<PAGE>
- --------------------------------------------------------------------------------
DFA Investment Dimensions Group Inc.
The Emerging Markets Value Portfolio
and
Dimensional Emerging Markets Value Fund Inc.
Semi-Annual Report
Six Months Ended May 31, 1999
(Unaudited)
-------------------------------------
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
AND
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SEMI -- ANNUAL REPORT
(UNAUDITED)
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
------
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DFA INVESTMENT DIMENSIONS GROUP INC. -- THE EMERGING MARKETS VALUE
PORTFOLIO
Statement of Assets and Liabilities................................. 1
Statement of Operations............................................. 2
Statements of Changes in Net Assets................................. 3
Financial Highlights................................................ 4
Notes to Financial Statements....................................... 5-6
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Schedule of Investments............................................. 7-16
Statement of Assets and Liabilities................................. 17
Statement of Operations............................................. 18
Statements of Changes in Net Assets................................. 19
Financial Highlights................................................ 20
Notes to Financial Statements....................................... 21-23
</TABLE>
This report is submitted for the information of the Fund's shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus.
i
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1999
(UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
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ASSETS:
Investment in the Dimensional Emerging Markets Value Fund Inc.
(1,872,614 Shares, Cost $24,994)++.................................................. $ 33,089
Receivable for Investment Securities Sold............................................. 155
Receivable for Fund Share Sold........................................................ 86
Prepaid Expenses and Other Assets..................................................... 30
---------
Total Assets...................................................................... 33,360
---------
LIABILITIES:
Payable for Fund Share Redeemed....................................................... 240
Accrued Expenses and Other Liabilities................................................ 17
---------
Total Liabilities................................................................. 257
---------
NET ASSETS............................................................................ $ 33,103
---------
---------
SHARES OUTSTANDING, $.01 PAR VALUE
(Authorized 100,000,000)............................................................ 2,879,824
---------
---------
NET ASSET VALUE....................................................................... $ 11.49
---------
---------
PUBLIC OFFERING PRICE PER SHARE....................................................... $ 11.55
---------
---------
NET ASSETS CONSIST OF:
Paid-In Capital....................................................................... $ 23,666
Accumulated Net Investment Loss....................................................... (111)
Undistributed Net Realized Gain of Investment Securities.............................. 1,453
Unrealized Appreciation of Investment Securities...................................... 8,095
---------
Total Net Assets.................................................................. $ 33,103
---------
---------
</TABLE>
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++ Approximates cost for federal income tax purpose.
See accompanying Notes to Financial Statements.
1
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED
MAY 31, 1999
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
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INVESTMENT INCOME
Income Distributions Received from Dimensional Emerging Markets Value Fund Inc. ..... $ 339
---------
EXPENSES
Administrative Fee................................................................... 44
Accounting & Transfer Agent Fees..................................................... 10
Legal Fees........................................................................... --
Audit Fees........................................................................... --
Filing Fees.......................................................................... 2
Shareholders' Reports................................................................ 1
Directors Fees and Expenses.......................................................... --
Organizational Fees.................................................................. 5
Other Expenses....................................................................... 1
---------
Total Expenses................................................................... 63
---------
NET INVESTMENT INCOME................................................................ 276
---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Capital Gain Distributions Received From Dimensional Emerging Markets Value Fund Inc..... 1,619
Net Realized Loss on Investment Securities............................................... (111)
Change in Unrealized Appreciation of Investment Securities............................... 6,825
---------
NET INCOME ON INVESTMENT SECURITIES.................................................. 8,333
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................................... $ 8,609
---------
---------
</TABLE>
See accompanying Notes to Financial Statements.
2
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
MAY 31, 1999 NOV. 30, 1998
--------------- -------------
<S> <C> <C>
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income.................... $ 276 $ 83
Capital Gain Distributions Received from
Dimensional Emerging Markets Value Fund
Inc.................................... 1,619 --
Net Realized Gain (Loss) on Investment
Securities............................. (111) 55
Change in Unrealized Appreciation
(Depreciation) of Investment
Securities............................. 6,825 1,270
--------------- -------------
Net Increase in Net Assets Resulting
from Operations.................... 8,609 1,298
--------------- -------------
Distributions From:
Net Investment Income.................... (470) --
Net Realized Gains....................... -- --
--------------- -------------
Total Distributions.................. (470) --
--------------- -------------
Capital Share Transactions (1):
Shares Issued............................ 17,113 10,040
Shares Issued in Lieu of Cash
Distributions.......................... 470 --
Shares Redeemed.......................... (3,588) (369)
--------------- -------------
Net Increase from Capital Share
Transactions....................... 13,995 9,671
--------------- -------------
Total Increase....................... 22,134 10,969
NET ASSETS
Beginning of Period...................... 10,969 --
--------------- -------------
End of Period............................ $ 33,103 $ 10,969
--------------- -------------
--------------- -------------
(1) SHARES ISSUED AND REDEEMED:
Shares Issued............................ 1,873 1,364
Shares Issued in Lieu of Cash
Distributions.......................... 57 --
Shares Redeemed.......................... (361) (53)
--------------- -------------
1,569 1,311
--------------- -------------
--------------- -------------
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
FOR THE SIX APRIL 2, 1998
MONTHS ENDED TO
MAY 31, 1999 NOVEMBER 30, 1998
------------ -----------------
<S> <C> <C>
(UNAUDITED)
Net Asset Value, Beginning of Period........................ $ 8.37 $ 10.00
------------ --------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income..................................... 0.23 0.06
Net Gains (Losses) on Securities (Realized and
Unrealized)............................................. 3.22 (1.69)
------------ --------
Total from Investment Operations.......................... 3.45 (1.63)
------------ --------
LESS DISTRIBUTIONS
Net Investment Income..................................... (0.33) --
Net Realized Gains........................................ -- --
------------ --------
Total Distributions....................................... (0.33) --
------------ --------
Net Asset Value, End of Period.............................. $ 11.49 $ 8.37
------------ --------
------------ --------
Total Return................................................ 42.88%# (16.30)%#
Net Assets, End of Period (thousands)....................... $33,103 $10,969
Ratio of Expenses to Average Net Assets (1)................. 2.45%* 1.96%*(a)
Ratio of Net Investment Income to Average Net Assets........ 2.51%* 3.24%*(a)
Portfolio Turnover Rate..................................... N/A N/A
Portfolio Turnover Rate of Master Fund Series............... 21.02%* 34.84%(b)
</TABLE>
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* Annualized
# Non-annualized
(1) Represents the combined ratio for the Portfolio and its respective pro-rata
share of its Master Fund.
(a) Because of commencement of operations and related preliminary transaction
costs, including organization costs, these ratios are not necessarily
indicative of future ratios.
(b) Calculated for the period ended November 30, 1998.
N/A Refer to the respective Master Fund.
See accompanying Notes to Financial Statements.
4
<PAGE>
THE DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. ORGANIZATION:
DFA Investment Dimensions Group Inc. (the "Group") is an open-end management
investment company whose shares are offered, without a sales charge, generally
to institutional investors and clients of registered investment advisors. The
Group offers thirty-four portfolios, one of which, The Emerging Markets Value
Portfolio (the "Portfolio") is included in this report. Of the remaining
thirty-three portfolios, thirty-two are presented within two separate reports
and the remaining portfolio has not yet commenced operations.
The Portfolio invests all of its assets in the Dimensional Emerging Markets
Value Fund Inc. (the "Fund"). At May 31, 1999, the Portfolio owned 11% of the
outstanding shares of the Fund. The financial statements of the Fund are
included elsewhere in this report and should be read in conjunction with the
financial statements of the Portfolio.
