,172,194 # CJ CGV Co., Ltd. 18,162 1,241,824 # CJ CheilJedang Corp. 16,248 4,962,539 CJ Corp. 28,976 4,549,795 CJ E&M Corp. 31,220 2,349,636 * CJ Korea Express Corp. 5,227 734,115 Com2uSCorp 9,584 705,549 # Coway Co., Ltd. 72,978 5,487,814
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ------- ----------- SOUTH KOREA -- (Continued) Cuckoo Electronics Co., Ltd. 2,015 $ 223,283 Daelim Industrial Co., Ltd. 47,393 3,432,501 #* Daewoo Engineering & Construction Co., Ltd. 133,508 596,311 * Daewoo Shipbuilding & Marine Engineering Co., Ltd. 165,407 478,244 DGB Financial Group, Inc. 279,904 2,377,231 Dongbu Insurance Co., Ltd. 103,904 5,294,050 Dongsuh Cos., Inc. 23,739 522,902 # Dongwon Systems Corp. 4,834 276,334 Doosan Corp. 21,369 1,932,662 # Doosan Heavy Industries & Construction Co., Ltd. 102,105 2,418,945 E-MART, Inc. 32,447 5,680,228 # Grand Korea Leisure Co., Ltd. 38,572 627,727 # Green Cross Corp. 4,303 511,597 Green Cross Holdings Corp. 18,294 336,928 #* GS Engineering & Construction Corp. 85,712 2,042,812 GS Holdings Corp. 142,416 6,270,960 GS Home Shopping, Inc. 996 155,282 GS Retail Co., Ltd. 24,957 1,119,606 Hana Financial Group, Inc. 477,076 14,145,674 Hankook Tire Co., Ltd. 170,001 8,295,908 # Hanmi Pharm Co., Ltd. 7,164 1,779,273 # Hanmi Science Co., Ltd. 13,159 655,329 Hanon Systems 252,361 1,976,149 # Hanssem Co., Ltd. 13,941 2,504,173 Hanwha Chemical Corp. 173,147 3,889,510 Hanwha Corp. 111,924 3,396,452 Hanwha Life Insurance Co., Ltd. 395,871 2,195,879 Hanwha Techwin Co., Ltd. 48,363 1,737,473 # Hite Jinro Co., Ltd. 52,663 942,515 # Hotel Shilla Co., Ltd. 38,111 1,423,431 Hyosung Corp. 58,732 6,846,772 Hyundai Department Store Co., Ltd. 30,725 2,541,763 Hyundai Development Co-Engineering & Construction 93,331 3,511,774 #* Hyundai Elevator Co., Ltd. 10,664 540,009 Hyundai Engineering & Construction Co., Ltd. 140,523 5,030,161 Hyundai Glovis Co., Ltd. 23,344 3,125,935 # Hyundai Greenfood Co., Ltd. 57,515 817,286 #* Hyundai Heavy Industries Co., Ltd. 69,618 7,939,321 Hyundai Home Shopping Network Corp. 7,639 714,067 Hyundai Marine & Fire Insurance Co., Ltd. 182,676 4,734,467 #* Hyundai Mipo Dockyard Co., Ltd. 17,332 857,986 Hyundai Mobis Co., Ltd. 67,920 14,129,810 Hyundai Motor Co. 177,390 21,355,667 * Hyundai Rotem Co., Ltd. 4,372 71,254 Hyundai Steel Co. 167,698 8,409,754 Hyundai Wia Corp. 33,766 1,879,369 Industrial Bank of Korea 468,370 5,116,172 Innocean Worldwide, Inc. 3,114 155,169 # IS Dongseo Co., Ltd. 11,224 403,965 # Jeil Pharmaceutical Co. 3,226 166,880 # Kakao Corp. 20,448 1,369,008 Kangwon Land, Inc. 99,188 2,795,388 KB Financial Group, Inc. 441,762 17,876,037
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ------- ----------- SOUTH KOREA -- (Continued) * KB Financial Group, Inc. ADR 103,883 $ 4,217,650 # KB Insurance Co., Ltd. 104,234 2,208,934 KCC Corp. 9,880 2,953,755 KEPCO Plant Service & Engineering Co., Ltd. 27,560 1,297,063 Kia Motors Corp. 293,465 9,197,981 # KIWOOM Securities Co., Ltd. 10,843 678,522 Kolon Industries, Inc. 29,856 1,908,128 #* Komipharm International Co., Ltd. 25,551 679,054 Korea Aerospace Industries, Ltd. 77,780 4,152,135 Korea Electric Power Corp. 220,479 8,074,606 * Korea Electric Power Corp. Sponsored ADR 97,027 1,779,475 Korea Gas Corp. 42,231 1,686,518 # Korea Investment Holdings Co., Ltd. 61,753 2,476,725 # Korea Kolmar Co., Ltd. 18,540 1,104,311 # Korea Petrochemical Ind Co., Ltd. 6,678 1,549,600 Korea Zinc Co., Ltd. 7,147 3,022,498 * Korean Air Lines Co., Ltd. 93,709 2,129,959 Korean Reinsurance Co. 111,480 1,041,747 * KT Corp. Sponsored ADR 95,200 1,415,624 KT&G Corp. 132,438 11,472,329 # Kumho Petrochemical Co., Ltd. 29,300 2,076,698 #* Kumho Tire Co., Inc. 212,069 1,491,868 LG Chem, Ltd. 46,976 10,592,903 LG Corp. 105,265 5,370,802 LG Display Co., Ltd. 363,272 9,583,726 * LG Display Co., Ltd. ADR 808,137 10,893,687 # LG Electronics, Inc. 310,602 14,843,661 # LG Household & Health Care, Ltd. 12,182 9,211,736 LG Innotek Co., Ltd. 35,915 3,066,539 LG International Corp. 23,266 647,410 LG Uplus Corp. 539,707 5,301,225 # LIG Nex1 Co., Ltd. 6,848 425,947 * Loen Entertainment, Inc. 7,273 486,399 Lotte Chemical Corp. 31,981 10,363,707 Lotte Chilsung Beverage Co., Ltd. 816 1,018,532 # Lotte Confectionery Co., Ltd. 5,484 963,896 # Lotte Shopping Co., Ltd. 18,803 3,658,777 LS Corp. 28,386 1,534,434 LS Industrial Systems Co., Ltd. 23,897 869,225 # Macquarie Korea Infrastructure Fund 520,858 3,609,939 # Mando Corp. 11,458 2,465,656 # Medy-Tox, Inc. 5,775 2,059,801 # Meritz Financial Group, Inc. 57,146 539,106 Meritz Fire & Marine Insurance Co., Ltd. 96,362 1,248,390 # Meritz Securities Co., Ltd. 557,853 1,734,810 Mirae Asset Daewoo Co., Ltd. 405,371 3,075,588 NAVER Corp. 35,288 23,050,589 NCSoft Corp. 14,829 3,882,410 Nexen Tire Corp. 89,371 1,012,609 NH Investment & Securities Co., Ltd. 217,069 2,136,711 # NongShim Co., Ltd. 4,477 1,226,193 #* OCI Co., Ltd. 31,064 2,297,559 # Orion Corp. 4,950 2,765,723
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ------------ SOUTH KOREA -- (Continued) # Ottogi Corp. 1,053 $ 590,315 #* Pan Ocean Co., Ltd. 296,413 981,307 # Paradise Co., Ltd. 62,375 718,690 Poongsan Corp. 8,597 322,130 # POSCO 44,452 10,389,547 POSCO Sponsored ADR 109,096 6,314,476 Posco Daewoo Corp. 79,769 1,750,336 S-1 Corp. 23,249 1,686,975 # S-Oil Corp. 52,028 3,633,795 Samsung C&T Corp. 67,525 7,326,668 Samsung Card Co., Ltd. 43,815 1,480,951 # Samsung Electro-Mechanics Co., Ltd. 94,120 4,596,570 Samsung Electronics Co., Ltd. 97,289 165,466,689 Samsung Electronics Co., Ltd. GDR 52,509 44,885,682 #* Samsung Engineering Co., Ltd. 112,249 1,215,462 Samsung Fire & Marine Insurance Co., Ltd. 48,145 11,154,436 #* Samsung Heavy Industries Co., Ltd. 480,671 4,305,114 Samsung Life Insurance Co., Ltd. 68,654 6,559,842 Samsung SDI Co., Ltd. 93,732 9,314,787 Samsung SDS Co., Ltd. 29,432 3,190,652 # Samsung Securities Co., Ltd. 88,800 2,479,408 Samyang Corp. 2,396 197,688 # SFA Engineering Corp. 8,036 487,074 Shinhan Financial Group Co., Ltd. 361,121 14,272,320 * Shinhan Financial Group Co., Ltd. ADR 86,082 3,403,682 Shinsegae, Inc. 12,742 1,929,489 SK Chemicals Co., Ltd. 30,297 1,549,059 SK Holdings Co., Ltd. 61,080 11,380,709 SK Hynix, Inc. 759,955 35,097,682 SK Innovation Co., Ltd. 63,379 8,585,945 # SK Materials Co., Ltd. 7,099 1,217,741 SK Networks Co., Ltd. 204,355 1,163,967 SK Telecom Co., Ltd. 21,266 4,076,831 SKC Co., Ltd. 33,367 892,568 # SPC Samlip Co., Ltd. 3,031 446,780 * Ssangyong Cement Industrial Co., Ltd. 35,349 432,253 #* Taihan Electric Wire Co., Ltd. 154,853 256,453 Tongyang Life Insurance Co., Ltd. 62,253 567,157 Woori Bank 543,488 6,135,330 * Woori Bank Sponsored ADR 1,026 35,058 Young Poong Corp. 544 512,694 # Youngone Corp. 35,544 816,102 # Yuhan Corp. 5,564 901,523 #* Yungjin Pharmaceutical Co., Ltd. 60,994 379,135 ------------ TOTAL SOUTH KOREA 825,633,078 ------------ TAIWAN -- (15.0%) * Acer, Inc. 5,516,811 2,547,567 Advanced Semiconductor Engineering, Inc. 12,378,929 13,641,498 Advantech Co., Ltd. 414,254 3,514,131 Airtac International Group 126,850 1,055,950 Asia Cement Corp. 4,339,758 3,720,251 * Asia Pacific Telecom Co., Ltd. 1,112,000 360,569
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ----------- TAIWAN -- (Continued) Asustek Computer, Inc. 956,180 $ 8,356,936 AU Optronics Corp. 24,425,873 10,114,182 AU Optronics Corp. Sponsored ADR 326,626 1,368,563 Casetek Holdings, Ltd. 313,000 962,670 Catcher Technology Co., Ltd. 1,354,429 11,046,367 Cathay Financial Holding Co., Ltd. 8,440,450 12,853,785 Chailease Holding Co., Ltd. 2,569,840 4,597,202 Chang Hwa Commercial Bank, Ltd. 9,287,889 5,157,587 Cheng Shin Rubber Industry Co., Ltd. 3,200,965 6,372,489 Chicony Electronics Co., Ltd. 1,022,552 2,412,329 China Airlines, Ltd. 8,737,536 2,624,606 China Development Financial Holding Corp. 24,524,121 6,268,423 China Life Insurance Co., Ltd. 6,140,344 6,009,418 China Motor Corp. 992,000 906,907 China Steel Corp. 15,093,932 12,221,022 Chipbond Technology Corp. 1,082,000 1,567,911 Chroma ATE, Inc. 22,000 57,672 Chunghwa Precision Test Tech Co., Ltd. 20,000 713,272 Chunghwa Telecom Co., Ltd. 1,608,000 5,244,813 Chunghwa Telecom Co., Ltd. Sponsored ADR 263,744 8,323,761 Compal Electronics, Inc. 10,160,541 6,130,390 CTBC Financial Holding Co., Ltd. 19,645,175 11,190,159 CTCI Corp. 1,112,000 1,731,063 Cub Elecparts, Inc. 16,495 130,096 Delta Electronics, Inc. 2,385,486 13,323,872 E.Sun Financial Holding Co., Ltd. 13,139,000 7,761,248 Eclat Textile Co., Ltd. 253,336 2,646,223 Elite Material Co., Ltd. 91,000 319,334 Ennoconn Corp. 62,000 892,037 Eternal Materials Co., Ltd. 1,356,350 1,470,410 Eva Airways Corp. 6,367,740 3,075,383 * Evergreen Marine Corp. Taiwan, Ltd. 3,219,261 1,331,496 Far Eastern International Bank 721,140 211,418 Far Eastern New Century Corp. 6,101,085 5,084,858 Far EasTone Telecommunications Co., Ltd. 2,601,000 6,179,867 Farglory Land Development Co., Ltd. 644,393 763,418 Feng TAY Enterprise Co., Ltd. 475,424 2,078,142 First Financial Holding Co., Ltd. 18,055,124 10,075,598 Formosa Chemicals & Fibre Corp. 3,220,518 9,983,395 Formosa International Hotels Corp. 1,808 9,575 Formosa Petrochemical Corp. 1,393,000 4,758,452 Formosa Plastics Corp. 3,720,153 10,749,111 Formosa Taffeta Co., Ltd. 1,312,000 1,263,324 Foxconn Technology Co., Ltd. 1,790,627 5,053,777 Fubon Financial Holding Co., Ltd. 8,611,233 13,995,408 Giant Manufacturing Co., Ltd. 500,506 3,289,395 Ginko International Co., Ltd. 45,000 442,352 * Globalwafers Co., Ltd. 219,000 1,006,405 Gourmet Master Co., Ltd. 77,550 678,679 Highwealth Construction Corp. 2,120,190 3,153,162 Hiwin Technologies Corp. 435,005 2,242,524 Hon Hai Precision Industry Co., Ltd. 17,267,653 46,308,007 Hota Industrial Manufacturing Co., Ltd. 223,000 924,690
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ----------- TAIWAN -- (Continued) Hotai Motor Co., Ltd. 362,000 $ 4,160,021 * HTC Corp. 1,246,235 3,175,845 Hua Nan Financial Holdings Co., Ltd. 13,331,007 7,011,132 Innolux Corp. 27,802,241 11,777,454 Inventec Corp. 5,430,551 4,084,303 Kenda Rubber Industrial Co., Ltd. 1,082,377 1,660,617 King Slide Works Co., Ltd. 81,000 1,078,313 * King Yuan Electronics Co., Ltd. 1,471,000 1,270,348 King's Town Bank Co., Ltd. 921,000 842,708 Kinsus Interconnect Technology Corp. 683,000 1,572,488 Largan Precision Co., Ltd. 133,860 19,146,837 LCY Chemical Corp. 782,123 1,106,351 Lite-On Technology Corp. 4,896,410 7,395,766 Makalot Industrial Co., Ltd. 230,356 856,567 MediaTek, Inc. 1,455,995 9,967,876 Mega Financial Holding Co., Ltd. 14,351,369 10,698,759 * Mercuries Life Insurance Co., Ltd. 325,753 180,066 Merida Industry Co., Ltd. 317,287 1,652,937 Micro-Star International Co., Ltd. 956,000 2,319,419 Nan Ya Plastics Corp. 4,464,599 10,516,722 Nanya Technology Corp. 992,010 1,528,266 Nien Made Enterprise Co., Ltd. 193,000 1,811,831 Novatek Microelectronics Corp. 1,205,000 4,268,004 * OBI Pharma, Inc. 81,000 750,363 PChome Online, Inc. 114,006 943,657 Pegatron Corp. 5,311,345 12,790,196 * PharmaEssentia Corp. 99,000 453,355 Phison Electronics Corp. 241,000 1,907,764 Pou Chen Corp. 4,990,487 6,323,126 Powertech Technology, Inc. 2,158,819 5,917,157 Poya International Co., Ltd. 72,550 886,128 President Chain Store Corp. 844,831 6,319,393 Qisda Corp. 244,000 127,601 Quanta Computer, Inc. 3,735,000 7,615,082 Realtek Semiconductor Corp. 569,950 1,989,074 * Ruentex Development Co., Ltd. 1,242,709 1,514,242 Ruentex Industries, Ltd. 696,182 1,291,770 ScinoPharm Taiwan, Ltd. 206,405 252,422 * Shin Kong Financial Holding Co., Ltd. 15,958,656 4,099,068 Silergy Corp. 55,000 835,520 Siliconware Precision Industries Co., Ltd. 2,123,637 3,234,701 Siliconware Precision Industries Co., Ltd. Sponsored ADR 21,813 165,561 Simplo Technology Co., Ltd. 690,000 2,062,945 SinoPac Financial Holdings Co., Ltd. 18,850,895 5,561,590 St Shine Optical Co., Ltd. 11,000 207,836 Standard Foods Corp. 466,902 1,147,554 Synnex Technology International Corp. 2,259,343 2,357,842 Taichung Commercial Bank Co., Ltd. 159,669 46,950 * TaiMed Biologics, Inc. 113,000 579,742 Tainan Spinning Co., Ltd. 115,412 50,486 Taishin Financial Holding Co., Ltd. 19,587,984 7,396,814 Taiwan Business Bank 8,318,140 2,173,153 Taiwan Cement Corp. 6,435,720 7,298,466
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ------------ TAIWAN -- (Continued) Taiwan Cooperative Financial Holding Co., Ltd. 13,986,581 $ 6,391,428 Taiwan FamilyMart Co., Ltd. 89,000 590,978 Taiwan Fertilizer Co., Ltd. 1,415,000 1,840,746 * Taiwan Glass Industry Corp. 1,859,375 784,548 Taiwan High Speed Rail Corp. 159,000 97,001 Taiwan Mobile Co., Ltd. 2,215,300 7,399,411 Taiwan Secom Co., Ltd. 362,670 1,007,761 Taiwan Semiconductor Manufacturing Co., Ltd. 25,188,808 150,096,593 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 1,672,158 51,686,404 * Tatung Co., Ltd. 95,000 50,980 Teco Electric and Machinery Co., Ltd. 3,410,000 3,082,289 Tong Yang Industry Co., Ltd. 936,000 1,727,820 Transcend Information, Inc. 334,181 912,612 Tripod Technology Corp. 753,870 1,837,685 Tung Thih Electronic Co., Ltd. 82,000 774,665 Uni-President Enterprises Corp. 7,682,033 13,178,125 United Microelectronics Corp. 38,130,000 13,846,137 Vanguard International Semiconductor Corp. 1,699,000 3,070,482 Voltronic Power Technology Corp. 57,350 776,339 Walsin Lihwa Corp. 5,308,000 2,064,063 Wan Hai Lines, Ltd. 1,821,800 1,012,491 * Win Semiconductors Corp. 742,034 2,232,465 Winbond Electronics Corp. 6,597,000 2,708,189 * Wintek Corp. 604,760 6,619 Wistron Corp. 5,751,099 4,910,791 Wistron NeWeb Corp. 186,000 532,428 WPG Holdings, Ltd. 3,035,869 3,633,629 * Yageo Corp. 981,579 2,382,907 Yuanta Financial Holding Co., Ltd. 18,588,806 7,381,031 Yulon Motor Co., Ltd. 1,732,000 1,524,768 Zhen Ding Technology Holding, Ltd. 1,099,700 2,309,701 ------------ TOTAL TAIWAN 794,506,423 ------------ THAILAND -- (2.7%) Advanced Info Service PCL 1,440,700 6,546,776 Airports of Thailand PCL 578,400 6,800,841 Bangchak Petroleum PCL (The) 843,200 844,158 Bangkok Airways PCL 301,100 188,134 Bangkok Bank PCL(6077019) 241,500 1,244,881 Bangkok Bank PCL(6368360) 232,800 1,153,752 Bangkok Dusit Medical Services PCL Class F 6,818,900 4,299,335 Bangkok Life Assurance PCL 694,900 962,124 Banpu PCL 3,035,950 1,672,747 Berli Jucker PCL 2,432,400 3,454,132 BTS Group Holdings PCL 3,159,100 749,176 Bumrungrad Hospital PCL 402,600 2,046,731 Carabao Group PCL Class F 84,800 181,233 Central Pattana PCL 1,779,300 2,880,435 Central Plaza Hotel PCL 1,046,100 1,106,709 CH Karnchang PCL 680,200 555,403 Charoen Pokphand Foods PCL 4,418,700 3,576,624 CP ALL PCL 4,313,700 7,412,066 Delta Electronics Thailand PCL 656,900 1,599,806
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- ------------ THAILAND -- (Continued) Electricity Generating PCL 319,300 $ 1,831,826 Energy Absolute PCL 1,783,800 1,443,860 Global Power Synergy Co., Ltd. Class F 101,100 102,650 Glow Energy PCL 826,500 1,830,929 Group Lease PCL 361,700 608,654 Home Product Center PCL 10,007,413 2,827,997 Indorama Ventures PCL 3,391,500 3,371,272 Intouch Holdings PCL 1,446,700 2,198,195 IRPC PCL 13,474,400 1,989,971 Kasikornbank PCL(6888794) 1,146,600 6,138,429 Kasikornbank PCL(6364766) 210,900 1,129,073 KCE Electronics PCL 431,000 1,334,252 Krung Thai Bank PCL 6,900,587 3,723,691 Land & Houses PCL(6581941) 4,746,340 1,307,569 Land & Houses PCL(6581930) 790,000 219,881 Minor International PCL 2,391,770 2,360,523 MK Restaurants Group PCL 421,700 676,684 Pruksa Holding PCL 2,958,300 1,957,637 PTG Energy PCL 66,100 52,565 PTT Exploration & Production PCL(B1359J0) 2,414,655 6,720,710 PTT Exploration & Production PCL(B1359L2) 65,409 182,053 PTT Global Chemical PCL 2,570,472 4,964,274 PTT PCL 1,634,600 18,755,422 Ratchaburi Electricity Generating Holding PCL 824,700 1,194,538 Robinson Department Store PCL 598,500 985,885 Siam Cement PCL (The)(6609906) 166,400 2,391,321 Siam Cement PCL (The)(6609928) 230,100 3,306,748 Siam City Cement PCL 163,213 1,302,552 Siam Commercial Bank PCL (The) 1,140,966 4,909,297 Siam Global House PCL 1,111,898 584,212 * Thai Airways International PCL 1,395,900 852,367 Thai Oil PCL 1,455,200 2,965,368 Thai Union Group PCL Class F 2,705,940 1,598,510 Thanachart Capital PCL 1,044,400 1,408,946 TMB Bank PCL 24,158,000 1,605,502 Total Access Communication PCL(B1YWK08) 1,459,300 1,626,740 Total Access Communication PCL(B231MK7) 423,600 472,204 TPI Polene PCL 12,385,600 837,198 True Corp. PCL 27,648,131 5,143,290 TTW PCL 2,098,400 637,685 ------------ TOTAL THAILAND 144,825,543 ------------ TURKEY -- (1.3%) Akbank TAS 2,209,103 4,924,079 Anadolu Efes Biracilik Ve Malt Sanayii A.S. 282,261 1,584,668 Arcelik A.S. 540,990 3,281,358 Aselsan Elektronik Sanayi Ve Ticaret A.S. 333,342 1,206,553 BIM Birlesik Magazalar A.S. 342,629 4,890,845 Coca-Cola Icecek A.S. 124,347 1,274,672 Enka Insaat ve Sanayi A.S. 547,496 833,472 Eregli Demir ve Celik Fabrikalari TAS 3,170,077 4,884,789 Ford Otomotiv Sanayi A.S. 126,138 1,167,406 KOC Holding A.S. 753,593 3,035,700
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ --------- -------------- TURKEY -- (Continued) Petkim Petrokimya Holding A.S. 1,293,596 $ 1,443,495 TAV Havalimanlari Holding A.S. 341,666 1,406,191 Tofas Turk Otomobil Fabrikasi A.S. 212,178 1,465,195 Tupras Turkiye Petrol Rafinerileri A.S. 261,144 5,677,156 * Turk Hava Yollari AO 2,046,901 3,005,642 Turk Telekomunikasyon A.S. 699,083 1,044,064 * Turkcell Iletisim Hizmetleri A.S. 1,142,611 3,436,587 * Turkcell Iletisim Hizmetleri A.S. ADR 73,838 550,093 Turkiye Garanti Bankasi A.S. 3,265,633 7,213,333 Turkiye Halk Bankasi A.S. 1,285,231 3,830,242 Turkiye Is Bankasi Class C 2,548,532 4,028,393 Turkiye Sinai Kalkinma Bankasi A.S. 46,878 17,897 Turkiye Sise ve Cam Fabrikalari A.S. 2,730,783 2,926,881 Turkiye Vakiflar Bankasi TAO Class D 1,445,842 1,884,840 Ulker Biskuvi Sanayi A.S. 244,375 1,179,533 * Yapi ve Kredi Bankasi A.S. 2,464,502 2,503,793 -------------- TOTAL TURKEY 68,696,877 -------------- TOTAL COMMON STOCKS 4,989,012,698 -------------- PREFERRED STOCKS -- (3.1%) BRAZIL -- (3.0%) Banco Bradesco SA 2,388,514 24,781,264 Braskem SA Class A 73,800 762,403 * Centrais Eletricas Brasileiras SA Class B 303,700 2,381,038 Cia Brasileira de Distribuicao 310,022 5,700,457 * Empresa Nacional de Comercio Redito e Participacoes SA 280 2,177 Gerdau SA 836,068 3,239,965 Itau Unibanco Holding SA 4,317,027 51,007,760 Lojas Americanas SA 899,139 4,774,891 * Petroleo Brasileiro SA 2,825,761 13,471,734 * Petroleo Brasileiro SA Sponsored ADR 1,440,006 13,694,457 Suzano Papel e Celulose SA Class A 798,971 3,398,175 Telefonica Brasil SA 465,063 6,887,110 Vale SA 2,522,202 24,469,811 Vale SA Sponsored ADR 364,278 3,529,854 -------------- TOTAL BRAZIL 158,101,096 -------------- CHILE -- (0.0%) Embotelladora Andina SA Class B 113,824 410,403 -------------- COLOMBIA -- (0.1%) Banco Davivienda SA 209,529 2,253,794 Bancolombia SA 30,330 285,800 Grupo Argos SA 28,838 185,762 Grupo Aval Acciones y Valores SA 4,185,719 1,710,209 Grupo de Inversiones Suramericana SA 112,524 1,462,745 -------------- TOTAL COLOMBIA 5,898,310 -------------- TOTAL PREFERRED STOCKS 164,409,809 --------------
THE EMERGING MARKETS SERIES CONTINUED
SHARES VALUE++ ---------- -------------- RIGHTS/WARRANTS -- (0.0%) SOUTH KOREA -- (0.0%) * Korean Air Lines Co., Ltd. Rights 03/07/17 22,307 $ 106,535 * Samsung Securities Co., Ltd. Rights 03/08/17 11,956 62,758 -------------- TOTAL SOUTH KOREA 169,293 -------------- THAILAND -- (0.0%) * TPI Polene PCL Rights 4/30/17 76,454 -- -------------- TOTAL RIGHTS/WARRANTS 169,293 -------------- TOTAL INVESTMENT SECURITIES 5,153,591,800 -------------- VALUE+ -------------- Securities Lending Collateral -- (2.7%) (S)@ DFA Short Term Investment Fund 12,513,179 144,802,508 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $4,220,051,585)^^ $5,298,394,308 ==============
THE EMERGING MARKETS SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 90,321,540 $ 188,277,351 -- $ 278,598,891 Chile 36,519,366 35,029,120 -- 71,548,486 China 236,801,482 642,889,086 -- 879,690,568 Colombia 24,264,079 -- -- 24,264,079 Czech Republic -- 9,339,792 -- 9,339,792 Egypt 590,198 6,745,126 -- 7,335,324 Greece -- 12,212,319 -- 12,212,319 Hungary -- 21,360,471 -- 21,360,471 India 30,400,668 567,023,201 -- 597,423,869 Indonesia 5,788,915 147,380,231 -- 153,169,146 Malaysia -- 171,396,692 -- 171,396,692 Mexico 233,922,367 -- -- 233,922,367 Peru 15,428,955 -- -- 15,428,955 Philippines 1,773,882 82,454,613 -- 84,228,495 Poland -- 82,723,213 -- 82,723,213 Russia 1,470,819 108,126,694 -- 109,597,513 South Africa 54,130,989 348,979,608 -- 403,110,597 South Korea 28,059,652 797,573,426 -- 825,633,078 Taiwan 61,544,289 732,962,134 -- 794,506,423 Thailand 144,825,543 -- -- 144,825,543 Turkey 550,093 68,146,784 -- 68,696,877 Preferred Stocks Brazil 17,226,488 140,874,608 -- 158,101,096 Chile -- 410,403 -- 410,403 Colombia 5,898,310 -- -- 5,898,310 Rights/Warrants South Korea -- 169,293 -- 169,293 Securities Lending Collateral -- 144,802,508 -- 144,802,508 Futures Contracts** 1,298,295 -- -- 1,298,295 ------------ -------------- -- -------------- Total $990,815,930 $4,308,876,673 -- $5,299,692,603 ============ ============== == ==============
** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. THE EMERGING MARKETS SMALL CAP SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE++ --------- ----------- COMMON STOCKS -- (89.6%) ARGENTINA -- (0.0%) Ferrum SA de Ceramica y Metalurgia 1 $ 1 ----------- BRAZIL -- (7.9%) AES Tiete Energia SA(BZ8W2L7) 1,884,997 8,694,320 AES Tiete Energia SA(BZ8W2J5) 878 817 Aliansce Shopping Centers SA 1,034,195 4,906,780 Alupar Investimento SA 971,770 5,695,168 Arezzo Industria e Comercio SA 457,135 4,222,498 * B2W Cia Digital 1,191,925 4,537,626 * BR Malls Participacoes SA 6,271,332 29,183,447 * Brasil Brokers Participacoes SA 1,971,711 1,096,965 BrasilAgro - Co. Brasileira de Propriedades Agricolas 122,700 463,503 CETIP SA - Mercados Organizados 945,300 14,116,330 Cia Brasileira de Distribuicao ADR 109,301 2,004,580 Cia de Saneamento de Minas Gerais-COPASA 859,792 11,772,811 Cia Energetica de Minas Gerais 96,074 295,950 Cia Hering 1,553,736 7,641,453 Cia Paranaense de Energia 139,600 1,006,667 Cia Paranaense de Energia Sponsored ADR 127,664 1,303,449 * Cia Siderurgica Nacional SA 5,120,808 18,782,297 * Cosan Logistica SA 46,400 86,768 CVC Brasil Operadora e Agencia de Viagens SA 312,586 2,579,430 Cyrela Brazil Realty SA Empreendimentos e Participacoes 2,823,034 11,603,634 Cyrela Commercial Properties SA Empreendimentos e Participacoes 41,900 127,769 Dimed SA Distribuidora da Medicamentos 1,100 225,971 Direcional Engenharia SA 1,141,009 2,140,589 * Duratex SA 3,870,633 9,264,515 EcoRodovias Infraestrutura e Logistica SA 2,742,407 7,422,773 EDP - Energias do Brasil SA 3,354,014 14,952,172 Embraer SA 413,427 2,361,514 Embraer SA ADR 244,133 5,580,880 Equatorial Energia SA 2,114,158 38,973,334 Estacio Participacoes SA 3,477,890 17,547,812 * Eternit SA 1,383,778 658,792 Even Construtora e Incorporadora SA 3,149,788 4,488,641 Ez Tec Empreendimentos e Participacoes SA 719,946 4,171,391 Fleury SA 899,506 10,844,830 Fras-Le SA 37,875 56,621 GAEC Educacao SA 255,600 1,086,912 Gafisa SA 2,453,300 1,915,693 # Gafisa SA ADR 1,055,947 1,615,599 * Gol Linhas Aereas Inteligentes SA ADR 7,677 152,237 Grendene SA 994,817 5,844,418 Guararapes Confeccoes SA 86,600 1,873,162 Helbor Empreendimentos SA 1,956,928 1,546,400 Iguatemi Empresa de Shopping Centers SA 862,737 8,162,735 * Industria de Bebidas Antarctica Polar SA 23,000 -- * International Meal Co. Alimentacao SA 628,794 1,047,322 Iochpe Maxion SA 958,784 3,953,012 * JHSF Participacoes SA 680,347 445,164 * Joao Fortes Engenharia SA 66,552 46,465 JSL SA 681,700 2,086,787
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ----------- BRAZIL -- (Continued) Kepler Weber SA 135,346 $ 847,741 Light SA 706,107 4,406,843 Linx SA 763,536 4,371,844 Localiza Rent a Car SA 1,572,075 18,388,314 * Log-in Logistica Intermodal SA 34,830 43,869 * LPS Brasil Consultoria de Imoveis SA 492,379 715,844 M Dias Branco SA 183,300 7,208,555 * Magazine Luiza SA 2,100 85,284 * Magnesita Refratarios SA 414,591 3,224,105 Mahle-Metal Leve SA 582,076 3,929,781 Marcopolo SA 14,800 10,385 * Marfrig Global Foods SA 3,988,829 8,178,741 * Marisa Lojas SA 557,320 1,121,818 * Mills Estruturas e Servicos de Engenharia SA 966,926 1,218,447 * Minerva SA 1,356,769 5,172,417 MRV Engenharia e Participacoes SA 3,307,380 13,395,261 Multiplan Empreendimentos Imobiliarios SA 592,100 11,735,482 Multiplus SA 503,884 5,689,418 Natura Cosmeticos SA 221,218 1,774,088 Odontoprev SA 2,874,296 10,225,733 Paranapanema SA 1,614,056 737,394 Porto Seguro SA 328,343 2,738,371 Portobello SA 296,400 249,467 * Profarma Distribuidora de Produtos Farmaceuticos SA 13,100 36,081 * Prumo Logistica SA 215,478 557,626 QGEP Participacoes SA 1,081,894 1,949,784 Qualicorp SA 2,351,105 15,377,497 * Restoque Comercio e Confeccoes de Roupas SA 862,054 1,107,928 Rodobens Negocios Imobiliarios SA 136,138 300,376 * Rumo Logistica Operadora Multimodal SA 6,787,474 16,166,675 * Santos Brasil Participacoes SA 2,646,940 1,797,892 Sao Carlos Empreendimentos e Participacoes SA 60,059 509,008 Sao Martinho SA 1,927,386 12,516,488 Ser Educacional SA 242,300 1,363,860 SLC Agricola SA 602,513 3,139,619 Smiles SA 505,800 8,347,309 Sonae Sierra Brasil SA 271,446 1,592,287 Sul America SA 2,733,065 16,124,110 T4F Entretenimento SA 23,200 47,119 Technos SA 221,800 284,465 Tecnisa SA 1,422,252 1,259,705 * Tegma Gestao Logistica SA 11,700 34,947 Totvs SA 1,272,826 10,541,441 TPI - Triunfo Participacoes e Investimentos SA 264,501 251,891 Transmissora Alianca de Energia Eletrica SA 1,918,518 13,064,977 Tupy SA 82,900 313,598 * Usinas Siderurgicas de Minas Gerais SA 42,600 111,829 Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA 731,587 5,564,857 Via Varejo SA(BGSHPP4) 923,614 2,629,185
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ------------ BRAZIL -- (Continued) Via Varejo SA(B7VY430) 205,862 $ 212,263 ------------ TOTAL BRAZIL 499,260,022 ------------ CHILE -- (1.5%) AES Gener SA 529,923 184,738 Aguas Andinas SA Class A 74,530 40,479 Banmedica SA 1,766,850 3,514,067 Besalco SA 2,390,338 940,227 CAP SA 862,485 7,937,418 Cementos BIO BIO SA 352,724 353,810 * Cia Sud Americana de Vapores SA 83,158,444 2,493,514 Clinica LAS Condes SA 349 19,098 Cristalerias de Chile SA 130,323 1,256,531 Embotelladora Andina SA Class B ADR 42,803 920,265 * Empresa Nacional de Telecomunicaciones SA 793,701 8,585,974 * Empresas AquaChile SA 1,281,212 678,637 Empresas Hites SA 1,123,113 806,585 * Empresas La Polar SA 7,433,099 338,084 Engie Energia Chile SA 5,715,431 9,428,999 Enjoy SA 1,143,197 83,237 Forus SA 831,953 2,655,399 Grupo Security SA 2,669,469 917,796 Inversiones Aguas Metropolitanas SA 4,130,206 5,948,773 Inversiones La Construccion SA 272,822 3,555,093 Masisa SA 15,573,604 758,292 * Multiexport Foods SA 3,644,198 1,270,039 Parque Arauco SA 7,598,828 18,449,511 PAZ Corp. SA 1,298,993 960,651 Ripley Corp. SA 9,264,270 5,569,927 Salfacorp SA 2,505,798 1,791,356 Sigdo Koppers SA 760,375 973,163 Sociedad Matriz SAAM SA 35,610,494 2,860,401 Socovesa SA 2,895,998 882,304 Sonda SA 2,403,460 3,909,540 Vina Concha y Toro SA 5,557,974 9,041,237 Vina Concha y Toro SA Sponsored ADR 2,025 66,157 ------------ TOTAL CHILE 97,191,302 ------------ CHINA -- (14.1%) * 21Vianet Group, Inc. ADR 276,847 1,984,993 361 Degrees International, Ltd. 5,552,000 2,378,074 #* 500.com, Ltd. Class A ADR 87,359 1,171,484 * 51job, Inc. ADR 31,224 1,098,460 Agile Group Holdings, Ltd. 12,661,500 6,761,049 Ajisen China Holdings, Ltd. 3,968,000 1,587,570 AMVIG Holdings, Ltd. 2,508,000 859,753 Anhui Expressway Co., Ltd. Class H 2,770,000 2,056,513 * Anton Oilfield Services Group 10,586,000 1,573,619 * Anxin-China Holdings, Ltd. 16,347,000 152,116 * Art Group Holdings, Ltd. 320,000 39,129 # Asia Cement China Holdings Corp. 2,769,000 683,559 #* Asian Citrus Holdings, Ltd. 2,314,000 134,207
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- CHINA -- (Continued) # Ausnutria Dairy Corp., Ltd. 63,000 $ 24,658 * AVIC International Holding HK, Ltd. 10,932,000 699,603 AVIC International Holdings, Ltd. Class H 1,902,000 1,004,882 AviChina Industry & Technology Co., Ltd. Class H 1,322,000 970,436 Bank of Chongqing Co., Ltd. Class H 2,035,000 1,751,892 * Baofeng Modern International Holdings Co., Ltd. 234,000 26,489 #* Baoxin Auto Group, Ltd. 1,292,992 437,022 Baoye Group Co., Ltd. Class H 1,758,000 1,300,246 Beijing Capital International Airport Co., Ltd. Class H 400,000 386,969 Beijing Capital Land, Ltd. Class H 8,472,500 3,349,288 #* Beijing Enterprises Environment Group, Ltd. 55,000 9,884 * Beijing Enterprises Medical & Health Group, Ltd. 6,894,000 376,321 Beijing Jingneng Clean Energy Co., Ltd. Class H 9,590,000 2,853,085 # Beijing North Star Co., Ltd. Class H 7,178,000 2,265,192 #* Beijing Properties Holdings, Ltd. 5,990,000 284,871 Beijing Urban Construction Design & Development Group Co., Ltd. Class H 1,651,000 1,041,522 Best Pacific International Holdings, Ltd. 1,584,000 1,291,298 * Besunyen Holdings Co., Ltd. 1,155,000 77,167 Billion Industrial Holdings, Ltd. 64,000 48,672 #* Biostime International Holdings, Ltd. 1,318,000 4,496,242 * Bitauto Holdings, Ltd. ADR 126,701 2,470,670 * Blockchain Group co., Ltd. 1,332,000 4,452 # Bloomage Biotechnology Corp., Ltd. 1,030,000 1,570,878 # Boer Power Holdings, Ltd. 2,277,000 868,133 Bosideng International Holdings, Ltd. 19,500,000 1,701,023 #* Boyaa Interactive International, Ltd. 1,505,000 763,473 Brilliant Circle Holdings International, Ltd. 250,000 44,656 BYD Electronic International Co., Ltd. 4,498,315 3,608,761 C C Land Holdings, Ltd. 9,611,343 2,912,201 #* C.banner International Holdings, Ltd. 2,711,000 802,551 Cabbeen Fashion, Ltd. 1,419,000 375,997 # Canvest Environmental Protection Group Co., Ltd. 4,097,000 2,057,938 #* Capital Environment Holdings, Ltd. 2,122,000 67,242 #* CAR, Inc. 4,398,000 4,228,772 Carrianna Group Holdings Co., Ltd. 1,855,257 181,293 CECEP COSTIN New Materials Group, Ltd. 4,494,000 260,643 Central China Real Estate, Ltd. 5,388,626 1,206,026 # Central China Securities Co., Ltd. Class H 6,685,000 3,398,882 Century Sunshine Group Holdings, Ltd. 12,725,000 482,603 * CGN Meiya Power Holdings Co., Ltd. 6,622,000 992,187 Changshouhua Food Co., Ltd. 1,773,000 875,741 * Changyou.com, Ltd. ADR 44,875 1,082,385 Chaowei Power Holdings, Ltd. 4,319,000 3,551,370 * Cheetah Mobile, Inc. ADR 153,233 1,513,942 * Chigo Holding, Ltd. 20,666,000 286,550 # China Aerospace International Holdings, Ltd. 17,006,500 2,225,965 * China Agri-Industries Holdings, Ltd. 14,885,800 6,867,463 * China Agri-Products Exchange, Ltd. 2,545,000 393,121 # China All Access Holdings, Ltd. 5,306,000 1,628,443 China Aluminum Cans Holdings, Ltd. 432,000 79,962 * China Animal Healthcare, Ltd. 3,671,000 461,306 # China Animation Characters Co., Ltd. 2,275,000 1,068,850 China Aoyuan Property Group, Ltd. 8,499,000 1,921,272
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ----------- CHINA -- (Continued) China BlueChemical, Ltd. Class H 11,684,000 $ 4,042,486 * China City Infrastructure Group, Ltd. 1,220,000 74,918 #* China City Railway Transportation Technology Holdings Co., Ltd. 1,308,000 263,085 China Communications Services Corp., Ltd. Class H 10,758,000 7,312,980 China Creative Global Holdings, Ltd. 150,000 6,761 * China Datang Corp. Renewable Power Co., Ltd. Class H 14,673,000 1,300,280 * China Daye Non-Ferrous Metals Mining, Ltd. 2,990,000 57,944 # China Dongxiang Group Co., Ltd. 20,597,985 3,838,971 * China Dredging Environment Protection Holdings, Ltd. 1,597,000 67,910 #* China Dynamics Holdings, Ltd. 8,670,000 329,136 # China Electronics Corp. Holdings Co., Ltd. 3,084,000 608,494 * China Electronics Optics Valley Union Holding Co., Ltd. 4,132,000 440,136 * China Energine International Holdings, Ltd. 3,662,000 276,335 * China Environmental Technology and Bioenergy Holdings, Ltd. 1,620,000 30,376 China Everbright, Ltd. 4,664,000 8,904,646 #* China Fiber Optic Network System Group, Ltd. 9,639,999 869,711 China Financial Services Holdings, Ltd. 6,124,000 574,480 * China Fire Safety Enterprise Group, Ltd. 745,000 31,085 China Foods, Ltd. 6,794,000 3,063,296 China Fordoo Holdings, Ltd. 386,000 387,728 * China Glass Holdings, Ltd. 4,632,000 500,563 * China Grand Pharmaceutical and Healthcare Holdings, Ltd. Class A 516,000 99,641 China Greenfresh Group Co., Ltd. 1,037,000 497,734 # China Greenland Broad Greenstate Group Co., Ltd. 4,644,000 807,130 #* China Hanking Holdings, Ltd. 3,032,000 420,552 # China Harmony New Energy Auto Holding, Ltd. 5,579,000 2,668,990 * China High Precision Automation Group, Ltd. 1,289,000 38,003 * China Huiyuan Juice Group, Ltd. 4,929,500 1,682,590 * China ITS Holdings Co., Ltd. 3,835,412 279,005 China Jinmao Holdings Group, Ltd. 25,826,300 7,580,638 China Lesso Group Holdings, Ltd. 7,387,000 5,036,860 China Lilang, Ltd. 3,231,000 1,953,589 * China Longevity Group Co., Ltd. 1,076,350 35,652 #* China LotSynergy Holdings, Ltd. 27,340,000 930,097 #* China Lumena New Materials Corp. 14,530,000 -- # China Machinery Engineering Corp. Class H 5,566,000 3,582,021 # China Maple Leaf Educational Systems, Ltd. 3,642,000 2,193,506 # China Medical System Holdings, Ltd. 3,131,500 5,102,884 # China Merchants Land, Ltd. 8,898,000 1,256,163 #* China Metal Recycling Holdings, Ltd. 2,401,686 -- #* China Modern Dairy Holdings, Ltd. 14,076,000 3,471,066 # China National Building Material Co., Ltd. Class H 18,620,000 10,889,457 China National Materials Co., Ltd. Class H 8,021,000 2,082,948 #* China New Town Development Co., Ltd. 11,283,148 559,009 # China NT Pharma Group Co., Ltd. 4,363,500 923,544 #* China Ocean Resources Co., Ltd. 537,630 580,197 * China Oceanwide Holdings, Ltd. 934,000 95,991 * China Oil & Gas Group, Ltd. 31,738,000 2,437,247 * China Outfitters Holdings, Ltd. 24,000 1,205 * China Overseas Grand Oceans Group, Ltd. 6,949,500 2,314,993 * China Packaging Holdings Development, Ltd. 185,000 36,488 # China Pioneer Pharma Holdings, Ltd. 2,285,000 748,468 China Power International Development, Ltd. 19,290,000 6,951,672