B. SIGNIFICANT ACCOUNTING POLICIES:
The following significant accounting policies are in conformity with
generally accepted accounting principles for investment companies. Such policies
are consistently followed by the Group in preparation of its financial
statements. The preparation of financial statements in accordance with generally
accepted accounting principles may require management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
1. SECURITY VALUATION: The shares of the Fund held by the Portfolio are
valued at its respective daily net asset value.
2. FEDERAL INCOME TAXES: It is the Portfolio's intention to qualify as a
regulated investment company and distribute all of its taxable income.
Accordingly, no provision for Federal taxes is required in the financial
statements.
3. OTHER: Security transactions are accounted for on the date the
securities are purchased or sold. Costs used in determining realized gains and
losses on the sale of investment securities are those of specific securities
sold. Dividend income and distributions to shareholders are recorded on the
ex-dividend date. Expenses directly attributable to the Portfolio or to the Fund
are directly charged. Common expenses are allocated using methods determined by
the Board of Directors.
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. ("DFA" or the "Advisor") provides
administrative services to the Portfolio, including supervision of services
provided by others, providing information to the shareholders and the Board of
Directors, and other administrative services. The Advisor provides investment
advisory services to the Fund. For the six months ended May 31, 1999, the
Portfolio's administrative fees were computed daily and paid monthly to the
Advisor based on an effective annual rate of 0.40% of 1% of average daily net
assets.
Certain officers of the Portfolio are also officers, directors and
shareholders of the Advisor.
D. INVESTMENT TRANSACTIONS:
At May 31, 1999, gross unrealized appreciation and depreciation for
financial reporting and federal income tax purposes of investment securities was
as follows (amounts in thousands):
<TABLE>
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Gross Unrealized Appreciation............................ $ 8,095
Gross Unrealized Depreciation............................ --
---------
Net...................................................... $ 8,095
---------
---------
</TABLE>
5
<PAGE>
At November 30, 1998, the Portfolio had a capital loss carryover for federal
income tax purposes of approximately $3,898 which expires on November 30, 2006.
E. LINE OF CREDIT:
The Group, together with other DFA-advised portfolios, has entered into a
$50 million unsecured line of credit with its domestic custodian bank. Each
portfolio is permitted to borrow, subject to its investment limitations, up to a
maximum of $50 million. Borrowings under the line are charged interest at the
current overnight federal funds rate plus a variable rate determined at the date
of borrowing. Each portfolio is individually, and not jointly liable for its
particular advances under the line. There is no commitment fee on the unused
portion of the line of credit. There were no borrowings under the line of credit
by the Portfolio during the period ended May 31, 1999.
F. REIMBURSEMENT FEE:
Shares of the Portfolio are sold at a public offering price which is equal
to the Portfolio's current net asset value plus a reimbursement fee of 0.50% of
such net asset value. Reimbursement fees are recorded as an addition to paid in
capital and are used to defray the costs associated with investing proceeds of
the sale of shares to investors.
6
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SCHEDULE OF INVESTMENTS
MAY 31, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
SOUTH KOREA -- (14.1%)
COMMON STOCKS -- (14.0%)
*A-Nam Industrial Co., Ltd............................ 31,100 $ 178,336
Asia Cement Manufacturing Co., Ltd.................... 5,730 107,753
BYC Co., Ltd.......................................... 810 63,524
*Bank of Che Ju....................................... 2,250 6,546
*Bank of Pusan........................................ 60,732 225,341
*Boo Kook Securities Co., Ltd......................... 17,385 190,585
*Boram Securities Co., Ltd............................ 18,940 159,717
*Byuck San Engineering and Construction Co., Ltd...... 730 3,675
Cheil Industrial, Inc................................. 41,373 361,100
Cheil Jedang Corp..................................... 4,680 254,552
Chon Bang Co., Ltd.................................... 2,520 75,865
*Choongnam Spinning Co., Ltd.......................... 11,910 37,161
*Chosun Brewery Co., Ltd.............................. 12,100 299,987
*Chung Chong Bank Co., Ltd............................ 35,060 148
*Daegu Bank Co., Ltd.................................. 148,102 616,337
Daehan Synthetic Fiber Co., Ltd....................... 2,000 128,178
Daelim Industrial Co., Ltd............................ 55,549 688,595
Daewoo Corp........................................... 195,720 904,453
*Daewoo Electronic Components Co., Ltd................ 11,310 55,985
*Daewoo Electronics Co., Ltd.......................... 85,420 388,977
Daewoo Precision Industries, Ltd...................... 14,010 53,342
*Daewoo Securities Co., Ltd........................... 69,122 1,369,803
*Daewoo Telecom Co., Ltd.............................. 40,230 152,663
*Daeyu Securities Co., Ltd............................ 11,540 157,649
*Daishin Securities Co., Ltd.......................... 44,980 671,372
*Dong Sung Co., Ltd................................... 12,880 6,028
*Dong-Ah Construction Industrial Co., Ltd............. 19,596 155,003
Dongbu Steel Co., Ltd................................. 21,798 106,614
Dong-Il Corp.......................................... 4,205 81,558
*Dongkuk Steel Mill Co., Ltd.......................... 45,630 232,796
Dongwon Securities Co., Ltd........................... 53,520 1,157,640
Doosan Construction & Engineering Co., Ltd............ 10,271 52,834
*Haitai Confectionery Co., Ltd........................ 1,327 12,421
*Han Il Cement Manufacturing Co., Ltd................. 9,505 260,499
*Han Kook Titanium Industry Co., Ltd.................. 2,016 6,035
*Hana Bank............................................ 17,632 232,694
*Hanil Securities Co., Ltd............................ 42,349 317,479
*Han-Il Synthetic Fiber Industrial Co., Ltd........... 29,000 15,162
*Hanjin Engineering and Construction Co., Ltd......... 24,760 114,837
*Hanjin Shipping Co., Ltd............................. 18,230 272,101
Hankook Cosmetics Co., Ltd............................ 30,000 97,904
*Hanshin Construction................................. 754 1,907
Hansol Chemical Co., Ltd.............................. 7,540 100,461
Hansol Paper Co., Ltd................................. 35,920 511,910
*Hanwha Chemical Corp................................. 157,798 1,164,340
Hyundai Cement Co., Ltd............................... 2,770 35,038
Hyundai Corp.......................................... 12,373 90,253
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
*Hyundai Engineering & Construction Co., Ltd.......... 174,893 $ 1,260,982
*Hyundai Motor Co., Ltd............................... 22,942 388,864
*Hyundai Pipe Co., Ltd................................ 13,973 44,187
*Hyundai Precision Industry Co., Ltd.................. 55,594 361,454
*Il Yang Pharmaceutical Co., Ltd...................... 4,738 54,338
Inchon Iron & Steel Co., Ltd.......................... 109,566 535,888
*Jinro, Ltd........................................... 9,213 37,214
*KLB Securities Co.................................... 9,460 4,786
*Kangwon Bank Co., Ltd................................ 93,981 71,327
*Keang Nam Enterprises Co., Ltd....................... 12,950 49,142
*Keumkang Co., Ltd.................................... 9,000 440,949
*Kia Precision Works Co., Ltd......................... 2,550 6,236
*Kohap Co., Ltd....................................... 8,303 37,879
*Kolon Industries, Inc................................ 21,199 256,536
*Kolon International Corp............................. 14,798 74,748
Kookmin Bank.......................................... 137,405 2,079,875
*Korea Chemical Co., Ltd.............................. 6,000 484,210
*Korea Electronics Co., Ltd........................... 5,170 66,922
*Korea Exchange Bank.................................. 622,136 2,817,279
*Korea Express Co., Ltd............................... 22,170 148,068
*Korea First Bank Securities.......................... 23,720 226,029
*Korea Industrial Leasing Co., Ltd.................... 9,427 40,543
*Korea Iron & Steel Co., Ltd.......................... 10,440 78,002
Korea Komho Petrochemical............................. 36,510 213,977
*Korea Merchant Banking Co............................ 7,256 54,763
*Korea Tungsten Mining Co............................. 21,910 10,531
Korean Air............................................ 105,960 1,277,757
*Korean French Banking Corp........................... 13,000 97,567
*Kuk Dong Engineering & Construction Co., Ltd......... 730 1,634
*Kumho Tire Co., Ltd.................................. 47,568 279,989
*Kwangju Bank......................................... 53,508 203,049
*Kyong Nam Bank....................................... 44,100 163,629
*Kyungki Bank, Ltd.................................... 59,240 250
*Kyungnam Wool Textile Co., Ltd....................... 4,172 3,940
*Kyungwon-Century Co., Ltd............................ 5,740 53,244
LG Cable & Machinery, Ltd............................. 47,536 669,436
*LG Construction, Ltd................................. 52,965 477,907
*LG Industrial Systems, Ltd........................... 43,383 274,379
LG International Corp................................. 34,920 200,241
*LG Securities Co., Ltd............................... 88,501 1,492,629
*Mando Machinery Corp................................. 3,768 17,921
*Namkwang Engineering & Construction Co., Ltd......... 311 1,335
Orient Co., Ltd....................................... 1,120 22,715
*Oriental Chemical Industries Co., Ltd................ 16,840 298,216
Orion Electric Co., Ltd............................... 30,153 189,942
*Pang Rim Spinning.................................... 2,330 32,420
*Peeres Cosmetics..................................... 1,060 6,525
SK Corp., Ltd......................................... 141,559 2,972,399
Saehan Industries, Inc................................ 15,090 159,699
Saehan Media Corp..................................... 9,020 58,569
*Sam Yang Corp........................................ 14,580 276,637
Sambu Construction Co., Ltd........................... 8,670 100,164
Samsung Aerospace Industrial Co., Ltd................. 74,835 574,270
</TABLE>
7
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
*Samsung Corp......................................... 184,127 $ 2,872,496
Samwhan Corp. Co., Ltd................................ 9,100 82,877
*Se Poong Corp........................................ 6,810 17,860
Seah Steel Corp....................................... 8,840 160,273
*Shin Poong Paper Manufacturing Co., Ltd.............. 2,600 27,735
*Shin Sung Corp....................................... 6,290 25,619
*Shin Wha Engineering & Construction Co., Ltd......... 5,970 20,641
Shin Young Securities Co., Ltd........................ 13,880 276,231
Shin Young Wacoal, Inc................................ 210 10,891
*Shindongbang Corp.................................... 8,300 26,667
Shinhan Bank Co., Ltd................................. 249,744 2,432,469
Shinil Engineering Co., Ltd........................... 4,260 26,583
Shinsegae Department Store............................ 16,800 750,854
*Shinsung Tongsang Co., Ltd........................... 9,984 41,675
*Shinwon Corp......................................... 832 3,020
*Ssang Bang Wool Co., Ltd............................. 1,950 5,920
*Ssangyong Cement Industry Co., Ltd................... 144,832 829,289
*Ssangyong Corp....................................... 9,023 35,077
*Ssangyong Heavy Industy Co., Ltd..................... 5,700 23,072
*Sunkyong Industries, Ltd............................. 21,228 433,206
Sunkyong, Ltd......................................... 54,424 381,383
*Tai Han Electric Wire Co............................. 24,890 377,805
Taihan Sugar Industrial Co., Ltd...................... 3,881 80,183
*Tong Yang Cement Corp................................ 19,290 142,335
*Tong Yang Merchant Bank.............................. 26,366 173,424
Tong Yang Securities Co., Ltd......................... 22,280 182,246
*Tongkook Corp........................................ 7,400 14,665
Tongyang Confectionery Co............................. 3,300 80,702
Trigem Computer, Inc.................................. 11,780 407,286
Union Steel Manufacturing Co., Ltd.................... 3,000 161,909
*Youngchang Akki Co., Ltd............................. 3,200 24,556
------------
TOTAL COMMON STOCKS
(Cost $24,293,578)................................... 42,057,299
------------
RIGHTS/WARRANTS -- (0.1%)
*Dongkuk Steel Mill Co., Ltd. Rights 06/16/99......... 45,630 32,707
*Hanjin Shipping Co., Ltd. Rights 06/08/99............ 14,972 69,440
*Hite Brewery Co., Ltd. Rights 06/18/99............... 1,659 16,788
*Kwangju Bank, Ltd. Rights 06/11/98................... 22,932 0
*Kyongnam Bank Rights 06/15/99........................ 21,425 0
*LG Industrial Systems, Ltd. Rights 06/28/99.......... 120,723 183,245
*LG International Corp. Rights 06/21/99............... 20,509 22,483
*Samsung Aerospace Industrial Co., Ltd. Rights
06/15/99............................................ 37,631 50,773
*Tong Yang Merchant Bank Rights 06/23/99.............. 3,544 3,885
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 379,321
------------
INVESTMENT IN CURRENCY -- (0.0%)
*Korean Won (Cost $6)................................. 5
------------
TOTAL -- SOUTH KOREA
(Cost $24,293,584)................................... 42,436,625
------------
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
MALAYSIA -- (9.7%)
COMMON STOCKS -- (9.7%)
AMMB Holdings Berhad.................................. 527,200 $ 804,674
AMMB Holdings Berhad 7.5% Unsecured Loan Stock 1999... 31,000 4,307
*Advance Synergy Berhad............................... 81,000 14,665
Affin Holdings Berhad................................. 667,000 424,072
Amsteel Corp. Berhad.................................. 198,000 27,303
Ancom Berhad.......................................... 115,000 40,916
Antah Holding Berhad.................................. 306,000 72,152
*Aokam Perdana Berhad................................. 1,066 4,140
*Arab Malaysia Corp. Berhad........................... 205,000 54,810
Arab Malaysia Finance Berhad.......................... 429,000 287,204
Arab Malaysian Development Berhad..................... 309,000 43,260
Asas Dunia Berhad..................................... 122,000 35,187
*Asia Pacific Land Berhad............................. 700,000 85,474
Asiatic Development Berhad............................ 117,000 33,253
Austral Enterprises Berhad............................ 169,000 142,316
Ayer Hitam Planting Syndicate Berhad.................. 9,000 25,768
Bandar Raya Developments Berhad....................... 568,000 181,760
Batu Kawan Berhad..................................... 154,000 142,653
Berjaya Capital Berhad................................ 163,000 56,621
Berjaya Land Berhad................................... 74,000 26,173
Berjaya Singer Berhad................................. 32,400 9,686
*Bolton Properties Berhad............................. 145,000 88,221
Boustead Holdings Berhad.............................. 293,000 204,792
Cahya Mata Sarawak Berhad............................. 460,000 249,853
Chin Teck Plantations Berhad.......................... 54,000 72,758
Cold Storage (Malaysia) Berhad........................ 80,000 37,053
Commerce Asset Holding Berhad......................... 1,122,200 1,901,834
Cycle & Carriage Bintang Berhad....................... 95,000 164,000
DCB Sakura Merchant New Shares........................ 6,150 3,496
DMIB Berhad........................................... 24,000 5,760
DNP Holdings Berhad................................... 166,000 37,044
*Damansara Realty Berhad.............................. 391,000 46,920
Datuk Keramik Holdings Berhad......................... 127,000 27,806
Diversified Resources Berhad.......................... 167,000 86,840
Edaran Otomobil Nasional Berhad....................... 264,000 605,810
*Ekran Berhad......................................... 42,000 9,991
*Faber Group Berhad................................... 340,600 44,457
Far East Holdings Berhad.............................. 54,000 31,604
Gadek (Malaysia) Berhad............................... 82,000 58,349
*General Corp. Berhad................................. 178,000 28,105
Genting Berhad........................................ 112,500 319,737
Gold Coin (Malaysia) Berhad........................... 40,000 40,758
Golden Hope Plantations Berhad........................ 159,000 112,472
*Golden Plus Holdings Berhad.......................... 77,000 17,994
Guiness Anchor Berhad................................. 35,000 28,589