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- CHINA -- (Continued) # China Power New Energy Development Co., Ltd. 3,540,499 $2,005,291 * China Properties Group, Ltd. 2,640,000 645,484 #* China Rare Earth Holdings, Ltd. 10,356,799 862,007 China Resources Cement Holdings, Ltd. 12,270,000 5,683,580 * China Resources Phoenix Healthcare Holdings Co., Ltd. 3,464,000 4,660,373 * China Ruifeng Renewable Energy Holdings, Ltd. 4,572,000 517,318 China Sanjiang Fine Chemicals Co., Ltd. 3,493,000 1,097,736 China SCE Property Holdings, Ltd. 9,510,200 3,044,147 #* China Shanshui Cement Group, Ltd. 11,268,000 1,479,861 #* China Shengmu Organic Milk, Ltd. 6,066,000 1,621,976 China Shineway Pharmaceutical Group, Ltd. 2,378,200 2,739,122 # China Silver Group, Ltd. 5,286,000 983,154 # China Singyes Solar Technologies Holdings, Ltd. 4,032,040 1,960,040 # China South City Holdings, Ltd. 20,928,000 4,482,779 * China Starch Holdings, Ltd. 5,040,000 110,192 China Sunshine Paper Holdings Co., Ltd. 80,000 15,727 # China Suntien Green Energy Corp., Ltd. Class H 10,975,000 1,693,162 * China Taifeng Beddings Holdings, Ltd. 1,336,000 34,868 # China Tian Lun Gas Holdings, Ltd. 1,095,000 1,043,320 # China Traditional Chinese Medii 11,588,000 5,460,613 # China Travel International Investment Hong Kong, Ltd. 15,263,900 4,269,702 * China Vanadium Titano - Magnetite Mining Co., Ltd. 3,680,000 164,610 # China Vast Industrial Urban Development Co., Ltd. 225,000 89,527 China Water Affairs Group, Ltd. 6,844,000 4,655,215 #* China Water Industry Group, Ltd. 4,296,000 828,517 China XLX Fertiliser, Ltd. 114,000 40,156 #* China Yurun Food Group, Ltd. 9,962,000 1,547,138 # China ZhengTong Auto Services Holdings, Ltd. 6,284,000 2,225,698 # China Zhongwang Holdings, Ltd. 8,531,200 3,766,461 #* Chinasoft International, Ltd. 12,224,000 5,865,930 * Chinese People Holdings Co., Ltd. 1,855,709 29,101 Chongqing Machinery & Electric Co., Ltd. Class H 7,968,000 940,284 * Chu Kong Petroleum & Natural Gas Steel Pipe Holdings, Ltd. 2,662,000 376,646 Chu Kong Shipping Enterprises Group Co., Ltd. 144,000 37,294 CIFI Holdings Group Co., Ltd. 15,672,000 4,406,333 # CIMC Enric Holdings, Ltd. 4,908,000 2,738,480 * CITIC Dameng Holdings, Ltd. 3,492,000 250,409 #* CITIC Resources Holdings, Ltd. 17,098,600 2,499,729 # Citychamp Watch & Jewellery Group, Ltd. 11,676,000 2,669,939 Clear Media, Ltd. 328,000 343,542 * Coastal Greenland, Ltd. 5,286,000 155,291 #* Cogobuy Group 3,381,000 4,591,127 #* Colour Life Services Group Co., Ltd. 1,169,000 765,457 Comba Telecom Systems Holdings, Ltd. 8,987,338 1,695,753 * Comtec Solar Systems Group, Ltd. 4,958,000 223,168 Concord New Energy Group, Ltd. 28,974,964 1,595,507 Consun Pharmaceutical Group, Ltd. 2,102,000 1,021,326 * Coolpad Group, Ltd. 21,096,800 2,246,530 COSCO SHIPPING Energy Transportation Co., Ltd. Class H 4,714,000 2,605,479 COSCO SHIPPING International Hong Kong Co., Ltd. 2,919,000 1,314,366 COSCO SHIPPING Ports, Ltd. 4,371,172 4,343,762 * Coslight Technology International Group Co., Ltd. 808,000 554,074 # Cosmo Lady China Holdings Co., Ltd. 3,712,000 1,134,883
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ----------- CHINA -- (Continued) CP Pokphand Co., Ltd. 39,338,594 $ 4,599,749 CPMC Holdings, Ltd. 2,672,000 1,287,829 # CT Environmental Group, Ltd. 14,380,000 3,120,198 * Da Ming International Holdings, Ltd. 862,000 434,646 * DaChan Food Asia, Ltd. 1,523,955 137,148 Dah Chong Hong Holdings, Ltd. 5,784,000 2,352,879 # Dalian Port PDA Co., Ltd. Class H 2,640,400 456,922 * Daphne International Holdings, Ltd. 7,022,000 629,197 Dawnrays Pharmaceutical Holdings, Ltd. 3,002,943 1,829,877 #* DBA Telecommunication Asia Holdings, Ltd. 2,108,000 17,823 #* Differ Group Holding Co., Ltd. 3,704,000 351,516 # Digital China Holdings, Ltd. 6,937,800 6,061,096 # Dongfang Electric Corp., Ltd. Class H 1,700,000 1,714,222 # Dongjiang Environmental Co., Ltd. Class H 529,975 899,030 * Dongyue Group, Ltd. 7,432,000 492,152 Dragon Crown Group Holdings, Ltd. 62,000 11,672 Dynagreen Environmental Protection Group Co., Ltd. Class H 2,605,000 1,234,985 #* Dynasty Fine Wines Group, Ltd. 1,614,000 56,165 #* eHi Car Services, Ltd. Sponsored ADR 25,901 262,377 Embry Holdings, Ltd. 473,000 214,744 EVA Precision Industrial Holdings, Ltd. 7,474,435 1,005,785 #* EverChina International Holdings Co., Ltd. 12,635,000 510,771 * Evergreen International Holdings, Ltd. 1,208,000 139,626 * Extrawell Pharmaceutical Holdings, Ltd. 1,337,921 47,068 * Fantasia Holdings Group Co., Ltd. 12,777,000 1,588,289 Far East Horizon, Ltd. 7,826,000 7,134,403 # Feiyu Technology International Co., Ltd. 1,636,500 243,263 First Tractor Co., Ltd. Class H 965,176 603,211 * Forgame Holdings, Ltd. 107,100 114,523 Freetech Road Recycling Technology Holdings, Ltd. 2,164,000 232,107 # Fu Shou Yuan International Group, Ltd. 5,509,000 3,100,171 * Fufeng Group, Ltd. 7,458,600 4,299,601 #* Fuguiniao Co., Ltd. Class H 2,430,200 911,454 # Fullshare Holdings, Ltd. 16,902,499 7,121,309 Future Land Development Holdings, Ltd. 11,748,000 2,648,240 #* GCL-Poly Energy Holdings, Ltd. 80,160,000 10,359,659 Gemdale Properties & Investment Corp., Ltd. 6,426,000 403,519 * Glorious Property Holdings, Ltd. 17,532,501 1,689,561 Goldbond Group Holdings, Ltd. 210,000 7,142 # Golden Eagle Retail Group, Ltd. 3,432,000 4,972,250 #* Golden Meditech Holdings, Ltd. 8,700,789 1,382,381 Golden Throat Holdings Group Co., Ltd. 479,500 191,164 Goldlion Holdings, Ltd. 1,705,962 679,136 # Goldpac Group, Ltd. 2,097,000 604,232 # GOME Electrical Appliances Holding, Ltd. 84,442,000 10,509,317 Good Friend International Holdings, Inc. 398,667 89,289 # Goodbaby International Holdings, Ltd. 6,009,000 2,620,045 Greatview Aseptic Packaging Co., Ltd. 6,723,000 3,197,609 #* Greenland Hong Kong Holdings, Ltd. 5,981,000 1,328,603 #* Greentown China Holdings, Ltd. 5,467,648 4,494,031 * Guangdong Land Holdings, Ltd. 4,600,800 1,124,395 Guangdong Yueyun Transportation Co., Ltd. Class H 1,103,000 620,168 # Guangzhou R&F Properties Co., Ltd. Class H 1,484,000 1,903,367
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ----------- CHINA -- (Continued) * Guodian Technology & Environment Group Corp., Ltd. Class H 4,870,000 $ 343,885 Guolian Securities Co., Ltd. Class H 659,000 350,038 * Haichang Ocean Park Holdings, Ltd. 4,703,000 1,082,642 Haitian International Holdings, Ltd. 3,862,000 7,856,215 * Hanergy Thin Film Power Group, Ltd. 17,084,000 83,831 Harbin Bank Co., Ltd. Class H 381,000 117,032 Harbin Electric Co., Ltd. Class H 4,455,413 2,218,276 # Harmonicare Medical Holdings, Ltd. 557,000 335,962 #* HC International, Inc. 424,000 347,435 Henderson Investment, Ltd. 1,078,000 90,039 #* Hengdeli Holdings, Ltd. 17,125,399 2,152,758 * Hengshi Mining Investments, Ltd. 154,000 52,015 * Hi Sun Technology China, Ltd. 7,503,000 1,228,895 * Hidili Industry International Development, Ltd. 1,329,339 12,524 # Hilong Holding, Ltd. 4,496,000 1,111,875 Hisense Kelon Electrical Holdings Co., Ltd. Class H 354,000 321,736 * HKC Holdings, Ltd. 846,577 440,119 #* HNA Holding Group Co., Ltd. 4,550,000 169,276 HNA Infrastructure Co., Ltd. Class H 603,000 582,963 * Honghua Group, Ltd. 13,372,000 1,416,525 # Honworld Group, Ltd. 616,500 373,340 Hopefluent Group Holdings, Ltd. 1,397,670 399,637 Hopewell Highway Infrastructure, Ltd. 4,163,000 2,192,928 Hopson Development Holdings, Ltd. 4,456,000 3,920,652 # HOSA International, Ltd. 4,586,000 1,573,839 # Hua Han Health Industry Holdings, Ltd. 25,871,698 1,325,446 Hua Hong Semiconductor, Ltd. 877,000 976,234 Huadian Fuxin Energy Corp., Ltd. Class H 16,248,000 3,772,784 * Huajun Holdings, Ltd. 112,000 10,238 Huaneng Renewables Corp., Ltd. Class H 23,760,000 7,373,632 * Huiyin Smart Community Co., Ltd. 2,206,000 201,008 Hydoo International Holding, Ltd. 1,884,000 161,908 #* IMAX China Holding, Inc. 344,600 1,596,817 Inner Mongolia Yitai Coal Co., Ltd. Class H 40,000 35,137 Inspur International, Ltd. 2,160,000 513,724 # Intime Retail Group Co., Ltd. 9,442,000 11,651,882 * InvesTech Holdings, Ltd. 1,855,000 349,007 # Jiangnan Group, Ltd. 9,664,000 1,366,343 #* JinkoSolar Holding Co., Ltd. ADR 108,782 1,557,758 # Joy City Property, Ltd. 8,442,000 1,083,617 Ju Teng International Holdings, Ltd. 5,266,000 1,687,510 K Wah International Holdings, Ltd. 2,240,000 1,118,893 * Kai Yuan Holdings, Ltd. 13,400,000 146,317 #* Kaisa Group Holdings, Ltd. 9,828,000 370,502 # Kangda International Environmental Co., Ltd. 3,672,000 890,839 * Kasen International Holdings, Ltd. 3,308,000 618,163 Kingboard Chemical Holdings, Ltd. 4,301,921 14,803,073 Kingboard Laminates Holdings, Ltd. 5,858,500 6,445,844 #* Kingdee International Software Group Co., Ltd. 13,089,200 4,983,038 Kingsoft Corp., Ltd. 1,655,000 3,464,876 #* Ko Yo Chemical Group, Ltd. 4,280,000 112,712 # Koradior Holdings, Ltd. 1,008,000 1,209,634 KWG Property Holding, Ltd. 10,330,450 5,936,417
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ----------- CHINA -- (Continued) #* Labixiaoxin Snacks Group, Ltd. 1,729,000 $ 133,493 Lai Fung Holdings, Ltd. 28,983,012 713,554 Le Saunda Holdings, Ltd. 2,049,799 431,136 Lee & Man Chemical Co., Ltd. 998,785 348,478 Lee & Man Paper Manufacturing, Ltd. 8,847,000 7,952,350 # Lee's Pharmaceutical Holdings, Ltd. 1,246,000 1,090,566 Leoch International Technology, Ltd. 953,000 129,265 #* Leyou Technologies Holdings, Ltd. 8,220,000 1,699,119 * Li Ning Co., Ltd. 4,085,000 2,592,308 * Lianhua Supermarket Holdings Co., Ltd. Class H 2,474,600 887,596 * Lifestyle China Group, Ltd. 232,000 54,323 #* Lifetech Scientific Corp. 14,460,000 3,318,862 Livzon Pharmaceutical Group, Inc. Class H 511,180 2,927,370 # Logan Property Holdings Co., Ltd. 6,964,000 2,824,291 Lonking Holdings, Ltd. 14,022,000 3,673,717 * Loudong General Nice Resources China Holdings, Ltd. 2,769,140 161,326 # Luye Pharma Group, Ltd. 9,471,000 6,257,856 * Maanshan Iron & Steel Co., Ltd. Class H 9,808,000 3,594,253 #* Maoye International Holdings, Ltd. 7,898,000 800,636 * Microport Scientific Corp. 2,495,000 1,846,837 * MIE Holdings Corp. 2,752,000 268,118 MIN XIN Holdings, Ltd. 786,000 702,840 * Mingfa Group International Co., Ltd. 7,108,000 649,338 * Mingyuan Medicare Development Co., Ltd. 6,950,000 38,607 Minmetals Land, Ltd. 7,924,000 945,271 Minth Group, Ltd. 3,905,000 12,628,789 #* MMG, Ltd. 18,430,999 6,115,645 MOBI Development Co., Ltd. 1,014,000 166,923 Modern Land China Co., Ltd. 1,890,000 284,667 #* Munsun Capital Group, Ltd. 33,634,318 985,291 #* National Agricultural Holdings, Ltd. 1,370,000 272,317 Nature Home Holding Co., Ltd. 520,000 72,663 # NetDragon Websoft Holdings, Ltd. 108,044 314,416 * New World Department Store China, Ltd. 3,221,462 463,897 Nexteer Automotive Group, Ltd. 5,024,000 6,240,496 Nine Dragons Paper Holdings, Ltd. 6,557,000 7,546,681 #* Noah Holdings, Ltd. ADR 76,826 1,778,522 #* North Mining Shares Co., Ltd. 69,020,000 1,534,400 #* NQ Mobile, Inc. Class A ADR 191,675 730,282 # NVC Lighting Holdings, Ltd. 7,392,000 892,229 * O-Net Technologies Group, Ltd. 1,529,000 811,692 #* Ourgame International Holdings, Ltd. 1,344,000 507,075 Overseas Chinese Town Asia Holdings, Ltd. 1,750,183 686,263 #* Ozner Water International Holding, Ltd. 1,194,000 284,489 # Pacific Online, Ltd. 3,033,365 798,176 # Parkson Retail Group, Ltd. 8,210,500 928,478 # PAX Global Technology, Ltd. 5,312,000 3,701,838 * Phoenix New Media, Ltd. ADR 22,411 75,973 # Phoenix Satellite Television Holdings, Ltd. 8,296,000 1,438,033 * Ping An Securities Group Holdings, Ltd. 21,300,000 248,438 # Poly Culture Group Corp., Ltd. Class H 428,600 966,176 #* Poly Property Group Co., Ltd. 16,591,000 6,452,618 # Pou Sheng International Holdings, Ltd. 14,373,806 3,266,579
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ----------- ----------- CHINA -- (Continued) Powerlong Real Estate Holdings, Ltd. 9,705,000 $ 2,846,121 * Prosperity International Holdings HK, Ltd. 9,680,000 174,043 #* PW Medtech Group, Ltd. 4,922,000 1,335,141 * Q Technology Group Co., Ltd. 1,891,000 1,270,722 Qingdao Port International Co., Ltd. Class H 1,492,000 851,011 Qingling Motors Co., Ltd. Class H 3,136,000 1,029,937 # Qinhuangdao Port Co., Ltd. Class H 2,008,500 477,359 * Qunxing Paper Holdings Co., Ltd. 669,913 32,637 * Real Gold Mining, Ltd. 300,500 10,186 Real Nutriceutical Group, Ltd. 6,829,000 534,526 Red Star Macalline Group Corp., Ltd. Class H 852,000 854,904 #* Redco Properties Group, Ltd. 2,794,000 1,195,541 #* Renhe Commercial Holdings Co., Ltd. 114,519,000 2,910,110 #* REXLot Holdings, Ltd. 59,701,502 1,059,190 Road King Infrastructure, Ltd. 2,030,000 1,747,671 #* Sany Heavy Equipment International Holdings Co., Ltd. 7,290,000 1,298,061 * Scud Group, Ltd. 1,876,000 47,148 # Seaspan Corp. 165,176 1,585,690 Shandong Chenming Paper Holdings, Ltd. Class H 1,886,000 2,155,629 Shandong Weigao Group Medical Polymer Co., Ltd. Class H 10,952,000 7,164,449 Shandong Xinhua Pharmaceutical Co., Ltd. Class H 476,000 329,337 # Shanghai Dasheng Agricultural Finance Technology Co., Ltd. Class H 10,832,000 1,005,531 * Shanghai Fudan Microelectronics Group Co., Ltd. Class H 726,000 523,441 # Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H 1,277,000 1,027,879 Shanghai Haohai Biological Technology Co., Ltd. Class H 9,100 43,478 Shanghai Industrial Holdings, Ltd. 3,132,000 8,429,104 # Shanghai Industrial Urban Development Group, Ltd. 11,912,000 3,116,285 Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H 7,356,000 1,971,027 Shanghai Prime Machinery Co., Ltd. Class H 5,106,000 947,482 * Shanghai Zendai Property, Ltd. 9,680,000 153,754 Sheen Tai Holdings Grp Co., Ltd. 2,482,000 263,873 * Shengli Oil & Gas Pipe Holdings, Ltd. 2,272,500 103,465 Shenguan Holdings Group, Ltd. 7,096,000 518,210 Shenzhen Expressway Co., Ltd. Class H 4,196,400 3,823,602 Shenzhen International Holdings, Ltd. 7,240,222 10,418,299 Shenzhen Investment, Ltd. 22,334,874 9,081,666 #* Shougang Concord International Enterprises Co., Ltd. 23,466,000 796,530 Shougang Fushan Resources Group, Ltd. 18,634,000 3,634,774 Shui On Land, Ltd. 25,913,143 5,460,563 #* Shunfeng International Clean Energy, Ltd. 9,212,000 583,068 # Sichuan Expressway Co., Ltd. Class H 5,288,000 2,014,231 Sihuan Pharmaceutical Holdings Group, Ltd. 26,691,000 7,856,402 * Silver Grant International Industries, Ltd. 4,698,000 589,956 #* Silverman Holdings, Ltd. 2,410,000 378,033 * SIM Technology Group, Ltd. 1,050,000 43,153 #* Sino Oil And Gas Holdings, Ltd. 70,712,766 1,732,617 * Sino-I Technology, Ltd. 3,950,000 54,543 Sino-Ocean Group Holdings, Ltd. 3,766,000 1,621,910 # Sinofert Holdings, Ltd. 15,347,327 2,561,743 * Sinolink Worldwide Holdings, Ltd. 12,560,800 1,516,271 # SinoMedia Holding, Ltd. 1,126,000 272,108 Sinopec Engineering Group Co., Ltd. Class H 1,284,000 1,042,750 # Sinopec Kantons Holdings, Ltd. 5,380,000 2,628,554
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ----------- CHINA -- (Continued) # Sinosoft Technology Group, Ltd. 3,417,599 $ 1,064,119 #* Sinotrans Shipping, Ltd. 5,155,586 1,055,572 Sinotrans, Ltd. Class H 13,125,000 5,455,679 Sinotruk Hong Kong, Ltd. 4,613,500 3,459,183 * Skyfame Realty Holdings, Ltd. 1,078,000 128,612 # Skyworth Digital Holdings, Ltd. 12,399,447 8,178,718 # SMI Holdings Group, Ltd. 27,840,066 2,607,969 #* SOHO China, Ltd. 14,892,500 7,534,193 * Sohu.com, Inc. 99,903 3,963,152 * Sound Global, Ltd. 494,000 123,500 #* Sparkle Roll Group, Ltd. 6,040,000 534,511 Springland International Holdings, Ltd. 4,720,000 850,026 #* SPT Energy Group, Inc. 4,970,000 492,744 * SRE Group, Ltd. 26,124,346 655,764 # SSY Group, Ltd. 14,173,152 4,545,974 Suchuang Gas Corp., Ltd. 40,000 11,375 Sun King Power Electronics Group 1,436,000 282,543 # Sunac China Holdings, Ltd. 13,947,000 12,389,665 # Sunshine 100 China Holdings, Ltd. 130,000 50,247 Symphony Holdings, Ltd. 5,830,000 569,727 # Tarena International, Inc. ADR 91,598 1,354,734 * Taung Gold International, Ltd. 3,560,000 39,715 # TCC International Holdings, Ltd. 10,116,647 2,441,646 TCL Multimedia Technology Holdings, Ltd. 3,700,510 1,710,172 #* Tech Pro Technology Development, Ltd. 8,466,000 188,347 # Technovator International, Ltd. 3,000,000 1,158,103 Tenfu Cayman Holdings Co., Ltd. 216,000 72,216 # Tenwow International Holdings, Ltd. 3,414,000 1,006,512 Texhong Textile Group, Ltd. 2,002,000 2,777,490 # Tian An China Investment Co., Ltd. 1,383,000 800,930 * Tian Ge Interactive Holdings, Ltd. 61,000 36,790 Tian Shan Development Holdings, Ltd. 1,742,000 742,285 Tiande Chemical Holdings, Ltd. 64,000 16,083 Tiangong International Co., Ltd. 9,730,000 1,331,175 Tianjin Capital Environmental Protection Group Co., Ltd. Class H 2,544,000 1,367,452 Tianjin Development Holdings, Ltd. 3,822,000 2,087,896 Tianjin Port Development Holdings, Ltd. 11,994,800 1,860,107 # Tianneng Power International, Ltd. 4,938,048 4,348,368 Tianyi Summi Holdings, Ltd. 4,716,000 606,058 # Tibet Water Resources, Ltd. 10,780,000 4,655,938 Time Watch Investments, Ltd. 1,456,000 183,582 Tomson Group, Ltd. 1,309,229 526,237 Tong Ren Tang Technologies Co., Ltd. Class H 4,009,000 7,141,624 # Tongda Group Holdings, Ltd. 19,080,000 5,331,612 Tonly Electronics Holdings, Ltd. 431,176 224,275 Top Spring International Holdings, Ltd. 383,000 125,847 * Tou Rong Chang Fu Group, Ltd. 2,508,000 63,928 * Towngas China Co., Ltd. 7,079,000 3,856,733 TPV Technology, Ltd. 5,063,964 928,767 # Trigiant Group, Ltd. 3,684,000 525,054 * Trony Solar Holdings Co., Ltd. 1,757,000 26,721 # Truly International Holdings, Ltd. 8,919,573 3,635,440 # Uni-President China Holdings, Ltd. 7,425,000 5,673,177
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ------------ CHINA -- (Continued) #* United Energy Group, Ltd. 31,382,900 $ 1,707,872 #* United Photovoltaics Group, Ltd. 2,718,000 247,101 * Universal Health International Group Holding, Ltd. 8,086,000 342,713 # Universal Medical Financial & Technical Advisory Services Co., Ltd. 3,153,000 2,631,172 #* V1 Group, Ltd. 21,345,600 807,897 # Vinda International Holdings, Ltd. 424,000 841,830 Wanguo International Mining Group, Ltd. 154,000 39,386 # Wasion Group Holdings, Ltd. 3,374,000 1,857,494 Weiqiao Textile Co. Class H 2,668,000 1,703,366 Welling Holding, Ltd. 6,716,000 1,353,781 #* West China Cement, Ltd. 17,434,000 2,423,198 #* Wisdom Sports Group 984,000 283,664 * Wuzhou International Holdings, Ltd. 7,336,000 736,731 # Xiamen International Port Co., Ltd. Class H 7,302,000 1,422,300 #* Xinchen China Power Holdings, Ltd. 2,448,000 385,638 Xingda International Holdings, Ltd. 6,074,000 2,945,490 Xingfa Aluminium Holdings, Ltd. 46,000 20,600 Xinhua Winshare Publishing and Media Co., Ltd. Class H 2,347,103 2,095,747 * Xinjiang Xinxin Mining Industry Co., Ltd. Class H 4,756,598 723,308 #* Xinyi Solar Holdings, Ltd. 15,888,000 5,493,078 * Xiwang Special Steel Co., Ltd. 369,000 51,990 XTEP International Holdings, Ltd. 5,155,000 2,175,201 * Yanchang Petroleum International, Ltd. 30,550,000 894,195 # Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H 799,000 1,694,281 # Yashili International Holdings, Ltd. 2,335,000 491,312 Yida China Holdings, Ltd. 1,148,000 295,601 # Yingde Gases Group Co., Ltd. 7,124,000 4,316,901 Yip's Chemical Holdings, Ltd. 1,886,000 774,521 * Youyuan International Holdings, Ltd. 2,937,070 749,137 * Yuanda China Holdings, Ltd. 12,884,000 280,680 * YuanShengTai Dairy Farm, Ltd. 4,183,000 279,365 Yuexiu Property Co., Ltd. 52,334,284 7,653,389 # Yuexiu Transport Infrastructure, Ltd. 4,354,018 2,750,324 # Yunnan Water Investment Co., Ltd. Class H 592,000 303,621 Yuzhou Properties Co., Ltd. 10,699,120 3,507,445 * YY, Inc. ADR 203,839 8,373,706 * Zall Group, Ltd. 318,000 206,768 # Zhaojin Mining Industry Co., Ltd. Class H 5,499,500 4,944,673 # Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H 1,508,400 881,815 * Zhong An Real Estate, Ltd. 6,952,400 545,657 # Zhongsheng Group Holdings, Ltd. 3,983,000 4,951,026 Zhuhai Holdings Investment Group, Ltd. 1,028,000 155,919 ------------ TOTAL CHINA 888,576,018 ------------ COLOMBIA -- (0.2%) Almacenes Exito SA 804,239 4,289,641 Bolsa de Valores de Colombia 29,054,344 218,547 Celsia SA ESP 1,232,464 1,790,913 * Cemex Latam Holdings SA 951,995 3,730,187 Constructora Conconcreto SA 293,150 114,263 Corp. Financiera Colombiana SA 33,478 394,449 * Empresa de Telecomunicaciones de Bogota 3,257,689 710,627 Interconexion Electrica SA ESP 110,589 399,289
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ----------- COLOMBIA -- (Continued) Mineros SA 102,961 $ 73,223 * Odinsa SA 19,092 52,222 ----------- TOTAL COLOMBIA 11,773,361 ----------- GREECE -- (0.3%) Aegean Airlines SA 221,351 1,583,239 Athens Water Supply & Sewage Co. SA (The) 125,722 726,213 Bank of Greece 142,501 1,846,969 * Ellaktor SA 909,399 1,069,793 * Fourlis Holdings SA 283,268 1,334,994 * GEK Terna Holding Real Estate Construction SA 475,188 1,160,691 * Hellenic Exchanges - Athens Stock Exchange SA 503,928 2,427,998 * Iaso SA 282,999 127,014 * Intracom Holdings SA 664,642 213,069 * Intralot SA-Integrated Lottery Systems & Services 865,039 1,005,885 * Lamda Development SA 92,510 425,591 * Marfin Investment Group Holdings SA 6,110,771 965,917 Metka Industrial - Construction SA 188,318 1,312,312 * Mytilineos Holdings SA 339,544 2,357,691 Piraeus Port Authority SA 42,172 575,738 Sarantis SA 96,712 1,078,349 Terna Energy SA 257,713 772,356 ----------- TOTAL GREECE 18,983,819 ----------- HONG KONG -- (0.0%) Samson Holding, Ltd. 2,549,000 183,361 SITC International Holdings Co., Ltd. 2,580,000 1,602,422 ----------- TOTAL HONG KONG 1,785,783 ----------- HUNGARY -- (0.1%) #* FHB Mortgage Bank P.L.C. 27,009 44,667 Magyar Telekom Telecommunications P.L.C. 1,807,026 3,226,650 Richter Gedeon Nyrt 84,933 1,829,229 ----------- TOTAL HUNGARY 5,100,546 ----------- INDIA -- (12.5%) * 3M India, Ltd. 6,495 1,143,106 * 8K Miles Software Services, Ltd. 25,244 227,069 Aarti Industries 201,976 2,142,291 * Aban Offshore, Ltd. 137,519 494,725 Abbott India, Ltd. 929 59,817 Accelya Kale Solutions, Ltd. 3,300 79,284 Adani Enterprises, Ltd. 1,642,031 2,114,902 * Adani Power, Ltd. 6,769,452 3,633,723 * Adani Transmissions, Ltd. 516,761 481,910 Aditya Birla Nuvo, Ltd. 186,075 3,725,745 Aegis Logistics, Ltd. 1,156,994 2,202,544 Agro Tech Foods, Ltd. 62,964 456,936 * Ahluwalia Contracts India Ltd. 3,424 13,878 AIA Engineering, Ltd. 240,532 4,797,594 Ajanta Pharma, Ltd. 316,100 7,910,687 Akzo Nobel India, Ltd. 76,588 1,618,543
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- INDIA -- (Continued) Alembic Pharmaceuticals, Ltd. 578,571 $4,764,661 Alembic, Ltd. 624,014 327,034 * Allahabad Bank 1,121,891 1,101,465 Allcargo Logistics, Ltd. 415,386 1,081,828 * Alok Industries, Ltd. 1,535,243 74,802 Amara Raja Batteries, Ltd. 485,959 6,431,293 * Amtek Auto, Ltd. 217,501 108,845 Anant Raj, Ltd. 396,539 251,893 Andhra Bank 1,312,648 981,526 Apar Industries, Ltd. 100,504 923,269 APL Apollo Tubes, Ltd. 3,662 56,334 Apollo Hospitals Enterprise, Ltd. 60,510 1,098,518 Apollo Tyres, Ltd. 2,214,640 5,883,453 * Arvind SmartSpaces, Ltd. 80,757 86,063 Arvind, Ltd. 1,708,364 9,234,695 Asahi India Glass, Ltd. 447,807 1,313,894 Ashiana Housing, Ltd. 10,028 21,679 Ashoka Buildcon, Ltd. 190,966 528,065 Astral Polytechnik, Ltd. 36,826 210,398 * AstraZeneca Pharma India, Ltd. 2,547 35,306 Atul, Ltd. 81,520 2,735,252 Automotive Axles, Ltd. 11,656 110,469 Bajaj Corp., Ltd. 391,982 2,153,517 Bajaj Electricals, Ltd. 230,870 823,154 * Bajaj Hindusthan Sugar, Ltd. 2,708,567 584,554 Bajaj Holdings & Investment, Ltd. 121,535 3,584,305 Balkrishna Industries, Ltd. 260,601 4,314,698 * Ballarpur Industries, Ltd. 1,005,483 228,065 Balmer Lawrie & Co., Ltd. 450,809 1,488,010 Balrampur Chini Mills, Ltd. 1,333,393 2,784,096 * Bank of India 1,787,393 3,100,577 * Bank Of Maharashtra 754,510 367,924 Bannari Amman Sugars, Ltd. 14,297 419,206 BASF India, Ltd. 83,644 1,608,042 Bata India, Ltd. 297,663 2,100,145 BEML, Ltd. 174,674 3,113,237 Berger Paints India, Ltd. 2,580,429 8,020,409 * BF Utilities, Ltd. 80,023 425,201 * Bharat Financial Inclusion, Ltd. 367,223 3,990,474 Bharat Forge, Ltd. 51,692 711,014 Biocon, Ltd. 595,447 8,867,683 Birla Corp., Ltd. 160,261 1,749,209 Bliss Gvs Pharma, Ltd. 94,686 205,177 Blue Dart Express, Ltd. 33,643 2,157,854 Blue Star, Ltd. 283,135 2,230,452 Bodal Chemicals, Ltd. 63,233 122,183 Bombay Dyeing & Manufacturing Co., Ltd. 737,242 598,994 Brigade Enterprises, Ltd. 196,245 457,858 Camlin Fine Sciences, Ltd. 14,841 24,150 Can Fin Homes, Ltd. 38,675 1,057,582 * Canara Bank 675,656 2,841,058 Capital First, Ltd. 84,065 798,166 Caplin Point Laboratories, Ltd. 49,812 310,153
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- INDIA -- (Continued) Carborundum Universal, Ltd. 352,966 $1,328,729 Castrol India, Ltd. 97,764 585,669 CCL Products India, Ltd. 497,702 2,208,680 Ceat, Ltd. 234,450 4,042,197 Century Plyboards India, Ltd. 620,374 1,807,395 Century Textiles & Industries, Ltd. 465,625 5,762,907 Cera Sanitaryware, Ltd. 10,139 321,916 CESC, Ltd. 681,408 7,352,374 Chambal Fertilizers and Chemicals, Ltd. 1,130,592 1,341,481 Chennai Petroleum Corp., Ltd. 372,595 1,817,816 Chennai Super Kings Cricket, Ltd. 1,658,632 10,314 Cholamandalam Investment and Finance Co., Ltd. 204,067 3,102,055 * Cigniti Technologies, Ltd. 1,895 12,265 City Union Bank, Ltd. 1,434,480 3,129,440 Clariant Chemicals India, Ltd. 64,107 672,717 Coromandel International, Ltd. 571,426 2,657,699 * Corp. Bank 1,348,710 861,271 Cox & Kings, Ltd. 741,911 2,117,354 Credit Analysis & Research, Ltd. 83,752 1,719,794 CRISIL, Ltd. 86,676 2,634,143 * Crompton Greaves Consumer Electricals, Ltd. 3,403,119 9,570,901 * Crompton Greaves, Ltd. 3,403,119 3,231,056 Cummins India, Ltd. 367 4,537 Cyient, Ltd. 381,412 2,581,272 Dalmia Bharat Sugar & Industries, Ltd. 61,206 170,240 Dalmia Bharat, Ltd. 129,080 3,505,766 DB Corp., Ltd. 76,163 418,606 * DB Realty, Ltd. 658,917 387,839 * DCB Bank, Ltd. 1,976,005 3,440,155 DCM Shriram, Ltd. 260,162 1,012,548 Deepak Fertilisers & Petrochemicals Corp., Ltd. 242,420 891,431 Deepak Nitrite, Ltd. 30,507 48,717 Delta Corp., Ltd. 674,207 1,240,923 * DEN Networks, Ltd. 450,304 586,173 * Dena Bank 1,251,365 653,333 Dewan Housing Finance Corp., Ltd. 753,744 3,184,382 Dhanuka Agritech, Ltd. 18,237 186,659 * Dish TV India, Ltd. 4,403,464 5,454,472 Dishman Pharmaceuticals & Chemicals, Ltd. 853,143 2,855,645 DLF, Ltd. 364,025 729,657 * Dynamatic Technologies, Ltd. 8,543 369,932 eClerx Services, Ltd. 142,822 3,176,948 Edelweiss Financial Services, Ltd. 2,218,226 3,596,230 * EID Parry India, Ltd. 588,206 2,452,972 EIH, Ltd. 970,175 1,425,847 Electrosteel Castings, Ltd. 607,641 240,072 Elgi Equipments, Ltd. 272,744 765,251 Engineers India, Ltd. 1,682,930 3,670,592 Entertainment Network India, Ltd. 66,108 757,432 * Eros International Media, Ltd. 222,553 550,185 Escorts, Ltd. 754,964 4,054,610 Essel Propack, Ltd. 505,957 1,803,035 Eveready Industries India, Ltd. 259,833 931,026
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- INDIA -- (Continued) Exide Industries, Ltd. 2,356,441 $6,822,764 FAG Bearings India, Ltd. 34,462 2,006,438 FDC, Ltd. 466,632 1,462,723 Federal Bank, Ltd. 8,408,191 9,418,760 * Federal-Mogul Goetze India, Ltd. 74,246 539,086 FIEM Industries, Ltd. 5,144 81,215 Finolex Cables, Ltd. 767,545 4,959,796 Finolex Industries, Ltd. 418,175 3,048,063 * Firstsource Solutions, Ltd. 2,353,285 1,383,907 * Fortis Healthcare, Ltd. 840,560 2,270,496 * Future Consumer, Ltd. 4,053,242 1,339,820 Future Enterprises, Ltd. 983,154 317,606 * Future Retail Ltd. 983,154 2,512,449 Gabriel India, Ltd. 572,077 922,353 Garware Wall Ropes, Ltd. 1,323 11,292 Gateway Distriparks, Ltd. 653,663 2,319,057 Gati, Ltd. 220,146 390,509 Gayatri Projects, Ltd. 18,752 177,830 * GE Power India, Ltd. 186,497 1,595,214 GE T&D India, Ltd. 124,100 563,057 Genus Power Infrastructures, Ltd. 38,419 23,879 Geometric, Ltd. 99,046 364,508 GHCL, Ltd. 279,324 1,134,778 GIC Housing Finance, Ltd. 77,845 338,043 Gillette India, Ltd. 13,940 864,379 * GMR Infrastructure, Ltd. 15,924,296 2,996,388 GOCL Corp., Ltd. 76,450 331,614 Godfrey Phillips India, Ltd. 63,011 939,516 Godrej Industries, Ltd. 419,995 2,665,796 * Godrej Properties, Ltd. 530,157 2,575,255 Granules India, Ltd. 680,083 1,133,407 Graphite India, Ltd. 397,865 570,216 Great Eastern Shipping Co., Ltd. (The) 537,661 3,114,262 Greaves Cotton, Ltd. 725,554 1,462,377 Greenply Industries, Ltd. 42,191 161,130 Grindwell Norton, Ltd. 45,754 215,792 Gruh Finance, Ltd. 584,188 2,901,330 Gujarat Alkalies & Chemicals, Ltd. 194,312 1,070,958 Gujarat Ambuja Exports, Ltd. 36,931 51,566 Gujarat Fluorochemicals, Ltd. 224,424 1,578,499 Gujarat Gas, Ltd. 319,983 2,696,320 Gujarat Industries Power Co., Ltd. 116,996 191,518 Gujarat Mineral Development Corp., Ltd. 803,287 1,386,415 Gujarat Narmada Valley Fertilizers & Chemicals, Ltd. 266,808 950,320 Gujarat Pipavav Port, Ltd. 1,038,829 2,136,259 Gujarat State Fertilizers & Chemicals, Ltd. 969,096 1,545,760 Gujarat State Petronet, Ltd. 1,518,170 3,408,968 Gulf Oil Lubricants India, Ltd. 80,114 763,733 * GVK Power & Infrastructure, Ltd. 5,289,365 456,465 * Hathway Cable & Datacom, Ltd. 2,039,467 1,127,835 Havells India, Ltd. 381,133 2,360,577 * HCL Infosystems, Ltd. 541,502 474,313 * HEG, Ltd. 36,273 94,754
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- INDIA -- (Continued) * HeidelbergCement India, Ltd. 870,658 $1,507,689 Heritage Foods, Ltd. 7,424 108,354 Hexaware Technologies, Ltd. 1,440,758 4,131,022 Hikal, Ltd. 103,712 354,472 * Himachal Futuristic Communications, Ltd. 4,767,799 975,118 Himadri Speciality Chemical, Ltd. 114,012 70,027 Himatsingka Seide, Ltd. 239,389 1,184,759 Hinduja Global Solutions, Ltd. 15,689 124,504 Hinduja Ventures, Ltd. 27,826 203,727 * Hindustan Construction Co., Ltd. 2,667,081 1,710,323 Hindustan Media Ventures, Ltd. 16,871 67,419 Honeywell Automation India, Ltd. 13,522 1,893,278 * Housing Development & Infrastructure, Ltd. 3,661,678 3,377,895 HSIL, Ltd. 238,038 1,019,730 HT Media, Ltd. 550,399 646,567 Huhtamaki PPL, Ltd. 126,615 458,810 ICRA, Ltd. 2,834 172,548 * IDBI Bank, Ltd. 4,310,788 4,921,526 * IFB Industries, Ltd. 28,464 219,513 IFCI, Ltd. 5,221,683 2,378,804 Igarashi Motors India, Ltd. 2,312 24,992 IIFL Holdings, Ltd. 1,532,495 6,641,311 IL&FS Transportation Networks, Ltd. 807,052 1,308,425 India Cements, Ltd. (The) 1,763,985 3,784,327 * Indiabulls Real Estate, Ltd. 1,742,204 1,954,328 Indian Bank 742,128 2,982,708 Indian Hotels Co., Ltd. 2,977,271 4,761,209 Indian Hume Pipe Co., Ltd. 7,088 37,767 * Indian Overseas Bank 2,002,490 762,777 Indo Count Industries, Ltd. 207,576 548,887 Indoco Remedies, Ltd. 302,180 1,193,750 Indraprastha Gas, Ltd. 228,271 3,156,346 INEOS Styrolution India, Ltd. 23,441 209,005 Ingersoll-Rand India, Ltd. 86,228 823,119 * Inox Leisure, Ltd. 364,062 1,148,565 * Inox Wind, Ltd. 95,348 258,641 * Intellect Design Arena, Ltd. 424,221 889,274 * Ipca Laboratories, Ltd. 375,952 2,945,892 IRB Infrastructure Developers, Ltd. 1,582,858 5,406,969 * ITD Cementation India, Ltd. 255,738 608,320 J Kumar Infraprojects, Ltd. 28,792 95,337 * Jagran Prakashan, Ltd. 834,371 2,244,422 Jai Corp., Ltd. 104,735 107,918 Jain Irrigation Systems, Ltd. 3,123,477 4,346,355 * Jaiprakash Associates, Ltd. 10,389,053 1,747,002 * Jaiprakash Power Ventures, Ltd. 6,493,149 473,835 Jammu & Kashmir Bank, Ltd. (The) 2,109,565 1,944,619 Jamna Auto Industries, Ltd. 64,389 172,181 * Jaypee Infratech, Ltd. 3,812,775 476,785 JB Chemicals & Pharmaceuticals, Ltd. 232,209 1,151,706 JBF Industries, Ltd. 256,841 860,733 * Jet Airways India, Ltd. 107,820 639,181 Jindal Poly Films, Ltd. 130,599 650,669