*Gula Perak Berhad.................................... 250,000 49,210
Guthrie Ropel Berhad.................................. 148,000 115,284
*HLG Capital Berhad................................... 30,000 12,758
Hap Seng Consolidated Berhad.......................... 179,000 85,543
Hicom Holdings Berhad................................. 1,216,000 570,880
Highlands and Lowlands Berhad......................... 99,000 60,025
Hock Hua Bank Berhad (Foreign)........................ 94,000 139,516
Hong Leong Bank Berhad................................ 831,000 801,259
Hong Leong Credit Berhad.............................. 522,447 525,747
Hong Leong Industries Berhad.......................... 261,000 213,196
Hong Leong Properties Berhad.......................... 546,000 144,834
Hume Industries (Malaysia) Berhad..................... 289,000 262,838
Hwang-DBS (Malaysia) Berhad........................... 193,000 147,086
</TABLE>
8
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
IGB Corp. Berhad...................................... 555,000 $ 207,979
IJM Corp. Berhad...................................... 511,000 322,737
*Idris Hydraulic (Malaysia) Berhad.................... 484,000 67,760
*Innovest Berhad...................................... 228,000 37,440
*Insas Berhad......................................... 664,000 117,423
*Intria Berhad........................................ 910,000 118,779
Island & Peninsular Berhad............................ 269,000 183,486
Johan Holdings Berhad................................. 73,000 11,065
Johor Port Berhad..................................... 323,000 99,960
Johore Tenggara Oil Palm Berhad....................... 97,000 27,160
*Kamunting Corp. Berhad............................... 802,000 131,697
Keck Seng (Malaysia) Berhad........................... 188,000 66,493
*Kedah Cement Holdings Berhad......................... 115,000 57,863
Kelang Container Terminal Berhad...................... 30,000 20,842
*Kemayan Corp. Berhad................................. 84,000 7,693
*Kretam Holdings Berhad............................... 25,000 7,632
Kuala Lumpur Kepong Berhad............................ 117,000 136,705
Kuala Sidim Berhad.................................... 145,000 154,158
Kulim Malaysia Berhad................................. 181,000 81,164
*Land - General Berhad................................ 266,000 62,720
Landmarks Berhad...................................... 244,000 53,423
*Larut Consolidated Berhad............................ 110,000 25,474
*Leader Universal Holdings Berhad..................... 427,333 114,255
*Lien Hoe Corp. Berhad................................ 211,000 26,208
Lingui Development Berhad............................. 570,000 368,400
Lion Land Berhad...................................... 462,375 73,007
*MBF Holdings Berhad.................................. 837,000 36,123
*MBF Land Berhad...................................... 455,000 47,895
MUI Properties Berhad................................. 724,000 91,453
Magnum Corp. Berhad................................... 240,000 131,368
Malayan Banking Berhad................................ 1,342,000 2,994,779
Malayan Cement Berhad................................. 67,500 34,532
*Malayan United Industries Berhad..................... 291,200 42,914
Malayawata Steel Berhad............................... 92,000 23,242
Malaysia Building Society Berhad...................... 263,000 81,392
Malaysia Industrial Development Finance Berhad........ 743,000 278,429
Malaysia Mining Corp. Berhad.......................... 1,204,000 471,461
Malaysian Airlines System............................. 1,003,000 988,219
Malaysian Helicopter Services Berhad.................. 676,000 159,394
Malaysian Mosaics Berhad.............................. 286,000 93,326
Malaysian Oxygen Berhad............................... 23,000 42,853
*Malaysian Plantations Berhad......................... 170,000 51,179
Malaysian Resources Corp. Berhad...................... 1,126,333 414,965
Maruichi Malaysia Steel Tube Berhad................... 92,000 65,078
Matsushita Electric Co. (Malaysia) Berhad............. 6,000 17,053
Metroplex Berhad...................................... 817,000 130,720
Mulpha International Berhad........................... 1,069,000 149,660
Nestle (Malaysia) Berhad.............................. 38,000 133,600
New Straits Times Press (Malaysia) Berhad............. 154,000 225,326
Nylex (Malaysia) Berhad............................... 219,500 104,436
OSK Holdings.......................................... 317,000 193,537
*Olympia Industries Berhad............................ 122,000 20,419
Oriental Holdings Berhad.............................. 53,760 98,466
PJ Development Holdings Berhad........................ 136,000 27,200
Pan Pacific Asia Berhad............................... 100,000 42,947
Peladang Kimia Berhad................................. 25,000 10,000
Perlis Plantations Berhad............................. 529,000 521,204
Pernas International Holdings Berhad.................. 757,000 194,429
<CAPTION>
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<S> <C> <C>
Perusahaan Otomobil Nasional Berhad................... 781,000 $ 1,512,674
Pilecon Engineering Berhad............................ 105,000 24,979
Prime Utilities Berhad................................ 46,000 37,187
*Promet Berhad........................................ 140,000 8,547
Public Finance Berhad................................. 386,000 284,421
*RHB Capital Berhad................................... 123,000 107,722
RJ Reynolds Berhad.................................... 43,000 40,556
Resorts World Berhad.................................. 174,000 271,074
Road Builders (Malaysia) Holdings Berhad.............. 81,000 109,989
Rothmans of Pall Mall Malaysia Berhad................. 46,000 271,158
SCB Developments Berhad............................... 58,000 28,939
SP Settia Berhad...................................... 74,000 66,678
Sarawak Enterprise Corp. Berhad....................... 1,510,000 553,137
Sarawak Oil Palms Berhad.............................. 93,000 36,613
Selangor Dredging Berhad.............................. 84,000 10,610
Selangor Properties Berhad............................ 402,000 167,570
Shangri-la Hotels (Malaysia) Berhad................... 514,000 155,823
Shell Refining Co. Federation of Malaysia Berhad...... 48,000 50,122
*Silverstone Berhad................................... 6,930 0
Sime Darby Berhad (Malaysia).......................... 355,980 373,217
Sime UEP Properties Berhad............................ 66,000 66,417
*Sistem Television Malaysia Berhad.................... 166,000 53,120
Southern Bank Berhad (Foreign)........................ 249,000 146,255
*Southern Steel Berhad................................ 330,000 104,210
*Sungei Way Holdings Berhad........................... 394,000 144,328
*Sunway City Berhad................................... 294,000 63,133
Ta Enterprise Berhad.................................. 752,000 248,556
Talam Corp. Berhad.................................... 152,000 36,160
Tan & Tan Developments Berhad......................... 374,000 125,979
Tan Chong Motor Holdings Berhad....................... 665,000 252,000
Telekom Malaysia Berhad............................... 487,500 1,334,210
Tenaga Nasional Berhad................................ 502,000 914,168
*Time Engineering Berhad.............................. 582,000 124,977
*Tongkah Holdings Berhad.............................. 84,000 25,996
Tractors Malaysia Holdings Berhad..................... 214,000 79,743
Tradewinds (Malaysia) Berhad.......................... 189,000 93,505
Tronoh Mines Malaysia Berhad.......................... 32,000 41,432
UMW Holdings Berhad................................... 380,666 532,932
*United Engineering (Malaysia) Berhad................. 87,000 72,897
United Malacca Rubber Estates Berhad.................. 102,000 119,179
*United Merchant Group Berhad......................... 307,000 91,130
Yeo Hiap Seng (Malaysia) Berhad....................... 59,000 34,034
------------
TOTAL COMMON STOCKS
(Cost $26,073,832)................................... 29,183,312
------------
RIGHTS/WARRANTS -- (0.0%)
*Selangor Dredging Berhad Rights 06/04/99 (Cost $0)... 50,400 1,061
------------
INVESTMENT IN CURRENCY -- (0.0%)
Malaysian Ringetts
(Cost $1)........................................... 1
------------
TOTAL -- MALAYSIA
(Cost $26,073,833)................................... 29,184,374
------------
</TABLE>
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THAILAND -- (9.4%)
COMMON STOCKS -- (9.4%)
*American Standard Sanitaryware (Thailand) Public Co.