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- INDIA -- (Continued) Jindal Saw, Ltd. 1,136,957 $ 973,752 * Jindal Stainless Hisar, Ltd. 81,601 123,198 * Jindal Steel & Power, Ltd. 3,202,653 3,795,006 * JITF Infralogistics, Ltd. 91,395 41,464 JK Cement, Ltd. 196,644 2,099,770 JK Lakshmi Cement, Ltd. 449,983 2,479,010 JK Tyre & Industries, Ltd. 810,027 1,442,789 JM Financial, Ltd. 2,322,187 2,356,766 Johnson Controls-Hitachi Air Conditioning India, Ltd. 65,690 1,358,904 JSW Energy, Ltd. 3,177,430 2,854,557 * JSW Holdings, Ltd. 22,564 502,891 Jubilant Foodworks, Ltd. 325,974 4,176,541 Jubilant Life Sciences, Ltd. 505,015 5,020,244 * Just Dial, Ltd. 283,534 1,524,712 Jyothy Laboratories, Ltd. 421,308 2,167,465 Kajaria Ceramics, Ltd. 663,898 5,659,608 Kalpataru Power Transmission, Ltd. 452,177 1,841,247 * Kalyani Steels, Ltd. 53,806 257,285 Kansai Nerolac Paints, Ltd. 460,479 2,338,070 Karnataka Bank, Ltd. (The) 1,577,699 2,660,701 Karur Vysya Bank, Ltd. (The) 2,359,560 2,895,257 * Kaveri Seed Co., Ltd. 205,478 1,394,317 * KAYA, Ltd. 6,469 78,669 KCP, Ltd. 50,828 63,128 KEC International, Ltd. 766,919 1,690,609 * Kesoram Industries, Ltd. 211,137 426,200 Kewal Kiran Clothing, Ltd. 1,598 40,777 Kirloskar Brothers, Ltd. 13,013 43,638 Kirloskar Oil Engines, Ltd. 237,370 1,157,879 Kitex Garments, Ltd. 48,447 317,896 KNR Constructions, Ltd. 23,421 65,043 Kolte-Patil Developers, Ltd. 78,045 108,886 KPIT Technologies, Ltd. 1,213,375 2,334,734 KPR Mill, Ltd. 44,564 378,810 KRBL, Ltd. 524,933 2,890,585 KSB Pumps, Ltd. 52,540 473,418 * KSK Energy Ventures, Ltd. 285,569 68,267 Kwality, Ltd. 108,719 220,531 L&T Finance Holdings, Ltd. 3,119,681 4,486,622 LA Opala RG, Ltd. 34,869 239,082 Lakshmi Machine Works, Ltd. 26,586 1,501,333 Lakshmi Vilas Bank, Ltd. (The) 578,090 1,186,131 * Lanco Infratech, Ltd. 5,107,406 286,262 Linde India, Ltd. 18,130 95,722 Magma Fincorp, Ltd. 79,915 115,836 Maharashtra Seamless, Ltd. 210,955 842,295 Mahindra & Mahindra Financial Services, Ltd. 1,158,004 4,558,321 * Mahindra CIE Automotive, Ltd. 148,244 418,626 Mahindra Holidays & Resorts India, Ltd. 258,111 1,602,105 Mahindra Lifespace Developers, Ltd. 122,860 641,116 * Majesco, Ltd. 47,137 256,957 Manappuram Finance, Ltd. 2,498,905 2,904,549 * Mangalore Refinery & Petrochemicals, Ltd. 1,709,073 2,469,088
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- INDIA -- (Continued) Marksans Pharma, Ltd. 747,546 $ 413,946 Max Financial Services, Ltd. 754,963 6,338,311 * MAX India, Ltd. 960,513 1,990,922 * Max Ventures & Industries, Ltd. 192,103 186,455 Mayur Uniquoters, Ltd. 28,981 156,754 McLeod Russel India, Ltd. 504,587 1,161,105 Meghmani Organics, Ltd. 161,551 107,528 Merck, Ltd. 46,217 638,443 Minda Corp., Ltd. 36,029 47,070 Minda Industries, Ltd. 24,793 127,772 MindTree, Ltd. 789,676 5,252,410 Mirza International, Ltd. 37,315 49,327 MOIL, Ltd. 99,057 513,838 Monsanto India, Ltd. 47,843 1,616,367 Motilal Oswal Financial Services, Ltd. 106,737 876,121 Mphasis, Ltd. 584,169 4,795,623 MPS, Ltd. 31,842 309,668 MRF, Ltd. 9,818 7,443,326 Muthoot Finance, Ltd. 487,665 2,229,918 * Nagarjuna Fertilizers & Chemicals, Ltd. 632,948 118,665 Natco Pharma, Ltd. 566,543 5,779,843 National Aluminium Co., Ltd. 3,303,706 3,656,990 Nava Bharat Ventures, Ltd. 181,310 304,031 Navin Fluorine International, Ltd. 4,796 188,944 * Navkar Corp., Ltd. 3,995 9,869 Navneet Education, Ltd. 711,851 1,299,899 NCC, Ltd. 4,489,804 5,500,165 Nectar Lifesciences, Ltd. 229,932 116,689 NESCO, Ltd. 41,255 1,259,828 * Network 18 Media & Investments, Ltd. 315,927 165,615 NIIT Technologies, Ltd. 334,524 2,010,716 * NIIT, Ltd. 689,214 755,540 Nilkamal, Ltd. 51,025 1,240,925 NOCIL, Ltd. 63,888 70,287 Oberoi Realty, Ltd. 585,186 2,729,891 OCL India, Ltd. 70,023 885,158 Omaxe, Ltd. 427,081 1,036,909 OnMobile Global, Ltd. 209,843 247,050 Orient Cement Ltd. 378,234 753,889 Orient Paper & Industries, Ltd.(6660765) 113,249 125,512 Orient Paper & Industries, Ltd.() 4,045 423 Oriental Bank of Commerce 588,747 1,007,861 Orissa Minerals Development Co., Ltd. 1 33 Page Industries, Ltd. 31,663 6,782,158 * Parsvnath Developers, Ltd. 242,960 47,870 PC Jeweller, Ltd. 461,635 2,590,944 Persistent Systems, Ltd. 267,505 2,348,601 Petronet LNG, Ltd. 190,459 1,049,571 Pfizer, Ltd. 89,525 2,332,368 Phoenix Mills, Ltd. (The) 318,481 1,620,410 PI Industries, Ltd. 437,024 5,575,697 Piramal Enterprises, Ltd. 4,904 121,897 * Polaris Consulting & Services, Ltd. 26,690 61,863
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- INDIA -- (Continued) Praj Industries, Ltd. 612,609 $ 748,207 Prestige Estates Projects, Ltd. 628,433 1,548,990 * Prism Cement, Ltd. 645,641 872,612 PTC India Financial Services, Ltd. 1,650,202 1,010,585 PTC India, Ltd. 2,194,305 2,723,669 Puravankara, Ltd. 389,976 260,181 PVR, Ltd. 136,228 2,456,963 Radico Khaitan, Ltd. 378,681 630,588 Rain Industries, Ltd. 1,039,970 1,018,738 Rajesh Exports, Ltd. 103,357 759,399 Rallis India, Ltd. 751,784 2,552,637 Ramco Cements, Ltd. (The) 573,076 5,913,612 Ramco Industries, Ltd. 57,554 172,734 * Ramco Systems, Ltd. 28,350 154,358 Rashtriya Chemicals & Fertilizers, Ltd. 274,978 234,406 Ratnamani Metals & Tubes, Ltd. 48,826 476,193 * RattanIndia Power, Ltd. 1,902,746 202,082 Raymond, Ltd. 255,278 1,855,597 Redington India, Ltd. 1,693,602 2,561,583 * REI Agro, Ltd. 1,801,465 11,811 Relaxo Footwears, Ltd. 91,065 587,588 Reliance Capital, Ltd. 983,665 6,531,519 * Reliance Communications, Ltd. 4,294,802 2,171,792 * Reliance Defence and Engineering, Ltd. 1,147,331 1,019,909 Reliance Infrastructure, Ltd. 1,046,499 7,958,205 * Reliance Power, Ltd. 5,658,237 3,732,191 Repco Home Finance, Ltd. 126,392 1,224,277 * Rolta India, Ltd. 839,332 804,953 * Ruchi Soya Industries, Ltd. 838,664 287,492 Rural Electrification Corp., Ltd. 216,224 454,390 Sadbhav Engineering, Ltd. 369,912 1,508,496 Sanghvi Movers, Ltd. 32,366 104,509 Sanofi India, Ltd. 35,488 2,137,975 Sharda Cropchem, Ltd. 41,653 280,521 Shilpa Medicare, Ltd. 55,882 578,213 Shilpi Cable Technologies, Ltd. 89,439 296,186 * Shipping Corp. of India, Ltd. 975,179 962,291 Shoppers Stop, Ltd. 32,032 136,011 Shriram City Union Finance, Ltd. 19,835 552,137 * Shriram EPC Ltd. 8,140 3,378 * Shyam Century Ferrous, Ltd. 137,796 17,438 * Sical Logistics, Ltd. 7,652 25,068 Simplex Infrastructures, Ltd. 101,949 465,932 Sintex Industries, Ltd. 3,697,541 4,584,010 * SITI Networks, Ltd. 1,527,761 887,388 SJVN, Ltd. 2,898,231 1,388,205 SKF India, Ltd. 128,199 2,426,713 Skipper, Ltd. 6,600 15,136 SML ISUZU, Ltd. 42,899 754,705 Sobha, Ltd. 382,591 1,470,376 Solar Industries India, Ltd. 130,980 1,339,862 Somany Ceramics, Ltd. 3,697 32,337 Sona Koyo Steering Systems, Ltd. 419,476 509,392
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ----------- INDIA -- (Continued) Sonata Software, Ltd. 341,739 $ 967,424 South Indian Bank, Ltd. (The) 6,588,178 2,032,662 SREI Infrastructure Finance, Ltd. 1,205,273 1,554,699 SRF, Ltd. 185,865 4,706,307 * Star Ferro and Cement, Ltd. 137,796 194,969 State Bank of Bikaner & Jaipur 146,666 1,499,003 State Bank of Travancore 104,431 832,392 * Steel Authority of India, Ltd. 1,324,841 1,245,800 Sterlite Technologies, Ltd. 1,319,184 2,424,952 Strides Shasun, Ltd. 353,724 5,707,472 Sudarshan Chemical Industries, Ltd. 50,620 250,566 Sun TV Network, Ltd. 549,097 4,270,225 Sundaram Finance, Ltd. 56,255 1,143,082 Sundaram-Clayton, Ltd. 3,890 183,067 Sundram Fasteners, Ltd. 659,291 3,100,075 Sunteck Realty, Ltd. 12,641 45,918 Suprajit Engineering, Ltd. 80,335 224,397 Supreme Industries, Ltd. 309,088 4,285,890 Supreme Petrochem, Ltd. 124,694 493,364 Suven Life Sciences, Ltd. 90,466 233,232 * Suzlon Energy, Ltd. 9,681,082 2,444,700 Swaraj Engines, Ltd. 16,290 340,847 Symphony, Ltd. 38,870 753,070 * Syndicate Bank 1,354,916 1,339,970 TAKE Solutions, Ltd. 380,390 785,784 Tamil Nadu Newsprint & Papers, Ltd. 173,348 863,388 Tata Chemicals, Ltd. 600,945 4,839,542 Tata Communications, Ltd. 758,478 7,905,245 Tata Elxsi, Ltd. 134,345 2,813,794 Tata Global Beverages, Ltd. 3,071,328 5,829,302 Tata Power Co., Ltd. 128,002 150,205 Tata Sponge Iron, Ltd. 21,337 185,964 * Tata Teleservices Maharashtra, Ltd. 4,512,759 405,824 * TCI Express, Ltd. 123,000 550,230 Techno Electric & Engineering Co., Ltd. 268,955 1,411,819 Texmaco Rail & Engineering, Ltd. 364,781 577,375 Thermax, Ltd. 298,807 3,558,321 Thomas Cook India, Ltd. 18,661 53,740 Tide Water Oil Co India, Ltd. 2,875 248,546 Time Technoplast, Ltd. 461,614 601,624 Timken India, Ltd. 192,114 1,825,255 Titagarh Wagons, Ltd. 471,257 807,160 Torrent Pharmaceuticals, Ltd. 3,389 65,207 Torrent Power, Ltd. 1,124,547 3,224,134 Transport Corp. of India, Ltd. 245,999 594,417 Trent, Ltd. 449,150 1,577,073 * Triveni Engineering & Industries, Ltd. 302,068 322,497 Triveni Turbine, Ltd. 530,132 938,756 TTK Prestige, Ltd. 42,816 3,644,838 Tube Investments of India, Ltd. 521,048 4,449,981 * TV18 Broadcast, Ltd. 4,850,693 2,592,162 TVS Motor Co., Ltd. 2,069,745 11,789,270 TVS Srichakra, Ltd. 1,310 61,909
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ----------- ------------ INDIA -- (Continued) * UCO Bank 1,375,491 $ 697,168 Uflex, Ltd. 232,965 911,442 UFO Moviez India, Ltd. 12,448 83,607 Unichem Laboratories, Ltd. 348,803 1,387,655 Union Bank of India 1,441,517 3,056,231 * Unitech, Ltd. 12,950,453 929,373 UPL, Ltd. 206,926 2,210,965 V-Guard Industries, Ltd. 979,930 2,993,524 VA Tech Wabag, Ltd. 268,108 1,923,998 Vakrangee, Ltd. 933,077 4,204,451 Vardhman Textiles, Ltd. 169,995 3,157,387 Vesuvius India, Ltd. 1,806 32,047 * Videocon Industries, Ltd. 981,282 1,502,833 * Vijaya Bank 2,025,328 1,574,976 Vinati Organics, Ltd. 28,611 311,168 VIP Industries, Ltd. 788,420 1,514,845 Voltas, Ltd. 1,331,035 6,399,420 VRL Logistics, Ltd. 2,756 11,685 VST Industries, Ltd. 27,404 977,389 VST Tillers Tractors, Ltd. 2,474 68,125 WABCO India, Ltd. 26,081 2,099,419 Welspun Corp., Ltd. 803,609 993,333 * Welspun Enterprises, Ltd. 411,154 379,146 Welspun India, Ltd. 2,255,859 2,520,326 Wheels India, Ltd. 1,361 25,044 * Whirlpool of India, Ltd. 55,388 771,594 Wockhardt, Ltd. 192,217 1,835,616 Wonderla Holidays, Ltd. 13,012 71,638 Zee Media Corp., Ltd. 108,284 58,971 Zensar Technologies, Ltd. 123,770 1,634,064 * Zuari Agro Chemicals, Ltd. 16,783 84,039 Zydus Wellness, Ltd. 109,622 1,404,547 ------------ TOTAL INDIA 787,412,803 ------------ INDONESIA -- (3.2%) Ace Hardware Indonesia Tbk PT 55,652,000 3,103,661 Acset Indonusa Tbk PT 65,000 13,536 Adhi Karya Persero Tbk PT 27,024,488 4,252,827 * Agung Podomoro Land Tbk PT 82,302,800 1,356,305 AKR Corporindo Tbk PT 6,857,000 3,429,442 * Alam Sutera Realty Tbk PT 96,434,500 2,760,557 * Aneka Tambang Persero Tbk PT 99,267,938 5,951,970 Arwana Citramulia Tbk PT 29,196,500 1,027,785 Asahimas Flat Glass Tbk PT 983,000 489,646 Astra Agro Lestari Tbk PT 564,200 666,401 Astra Graphia Tbk PT 2,211,000 288,049 * Asuransi Kresna Mitra Tbk PT 1,312,300 45,405 * Bakrie and Brothers Tbk PT 168,801,300 632,096 * Bakrie Telecom Tbk PT 74,325,398 278,320 * Bakrieland Development Tbk PT 31,358,073 162,045 Bank Bukopin Tbk 38,103,466 1,741,666 * Bank Maybank Indonesia Tbk PT 4,251,700 112,128 * Bank Pan Indonesia Tbk PT 24,277,700 1,501,169
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ----------- ----------- INDONESIA -- (Continued) Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 32,686,900 $ 5,633,786 Bank Pembangunan Daerah Jawa Timur Tbk PT 26,012,800 1,199,484 * Bank Permata Tbk PT 22,093,600 1,117,019 Bank Tabungan Negara Persero Tbk PT 61,656,149 8,800,172 * Bank Tabungan Pensiunan Nasional Tbk PT 149,700 28,930 * Barito Pacific Tbk PT 15,458,000 2,090,279 Bekasi Fajar Industrial Estate Tbk PT 41,784,600 1,045,794 * Benakat Integra Tbk PT 133,672,100 1,271,599 * Berau Coal Energy Tbk PT 40,089,600 46,162 * Berlian Laju Tanker Tbk PT 35,106,366 -- BISI International Tbk PT 16,045,700 2,168,650 Blue Bird Tbk PT 1,555,700 324,014 * Bumi Resources Tbk PT 70,558,100 2,632,794 * Bumi Teknokultura Unggul Tbk PT 5,802,100 673,658 Catur Sentosa Adiprana Tbk PT 2,970,000 113,447 Ciputra Development Tbk PT 107,412,620 10,622,960 * Citra Marga Nusaphala Persada Tbk PT 18,898,825 2,118,741 * Clipan Finance Indonesia Tbk PT 1,482,000 27,788 * Darma Henwa Tbk PT 30,384,800 216,174 * Davomas Abadi Tbk PT 11,631,700 -- * Delta Dunia Makmur Tbk PT 28,612,400 1,115,398 Dharma Satya Nusantara Tbk PT 2,071,600 82,994 * Eagle High Plantations Tbk PT 92,719,900 2,416,339 Elnusa Tbk PT 35,029,800 1,133,886 * Energi Mega Persada Tbk PT 148,295,300 910,707 Erajaya Swasembada Tbk PT 12,859,100 587,698 * Eureka Prima Jakarta Tbk PT 15,407,200 126,968 * Ever Shine Textile Tbk PT 3,654,640 23,265 Fajar Surya Wisesa Tbk PT 808,400 250,102 * Gajah Tunggal Tbk PT 18,306,100 1,575,898 * Garuda Indonesia Persero Tbk PT 38,162,349 965,970 Global Mediacom Tbk PT 47,256,600 2,124,764 * Hanson International Tbk PT 297,685,000 3,388,558 * Harum Energy Tbk PT 8,426,400 1,389,118 Hexindo Adiperkasa Tbk PT 508,500 125,727 Holcim Indonesia Tbk PT 6,836,200 460,901 Impack Pratama Industri Tbk PT 38,700 2,985 Indah Kiat Pulp & Paper Corp. Tbk PT 22,194,700 1,737,452 * Indika Energy Tbk PT 11,263,700 654,358 Indo Tambangraya Megah Tbk PT 3,117,200 3,503,732 Indomobil Sukses Internasional Tbk PT 33,000 3,214 Industri Jamu Dan Farmasi Sido Muncul Tbk PT 15,142,700 635,088 * Inovisi Infracom Tbk PT 1,806,467 2,968 Intiland Development Tbk PT 64,223,432 2,203,137 Japfa Comfeed Indonesia Tbk PT 41,464,200 5,450,234 Jasa Marga Persero Tbk PT 388,402 122,851 Jaya Real Property Tbk PT 10,131,400 663,982 * Kawasan Industri Jababeka Tbk PT 166,302,079 3,613,301 * Krakatau Steel Persero Tbk PT 31,947,002 1,782,756 * Kresna Graha Investama Tbk PT 14,504,600 467,016 Link Net Tbk PT 3,193,800 1,196,096 * Lippo Cikarang Tbk PT 4,544,400 1,695,521 Lippo Karawaci Tbk PT 72,039,400 3,966,923
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ----------- ---------- INDONESIA -- (Continued) * Malindo Feedmill Tbk PT 7,226,400 $ 633,233 Matahari Putra Prima Tbk PT 11,653,828 1,069,227 * Medco Energi Internasional Tbk PT 14,762,900 1,537,715 Media Nusantara Citra Tbk PT 11,504,600 1,461,323 * Mega Manunggal Property Tbk PT 1,096,800 55,053 * Mitra Adiperkasa Tbk PT 7,927,400 3,279,912 Mitra Pinasthika Mustika Tbk PT 4,326,800 256,136 * MNC Investama Tbk PT 182,122,500 1,923,333 * MNC Sky Vision Tbk PT 1,540,200 118,283 * Modernland Realty Tbk PT 83,141,500 2,080,354 * Multipolar Tbk PT 62,638,500 1,586,005 * Multistrada Arah Sarana Tbk PT 6,288,800 112,345 Nippon Indosari Corpindo Tbk PT 18,129,200 2,145,632 * Nirvana Development Tbk PT 16,367,300 102,988 * Nusantara Infrastructure Tbk PT 117,608,100 1,143,579 Pabrik Kertas Tjiwi Kimia Tbk PT 1,245,900 78,892 * Pacific Strategic Financial Tbk PT 7,429,000 211,430 Pan Brothers Tbk PT 38,227,100 1,271,403 * Panin Financial Tbk PT 180,348,000 2,419,694 Panin Sekuritas Tbk PT 31,500 9,442 * Paninvest Tbk PT 8,124,500 395,647 Pembangunan Perumahan Persero Tbk PT 22,994,014 6,186,041 Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 34,458,300 4,001,539 PP Properti Tbk PT 10,387,000 988,329 Ramayana Lestari Sentosa Tbk PT 36,102,500 3,623,662 Resource Alam Indonesia Tbk PT 491,200 64,253 Salim Ivomas Pratama Tbk PT 35,161,800 1,342,607 Samindo Resources Tbk PT 419,450 21,534 Sampoerna Agro PT 6,143,100 918,076 Sawit Sumbermas Sarana Tbk PT 30,024,700 3,642,852 * Sekawan Intipratama Tbk PT 9,367,900 24,555 Selamat Sempurna Tbk PT 22,056,800 1,460,816 Semen Baturaja Persero Tbk PT 26,447,700 4,755,297 * Sentul City Tbk PT 270,892,300 1,826,422 * Sigmagold Inti Perkasa Tbk PT 2,097,600 12,707 * Siloam International Hospitals Tbk PT 2,983,500 2,640,251 * Sinar Mas Agro Resources & Technology Tbk PT 1,037,460 318,350 Sri Rejeki Isman Tbk PT 113,489,931 1,973,478 Steel Pipe Industry of Indonesia PT 5,809,800 103,540 * Sugih Energy Tbk PT 162,320,200 705,079 Summarecon Agung Tbk PT 42,002,564 4,124,286 * Surabaya Agung Industri Pulp & Kertas Tbk PT 64,500 -- * Surya Dumai Industries Tbk 3,298,500 -- Surya Semesta Internusa Tbk PT 41,987,600 1,997,752 * Suryainti Permata Tbk PT 7,252,000 -- Tambang Batubara Bukit Asam Persero Tbk PT 5,334,000 4,638,669 Tempo Scan Pacific Tbk PT 1,314,400 182,496 * Texmaco Jaya Tbk PT 93,000 -- * Tiga Pilar Sejahtera Food Tbk 20,125,200 2,373,620 Timah Persero Tbk PT 33,098,714 2,406,086 Tiphone Mobile Indonesia Tbk PT 21,865,700 1,441,308 Total Bangun Persada Tbk PT 16,233,300 936,361 Tower Bersama Infrastructure Tbk PT 2,093,900 776,207
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ------------ INDONESIA -- (Continued) * Trada Maritime Tbk PT 8,750,800 $ 125,828 Trias Sentosa Tbk PT 34,049,500 776,987 * Trimegah Sekuritas IndonesiaTbk PT 1,374,300 7,297 * Truba Alam Manunggal Engineering PT 21,316,500 12,772 Tunas Baru Lampung Tbk PT 16,829,400 1,449,491 Tunas Ridean Tbk PT 12,965,700 1,310,994 * Ultrajaya Milk Industry & Trading Co. Tbk PT 3,657,400 1,203,177 * Unggul Indah Cahaya Tbk PT 48,239 9,052 * Vale Indonesia Tbk PT 17,738,100 3,148,396 * Visi Media Asia Tbk PT 55,056,100 1,377,787 Wijaya Karya Beton Tbk PT 17,946,100 1,109,214 Wijaya Karya Persero Tbk PT 27,871,707 5,366,824 * XL Axiata Tbk PT 4,586,600 999,972 ------------ TOTAL INDONESIA 204,599,956 ------------ MALAYSIA -- (3.6%) # 7-Eleven Malaysia Holdings Bhd Class B 1,038,700 354,245 # Aeon Co. M Bhd 4,094,700 2,188,295 # Aeon Credit Service M Bhd 165,300 583,301 Affin Holdings Bhd 1,512,020 832,879 AirAsia Bhd 6,572,400 3,783,386 #* AirAsia X Bhd 9,543,100 871,691 Ajinomoto Malaysia Bhd 15,200 48,460 #* Alam Maritim Resources Bhd 3,698,500 221,157 Alliance Financial Group Bhd 1,283,000 1,089,367 Allianz Malaysia Bhd 72,200 176,156 Amway Malaysia Holdings Bhd 392,700 662,246 # Ann Joo Resources Bhd 787,050 424,690 * Anson Perdana Bhd 10,000 -- APM Automotive Holdings Bhd 256,900 197,694 * Barakah Offshore Petroleum Bhd 1,884,200 276,155 Benalec Holdings Bhd 6,077,100 624,039 Berjaya Assets Bhd 848,300 165,135 Berjaya Corp. Bhd 26,842,727 2,299,615 Berjaya Food Bhd 152,600 60,054 * Berjaya Land Bhd 3,734,000 518,959 # Berjaya Sports Toto Bhd 2,900,667 1,918,879 Bermaz Auto Bhd 4,053,800 1,923,049 BIMB Holdings Bhd 1,228,408 1,190,073 Bina Darulaman Bhd 195,000 29,708 Bintulu Port Holdings Bhd 25,900 36,802 Bonia Corp. Bhd 1,427,000 188,152 # Boustead Holdings Bhd 2,392,428 1,447,717 Boustead Plantations Bhd 587,800 223,116 #* Bumi Armada Bhd 13,382,700 1,843,510 # Bursa Malaysia Bhd 3,716,000 7,454,307 # Cahya Mata Sarawak Bhd 3,362,500 3,119,226 Can-One Bhd 435,800 329,755 Carlsberg Brewery Malaysia Bhd Class B 1,145,600 3,613,033 Carotech Bhd 230,650 208 CB Industrial Product Holding Bhd 2,940,340 1,342,220 Chin Teck Plantations Bhd 33,000 59,565 Coastal Contracts Bhd 2,541,666 820,816
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- MALAYSIA -- (Continued) Crescendo Corp. Bhd 19,900 $ 6,790 CSC Steel Holdings Bhd 555,500 267,187 Cypark Resources Bhd 1,224,900 620,246 * D&O Green Technologies Bhd 149,900 10,835 Daibochi Plastic & Packaging Industry Bhd 110,880 56,575 # Datasonic Group Bhd 3,340,500 875,468 * Datuk Keramik Holdings Bhd 24,000 -- * Daya Materials Bhd 9,701,600 143,109 #* Dayang Enterprise Holdings Bhd 2,789,596 674,544 #* Destinii Bhd 663,500 103,325 DKSH Holdings Malaysia Bhd 119,000 122,525 # DRB-Hicom Bhd 8,097,000 2,139,494 Dutch Lady Milk Industries Bhd 135,500 1,671,186 # Eastern & Oriental Bhd 7,183,747 2,724,379 * Eco World Development Group Bhd 3,482,900 1,148,235 # Econpile Holldings Bhd 813,100 367,424 # Ekovest Bhd 509,300 305,672 # Evergreen Fibreboard Bhd 5,768,450 1,225,042 FAR East Holdings Bhd 61,500 115,200 Felda Global Ventures Holdings Bhd 7,095,300 2,960,801 * Fountain View Development Bhd 808,200 -- Gadang Holdings Bhd 1,615,500 401,677 Gas Malaysia Bhd 640,000 391,916 George Kent Malaysia Bhd 1,027,300 703,350 # Globetronics Technology Bhd 1,817,860 1,703,525 Glomac Bhd 2,854,800 451,245 * Golden Plus Holding Bhd 216,000 -- Goldis Bhd 604,277 321,993 GuocoLand Malaysia Bhd 1,535,500 408,927 Hai-O Enterprise Bhd 716,280 694,491 # HAP Seng Consolidated Bhd 1,961,540 3,851,902 Hap Seng Plantations Holdings Bhd 1,574,900 953,762 # Heineken Malaysia Bhd 871,100 3,123,947 # HeveaBoard Bhd 454,400 149,870 Hiap Teck Venture Bhd 999,700 66,591 * Hibiscus Petroleum Bhd 4,451,000 472,057 Hock Seng LEE BHD 1,539,316 566,162 # Hong Leong Industries Bhd 707,800 1,539,692 Hovid Bhd 3,670,800 247,578 Hua Yang Bhd 1,953,866 485,294 Hume Industries Bhd 281,872 167,057 Hup Seng Industries Bhd 1,433,633 375,851 I-Bhd 2,682,700 363,096 IFCA MSC Bhd 203,100 17,434 IJM Plantations Bhd 1,706,600 1,326,979 Inari Amertron Bhd 7,683,730 3,087,749 Inch Kenneth Kajang Rubber P.L.C. 1,045,300 163,057 Insas Bhd 4,920,381 889,387 * Iris Corp. Bhd 12,373,200 335,606 * Iskandar Waterfront City Bhd 3,063,100 622,625 * JAKS Resources Bhd 3,430,900 998,886 Jaya Tiasa Holdings Bhd 2,856,827 883,858 # JCY International Bhd 3,967,600 555,556
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- MALAYSIA -- (Continued) # Karex Bhd 1,586,049 $ 862,797 Keck Seng Malaysia Bhd 847,250 922,349 * Kenanga Investment Bank Bhd 1,871,360 196,452 Kian JOO CAN Factory Bhd 1,818,380 1,231,972 Kim Loong Resources Bhd 308,960 239,268 # Kimlun Corp. Bhd 684,174 326,199 #* KNM Group Bhd 15,723,580 1,225,136 Kossan Rubber Industries 3,997,500 6,021,279 # KPJ Healthcare Bhd 6,373,925 6,042,701 Kretam Holdings Bhd 3,550,900 433,100 #* KSL Holdings Bhd 5,271,318 1,214,005 Kumpulan Fima Bhd 880,850 350,093 Kumpulan Perangsang Selangor Bhd 2,341,100 646,790 * Kwantas Corp. Bhd 365,300 123,357 Lafarge Malaysia Bhd 43,400 67,649 Land & General Bhd 8,367,600 623,177 * Landmarks Bhd 1,775,200 304,710 # LBS Bina Group Bhd 2,662,400 1,082,397 # Lingkaran Trans Kota Holdings Bhd 1,102,100 1,467,933 # LPI Capital Bhd 218,970 846,090 Magni-Tech Industries Bhd 23,600 25,557 # Magnum Bhd 4,584,300 2,225,395 Mah Sing Group Bhd 12,758,187 4,288,917 Malakoff Corp. Bhd 202,700 58,582 Malayan Flour Mills Bhd 1,751,450 560,756 Malaysia Building Society Bhd 8,705,162 2,162,129 #* Malaysia Marine and Heavy Engineering Holdings Bhd 3,177,300 717,430 #* Malaysian Bulk Carriers Bhd 2,893,200 477,886 # Malaysian Pacific Industries Bhd 782,313 1,441,866 # Malaysian Resources Corp. Bhd 10,891,349 3,516,722 Malton Bhd 930,100 155,591 * Mancon Bhd 12,000 -- Matrix Concepts Holdings Bhd 2,150,067 1,169,529 # MBM Resources Bhd 1,460,796 814,216 Media Chinese International, Ltd. 3,771,300 546,497 Media Prima Bhd 7,408,203 1,706,168 Mega First Corp. Bhd 778,900 477,180 * Mems Technology Bhd 1,917,000 -- # Mitrajaya Holdings Bhd 2,130,500 611,154 MK Land Holdings Bhd 3,019,200 197,590 # MKH Bhd 1,745,990 1,166,758 MMC Corp. Bhd 460,000 242,515 * MNRB Holdings Bhd 1,233,750 659,193 #* MPHB Capital Bhd 1,307,600 389,470 * Mudajaya Group Bhd 2,123,966 402,966 Muhibbah Engineering M Bhd 3,331,650 1,775,981 #* Mulpha International Bhd 15,624,800 793,988 # My EG Services Bhd 18,415,499 6,611,204 * Naim Holdings Bhd 1,751,900 628,661 * Nikko Electronics Bhd 36,600 -- NTPM Holdings Bhd 640,000 123,161 OCK Group Bhd 1,495,900 266,815 Oldtown Bhd 2,106,250 897,568
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- MALAYSIA -- (Continued) Oriental Holdings Bhd 240,900 $ 369,969 # OSK Holdings Bhd 5,407,570 1,710,047 Pacific & Orient Bhd 205,000 58,791 Padini Holdings Bhd 4,245,300 2,340,523 Panasonic Manufacturing Malaysia Bhd 157,684 1,118,990 * Panglobal Bhd 14,000 -- Pantech Group Holdings Bhd 2,022,130 207,780 Paramount Corp. Bhd 410,525 145,400 #* Parkson Holdings Bhd 4,624,147 657,771 * Perisai Petroleum Teknologi Bhd 3,803,100 59,905 # PESTECH International Bhd 1,002,100 373,233 Petron Malaysia Refining & Marketing Bhd 28,100 28,144 Pharmaniaga Bhd 709,060 805,397 Pie Industrial Bhd 932,100 380,508 Pos Malaysia Bhd 3,078,300 2,796,134 Power Root Bhd 189,500 97,158 # Press Metal Bhd 10,714,760 4,963,789 # Prestariang Bhd 1,270,000 622,112 * Prime Utilities Bhd 3,000 -- Protasco Bhd 2,491,250 670,309 #* Puncak Niaga Holdings Bhd 1,671,020 348,223 # QL Resources Bhd 3,975,130 3,941,548 #* Rimbunan Sawit Bhd 3,667,900 434,869 Salcon Bhd 6,443,600 829,992 Sam Engineering & Equipment M Bhd 29,900 37,684 Sarawak Cable Bhd 311,300 74,466 Sarawak Oil Palms Bhd 812,504 710,092 Scicom MSC Bhd 24,100 11,979 # Scientex Bhd 1,593,924 2,514,778 * Scomi Energy Services Bhd 355,500 17,667 * Scomi Group Bhd 8,219,000 287,636 * SEG International Bhd 85,100 21,726 Selangor Dredging Bhd 1,118,200 214,159 Selangor Properties Bhd 217,400 218,613 Shangri-La Hotels Malaysia Bhd 418,700 488,326 * Shell Refining Co. Federation of Malaya Bhd 24,000 15,283 SHL Consolidated Bhd 246,000 158,320 # SKP Resources Bhd 2,102,400 626,861 Star Publications Group Bhd 2,042,700 1,060,747 #* Sumatec Resources Bhd 9,919,300 167,991 Sunway Bhd 3,713,160 2,546,523 Sunway Construction Group Bhd 775,136 297,247 # Supermax Corp. Bhd 4,965,100 2,340,681 Suria Capital Holdings Bhd 699,800 320,043 Syarikat Takaful Malaysia Bhd 2,624,300 2,466,078 Symphony Life Bhd 439,187 65,939 # Ta Ann Holdings Bhd 1,719,789 1,584,017 TA Enterprise Bhd 10,182,800 1,128,030 TA Global Bhd 9,813,240 598,901 * Talam Transform Bhd 5,646,800 50,873 # Taliworks Corp. Bhd 1,781,850 589,593 # Tambun Indah Land Bhd 1,602,800 503,116 # TAN Chong Motor Holdings Bhd 1,992,000 763,265
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ------------ MALAYSIA -- (Continued) * Tanjung Offshore Bhd 130,000 $ 9,704 Tasek Corp. Bhd 86,800 246,071 # TDM Bhd 7,854,400 1,383,591 #* TH Plantations Bhd 1,665,860 432,541 # Time dotCom Bhd 2,063,588 3,728,996 Tiong NAM Logistics Holdings 1,707,100 608,913 TMC Life Sciences Bhd 356,400 76,119 # Top Glove Corp. Bhd 4,558,020 5,357,687 Tropicana Corp. Bhd 4,337,446 974,921 # TSH Resources Bhd 4,162,900 1,785,381 # Tune Protect Group Bhd 3,746,900 1,193,692 Uchi Technologies Bhd 1,822,000 728,130 # UEM Edgenta Bhd 3,039,400 2,221,215 # UEM Sunrise Bhd 10,750,100 2,670,624 UMW Holdings Bhd 315,000 401,739 #* UMW Oil & Gas Corp. Bhd 5,300,100 837,617 Unisem M Bhd 3,906,890 2,223,118 United Malacca Bhd 396,150 518,805 United Plantations Bhd 435,200 2,700,134 United U-Li Corp. Bhd 613,900 608,273 # UOA Development Bhd 4,529,300 2,481,867 #* Uzma Bhd 900,800 335,615 ViTrox Corp. Bhd 13,200 11,295 * Vivocom International Holdings Bhd 2,415,100 84,557 # VS Industry Bhd 6,036,230 2,042,919 # Wah Seong Corp. Bhd 2,769,369 512,933 * WCE Holdings Bhd 406,000 105,421 # WCT Holdings Bhd 7,661,399 3,166,639 Wellcall Holdings Bhd 1,993,800 882,399 Wing Tai Malaysia Bhd 1,065,150 248,806 WTK Holdings Bhd 2,634,100 594,818 Yinson Holdings Bhd 2,135,100 1,499,687 * YNH Property Bhd 3,632,788 1,239,821 * YTL Land & Development Bhd 1,028,200 133,266 Zhulian Corp. Bhd 747,533 244,218 ------------ TOTAL MALAYSIA 227,248,474 ------------ MEXICO -- (2.7%) Alpek S.A.B. de C.V. 3,571,730 4,110,654 # Alsea S.A.B. de C.V. 5,987,181 17,329,765 #* Axtel S.A.B. de C.V. 7,758,264 1,372,815 # Banregio Grupo Financiero S.A.B. de C.V. 2,231,384 12,324,589 * Bio Pappel S.A.B. de C.V. 500,354 549,217 # Bolsa Mexicana de Valores S.A.B. de C.V. 4,781,519 6,511,863 Consorcio ARA S.A.B. de C.V. Series * 8,857,727 2,833,147 * Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR 205,047 2,782,488 #* Controladora Vuela Cia de Aviacion S.A.B. de C.V. Class A 1,665,333 2,257,605 * Corp Interamericana de Entretenimiento S.A.B. de C.V. Class B 960,372 741,918 Corp. Actinver S.A.B. de C.V. 187,852 110,801 # Corp. Inmobiliaria Vesta S.A.B. de C.V. 5,082,444 5,590,969 * Corp. Mexicana de Restaurantes S.A.B. de C.V. 1,323 508 Corp. Moctezuma S.A.B. de C.V. Series * 861,300 2,339,782 Corporativo Fragua S.A.B. de C.V. 3 35
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ----------- MEXICO -- (Continued) #* Corporativo GBM S.A.B. de C.V. 22,477 $ 15,041 # Credito Real S.A.B. de C.V. SOFOM ER 1,265,645 1,799,524 Cydsa S.A.B. de C.V. 3,875 4,365 * Desarrolladora Homex S.A.B. de C.V. 297,848 15,711 * Empaques Ponderosa S.A. de C.V. 206,000 -- #* Empresas ICA S.A.B. de C.V. 3,471,068 461,067 * Financiera Independencia S.A.B. de C.V. SOFOM ENR 62,171 9,555 #* Genomma Lab Internacional S.A.B. de C.V. Class B 7,533,299 7,846,321 # Gentera S.A.B. de C.V. 7,327,998 10,700,244 #* Grupo Aeromexico S.A.B. de C.V. 2,942,421 5,480,309 Grupo Aeroportuario del Centro Norte S.A.B. de C.V. 2,160,529 9,216,710 Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR 408 31,547 Grupo Aeroportuario del Sureste S.A.B. de C.V. Class B 90,703 1,316,995 Grupo Cementos de Chihuahua S.A.B. de C.V. 818,100 3,726,928 # Grupo Comercial Chedraui S.A. de C.V. 2,709,861 4,999,082 # Grupo Elektra S.A.B. de C.V. 15,341 197,891 #* Grupo Famsa S.A.B. de C.V. Class A 2,699,175 900,868 # Grupo Financiero Interacciones SA de C.V. Class O 711,998 2,710,601 # Grupo Herdez S.A.B. de C.V. Series * 2,042,199 3,628,334 Grupo Industrial Maseca S.A.B. de C.V. Class B 592,181 686,928 Grupo Industrial Saltillo S.A.B. de C.V. 280,066 470,056 Grupo KUO S.A.B. de C.V. Series B 758,658 1,200,552 * Grupo Pochteca S.A.B. de C.V. 585,177 258,164 * Grupo Posadas S.A.B. de C.V. 198,900 438,746 * Grupo Qumma SA de C.V. Series B 105,334 -- # Grupo Rotoplas S.A.B. de C.V. 77,247 95,904 Grupo Sanborns S.A.B. de C.V. 560,303 558,866 * Grupo Simec S.A.B. de C.V. Series B 1,579,651 7,287,900 * Grupo Simec S.A.B. de C.V. Sponsored ADR 4,280 59,064 * Grupo Sports World S.A.B. de C.V. 583,706 445,054 #* Hoteles City Express S.A.B. de C.V. 896,444 787,105 # Industrias Bachoco S.A.B. de C.V. Series B 1,340,394 5,201,913 Industrias Bachoco S.A.B. de C.V. Sponsored ADR 36,780 1,707,695 #* Industrias CH S.A.B. de C.V. Series B 2,270,116 14,369,545 #* La Comer S.A.B. de C.V. 1,431,154 1,015,709 #* Maxcom Telecomunicaciones S.A.B. de C.V. 201,450 69,071 Megacable Holdings S.A.B. de C.V. 1,584,105 5,013,591 #* Minera Frisco S.A.B. de C.V. Class A1 2,018,555 1,654,260 OHL Mexico S.A.B. de C.V. 4,618,649 4,360,956 # Organizacion Cultiba S.A.B. de C.V. 1,165,725 1,121,368 Qualitas Controladora S.A.B. de C.V. 1,204,856 1,813,625 # Rassini S.A.B. de C.V. 179,382 661,839 Rassini S.A.B. De C.V. Class A 40,216 74,247 * Sanluis Corp. S.A.B. de C.V. 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 -- #* Telesites S.A.B. de C.V. 2,188,344 1,284,453 # TV Azteca S.A.B. de C.V. 11,953,920 1,903,134
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ----------- ------------ MEXICO -- (Continued) Vitro S.A.B. de C.V. Series A 901,053 $ 2,808,567 ------------ TOTAL MEXICO 167,265,561 ------------ PHILIPPINES -- (1.5%) A Soriano Corp. 3,430,211 426,035 ACR Mining Corp. 48,205 3,251 Alsons Consolidated Resources, Inc. 7,605,000 229,152 * Atlas Consolidated Mining & Development Corp. 6,148,000 657,043 Belle Corp. 37,835,400 2,465,038 * Bloomberry Resorts Corp. 17,660,300 2,749,262 Cebu Air, Inc. 1,956,390 3,733,557 Cebu Holdings, Inc. 3,291,900 335,137 Century Pacific Food, Inc. 3,246,000 1,068,878 Century Properties Group, Inc. 26,261,151 284,933 China Banking Corp. 1,189,108 919,801 Cirtek Holdings Philippines Corp. 393,700 180,476 COL Financial Group, Inc. 130,900 42,554 Cosco Capital, Inc. 13,645,100 2,517,798 D&L Industries, Inc. 32,518,100 8,038,731 * DoubleDragon Properties Corp. 1,516,600 1,571,944 East West Banking Corp. 2,042,600 818,523 EEI Corp. 3,744,700 584,053 Emperador, Inc. 1,216,300 170,130 * Empire East Land Holdings, Inc. 19,893,000 291,949 Energy Development Corp. 10,387,400 1,139,783 Filinvest Development Corp. 3,314,322 533,567 Filinvest Land, Inc. 124,010,577 4,038,170 First Gen Corp. 12,765,900 5,752,278 First Philippine Holdings Corp. 2,457,480 3,506,440 * Global Ferronickel Holdings, Inc. 5,257,667 299,408 Holcim Philippines, Inc. 80,600 26,888 Integrated Micro-Electronics, Inc. 151,300 18,609 Leisure & Resorts World Corp. 4,437,640 367,358 * Lepanto Consolidated Mining Co. 43,735,455 186,608 Lopez Holdings Corp. 21,464,100 3,415,842 Manila Water Co., Inc. 10,091,500 6,121,980 Max's Group, Inc. 823,600 446,757 * Megawide Construction Corp. 3,514,808 1,056,573 * Melco Crown Philippines Resorts Corp. 13,328,700 1,287,577 * Metro Pacific Corp. Series A 1,827,193 -- Nickel Asia Corp. 4,890,800 668,337 Pepsi-Cola Products Philippines, Inc. 11,120,900 731,150 Petron Corp. 14,400,300 2,688,441 Philex Mining Corp. 1,885,300 350,071 Philippine National Bank 2,081,455 2,280,152 * Philippine National Construction Corp. 173,000 3,195 Philippine Savings Bank 356,863 647,282 Philippine Stock Exchange, Inc. (The) 121,592 583,967 * Philippine Townships, Inc. 318,732 -- * Philtown Properties, Inc. 111,562 -- Philweb Corp. 3,420,840 671,986 Phinma Corp. 131,349 30,296 Phinma Energy Corp. 13,642,000 619,622
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ----------- PHILIPPINES -- (Continued) Phoenix Petroleum Philippines, Inc. 814,680 $ 106,758 Premium Leisure Corp. 29,134,000 837,945 Puregold Price Club, Inc. 4,655,100 4,042,745 RFM Corp. 8,856,668 879,252 Rizal Commercial Banking Corp. 3,141,580 2,283,754 Robinsons Land Corp. 9,702,505 4,898,277 Robinsons Retail Holdings, Inc. 787,360 1,250,255 San Miguel Pure Foods Co., Inc. 93,790 480,578 Security Bank Corp. 1,550,048 6,645,058 * SSI Group, Inc. 3,272,000 172,438 Travellers International Hotel Group, Inc. 5,126,000 336,560 Union Bank of the Philippines 1,379,931 2,173,767 * Universal Rightfield Property Holdings 1,062,000 -- * Victorias Milling Co., Inc. 231,600 20,416 Vista Land & Lifescapes, Inc. 48,988,400 4,992,996 Xurpas, Inc. 2,518,900 425,364 ----------- TOTAL PHILIPPINES 94,106,745 ----------- POLAND -- (1.8%) AB SA 1,082 9,766 # Action SA 26,708 29,521 Agora SA 276,756 928,780 * Alior Bank SA 91,267 1,392,282 Amica SA 26,540 1,240,222 Apator SA 59,663 499,848 Asseco Poland SA 644,830 9,263,996 #* Bioton SA 676,718 1,343,960 * Boryszew SA 1,196,385 3,392,613 Budimex SA 117,139 6,320,654 * CD Projekt SA 697,666 10,226,861 #* CI Games SA 18,520 134,343 Ciech SA 291,146 5,005,933 * ComArch SA 6,018 270,549 Dom Development SA 4,673 73,554 Elektrobudowa SA 8,568 256,550 * Emperia Holding SA 93,874 1,605,346 * Enea SA 703,648 1,781,487 # Energa SA 799,448 2,039,164 Eurocash SA 16,812 167,532 Fabryki Mebli Forte SA 136,782 2,836,659 * Famur SA 379,290 440,311 Firma Oponiarska Debica SA 30,655 738,600 * Getin Holding SA 2,717,693 958,002 #* Getin Noble Bank SA 1,334,887 550,920 #* Globe Trade Centre SA 91,761 194,762 * Grupa Azoty Zaklady Chemiczne Police SA 76,751 438,412 Grupa Kety SA 69,752 7,496,078 * Grupa Lotos SA 592,474 5,583,490 * Impexmetal SA 1,029,984 1,024,315 #* Integer.pl SA 33,143 354,186 Inter Cars SA 38,320 3,023,984 * Jastrzebska Spolka Weglowa SA 81,190 1,357,833 Kernel Holding SA 437,920 8,724,545
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ------------ POLAND -- (Continued) # KRUK SA 111,211 $ 6,830,994 LC Corp. SA 192,664 97,485 Lentex SA 124,367 332,483 #* Lubelski Wegiel Bogdanka SA 68,724 1,114,377 * MCI Capital SA 227,344 492,436 * Mostostal Zabrze SA 425,811 138,246 Netia SA 2,652,342 2,969,887 Neuca SA 23,188 2,321,188 Orbis SA 132,247 2,419,757 * Pelion SA 47,515 624,017 Pfleiderer Grajewo SA 41,809 466,679 #* PKP Cargo SA 52,772 703,419 #* Polnord SA 336,162 645,534 * Rafako SA 293,063 525,771 * Stalexport Autostrady SA 317,136 328,819 # Stalprodukt SA 9,410 1,397,385 Synthos SA 1,689,263 2,531,219 * Tauron Polska Energia SA 5,756,680 4,241,913 Trakcja SA 375,779 1,509,715 * Vistula Group SA 1,439,663 1,171,666 Warsaw Stock Exchange 189,437 2,111,430 Wawel SA 780 229,638 * Zespol Elektrowni Patnow Adamow Konin SA 68,764 244,078 ------------ TOTAL POLAND 113,153,194 ------------ SOUTH AFRICA -- (7.2%) * Adbee Rf, Ltd. 4,316 11,341 # Adcock Ingram Holdings, Ltd. 848,818 3,245,904 Adcorp Holdings, Ltd. 896,475 962,137 Advtech, Ltd. 3,146,875 3,951,059 Aeci, Ltd. 1,071,305 8,186,904 * African Bank Investments, Ltd. 5,287,877 1,983 African Oxygen, Ltd. 858,752 1,220,910 African Rainbow Minerals, Ltd. 801,901 7,181,910 Afrimat, Ltd. 49,479 104,078 Alexander Forbes Group Holdings, Ltd. 1,934,738 1,020,944 * Allied Electronics Corp., Ltd. Class A 11,849 9,389 * ArcelorMittal South Africa, Ltd. 1,784,999 1,739,464 # Ascendis Health, Ltd. 1,204,650 2,088,594 # Assore, Ltd. 221,537 4,539,598 # Astral Foods, Ltd. 441,334 4,944,444 * Attacq, Ltd. 2,736,857 3,657,478 * Aveng, Ltd. 4,254,721 2,304,468 AVI, Ltd. 3,408,319 23,231,743 Barloworld, Ltd. 2,216,736 18,226,147 Blue Label Telecoms, Ltd. 3,303,921 4,500,285 Cashbuild, Ltd. 210,489 5,423,288 Caxton and CTP Publishers and Printers, Ltd. 313,704 310,535 City Lodge Hotels, Ltd. 321,768 3,508,104 Clicks Group, Ltd. 2,723,654 24,655,112 Clover Industries, Ltd. 1,345,179 1,743,173 * Consolidated Infrastructure Group, Ltd. 822,411 1,401,787 Coronation Fund Managers, Ltd. 1,818,975 9,036,634
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ----------- SOUTH AFRICA -- (Continued) * Curro Holdings, Ltd. 69,864 $ 247,873 DataTec, Ltd. 2,189,459 8,465,485 Distell Group, Ltd. 154,733 1,723,927 # DRDGOLD, Ltd. 2,932,131 1,651,290 # DRDGOLD, Ltd. Sponsored ADR 9,400 53,392 #* enX Group, Ltd. 408,074 546,980 EOH Holdings, Ltd. 1,098,252 11,948,409 * Evraz Highveld Steel and Vanadium, Ltd. 63,001 118 #* eXtract Group, Ltd. 3,129,032 69,663 Exxaro Resources, Ltd. 987,944 7,823,838 Famous Brands, Ltd. 672,069 7,258,519 Foschini Group, Ltd. (The) 1,564,234 18,707,610 # Gold Fields, Ltd. Sponsored ADR 140,604 493,520 Grand Parade Investments, Ltd. 3,255,755 871,894 Grindrod, Ltd. 5,661,999 5,942,009 Group Five, Ltd. 1,015,485 1,816,513 Harmony Gold Mining Co., Ltd. 1,616,033 4,072,096 # Harmony Gold Mining Co., Ltd. Sponsored ADR 2,847,823 7,261,949 Holdsport, Ltd. 210,011 950,322 * Howden Africa Holdings, Ltd. 39,220 92,853 Hudaco Industries, Ltd. 275,317 2,324,297 * Hulamin, Ltd. 1,296,594 672,027 * Impala Platinum Holdings, Ltd. 977,775 3,896,641 Imperial Holdings, Ltd. 858,475 10,658,559 # Invicta Holdings, Ltd. 359,026 1,614,652 * JCI, Ltd. 3,131,151 -- JSE, Ltd. 874,849 10,489,690 KAP Industrial Holdings, Ltd. 7,788,982 4,509,651 * Kumba Iron Ore, Ltd. 26,256 404,958 # Lewis Group, Ltd. 855,236 2,605,435 Liberty Holdings, Ltd. 517,387 4,237,704 # Life Healthcare Group Holdings, Ltd. 1,633,895 4,070,013 Massmart Holdings, Ltd. 392,226 3,927,405 Merafe Resources, Ltd. 11,489,424 1,662,002 Metair Investments, Ltd. 1,309,283 2,154,402 Metrofile Holdings, Ltd. 82,524 31,107 MMI Holdings, Ltd. 2,699,362 4,966,071 Mpact, Ltd. 1,514,443 3,321,973 Murray & Roberts Holdings, Ltd. 3,959,853 3,267,915 Mustek, Ltd. 17,364 6,204 #* Nampak, Ltd. 5,214,254 7,272,751 * Net 1 UEPS Technologies, Inc. 776 9,445 * Northam Platinum, Ltd. 3,612,389 13,750,042 Oceana Group, Ltd. 447,176 3,944,167 Omnia Holdings, Ltd. 589,522 7,975,441 Peregrine Holdings, Ltd. 2,078,218 4,584,617 # Pick n Pay Stores, Ltd. 2,069,376 10,512,845 Pinnacle Holdings, Ltd. 1,250,133 1,723,647 Pioneer Foods Group, Ltd. 131,409 1,625,381 * PPC, Ltd. 14,360,518 7,293,823 Raubex Group, Ltd. 1,306,791 2,213,351 RCL Foods, Ltd. 683,713 673,939 Reunert, Ltd. 1,517,644 7,729,009
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ------------ SOUTH AFRICA -- (Continued) Rhodes Food Group Pty, Ltd. 261,387 $ 544,491 * Royal Bafokeng Platinum, Ltd. 706,327 2,002,839 Santam, Ltd. 262,285 4,692,610 Sappi, Ltd. 3,220,409 20,706,615 Sibanye Gold, Ltd. 962,027 2,175,087 SPAR Group, Ltd. (The) 1,047,433 14,774,459 Spur Corp., Ltd. 621,605 1,571,524 * Stefanutti Stocks Holdings, Ltd. 229,540 76,753 Sun International, Ltd. 1,096,248 7,146,900 * Super Group, Ltd. 3,359,375 9,125,201 Telkom SA SOC, Ltd. 1,780,527 9,757,786 Tongaat Hulett, Ltd. 1,005,705 10,004,957 Transaction Capital, Ltd. 463,547 517,477 Trencor, Ltd. 1,369,751 3,811,024 Truworths International, Ltd. 548,240 3,292,145 Tsogo Sun Holdings, Ltd. 2,858,414 5,609,257 Wilson Bayly Holmes-Ovcon, Ltd. 533,248 5,793,489 ------------ TOTAL SOUTH AFRICA 452,937,451 ------------ SOUTH KOREA -- (12.7%) #* 3S Korea Co., Ltd. 22,000 51,550 Able C&C Co., Ltd. 93,648 1,503,292 # ABOV Semiconductor Co., Ltd. 91,919 812,893 # Ace Technologies Corp. 133,117 367,631 #* Actoz Soft Co., Ltd. 44,301 598,935 # Advanced Nano Products Co., Ltd. 56,090 703,158 #* Advanced Process Systems Corp. 138,964 3,352,792 # Aekyung Petrochemical Co., Ltd. 102,487 980,596 # AfreecaTV Co., Ltd. 71,482 1,372,382 #* Agabang&Company 182,045 1,224,042 # Ahn-Gook Pharmaceutical Co., Ltd. 43,396 412,065 # Ahnlab, Inc. 35,578 1,912,106 # AJ Networks Co., Ltd. 51,035 234,410 #* AJ Rent A Car Co., Ltd. 108,665 830,805 AK Holdings, Inc. 35,428 1,541,392 #* Alticast Corp. 73,734 266,709 # ALUKO Co., Ltd. 305,607 1,402,707 #* ALVOGEN KOREA Co,.Ltd. 5,687 110,680 #* Aminologics Co., Ltd. 36,345 95,708 #* Amotech Co., Ltd. 63,065 1,278,409 #* Anam Electronics Co., Ltd. 778,248 749,983 # Anapass, Inc. 61,819 724,737 Asia Cement Co., Ltd. 9,976 629,672 ASIA Holdings Co., Ltd. 11,894 1,000,912 #* Asia Paper Manufacturing Co., Ltd. 33,993 585,710 * Asiana Airlines, Inc. 739,307 2,661,343 # Atinum Investment Co., Ltd. 242,341 438,378 #* AUK Corp. 199,140 378,242 # Aurora World Corp. 38,000 329,407 # Austem Co., Ltd. 127,720 441,278 # Autech Corp. 87,965 709,683 #* Automobile & PCB 251,614 561,952 # Avaco Co., Ltd. 87,128 559,640
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) # Avatec Co., Ltd. 5,446 $ 30,536 # Baiksan Co., Ltd. 89,268 675,847 #* Barun Electronics Co., Ltd. 488,812 922,672 #* Barunson Entertainment & Arts Corp. 371,867 867,802 # Bcworld Pharm Co., Ltd. 27,485 515,042 #* BH Co., Ltd. 71,903 1,120,652 Binggrae Co., Ltd. 39,026 2,172,451 #* BioSmart Co., Ltd. 66,844 271,571 # BIT Computer Co., Ltd. 92,736 410,200 # Bixolon Co., Ltd. 36,281 383,757 # Bluecom Co., Ltd. 68,474 635,113 #* Boditech Med, Inc. 53,869 943,183 #* Bohae Brewery Co., Ltd. 471,918 489,928 Bookook Securities Co., Ltd. 7,410 120,606 # Boryung Medience Co., Ltd. 49,675 627,927 Boryung Pharmaceutical Co., Ltd. 33,577 1,501,559 #* Bubang Co., Ltd. 172,662 645,029 * BUGS Corp. 45,508 412,431 # Bukwang Pharmaceutical Co., Ltd. 127,544 2,484,188 Busan City Gas Co., Ltd. 805 23,746 # BYC Co., Ltd. 746 242,590 # Byucksan Corp. 316,020 1,043,340 C&S Asset Management Co., Ltd.() 18,158 3,125 #* C&S Asset Management Co., Ltd.(6199560) 148,280 344,852 #* CammSys Corp. 308,501 750,492 #* Capro Corp. 264,259 1,877,227 Cell Biotech Co., Ltd. 44,456 1,348,689 #* Celltrion Pharm, Inc. 77,179 1,436,123 #* Chabiotech Co., Ltd. 294,772 2,979,541 # Changhae Ethanol Co., Ltd. 37,429 545,585 #* Charm Engineering Co., Ltd. 193,565 448,942 #* Chemtronics Co., Ltd. 59,021 394,230 # Cheryong Industrial Co. Ltd/new 49,903 364,052 #* Chin Hung International, Inc. 106,852 169,856 #* China Great Star International, Ltd. 418,488 483,054 # Chinyang Holdings Corp. 121,794 329,048 #* Choa Pharmaceutical Co. 49,861 188,437 * Chokwang Leather Co., Ltd. 607 21,483 # Chokwang Paint, Ltd. 45,216 384,323 # Chong Kun Dang Pharmaceutical Corp. 45,831 3,878,054 # Chongkundang Holdings Corp. 26,473 1,347,531 # Choong Ang Vaccine Laboratory 37,156 655,286 # Chosun Refractories Co., Ltd. 6,253 465,195 # Chungdahm Learning, Inc. 35,344 521,486 # CJ Freshway Corp. 48,575 1,493,016 CJ Hellovision Co., Ltd. 173,437 1,371,059 CJ O Shopping Co., Ltd. 23,495 3,249,116 #* CJ Seafood Corp. 154,525 456,102 # CKD Bio Corp. 19,783 362,542 Com2uSCorp 64,232 4,728,588 # Coreana Cosmetics Co., Ltd. 181,290 868,959 # Cosmax BTI, Inc. 80,159 2,243,481 # Cosmax, Inc. 53,478 6,031,083
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) #* Cosmochemical Co., Ltd. 28,914 $ 103,395 #* COSON Co., Ltd. 110,093 1,099,937 # Crown Confectionery Co., Ltd. 60,912 1,751,086 #* CrucialTec Co., Ltd. 164,862 1,244,203 # CS Wind Corp. 38,953 549,235 #* CTC BIO, Inc. 22,401 187,277 #* CTL, Inc. 132,635 170,178 #* CUROCOM Co., Ltd. 85,800 188,620 # D.I Corp. 176,315 672,925 # Dae Dong Industrial Co., Ltd. 75,641 449,703 Dae Han Flour Mills Co., Ltd. 6,551 1,063,564 # Dae Hwa Pharmaceutical Co., Ltd. 22,883 404,141 # Dae Hyun Co., Ltd. 184,373 555,251 #* Dae Won Chemical Co., Ltd. 222,686 478,936 # Dae Won Kang Up Co., Ltd. 130,778 486,009 #* Dae Young Packaging Co., Ltd. 539,682 458,800 #* Dae-Il Corp. 86,388 638,497 #* Daea TI Co., Ltd. 475,559 784,386 # Daebongls Co., Ltd. 46,387 478,671 #* Daechang Co., Ltd. 314,932 270,467 Daechang Forging Co., Ltd. 1,367 53,727 # Daeduck Electronics Co. 245,446 1,751,310 # Daeduck GDS Co., Ltd. 131,552 1,516,617 # Daegu Department Store 31,477 364,976 #* Daehan New Pharm Co., Ltd. 72,121 1,088,963 Daehan Steel Co., Ltd. 94,491 754,550 * Daeho International Corp. 543 -- # Daekyo Co., Ltd. 205,448 1,428,406 Daekyung Machinery & Engineering Co., Ltd.() 167,732 23,238 #* Daekyung Machinery & Engineering Co., Ltd.(6249067) 593,267 471,941 # Daelim B&Co Co., Ltd. 61,743 410,939 #* DAEMYUNG Corp. Co., Ltd. 336,680 493,023 # Daeryuk Can Co., Ltd. 89,773 525,135 # Daesang Corp. 154,032 3,341,441 # Daesang Holdings Co., Ltd. 101,794 879,449 # Daesung Energy Co., Ltd. 43,197 232,082 Daesung Holdings Co., Ltd. 26,734 213,780 #* Daewon Cable Co., Ltd. 340,696 360,870 #* Daewon Media Co., Ltd. 68,288 439,943 # Daewon Pharmaceutical Co., Ltd. 85,557 1,493,939 Daewon San Up Co., Ltd. 59,488 482,981 #* Daewoo Shipbuilding & Marine Engineering Co., Ltd. 676,333 1,955,493 Daewoong Co., Ltd. 22,567 799,563 # Daewoong Pharmaceutical Co., Ltd. 36,172 2,130,822 * Dahaam E-Tec Co., Ltd. 2,100 6,099 # Daihan Pharmaceutical Co., Ltd. 25,974 627,683 Daishin Securities Co., Ltd. 297,668 2,885,387 #* Danal Co., Ltd. 273,907 1,268,661 # Daou Data Corp. 120,825 1,233,028 # Daou Technology, Inc. 193,774 2,961,713 #* Dasan Networks, Inc. 115,433 631,251 # Dawonsys Co., Ltd. 128,532 1,242,298 # Dayou Automotive Seat Technology Co., Ltd. 401,006 532,846
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) #* Dayou Plus Co., Ltd. 352,140 $ 300,674 # DCM Corp. 34,093 350,899 #* Deutsch Motors, Inc. 91,228 384,535 DGB Financial Group, Inc. 123,207 1,046,400 # DHP Korea Co., Ltd. 73,989 509,070 Digital Chosun Co., Ltd. 191,008 441,897 #* Digital Optics Co., Ltd. 125,488 338,807 # Digital Power Communications Co., Ltd. 216,808 655,690 #* DIO Corp. 83,020 2,257,456 # Display Tech Co., Ltd. 52,616 188,865 DK UIL Co., Ltd. 26,259 237,699 # DMS Co., Ltd. 139,183 1,362,071 #* DNF Co., Ltd. 61,385 832,879 # Dong A Eltek Co., Ltd. 63,897 1,315,200 Dong Ah Tire & Rubber Co., Ltd. 59,867 1,309,749 # Dong-A Socio Holdings Co., Ltd. 21,487 2,320,712 # Dong-A ST Co., Ltd. 29,305 2,232,172 # Dong-Ah Geological Engineering Co., Ltd. 52,068 416,178 Dong-Il Corp. 6,193 317,151 # Dongbang Transport Logistics Co., Ltd. 64,316 116,105 #* Dongbu Co., Ltd. 651,268 438,707 #* Dongbu Corp. 5,858 49,643 * Dongbu HiTek Co., Ltd. 249,733 3,777,913 * Dongbu Securities Co., Ltd. 223,527 687,425 #* Dongbu Steel Co., Ltd. 16,097 190,152 Dongil Industries Co., Ltd. 6,534 449,457 # Dongjin Semichem Co., Ltd. 231,941 1,993,557 #* Dongkook Industrial Co., Ltd. 147,598 406,041 DongKook Pharmaceutical Co., Ltd. 31,782 1,533,442 # Dongkuk Industries Co., Ltd. 211,651 763,291 * Dongkuk Steel Mill Co., Ltd. 411,074 4,322,194 # DONGKUK STRUCTURES & CONSTRUCTION Co., Ltd. 191,508 877,912 # Dongsung Chemical Co., Ltd. 17,370 267,515 # DONGSUNG Corp. 186,654 984,391 # Dongsung Finetec Co., Ltd. 121,287 720,542 #* Dongsung Pharmaceutical Co., Ltd. 111,389 373,631 # Dongwha Enterprise Co., Ltd. 21,586 607,830 Dongwha Pharm Co., Ltd. 149,201 1,056,433 # Dongwon Development Co., Ltd. 387,764 1,356,542 # Dongwon F&B Co., Ltd. 8,930 1,572,089 # Dongwon Industries Co., Ltd. 9,256 2,721,544 # Dongwoo Co., Ltd. 58,857 221,235 Dongyang E&P, Inc. 33,020 387,255 #* Dongyang Steel Pipe Co., Ltd. 576,197 617,357 #* Doosan Engine Co., Ltd. 233,938 652,950 * Doosan Infracore Co., Ltd. 216,813 1,610,355 DoubleUGames Co., Ltd. 34,519 1,149,841 #* Dragonfly GF Co., Ltd. 51,555 305,142 # DRB Holding Co., Ltd. 62,944 606,248 # DSK Co., Ltd. 60,314 861,925 # DSR Wire Corp. 66,361 794,645 #* Duk San Neolux Co., Ltd. 37,147 844,621 #* Duksan Hi-Metal Co., Ltd. 87,920 634,329
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) # Duksung Co., Ltd. 81,764 $ 359,520 # DuzonBIzon Co., Ltd. 141,968 2,813,027 DY Corp. 152,073 959,371 # e Tec E&C, Ltd. 10,778 1,195,461 e-Credible Co., Ltd. 3,132 31,568 # e-LITECOM Co., Ltd. 48,416 386,387 #* e-Starco Co., Ltd. 153,747 194,574 E1 Corp. 20,884 1,044,938 Eagon Industrial, Ltd. 47,388 441,942 # Easy Bio, Inc. 297,939 1,513,701 #* EcoBio Holdings Co., Ltd. 52,300 494,138 #* Ecopro Co., Ltd. 157,180 1,451,230 # EG Corp. 34,204 272,711 #* Ehwa Technologies Information Co., Ltd. 757,196 301,286 # Elcomtec Co., Ltd. 261,529 536,548 # Elentec Co., Ltd. 82,969 410,408 * ELK Corp. 70,663 88,446 #* EM-Tech Co., Ltd. 90,281 822,084 #* Emerson Pacific, Inc. 46,043 1,170,924 #* EMKOREA Co., Ltd. 60,585 219,331 #* EMW Co., Ltd. 131,661 315,103 # Enex Co., Ltd. 306,803 596,635 # ENF Technology Co., Ltd. 73,085 1,326,060 # Eo Technics Co., Ltd. 64,235 4,699,647 # Estechpharma Co., Ltd. 67,905 519,410 #* ESTsoft Corp. 39,905 287,704 # Eugene Corp. 296,760 1,204,640 * Eugene Investment & Securities Co., Ltd. 588,034 1,372,115 # Eugene Technology Co., Ltd. 110,560 1,561,540 # Eusu Holdings Co., Ltd. 102,874 587,988 # EVERDIGM Corp. 63,661 610,253 #* EXA E&C, Inc. 99,097 162,568 # Ezwelfare Co., Ltd. 15,152 90,607 # F&F Co., Ltd. 47,427 749,855 # Farmsco 120,079 1,235,626 #* FarmStory Co., Ltd. 406,341 494,711 #* Feelux Co., Ltd. 171,902 593,500 # Fila Korea, Ltd. 73,934 4,360,616 # Fine DNC Co., Ltd. 103,000 471,084 # Fine Technix Co., Ltd. 181,412 471,241 #* Finetex EnE, Inc. 61,015 378,985 #* Firstec Co., Ltd. 181,845 593,942 #* Foosung Co., Ltd. 414,178 2,609,340 # Fursys, Inc. 14,730 409,293 #* G-SMATT GLOBAL Co., Ltd. 120,061 1,305,383 #* Gamevil, Inc. 38,957 1,490,301 Gaon Cable Co., Ltd. 21,699 426,163 #* GeneOne Life Science, Inc. 4,475 41,593 #* Genic Co., Ltd. 36,274 428,418 Geumhwa PSC Co., Ltd. 3,165 97,671 #* Gigalane Co., Ltd. 35,427 160,342 # GIIR, Inc. 22,387 155,108 #* Global Display Co., Ltd. 62,631 236,611
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) #* GNCO Co., Ltd. 369,175 $1,639,077 Golfzon Co., Ltd. 22,612 1,222,257 # GOLFZONYUWONHOLDINGS Co., Ltd. 127,855 762,265 #* Good People Co., Ltd. 89,915 185,098 Green Cross Holdings Corp. 88,319 1,626,607 * Green Non-Life Insurance Co., Ltd. 22,357 -- #* GS Global Corp. 338,645 1,011,865 GS Home Shopping, Inc. 24,403 3,804,568 # Gwangju Shinsegae Co., Ltd. 3,456 720,643 # Haesung Industrial Co., Ltd. 25,164 303,131 #* Halla Corp. 119,688 431,273 # Halla Holdings Corp. 62,364 3,255,279 # Han Kuk Carbon Co., Ltd. 245,312 1,357,852 # Hana Micron, Inc. 126,250 658,589 # Hana Tour Service, Inc. 67,626 4,186,262 #* Hanall Biopharma Co., Ltd. 66,200 668,611 Hancom, Inc. 129,688 1,785,944 # Handok, Inc. 41,183 793,140 Handsome Co., Ltd. 104,027 2,785,316 Hanexpress Co., Ltd. 384 23,056 Hanil Cement Co., Ltd. 23,047 1,482,521 # Hanil Vacuum Co., Ltd. 12,434 32,206 * Hanjin Heavy Industries & Construction Co., Ltd. 555,631 1,435,197 * Hanjin Heavy Industries & Construction Holdings Co., Ltd. 87,816 340,527 # Hanjin Kal Corp. 348,244 4,577,362 #* Hanjin P&C Co., Ltd. 285,435 629,413 # Hanjin Transportation Co., Ltd. 66,079 1,619,448 #* Hankook Cosmetics Co., Ltd. 70,133 898,123 #* Hankook Cosmetics Manufacturing Co., Ltd. 13,705 355,824 Hankook Shell Oil Co., Ltd. 4,913 1,805,384 * Hankook Synthetics, Inc. 550 -- Hankuk Glass Industries, Inc. 9,314 215,578 # Hankuk Paper Manufacturing Co., Ltd. 18,463 503,246 # Hankuk Steel Wire Co., Ltd. 58,735 154,356 # Hanla IMS Co., Ltd. 27,143 206,699 # Hanmi Semiconductor Co., Ltd. 92,235 1,256,702 # HanmiGlobal Co., Ltd. 40,322 336,627 # Hans Biomed Corp. 51,215 654,376 # Hansae Co., Ltd. 137,456 2,652,069 # Hansae Yes24 Holdings Co., Ltd. 75,539 627,933 #* Hanshin Construction 37,902 474,423 # Hanshin Machinery Co. 212,588 514,125 # Hansol Chemical Co., Ltd. 73,644 4,803,151 #* Hansol Holdings Co., Ltd. 393,662 2,088,655 #* Hansol HomeDeco Co., Ltd. 459,823 637,163 # Hansol Paper Co., Ltd. 105,976 1,865,982 #* Hansol SeenTec Co., Ltd. 306,906 451,181 #* Hansol Technics Co., Ltd. 120,268 1,624,884 # Hanwha Galleria Timeworld Co., Ltd. 13,559 394,701 Hanwha General Insurance Co., Ltd. 323,471 1,928,706 #* Hanwha Investment & Securities Co., Ltd. 890,549 1,811,052 # Hanyang Eng Co., Ltd. 39,237 355,462 Hanyang Securities Co., Ltd. 18,538 116,255
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) # Harim Co., Ltd. 217,206 $ 911,838 # Harim Holdings Co., Ltd. 209,664 719,144 #* HB Technology Co., Ltd. 408,986 1,764,541 # Heung-A Shipping Co., Ltd. 840,647 1,203,081 * Heungkuk Fire & Marine Insurance Co., Ltd. 95,344 307,453 #* HICEL Co., Ltd. 480,831 528,913 # High Tech Pharm Co., Ltd. 23,615 286,301 # Hitejinro Holdings Co., Ltd. 59,009 557,490 HMC Investment Securities Co., Ltd. 122,583 1,054,938 # Home Center Holdings Co., Ltd. 129,288 478,320 #* Homecast Co., Ltd. 212,979 3,104,750 # HS Industries Co., Ltd. 270,519 2,507,087 HS R&A Co., Ltd. 23,838 675,093 # Huchems Fine Chemical Corp. 158,762 2,842,532 # Humax Co., Ltd. 129,653 1,367,070 # Humedix Co., Ltd. 41,577 979,223 * Huneed Technologies 2,445 28,291 #* Huons Co., Ltd. 23,214 1,077,869 Huons Global Co., Ltd. 33,867 786,911 Husteel Co., Ltd. 4,316 61,034 # Huvis Corp. 115,323 800,757 # Huvitz Co., Ltd. 69,415 763,547 Hwa Shin Co., Ltd. 128,979 758,259 Hwacheon Machine Tool Co., Ltd. 4,979 222,557 # Hwail Pharm Co., Ltd. 59,536 375,614 # Hwangkum Steel & Technology Co., Ltd. 34,473 259,157 HwaSung Industrial Co., Ltd. 67,222 746,549 # Hy-Lok Corp. 63,553 1,081,121 # Hyosung ONB Co., Ltd. 10,277 104,687 # HyosungITX Co., Ltd. 14,477 141,743 * Hyundai BNG Steel Co., Ltd. 64,158 731,558 # Hyundai C&F, Inc. 25,222 320,618 #* Hyundai Cement Co. 21,494 529,023 Hyundai Corp. 51,164 959,313 * Hyundai Elevator Co., Ltd. 32,112 1,626,105 # Hyundai Engineering Plastics Co., Ltd. 114,237 821,995 Hyundai Home Shopping Network Corp. 12,230 1,143,217 Hyundai Hy Communications & Networks Co., Ltd. 251,890 848,444 Hyundai Livart Furniture Co., Ltd. 93,500 1,888,288 #* Hyundai Merchant Marine Co., Ltd. 52,373 343,794 #* Hyundai Mipo Dockyard Co., Ltd. 48,721 2,411,835 # Hyundai Pharmaceutical Co., Ltd. 138,535 549,579 # HyVision System, Inc. 91,518 662,603 I Controls, Inc. 9,134 228,099 # i-Components Co., Ltd. 41,769 432,308 # i-SENS, Inc. 63,620 1,540,878 # I3System, Inc. 16,542 551,449 #* iA, Inc. 264,437 905,503 #* ICD Co., Ltd. 91,554 1,357,919 #* IE, Ltd. 1,268,318 641,577 #* IHQ, Inc. 460,725 737,461 # Il Dong Holdings Co., Ltd. 28,180 514,984 # IL Dong Pharmaceutical Co., Ltd. 51,329 793,090
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) Ilji Technology Co., Ltd. 10,190 $ 57,945 #* Iljin Display Co., Ltd. 131,114 747,657 # Iljin Electric Co., Ltd. 120,840 480,379 # Iljin Holdings Co., Ltd. 162,606 774,503 #* Iljin Materials Co., Ltd. 122,458 1,324,534 # Ilshin Spinning Co., Ltd. 8,977 921,216 #* ilShinbiobase Co,Ltd. 55,644 132,052 # Ilsung Pharmaceuticals Co., Ltd. 3,354 356,639 # Ilya Co., Ltd. 46,297 245,023 #* IM Co., Ltd. 125,012 469,029 # iMarketKorea, Inc. 141,759 1,273,375 # InBody Co., Ltd. 82,313 1,600,513 #* Infinitt Healthcare Co., Ltd. 103,845 611,702 #* Infraware, Inc. 108,535 341,832 #* INITECH Co., Ltd. 52,438 312,442 #* InkTec Co., Ltd. 8,164 60,039 #* InnoWireless, Inc. 21,995 200,607 #* Innox Corp. 63,904 1,610,308 #* Insun ENT Co., Ltd. 196,856 1,100,068 # Intelligent Digital Integrated Security Co., Ltd. 33,909 279,050 #* Interflex Co., Ltd. 74,968 1,629,935 Intergis Co., Ltd. 11,220 33,312 # Interojo Co., Ltd. 54,706 1,814,816 # Interpark Corp. 85,712 674,257 Interpark Holdings Corp. 307,411 1,251,245 INTOPS Co., Ltd. 93,188 793,251 Inzi Controls Co., Ltd. 42,034 179,729 INZI Display Co., Ltd. 32,254 62,236 #* Iones Co., Ltd. 48,881 846,065 IS Dongseo Co., Ltd. 58,229 2,095,732 # ISC Co., Ltd. 66,042 920,189 # ISU Chemical Co., Ltd. 66,660 907,011 # IsuPetasys Co., Ltd. 195,899 850,745 # J.ESTINA Co., Ltd. 70,529 525,331 #* Jaeyoung Solutec Co., Ltd. 167,390 332,729 # Jahwa Electronics Co., Ltd. 80,029 1,325,323 # JASTECH, Ltd. 9,114 190,284 # JB Financial Group Co., Ltd. 697,068 3,360,765 # JC Hyun System, Inc. 80,715 449,918 * Jcontentree Corp. 261,672 963,719 # Jeil Pharmaceutical Co. 5,274 272,823 Jeju Air Co., Ltd. 41,292 905,730 #* Jeju Semiconductor Corp. 66,476 235,067 Jinro Distillers Co., Ltd. 14,366 360,271 # Jinsung T.E.C. 87,662 582,416 JLS Co., Ltd. 51,867 341,298 #* JoyCity Corp. 46,124 782,892 #* Jusung Engineering Co., Ltd. 281,410 2,758,110 # JVM Co., Ltd. 25,429 908,470 # JW Holdings Corp. 232,254 1,529,738 # JW Pharmaceutical Corp. 70,424 2,648,672 # JW Shinyak Corp. 16,523 99,008 * JYP Entertainment Corp. 211,588 875,108
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) # Kangnam Jevisco Co., Ltd. 24,497 $ 763,698 # KAON Media Co., Ltd. 78,722 700,364 KB Capital Co., Ltd. 80,583 1,686,196 #* KC Cottrell Co., Ltd. 15,012 76,615 # KC Green Holdings Co., Ltd. 96,596 630,061 # KC Tech Co., Ltd. 156,035 1,925,535 #* KCC Engineering & Construction Co., Ltd. 40,397 305,122 KCI, Ltd. 2,256 16,071 * KCO Energy, Inc. 120 -- #* KEC Corp. 454,496 380,185 # KEPCO Engineering & Construction Co., Inc. 99,526 2,024,020 # Keyang Electric Machinery Co., Ltd. 156,430 686,196 #* KEYEAST Co., Ltd. 466,462 928,707 # KG Chemical Corp. 58,897 712,861 # KG Eco Technology Service Co., Ltd. 196,150 581,224 # Kginicis Co., Ltd. 118,407 1,156,530 # KGMobilians Co., Ltd. 81,845 556,334 # KH Vatec Co., Ltd. 111,894 1,257,507 # KISCO Corp. 30,344 934,250 KISCO Holdings Co., Ltd. 8,387 433,065 # Kishin Corp. 49,420 198,770 KISWIRE, Ltd. 41,321 1,431,569 #* KJ Pretech Co., Ltd. 50,707 187,752 #* KleanNara Co., Ltd. 143,803 723,038 * KMH Co., Ltd. 62,898 425,909 #* KMH Hitech Co., Ltd. 147,148 184,086 #* KMW Co., Ltd. 35,562 260,820 # Kocom Co., Ltd. 53,803 402,604 # Kodaco Co., Ltd. 199,958 521,923 # Koentec Co., Ltd. 306,814 738,155 # Koh Young Technology, Inc. 78,674 2,957,082 # Kolao Holdings 143,996 907,675 # Kolon Corp. 48,367 2,316,081 Kolon Global Corp. 31,094 352,296 # Kolon Life Science, Inc. 3,850 356,831 # Kolon Plastic, Inc. 83,422 443,523 # Komelon Corp. 34,189 335,478 # KONA I Co., Ltd. 98,589 866,776 # Kook Soon Dang Brewery Co., Ltd. 89,393 542,316 # Kopla Co., Ltd. 23,784 264,891 # Korea Alcohol Industrial Co., Ltd. 87,321 599,343 # Korea Cast Iron Pipe Industries Co., Ltd. 65,260 549,268 # Korea Circuit Co., Ltd. 79,720 935,808 # Korea District Heating Corp. 21,958 1,256,988 Korea Electric Terminal Co., Ltd. 39,899 2,473,212 # Korea Electronic Certification Authority, Inc. 127,960 743,001 # Korea Electronic Power Industrial Development Co., Ltd. 74,881 295,086 Korea Export Packaging Industrial Co., Ltd. 5,621 90,546 * Korea Flange Co., Ltd. 20,776 236,637 Korea Fuel-Tech Corp. 3,130 12,667 # Korea Industrial Co., Ltd. 95,471 589,710 #* Korea Information & Communications Co, Ltd. 103,315 955,334 # Korea Information Certificate Authority, Inc. 97,705 536,388
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) # Korea Kolmar Holdings Co., Ltd. 52,289 $1,192,236 #* Korea Line Corp. 111,900 1,757,789 #* Korea Materials & Analysis Corp. 32,509 662,105 Korea Petrochemical Ind Co., Ltd. 10,362 2,404,455 # Korea United Pharm, Inc. 70,739 1,055,010 Korean Reinsurance Co. 282,642 2,641,200 # Kortek Corp. 78,059 954,616 KPX Chemical Co., Ltd. 13,493 731,306 #* KR Motors Co., Ltd. 56,572 38,161 #* KSCB Co., Ltd. 67,108 376,333 # Ksign Co., Ltd. 285,103 551,466 KSS LINE, Ltd. 64,515 485,847 * KT Hitel Co., Ltd. 94,130 573,281 #* KT Music Corp. 163,238 460,468 KT Skylife Co., Ltd. 180,076 2,492,986 # KT Submarine Co., Ltd. 93,128 377,395 #* KTB Investment & Securities Co., Ltd. 351,516 960,105 KTCS Corp. 155,288 342,563 # Ktis Corp. 176,462 532,167 #* Kuk Young G&M 186,943 328,392 # Kukbo Design Co., Ltd. 18,010 251,538 # Kukdo Chemical Co., Ltd. 24,731 1,111,845 * Kukdong Corp. 1,069 7,905 # Kukdong Oil & Chemicals Co., Ltd. 62,920 176,980 # Kum Yang Co., Ltd. . 101,497 223,421 #* Kumho Electric Co., Ltd. 18,861 169,340 #* Kumho Industrial Co., Ltd. 132,048 1,069,900 #* Kumho Tire Co., Inc. 378,607 2,663,434 # Kumkang Kind Co., Ltd. 17,201 559,305 Kwang Dong Pharmaceutical Co., Ltd. 228,725 1,631,150 #* Kwang Myung Electric Co., Ltd. 278,852 707,252 # Kwangju Bank 189,283 1,723,201 * Kyeryong Construction Industrial Co., Ltd. 19,078 216,897 Kyobo Securities Co., Ltd. 141,085 991,898 # Kyongbo Pharmaceutical Co., Ltd. 80,079 899,326 # Kyung Dong Navien Co., Ltd. 41,530 1,718,004 #* Kyung Nam Pharm Co., Ltd. 31,125 130,919 # Kyung-In Synthetic Corp. 189,016 799,888 # Kyungbang, Ltd. 55,930 690,781 Kyungchang Industrial Co., Ltd. 87,499 369,104 # KyungDong City Gas Co., Ltd. 16,677 1,093,274 # Kyungdong Pharm Co., Ltd. 47,088 711,968 # L&F Co., Ltd. 16,505 219,294 #* LB Semicon, Inc. 220,837 684,210 # LEADCORP, Inc. (The) 115,261 658,255 #* Leaders Cosmetics Co., Ltd. 90,584 1,436,899 * Lee Ku Industrial Co., Ltd. 203,505 498,406 LEENO Industrial, Inc. 71,549 2,421,313 # Leenos Corp. 179,182 561,639 LF Corp. 146,453 2,699,760 LG Hausys, Ltd. 47,413 3,981,249 LG International Corp. 190,724 5,307,171 # Lion Chemtech Co., Ltd. 55,311 930,493
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) #* LIS Co., Ltd. 67,572 $ 549,774 #* Liveplex Co., Ltd. 144,893 209,755 # LMS Co., Ltd. 32,869 250,036 # Lock&Lock Co., Ltd. 154,467 1,822,146 #* LOT Vacuum Co., Ltd. 50,206 610,099 LOTTE Fine Chemical Co., Ltd. 135,631 3,582,137 Lotte Food Co., Ltd. 5,307 2,873,486 # LOTTE Himart Co., Ltd. 73,012 2,636,985 #* Lotte Non-Life Insurance Co., Ltd. 523,109 1,089,212 LS Industrial Systems Co., Ltd. 99,113 3,605,117 * Lumens Co., Ltd. 317,869 1,059,746 Lutronic Corp. 33,350 875,740 #* Macrogen, Inc. 66,897 1,736,643 # Maeil Dairy Industry Co., Ltd. 47,074 1,688,910 #* Majestar Co., Ltd. 30,167 63,362 # Mcnex Co., Ltd. 38,722 717,921 # MDS Technology Co., Ltd. 45,925 768,550 #* Mediana Co., Ltd. 32,764 379,260 #* Medipost Co., Ltd. 3,841 174,878 Meerecompany, Inc. 4,467 89,704 # MegaStudy Co., Ltd. 18,200 541,548 MegaStudyEdu Co., Ltd. 4,919 204,589 #* Melfas, Inc. 138,000 835,809 # META BIOMED Co., Ltd. 137,952 530,683 #* Mgame Corp. 117,865 541,007 Mi Chang Oil Industrial Co., Ltd. 4,052 324,368 #* MiCo, Ltd. 162,654 447,814 # Minwise Co., Ltd. 30,299 834,469 Mirae Asset Daewoo Co., Ltd. 98,073 744,088 Mirae Asset Life Insurance Co., Ltd. 328,003 1,670,876 #* Mirae Corp. 2,226,388 572,164 Miwon Chemicals Co., Ltd. 3,630 210,461 * Miwon Commercial Co., Ltd. 716 133,000 # Miwon Specialty Chemical Co., Ltd. 1,331 565,520 # MK Electron Co., Ltd. 115,208 1,024,743 # MK Trend Co., Ltd. 31,608 340,468 #* MNTech Co., Ltd. 123,572 686,964 # Mobase Co., Ltd. 40,621 363,824 # Moda-InnoChips Co., Ltd. 14,702 116,805 * Modacom Co., Ltd. 18,319 173,660 # Modetour Network, Inc. 79,973 2,241,771 # Monalisa Co., Ltd. 104,072 714,923 # MonAmi Co., Ltd. 112,097 460,323 # Moorim P&P Co., Ltd. 153,611 521,707 #* Moorim Paper Co., Ltd. 149,278 346,956 # Motonic Corp. 74,383 584,177 * MPK Group, Inc. 41,231 63,291 # Muhak Co., Ltd. 102,401 2,018,221 # Multicampus Co, Ltd. 18,268 574,440 # Myungmoon Pharm Co., Ltd. 133,313 574,523 # Namhae Chemical Corp. 172,692 1,286,651 #* Namsun Aluminum Co., Ltd. 496,334 543,003 # Namyang Dairy Products Co., Ltd. 2,288 1,441,337
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) #* Nanos Co., Ltd. 38,381 $ 22,727 # Nasmedia Co., Ltd. 23,039 666,223 #* Naturalendo Tech Co., Ltd. 50,138 664,832 # NeoPharm Co., Ltd. 36,432 745,295 #* Neowiz Games Corp. 112,898 1,039,535 # NEOWIZ HOLDINGS Corp. 36,906 511,539 # NEPES Corp. 135,307 1,185,153 # Nexen Corp. 311,373 2,152,506 Nexen Tire Corp. 184,994 2,096,056 #* Nexon GT Co., Ltd. 112,012 866,416 # Nexturn Co., Ltd. 8,227 206,635 #* NHN Entertainment Corp. 114,640 5,228,371 # NHN KCP Corp. 86,089 926,505 NICE Holdings Co., Ltd. 116,535 1,696,247 # Nice Information & Telecommunication, Inc. 39,286 941,357 # NICE Information Service Co., Ltd. 261,828 1,493,730 # NICE Total Cash Management Co., Ltd. 114,914 609,138 #* NK Co., Ltd. 272,803 618,187 # Nong Shim Holdings Co., Ltd. 12,582 1,179,647 #* Nong Woo Bio Co., Ltd. 57,548 763,413 # Noroo Holdings Co., Ltd. 13,599 176,470 # NOROO Paint & Coatings Co., Ltd. 64,492 446,296 NPC 66,771 372,411 # NS Shopping Co., Ltd. 13,805 1,786,393 #* Nuri Telecom Co., Ltd. 57,184 450,754 #* NUVOTEC Co., Ltd. 153,125 572,793 #* Omnisystem Co., Ltd. 258,001 550,163 #* ONDA Entertainment Co., Ltd. 171,971 429,078 # Openbase, Inc. 201,345 704,251 Opto Device Technology Co., Ltd. 53,373 410,510 #* OPTRON-TEC, Inc. 122,304 707,283 #* Orientbio, Inc. 446,032 658,103 #* OSANGJAIEL Co., Ltd. 20,524 141,277 #* Osstem Implant Co., Ltd. 89,339 4,420,351 #* Osung LST Co., Ltd. 186,772 277,793 # Pan-Pacific Co., Ltd. 181,760 577,916 # Pang Rim Co., Ltd. 10,174 193,716 #* PaperCorea, Inc. 1,570,103 777,650 # Paradise Co., Ltd. 292,001 3,364,461 Partron Co., Ltd. 349,480 3,334,153 #* Paru Co., Ltd. 214,272 692,076 #* People & Technologies, Inc. 20,535 179,610 # PHARMA RESEARCH PRODUCTS Co., Ltd. 27,911 862,630 #* Pharmicell Co., Ltd. 85,904 351,779 #* Phoenix Materials Co., Ltd. 340,119 411,145 # Pixelplus Co., Ltd. 26,251 360,491 * PNE Solution Co., Ltd. 4,186 20,267 #* Pobis TNC Co., Ltd. 236,542 580,809 Poongsan Corp. 135,445 5,075,124 # Poongsan Holdings Corp. 27,511 1,142,356 POSCO Chemtech Co., Ltd. 159,112 1,659,194 POSCO Coated & Color Steel Co., Ltd. 13,208 327,030 # Posco ICT Co., Ltd. 406,650 1,999,272
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ------- ---------- SOUTH KOREA -- (Continued) # Posco M-Tech Co., Ltd. 148,368 $ 374,361 #* Power Logics Co., Ltd. 180,807 688,553 * Prostemics Co., Ltd. 112,173 416,401 PS TEC Co., Ltd. 6,466 29,373 # PSK, Inc. 111,558 1,352,583 # Pulmuone Co., Ltd. 7,229 882,639 # Pyeong Hwa Automotive Co., Ltd. 87,747 1,018,764 #* RaonSecure Co., Ltd. 138,657 305,314 #* Redrover Co., Ltd. 165,883 770,866 # Reyon Pharmaceutical Co., Ltd. 34,594 831,438 # RFsemi Technologies, Inc. 30,415 224,547 # RFTech Co., Ltd. 125,838 658,321 # Robostar Co., Ltd. 46,444 681,897 # S Net Systems, Inc. 90,412 455,223 #* S&S Tech Corp. 111,557 688,055 # S&T Corp. 14,935 262,998 # S&T Dynamics Co., Ltd. 164,411 1,271,628 S&T Holdings Co., Ltd. 52,081 755,295 # S&T Motiv Co., Ltd. 67,248 2,634,701 #* S-Connect Co., Ltd. 402,406 1,118,269 # S-Energy Co., Ltd. 63,166 439,966 #* S-MAC Co., Ltd. 145,823 788,435 # Saeron Automotive Corp. 2,640 17,945 #* Sajo Industries Co., Ltd. 20,665 1,167,212 #* Sajodongaone Co., Ltd. 149,799 202,526 * SAJOHAEPYO Corp. 574 6,506 # Sam Chun Dang Pharm Co., Ltd. 102,144 1,067,752 #* SAM KANG M&T Co., Ltd. 48,193 249,535 Sam Young Electronics Co., Ltd. 74,857 756,630 # Sam Yung Trading Co., Ltd. 67,574 1,041,866 Sam-A Pharm Co., Ltd. 4,439 76,602 # Sambo Motors Co., Ltd. 13,687 67,902 # Samchully Co., Ltd. 18,666 1,557,550 # Samchuly Bicycle Co., Ltd. 56,388 614,819 # Samho Development Co., Ltd. 64,551 189,702 #* Samho International Co., Ltd. 41,074 520,447 # SAMHWA Paints Industrial Co., Ltd. 62,525 457,455 # Samick Musical Instruments Co., Ltd. 434,190 890,460 # Samick THK Co., Ltd. 71,765 632,834 #* Samji Electronics Co., Ltd. 77,681 551,631 # Samjin LND Co., Ltd. 98,862 245,538 # Samjin Pharmaceutical Co., Ltd. 69,016 1,904,692 # Samkee Automotive Co., Ltd. 109,961 287,291 # Samkwang Glass 22,013 1,285,679 # Sammok S-Form Co., Ltd. 56,157 681,048 #* SAMT Co., Ltd. 430,729 718,017 # Samwha Capacitor Co., Ltd. 61,058 523,705 Samyang Corp. 18,676 1,540,911 # Samyang Foods Co., Ltd. 21,515 730,599 Samyang Holdings Corp. 26,558 2,344,094 # Samyang Tongsang Co., Ltd. 11,841 519,676 * Samyoung Chemical Co., Ltd. 136,867 191,125 # Sang-A Frontec Co., Ltd. 38,565 283,531