Ltd. (Foreign)...................................... 4,150 $ 21,004
*Aromatics (Thailand) Public Co., Ltd. (Foreign)...... 5,334,000 1,120,074
Ayudhya Insurance Public Co., Ltd. (Foreign).......... 13,000 34,473
*Bangkok Land Public Co., Ltd. (Foreign).............. 256,400 45,558
*Bangkok Rubber Public Co., Ltd. (Foreign)............ 1,161,200 237,585
*Bank of Ayudhya Public Co., Ltd. (Foreign)........... 6,198,000 4,505,206
*Banpu Public Co., Ltd. (Foreign)..................... 50,000 117,109
*Big C Supercenter Public Co., Ltd. (Foreign)......... 1,274,800 583,432
*Capetronic International (Thailand) Public Co.,
Ltd................................................. 4,266,666 574,325
Central Pattana Public Co., Ltd. (Foreign)............ 395,000 180,778
*Ch Karnchang Public Co., Ltd. (Foreign).............. 384,800 559,407
*Charoen Pokphand Feedmill Public Co., Ltd.
(Foreign)........................................... 319,770 387,391
*Christiani and Nielson (Thai) Public Co., Ltd.
(Foreign)........................................... 56,779 0
*First Bangkok City Bank Public Co., Ltd. (Foreign)... 460,200 0
International Cosmetics Public Co., Ltd. (Foreign).... 275,500 504,347
*Italian-Thai Development Public Co., Ltd.
(Foreign)........................................... 790,800 1,990,570
*Jasmine International Public Co., Ltd. (Foreign)..... 2,273,400 948,652
Kang Yong Electric Public Co., Ltd. (Foreign)......... 91,500 81,289
*Krung Thai Bank Public Co., Ltd. (Foreign)........... 1,583,200 1,012,275
*Laguna Resorts & Hotels Public, Ltd. Foreign......... 521,100 231,475
*Land and House Public Co., Ltd. (Foreign)............ 322,177 398,980
*MK Real Estate Development Public Co., Ltd.
(Foreign)........................................... 23,625 3,625
*Modernform Group Public Co., Ltd. (Foreign).......... 46,000 12,260
*Nakornthon Bank Public Co., Ltd. (Foreign)........... 838,600 74,502
*National Finance and Securities Public Co., Ltd.
(Foreign)........................................... 1,472,000 852,012
*Nawarat Patanakarn Public Co., Ltd. (Foreign)........ 6,400 965
*Padaeng Industry Public Co., Ltd (Foreign)........... 1,600,800 495,603
*Phoenix Pulp and Paper Public Co., Ltd. (Foreign).... 171,400 84,212
<CAPTION>
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*Premier Enterprises Public Co., Ltd. (Foreign)....... 32,000 $ 0
*Quality Houses Public Co., Ltd. (Foreign)............ 847,000 233,726
Saha Pathana Inter-Holding Public Co., Ltd.
(Foreign)........................................... 203,600 180,880
Saha Pathanapibul Public Co., Ltd. (Foreign).......... 24,200 32,086
*Saha-Union Public Co. Ltd. (Foreign)................. 276,000 107,740
*Sahaviriya Steel Industries Public Co., Ltd.
(Foreign)........................................... 3,075,300 356,004
*Samart Corp. Public Co., Ltd. (Foreign).............. 455,200 150,120
Shangri-la Hotel Public Co., Ltd. (Foreign)........... 281,600 174,365
*Siam City Bank Public Co., Ltd....................... 31,910 0
*Siam City Cement Public Co., Ltd. (Foreign).......... 43,535 164,084
*Siam Commercial Bank Public Co., Ltd. (Foreign)...... 1,546,333 1,800,481
*Siam Pulp & Paper Co., Ltd. (Foreign)................ 994,300 2,168,212
*Sino-Thai Engineering and Construction Public Co.,
Ltd. (Foreign)...................................... 21,200 6,421
*Srithai Superware Public Co., Ltd. (Foreign)......... 21,000 10,459
*TPI Polene Public Co., Ltd. (Foreign)................ 271,162 100,376
*Tanayong Public Co., Ltd. (Foreign).................. 1,521,800 405,595
*Thai Danu Bank Public Co., Ltd. (Foreign)............ 258,000 158,016
*Thai Farmers Bank Public Co., Ltd.................... 920,000 2,526,314
*Thai German Ceramic Industry Public Co., Ltd.
(Foreign)........................................... 58,000 21,860
*Thai Military Bank Public Co., Ltd. (Foreign)........ 5,257,000 3,255,106
*Thai Packaging and Printing Public Co., Ltd.
(Foreign)........................................... 29,500 2,383
*Thai Petrochemical Industry Public Co., Ltd.
(Foreign)........................................... 1,621,700 556,647
Thai Plastic and Chemicals Public Co., Ltd.
(Foreign)........................................... 29,000 46,843
*Thai Rung Union Carbide Public Co., Ltd. (Foreign)... 320,700 271,962
*Thai Telephone & Telecommunication Public Co., Ltd.