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) #* Sangbo Corp. 169,943 $ 498,747 # Sangsin Brake 25,198 139,084 #* Sapphire Technology Co., Ltd. 42,273 202,659 # SaraminHR Co, Ltd. 40,108 671,635 # Satrec Initiative Co., Ltd. 19,154 573,917 # SAVEZONE I&C Corp. 79,564 348,585 #* SBI Investment Korea Co., Ltd. 257,130 128,853 SBS Contents Hub Co., Ltd. 45,751 320,147 SBS Media Holdings Co., Ltd. 325,519 741,115 #* SBW 842,879 1,319,112 #* SDN Co., Ltd. 233,470 291,030 Seah Besteel Corp. 96,194 2,061,176 SeAH Holdings Corp. 4,924 546,953 SeAH Steel Corp. 21,656 2,016,920 # Sebang Co., Ltd. 69,239 879,009 Sebang Global Battery Co., Ltd. 48,713 1,452,177 #* Seegene, Inc. 58,471 1,705,951 # Sejong Industrial Co., Ltd. 71,970 618,158 * Sejong Telecom, Inc. 1,173,567 922,969 # Sejoong Co., Ltd. 52,023 184,367 # Sekonix Co., Ltd. 62,210 857,805 #* Selvas AI Inc. 111,896 431,860 # Sempio Co. 6,723 212,291 #* Sempio Foods Co. 14,221 379,177 Semyung Electric Machinery Co., Ltd. 9,493 39,070 # Seobu T&D 120,764 1,678,080 # Seohan Co., Ltd. 587,338 1,082,937 * Seohee Construction Co., Ltd. 1,033,788 1,172,830 # Seondo Electric Co., Ltd. 91,667 305,686 # Seoul Auction Co., Ltd. 82,515 718,444 # Seoul Pharma Co., Ltd. 22,333 169,390 # Seoul Semiconductor Co., Ltd. 304,747 3,987,591 #* Seowon Co., Ltd. 169,363 248,776 # SEOWONINTECH Co., Ltd. 73,343 703,613 # Seoyon Co., Ltd. 109,742 1,042,101 #* Seven Star Works Co., Ltd. 42,344 176,603 #* Sewon Cellontech Co., Ltd. 341,652 799,874 Sewon Precision Industry Co., Ltd. 23,797 364,430 # SEWOONMEDICAL Co., Ltd. 160,214 521,886 SFA Engineering Corp. 76,819 4,656,114 #* SFA Semicon Co, Ltd. 569,514 1,288,654 #* SG Corp. 865,420 896,242 #* SG&G Corp. 84,340 264,594 #* SGA Co., Ltd. 557,807 572,051 # SH Energy & Chemical Co., Ltd. 646,049 863,263 #* Shin Poong Pharmaceutical Co., Ltd. 266,742 1,261,698 #* Shinil Industrial Co., Ltd. 301,022 484,522 # Shinsegae Engineering & Construction Co., Ltd. 19,334 664,119 # Shinsegae Food Co., Ltd. 10,010 1,193,885 # Shinsegae Information & Communication Co., Ltd. 8,076 487,923 # Shinsegae International, Inc. 19,175 1,015,712 #* Shinsung Solar Energy Co., Ltd. 734,879 1,269,805 #* Shinsung Tongsang Co., Ltd. 705,326 751,603
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) #* Shinwha Intertek Corp. 201,959 $ 728,650 #* Shinwon Corp. 173,143 245,643 # Shinyoung Securities Co., Ltd. 25,048 1,130,815 # SHOWBOX Corp. 247,253 1,133,746 #* Signetics Corp. 354,106 464,955 #* SIGONG TECH Co., Ltd. 91,546 526,917 # Silicon Works Co., Ltd. 78,879 2,165,550 # Silla Co., Ltd. 43,567 597,573 #* SIMMTECH HOLDINGS Co., Ltd. 217,148 601,985 SIMPAC, Inc. 92,128 362,913 Sindoh Co., Ltd. 26,175 1,166,217 # Sinjin SM Co., Ltd. 13,589 82,061 # SJM Co., Ltd. 34,349 179,773 # SK Bioland Co., Ltd. 71,604 1,026,491 * SK Communications Co., Ltd. 103,928 250,655 # SK D&D Co., Ltd. 14,489 494,073 # SK Gas, Ltd. 31,017 2,882,070 #* SK Securities Co., Ltd. 3,195,734 3,070,418 SKC Co., Ltd. 144,875 3,875,410 #* SKC Solmics Co., Ltd. 200,739 840,464 # SKCKOLONPI, Inc. 102,904 1,364,617 SL Corp. 95,286 1,913,162 #* SM Culture & Contents Co., Ltd. 232,304 428,415 #* SM Entertainment Co. 131,762 2,599,039 # SMCo.re, Inc. 32,308 395,680 # SMEC Co., Ltd. 146,477 498,960 #* SNTEK Co., Ltd. 5,937 52,637 #* SNU Precision Co., Ltd. 147,168 663,773 #* Solborn, Inc. 109,987 470,332 # Solid, Inc. 189,405 445,723 # Songwon Industrial Co., Ltd. 110,517 1,556,038 #* Sonokong Co., Ltd. 143,503 740,247 #* Soosan Heavy Industries Co., Ltd. 206,213 337,770 # Soulbrain Co., Ltd. 68,403 3,169,140 #* Spero Global Co., Ltd. 74,501 184,591 # SPG Co., Ltd. 44,924 205,246 # Spigen Korea Co., Ltd. 19,858 909,382 * Ssangyong Cement Industrial Co., Ltd. 27,952 341,802 # Ssangyong Materials Corp. 170,937 438,073 #* Ssangyong Motor Co. 168,513 1,099,761 Suheung Co., Ltd. 42,994 1,311,949 Sun Kwang Co., Ltd. 11,079 173,676 # Sunchang Corp. 54,857 489,206 #* SundayToz Corp. 37,977 662,795 # Sung Bo Chemicals Co., Ltd. 38,175 191,179 # Sung Kwang Bend Co., Ltd. 145,690 1,354,703 # Sungchang Enterprise Holdings, Ltd. 422,410 1,125,363 #* Sungshin Cement Co., Ltd. 115,422 682,786 # Sungwoo Hitech Co., Ltd. 253,527 1,617,929 # Sunjin Co., Ltd. 31,381 810,152 #* Suprema HQ, Inc. 36,612 250,091 #* Suprema, Inc. 33,897 570,896 #* Synopex, Inc. 433,796 594,548
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- SOUTH KOREA -- (Continued) # Systems Technology, Inc. 72,171 $ 659,459 # Tae Kyung Industrial Co., Ltd. 39,841 160,526 Taekwang Industrial Co., Ltd. 2,691 2,303,586 #* Taewoong Co., Ltd. 71,264 1,365,634 #* Taeyoung Engineering & Construction Co., Ltd. 291,706 1,316,093 * Taihan Textile Co., Ltd. 844 62,593 #* TBH Global Co., Ltd. 84,215 667,000 # TechWing, Inc. 96,011 1,116,984 #* Tera Semicon Co., Ltd. 45,083 1,050,737 # TES Co., Ltd. 101,888 2,153,498 #* Texcell-NetCom Co., Ltd. 244,545 1,545,795 #* Theragen Etex Co., Ltd. 42,112 202,893 #* Thinkware Systems Corp. 44,674 416,316 #* TK Chemical Corp. 294,194 481,984 # TK Corp. 112,353 933,300 # TLI, Inc. 23,474 123,415 # Tokai Carbon Korea Co., Ltd. 36,022 1,189,964 # Tong Yang Moolsan Co., Ltd. 332,550 1,031,119 #* Tongyang Cement & Energy Corp. 153,912 410,323 Tongyang Life Insurance Co., Ltd. 273,830 2,494,733 # Tongyang, Inc. 1,313,004 3,206,579 # Tonymoly Co., Ltd. 38,198 694,256 # Top Engineering Co., Ltd. 73,141 437,871 # Toptec Co., Ltd. 124,617 2,615,905 # Tovis Co., Ltd. 103,377 725,484 #* Trais Co., Ltd. 24,456 38,429 TS Corp. 29,456 581,903 # UBCare Co., Ltd. 189,032 571,137 # Ubiquoss, Inc. 97,841 988,141 #* Ubivelox, Inc. 25,329 225,832 # Ugint Co., Ltd. 1,358,550 513,777 # Uju Electronics Co., Ltd. 46,940 713,434 Unid Co., Ltd. 37,357 1,432,628 # Union Semiconductor Equipment & Materials Co., Ltd. 187,300 875,944 # Uniquest Corp. 88,372 502,313 #* Unison Co., Ltd. 65,618 72,676 # UniTest, Inc. 85,605 791,394 # Value Added Technologies Co., Ltd. 54,783 1,591,942 # Very Good Leisure Co., Ltd. 25,853 194,948 # Viatron Technologies, Inc. 77,784 1,510,067 # Vieworks Co., Ltd. 53,641 3,171,855 # Visang Education, Inc. 45,951 657,352 # Vitzrocell Co., Ltd. 80,528 1,029,644 * W Holding Co., Ltd. 466,564 353,902 #* Webzen, Inc. 123,650 1,569,020 #* Welcron Co., Ltd. 155,384 459,707 #* WeMade Entertainment Co., Ltd. 74,933 1,509,103 # Whanin Pharmaceutical Co., Ltd. 97,165 1,254,777 # WillBes & Co. (The) 340,995 996,801 #* Winix, Inc. 44,681 327,626 # Wins Co., Ltd. 58,955 607,657 # WiSoL Co., Ltd. 131,192 1,613,667 * WIZIT Co., Ltd. 529,225 569,617
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ------------ SOUTH KOREA -- (Continued) #* WONIK CUBE Corp. 13,011 $ 28,588 #* Wonik Holdings Co., Ltd. 287,753 1,505,800 #* WONIK IPS Co., Ltd. 176,725 3,613,023 #* Wonik Materials Co., Ltd. 24,255 1,340,657 #* Wonik QnC Corp. 63,143 935,928 Woojin, Inc. 2,070 9,950 #* Woongjin Co., Ltd. 337,818 722,425 #* Woongjin Energy Co., Ltd. 134,747 578,603 #* Woongjin Thinkbig Co., Ltd. 176,340 1,422,498 * Wooree ETI Co., Ltd. 19,242 28,928 #* Woori Investment Bank Co., Ltd. 2,611,217 1,507,045 #* Woori Technology, Inc. 485,786 288,436 #* Wooridul Pharmaceutical, Ltd. 53,501 816,069 # Woory Industrial Co., Ltd. 40,403 764,221 # Woosu AMS Co., Ltd. 139,479 402,414 # WooSung Feed Co., Ltd. 122,004 347,347 # Y G-1 Co., Ltd. 83,466 664,739 #* YD Online Corp. 149,819 480,717 #* YeaRimDang Publishing Co., Ltd. 71,925 301,159 # Yeong Hwa Metal Co., Ltd. 189,002 304,804 # YES24 Co., Ltd. 43,089 205,245 YESCO Co., Ltd. 18,211 570,389 # YG Entertainment, Inc. 70,880 1,602,553 #* YG Plus 60,153 125,934 # YJM Games Co., Ltd. 138,432 744,660 YMC Co., Ltd. 21,276 221,487 #* Yonwoo Co., Ltd. 23,665 657,856 # Yoosung Enterprise Co., Ltd. 142,242 532,225 # YooSung T&S Co., Ltd. 106,473 573,659 # Youlchon Chemical Co., Ltd. 73,188 856,693 # Young Heung Iron & Steel Co., Ltd. 287,784 398,553 * Young Poong Mining & Construction Corp. 1,580 -- # Young Poong Precision Corp. 79,593 615,219 # Youngone Holdings Co., Ltd. 36,935 1,823,289 #* YoungWoo DSP Co., Ltd. 58,106 588,308 * YTN Co., Ltd. 73,837 156,306 #* Yuanta Securities Korea Co., Ltd. 733,238 2,135,160 # YuHwa Securities Co., Ltd. 13,060 168,300 #* Yungjin Pharmaceutical Co., Ltd. 22,517 139,964 #* Yuyang DNU Co., Ltd. 208,417 821,195 * ZeroOne Interactive Co., Ltd. 3,200 -- # Zeus Co., Ltd. 45,926 722,845 #* Zungwon En-Sys, Inc. 86,136 178,557 ------------ TOTAL SOUTH KOREA 796,728,147 ------------ TAIWAN -- (15.2%) # A-DATA Technology Co., Ltd. 1,519,879 2,546,779 Ability Enterprise Co., Ltd. 1,706,293 923,861 #* AcBel Polytech, Inc. 2,800,599 2,113,465 # Accton Technology Corp. 3,266,763 5,926,704 # ACES Electronic Co., Ltd. 605,000 482,160 # Achem Technology Corp. 1,616,860 594,745 #* Acme Electronics Corp. 529,000 208,379
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) # Acter Co., Ltd. 251,000 $ 749,424 # Actron Technology Corp. 451,150 1,587,603 # Addcn Technology Co., Ltd. 88,299 546,962 # Adlink Technology, Inc. 864,031 1,981,132 # Advanced Ceramic X Corp. 293,000 2,419,799 * Advanced Connectek, Inc. 1,202,000 339,748 Advanced International Multitech Co., Ltd. 501,000 416,355 # Advanced Wireless Semiconductor Co. 989,000 1,660,837 # Advancetek Enterprise Co., Ltd. 977,779 550,141 #* AGV Products Corp. 3,358,433 790,031 # AimCore Technology Co., Ltd. 334,589 248,851 Alcor Micro Corp. 312,000 184,228 #* ALI Corp. 2,195,000 1,156,921 All Ring Tech Co., Ltd. 418,000 798,665 Allis Electric Co., Ltd. 54,000 17,129 # Alltek Technology Corp. 671,855 531,314 # Alltop Technology Co., Ltd. 384,000 828,098 # Alpha Networks, Inc. 2,014,386 1,281,158 # Altek Corp. 1,805,945 1,405,385 # Amazing Microelectronic Corp. 317,000 678,816 Ambassador Hotel (The) 1,639,000 1,226,917 # AMICCOM Electronics Corp. 248,000 303,219 AMPOC Far-East Co., Ltd. 381,444 331,685 # AmTRAN Technology Co., Ltd. 5,312,951 3,820,762 # Anpec Electronics Corp. 585,590 571,317 #* Apacer Technology, Inc. 573,325 593,405 #* APCB, Inc. 832,000 721,871 Apex Biotechnology Corp. 654,483 834,370 Apex International Co., Ltd. 665,293 653,175 # Apex Medical Corp. 477,500 492,687 # Apex Science & Engineering 1,046,132 272,135 # Arcadyan Technology Corp. 921,718 1,807,297 Ardentec Corp. 2,886,274 2,151,877 * Arima Communications Corp. 769,644 126,071 * Asia Optical Co., Inc. 1,615,000 2,070,904 # Asia Plastic Recycling Holding, Ltd. 1,099,398 611,229 # Asia Polymer Corp. 2,135,987 1,321,675 # Asia Vital Components Co., Ltd. 2,146,058 1,696,743 # ASMedia Technology, Inc. 162,000 1,603,841 # ASPEED Technology, Inc. 146,599 1,927,495 # ASROCK, Inc. 141,000 171,217 Aten International Co., Ltd. 609,479 1,571,459 Audix Corp. 614,600 694,049 # AURAS Technology Co., Ltd. 424,148 1,267,905 # Aurona Industries, Inc. 318,000 324,276 # Aurora Corp. 688,499 1,197,891 # Avalue Technology, Inc. 266,000 499,629 * Avermedia Technologies 767,446 257,255 * Avision, Inc. 437,000 96,115 # AVY Precision Technology, Inc. 358,670 547,247 # Awea Mechantronic Co., Ltd. 273,210 267,323 # Axiomtek Co., Ltd. 303,000 535,579 Bank of Kaohsiung Co., Ltd. 2,798,079 827,166
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) # Basso Industry Corp. 753,900 $2,269,865 # BenQ Materials Corp. 1,272,000 582,567 # BES Engineering Corp. 10,187,750 2,029,364 # Bionet Corp. 132,000 124,243 # Bionime Corp. 67,000 124,965 * Biostar Microtech International Corp. 1,025,975 286,740 # Bioteque Corp. 376,308 1,353,942 # Bizlink Holding, Inc. 685,954 3,632,778 # Boardtek Electronics Corp. 798,000 767,724 # Bon Fame Co., Ltd. 87,000 413,230 Bothhand Enterprise, Inc. 249,000 423,477 Bright Led Electronics Corp. 525,520 202,474 #* Browave Corp. 438,000 675,982 #* C Sun Manufacturing, Ltd. 722,221 441,911 C-Media Electronics, Inc. 45,000 39,218 * Cameo Communications, Inc. 393,818 79,832 Capital Futures Corp. 221,000 257,575 # Capital Securities Corp. 13,430,142 3,859,926 Career Technology MFG. Co., Ltd. 2,145,000 1,212,931 #* Carnival Industrial Corp. 1,419,000 236,532 Casetek Holdings, Ltd. 701,000 2,156,013 Cathay Chemical Works 30,000 14,337 * Cathay Real Estate Development Co., Ltd. 4,069,700 2,425,007 Celxpert Energy Corp. 44,000 25,557 #* Center Laboratories, Inc. 475,000 912,268 # Central Reinsurance Co., Ltd. 919,410 431,169 # ChainQui Construction Development Co., Ltd. 379,083 207,571 * Champion Building Materials Co., Ltd. 2,163,851 487,659 # Champion Microelectronic Corp. 202,922 240,283 * Chang Wah Electromaterials, Inc. 213,905 881,939 # Channel Well Technology Co., Ltd. 976,000 879,992 # Charoen Pokphand Enterprise 1,305,985 1,945,421 # Chaun-Choung Technology Corp. 444,000 2,182,603 # CHC Healthcare Group 215,000 289,778 # CHC Resources Corp. 423,348 717,215 # Chen Full International Co., Ltd. 610,000 973,828 # Chenbro Micom Co., Ltd. 407,000 675,222 # Cheng Loong Corp. 5,698,383 2,621,087 # Cheng Uei Precision Industry Co., Ltd. 2,954,331 3,451,399 # Chenming Mold Industry Corp. 614,437 337,090 Chia Chang Co., Ltd. 878,000 732,731 # Chia Hsin Cement Corp. 1,861,121 571,349 Chian Hsing Forging Industrial Co., Ltd. 10,000 14,339 # Chicony Power Technology Co., Ltd. 847,210 1,265,586 # Chien Kuo Construction Co., Ltd. 1,568,312 425,008 # Chilisin Electronics Corp. 603,315 1,476,821 # Chime Ball Technology Co., Ltd. 119,698 155,749 # Chimei Materials Technology Corp. 2,148,900 941,774 Chin-Poon Industrial Co., Ltd. 2,503,207 4,971,254 China Bills Finance Corp. 1,545,000 648,698 # China Chemical & Pharmaceutical Co., Ltd. 1,852,000 1,069,439 # China Ecotek Corp. 200,000 311,894 * China Electric Manufacturing Corp. 1,404,900 344,476
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) China General Plastics Corp. 2,274,147 $1,755,060 * China Glaze Co., Ltd. 507,002 205,910 # China Man-Made Fiber Corp. 5,216,972 1,488,181 China Metal Products 1,714,603 1,722,843 China Motor Corp. 187,609 171,516 #* China Petrochemical Development Corp. 16,055,000 5,765,430 # China Steel Chemical Corp. 888,554 3,475,840 # China Steel Structure Co., Ltd. 585,000 400,578 # China Synthetic Rubber Corp. 3,261,573 2,968,765 * China United Trust & Investment Corp. 164,804 -- * China Wire & Cable Co., Ltd. 695,160 506,268 #* Chinese Maritime Transport, Ltd. 556,594 497,738 Chipbond Technology Corp. 3,805,000 5,513,773 # ChipMOS TECHNOLOGIES, Inc. 1,282,000 1,013,763 # Chlitina Holding, Ltd. 290,000 1,361,239 # Chong Hong Construction Co., Ltd. 1,228,666 2,548,957 * Chou Chin Industrial Co., Ltd. 825 -- # Chroma ATE, Inc. 1,973,821 5,174,326 Chun YU Works & Co., Ltd. 1,382,000 594,831 Chun Yuan Steel 2,283,529 871,661 * Chung Hung Steel Corp. 6,026,979 2,059,749 # Chung Hwa Pulp Corp. 2,943,405 930,451 Chung-Hsin Electric & Machinery Manufacturing Corp. 2,779,375 1,852,042 # Chunghwa Chemical Synthesis & Biotech Co., Ltd. 165,000 142,301 * Chunghwa Picture Tubes, Ltd. 14,410,000 655,867 # Chyang Sheng Dyeing & Finishing Co., Ltd. 297,000 199,976 Cleanaway Co., Ltd. 459,000 2,393,056 # Clevo Co. 3,054,200 2,689,646 #* CMC Magnetics Corp. 15,197,566 1,725,247 #* Co-Tech Development Corp. 750,000 1,002,180 CoAdna Holdings, Inc. 44,000 98,675 # CoAsia Microelectronics Corp. 803,397 361,298 # Coland Holdings, Ltd. 295,000 461,774 Collins Co., Ltd. 562,431 192,964 # Compeq Manufacturing Co., Ltd. 7,428,000 3,953,835 # Compucase Enterprise 413,000 561,944 Concord Securities Co., Ltd. 3,059,000 615,053 # Continental Holdings Corp. 3,306,320 1,118,288 Contrel Technology Co., Ltd. 798,000 418,522 # Coremax Corp. 278,000 385,199 * Coretronic Corp. 3,022,200 3,306,815 # Cowealth Medical Holding Co., Ltd. 95,000 144,040 # Coxon Precise Industrial Co., Ltd. 820,000 806,011 # Creative Sensor, Inc. 244,000 183,185 # CSBC Corp. Taiwan 2,980,610 1,319,318 # Cub Elecparts, Inc. 332,257 2,620,507 # CviLux Corp. 520,040 484,054 # Cyberlink Corp. 526,697 1,181,264 # CyberPower Systems, Inc. 264,000 852,075 # CyberTAN Technology, Inc. 1,573,779 962,566 # Cypress Technology Co., Ltd. 224,000 924,001 #* D-Link Corp. 5,120,668 1,702,546 # DA CIN Construction Co., Ltd. 1,001,711 619,203
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) # Da-Li Development Co., Ltd. 976,189 $ 616,873 # Dadi Early-Childhood Education Group Ltd. 48,000 269,129 Dafeng TV, Ltd. 454,870 479,174 #* Danen Technology Corp. 2,682,000 619,121 Darfon Electronics Corp. 1,769,550 1,136,175 Darwin Precisions Corp. 2,422,635 991,038 Davicom Semiconductor, Inc. 52,888 36,210 # De Licacy Industrial Co., Ltd. 1,268,798 1,039,736 Delpha Construction Co., Ltd. 839,931 354,958 Depo Auto Parts Ind Co., Ltd. 698,000 1,860,443 * Der Pao Construction Co., Ltd. 902,078 -- # DFI, Inc. 514,524 825,787 # Dimerco Express Corp. 728,000 509,779 Dr Wu Skincare Co., Ltd. 13,000 66,879 Draytek Corp. 42,000 43,528 # Dynacolor, Inc. 306,000 389,195 * Dynamic Electronics Co., Ltd. 1,862,321 525,189 Dynapack International Technology Corp. 971,000 1,143,057 E Ink Holdings, Inc. 5,656,000 4,473,982 # E-Lead Electronic Co., Ltd. 507,942 521,827 # E-Life Mall Corp. 446,000 887,559 * E-Ton Solar Tech Co., Ltd. 2,541,209 795,571 * Eastern Media International Corp. 3,003,889 711,261 # Edimax Technology Co., Ltd. 1,297,108 435,394 #* Edison Opto Corp. 810,000 370,574 # Edom Technology Co., Ltd. 1,131,968 598,674 eGalax_eMPIA Technology, Inc. 346,703 534,329 # Elan Microelectronics Corp. 2,752,715 3,020,509 # Elite Advanced Laser Corp. 741,520 2,950,982 Elite Material Co., Ltd. 1,920,350 6,738,835 Elite Semiconductor Memory Technology, Inc. 1,885,200 2,012,896 Elitegroup Computer Systems Co., Ltd. 2,281,254 1,370,378 # eMemory Technology, Inc. 482,000 6,141,387 # Emerging Display Technologies Corp. 646,000 211,696 ENG Electric Co., Ltd. 1,161,465 634,014 # Ennoconn Corp. 87,972 1,265,714 # EnTie Commercial Bank Co., Ltd. 2,226,603 963,701 * Episil Holdings, Inc. 149,000 46,949 #* Epistar Corp. 6,137,000 4,628,983 # Eslite Spectrum Corp. (The) 44,000 215,391 # Eson Precision Ind. Co., Ltd. 411,000 514,020 Eternal Materials Co., Ltd. 3,995,618 4,331,622 * Etron Technology, Inc. 1,880,000 743,920 # Eurocharm Holdings Co., Ltd. 182,000 462,583 # Everest Textile Co., Ltd. 2,526,562 1,373,181 Evergreen International Storage & Transport Corp. 3,627,000 1,703,072 # Everlight Chemical Industrial Corp. 3,210,606 2,059,571 # Everlight Electronics Co., Ltd. 2,895,000 4,528,940 # Everspring Industry Co., Ltd. 799,000 416,949 # Excelsior Medical Co., Ltd. 602,217 866,934 # EZconn Corp. 143,000 207,639 Far Eastern Department Stores, Ltd. 5,475,000 2,833,036 Far Eastern International Bank 14,917,921 4,373,507
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) # Faraday Technology Corp. 1,537,788 $1,585,201 * Farglory F T Z Investment Holding Co., Ltd. 485,000 235,210 Farglory Land Development Co., Ltd. 1,924,000 2,279,380 # Federal Corp. 3,236,238 1,727,621 Feedback Technology Corp. 243,000 410,864 # Feng Hsin Steel Co., Ltd. 3,017,100 4,613,970 Fine Blanking & Tool Co., Ltd. 13,000 18,660 * First Copper Technology Co., Ltd. 791,000 195,971 # First Hotel 976,967 519,071 #* First Insurance Co., Ltd. (The) 1,157,179 484,418 * First Steamship Co., Ltd. 2,484,218 588,250 # FLEXium Interconnect, Inc. 2,033,519 5,841,709 # Flytech Technology Co., Ltd. 761,309 2,377,133 # FocalTech Systems Co., Ltd. 1,639,048 1,899,727 # Formosa Advanced Technologies Co., Ltd. 1,125,000 834,103 # Formosa International Hotels Corp. 332,329 1,760,034 # Formosa Laboratories, Inc. 503,000 1,574,952 # Formosa Oilseed Processing Co., Ltd. 708,567 1,090,755 Formosa Optical Technology Co., Ltd. 145,000 345,874 * Formosan Rubber Group, Inc. 2,677,501 1,355,548 Formosan Union Chemical 1,652,218 897,335 # Fortune Electric Co., Ltd. 834,078 480,845 # Founding Construction & Development Co., Ltd. 1,114,623 566,167 Foxlink Image Technology Co., Ltd. 669,000 343,217 # Foxsemicon Integrated Technology, Inc. 371,000 1,039,865 * Froch Enterprise Co., Ltd. 1,216,189 402,206 FSP Technology, Inc. 1,036,427 790,474 # Fulgent Sun International Holding Co., Ltd. 355,827 705,628 Fullerton Technology Co., Ltd. 399,600 306,668 # Fulltech Fiber Glass Corp. 1,848,083 859,912 Fwusow Industry Co., Ltd. 838,751 423,176 G Shank Enterprise Co., Ltd. 822,281 688,372 #* G Tech Optoelectronics Corp. 780,354 488,838 # Gallant Precision Machining Co., Ltd. 1,024,000 726,809 # Gamania Digital Entertainment Co., Ltd. 669,000 614,638 Gemtek Technology Corp. 2,257,219 1,761,572 # General Interface Solution Holding, Ltd. 871,000 2,760,441 # General Plastic Industrial Co., Ltd. 248,553 336,788 # Generalplus Technology, Inc. 284,000 353,532 #* Genesis Photonics, Inc. 2,089,990 207,181 # Genesys Logic, Inc. 568,000 740,282 #* Genius Electronic Optical Co., Ltd. 485,427 2,789,687 * Genmont Biotech, Inc. 48,000 33,082 Genovate Biotechnology Co., Ltd. 56,000 67,787 # GeoVision, Inc. 443,931 610,698 Getac Technology Corp. 2,800,360 4,180,615 # Giantplus Technology Co., Ltd. 1,585,900 902,110 Gigabyte Technology Co., Ltd. 3,717,800 4,872,609 # Gigasolar Materials Corp. 192,880 2,154,827 #* Gigastorage Corp. 2,404,561 1,830,636 # Ginko International Co., Ltd. 235,000 2,310,059 #* Gintech Energy Corp. 3,308,297 2,178,608 #* Global Brands Manufacture, Ltd. 1,991,359 764,743
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) # Global Lighting Technologies, Inc. 574,000 $1,125,615 Global Mixed Mode Technology, Inc. 519,000 1,140,247 # Global PMX Co., Ltd. 252,000 1,131,427 # Global Unichip Corp. 638,000 1,629,627 #* Globalwafers Co., Ltd. 466,048 2,141,703 Globe Union Industrial Corp. 1,361,914 701,840 # Gloria Material Technology Corp. 3,509,547 2,353,960 # Glory Science Co., Ltd. 330,296 607,098 * GlycoNex, Inc. 89,000 90,695 #* Gold Circuit Electronics, Ltd. 2,805,227 939,956 Golden Friends Corp. 44,000 50,367 # Goldsun Building Materials Co., Ltd. 8,833,722 2,089,424 Good Will Instrument Co., Ltd. 237,869 151,224 Gourmet Master Co., Ltd. 105,000 918,907 Grand Ocean Retail Group, Ltd. 133,000 103,811 Grand Pacific Petrochemical 6,845,000 4,460,335 # Grand Plastic Technology Corp. 115,000 619,139 # Grape King Bio, Ltd. 740,000 4,204,795 # Great China Metal Industry 1,001,000 793,576 # Great Taipei Gas Co., Ltd. 1,645,000 1,270,140 Great Wall Enterprise Co., Ltd. 3,741,774 3,447,360 Greatek Electronics, Inc. 1,750,000 2,213,641 #* Green Energy Technology, Inc. 2,369,457 1,296,493 Green River Holding Co., Ltd. 68,000 423,045 # Green Seal Holding, Ltd. 311,000 1,526,676 #* GTM Holdings Corp. 681,000 375,644 # Hakers Enterprise Co., Ltd. 127,200 182,852 Hannstar Board Corp. 2,158,049 1,200,379 #* HannStar Display Corp. 21,469,506 5,653,879 * HannsTouch Solution, Inc. 3,604,805 1,196,516 # Hanpin Electron Co., Ltd. 387,000 509,746 #* Harvatek Corp. 941,949 332,085 # Hey Song Corp. 2,000,750 2,062,015 # Hi-Clearance, Inc. 185,000 558,897 # HIM International Music, Inc. 148,000 540,954 # Hiroca Holdings, Ltd. 393,448 1,141,338 #* HiTi Digital, Inc. 1,013,935 392,599 # Hitron Technology, Inc. 1,757,213 1,122,259 #* Ho Tung Chemical Corp. 5,527,391 1,505,941 # Hocheng Corp. 2,223,700 688,834 Hold-Key Electric Wire & Cable Co., Ltd. 205,908 55,319 # Holiday Entertainment Co., Ltd. 425,800 691,971 Holtek Semiconductor, Inc. 1,253,000 1,999,528 # Holy Stone Enterprise Co., Ltd. 1,290,728 1,334,591 # Hong TAI Electric Industrial 979,000 284,603 # Hong YI Fiber Industry Co. 758,652 500,534 * Horizon Securities Co., Ltd. 2,760,000 568,849 # Hota Industrial Manufacturing Co., Ltd. 1,438,128 5,963,328 #* Hsin Kuang Steel Co., Ltd. 1,487,443 1,071,671 # Hsin Yung Chien Co., Ltd. 240,100 594,239 # Hsing TA Cement Co. 540,900 173,541 # Hu Lane Associate, Inc. 535,866 2,516,184 * HUA ENG Wire & Cable Co., Ltd. 2,359,565 674,561
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) # Huaku Development Co., Ltd. 1,759,816 $3,452,208 # Huang Hsiang Construction Corp. 754,800 929,539 Hung Ching Development & Construction Co., Ltd. 730,000 501,899 Hung Poo Real Estate Development Corp. 1,710,185 1,404,891 # Hung Sheng Construction, Ltd. 3,211,400 1,980,644 # Huxen Corp. 301,244 388,467 # Hwa Fong Rubber Co., Ltd. 1,625,890 571,093 #* Hwacom Systems, Inc. 442,000 169,518 * I-Chiun Precision Industry Co., Ltd. 846,313 245,161 # I-Sheng Electric Wire & Cable Co., Ltd. 709,000 1,012,049 #* Ibase Technology, Inc. 774,073 1,505,087 #* Ichia Technologies, Inc. 2,319,000 1,200,889 # Ideal Bike Corp. 862,263 318,202 IEI Integration Corp. 1,137,209 1,678,199 Infortrend Technology, Inc. 1,203,163 612,150 # Innodisk Corp. 375,053 985,446 #* Inpaq Technology Co., Ltd. 546,000 359,462 # Intai Technology Corp. 213,000 1,033,851 # Integrated Service Technology, Inc. 382,178 1,144,427 # IntelliEPI, Inc. 210,000 554,755 # International Games System Co., Ltd. 368,000 2,429,868 # Iron Force Industrial Co., Ltd. 295,393 1,675,671 # ITE Technology, Inc. 968,095 917,286 ITEQ Corp. 1,437,614 1,918,630 J Touch Corp. 11,000 397 # Jarllytec Co., Ltd. 303,000 630,257 # Jentech Precision Industrial Co., Ltd. 422,868 667,898 # Jess-Link Products Co., Ltd. 953,900 912,662 # Jih Sun Financial Holdings Co., Ltd. 9,310,896 2,017,717 # Jinli Group Holdings, Ltd. 630,600 697,683 # Johnson Health Tech Co., Ltd. 588,257 854,372 # K Laser Technology, Inc. 683,000 366,274 # Kang Na Hsiung Enterprise Co., Ltd. 333,020 117,018 # Kaori Heat Treatment Co., Ltd. 598,197 1,039,620 # Kaulin Manufacturing Co., Ltd. 875,330 454,020 # KD Holding Corp. 181,000 1,011,269 # KEE TAI Properties Co., Ltd. 2,564,473 751,292 # Kenmec Mechanical Engineering Co., Ltd. 1,245,000 423,457 # Kerry TJ Logistics Co., Ltd. 1,640,000 2,317,762 Kindom Construction Corp. 2,433,000 1,518,984 King Chou Marine Technology Co., Ltd. 422,000 543,634 * King Yuan Electronics Co., Ltd. 8,804,979 7,603,937 King's Town Bank Co., Ltd. 4,055,701 3,710,934 #* King's Town Construction Co., Ltd. 921,074 650,873 # Kingcan Holdings, Ltd. 224,000 235,089 # Kingpak Technology, Inc. 153,117 1,051,879 # Kinik Co. 858,000 1,766,437 #* Kinko Optical Co., Ltd. 964,000 646,017 # Kinpo Electronics 8,649,157 3,471,874 Kinsus Interconnect Technology Corp. 812,000 1,869,488 # KMC Kuei Meng International, Inc. 362,146 1,472,882 # KS Terminals, Inc. 824,482 1,081,092 # Kung Long Batteries Industrial Co., Ltd. 425,000 2,133,016
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) #* Kung Sing Engineering Corp. 1,965,000 $ 633,438 # Kuo Toong International Co., Ltd. 1,326,511 843,573 Kuoyang Construction Co., Ltd. 2,979,384 1,147,216 * Kwong Fong Industries Corp. 934,183 788,900 # Kwong Lung Enterprise Co., Ltd. 354,000 514,655 # KYE Systems Corp. 1,763,672 495,346 # L&K Engineering Co., Ltd. 1,114,048 1,251,406 #* LAN FA Textile 1,708,933 479,567 # Land Mark Optoelectronics Corp. 197,300 1,749,610 # Lanner Electronics, Inc. 633,006 896,392 Laser Tek Taiwan Co., Ltd. 92,504 71,273 LCY Chemical Corp. 1,014,383 1,434,894 # Leader Electronics, Inc. 828,000 275,265 # Leadtrend Technology Corp. 120,086 136,846 Lealea Enterprise Co., Ltd. 4,749,892 1,284,234 Ledlink Optics, Inc. 277,762 398,867 Ledtech Electronics Corp. 351,000 156,781 LEE CHI Enterprises Co., Ltd. 1,115,000 370,146 # Lelon Electronics Corp. 512,300 650,367 Leofoo Development Co., Ltd. 1,754,116 455,319 #* LES Enphants Co., Ltd. 727,754 254,307 Lextar Electronics Corp. 2,699,500 1,187,819 # Li Cheng Enterprise Co., Ltd. 371,800 999,574 #* Li Peng Enterprise Co., Ltd. 4,191,897 1,143,217 # Lian HWA Food Corp. 440,584 449,071 # Lien Chang Electronic Enter 476,000 209,732 # Lien Hwa Industrial Corp. 3,961,115 2,961,928 * Lingsen Precision Industries, Ltd. 2,644,506 995,146 # Lion Travel Service Co., Ltd. 58,000 151,370 # Lite-On Semiconductor Corp. 1,509,539 1,406,783 Long Bon International Co., Ltd. 2,438,945 1,302,437 # Long Chen Paper Co., Ltd. 3,616,722 2,844,878 # Longwell Co. 854,000 760,089 # Lotes Co., Ltd. 451,778 1,459,228 # Lu Hai Holding Corp. 240,000 411,480 # Lucky Cement Corp. 1,563,000 457,309 # Lumax International Corp., Ltd. 626,769 1,020,968 Lung Yen Life Service Corp. 809,000 1,442,006 # LuxNet Corp. 432,482 478,722 # Macauto Industrial Co., Ltd. 315,000 1,845,999 Machvision, Inc. 187,000 351,162 # Macroblock, Inc. 160,000 356,676 * Macronix International 25,043,481 5,584,229 # Mag Layers Scientific-Technics Co., Ltd. 281,303 540,132 # Makalot Industrial Co., Ltd. 1,320,677 4,910,872 # Marketech International Corp. 862,000 824,426 # Masterlink Securities Corp. 7,959,728 2,160,941 # Materials Analysis Technology, Inc. 216,342 622,191 #* Mayer Steel Pipe Corp. 884,567 384,106 Maywufa Co., Ltd. 69,322 30,965 # Meiloon Industrial Co. 693,809 381,103 Mercuries & Associates Holding, Ltd. 2,431,790 1,787,203 #* Mercuries Life Insurance Co., Ltd. 6,049,359 3,343,900
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) # Merry Electronics Co., Ltd. 1,111,477 $4,651,283 * Microbio Co., Ltd. 2,355,607 1,677,060 #* Microelectronics Technology, Inc. 257,655 202,713 Microlife Corp. 301,600 731,197 Mildef Crete, Inc. 195,000 261,032 # MIN AIK Technology Co., Ltd. 1,302,316 1,417,947 # Mirle Automation Corp. 1,306,959 1,612,168 Mitac Holdings Corp. 3,556,004 3,929,456 # Mobiletron Electronics Co., Ltd. 465,800 625,901 #* momo.com, Inc. 89,000 536,542 * Mosel Vitelic, Inc. 884,201 83,268 #* Motech Industries, Inc. 2,619,000 2,495,613 # MPI Corp. 445,000 1,466,932 # Nak Sealing Technologies Corp. 375,954 984,428 # Namchow Chemical Industrial Co., Ltd. 1,306,000 2,675,689 # Nan Kang Rubber Tire Co., Ltd. 3,331,952 3,150,751 # Nan Liu Enterprise Co., Ltd. 288,000 1,377,458 Nan Ren Lake Leisure Amusement Co., Ltd. 855,000 227,339 Nan Ya Printed Circuit Board Corp. 1,627,000 1,293,861 # Nang Kuang Pharmaceutical co., Ltd. 292,000 376,577 # Nantex Industry Co., Ltd. 1,671,714 1,210,050 # National Petroleum Co., Ltd. 217,824 266,670 #* Neo Solar Power Corp. 6,203,744 3,162,290 # Netronix, Inc. 468,000 1,009,083 New Asia Construction & Development Corp. 338,835 79,122 New Best Wire Industrial Co., Ltd. 92,000 88,487 # New Era Electronics Co., Ltd. 312,000 219,299 #* Newmax Technology Co., Ltd. 705,009 499,968 # Nexcom International Co., Ltd. 677,094 733,477 # Nichidenbo Corp. 927,801 723,440 Nien Hsing Textile Co., Ltd. 1,601,436 1,256,448 # Nishoku Technology, Inc. 274,000 631,121 # Nuvoton Technology Corp. 528,000 700,077 * O-TA Precision Industry Co., Ltd. 42,000 17,379 * Ocean Plastics Co., Ltd. 868,200 722,830 # On-Bright Electronics, Inc. 218,600 1,526,982 OptoTech Corp. 3,753,886 1,694,581 # Orient Europharma Co., Ltd. 175,000 335,826 * Orient Semiconductor Electronics, Ltd. 4,145,000 1,506,758 #* Oriental Union Chemical Corp. 3,219,267 2,852,184 # P-Duke Technology Co., Ltd. 265,000 536,815 P-Two Industries, Inc. 49,000 29,171 # Pacific Construction Co. 1,868,921 661,205 # Pacific Hospital Supply Co., Ltd. 341,000 869,520 # Paiho Shih Holdings Corp. 783,600 936,514 # Pan Jit International, Inc. 2,371,541 1,278,626 # Pan-International Industrial Corp. 2,834,747 2,283,693 # Parade Technologies, Ltd. 437,401 4,522,679 #* Paragon Technologies Co., Ltd. 444,246 294,397 # PChome Online, Inc. 574,921 4,758,767 # PCL Technologies, Inc. 152,000 438,115 # Pharmally International Holding Co., Ltd. 175,000 2,427,950 #* Phihong Technology Co., Ltd.(6214140) 1,483,901 528,772
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) Phihong Technology Co., Ltd.() 256,501 $ 7,774 # Phoenix Tours International, Inc. 303,450 334,590 # Pixart Imaging, Inc. 593,150 1,315,639 Planet Technology Corp. 9,000 13,731 # Polytronics Technology Corp. 342,027 636,091 # Portwell, Inc. 468,000 598,210 # Posiflex Technology, Inc. 312,024 1,734,897 * Potrans Electrical Corp., Ltd. 228,000 -- # Power Quotient International Co., Ltd. 970,600 317,041 Powertech Industrial Co., Ltd. 80,000 36,013 Poya International Co., Ltd. 281,236 3,435,026 # President Securities Corp. 5,867,664 2,164,323 Primax Electronics, Ltd. 2,765,000 3,941,209 #* Prime Electronics & Satellitics, Inc. 667,822 210,264 Prince Housing & Development Corp. 8,365,644 2,792,116 #* Princeton Technology Corp. 1,099,000 293,129 # Pro Hawk Corp. 43,000 216,180 * Prodisc Technology, Inc. 1,707,199 -- # Promate Electronic Co., Ltd. 1,060,000 1,033,971 # Promise Technology, Inc. 1,039,286 495,425 * Protop Technology Co., Ltd. 192,000 -- Qisda Corp. 11,499,900 6,013,940 QST International Corp. 16,000 44,896 Qualipoly Chemical Corp. 525,713 582,815 Quanta Storage, Inc. 838,000 833,809 * Quintain Steel Co., Ltd. 1,138,000 315,901 # Radiant Opto-Electronics Corp. 2,753,000 5,004,815 #* Radium Life Tech Co., Ltd. 4,663,100 1,417,709 # Ralec Electronic Corp. 291,209 488,485 Rechi Precision Co., Ltd. 2,101,181 2,170,852 Rexon Industrial Corp., Ltd. 94,392 45,693 Rich Development Co., Ltd. 4,314,036 1,102,713 # RichWave Technology Corp. 283,000 580,897 * Ritek Corp. 12,892,860 2,126,375 #* Rotam Global Agrosciences, Ltd. 488,268 499,024 # Ruentex Engineering & Construction Co. 226,000 273,745 # Run Long Construction Co., Ltd. 862,292 954,417 # Sagittarius Life Science Corp. 142,889 553,766 * Sainfoin Technology Corp. 131,260 -- Sampo Corp. 3,400,327 1,970,886 # San Fang Chemical Industry Co., Ltd. 1,242,647 1,428,444 San Far Property, Ltd. 74,000 26,155 # San Shing Fastech Corp. 663,875 1,122,405 Sanitar Co., Ltd. 8,000 9,337 # Sanyang Motor Co., Ltd. 3,221,628 2,106,757 # SCI Pharmtech, Inc. 404,395 942,057 # Scientech Corp. 295,000 549,999 # SDI Corp. 816,000 1,198,400 # Sea Sonic Electronics Co., Ltd. 143,000 140,574 # Senao International Co., Ltd. 659,541 1,098,503 # Senao Networks, Inc. 174,000 879,855 # Sercomm Corp. 1,631,000 4,169,721 # Sesoda Corp. 1,063,821 997,823
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- ---------- TAIWAN -- (Continued) Shan-Loong Transportation Co., Ltd. 29,000 $ 26,665 Sharehope Medicine Co., Ltd. 32,000 34,798 Sheng Yu Steel Co., Ltd. 823,980 929,909 # ShenMao Technology, Inc. 542,891 561,432 # Shih Her Technologies, Inc. 284,000 266,844 * Shih Wei Navigation Co., Ltd. 1,537,384 451,238 # Shihlin Electric & Engineering Corp. 1,700,000 2,201,810 * Shihlin Paper Corp. 50,000 53,452 Shin Hai Gas Corp. 1,245 1,655 # Shin Zu Shing Co., Ltd. 1,024,144 2,913,581 # Shinih Enterprise Co., Ltd. 128,000 84,246 #* Shining Building Business Co., Ltd. 2,417,041 806,166 # Shinkong Insurance Co., Ltd. 1,313,131 1,097,294 Shinkong Synthetic Fibers Corp. 9,970,395 2,998,035 # Shinkong Textile Co., Ltd. 964,542 1,250,167 # Shiny Chemical Industrial Co., Ltd. 351,031 605,262 # ShunSin Technology Holding, Ltd. 236,000 707,966 #* Shuttle, Inc. 2,436,152 682,289 Sigurd Microelectronics Corp. 2,563,974 1,967,666 Silergy Corp. 64,000 972,241 * Silicon Integrated Systems Corp. 1,360,887 296,262 # Silitech Technology Corp. 797,774 418,802 Simplo Technology Co., Ltd. 953,000 2,849,255 # Sinbon Electronics Co., Ltd. 1,438,813 3,158,328 Sincere Navigation Corp. 2,077,786 1,392,451 # Single Well Industrial Corp. 171,528 211,056 Sinher Technology, Inc. 205,000 353,494 # Sinmag Equipment Corp. 303,436 1,377,525 # Sino-American Electronic Co., Ltd. 237,650 566,635 #* Sino-American Silicon Products, Inc. 3,975,000 5,067,864 Sinon Corp. 2,490,510 1,228,784 # Sinphar Pharmaceutical Co., Ltd. 868,938 665,630 # Sinyi Realty, Inc. 1,383,608 1,427,390 # Sirtec International Co., Ltd. 862,000 1,226,036 Sitronix Technology Corp. 757,879 2,284,967 # Siward Crystal Technology Co., Ltd. 1,029,000 637,708 Soft-World International Corp. 484,000 982,292 * Solar Applied Materials Technology Co. 2,371,581 1,319,313 #* Solartech Energy Corp. 2,246,616 1,079,472 Solteam Electronics Co., Ltd. 287,599 357,432 * Solytech Enterprise Corp. 570,000 86,182 # Sonix Technology Co., Ltd. 1,046,000 1,072,903 Southeast Cement Co., Ltd. 1,053,700 535,996 Speed Tech Corp. 461,000 415,038 * Spirox Corp. 52,824 28,962 # Sporton International, Inc. 449,388 2,507,230 # St Shine Optical Co., Ltd. 252,000 4,761,343 # Standard Chemical & Pharmaceutical Co., Ltd. 676,571 700,835 # Stark Technology, Inc. 859,860 771,668 #* Sunko INK Co., Ltd. 548,000 262,647 # Sunny Friend Environmental Technology Co., Ltd. 392,000 1,500,593 # Sunonwealth Electric Machine Industry Co., Ltd. 1,318,487 1,274,308 Sunplus Technology Co., Ltd. 2,433,000 880,535
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) # Sunrex Technology Corp. 1,162,580 $ 677,218 # Sunspring Metal Corp. 685,000 952,731 * Sunty Development Co., Ltd. 42,000 15,376 # Supreme Electronics Co., Ltd. 2,241,508 1,886,140 # Swancor Holding Co., Ltd. 428,206 996,842 # Sweeten Real Estate Development Co., Ltd. 612,357 273,792 # Syncmold Enterprise Corp. 952,000 1,920,149 # Sysage Technology Co., Ltd. 558,484 483,493 * Sysgration 532,000 177,896 Systex Corp. 1,098,388 2,126,449 T-Mac Techvest PCB Co., Ltd. 380,000 159,158 # T3EX Global Holdings Corp. 399,117 261,689 #* TA Chen Stainless Pipe 4,502,127 2,613,060 Ta Chong Securities Co., Ltd. 1,478,000 445,589 #* Ta Ya Electric Wire & Cable 3,252,306 592,850 # Ta Yih Industrial Co., Ltd. 219,000 563,638 * TA-I Technology Co., Ltd. 815,718 696,101 # Tah Hsin Industrial Corp. 426,600 350,923 TAI Roun Products Co., Ltd. 201,000 68,636 #* Tai Tung Communication Co., Ltd. 232,197 146,484 # Tai-Saw Technology Co., Ltd. 165,120 127,542 # Taichung Commercial Bank Co., Ltd. 14,226,681 4,183,323 # TaiDoc Technology Corp. 290,448 997,903 # Taiflex Scientific Co., Ltd. 1,381,340 1,639,270 # Taimide Tech, Inc. 585,250 604,415 # Tainan Enterprises Co., Ltd. 872,370 819,504 # Tainan Spinning Co., Ltd. 7,101,044 3,106,273 # Tainergy Tech Co., Ltd. 1,119,000 520,034 #* Taisun Enterprise Co., Ltd. 1,979,428 949,609 #* Taita Chemical Co., Ltd. 1,237,951 465,117 Taiwan Acceptance Corp. 773,480 2,027,232 # Taiwan Chinsan Electronic Industrial Co., Ltd. 553,000 1,027,408 # Taiwan Cogeneration Corp. 2,516,566 1,810,349 # Taiwan Fire & Marine Insurance Co., Ltd. 1,242,338 751,699 * Taiwan Flourescent Lamp Co., Ltd. 176,000 -- # Taiwan FU Hsing Industrial Co., Ltd. 1,010,000 1,381,999 * Taiwan Glass Industry Corp. 79,000 33,333 Taiwan Hon Chuan Enterprise Co., Ltd. 2,302,468 3,932,614 # Taiwan Hopax Chemicals Manufacturing Co., Ltd. 1,089,120 636,236 * Taiwan Kolin Co., Ltd. 1,356,000 -- # Taiwan Land Development Corp. 6,351,991 2,047,740 Taiwan Line Tek Electronic 447,306 302,003 * Taiwan Mask Corp. 662,412 194,044 Taiwan Navigation Co., Ltd. 1,104,777 447,419 Taiwan Optical Platform Co., Ltd. 9,000 35,708 # Taiwan Paiho, Ltd. 1,822,287 5,581,079 # Taiwan PCB Techvest Co., Ltd. 1,684,238 1,610,406 #* Taiwan Prosperity Chemical Corp. 1,009,000 728,316 #* Taiwan Pulp & Paper Corp. 2,217,980 1,000,444 #* Taiwan Sakura Corp. 1,272,803 1,227,781 Taiwan Sanyo Electric Co., Ltd. 381,400 300,538 # Taiwan Semiconductor Co., Ltd. 1,503,000 1,743,109 Taiwan Shin Kong Security Co., Ltd. 1,618,710 2,052,279
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) Taiwan Styrene Monomer 3,550,209 $2,348,448 Taiwan Surface Mounting Technology Corp. 1,888,388 1,573,123 # Taiwan TEA Corp. 4,949,897 2,409,421 # Taiwan Union Technology Corp. 1,548,000 2,112,984 # Taiyen Biotech Co., Ltd. 872,883 831,052 #* Tatung Co., Ltd. 16,173,015 8,678,951 # TCI Co., Ltd. 377,000 1,864,059 * Te Chang Construction Co., Ltd. 376,184 281,023 Tehmag Foods Corp. 31,000 201,722 # Ten Ren Tea Co., Ltd. 164,980 193,629 # Test Research, Inc. 1,117,821 1,351,013 Test Rite International Co., Ltd. 1,843,495 1,177,379 #* Tex-Ray Industrial Co., Ltd. 803,000 275,143 # Thinking Electronic Industrial Co., Ltd. 541,204 1,170,449 # Thye Ming Industrial Co., Ltd. 1,074,669 1,238,297 # Ton Yi Industrial Corp. 4,061,644 1,918,795 # Tong Hsing Electronic Industries, Ltd. 1,018,963 3,871,088 Tong Yang Industry Co., Ltd. 991,741 1,830,717 Tong-Tai Machine & Tool Co., Ltd. 1,590,892 1,094,781 # TOPBI International Holdings, Ltd. 344,405 1,182,524 Topco Scientific Co., Ltd. 1,042,463 2,926,242 Topco Technologies Corp. 137,000 268,703 # Topoint Technology Co., Ltd. 991,776 635,069 # Toung Loong Textile Manufacturing 663,000 1,679,976 #* TPK Holding Co., Ltd. 2,101,000 3,923,307 # Trade-Van Information Services Co. 234,000 198,523 Tripod Technology Corp. 2,148,000 5,236,113 #* TrueLight Corp. 399,700 689,646 # Tsang Yow Industrial Co., Ltd. 460,000 479,050 # Tsann Kuen Enterprise Co., Ltd. 289,686 263,440 # TSC Auto ID Technology Co., Ltd. 171,700 1,375,772 # TSRC Corp. 4,182,200 4,840,241 # Ttet Union Corp. 300,000 814,061 TTFB Co., Ltd. 68,000 481,627 # TTY Biopharm Co., Ltd. 1,711,979 5,592,863 Tung Ho Steel Enterprise Corp. 5,275,000 3,583,424 # Tung Thih Electronic Co., Ltd. 432,600 4,086,832 # TURVO International Co., Ltd. 333,112 991,149 TXC Corp. 2,132,053 2,895,970 TYC Brother Industrial Co., Ltd. 1,340,980 1,532,856 * Tycoons Group Enterprise 2,402,182 396,665 Tyntek Corp. 1,873,039 727,905 U-Ming Marine Transport Corp. 1,384,000 1,204,898 UDE Corp. 101,000 124,918 # Ultra Chip, Inc. 374,000 463,795 # Unimicron Technology Corp. 9,116,000 3,590,704 # Union Bank Of Taiwan 6,846,149 1,968,123 # Union Insurance Co., Ltd. 467,660 220,669 Unitech Computer Co., Ltd. 612,804 339,026 # Unitech Printed Circuit Board Corp. 3,589,370 1,077,623 # United Integrated Services Co., Ltd. 1,606,439 2,634,669 # United Orthopedic Corp. 447,323 877,680 #* United Radiant Technology 645,000 555,845
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- TAIWAN -- (Continued) # Unity Opto Technology Co., Ltd. 1,915,500 $ 803,969 # Universal Cement Corp. 2,555,654 2,007,166 Universal Microwave Technology, Inc. 301,000 707,519 #* Unizyx Holding Corp. 2,738,430 1,275,607 UPC Technology Corp. 4,735,447 2,031,726 #* Userjoy Technology Co., Ltd. 159,000 433,961 USI Corp. 5,416,734 2,760,434 # Usun Technology Co., Ltd. 416,000 702,386 # Utechzone Co., Ltd. 341,000 477,707 # Ve Wong Corp. 621,696 457,531 * Via Technologies, Inc. 248,000 88,649 # Victory New Materials, Ltd. Co. 431,000 767,297 Viking Tech Corp. 167,438 109,004 #* Visual Photonics Epitaxy Co., Ltd. 1,274,772 1,999,803 # Vivotek, Inc. 432,956 1,126,332 #* Wafer Works Corp. 3,144,746 1,428,609 * Waffer Technology Co., Ltd. 291,000 184,323 Wah Hong Industrial Corp. 182,021 107,799 Wah Lee Industrial Corp. 1,173,000 1,733,308 Walsin Lihwa Corp. 11,804,000 4,590,090 #* Walsin Technology Corp. 2,622,834 3,246,966 Walton Advanced Engineering, Inc. 2,069,197 808,489 # WAN HWA Enterprise Co. 725,536 315,773 Waterland Financial Holdings Co., Ltd. 8,885,372 2,359,651 #* Wei Chuan Foods Corp. 1,726,000 1,012,070 Wei Mon Industry Co., Ltd. 3,075,282 16,561 # Weikeng Industrial Co., Ltd. 1,690,980 928,121 # Well Shin Technology Co., Ltd. 503,000 817,501 #* Wha Yu Industrial Co., Ltd. 108,000 58,231 #* Win Semiconductors Corp. 504,795 1,518,714 Winbond Electronics Corp. 14,702,138 6,035,497 WinMate Communication, Inc. 79,000 136,936 Winstek Semiconductor Co., Ltd. 52,000 40,593 Wintek Corp. 5,447,000 59,621 #* Wisdom Marine Lines Co., Ltd. 1,963,603 1,929,598 # Wisechip Semiconductor, Inc. 94,000 360,912 # Wistron NeWeb Corp. 1,683,470 4,818,961 # Wowprime Corp. 436,000 1,949,697 WT Microelectronics Co., Ltd. 3,041,903 4,220,047 # WUS Printed Circuit Co., Ltd. 2,102,000 1,201,779 # XAC Automation Corp. 544,000 1,051,359 # XinTec, Inc. 1,085,000 1,268,799 # XPEC Entertainment, Inc. 619,644 260,936 # Xxentria Technology Materials Corp. 731,207 1,773,909 * Yageo Corp. 805,669 1,955,863 * Yang Ming Marine Transport Corp. 10,192,000 1,820,093 # YC Co., Ltd. 2,453,823 1,000,977 YC INOX Co., Ltd. 2,411,388 2,168,519 # YCC Parts Manufacturing Co., Ltd. 204,000 254,804 # Yea Shin International Development Co., Ltd. 1,002,350 413,582 # Yeong Guan Energy Technology Group Co., Ltd. 538,929 1,794,882 # YFC-Boneagle Electric Co., Ltd. 219,000 424,848 # YFY, Inc. 8,463,212 2,943,701
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ------------ TAIWAN -- (Continued) Yi Jinn Industrial Co., Ltd. 1,618,094 $ 537,887 * Yieh Phui Enterprise Co., Ltd. 6,930,668 2,757,027 # Yonyu Plastics Co., Ltd. 457,600 485,264 * Young Fast Optoelectronics Co., Ltd. 679,872 270,116 # Young Optics, Inc. 371,111 331,041 # Youngtek Electronics Corp. 732,666 1,055,200 Yuanta Futures Co., Ltd. 35,000 42,989 Yung Chi Paint & Varnish Manufacturing Co., Ltd. 451,869 1,164,892 # Yungshin Construction & Development Co., Ltd. 415,000 325,110 # YungShin Global Holding Corp. 1,210,015 1,756,189 # Yungtay Engineering Co., Ltd. 2,522,000 3,613,906 Zeng Hsing Industrial Co., Ltd. 371,107 1,906,799 Zenitron Corp. 1,293,000 728,346 Zig Sheng Industrial Co., Ltd. 3,101,732 1,022,083 # Zinwell Corp. 2,088,586 2,107,398 # Zippy Technology Corp. 702,948 804,419 # ZongTai Real Estate Development Co., Ltd. 1,153,277 651,295 ------------ TOTAL TAIWAN 955,743,249 ------------ THAILAND -- (3.6%) AAPICO Hitech PCL(B013KZ2) 110,000 48,111 AAPICO Hitech PCL(B013L48) 964,380 421,796 Advanced Information Technology PCL Class F 274,900 206,897 AEON Thana Sinsap Thailand PCL(B01KHP2) 57,700 163,874 Aeon Thana Sinsap Thailand PCL(B01KHN0) 142,500 404,715 AJ Plast PCL 1,240,588 482,705 Amata Corp. PCL 3,265,410 1,409,663 Ananda Development PCL 19,581,300 2,836,258 AP Thailand PCL 9,625,816 2,023,034 * Apex Development PCL 3,536 -- Asia Aviation PCL 13,440,100 2,328,447 Asia Plus Group Holdings PCL 10,346,600 1,099,014 Asia Sermkij Leasing PCL 909,500 604,439 Asian Insulators PCL 12,731,600 96,942 Asian Phytoceuticals PCL 740,215 34,057 Bangchak Petroleum PCL (The) 2,852,600 2,855,841 Bangkok Airways PCL 4,173,600 2,607,759 Bangkok Aviation Fuel Services PCL 1,869,746 1,951,524 Bangkok Chain Hospital PCL 7,162,937 3,010,834 Bangkok Insurance PCL 180,181 1,785,946 Bangkok Land PCL 60,492,570 3,264,297 Bangkok Ranch PCL 2,167,500 409,369 * Bangkok Rubber PCL 14,600 -- Beauty Community PCL 11,539,200 3,637,748 BEC World PCL 2,766,600 1,414,337 Better World Green PCL 9,027,900 543,571 Big Camera Corp. PCL 9,373,700 1,437,602 BJC Heavy Industries PCL Class F 3,542,300 518,115 Buriram Sugar PCL 659,000 286,359 Cal-Comp Electronics Thailand PCL Class F 16,385,744 1,312,349 * Central Paper Industry PCL 20 -- Central Plaza Hotel PCL 211,700 223,965 CH Karnchang PCL 905,200 739,122
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- THAILAND -- (Continued) Charoong Thai Wire & Cable PCL Class F 967,100 $ 313,120 Christiani & Nielsen Thai Class F 2,930,600 356,233 Chularat Hospital PCL Class F 38,976,200 3,210,195 CK Power PCL 21,430,690 2,045,076 COL PCL 174,500 156,113 * Country Group Development PCL 20,152,500 629,587 Country Group Holdings PCL Class F 7,918,400 359,825 CS Loxinfo PCL 1,380,600 241,144 * Demco PCL 1,674,500 378,082 Dhipaya Insurance PCL 1,008,300 1,589,340 Diamond Building Products PCL 277,600 49,276 Dusit Thani PCL 114,500 32,031 Dynasty Ceramic PCL 23,313,480 2,979,570 E for L Aim PCL 16,362,000 125,468 Eastern Polymer Group PCL Class F 7,173,000 2,709,483 Eastern Printing PCL 712,600 138,634 Eastern Water Resources Development and Management PCL Class F 5,072,600 1,671,178 Energy Earth PCL 3,350,300 431,990 Erawan Group PCL (The) 11,042,970 1,392,524 * Esso Thailand PCL 12,063,600 3,940,114 Forth Corp. PCL 1,865,900 415,999 Forth Smart Service PCL 1,744,700 926,609 Fortune Parts Industry PCL 1,579,300 212,607 * G J Steel PCL 5,928,480 57,247 GFPT PCL 4,747,900 1,995,709 * GMM Grammy PCL 90,260 26,660 Golden Land Property Development PCL 7,193,500 1,552,701 Grand Canal Land PCL 5,552,200 400,528 * Grande Asset Hotels & Property PCL 1,882,175 45,437 Hana Microelectronics PCL 3,172,496 3,829,341 ICC International PCL 204,600 215,001 Ichitan Group PCL 2,911,000 925,964 Inter Far East Energy Corp. Class F 4,679,700 412,016 Interlink Communication PCL 1,050,800 590,907 * International Engineering PCL 39,494,487 16,825 * Italian-Thai Development PCL 15,350,427 2,179,839 * ITV PCL 2,785,600 -- Jasmine International PCL 14,444,500 3,610,099 Jaymart PCL 2,000,910 789,908 JSP Property PCL 2,885,000 98,324 Jubilee Enterprise PCL 73,600 40,761 Kang Yong Electric PCL 44,000 542,346 Karmarts PCL 2,719,700 965,528 Kaset Thai International Sugar Corp. PCL 93,100 18,906 KGI Securities Thailand PCL 10,149,600 1,181,862 Khon Kaen Sugar Industry PCL 13,765,690 2,638,978 Khonburi Sugar PCL 101,800 26,021 Kiatnakin Bank PCL 2,666,400 4,316,524 Krungthai Card PCL 1,036,700 4,136,789 L.P.N Development PCL 233,300 79,512 Laguna Resorts & Hotels PCL 197,000 153,863 Lanna Resources PCL 1,833,750 713,501 LH Financial Group PCL 45,557,466 2,290,165
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- THAILAND -- (Continued) Loxley PCL 8,242,676 $ 903,628 LPN Development PCL 5,764,200 1,964,510 Major Cineplex Group PCL 3,340,000 3,059,216 Malee Group PCL 442,300 1,287,582 Maybank Kim Eng Securities Thailand PCL 974,300 633,669 MBK PCL 5,963,100 2,489,565 MC Group PCL 1,288,000 607,237 MCOT PCL 2,319,600 1,001,361 MCS Steel PCL 1,584,500 760,524 Mega Lifesciences PCL 2,838,900 2,277,731 Millcon Steel PCL 9,689,600 412,792 MK Real Estate Development PCL 1,885,900 217,460 MK Restaurants Group PCL 296,800 476,262 Modernform Group PCL 2,352,200 397,489 * Mono Technology PCL 2,795,200 309,608 Muang Thai Insurance PCL 61,288 238,468 Muangthai Leasing PCL Class F 469,700 376,854 Muramoto Electron Thailand PCL 14,000 102,584 Namyong Terminal PCL 1,323,400 541,237 Nation Multimedia Group PCL 14,527,800 457,991 * Noble Development PCL 594,200 317,267 * Nok Airlines PCL 574,700 119,151 Platinum Group PCL (The) Class F 2,227,500 442,843 * Polyplex Thailand PCL 3,344,050 1,728,535 * Precious Shipping PCL 5,538,500 1,557,261 Premier Marketing PCL 1,991,900 537,434 President Rice Products PCL 3,375 5,536 Property Perfect PCL 27,612,100 705,791 PTG Energy PCL 8,647,400 6,876,660 Quality Houses PCL 43,998,226 3,298,930 Raimon Land PCL 11,010,600 434,670 Ratchthani Leasing PCL 8,053,700 1,223,723 Regional Container Lines PCL 2,611,900 515,555 Rojana Industrial Park PCL 6,243,911 847,654 RS PCL 3,365,000 898,353 S 11 Group PCL 673,300 166,365 Saha Pathana Inter-Holding PCL 680,300 642,430 Saha-Union PCL 743,600 865,879 * Sahaviriya Steel Industries PCL 87,225,900 123,865 Samart Corp. PCL 3,038,600 1,423,939 * Samart I-Mobile PCL 14,993,100 510,983 Samart Telcoms PCL 1,946,100 707,472 Sansiri PCL 44,226,510 2,348,866 SC Asset Corp PCL 14,604,215 1,576,144 Scan Inter PCL 2,256,100 608,718 Siam Future Development PCL 7,074,273 1,265,775 Siam Global House PCL 3,880,435 2,038,854 Siam Wellness Group PCL 1,123,900 427,727 Siamgas & Petrochemicals PCL 2,824,700 1,034,894 * Singha Estate PCL 11,584,300 1,533,168 Sino-Thai Engineering & Construction PCL 4,215,800 2,945,433 SNC Former PCL 141,800 63,228 Somboon Advance Technology PCL 1,280,837 549,294
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ---------- THAILAND -- (Continued) SPCG PCL 2,651,200 $1,596,292 Sri Ayudhya Capital PCL 233,100 221,779 Sri Trang Agro-Industry PCL 5,243,990 3,693,580 Sriracha Construction PCL 1,060,000 713,491 Srithai Superware PCL 12,947,500 772,217 * Stars Microelectronics Thailand PCL 2,352,400 531,144 STP & I PCL 4,889,364 1,388,629 Sub Sri Thai PCL 107,900 43,822 Supalai PCL 5,654,633 3,886,456 Susco PCL 1,295,200 155,968 SVI PCL 10,732,200 1,691,670 Symphony Communication PCL 275,275 68,408 Synnex Thailand PCL 168,900 47,729 Syntec Construction PCL 6,152,300 1,030,917 * Tata Steel Thailand PCL 23,691,600 699,780 Thai Agro Energy PCL Class F 378,870 36,370 * Thai Airways International PCL(6364971) 141,400 86,342 * Thai Airways International PCL(6888868) 5,871,900 3,585,511 Thai Central Chemical PCL 263,500 273,154 Thai Metal Trade PCL 922,800 445,544 Thai Nakarin Hospital PCL 217,400 229,996 Thai Reinsurance PCL 5,853,700 342,477 Thai Rung Union Car PCL 468,220 55,319 Thai Solar Energy PCL 650,700 105,339 Thai Stanley Electric PCL Class F 206,600 1,062,045 Thai Steel Cable PCL 3,400 1,043 Thai Vegetable Oil PCL 3,320,375 3,866,384 Thai Wacoal PCL 78,000 107,441 Thai Wah PCL 1,574,300 433,704 Thai-German Ceramic Industry PCL 3,827,900 295,708 Thaicom PCL 3,285,000 2,061,872 Thaire Life Assurance PCL Class F 1,341,200 371,392 Thanachart Capital PCL 2,160,200 2,914,215 Thitikorn PCL 521,000 176,084 Thoresen Thai Agencies PCL 6,743,054 1,876,794 TICON Industrial Connection PCL Class F 6,773,484 3,193,406 Tipco Asphalt PCL 1,287,300 844,551 TIPCO Foods PCL 1,385,582 566,668 Tisco Financial Group PCL(B3KFW10) 663,200 1,148,969 Tisco Financial Group PCL(B3KFW76) 2,670,200 4,626,021 TPI Polene PCL 38,990,600 2,635,548 TRC Construction PCL 12,731,487 585,771 TTCL PCL(BWY4Y10) 295,800 168,020 TTCL PCL(B5ML0D8) 1,350,871 767,322 TTW PCL 11,977,000 3,639,702 * U City PCL 47,365,600 40,357 Unique Engineering & Construction PCL 4,205,670 2,317,239 * United Power of Asia PCL 500,000 9,514 Univanich Palm Oil PCL 939,000 224,016 Univentures PCL 7,609,700 1,988,334 Vanachai Group PCL 6,821,459 2,925,420 VGI Global Media PCL 15,234,300 2,293,149 Vibhavadi Medical Center PCL 42,264,100 3,841,100
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ------------ THAILAND -- (Continued) Vinythai PCL 2,911,734 $ 1,463,723 * WHA Corp. PCL 31,547,000 2,867,095 Workpoint Entertainment PCL 1,583,940 2,328,000 ------------ TOTAL THAILAND 226,514,856 ------------ TURKEY -- (1.5%) Adana Cimento Sanayii TAS Class A 572,283 1,063,438 # Adel Kalemcilik Ticaret ve Sanayi A.S. 42,330 184,834 #* Afyon Cimento Sanayi TAS 1,129,733 2,721,219 Akcansa Cimento A.S. 444,909 1,672,421 #* Akenerji Elektrik Uretim A.S. 2,516,472 573,995 # Aksa Akrilik Kimya Sanayii A.S. 775,850 2,162,336 #* Aksa Enerji Uretim A.S. 995,362 788,870 #* Aksigorta A.S. 1,013,913 705,989 * Aktas Electric Ticaret AS 370 -- # Alarko Holding A.S. 688,608 841,929 # Albaraka Turk Katilim Bankasi A.S. 4,001,987 1,293,842 Alkim Alkali Kimya A.S. 6,300 35,117 * Anadolu Anonim Turk Sigorta Sirketi 2,035,741 1,198,833 * Anadolu Cam Sanayii A.S. 1,490,394 1,224,328 # Anadolu Hayat Emeklilik A.S. 1,036,772 1,484,514 AvivaSA Emeklilik ve Hayat A.S. Class A 20,737 120,697 Aygaz A.S. 410,360 1,387,589 #* Bagfas Bandirma Gubre Fabrikalari A.S. 514,525 1,474,383 Baticim Bati Anadolu Cimento Sanayii A.S. 411,020 772,788 #* Besiktas Futbol Yatirimlari Sanayi ve Ticaret A.S. 1,380,080 1,716,473 # Bizim Toptan Satis Magazalari A.S. 245,003 769,803 # Bolu Cimento Sanayii A.S. 642,371 1,097,411 # Borusan Mannesmann Boru Sanayi ve Ticaret A.S. 527,696 1,311,694 * Boyner Perakende Ve Tekstil Yatirimlari A.S. 104,936 1,912,934 # Brisa Bridgestone Sabanci Sanayi ve Ticaret A.S. 827,742 1,458,410 Bursa Cimento Fabrikasi A.S. 267,764 458,067 # Celebi Hava Servisi A.S. 60,471 394,162 Cimsa Cimento Sanayi VE Ticaret A.S. 668,787 3,148,839 #* Deva Holding A.S. 356,487 356,575 #* Dogan Sirketler Grubu Holding A.S. 9,685,105 2,154,723 # Dogus Otomotiv Servis ve Ticaret A.S. 729,022 1,723,892 # Eczacibasi Yatirim Holding Ortakligi A.S. 373,446 907,310 # EGE Endustri VE Ticaret A.S. 14,562 1,045,330 #* EGE Seramik Sanayi ve Ticaret A.S. 480,174 448,408 # EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S. 2,141,910 1,845,694 #* Fenerbahce Futbol A.S. 84,211 838,556 #* Galatasaray Sportif Sinai ve Ticari Yatirimlar A.S. 27,385 233,944 # Global Yatirim Holding A.S. 2,085,182 1,022,714 * Goldas Kuyumculuk Sanayi Ithalat ve Ihracat A.S. 8,540 -- # Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. 63,045 1,258,663 # Goodyear Lastikleri TAS 955,450 968,536 #* Gozde Girisim Sermayesi Yatirim Ortakligi A.S. 983,334 514,481 # GSD Holding A.S. 4,562,388 737,857 # Gubre Fabrikalari TAS 1,091,727 1,406,661 #* Ihlas Holding A.S. 8,173,996 775,912 Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret A.S. 170,170 382,426 #* Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim A.S. 678,189 361,732
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ --------- -------------- TURKEY -- (Continued) Is Finansal Kiralama A.S. 1,795,970 $ 542,273 Is Yatirim Menkul Degerler A.S. Class A 220,148 77,484 #* Izmir Demir Celik Sanayi A.S. 855,717 669,489 Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class A 1,362,478 537,861 # Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class B 1,102,355 443,987 # Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class D 7,346,390 2,416,629 #* Karsan Otomotiv Sanayii Ve Ticaret A.S. 4,400,755 1,446,665 #* Kartonsan Karton Sanayi ve Ticaret A.S. 11,953 833,346 # Konya Cimento Sanayii A.S. 18,057 1,312,128 * Koza Altin Isletmeleri A.S. 226,641 1,065,521 #* Koza Anadolu Metal Madencilik Isletmeleri A.S. 831,604 451,584 # Mardin Cimento Sanayii ve Ticaret A.S. 379,497 476,009 #* Metro Ticari ve Mali Yatirimlar Holding A.S. 2,278,836 615,386 * Migros Ticaret A.S. 320,825 1,569,473 * Mudurnu Tavukculuk A.S. 1,740 -- * Nergis Holding A.S. 1,784 -- #* NET Holding A.S. 1,819,449 1,326,618 #* Netas Telekomunikasyon A.S. 490,416 1,306,913 Nuh Cimento Sanayi A.S. 385,168 1,144,981 # Otokar Otomotiv Ve Savunma Sanayi A.S. 163,448 5,834,476 # Park Elektrik Uretim Madencilik Sanayi ve Ticaret A.S. 815,128 449,590 * Parsan Makina Parcalari Sanayii A.S. 134,519 295,028 #* Pegasus Hava Tasimaciligi A.S. 215,199 903,992 Pinar Entegre Et ve Un Sanayi A.S. 155,791 445,869 # Pinar SUT Mamulleri Sanayii A.S. 143,024 647,740 * Raks Elektronik Sanayi ve Ticaret A.S. 2,730 -- Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S. 565,645 496,171 #* Sekerbank TAS 4,341,907 1,370,535 Selcuk Ecza Deposu Ticaret ve Sanayi A.S. 1,376,283 1,259,433 Soda Sanayii A.S. 1,882,291 2,944,431 # Tat Gida Sanayi A.S. 747,482 1,457,574 TAV Havalimanlari Holding A.S. 40,472 166,570 # Tekfen Holding A.S. 1,578,912 3,153,398 #* Teknosa Ic Ve Dis Ticaret A.S. 238,336 240,836 Tofas Turk Otomobil Fabrikasi A.S. 1 7 Trakya Cam Sanayii A.S. 3,586,813 2,942,490 #* Tumosan Motor ve Traktor Sanayi A.S. 77,389 163,672 # Turcas Petrol A.S. 1,214,852 499,342 Turk Traktor ve Ziraat Makineleri A.S. 16,168 336,490 # Turkiye Sinai Kalkinma Bankasi A.S. 8,464,308 3,231,449 #* Vestel Elektronik Sanayi ve Ticaret A.S. 1,006,303 1,734,123 #* Zorlu Enerji Elektrik Uretim A.S. 2,990,254 919,958 -------------- TOTAL TURKEY 94,687,850 -------------- TOTAL COMMON STOCKS 5,643,069,138 -------------- PREFERRED STOCKS -- (1.6%) BRAZIL -- (1.5%) AES Tiete Energia SA 7,992 7,242 Alpargatas SA 1,775,974 5,856,535 Banco ABC Brasil SA(B23DMP8) 828,329 4,348,933 Banco ABC Brasil SA(BD30TG6) 36,159 189,912 Banco do Estado do Rio Grande do Sul SA Class B 2,285,044 11,417,120
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- ------------ BRAZIL -- (Continued) Banco Pan SA 2,079,740 $ 1,056,059 Banco Pine SA 282,703 370,652 Centrais Eletricas Santa Catarina 79,600 461,848 Cia Brasileira de Distribuicao 134,500 2,473,087 Cia de Gas de Sao Paulo - COMGAS Class A 221,785 3,275,982 Cia de Saneamento do Parana 225,201 1,008,395 Cia de Transmissao de Energia Eletrica Paulista 411,240 8,574,134 Cia Energetica de Minas Gerais 4,694,029 13,609,253 Cia Energetica de Sao Paulo Class B 1,652,400 9,121,601 Cia Energetica do Ceara Class A 114,139 1,726,989 Cia Ferro Ligas da Bahia - FERBASA 440,849 1,212,791 Cia Paranaense de Energia 857,600 8,752,219 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA 831,699 3,112,121 Eucatex SA Industria e Comercio 160,378 155,156 Grazziotin SA 2,100 11,560 Marcopolo SA 4,890,253 4,468,047 * Randon SA Implementos e Participacoes 2,475,157 3,071,674 * Sharp SA Equipamentos Eletronicos 30,200,000 -- Suzano Papel e Celulose SA Class A 399,700 1,700,000 Unipar Carbocloro SA 276,095 613,628 * Usinas Siderurgicas de Minas Gerais SA Class A 4,852,799 8,093,211 ------------ TOTAL BRAZIL 94,688,149 ------------ CHILE -- (0.1%) Coca-Cola Embonor SA Class B 239,610 508,032 Embotelladora Andina SA Class B 776,973 2,801,449 ------------ TOTAL CHILE 3,309,481 ------------ COLOMBIA -- (0.0%) Avianca Holdings SA 2,637,267 2,781,766 ------------ INDIA -- (0.0%) UPL, Ltd., 5.000% 620,778 137,249 ------------ TOTAL PREFERRED STOCKS 100,916,645 ------------ RIGHTS/WARRANTS -- (0.0%) BRAZIL -- (0.0%) * Iochpe Maxion SA Rights 2/09/17 318,331 40,409
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
SHARES VALUE++ ---------- -------------- BRAZIL -- (Continued) * Multiplan Empreendimentos Imobiliarios SA Rights 2/13/17 32,183 $ 45,551 -------------- TOTAL BRAZIL 85,960 -------------- INDONESIA -- (0.0%) * Pacific Strategic Financial Tbk PT Warrants 747,800 18,482 -------------- MALAYSIA -- (0.0%) * Pantech Group Holdings Bhd Warrants12/21/21 168,511 5,706 -------------- POLAND -- (0.0%) * Hawe SA Rights 09/30/15 846,548 -- -------------- SOUTH KOREA -- (0.0%) * Sambo Motors Co., Ltd. Warrants 3/10/17 2,457 2,283 -------------- TAIWAN -- (0.0%) * Capital Futures Corp. Rights 32,040 5,233 * Gintech Energy Corp. Rights 02/15/17 386,268 42,514 -------------- TOTAL TAIWAN 47,747 -------------- THAILAND -- (0.0%) * Eastern Printing Pub Co., NVDR Rights 11/30/17 57,038 1,539 * TPI Polene PCL Rights 4/30/17 219,980 -- -------------- TOTAL THAILAND 1,539 -------------- TURKEY -- (0.0%) * Zorlu Enerji Elektrik Uretim A.S. Rights 02/13/17 2,990,254 206,052 -------------- TOTAL RIGHTS/WARRANTS 367,769 -------------- TOTAL INVESTMENT SECURITIES 5,744,353,552 -------------- VALUE+ -------------- SECURITIES LENDING COLLATERAL -- (8.8%) (S)@ DFA Short Term Investment Fund 47,638,107 551,268,174 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $6,117,918,530)^^ $6,295,621,726 ==============
THE EMERGING MARKETS SMALL CAP SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 Argentina -- $ 1 -- $ 1 Brazil $ 10,703,210 488,556,812 -- 499,260,022 Chile 986,422 96,204,880 -- 97,191,302 China 30,199,669 858,376,349 -- 888,576,018 Colombia 11,773,361 -- -- 11,773,361 Greece -- 18,983,819 -- 18,983,819 Hong Kong -- 1,785,783 -- 1,785,783 Hungary -- 5,100,546 -- 5,100,546 India 550,230 786,862,573 -- 787,412,803 Indonesia 2,748,839 201,851,117 -- 204,599,956 Malaysia 196,452 227,052,022 -- 227,248,474 Mexico 167,265,561 -- -- 167,265,561 Philippines -- 94,106,745 -- 94,106,745 Poland -- 113,153,194 -- 113,153,194 South Africa 7,878,524 445,058,927 -- 452,937,451 South Korea -- 796,728,147 -- 796,728,147 Taiwan -- 955,743,249 -- 955,743,249 Thailand 225,865,208 649,648 -- 226,514,856 Turkey -- 94,687,850 -- 94,687,850 Preferred Stocks Brazil 189,912 94,498,237 -- 94,688,149 Chile -- 3,309,481 -- 3,309,481 Colombia 2,781,766 -- -- 2,781,766 India 137,249 -- -- 137,249 Rights/Warrants Brazil -- 85,960 -- 85,960 Indonesia -- 18,482 -- 18,482 Malaysia -- 5,706 -- 5,706 South Korea -- 2,283 -- 2,283 Taiwan -- 47,747 -- 47,747 Thailand -- 1,539 -- 1,539 Turkey -- 206,052 -- 206,052 Securities Lending Collateral -- 551,268,174 -- 551,268,174 Futures Contracts** 1,426,158 -- -- 1,426,158 ------------ -------------- -- -------------- TOTAL $462,702,561 $5,834,345,323 -- $6,297,047,884 ============ ============== == ==============
** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
SHARES VALUE+ --------- ------------ COMMON STOCKS -- (98.6%) Consumer Discretionary -- (15.7%) * 1-800-Flowers.com, Inc. Class A 44,330 $ 398,970 Aaron's, Inc. 4,830 149,440 * Adient P.L.C. 22,979 1,458,937 #* Arctic Cat, Inc. 3,436 64,597 #* Ascent Capital Group, Inc. Class A 8,450 130,890 # Autoliv, Inc. 9,404 1,087,667 #* AV Homes, Inc. 3,852 67,988 * Ballantyne Strong, Inc. 9,030 65,468 * Barnes & Noble Education, Inc. 7,710 77,485 Barnes & Noble, Inc. 12,200 124,440 Bassett Furniture Industries, Inc. 2,900 81,780 Beasley Broadcast Group, Inc. Class A 9,471 71,033 #* Beazer Homes USA, Inc. 4,326 61,689 * Belmond, Ltd. Class A 75,198 1,041,492 Best Buy Co., Inc. 197,800 8,806,056 Big 5 Sporting Goods Corp. 8,501 130,915 * Biglari Holdings, Inc. 8 3,546 #* BJ's Restaurants, Inc. 25,971 923,269 # Bob Evans Farms, Inc. 32,778 1,849,663 * Build-A-Bear Workshop, Inc. 25,874 310,488 * Cabela's, Inc. 53,051 2,965,020 Caleres, Inc. 74,697 2,296,933 Callaway Golf Co. 38,543 436,692 * Cambium Learning Group, Inc. 37,733 190,174 Canterbury Park Holding Corp. 2,755 27,688 # Carnival Corp. 489,649 27,116,762 # Carriage Services, Inc. 20,916 542,770 * Cavco Industries, Inc. 7,600 746,700 CBS Corp. Class A 23,484 1,544,543 #* Charter Communications, Inc. Class A 339,394 109,946,686 * Christopher & Banks Corp. 56,231 75,350 # Churchill Downs, Inc. 7,682 1,101,215 Citi Trends, Inc. 3,415 54,811 Columbia Sportswear Co. 8,634 469,431 Comcast Corp. Class A 3,610,797 272,326,310 * Conn's, Inc. 25,450 268,497 Core-Mark Holding Co., Inc. 96,236 3,361,523 CSS Industries, Inc. 10,852 267,176 CST Brands, Inc. 50,181 2,417,721 Culp, Inc. 10,036 323,159 * Delta Apparel, Inc. 7,532 141,150 Destination Maternity Corp. 200 1,132 DeVry Education Group, Inc. 8,757 293,359 # Dillard's, Inc. Class A 120,300 6,789,732 * Discovery Communications, Inc. Class B 3,762 104,772 * Discovery Communications, Inc. Class C 3,762 104,245 * Dixie Group, Inc. (The) 11,800 41,300 #* Dorman Products, Inc. 12,311 849,705 Dover Motorsports, Inc. 15,098 33,971 DR Horton, Inc. 208,125 6,225,019 Educational Development Corp. 1,679 12,509
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ----------- Consumer Discretionary -- (Continued) #* Eldorado Resorts, Inc. 18,512 $ 286,936 Escalade, Inc. 277 3,656 #* EW Scripps Co. (The) Class A 81,265 1,583,042 # Flanigan's Enterprises, Inc. 865 20,976 Flexsteel Industries, Inc. 2,068 105,178 Ford Motor Co. 2,580,303 31,892,545 # Fred's, Inc. Class A 47,275 688,797 * FTD Cos., Inc. 24,893 572,041 #* G-III Apparel Group, Ltd. 22,788 598,413 # GameStop Corp. Class A 104,752 2,565,376 Gaming Partners International Corp. 500 5,925 Gannett Co., Inc. 59,819 575,459 General Motors Co. 1,063,145 38,921,738 #* Genesco, Inc. 7,056 424,771 Graham Holdings Co. Class B 5,780 3,002,999 * Gray Television, Inc. 46,874 555,457 # Group 1 Automotive, Inc. 57,936 4,680,649 Harte-Hanks, Inc. 55,608 86,748 # Haverty Furniture Cos., Inc. 33,479 729,842 * Helen of Troy, Ltd. 64,389 6,007,494 Hooker Furniture Corp. 14,814 491,825 * Hyatt Hotels Corp. Class A 14,601 798,821 * Iconix Brand Group, Inc. 65,319 672,133 International Speedway Corp. Class A 24,844 910,533 * J Alexander's Holdings, Inc. 2,666 26,660 * JAKKS Pacific, Inc. 13,103 66,825 #* JC Penney Co., Inc. 85,215 566,680 Johnson Outdoors, Inc. Class A 15,588 537,474 # KB Home 30,800 504,504 # Kohl's Corp. 14,353 571,680 La-Z-Boy, Inc. 56,332 1,611,095 * Lakeland Industries, Inc. 11,757 127,563 #* Lands' End, Inc. 21,056 323,210 Lennar Corp. Class A 224,100 10,006,065 Lennar Corp. Class B 7,868 282,933 * Liberty Broadband Corp. Class A 24,095 2,016,270 * Liberty Broadband Corp. Class B 1,905 160,639 #* Liberty Broadband Corp. Class C 67,601 5,769,069 * Liberty Expedia Holdings, Inc. Class A 80,904 3,560,585 #* Liberty Expedia Holdings, Inc. Class B 3,457 152,004 * Liberty Interactive Corp., QVC Group Class A 882,463 16,925,640 #* Liberty Interactive Corp., QVC Group Class B 35,706 683,056 * Liberty Media Corp.-Liberty Braves Class A 9,638 192,278 #* Liberty Media Corp.-Liberty Braves Class B 762 16,311 * Liberty Media Corp.-Liberty Braves Class C 20,801 415,604 #* Liberty Media Corp.-Liberty Formula One Class A 24,095 698,273 #* Liberty Media Corp.-Liberty Formula One Class B 1,905 58,045 #* Liberty Media Corp.-Liberty Formula One Class C 52,002 1,494,537 * Liberty Media Corp.-Liberty SiriusXM Class A 96,383 3,492,920 #* Liberty Media Corp.-Liberty SiriusXM Class B 7,622 272,868 * Liberty Media Corp.-Liberty SiriusXM Class C 208,010 7,465,479 * Liberty TripAdvisor Holdings, Inc. Class A 76,802 1,378,596 * Liberty TripAdvisor Holdings, Inc. Class B 3,570 69,704