(Foreign)........................................... 882,000 182,835
*Thai Wah Public Co., Ltd. (Foreign).................. 21,000 4,410
*Tuntex (Thailand) Public Co., Ltd. (Foreign)......... 502,000 152,039
*Vinythai Public Co., Ltd. (Foreign).................. 747,300 108,640
------------
TOTAL COMMON STOCKS
(Cost $19,636,420)................................... 28,234,713
------------
INVESTMENT IN CURRENCY -- (0.0%)
*Thailand Baht (Cost $24)............................. 28
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RIGHTS/WARRANTS -- (0.0%)
*Jasmine International Public Co., Ltd. (Foreign)
Rights Open Pay Date................................ 2,273,400 $ 0
*Siam Commercial Bank Public Co., Ltd. (Foreign)
Warrants 12/31/02................................... 333 0
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 0
------------
TOTAL -- THAILAND
(Cost $19,636,444)................................... 28,234,741
------------
PHILIPPINES -- (8.9%)
COMMON STOCKS -- (8.9%)
Aboitiz Equity Ventures, Inc.......................... 5,782,000 340,385
*Alaska Milk Corp..................................... 3,017,000 187,125
Alsons Consolidated Resources, Inc.................... 16,904,000 290,988
*Anglo Philippine Holdings Corp....................... 890,000 17,075
Bacnotan Cement Corp.................................. 1,442,000 157,274
Bacnotan Consolidated Industries, Inc................. 823,770 422,168
*Bankard, Inc......................................... 446,000 43,369
*Belle Corp........................................... 27,251,000 1,589,938
*C & P Homes, Inc..................................... 21,550,000 679,631
*Cebu Holdings, Inc................................... 7,763,250 183,625
*DMCI Holdings, Inc................................... 17,373,000 940,561
*EEI Corporation...................................... 5,249,000 215,202
Far East Bank and Trust Co. (Foreign)................. 853,600 1,289,933
*Fil-Estate Land, Inc................................. 13,422,000 557,339
*Filinvest Land, Inc.................................. 36,771,000 4,058,817
*Guoco Holdings (Philippines), Inc.................... 15,440,000 422,013
*House of Investments, Inc............................ 792,000 51,620
*International Container Terminal Services, Inc....... 3,307,000 334,611
*Kepphil Shipyard, Inc................................ 9,174,684 151,907
*Kuok Philippine Properties, Inc...................... 21,510,000 282,654
*Megaworld Properties & Holdings, Inc................. 24,280,000 1,225,165
*Metro Pacific Corp................................... 41,560,000 2,118,956
Metropolitan Bank & Trust Co.......................... 57,690 557,189
*Mondragon International Philippines, Inc............. 2,464,000 39,502
*Negros Navigation Co., Inc........................... 955,000 17,569
*PDCP Development Bank................................ 409,000 106,415
*Philippine National Bank............................. 1,103,000 2,550,956
*Philippine Realty & Holdings Corp.................... 21,500,000 194,941
*Philippine Savings Bank.............................. 1,030,590 778,697
*Pryce Properties Corp................................ 1,480,000 35,007
RFM Corp.............................................. 2,574,000 314,562
*Republic Glass Holding Corp.......................... 780,000 15,579
*Robinson's Land Corp. Series B....................... 12,074,000 1,047,152
SM Development Corp................................... 20,296,400 629,428
*Security Bank Corp................................... 1,695,000 1,447,764
*Soriano (A.) Corp.................................... 7,065,000 170,822
*Southeast Asia Cement Holdings, Inc.................. 40,747,899 556,869
*Steniel Manufacturing Corp........................... 713,000 13,211
Trans-Asia Oil & Energy............................... 1,140,000 22,470
Union Bank of the Philippines......................... 387,100 236,533
*Universal Rightfield Property Holdings, Inc.......... 13,760,000 141,035
Universal Robina Corp................................. 11,507,000 1,965,714
*Urban Bank, Inc...................................... 14,950 51,077
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*Vitarich Corp........................................ 541,000 $ 15,640
*William, Gothong & Aboitiz, Inc...................... 9,318,000 337,945
------------
TOTAL -- PHILIPPINES
(Cost $19,711,609)................................... 26,806,433
------------
TURKEY -- (8.1%)
COMMON STOCKS -- (7.8%)
Adana Cimento Sanayi Ticaret A.S...................... 29,121,000 114,565
*Akbank............................................... 191,620,158 3,156,761
*Aksa................................................. 11,030,729 254,952
*Alarko Sanayii ve Ticaret A.S........................ 1,716,999 126,654
*Alternatifbank A.S................................... 6,689,000 32,894
Altinyildiz Mensucat ve Konfeksiyan Fabrikalari
A.S................................................. 2,607,000 42,307
*Arcelik A.S.......................................... 25,036,590 861,845
*Ardem Pisirici ve Istici Cihazlar.................... 3,000,000 84,829
Aygaz................................................. 6,209,280 656,501
Bati Cimento A.S...................................... 1,666,666 54,299
*Bekoteknik Sanayi A.S................................ 6,221,973 102,501
Bolu Cimento Sanayi A.S............................... 8,695,000 73,759
Bossa Ticaret ve Sanayi Isletmeleri A.S............... 9,711,000 55,515
Brisa Bridgestone Sanbanci Lastik San & Tic A.S....... 9,261,000 278,946
CIMSA A.S. (Cimento Sanayi ve Ticaret)................ 18,720,000 179,513
*Cimentas A.S......................................... 3,370,360 89,086
*Dardanel Onentas..................................... 9,633,000 19,422
*Doktas............................................... 4,800,000 54,291
*Eczacibasi Ilac...................................... 15,126,480 234,317
*Eregli Demir ve Celik Fabrikalari Turk A.S........... 54,862,500 1,052,194
*Es Kisehir Bankasi Esbank............................ 20,109,361 45,984
*Finansbank........................................... 68,245,600 314,631
Goltas Cimento........................................ 3,884,000 58,255
*Good Year Lastikleri A.S............................. 5,622,750 145,166
Hurriyet Gazette...................................... 21,391,500 373,444
*Izmir Demir Celik.................................... 23,057,017 72,284
Kartonsan............................................. 1,000,000 44,873
Kordsa Kord Bezi Sanayi ve Ticaret A.S................ 2,294,000 84,608
*Medya Holdings A.S. Series C......................... 33,508,000 96,808
*Milpa Ticari ve Sinai Urunler Pazarlama.............. 4,474,000 66,004
*Net Holding A.S...................................... 10,785,000 41,103
*Net Turizm........................................... 5,355,000 33,576
Netas Northern Electric Telekomunikasyon A.S.......... 6,718,400 210,621
*Peg Profilo A.S...................................... 2,024,497 82,135
*Raks Elektroniks A.S................................. 5,859,000 21,969
*Sabah Yayincilik A.S................................. 15,969,000 59,879
Sarkuysan Elektrolitik Bakir Sanayi A.S............... 4,313,887 53,035
*T. Tuborg Bira ve Malt Sanayi A.S.................... 3,125,000 34,193
*Tat Konserve......................................... 2,749,996 84,522
Tekstil Bankasi A.S................................... 8,497,125 30,295
*Tekstil Bankasi A.S.................................. 13,082,853 46,644
*Tofas Turk Otomobil Fabrikasi A.S.................... 19,598,775 279,501
*Trakya Cam Sanayii A.S............................... 24,705,849 279,437
*Turcas Petrolculuk A.S............................... 5,500,078 123,065
*Turk Demir Dokum..................................... 9,299,942 114,334
*Turk Dis Ticaret Bankasi A.S......................... 53,950,000 252,041
</TABLE>
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<S> <C> <C>
Turk Siemens Kablo ve Elektrik Sanayi A.S............. 1,260,000 $ 41,824
Turk Sise Cam......................................... 24,924,000 312,546
*Turk Sise Cam Em 99.................................. 21,579,198 270,602
*Turkiye Garanti Bankasi A.S.......................... 58,056,497 2,391,065
Turkiye Is Bankasi A.S. Series C...................... 215,600,000 4,240,963
Yapi ve Kredi Bankasi A.S............................. 255,979,698 3,272,914
*Yapi ve Kredi Bankasi A.S............................ 204,783,758 2,366,569
Yasas A.S............................................. 2,443,000 30,635
*Yatak ve Vorgan Sanayi ve Ticaret Yatas.............. 1,092,000 34,234
------------
TOTAL COMMON STOCKS
(Cost $12,729,444)................................... 23,534,910
------------
RIGHTS/WARRANTS -- (0.3%)
*Akbank Rights 05/17/99 (Cost $0)..................... 127,746,772 895,201
------------
TOTAL -- TURKEY
(Cost $12,729,444)................................... 24,430,111
------------
BRAZIL -- (7.5%)
PREFERRED STOCKS -- (5.0%)
*Acesita SA........................................... 60,000,000 22,478
Aracruz Celulose SA Series B.......................... 1,265,999 2,371,440
Banco Bradesco SA..................................... 133,883,959 709,924
Banco do Brasil SA.................................... 56,145,862 309,041
Banco do Estado de Sao Paulo SA....................... 28,280,000 1,206,165
Bombril S.A........................................... 39,700,000 139,578
Brasiliero de Petroleo Ipiranga....................... 46,500,000 292,129
Brasmotor SA.......................................... 2,745,570 212,047
COFAP (Cia Fabricadora De Pecas)...................... 14,250 59,545
Caemi Mineracao e Metalurgia S.A...................... 3,800,000 100,748
*Ceval Alimentos SA................................... 23,500,000 44,561
Cia Siderurgica Belgo-Mineira......................... 4,972,631 139,003
Cia Vale do Rio Doce Series A......................... 239,144 4,231,491
Cimento Portland Itau................................. 2,600,000 251,755
Companhia Siderurgica de Tubarao Sid Tubarao.......... 78,270,000 699,234
Confab Industrial SA.................................. 166,000 143,514
Copene-Petroquimica do Nordeste SA Series A........... 2,580,000 450,565
Distribuidora de Produtos Petreleo Ipirangi SA........ 4,000,000 32,507
Duratex SA............................................ 10,610,000 287,415
Embratel Participacoes SA............................. 1,389,166 19,216
Globex Utilidades SA.................................. 20,000 96,829
*IKPC Industrias Klabin de Papel e Celulose SA........ 1,188,531 390,464
Inepar SA Industria e Construcoes..................... 31,060,000 80,200
*Inepar-Fem Equipamentos e Montagem SA................ 18,636 0
Investimentos Itau SA................................. 1,088,000 601,999
*Investimentos Itau SA................................ 24,875 13,729
Lojas Americanas SA................................... 4,324,460 20,937
Metalurgica Gerdau SA................................. 16,100,000 380,457
Mineracao da Trinidade Samitri........................ 19,000,000 197,116
Multibras Eletrodomesticos SA......................... 427,145 140,328
*Paranapanema SA...................................... 9,588,000 15,197
Refinaria de Petroleo Ipiranga SA..................... 11,000,000 79,250
Sadia Oeste SA Inclusttia e Comercio Soes............. 308,282 193,673
*Seara Alimentos SA................................... 23,500,000 7,449
Tele Celular Sul Participacoes SA..................... 1,389,166 2,538
<CAPTION>
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------------ ------------
<S> <C> <C>
*Tele Centro Oeste Celular Participacoes SA........... 1,389,166 $ 1,681
Tele Centro-Sul Participacoes......................... 1,389,166 14,732
Teleleste Celular Participacoes SA.................... 1,389,166 833
Telemig Celular Participacoes SA...................... 1,389,166 2,002
Telenordeste Celular Participacoes SA................. 1,389,166 2,154
Telenorte Celular Participacoes SA.................... 1,389,166 841
Telenorte Leste Participacoes SA...................... 1,389,166 22,659
Telesp Celular Participacoes.......................... 1,389,166 12,658
Telesp Participacoes SA............................... 1,389,166 29,865
Telesudeste Celular Participacoes SA.................. 1,389,166 6,573
*Trikem S.A........................................... 35,000,000 21,181
*USIMINAS (Usinas Siderurgicas de Minas Gerais SA).... 41,925 59,806
Uniao des Industrias Petroquimicas SA Series B........ 190,000 44,899
Unibanco Unias de Bancos Brasileiros SA............... 2,000,000 33,775
*Vale do Rio Doce Series B............................ 239,144 0
Votorantim Celulose e Papel SA........................ 26,200,000 694,632
------------
TOTAL PREFERRED STOCKS
(Cost $9,878,207).................................... 14,890,813
------------
COMMON STOCKS -- (2.5%)
Banco do Estado de Sao Paulo SA....................... 1,600,000 49,088
Embraco SA............................................ 342,000 112,356
Embratel Participacoes................................ 50,000,000 370,313
Gerdau SA............................................. 87,500,000 1,306,181
Inepar Energia SA..................................... 15,029 2
Lojas Americanas SA................................... 6,762,000 28,061
*Mannesmann SA........................................ 378,000 28,322
Siderurgica Nacional Sid Nacional..................... 117,500,000 2,234,845
Souza Cruz Industria e Comercio....................... 150,016 907,867
Tele Celular Sul Participacoes........................ 50,000,000 64,841
*Tele Centro Oeste Celular Participacoes.............. 50,000,000 46,685
Tele Centro Sul Participacoes SA...................... 50,000,000 276,366
Tele Norte-Leste Participacoes........................ 50,000,000 455,326
Tele Sudeste Celular Participacoes.................... 50,000,000 136,598
Teleleste Celular Participacoes....................... 50,000,000 24,207
Telemig Celular Participacoes......................... 50,000,000 63,400
Telenordeste Celular Participacoes.................... 50,000,000 56,195
Telenorte Celular Participacoes....................... 50,000,000 30,259
Telesp Celular Participacoes SA....................... 50,000,000 252,158
Telesp Participacoes SA............................... 50,000,000 619,301
VSMA (Cia Vidraria Santa Marina)...................... 121,000 163,889
White Martins SA...................................... 600,000 311,236
------------
TOTAL COMMON STOCKS
(Cost $5,325,850).................................... 7,537,496
------------
RIGHTS/WARRANTS -- (0.0%)
*Tele Centro Oeste Celular Participacoes Rights
06/30/99............................................ 4,485,658 0
*Tele Centro Oeste Celular Participacoes SA Preferred
Rights 06/30/99..................................... 124,626 24
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 24
------------
TOTAL -- BRAZIL
(Cost $15,204,057)................................... 22,428,333
------------
</TABLE>
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<TABLE>
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ISRAEL -- (7.5%)
COMMON STOCKS -- (7.2%)
Ackerstein Industries, Ltd............................ 41,800 $ 47,229
Africa-Israel Investments, Ltd........................ 4,960 301,304
Africa-Israel Investments, Ltd........................ 150 88,496
*Agis Industries (1983), Ltd.......................... 44,500 259,510
American Israeli Paper Mills, Ltd..................... 4,400 245,903
*Azorim Investment Development & Construction Co.,
Ltd................................................. 32,400 341,678
*Azorim Properties, Ltd............................... 52,000 128,880
Bank Hapoalim B.M..................................... 1,038,300 2,633,941
Bank Leumi Le-Israel.................................. 1,642,650 3,093,352
*Bank of Jerusalem.................................... 71,150 36,825
CLAL Electronics Industries, Ltd...................... 3,460 615,418
CLAL Industries, Ltd.................................. 151,300 1,069,830
Clal Israel, Ltd...................................... 36,220 1,201,334
*Dead Sea Periclase................................... 13,700 36,385
Delek Israel.......................................... 3,872 112,901
Delta Galil Industries, Ltd........................... 7,800 79,792
*Discount Mortgage Bank, Ltd.......................... 1,500 100,597
Elbit Medical Imaging................................. 16,533 142,614
Elbit Systems, Ltd.................................... 16,533 260,723
*Elbit, Ltd........................................... 24,733 177,892
Elco Industries (1975)................................ 8,500 86,746
Elite Industries, Ltd................................. 10,080 461,204
Elron Electronic Industries, Ltd...................... 20,066 418,843