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ ------- ----------- Consumer Discretionary -- (Continued) * Liberty Ventures Series A 121,356 $ 5,297,189 #* Liberty Ventures Series B 5,186 228,884 Lifetime Brands, Inc. 16,431 245,643 # Lions Gate Entertainment Corp. Class A 4,691 134,960 #* Lions Gate Entertainment Corp. Class B 4,691 125,672 # Lithia Motors, Inc. Class A 34,933 3,602,291 * Luby's, Inc. 32,226 118,269 * M/I Homes, Inc. 37,930 953,560 * Madison Square Garden Co. (The) Class A 9,852 1,730,701 Marcus Corp. (The) 18,899 560,355 * MarineMax, Inc. 29,164 625,568 # Marriott Vacations Worldwide Corp. 2,531 218,881 #* McClatchy Co. (The) Class A 6,060 69,932 (degrees)* Media General, Inc. 25,196 7,808 # Meredith Corp. 32,676 2,003,039 * Meritage Homes Corp. 28,156 1,034,733 * MGM Resorts International 227,871 6,562,685 * Modine Manufacturing Co. 14,650 199,240 * Mohawk Industries, Inc. 98,740 21,312,042 * Monarch Casino & Resort, Inc. 1,103 26,207 #* Motorcar Parts of America, Inc. 13,074 342,931 Movado Group, Inc. 21,998 597,246 * MSG Networks, Inc. Class A 29,558 685,746 * Murphy USA, Inc. 30,778 1,960,559 # NACCO Industries, Inc. Class A 6,832 503,860 * New York & Co., Inc. 6,926 15,029 # Newell Brands, Inc. 209,562 9,918,569 News Corp. Class A 402,247 4,943,616 # News Corp. Class B 99,903 1,263,773 Nexstar Media Group, Inc. 3,146 205,748 Office Depot, Inc. 181,609 808,160 # Penske Automotive Group, Inc. 43,845 2,383,414 * Perry Ellis International, Inc. 19,169 452,197 PulteGroup, Inc. 143,221 3,080,684 PVH Corp. 31,964 2,998,543 RCI Hospitality Holdings, Inc. 12,026 211,056 * Red Robin Gourmet Burgers, Inc. 31,175 1,482,371 * Regis Corp. 49,623 690,752 # Rent-A-Center, Inc. 76,435 684,858 Rocky Brands, Inc. 8,729 110,422 # Royal Caribbean Cruises, Ltd. 322,500 30,195,675 * Ruby Tuesday, Inc. 17,500 34,300 Saga Communications, Inc. Class A 8,693 437,258 Salem Media Group, Inc. 10,922 66,624 Scholastic Corp. 30,900 1,414,602 * Sequential Brands Group, Inc. 70 324 * Shiloh Industries, Inc. 15,461 185,377 Shoe Carnival, Inc. 33,450 855,316 Spartan Motors, Inc. 16,820 132,878 Speedway Motorsports, Inc. 16,132 346,677 Standard Motor Products, Inc. 37,342 1,862,246 Staples, Inc. 426,509 3,923,883 * Stoneridge, Inc. 19,361 317,714
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ------------ Consumer Discretionary -- (Continued) Strattec Security Corp. 5,224 $ 160,899 Superior Industries International, Inc. 23,275 536,489 Superior Uniform Group, Inc. 17,956 305,611 # Tailored Brands, Inc. 15,981 339,596 * Tandy Leather Factory, Inc. 9,974 77,299 TEGNA, Inc. 119,639 2,740,929 Time Warner, Inc. 1,534,860 148,651,191 Time, Inc. 191,857 3,693,247 #* Toll Brothers, Inc. 179,799 5,638,497 * Trans World Entertainment Corp. 5,781 15,898 #* Tuesday Morning Corp. 60,500 260,150 Twenty-First Century Fox, Inc. Class A 1,287,383 40,398,079 Twenty-First Century Fox, Inc. Class B 550,972 17,085,642 * UCP, Inc. Class A 7,837 88,950 * Unifi, Inc. 43,422 1,167,618 * Universal Electronics, Inc. 3,206 190,757 * Vista Outdoor, Inc. 77,610 2,235,944 * VOXX International Corp. 3,750 15,750 Walt Disney Co. (The) 26,220 2,901,243 # Wendy's Co. (The) 242,704 3,283,785 * West Marine, Inc. 26,468 245,358 Whirlpool Corp. 30,049 5,255,270 ------------ Total Consumer Discretionary 967,068,058 ------------ Consumer Staples -- (8.2%) # Alico, Inc. 960 25,872 #* Alliance One International, Inc. 3,508 58,408 Andersons, Inc. (The) 23,660 893,165 Archer-Daniels-Midland Co. 813,476 36,004,448 Bunge, Ltd. 121,368 8,399,879 * CCA Industries, Inc. 8,323 21,640 * Central Garden & Pet Co. 25,184 827,294 * Central Garden & Pet Co. Class A 48,121 1,481,164 Constellation Brands, Inc. Class A 28,408 4,254,382 Constellation Brands, Inc. Class B 12,615 1,908,397 #* Craft Brew Alliance, Inc. 9,754 148,261 CVS Health Corp. 1,510,745 119,061,813 Fresh Del Monte Produce, Inc. 39,437 2,257,768 #* Hain Celestial Group, Inc. (The) 87,292 3,453,272 Ingles Markets, Inc. Class A 11,437 517,524 Ingredion, Inc. 62,117 7,962,778 JM Smucker Co. (The) 108,204 14,699,513 John B. Sanfilippo & Son, Inc. 10,428 686,058 Kraft Heinz Co. (The) 176,768 15,783,615 * Landec Corp. 37,056 466,906 Mannatech, Inc. 717 14,232 # MGP Ingredients, Inc. 4,188 177,529 # Molson Coors Brewing Co. Class A 1,908 183,740 Molson Coors Brewing Co. Class B 186,550 18,005,806 Mondelez International, Inc. Class A 2,081,099 92,151,064 Nutraceutical International Corp. 14,615 489,603 Oil-Dri Corp. of America 5,047 169,832 * Omega Protein Corp. 25,852 645,007
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ------------ Consumer Staples -- (Continued) #* Post Holdings, Inc. 50,201 $ 4,200,820 Reynolds American, Inc. 188,277 11,321,096 # Sanderson Farms, Inc. 16,100 1,465,100 * Seaboard Corp. 1,812 6,976,200 * Seneca Foods Corp. Class A 6,301 225,891 * Seneca Foods Corp. Class B 300 11,565 # Snyder's-Lance, Inc. 32,153 1,234,032 SpartanNash Co. 34,281 1,297,879 # Spectrum Brands Holdings, Inc. 31,986 4,266,613 #* TreeHouse Foods, Inc. 24,190 1,835,537 Tyson Foods, Inc. Class A 405,030 25,431,834 # Universal Corp. 22,290 1,515,720 Wal-Mart Stores, Inc. 972,881 64,930,078 Walgreens Boots Alliance, Inc. 578,187 47,376,643 Weis Markets, Inc. 11,602 689,623 ------------ Total Consumer Staples 503,527,601 ------------ Energy -- (12.6%) Adams Resources & Energy, Inc. 6,004 232,655 Alon USA Energy, Inc. 33,484 377,030 Anadarko Petroleum Corp. 258,932 18,003,542 Apache Corp. 15,708 939,653 Archrock, Inc. 69,200 1,010,320 Baker Hughes, Inc. 127,976 8,072,726 * Barnwell Industries, Inc. 7,870 13,182 # Bristow Group, Inc. 37,360 659,778 #* California Resources Corp. 2,132 45,667 #* Callon Petroleum Co. 13,214 201,910 Chevron Corp. 1,124,251 125,185,349 #* Cloud Peak Energy, Inc. 33,115 188,424 ConocoPhillips 1,601,249 78,076,901 * Dawson Geophysical Co. 29,011 229,767 Delek US Holdings, Inc. 52,256 1,170,534 EOG Resources, Inc. 74,157 7,532,868 * Era Group, Inc. 24,458 383,012 * Exterran Corp. 34,600 1,073,292 Exxon Mobil Corp. 2,493,606 209,188,607 Green Plains, Inc. 26,534 597,015 Gulf Island Fabrication, Inc. 15,018 208,750 #* Gulfmark Offshore, Inc. Class A 17,250 29,325 * Helix Energy Solutions Group, Inc. 103,010 873,525 # Helmerich & Payne, Inc. 108,670 7,732,957 # Hess Corp. 165,152 8,947,935 # HollyFrontier Corp. 32,210 933,124 * Hornbeck Offshore Services, Inc. 6,900 50,025 * International Seaways, Inc. 12 209 Kinder Morgan, Inc. 303,244 6,774,471 Marathon Oil Corp. 467,019 7,822,568 Marathon Petroleum Corp. 903,936 43,434,125 * Matrix Service Co. 15,423 345,475 # Murphy Oil Corp. 108,993 3,150,988 Nabors Industries, Ltd. 181,974 2,957,077 # National Oilwell Varco, Inc. 213,118 8,057,992
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ ------- ------------ Energy -- (Continued) * Natural Gas Services Group, Inc. 15,026 $ 431,246 * Newpark Resources, Inc. 97,395 735,332 Noble Energy, Inc. 133,794 5,319,649 Occidental Petroleum Corp. 193,548 13,116,748 * Parker Drilling Co. 103,773 264,621 # Patterson-UTI Energy, Inc. 152,325 4,271,193 #* PDC Energy, Inc. 24,103 1,782,176 * PHI, Inc. Non-Voting 15,570 246,785 * PHI, Inc. Voting 1,099 17,166 Phillips 66 883,414 72,104,251 * Pioneer Energy Services Corp. 74,262 467,851 Pioneer Natural Resources Co. 88,400 15,932,332 * QEP Resources, Inc. 33,043 576,270 #* Renewable Energy Group, Inc. 2,882 25,073 #* REX American Resources Corp. 4,050 336,272 #* Rowan Cos. P.L.C. Class A 118,378 2,121,334 Schlumberger, Ltd. 603,242 50,497,388 * SEACOR Holdings, Inc. 20,471 1,506,051 SemGroup Corp. Class A 4,727 187,662 # Ship Finance International, Ltd. 12,481 187,215 Superior Energy Services, Inc. 75,686 1,337,372 #* Tesco Corp. 3,745 32,207 Tesoro Corp. 168,807 13,648,046 #* Unit Corp. 52,140 1,355,640 Valero Energy Corp. 605,899 39,843,918 Western Refining, Inc. 47,810 1,673,828 * Whiting Petroleum Corp. 16,007 177,518 ------------ Total Energy 772,695,922 ------------ Financials -- (22.1%) 1st Source Corp. 45,305 2,043,709 Aflac, Inc. 130,228 9,114,658 * Alleghany Corp. 3,115 1,905,041 Allied World Assurance Co. Holdings AG 76,431 4,060,779 Allstate Corp. (The) 211,174 15,882,397 American Equity Investment Life Holding Co. 88,700 2,093,320 American Financial Group, Inc. 173,596 14,958,767 American International Group, Inc. 838,781 53,900,067 American National Insurance Co. 23,302 2,716,780 # AmeriServ Financial, Inc. 33,075 130,646 * Arch Capital Group, Ltd. 3,094 273,355 Argo Group International Holdings, Ltd. 51,636 3,302,122 Aspen Insurance Holdings, Ltd. 102,623 5,787,937 Associated Banc-Corp 31,434 795,280 Assurant, Inc. 65,820 6,393,097 Assured Guaranty, Ltd. 122,989 4,785,502 * Asta Funding, Inc. 7,527 76,775 Astoria Financial Corp. 19,344 365,795 * Atlanticus Holdings Corp. 19,218 54,579 Axis Capital Holdings, Ltd. 8,510 544,725 Baldwin & Lyons, Inc. Class A 300 7,296 Baldwin & Lyons, Inc. Class B 6,556 157,344 * Bancorp, Inc. (The) 459 2,749
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ------------ Financials -- (Continued) Bank Mutual Corp. 14,475 $ 138,236 Bank of America Corp. 5,636,194 127,603,432 Bank of New York Mellon Corp. (The) 671,211 30,023,268 BankFinancial Corp. 21,475 289,268 Bar Harbor Bankshares 1,822 78,947 BB&T Corp. 142,893 6,600,228 BCB Bancorp, Inc. 1,059 14,349 Berkshire Hills Bancorp, Inc. 30,747 1,088,444 Capital City Bank Group, Inc. 15,389 318,398 Capital One Financial Corp. 373,787 32,665,246 * Cascade Bancorp 15,799 125,918 Cathay General Bancorp 17,730 646,081 CenterState Banks, Inc. 747 18,219 Century Bancorp, Inc. Class A 495 29,849 Chubb, Ltd. 111,887 14,712,022 Cincinnati Financial Corp. 12,284 867,005 CIT Group, Inc. 45,907 1,890,909 Citigroup, Inc. 1,870,326 104,420,301 Citizens Community Bancorp, Inc. 10,355 129,023 CME Group, Inc. 381,507 46,192,868 CNA Financial Corp. 200,051 8,332,124 CNO Financial Group, Inc. 301,264 5,696,902 Codorus Valley Bancorp, Inc. 144 3,696 Comerica, Inc. 16,431 1,109,585 Community West Bancshares 400 4,060 * Consumer Portfolio Services, Inc. 30,005 143,424 #* Cowen Group, Inc. Class A 3,989 59,835 Donegal Group, Inc. Class A 13,586 223,761 Donegal Group, Inc. Class B 300 4,883 * E*TRADE Financial Corp. 89,699 3,359,228 Eastern Virginia Bankshares, Inc. 307 3,070 EMC Insurance Group, Inc. 27,511 801,946 Endurance Specialty Holdings, Ltd. 94,576 8,766,249 Enterprise Financial Services Corp. 3,235 134,738 ESSA Bancorp, Inc. 8,217 130,075 Evans Bancorp, Inc. 1,681 62,029 Everest Re Group, Ltd. 34,913 7,678,416 Farmers Capital Bank Corp. 302 11,219 FBL Financial Group, Inc. Class A 24,660 1,721,268 Federal Agricultural Mortgage Corp. Class A 177 10,620 Federal Agricultural Mortgage Corp. Class C 9,200 512,072 Federated National Holding Co. 13,665 250,616 Fidelity Southern Corp. 7,213 167,702 Fifth Third Bancorp 92,166 2,405,533 * First Acceptance Corp. 27,347 43,482 First American Financial Corp. 61,982 2,329,284 # First Bancorp 16,138 472,359 First Business Financial Services, Inc. 964 23,358 First Citizens BancShares, Inc. Class A 8,627 3,163,866 # First Commonwealth Financial Corp. 30,547 431,324 First Community Bancshares, Inc. 183 5,325 First Defiance Financial Corp. 10,880 527,245 First Financial Northwest, Inc. 25,371 526,448
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ------------ Financials -- (Continued) First Merchants Corp. 41,623 $ 1,595,410 First Midwest Bancorp, Inc. 7,168 174,039 First South Bancorp, Inc. 2,278 28,224 # FNB Corp. 63,117 942,968 * FNFV Group 15,438 200,694 * Genworth Financial, Inc. Class A 34,964 117,479 # German American Bancorp, Inc. 4,179 200,550 * Global Indemnity, Ltd. 8,282 327,222 Goldman Sachs Group, Inc. (The) 209,155 47,963,425 Great Southern Bancorp, Inc. 1,616 80,881 Great Western Bancorp, Inc. 260 11,115 Guaranty Federal Bancshares, Inc. 1,684 34,354 * Hallmark Financial Services, Inc. 20,834 227,924 Hanover Insurance Group, Inc. (The) 88,829 7,456,306 Hartford Financial Services Group, Inc. (The) 320,787 15,625,535 Heartland Financial USA, Inc. 465 21,762 Hilltop Holdings, Inc. 26,171 716,562 Hingham Institution for Savings 331 64,012 * HMN Financial, Inc. 3,456 63,072 Home Bancorp, Inc. 719 25,575 HopFed Bancorp, Inc. 6,781 96,222 Horace Mann Educators Corp. 58,206 2,406,818 Huntington Bancshares, Inc. 70,847 958,560 Iberiabank Corp. 697 57,259 Independence Holding Co. 13,333 265,327 Infinity Property & Casualty Corp. 15,800 1,372,230 International Bancshares Corp. 800 29,680 Investment Technology Group, Inc. 23,677 476,381 Investors Title Co. 1,169 142,057 Janus Capital Group, Inc. 24,840 310,500 JPMorgan Chase & Co. 2,695,925 228,156,133 # Kemper Corp. 46,361 2,002,795 Kentucky First Federal Bancorp 2,400 22,800 KeyCorp 526,210 9,455,994 Lakeland Bancorp, Inc. 8,740 162,127 Landmark Bancorp, Inc. 2,277 69,449 # Legg Mason, Inc. 43,400 1,375,346 Lincoln National Corp. 134,595 9,086,508 Loews Corp. 243,798 11,356,111 M&T Bank Corp. 4,241 689,459 Macatawa Bank Corp. 15,191 155,252 Mackinac Financial Corp. 6,893 91,539 Maiden Holdings, Ltd. 5,792 102,808 MainSource Financial Group, Inc. 45,000 1,478,700 * Markel Corp. 101 93,425 Marlin Business Services Corp. 14,241 326,831 MB Financial, Inc. 19,678 876,261 #* MBIA, Inc. 82,267 839,123 MBT Financial Corp. 9,396 101,477 Mercantile Bank Corp. 4,422 142,831 Meta Financial Group, Inc. 1,083 95,142 MetLife, Inc. 958,812 52,168,961 MidWestOne Financial Group, Inc. 346 12,217
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ----------- Financials -- (Continued) Morgan Stanley 1,036,923 $44,058,858 MutualFirst Financial, Inc. 2,300 71,875 Nasdaq, Inc. 42,129 2,971,780 National Western Life Group, Inc. Class A 900 263,835 Navigators Group, Inc. (The) 7,370 413,826 # New York Community Bancorp, Inc. 52,185 792,690 * NewStar Financial, Inc. 41,166 365,554 Northrim BanCorp, Inc. 5,734 161,986 OFG Bancorp 30,191 400,031 Old Republic International Corp. 172,923 3,596,798 Oppenheimer Holdings, Inc. Class A 3,097 52,959 PacWest Bancorp 1,076 59,610 Park Sterling Corp. 992 11,606 # People's United Financial, Inc. 68,700 1,288,125 Peoples Bancorp of North Carolina, Inc. 250 6,500 Peoples Bancorp, Inc. 15,923 494,409 * PHH Corp. 54,576 795,718 * Piper Jaffray Cos. 312 21,996 PNC Financial Services Group, Inc. (The) 170,790 20,573,363 Popular, Inc. 56,536 2,511,895 Premier Financial Bancorp, Inc. 4,877 89,347 # Principal Financial Group, Inc. 218,754 12,488,666 Provident Financial Holdings, Inc. 544 10,080 # Provident Financial Services, Inc. 21,059 557,432 Prudential Financial, Inc. 497,625 52,305,364 Radian Group, Inc. 161,945 2,979,788 Regions Financial Corp. 1,302,555 18,769,818 Reinsurance Group of America, Inc. 169,166 21,225,258 RenaissanceRe Holdings, Ltd. 12,667 1,726,765 Renasant Corp. 42,102 1,675,660 #* Republic First Bancorp, Inc. 2,174 16,414 Riverview Bancorp, Inc. 1,682 12,901 Safety Insurance Group, Inc. 26,197 1,878,325 Sandy Spring Bancorp, Inc. 9,125 373,851 * Select Bancorp, Inc. 600 6,198 # Selective Insurance Group, Inc. 45,200 1,884,840 SI Financial Group, Inc. 5,661 85,198 South State Corp. 5,283 472,300 * Southern First Bancshares, Inc. 1,216 43,046 Southwest Bancorp, Inc. 16,974 470,180 State Auto Financial Corp. 15,100 381,426 State Street Corp. 4,112 313,334 Sterling Bancorp 70,552 1,682,665 Stewart Information Services Corp. 12,271 535,997 Suffolk Bancorp 205 8,491 SunTrust Banks, Inc. 255,532 14,519,328 Synchrony Financial 544,549 19,505,745 # Synovus Financial Corp. 22,796 950,137 Timberland Bancorp, Inc. 2,500 52,275 Tiptree, Inc. 37,071 242,815 Torchmark Corp. 7,000 514,780 Travelers Cos., Inc. (The) 153,509 18,080,290 Trico Bancshares 854 31,487
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- -------------- Financials -- (Continued) # Trustmark Corp. 4,194 $ 141,002 Umpqua Holdings Corp. 34,932 639,605 * Unico American Corp. 1,900 19,380 Union Bankshares Corp. 37,042 1,361,664 # United Bankshares, Inc. 12,121 543,021 United Financial Bancorp, Inc. 9,193 165,934 United Fire Group, Inc. 24,429 1,153,049 * United Security Bancshares 436 3,444 Unity Bancorp, Inc. 3,999 65,784 Univest Corp. of Pennsylvania 156 4,391 Unum Group 517,445 23,507,526 Validus Holdings, Ltd. 8,958 510,606 # Valley National Bancorp 768 9,300 Voya Financial, Inc. 14,373 578,082 Washington Federal, Inc. 97,887 3,215,588 Waterstone Financial, Inc. 1,426 25,811 Wells Fargo & Co. 2,007,721 113,094,924 WesBanco, Inc. 31,678 1,314,637 West Bancorporation, Inc. 2,744 62,563 Western New England Bancorp, Inc. 11,698 113,471 Wintrust Financial Corp. 24,224 1,734,438 # WR Berkley Corp. 5,305 356,549 XL Group, Ltd. 240,766 9,045,579 # Zions Bancorporation 53,325 2,249,782 -------------- Total Financials 1,359,893,650 -------------- Health Care -- (10.5%) Abbott Laboratories 694,726 29,018,705 Aceto Corp. 31,686 604,886 * Addus HomeCare Corp. 2,044 69,803 Aetna, Inc. 558,462 66,239,178 * Albany Molecular Research, Inc. 24,874 457,682 * Alere, Inc. 45,800 1,694,600 * Allergan P.L.C. 105,649 23,125,510 Analogic Corp. 2,988 232,018 * AngioDynamics, Inc. 14,354 231,028 * Anika Therapeutics, Inc. 14,671 741,472 Anthem, Inc. 504,640 77,785,210 #* Aptevo Therapeutics, Inc. 4,339 8,635 * Arrhythmia Research Technology, Inc. 1,200 5,052 Baxter International, Inc. 27,380 1,311,776 Cigna Corp. 42,954 6,280,734 CONMED Corp. 43,239 1,928,027 # Cooper Cos., Inc. (The) 13,956 2,576,417 #* Cross Country Healthcare, Inc. 7,595 109,900 CryoLife, Inc. 17,502 332,538 #* Cumberland Pharmaceuticals, Inc. 23,319 143,645 * Cutera, Inc. 1,289 23,846 #* Cynosure, Inc. Class A 8,077 431,312 Danaher Corp. 338,041 28,368,401 Digirad Corp. 26,711 134,890 #* Emergent BioSolutions, Inc. 8,678 262,683 #* Envision Healthcare Corp. 30,743 2,090,524
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ------------ Health Care -- (Continued) * Enzo Biochem, Inc. 41,397 $ 276,532 * Exactech, Inc. 3,390 83,563 * Express Scripts Holding Co. 493,239 33,974,302 * Five Star Quality Care, Inc. 6,065 17,285 * Harvard Bioscience, Inc. 32,107 96,321 Humana, Inc. 236,814 47,007,579 * Impax Laboratories, Inc. 4,700 61,805 * Integer Holdings Corp. 41,672 1,350,173 # Invacare Corp. 7,330 84,295 Kewaunee Scientific Corp. 1,631 41,346 Kindred Healthcare, Inc. 22,803 151,640 LeMaitre Vascular, Inc. 5,100 115,821 * LHC Group, Inc. 1,418 71,084 * LifePoint Health, Inc. 82,208 4,879,045 * Magellan Health, Inc. 17,899 1,341,530 (degrees)* MedCath Corp. 29,240 -- Medtronic P.L.C. 764,960 58,152,259 * Merit Medical Systems, Inc. 13,395 340,233 #* Molina Healthcare, Inc. 24,941 1,414,653 * Mylan NV 6,181 235,187 National HealthCare Corp. 6,484 485,327 * Natus Medical, Inc. 15,698 613,007 * Nuvectra Corp. 13,890 108,064 * Omnicell, Inc. 35,405 1,271,039 PerkinElmer, Inc. 76,500 4,069,035 Pfizer, Inc. 4,178,729 132,591,071 * PharMerica Corp. 33,305 825,964 * Prestige Brands Holdings, Inc. 111,489 5,882,160 * RTI Surgical, Inc. 73,086 237,529 #* SciClone Pharmaceuticals, Inc. 13,028 132,234 #* Select Medical Holdings Corp. 42,204 525,440 * Surmodics, Inc. 5,593 135,351 # Teleflex, Inc. 37,223 6,243,414 Thermo Fisher Scientific, Inc. 499,520 76,121,853 * Tivity Health, Inc. 37,281 956,258 #* Triple-S Management Corp. Class B 20,684 395,271 UnitedHealth Group, Inc. 89,716 14,542,964 #* Universal American Corp. 70,194 697,728 * VCA, Inc. 69,140 6,264,084 * WellCare Health Plans, Inc. 18,375 2,674,297 ------------ Total Health Care 648,675,215 ------------ Industrials -- (11.5%) AAR Corp. 32,906 1,052,663 ABM Industries, Inc. 64,500 2,605,155 Acme United Corp. 1,030 25,091 # Actuant Corp. Class A 4,057 106,091 * AECOM 55,835 2,061,987 * Aegion Corp. 42,549 989,690 #* Aerovironment, Inc. 35,065 918,352 AGCO Corp. 58,973 3,703,504 * Air Transport Services Group, Inc. 6,308 101,748 Alamo Group, Inc. 22,751 1,720,658
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ----------- Industrials -- (Continued) Alaska Air Group, Inc. 105,252 $ 9,874,743 Albany International Corp. Class A 20,551 975,145 AMERCO 29,431 11,085,775 * Ameresco, Inc. Class A 981 5,101 # American Railcar Industries, Inc. 20,003 890,934 # Apogee Enterprises, Inc. 36,374 2,076,228 ArcBest Corp. 12,135 383,466 Arconic, Inc. 331,751 7,560,605 Argan, Inc. 21 1,549 Astec Industries, Inc. 22,925 1,604,291 * Atlas Air Worldwide Holdings, Inc. 31,815 1,678,241 Barnes Group, Inc. 36,400 1,751,932 * BlueLinx Holdings, Inc. 681 4,481 Brady Corp. Class A 38,500 1,399,475 # Briggs & Stratton Corp. 41,033 888,775 * CAI International, Inc. 17,082 275,703 * Casella Waste Systems, Inc. Class A 5,201 60,124 # Caterpillar, Inc. 107,902 10,321,905 * CBIZ, Inc. 38,149 499,752 * CDI Corp. 26,779 230,299 CECO Environmental Corp. 3,773 49,502 # Celadon Group, Inc. 24,642 187,279 Chicago Rivet & Machine Co. 700 33,614 CIRCOR International, Inc. 10,019 623,983 Columbus McKinnon Corp. 17,542 482,230 Comfort Systems USA, Inc. 44,560 1,508,356 CompX International, Inc. 500 7,300 # Covanta Holding Corp. 64,592 1,039,931 * Covenant Transportation Group, Inc. Class A 7,080 152,432 CRA International, Inc. 7,613 252,980 CSX Corp. 1,242,950 57,660,450 Cummins, Inc. 900 132,309 Curtiss-Wright Corp. 46,353 4,545,375 Delta Air Lines, Inc. 355,413 16,789,710 #* DigitalGlobe, Inc. 21,971 616,287 DMC Global, Inc. 1,436 22,904 Douglas Dynamics, Inc. 30,234 1,021,909 * Ducommun, Inc. 12,645 374,671 Eastern Co. (The) 10,193 201,821 Eaton Corp. P.L.C. 186,354 13,190,136 EMCOR Group, Inc. 50,540 3,522,133 Encore Wire Corp. 19,966 843,564 EnerSys 43,239 3,370,480 * Engility Holdings, Inc. 7,988 234,288 Ennis, Inc. 31,756 536,676 EnPro Industries, Inc. 17,635 1,197,593 ESCO Technologies, Inc. 17,601 1,024,378 Espey Manufacturing & Electronics Corp. 1,671 43,989 Essendant, Inc. 24,021 501,799 #* Esterline Technologies Corp. 44,968 3,851,509 Federal Signal Corp. 71,923 1,117,683 FedEx Corp. 142,324 26,914,892 Fortune Brands Home & Security, Inc. 123,726 6,821,014
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ----------- Industrials -- (Continued) * Franklin Covey Co. 3,046 $ 53,305 FreightCar America, Inc. 9,404 135,888 * FTI Consulting, Inc. 25,736 1,084,515 G&K Services, Inc. Class A 29,714 2,854,327 # GATX Corp. 65,445 3,784,030 * Gencor Industries, Inc. 13,149 205,782 General Electric Co. 2,102,284 62,437,835 #* Genesee & Wyoming, Inc. Class A 1,200 90,432 * Gibraltar Industries, Inc. 24,203 1,062,512 * GP Strategies Corp. 18,583 477,583 # Granite Construction, Inc. 27,179 1,525,557 * Great Lakes Dredge & Dock Corp. 69,820 363,064 Greenbrier Cos., Inc. (The) 22,451 982,231 # Griffon Corp. 67,323 1,713,370 #* Hawaiian Holdings, Inc. 9,193 468,383 Heidrick & Struggles International, Inc. 18,234 407,530 * Herc Holdings, Inc. 18,560 921,875 * Hertz Global Holdings, Inc. 55,682 1,167,652 * Hill International, Inc. 27,154 146,632 Hurco Cos., Inc. 7,910 242,046 * Huron Consulting Group, Inc. 4,001 181,245 Hyster-Yale Materials Handling, Inc. 12,246 753,374 * ICF International, Inc. 31,660 1,646,320 Ingersoll-Rand P.L.C. 213,109 16,910,199 * InnerWorkings, Inc. 96,587 928,201 Insteel Industries, Inc. 17,578 651,089 * JetBlue Airways Corp. 324,893 6,371,152 Kadant, Inc. 5,786 356,418 KAR Auction Services, Inc. 18,100 824,455 KBR, Inc. 3,600 61,236 Kennametal, Inc. 1,000 35,740 * Key Technology, Inc. 3,199 43,187 Kimball International, Inc. Class B 31,258 522,946 Korn/Ferry International 33,148 962,949 * Kratos Defense & Security Solutions, Inc. 2,711 22,339 L3 Technologies, Inc. 100,470 15,943,584 * Lawson Products, Inc. 8,847 228,695 LB Foster Co. Class A 6,682 100,230 #* LMI Aerospace, Inc. 13,807 122,468 LS Starrett Co. (The) Class A 1,997 21,967 LSI Industries, Inc. 27,715 263,847 * Lydall, Inc. 14,605 890,905 ManpowerGroup, Inc. 22,886 2,184,698 Marten Transport, Ltd. 47,782 1,091,819 Matson, Inc. 62,316 2,222,189 Matthews International Corp. Class A 12,387 835,503 McGrath RentCorp 17,552 671,891 * Mercury Systems, Inc. 2,055 69,295 * MFRI, Inc. 8,900 77,875 Miller Industries, Inc. 20,099 532,624 # Mobile Mini, Inc. 54,461 1,772,706 * Moog, Inc. Class A 35,339 2,327,780 Mueller Industries, Inc. 30,912 1,244,517
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ ------- ----------- Industrials -- (Continued) Mueller Water Products, Inc. Class A 110,013 $ 1,480,775 Multi-Color Corp. 308 23,778 * MYR Group, Inc. 19,582 753,320 National Presto Industries, Inc. 571 60,754 * Navigant Consulting, Inc. 12,297 303,736 * NL Industries, Inc. 42,070 252,420 # NN, Inc. 18,396 355,963 Norfolk Southern Corp. 545,229 64,042,598 Northrop Grumman Corp. 48,948 11,213,008 * Northwest Pipe Co. 6,690 128,114 * NOW, Inc. 62,737 1,333,789 * On Assignment, Inc. 53,951 2,442,901 Orbital ATK, Inc. 56,610 4,922,239 Oshkosh Corp. 14,466 1,007,268 Owens Corning 149,300 8,248,825 * PAM Transportation Services, Inc. 9,249 215,594 # Pentair P.L.C. 117,934 6,914,470 Powell Industries, Inc. 7,529 289,716 Quad/Graphics, Inc. 2,390 62,594 Quanex Building Products Corp. 21,431 423,262 * Quanta Services, Inc. 168,307 6,040,538 Raytheon Co. 44,355 6,394,217 RCM Technologies, Inc. 20,293 121,961 Regal Beloit Corp. 16,070 1,166,682 Republic Services, Inc. 429,755 24,659,342 Resources Connection, Inc. 25,955 433,449 * Roadrunner Transportation Systems, Inc. 879 6,962 * RPX Corp. 13,600 147,696 * Rush Enterprises, Inc. Class A 32,603 1,067,748 * Rush Enterprises, Inc. Class B 18,522 569,552 Ryder System, Inc. 89,844 6,971,894 * Saia, Inc. 8,925 428,846 * SIFCO Industries, Inc. 6,623 55,964 SkyWest, Inc. 38,506 1,363,112 Southwest Airlines Co. 645,761 33,779,758 * Sparton Corp. 8,563 185,646 * SPX FLOW, Inc. 12,803 446,697 Standex International Corp. 22,341 1,948,135 Stanley Black & Decker, Inc. 154,919 19,209,956 Steelcase, Inc. Class A 55,469 931,879 # Supreme Industries, Inc. Class A 1,433 26,310 #* Team, Inc. 6,674 224,246 Terex Corp. 27,578 876,980 Tetra Tech, Inc. 45,222 1,976,201 * Titan Machinery, Inc. 2,883 39,814 * TRC Cos., Inc. 23,870 221,991 Trinity Industries, Inc. 183,814 5,062,238 Triton International, Ltd. 24,053 585,450 # Triumph Group, Inc. 57,456 1,536,948 * Tutor Perini Corp. 33,844 1,008,551 #* Twin Disc, Inc. 900 14,976 * Ultralife Corp. 3,309 18,200 UniFirst Corp. 18,705 2,392,369
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ------------ Industrials -- (Continued) Union Pacific Corp. 888,128 $ 94,656,682 * United Continental Holdings, Inc. 45,113 3,179,113 United Technologies Corp. 228,103 25,016,056 Universal Forest Products, Inc. 31,800 3,234,378 * USA Truck, Inc. 15,105 127,637 * Vectrus, Inc. 4,069 91,715 * Veritiv Corp. 9,437 528,944 Viad Corp. 23,193 1,017,013 * Virco Manufacturing Corp. 12,601 55,444 VSE Corp. 610 22,741 Watts Water Technologies, Inc. Class A 1,534 101,244 # Werner Enterprises, Inc. 34,105 958,351 * Wesco Aircraft Holdings, Inc. 6,228 94,354 * WESCO International, Inc. 11,687 826,271 * Willdan Group, Inc. 1,000 26,810 * Willis Lease Finance Corp. 6,713 171,047 * XPO Logistics, Inc. 12,216 546,544 ------------ Total Industrials 709,768,408 ------------ Information Technology -- (11.4%) # Activision Blizzard, Inc. 982,162 39,492,734 * Actua Corp. 1,184 16,931 * Acxiom Corp. 7,769 202,771 * Agilysys, Inc. 16,899 164,427 * Alpha & Omega Semiconductor, Ltd. 20,661 420,451 * ARRIS International P.L.C. 70,523 2,015,547 * Arrow Electronics, Inc. 182,170 13,393,138 AstroNova, Inc. 6,285 87,676 Avnet, Inc. 139,400 6,473,736 AVX Corp. 86,630 1,403,406 * Aware, Inc. 14,326 88,821 * Axcelis Technologies, Inc. 175 2,660 * AXT, Inc. 16,521 94,996 Bel Fuse, Inc. Class A 3,874 98,051 Bel Fuse, Inc. Class B 11,837 376,417 * Benchmark Electronics, Inc. 62,063 1,899,128 Black Box Corp. 18,611 248,457 #* Blackhawk Network Holdings, Inc. 25,926 925,558 * Blucora, Inc. 57,127 862,618 Brocade Communications Systems, Inc. 461,513 5,755,067 Brooks Automation, Inc. 50,847 885,755 * BSQUARE Corp. 4,065 23,983 * CACI International, Inc. Class A 24,830 3,049,124 * Calix, Inc. 16,027 115,394 * Ciber, Inc. 34,165 14,729 Cisco Systems, Inc. 4,601,656 141,362,872 Cohu, Inc. 28,915 381,678 * CommerceHub, Inc. Series A 5,992 88,022 * CommerceHub, Inc. Series C 27,479 400,644 Communications Systems, Inc. 2,923 14,820 Computer Sciences Corp. 136,993 8,520,965 Comtech Telecommunications Corp. 15,569 167,055 Concurrent Computer Corp. 13,740 71,173
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ------------ Information Technology -- (Continued) * Conduent, Inc. 177,926 $ 2,661,773 # Convergys Corp. 197,364 4,898,574 * CoreLogic, Inc. 96,545 3,405,142 Corning, Inc. 785,955 20,819,948 * Cray, Inc. 12,866 220,652 CSP, Inc. 2,414 24,550 CTS Corp. 66,936 1,439,124 * CyberOptics Corp. 3,281 118,116 # Cypress Semiconductor Corp. 52,022 613,860 * Dell Technologies, Inc. Class V 38,133 2,401,998 * Digi International, Inc. 25,438 331,966 * Diodes, Inc. 4,709 117,207 * DSP Group, Inc. 46,713 506,836 * EchoStar Corp. Class A 23,551 1,199,452 * Edgewater Technology, Inc. 13,603 95,221 * Electro Scientific Industries, Inc. 6,085 39,978 #* Electronics for Imaging, Inc. 58,110 2,611,463 Emcore Corp. 744 6,696 #* EnerNOC, Inc. 6,397 36,463 * Entegris, Inc. 300 5,625 * ePlus, Inc. 8,745 979,877 * Exar Corp. 51,341 526,245 * Fabrinet 4,055 170,837 Fidelity National Information Services, Inc. 151,857 12,060,483 * Finisar Corp. 61,526 1,819,324 #* First Solar, Inc. 28,266 881,617 * FormFactor, Inc. 46,295 576,373 * Frequency Electronics, Inc. 10,976 121,614 #* GSI Technology, Inc. 3,363 20,548 #* Harmonic, Inc. 22,962 121,699 Hewlett Packard Enterprise Co. 993,058 22,522,555 * IAC/InterActiveCorp 125,298 8,621,755 * ID Systems, Inc. 3,917 25,304 #* Inseego Corp. 10,953 33,845 * Insight Enterprises, Inc. 42,100 1,563,173 Intel Corp. 4,593,407 169,129,246 Intersil Corp. Class A 119,798 2,687,069 * IntriCon Corp. 2,835 19,845 * Itron, Inc. 33,397 2,060,595 IXYS Corp. 3,055 36,965 Juniper Networks, Inc. 212,100 5,680,038 * Key Tronic Corp. 17,623 139,750 * Kimball Electronics, Inc. 23,443 400,875 * Kulicke & Soffa Industries, Inc. 71,688 1,260,275 * KVH Industries, Inc. 19,858 206,523 Lam Research Corp. 3,066 352,161 * Lattice Semiconductor Corp. 108,469 779,892 * Limelight Networks, Inc. 10,944 23,967 ManTech International Corp. Class A 2,048 79,749 Marvell Technology Group, Ltd. 166,418 2,474,636 * Maxwell Technologies, Inc. 2,521 12,000 Mentor Graphics Corp. 35,620 1,314,734 Methode Electronics, Inc. 79,272 3,333,388
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ----------- Information Technology -- (Continued) * Micron Technology, Inc. 758,908 $18,297,272 * Microsemi Corp. 7,940 422,011 MKS Instruments, Inc. 61,200 4,033,080 MOCON, Inc. 700 14,000 #* ModusLink Global Solutions, Inc. 67,250 117,687 NCI, Inc. Class A 686 8,712 #* NETGEAR, Inc. 428 24,353 * Optical Cable Corp. 10,793 35,077 * PAR Technology Corp. 12,896 83,953 Park Electrochemical Corp. 1,642 30,098 PC Connection, Inc. 39,267 1,071,204 PC-Tel, Inc. 24,116 140,114 * PCM, Inc. 10,471 235,074 * Photronics, Inc. 79,712 916,688 * Plexus Corp. 10,626 576,992 #* Qorvo, Inc. 24,909 1,599,407 QUALCOMM, Inc. 1,059,256 56,596,048 * Rambus, Inc. 1,069 13,876 #* RealNetworks, Inc. 12,525 67,009 Reis, Inc. 13,511 270,220 Richardson Electronics, Ltd. 15,464 93,403 * Rogers Corp. 7,543 603,063 * Rudolph Technologies, Inc. 16,097 369,426 * Sanmina Corp. 39,846 1,552,002 * ScanSource, Inc. 14,745 583,165 * Seachange International, Inc. 8,687 21,023 * ShoreTel, Inc. 3,200 22,240 * Sonus Networks, Inc. 6,622 42,248 # SS&C Technologies Holdings, Inc. 51,586 1,657,458 * StarTek, Inc. 22,913 198,427 #* SunPower Corp. 18,322 121,658 * Super Micro Computer, Inc. 5,886 155,685 * Sykes Enterprises, Inc. 20,292 566,756 SYNNEX Corp. 55,900 6,718,062 * Synopsys, Inc. 4,200 264,138 Systemax, Inc. 2,187 18,546 TE Connectivity, Ltd. 63,758 4,740,407 * Tech Data Corp. 82,952 7,097,373 * Telenav, Inc. 9,865 87,798 Teradyne, Inc. 26,789 760,272 Tessco Technologies, Inc. 8,689 123,384 Tessera Holding Corp. 48,635 2,198,302 * TiVo Corp. 19,000 359,100 #* TTM Technologies, Inc. 55,241 819,224 #* Veeco Instruments, Inc. 15,978 411,433 * Virtusa Corp. 30,064 766,031 # Vishay Intertechnology, Inc. 151,731 2,518,735 #* Vishay Precision Group, Inc. 16,480 274,392 Western Digital Corp. 215,907 17,214,265 * Xcerra Corp. 20,165 152,851 Xerox Corp. 889,633 6,165,157 * XO Group, Inc. 6,284 118,328
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- ------------ Information Technology -- (Continued) * Yahoo!, Inc. 1,048,770 $ 46,219,294 ------------ Total Information Technology 698,276,926 ------------ Materials -- (2.1%) # A Schulman, Inc. 32,960 1,137,120 Alcoa Corp. 110,583 4,030,750 # Allegheny Technologies, Inc. 22,777 494,944 Ampco-Pittsburgh Corp. 4,007 60,305 # Ashland Global Holdings, Inc. 112,560 13,398,017 # Bemis Co., Inc. 25,154 1,225,503 Cabot Corp. 46,280 2,562,524 #* Century Aluminum Co. 15,822 243,659 * Chemtura Corp. 49,368 1,634,081 * Clearwater Paper Corp. 16,822 1,058,104 # Commercial Metals Co. 85,208 1,740,800 * Core Molding Technologies, Inc. 11,847 182,681 Domtar Corp. 8,107 354,195 Dow Chemical Co. (The) 11,060 659,508 Friedman Industries, Inc. 13,926 95,393 FutureFuel Corp. 6,104 79,291 Graphic Packaging Holding Co. 154,000 1,926,540 # Greif, Inc. Class A 4,885 281,278 Huntsman Corp. 50,242 1,024,434 * Ingevity Corp. 33,431 1,858,429 International Paper Co. 309,794 17,534,340 Kaiser Aluminum Corp. 27,181 2,132,621 KapStone Paper and Packaging Corp. 80,984 1,941,996 * Kraton Corp. 5,435 145,984 * Louisiana-Pacific Corp. 173,457 3,318,233 Martin Marietta Materials, Inc. 23,633 5,426,137 Materion Corp. 18,497 726,932 Mercer International, Inc. 21,725 259,614 Minerals Technologies, Inc. 34,280 2,747,542 Mosaic Co. (The) 17,274 541,885 Myers Industries, Inc. 56,992 786,490 Neenah Paper, Inc. 7,684 631,241 Newmont Mining Corp. 141,468 5,132,459 * Northern Technologies International Corp. 3,035 47,725 Nucor Corp. 83,945 4,876,365 # Olin Corp. 69,801 1,829,484 Olympic Steel, Inc. 9,986 224,685 PH Glatfelter Co. 50,600 1,235,146 PolyOne Corp. 5,174 176,485 Reliance Steel & Aluminum Co. 93,801 7,471,250 Schnitzer Steel Industries, Inc. Class A 400 9,460 Sensient Technologies Corp. 38,101 2,924,252 Steel Dynamics, Inc. 94,919 3,209,211 #* Stillwater Mining Co. 55,630 945,710 * SunCoke Energy, Inc. 62,210 548,692 #* Synalloy Corp. 5,144 61,471 Tredegar Corp. 27,973 622,399 Tronox, Ltd. Class A 1,600 20,032 #* Universal Stainless & Alloy Products, Inc. 6,269 105,821
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- -------------- Materials -- (Continued) Vulcan Materials Co. 58,246 $ 7,474,709 Westlake Chemical Corp. 158,152 9,791,190 WestRock Co. 200,591 10,703,536 Worthington Industries, Inc. 47,320 2,261,423 -------------- Total Materials 129,912,076 -------------- Other -- (0.0%) (degrees)#* Gerber Scientific, Inc. Escrow Shares 47,409 -- (degrees)* Petrocorp, Inc. Escrow Shares 900 -- -------------- Total Other -- -------------- Real Estate -- (0.1%) Alexander & Baldwin, Inc. 66,838 2,975,628 Griffin Industrial Realty, Inc. 1,500 47,145 * Stratus Properties, Inc. 3,069 93,911 -------------- Total Real Estate 3,116,684 -------------- Telecommunication Services -- (4.4%) AT&T, Inc. 5,565,125 234,625,670 # ATN International, Inc. 84 6,744 CenturyLink, Inc. 512,432 13,251,491 # Frontier Communications Corp. 696,949 2,432,352 * General Communication, Inc. Class A 2,840 57,141 #* Iridium Communications, Inc. 14,800 149,480 (degrees)* Leap Wireless International, Inc. 8,393 27,697 * Lumos Networks Corp. 500 7,735 #* ORBCOMM, Inc. 44,499 363,557 # Shenandoah Telecommunications Co. 68,821 1,875,372 Spok Holdings, Inc. 12,522 257,327 #* Sprint Corp. 422,600 3,900,598 #* T-Mobile US, Inc. 113,786 7,085,454 Telephone & Data Systems, Inc. 111,207 3,408,495 * United States Cellular Corp. 7,591 338,483 * Vonage Holdings Corp. 85,934 609,272 -------------- Total Telecommunication Services 268,396,868 -------------- Utilities -- (0.0%) * Calpine Corp. 62,921 742,468 Consolidated Water Co., Ltd. 6,656 68,557 NRG Energy, Inc. 55,469 917,457 # Ormat Technologies, Inc. 20,134 1,081,196 -------------- Total Utilities 2,809,678 -------------- TOTAL COMMON STOCKS 6,064,141,086 -------------- RIGHTS/WARRANTS -- (0.0%) (degrees)#* Safeway Casa Ley Contingent Value Rights 157,807 160,158
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
SHARES VALUE+ --------- -------------- (degrees)#* Safeway PDC, LLC Contingent Value Rights 157,807 $ 7,701 TOTAL RIGHTS/WARRANTS 167,859 -------------- TOTAL INVESTMENT SECURITIES 6,064,308,945 -------------- TEMPORARY CASH INVESTMENTS -- (0.1%) State Street Institutional U.S. Government Money Market Fund, 0.420% 6,907,689 6,907,689 -------------- SECURITIES LENDING COLLATERAL -- (1.3%) (S)@ DFA Short Term Investment Fund 7,018,019 81,212,514 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $3,437,233,283)^^ $6,152,429,148 ==============
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 967,060,250 $ 7,808 -- $ 967,068,058 Consumer Staples 503,527,601 -- -- 503,527,601 Energy 772,695,922 -- -- 772,695,922 Financials 1,359,893,650 -- -- 1,359,893,650 Health Care 648,675,215 -- -- 648,675,215 Industrials 709,768,408 -- -- 709,768,408 Information Technology 698,276,926 -- -- 698,276,926 Materials 129,912,076 -- -- 129,912,076 Real Estate 3,116,684 -- -- 3,116,684 Telecommunication Services 268,369,171 27,697 -- 268,396,868 Utilities 2,809,678 -- -- 2,809,678 Rights/Warrants -- 167,859 -- 167,859 Temporary Cash Investments 6,907,689 -- -- 6,907,689 Securities Lending Collateral -- 81,212,514 -- 81,212,514 -------------- ----------- -- -------------- TOTAL $6,071,013,270 $81,415,878 -- $6,152,429,148 ============== =========== == ==============
THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (Unaudited) January 31, 2017
SECURITY DESCRIPTION Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- ------------ CORPORATE BONDS - 1.4% (r)Apple, Inc. 0.95% 05/05/17 1,700,000 1,700,316 (r)Berkshire Hathaway Finance 1.03% 08/14/17 10,020,000 10,024,609 (r)Berkshire Hathaway Finance 1.32% 01/12/18 32,750,000 32,849,527 (r)Chevron Corp. 1.02% 02/22/17 25,000,000 25,003,350 (r)Chevron Corp. 1.25% 11/09/17 11,359,000 11,385,557 (r)General Electric Co. 1.08% 02/15/17 5,000,000 5,000,425 (r)Toyota Motor Credit Corp. 1.10% 02/16/17 75,300,000 75,309,337 (r)Toyota Motor Credit Corp. 1.37% 04/24/17 150,000,000 150,096,301 (r)Toyota Motor Credit Corp. 1.11% 05/16/17 4,780,000 4,781,123 ----------- ----------- TOTAL CORPORATE BONDS (Cost $316,034,616) 315,909,000 316,150,545 ----------- ----------- YANKEE BONDS - 1.5% (y)Inter-American Development Bank 0.58% 02/10/17 107,100,000 107,089,291 (y)International Bank For Reconstruction 0.52% 03/22/17 50,000,000 49,965,300 (y)International Bank For Reconstruction 0.52% 03/27/17 100,000,000 99,923,500 (r)++National Australia Bank, Ltd. 1.28% 06/30/17 27,973,000 27,991,294 (r)++Nordea Bank Finland NY 1.36% 04/04/17 36,755,000 36,775,730 (r)Westpac Banking Corp. 1.30% 12/01/17 11,300,000 11,311,164 ----------- ----------- TOTAL YANKEE BONDS (Cost $333,031,690) 333,128,000 333,056,279 ----------- ----------- COMMERCIAL PAPER - 49.4% (y)++3M Co. 0.78% 03/27/17 50,000,000 49,946,375 (y)Apple, Inc. 0.62% 02/02/17 20,000,000 19,999,231 (y)++Apple, Inc. 0.78% 03/13/17 200,000,000 199,833,494 (y)++Apple, Inc. 0.82% 04/25/17 45,000,000 44,918,730 (y)++Archer-Daniels-Midland 0.70% 02/10/17 50,000,000 49,990,653 (y)++Archer-Daniels-Midland 0.70% 02/15/17 50,000,000 49,985,896 (y)++Archer-Daniels-Midland 0.68% 03/01/17 18,000,000 17,990,009 (r)++Australia & New Zealand Banking Group 0.93% 05/03/17 150,000,000 150,077,250 (y)++Australia & New Zealand Banking Group 1.05% 05/04/17 100,000,000 99,739,342 (y)++Australia & New Zealand Banking Group 1.13% 06/02/17 100,000,000 99,644,844 (y)++Bank Nederlandse Gemeent 0.80% 02/03/17 200,000,000 199,988,749 (y)++Bank Nederlandse Gemeent 0.77% 02/06/17 150,000,000 149,982,650 (y)++Bank Nederlandse Gemeent 0.86% 02/14/17 290,730,000 290,645,882 (y)++Bank of Nova Scotia 1.02% 03/15/17 75,000,000 74,932,902 (r)++Bank of Nova Scotia 1.05% 05/12/17 25,000,000 25,028,375 (y)Banque et Caisse d'Epargne de l'Etat 0.97% 02/06/17 100,000,000 99,989,350 (y)++BNZ International Funding 1.00% 04/26/17 36,075,000 36,001,748 (y)++Caisse des Depots et Consignations 1.03% 03/14/17 30,000,000 29,977,845 (y)++Caisse des Depots et Consignations 1.03% 03/22/17 200,000,000 199,801,388 (y)++Chevron Corp. 0.62% 02/23/17 99,350,000 99,311,853 (y)++Chevron Corp. 0.70% 03/20/17 100,000,000 99,916,667 (y)++Coca-Cola Co. 0.70% 02/22/17 50,000,000 49,981,025 (r)++Commonwealth Bank of Australia 0.97% 03/02/17 100,000,000 100,046,000 (y)++Commonwealth Bank of Australia 1.00% 03/13/17 50,000,000 49,963,328 (r)++Commonwealth Bank of Australia 1.08% 05/17/17 100,000,000 100,081,600 (r)++Commonwealth Bank of Australia 1.17% 08/04/17 50,000,000 49,993,850 (r)++Commonwealth Bank of Australia 1.28% 10/12/17 100,000,000 100,155,800 (r)++Commonwealth Bank of Australia 1.22% 12/14/17 150,000,000 150,048,450 (y)CPPIB Capital, Inc. 0.71% 02/06/17 150,000,000 149,984,025 (y)++CPPIB Capital, Inc. 0.64% 02/14/17 75,000,000 74,981,159 (y)++CPPIB Capital, Inc. 0.73% 02/21/17 200,000,000 199,923,933 (y)++CPPIB Capital, Inc. 0.73% 02/23/17 150,000,000 149,937,326 (y)++CPPIB Capital, Inc. 0.87% 04/05/17 100,000,000 99,869,511 (y)DBS Bank, Ltd. 0.80% 02/03/17 140,365,000 140,357,210 (y)++DBS Bank, Ltd. 1.03% 04/10/17 86,600,000 86,468,210 (y)ELI Lilly & Co. 0.66% 02/03/17 100,000,000 99,994,700 (y)Exxon Mobil Corp. 0.56% 02/02/17 40,000,000 39,998,747 (y)Exxon Mobil Corp. 0.57% 02/07/17 200,000,000 199,977,715 (y)GE Capital Treasury LLC 0.80% 04/04/17 75,000,000 74,906,550 (y)GE Capital Treasury LLC 0.80% 04/05/17 75,000,000 74,904,533 (y)GE Capital Treasury LLC 0.80% 04/12/17 100,000,000 99,853,267
See Notes to Schedule of Investments. THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (Unaudited) (continued) January 31, 2017
SECURITY DESCRIPTION Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- ------------ COMMERCIAL PAPER - 49.4% (CONTINUED) (y)GE Capital Treasury LLC 0.80% 04/13/17 135,000,000 134,798,040 (y)General Electric Co. 0.65% 03/16/17 100,000,000 99,919,700 (y)General Electric Co. 0.78% 03/29/17 200,000,000 199,780,866 (y)Government of Canada 0.67% 03/24/17 100,000,000 99,913,189 (y)++Hydro-Quebec 0.84% 05/04/17 100,000,000 99,766,725 (y)IBM Corp. 0.68% 02/01/17 61,000,000 60,998,995 (y)++Johnson & Johnson 0.60% 02/09/17 100,000,000 99,984,925 (y)++Johnson & Johnson 0.60% 02/17/17 16,200,000 16,195,311 (y)++Koch Resources LLC 0.71% 02/23/17 75,000,000 74,968,663 (y)++Koch Resources LLC 0.72% 02/24/17 50,000,000 49,978,167 (y)++Koch Resources LLC 0.73% 02/27/17 50,000,000 49,975,363 (y)++Koch Resources LLC 0.72% 03/02/17 125,000,000 124,931,250 (y)++Koch Resources LLC 0.73% 03/08/17 50,000,000 49,966,500 (y)++Koch Resources LLC 0.73% 03/09/17 50,000,000 49,965,467 (y)++Kreditanstalt Fur Wiederaufbau 0.82% 02/14/17 148,000,000 147,975,712 (y)++Kreditanstalt Fur Wiederaufbau 0.91% 03/14/17 75,000,000 74,945,050 (y)++Kreditanstalt Fur Wiederaufbau 0.96% 04/24/17 40,000,000 39,921,703 (y)++Kreditanstalt Fur Wiederaufbau 0.96% 04/25/17 195,500,000 195,111,802 (y)++Landesbank Hessen-Thuringen Girozentrale 0.72% 02/24/17 100,000,000 99,952,000 (y)++Landesbank Hessen-Thuringen Girozentrale 0.95% 04/05/17 93,400,000 93,266,002 (y)++Landesbank Hessen-Thuringen Girozentrale 0.77% 04/10/17 100,000,000 99,839,000 (y)Microsoft Corp. 0.70% 02/02/17 100,000,000 99,996,533 (y)++Microsoft Corp. 0.60% 02/07/17 53,000,000 52,993,508 (y)++Microsoft Corp. 0.72% 02/08/17 30,000,000 29,995,793 (y)++Microsoft Corp. 0.81% 02/21/17 100,000,000 99,962,083 (r)++National Australia Bank, Ltd. 0.99% 02/28/17 100,000,000 100,043,300 (y)++National Australia Bank, Ltd. 1.13% 07/06/17 100,000,000 99,519,000 (r)++National Australia Bank, Ltd. 1.21% 08/04/17 50,000,000 50,071,350 (r)++National Australia Bank, Ltd. 1.29% 12/06/17 50,000,000 50,041,700 (y)National Rural Utilities Cooperative Finance Corp. 0.70% 02/13/17 25,000,000 24,993,906 (y)National Rural Utilities Cooperative Finance Corp. 0.70% 02/15/17 19,000,000 18,994,640 (y)National Rural Utilities Cooperative Finance Corp. 0.74% 03/20/17 50,000,000 49,952,000 (y)Nestle Finance International, Ltd. 0.66% 02/21/17 50,000,000 49,982,354 (y)++Nordea Bank Finland NY 0.94% 04/05/17 200,000,000 199,738,666 (y)++Nordea Bank Finland NY 1.00% 05/02/17 75,000,000 74,828,807 (y)++Novartis Finance Corp. 0.70% 02/21/17 19,585,000 19,577,551 (y)++Novartis Finance Corp. 0.67% 02/23/17 10,000,000 9,995,822 (y)++Novartis Finance Corp. 0.70% 02/27/17 50,000,000 49,975,363 (y)++NRW.Bank 0.79% 02/16/17 100,000,000 99,964,089 (y)++NRW.Bank 0.83% 02/28/17 50,000,000 49,968,189 (y)++NRW.Bank 1.03% 03/22/17 75,000,000 74,912,604 (y)++NRW.Bank 1.02% 03/29/17 100,000,000 99,866,208 (y)++NRW.Bank 1.03% 04/05/17 55,000,000 54,915,031 (y)++NRW.Bank 1.05% 04/13/17 100,000,000 99,817,800 (y)Oesterreich Kontrollbank 0.75% 02/23/17 100,000,000 99,943,650 (y)Oesterreich Kontrollbank 0.73% 02/27/17 42,000,000 41,972,249 (y)++Oversea-Chinese Banking 1.03% 04/04/17 100,000,000 99,862,100 (y)PACCAR Financial Corp. 0.68% 02/21/17 17,000,000 16,993,237 (y)PepsiCo, Inc. 0.60% 02/01/17 25,000,000 24,999,568 (y)PepsiCo, Inc. 0.61% 02/02/17 23,200,000 23,199,196 (y)++PepsiCo, Inc. 0.64% 02/27/17 42,400,000 42,379,107 (y)++PepsiCo, Inc. 0.63% 03/02/17 100,000,000 99,945,000 (y)++Pfizer, Inc. 0.82% 02/17/17 50,000,000 49,985,527 (y)Province of British Columbia 0.85% 02/22/17 113,000,000 112,957,117 (y)Province of British Columbia 0.95% 03/31/17 28,217,000 28,185,230 (y)Province of Ontario 0.65% 02/01/17 240,025,000 240,020,765 (y)++Province of Quebec 0.63% 02/21/17 100,000,000 99,961,967 (y)PSP Capital, Inc. 0.79% 02/06/17 27,050,000 27,047,119 (y)++PSP Capital, Inc. 0.80% 02/13/17 50,000,000 49,988,354 (y)++PSP Capital, Inc. 0.88% 02/22/17 50,000,000 49,980,047 (y)++PSP Capital, Inc. 0.97% 03/14/17 75,000,000 74,940,500 (y)++PSP Capital, Inc. 1.00% 03/16/17 100,000,000 99,916,522
See Notes to Schedule of Investments. THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (Unaudited) (continued) January 31, 2017
SECURITY DESCRIPTION Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- -------------- -------------- COMMERCIAL PAPER - 49.4% (CONTINUED) (y)++Qualcomm, Inc. 0.75% 04/04/17 75,000,000 74,904,450 (y)++Roche Holdings, Inc. 0.66% 02/07/17 100,000,000 99,987,556 (y)++Roche Holdings, Inc. 0.66% 02/22/17 30,000,000 29,988,028 (y)++Roche Holdings, Inc. 0.67% 03/06/17 50,000,000 49,968,503 (y)++Siemens Capital Co. LLC 0.62% 02/17/17 67,500,000 67,479,313 (y)++Siemens Capital Co. LLC 0.65% 02/24/17 100,000,000 99,956,333 (y)++Siemens Capital Co. LLC 0.64% 02/27/17 37,600,000 37,581,473 (y)++Simon Property GRP, LP 0.75% 02/08/17 25,000,000 24,996,272 (y)++Svenska Handelsbank, AB. 0.78% 02/15/17 100,000,000 99,972,292 (y)++Svenska Handelsbank, AB. 0.95% 04/13/17 100,000,000 99,822,000 (y)++Svenska Handelsbank, AB. 0.97% 05/08/17 65,000,000 64,823,810 (y)Swedbank 1.17% 02/22/17 44,000,000 43,982,603 (y)Swedbank 0.73% 03/20/17 100,000,000 99,908,000 (y)Swedbank 0.72% 03/27/17 100,000,000 99,892,750 (y)++Total Capital Canada, Ltd. 0.93% 04/12/17 200,000,000 199,603,188 (y)++Total Capital Canada, Ltd. 0.93% 04/18/17 25,000,000 24,944,282 (y)++Total Capital Canada, Ltd. 0.93% 04/28/17 50,000,000 49,866,842 (y)Toyota Motor Credit Corp. 0.99% 03/22/17 200,000,000 199,786,112 (y)Toyota Motor Credit Corp. 0.85% 03/28/17 100,000,000 99,874,622 (y)Toyota Motor Credit Corp. 0.89% 04/11/17 125,000,000 124,791,701 (y)++United Overseas Bank 0.76% 02/02/17 100,000,000 99,996,300 (y)++United Overseas Bank 1.03% 04/05/17 48,000,000 47,934,805 (r)++Westpac Banking Corp. 1.19% 10/05/17 100,000,000 100,000,600 (r)++Westpac Banking Corp. 1.18% 11/02/17 75,000,000 75,067,125 -------------- -------------- TOTAL COMMERCIAL PAPER (Cost $10,997,414,270) 11,006,797,000 10,998,797,114 -------------- -------------- YANKEE CERTIFICATES OF DEPOSIT - 18.4% (r)Bank of Montreal 1.28% 02/24/17 100,000,000 100,036,100 (r)Bank of Montreal 1.26% 05/02/17 25,000,000 25,027,500 (r)Bank of Montreal 1.29% 05/09/17 120,000,000 120,137,160 (r)Bank of Montreal 1.35% 06/07/17 40,000,000 40,044,480 (r)Bank of Montreal 1.19% 07/10/17 150,000,000 150,201,450 (r)Bank of Montreal 1.49% 07/25/17 100,000,000 100,143,300 (r)Bank of Montreal 1.30% 01/11/18 100,000,000 100,024,700 (r)Bank of Nova Scotia 1.29% 03/03/17 100,000,000 100,046,500 (r)Bank of Nova Scotia 1.42% 04/12/17 125,000,000 125,126,875 (r)Bank of Nova Scotia 1.36% 06/09/17 90,000,000 90,090,000 (r)Bank of Nova Scotia 1.48% 07/20/17 100,000,000 100,142,200 (r)Bank of Nova Scotia 1.43% 09/27/17 100,000,000 100,154,900 (r)Bank of Nova Scotia 1.44% 10/06/17 50,000,000 50,080,000 (r)Bank of Nova Scotia 1.28% 12/08/17 100,000,000 100,073,700 (r)Canadian Imp BK Comm NY 1.29% 05/23/17 9,150,000 9,159,360 (r)Nordea Bank Finland NY 1.28% 04/13/17 50,000,000 50,038,100 (r)Nordea Bank Finland NY 1.34% 05/26/17 100,000,000 100,111,400 (r)Nordea Bank Finland NY 1.35% 06/07/17 100,000,000 100,111,100 (r)Nordea Bank Finland NY 1.36% 06/13/17 20,000,000 20,022,360 (r)Nordea Bank Finland NY 1.37% 08/18/17 75,000,000 75,114,075 (r)Rabobank Nederland NY 1.30% 05/22/17 50,000,000 50,038,750 (r)Rabobank Nederland NY 1.27% 06/13/17 50,000,000 50,031,750 (r)Rabobank Nederland NY 1.14% 07/10/17 100,000,000 100,003,800 (r)Rabobank Nederland NY 1.41% 08/16/17 50,000,000 50,086,150 (r)Rabobank Nederland NY 1.44% 09/18/17 50,000,000 50,071,450 (r)Rabobank Nederland NY 1.18% 11/06/17 75,000,000 75,034,800 (r)Royal Bank of Canada NY 1.29% 03/28/17 100,000,000 100,065,000 (r)Royal Bank of Canada NY 1.35% 06/29/17 75,000,000 75,065,250 (r)Royal Bank of Canada NY 1.49% 07/28/17 100,000,000 100,160,600 (r)Royal Bank of Canada NY 1.41% 10/05/17 100,000,000 100,142,600 (r)Royal Bank of Canada NY 1.25% 12/08/17 100,000,000 100,031,400 (r)Royal Bank of Canada NY 1.29% 12/19/17 100,000,000 100,026,000 (r)Royal Bank of Canada NY 1.30% 12/22/17 100,000,000 99,997,500 (r)Svenska Handelsbanken NY 1.35% 02/17/17 100,000,000 100,030,300 (r)Svenska Handelsbanken NY 1.49% 08/01/17 100,000,000 100,175,600 (r)Svenska Handelsbanken NY 1.17% 08/07/17 155,000,000 155,021,080
See Notes to Schedule of Investments. THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (Unaudited) (continued) January 31, 2017
SECURITY DESCRIPTION Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- ------------- YANKEE CERTIFICATES OF DEPOSIT - 18.4% (CONTINUED) (r)Svenska Handelsbanken NY 1.14% 08/09/17 50,000,000 50,032,700 (r)Toronto Dominion Bank NY 1.28% 03/02/17 100,000,000 100,044,100 (r)Toronto Dominion Bank NY 1.29% 03/28/17 50,000,000 50,034,200 (r)Toronto Dominion Bank NY 1.36% 04/06/17 95,000,000 95,081,225 (r)Toronto Dominion Bank NY 1.32% 05/23/17 70,000,000 70,077,980 (r)Toronto Dominion Bank NY 1.47% 07/12/17 100,000,000 100,140,200 (r)Toronto Dominion Bank NY 1.42% 08/22/17 65,000,000 65,114,140 (r)Toronto Dominion Bank NY 1.18% 11/08/17 100,000,000 100,069,500 (r)Toronto Dominion Bank NY 1.29% 11/20/17 150,000,000 150,058,500 (r)Westpac Banking Corp. 1.24% 02/06/17 72,500,000 72,506,960 (r)Westpac Banking Corp. 1.28% 03/20/17 76,000,000 76,047,196 (r)Westpac Banking Corp. 1.27% 01/05/18 100,000,000 100,004,400 ------------- ------------- TOTAL YANKEE CERTIFICATES OF DEPOSIT (Cost $4,087,650,529) 4,087,650,000 4,091,078,391 ------------- ------------- U.S. GOVERNMENT AGENCY SECURITIES - 10.9% (y)Federal Home Loan Bank 0.38% 02/01/17 100,000,000 100,000,000 (y)Federal Home Loan Bank 0.42% 02/03/17 100,000,000 99,997,800 (y)Federal Home Loan Bank 0.46% 02/08/17 100,000,000 99,992,200 (y)Federal Home Loan Bank 0.48% 02/10/17 100,000,000 99,990,000 (y)Federal Home Loan Bank 0.53% 02/13/17 50,000,000 49,993,350 (y)Federal Home Loan Bank 0.53% 02/15/17 73,000,000 72,988,612 (y)Federal Home Loan Bank 0.50% 02/17/17 100,000,000 99,982,200 (y)Federal Home Loan Bank 0.52% 02/22/17 75,000,000 74,982,525 (y)Federal Home Loan Bank 0.53% 02/24/17 75,000,000 74,980,800 (y)Federal Home Loan Bank 0.50% 02/27/17 100,000,000 99,971,100 (y)Federal Home Loan Bank 0.53% 03/01/17 100,000,000 99,960,300 (y)Federal Home Loan Bank 0.52% 03/03/17 100,000,000 99,957,500 (y)Federal Home Loan Bank 0.53% 03/07/17 75,000,000 74,963,850 (y)Federal Home Loan Bank 0.52% 03/08/17 100,000,000 99,950,400 (y)Federal Home Loan Bank 0.54% 03/10/17 75,000,000 74,960,700 (y)Federal Home Loan Bank 0.53% 03/14/17 75,000,000 74,956,425 (y)Federal Home Loan Bank 0.56% 03/15/17 100,000,000 99,940,500 (y)Federal Home Loan Bank 0.55% 03/17/17 14,000,000 13,991,278 (y)Federal Home Loan Bank 0.55% 03/22/17 100,000,000 99,930,600 (y)Federal Home Loan Bank 0.55% 03/24/17 75,000,000 74,945,775 (y)Federal Home Loan Bank 0.53% 03/29/17 124,900,000 124,800,954 (y)Federal Home Loan Bank 0.55% 04/05/17 100,000,000 99,907,200 (y)Federal Home Loan Bank 0.54% 04/07/17 150,000,000 149,856,450 (y)Federal Home Loan Bank 0.54% 04/12/17 3,000,000 2,996,907 (y)Federal Home Loan Bank 0.54% 04/19/17 100,000,000 99,886,600 (y)Federal Home Loan Bank 0.55% 04/21/17 50,000,000 49,941,850 (y)Federal Home Loan Bank 0.55% 04/26/17 100,000,000 99,876,300 (y)Federal Home Loan Bank 0.55% 04/28/17 50,000,000 49,936,700 (y)Federal Home Loan Bank 0.55% 05/03/17 50,000,000 49,931,750 ------------- ------------- TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,413,489,232) 2,414,900,000 2,413,570,626 ------------- ------------- REPURCHASE AGREEMENTS - 12.3% Bank of America Corp. (Purchased on 01/31/2017, Proceeds at maturity $150,002,250, collateralized by U.S. Treasury Securities, 2.25%, 01/31/24 market value, $153,000,025) 0.54% 02/01/17 150,000,000 150,000,000 Barclays Capital, Inc. (Purchased on 01/31/2017, Proceeds at maturity $800,012,000, collateralized by U.S. Treasury Securities, 0.00% - 8.88%, 02/2/17 - 02/15/24 market value, $816,000,000) 0.54% 02/01/17 800,000,000 800,000,000 Goldman Sachs & Co. (Purchased on 01/31/2017, Proceeds at maturity $200,003,056, collateralized by U.S. Government Agency Backed Securities, 2.50% - 6.50%, 05/15/28 - 01/20/47 market value, $204,000,000) 0.55% 02/01/17 200,000,000 200,000,000 HSBC Securities (USA), Inc. (Purchased on 01/31/2017, Proceeds at maturity $200,002,889, collateralized by U.S. Treasury Securities, 0.00%, 02/15/18 - 08/15/25 market value, $204,002,119) 0.52% 02/01/17 200,000,000 200,000,000
See Notes to Schedule of Investments. THE DFA SHORT TERM INVESTMENT FUND Schedule of Investments (Unaudited) (concluded) January 31, 2017
SECURITY DESCRIPTION Rate Maturity Face Amount $ Fair Value $ -------------------- ---- -------- ------------- -------------- REPURCHASE AGREEMENTS - 12.3% (CONTINUED) JPMorgan Securities (Purchased on 01/31/2017, Proceeds at maturity $400,006,111, collateralized by U.S. Government Agency Backed Securities, 0.00% - 8.95%, 02/1/17 - 11/15/26 market value, $408,003,033) 0.55% 02/01/17 400,000,000 400,000,000 Mizuho Securities USA, Inc. (Purchased on 01/31/2017, Proceeds at maturity $250,003,819, collateralized by U.S. Treasury Securities, 0.00% - 2.25%, 08/17/17 - 11/15/24 market value, $255,000,049) 0.55% 02/01/17 250,000,000 250,000,000 Royal Bank of Canada (Purchased on 01/31/2017, Proceeds at maturity $125,001,840, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, 05/15/17 - 02/15/24 market value, $127,500,033) 0.53% 02/01/17 125,000,000 125,000,000 Toronto Dominion Bank NY (Purchased on 01/31/2017, Proceeds at maturity $600,009,000, collateralized by U.S. Government Agency Backed Securities, 0.63% - 5.50%, 02/13/17 - 12/11/26 market value, $612,000,915) 0.54% 02/01/17 600,000,000 600,000,000 ------------- -------------- TOTAL REPURCHASE AGREEMENTS (Cost $2,725,000,000) 2,725,000,000 2,725,000,000 ------------- -------------- U.S. TREASURY OBLIGATIONS - 6.1% (y)U.S. Treasury Bill 0.42% 02/02/17 100,000,000 99,998,800 (y)U.S. Treasury Bill 0.45% 02/09/17 100,000,000 99,989,600 (y)U.S. Treasury Bill 0.43% 02/16/17 100,000,000 99,981,400 (y)U.S. Treasury Bill 0.44% 02/23/17 100,000,000 99,972,200 (y)U.S. Treasury Bill 0.40% 03/02/17 100,000,000 99,961,200 (y)U.S. Treasury Bill 0.47% 03/09/17 100,000,000 99,952,700 (y)U.S. Treasury Bill 0.44% 03/16/17 100,000,000 99,948,300 (y)U.S. Treasury Bill 0.47% 04/06/17 100,000,000 99,916,900 (y)U.S. Treasury Bill 0.43% 04/13/17 100,000,000 99,904,300 (y)U.S. Treasury Bill 0.45% 04/20/17 150,000,000 149,843,250 (y)U.S. Treasury Bill 0.53% 04/27/17 200,000,000 199,763,800 (y)U.S. Treasury Bill 0.59% 05/11/17 100,000,000 99,862,500 ------------- -------------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,349,089,097) 1,350,000,000 1,349,094,950 ------------- -------------- TOTAL INVESTMENTS (Cost $22,221,709,434) - 100.0% 22,226,747,905 ==============
AB--Aktiebolag (Swedish Stock Company) LLC--Limited Liability Co. LP--Limited Partnership NY--New York Shares ++ 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 January 31, 2017 was $7,940,714,668 which represented 35.7% of the total investments of the Fund. (r)The adjustable/variable rate shown is effective as of January 31, 2017. (y)The rate shown is the effective yield. Summary of inputs used to value the Fund's investments as of January 31, 2017 is as follows (See Security Valuation Note):
LEVEL 1 LEVEL 2 LEVEL 3 INVESTMENTS INVESTMENTS INVESTMENTS IN IN IN SECURITIES SECURITIES SECURITIES ----------- --------------- ----------- THE DFA SHORT TERM INVESTMENT FUND Corporate Bonds $ - $ 316,150,545 $ - Yankee Bonds - 333,056,279 - Commercial Paper - 10,998,797,114 - Yankee Certificates of Deposit - 4,091,078,391 - U.S. Government Agency Securities - 2,413,570,626 - Repurchase Agreements - 2,725,000,000 - U.S. Treasury Obligations - 1,349,094,950 - ---------- --------------- ---------- Total Investments $ - $22,226,747,905 $ - ========== =============== ==========
See Notes to Schedule of Investments. ORGANIZATION The DFA Investment Trust Company (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940. The Trust's advisor is Dimensional Fund Advisors LP (the "Advisor"). At January 31, 2017, the Trust consisted of eleven operational portfolios, which are included in this document. Ten are "Master Funds" in a master-feeder structure (collectively, the "Series") and one is a stand-alone fund, The DFA Short Term Investment Fund (the "Fund"). 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 of the day. 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 within the range of the most recent quoted bid and asked prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management 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 Trustees of the Trust. 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 Advisor) occur before the net asset value of the Series 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, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) 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 the 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 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 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 International Equity Portfolio's 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. Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 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 Trust recognizes transfers between the levels as of the end of the period. As of January 31, 2017, The Emerging Markets Series and The Emerging Markets Small Cap Series had significant transfers of securities with a total value of $329,152 and $586,195 (in thousands), respectively, that transferred from Level 1 to Level 2 because 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. 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. 2. 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. DERIVATIVE FINANCIAL INSTRUMENTS Summarized below are the specific types of derivative instruments used by the Series. 3. FUTURES CONTRACTS: The Series may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Series. The Series, however, do not intend to sell futures contracts to establish short positions in individual securities. Upon entering into a futures contract, the Series deposit cash or pledge U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series record a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities or indices, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Series could lose more than the initial margin requirements. The Series entering into stock index futures are subject to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. At January 31, 2017, the Series had the following outstanding futures contracts (dollar amounts in thousands):
EXPIRATION NUMBER OF CONTRACT UNREALIZED CASH DESCRIPTION DATE CONTRACTS* VALUE GAIN (LOSS) COLLATERAL ----------------------- ---------- ---------- -------- ----------- ---------- The U.S. Large Cap Value Series S&P 500 Emini Index(R) 03/17/17 1,432 $162,854 $1,810 $6,802 -------- ------ ------ $162,854 $1,810 $6,802 -------- ------ ------ EXPIRATION NUMBER OF CONTRACT UNREALIZED CASH DESCRIPTION DATE CONTRACTS* VALUE GAIN (LOSS) COLLATERAL ----------------------- ---------- ---------- -------- ----------- ---------- The DFA International Value Series Mini MSCI EAFE Index(R) 03/17/17 381 $ 32,926 $ 881 $1,453 The DFA International Value Series S&P 500 Emini Index(R) 03/17/17 490 55,725 220 2,475 -------- ------ ------ $ 88,651 $1,101 $3,928 -------- ------ ------ EXPIRATION NUMBER OF CONTRACT UNREALIZED CASH DESCRIPTION DATE CONTRACTS* VALUE GAIN (LOSS) COLLATERAL ----------------------- ---------- ---------- -------- ----------- ---------- The Emerging Markets Series Mini MSCI Emerging Markets Index(R) 03/17/17 649 $ 29,695 $1,214 $1,287 The Emerging Markets Series S&P 500 Emini Index(R) 03/17/17 103 11,714 84 500 -------- ------ ------ $ 41,409 $1,298 $1,787 -------- ------ ------
EXPIRATION NUMBER OF CONTRACT UNREALIZED CASH DESCRIPTION DATE CONTRACTS* VALUE GAIN (LOSS) COLLATERAL ----------------------- ---------- ---------- -------- ----------- ---------- The Emerging Markets Small Cap Series Mini MSCI Emerging Markets Index(R) 03/17/17 650 $29,740 $1,355 $1,284 The Emerging Markets Small Cap Series S&P 500 Emini Index(R) 03/17/17 107 12,169 71 524 ------- ------ ------ $41,909 $1,426 $1,808 ------- ------ ------
FEDERAL TAX COST At January 31, 2017, the total cost of securities for federal income tax purposes was: The U.S. Large Cap Value Series $16,611,047,030 The DFA International Value Series 10,505,613,164 The Japanese Small Company Series 2,922,165,433 The Asia Pacific Small Company Series 1,826,607,715 The United Kingdom Small Company Series 1,759,624,374 The Continental Small Company Series 3,921,496,854 The Canadian Small Company Series 1,427,177,866 The Emerging Markets Series 4,220,051,585 The Emerging Markets Small Cap Series 6,117,918,530 The Tax-Managed U.S. Marketwide Value Series 3,437,233,283 The DFA Short Term Investment Fund 22,221,709,434
OTHER The Series and the Fund are subject to claims and suits that arise from time to time in the ordinary course of business. 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 (the "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 parties appealed the Court's dismissal order to the Second Circuit, and, on March 29, 2016, the Second Circuit affirmed the dismissal, albeit on the grounds that the individual creditor plaintiffs' claims are preempted by the Bankruptcy Code's safe harbor for securities transactions. The individual creditor plaintiffs petitioned the Second Circuit for rehearing of the appeal, but the Second Circuit denied the petition. The individual creditor plaintiffs then petitioned the Supreme Court to review the Second Circuit's decision, and that petition is pending. On January 6, 2017, the Court dismissed the claims against the shareholder defendants in the Committee Action on the grounds that the Trustee had failed to adequately plead that the Tribune Board approved the LBO with actual intent to hinder, harm, or delay Tribune's creditors, as required to state a claim for intentional fraudulent transfer. The Trustee requested that the Court certify the dismissal order for appeal to the Second Circuit, and the Court entered an Order confirming that the Court will certify the matter for appeal after it rules on the remaining motions to dismiss in the Committee Action (motions that do not involve the shareholder defendants). As to the shareholder defendants, the litigation is essentially stayed pending appeal of the dismissal order. Litigation counsel to The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series in the Lawsuits has advised management that it does not believe that it is possible, at this 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 respective net asset values of The U.S. Large Cap 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 respective net asset values of The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series at this time. The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series also cannot quantify the cost of the Lawsuits that could potentially be deducted from its net asset value. 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 value 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. SUBSEQUENT EVENT EVALUATIONS Management has evaluated the impact of all subsequent events on the Series and the Fund through the date that the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the Schedules of Investments. 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 Co-Principal Executive Officers 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 Co-Principal Executive Officers 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 co-principal executive officers 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/ Eduardo A. Repetto ----------------------------------- Eduardo A. Repetto Trustee, Co-Chief Executive Officer and Co-Chief Investment Officer Date: March 28, 2017 By: /s/ David P. Butler -------------------------- David P. Butler Co-Chief Executive Officer Date: March 23, 2017 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/ Eduardo A. Repetto -------------------------------- Eduardo A. Repetto Co-Principal Executive Officer The DFA Investment Trust Company Date: March 28, 2017 By: /s/ David P. Butler -------------------------------- David P. Butler Co-Principal Executive Officer The DFA Investment Trust Company Date: March 23, 2017 By: /s/ Gregory K. Hinkle -------------------------------- Gregory K. Hinkle Principal Financial Officer The DFA Investment Trust Company Date: March 23, 2017