*Feuchtwanger Industies............................... 1,700 38,457
First International Bank of Israel.................... 78,000 443,499
First International Bank of Israel, Ltd............... 229,130 259,448
*Granite Hacarmel Investments, Ltd.................... 142,500 163,433
*Hadar Insurance Co., Ltd............................. 20,900 45,198
IDB Bankholding Corp., Ltd............................ 33,600 904,611
IDB Development Corp., Ltd. Series A.................. 52,550 1,548,874
Israel Chemicals, Ltd................................. 917,000 1,094,041
*Israel Corp. Series B................................ 800 469,450
*Israel General Bank, Ltd............................. 3,400 96,330
*Israel Petrochemical Enterprises, Ltd................ 45,216 248,304
*Kardan Investments, Ltd.............................. 35,000 56,980
*Kitan Consolidated, Ltd.............................. 78,100 140,432
Koor Industries, Ltd.................................. 12,205 1,319,716
*M.A.Industries, Ltd.................................. 227,355 564,044
*Mishkan Hapoalim Mortgage Bank, Ltd. Series B........ 1,515 290,082
*OCIF Investments and Development, Ltd................ 2,100 50,415
*Ormat Industries..................................... 79,500 116,871
Osem Investment, Ltd.................................. 61,856 321,646
*Polgat Industries, Ltd. Series B..................... 18,200 81,814
Property and Building Corp., Ltd...................... 3,461 337,232
*Red Sea Hotels, Ltd.................................. 21,300 53,826
*Shekem, Ltd.......................................... 345,765 76,455
Super-Sol, Ltd. Series B.............................. 91,937 245,734
Tambour............................................... 73,210 105,133
Team Computer & Systems, Ltd.......................... 800 15,162
Tefahot Israel Mortgage Bank, Ltd..................... 400 271,173
*Urdan Industries, Ltd................................ 86,800 85,420
*Ytong Industries, Ltd................................ 47,300 140,218
------------
TOTAL COMMON STOCKS
(Cost $16,353,559)................................... 21,525,395
------------
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
INVESTMENT IN CURRENCY -- (0.3%)
*Israel Shekel (Cost $863,252)........................ $ 862,325
------------
TOTAL -- ISRAEL
(Cost $17,216,811)................................... 22,387,720
------------
GREECE -- (7.2%)
COMMON STOCKS -- (7.1%)
*Aegek................................................ 35,140 663,072
*Aktor S.A............................................ 27,500 651,952
*Alcatel Cables Hellas S.A............................ 9,290 138,715
*Alfa-Beta Vassilopoulos S.A.......................... 16,330 367,456
Alpha Credit Bank..................................... 45,544 3,096,438
Alpha Leasing......................................... 29,250 606,466
*Alte Technological Company........................... 21,200 374,817
*Aluminum of Attica S.A............................... 17,700 330,006
Attica Enterprises S.A. Holdings...................... 151,400 1,503,852
*Atti-Kat S.A......................................... 22,140 473,638
*Bank of Central Greece............................... 2,300 72,530
Bank of Piraeus S.A................................... 53,550 1,575,076
*Delta Dairy S.A...................................... 34,250 726,100
Edrassi C. Psallidas S.A.............................. 8,710 107,375
*Etba Leasing S.A..................................... 15,618 185,507
*General Hellenic Bank................................ 15,990 1,187,357
*Hellas Can Packaging Manufacturers S.A............... 19,250 611,995
*Hellenic Biscuits Co. S.A............................ 2,000 39,539
*Hellenic Cables S.A.................................. 16,020 176,120
*Hellenic Sugar Industry S.A.......................... 61,650 620,295
*Hellenic Technodomiki S.A............................ 43,600 910,304
*Inform P. Lykos S.A.................................. 35,400 705,531
*Klonatex S.A......................................... 12,560 347,223
Lavipharm S.A......................................... 20,850 287,531
*Light Metals Industry................................ 11,900 148,422
*Maillis (M.J.) S.A................................... 36,200 1,053,120
*Michaniki S.A........................................ 40,835 576,259
*National Investment Bank for Industrial
Development......................................... 5,840 861,681
*Petzetakis S.A....................................... 4,480 48,964
Selected Textile Industry Assoc. S.A.................. 67,700 508,155
Shelman............................................... 31,720 457,826
Silver & Baryte Ores Mining Co. S.A................... 17,830 647,665
Strintzis Shipping Lines S.A.......................... 44,650 295,672
*Themeliodomi......................................... 12,250 240,208
*Tiletipos S.A........................................ 37,500 777,520
------------
TOTAL COMMON STOCKS
(Cost $13,388,733)................................... 21,374,387
------------
RIGHTS/WARRANTS -- (0.1%)
*Etba Leasing S.A. Rights 07/12/99 (Cost $0).......... 13,015 91,833
------------
TOTAL -- GREECE
(Cost $13,388,733)................................... 21,466,220
------------
ARGENTINA -- (7.1%)
COMMON STOCKS -- (7.1%)
Acindar Industria Argentina de Aceros SA Series B..... 751,067 901,957
*Alpargatas SA Industrial y Comercial................. 885,000 85,024
*Astra Cia Argentina de Petroleos SA.................. 1,211,800 2,037,352
*Atanor Cia Nacional para la Industria Quimica SA
Series D............................................ 128,971 72,278
</TABLE>
13
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
Banco de Galicia y Buenos Aires SA Series A........... 289,597 $ 1,515,729
*Banco del Sud Sociedad Anonima Series B.............. 173,563 486,341
Bco del Suqu.......................................... 206,992 316,935
*Buenos Aires Embotelladora SA Series B............... 250 19,014
CIADEA SA............................................. 319,917 480,236
*Capex SA Series A.................................... 62,000 310,233
*Celulosa Argentina SA Series B....................... 43,375 4,341
Central Costanera SA Series B......................... 111,000 279,930
Central Puerto SA Series B............................ 101,000 222,367
Corcemar SA Series B.................................. 50,805 221,168
Cresud SA Comercial Industrial Financiera y
Agropecuaria........................................ 404,615 433,263
Dycasa Dragados y Construcciones Argentina SA Series
B................................................... 55,000 90,818
*Garovaglio y Zorraquin SA............................ 25,800 20,139
*Indupa SA Industrial y Comercial..................... 793,322 458,090
Irsa Inversiones y Representaciones SA................ 322,052 934,652
*Juan Minetti SA...................................... 83,756 213,738
Ledesma SA............................................ 368,459 210,179
Metrogas SA Series B.................................. 126,000 99,615
*Molinos Rio de la Plata SA Series B.................. 285,214 522,333
Nobleza-Piccardo Sdad Industrial Comercial y
Financiera Pica..................................... 44,200 143,758
*Sevel Argentina SA Series C.......................... 92,475 37,943
Siderar SAIC Series A................................. 192,181 476,967
Siderca SA Series A................................... 2,754,532 3,804,107
*Sociedad Comercial del Plata......................... 831,410 352,782
*Sol Petroleo SA...................................... 123,000 116,322
Telecom Argentina Stet-France SA Series B............. 476,600 2,690,042
Telefonica de Argentina SA Series B................... 1,183,000 3,859,475
------------
TOTAL COMMON STOCKS
(Cost $17,758,614)................................... 21,417,128
------------
RIGHTS/WARRANTS -- (0.0%)
*Sol Petroleo SA Rights 05/24/99 (Cost $0)............ 30,984 31
------------
TOTAL -- ARGENTINA
(Cost $17,758,614)................................... 21,417,159
------------
MEXICO -- (6.6%)
COMMON STOCKS -- (6.6%)
*Altos Hornos de Mexico S.A........................... 118,000 33,071
Apasco S.A. de C.V.................................... 57,000 329,359
Cementos de Mexico S.A. de C.V. Series A.............. 24,240 106,035
Cementos de Mexico S.A. de C.V. Series B.............. 358,000 1,591,516
*Cintra S.A. de C.V................................... 85,000 34,631
*Consorcio Hogar S.A. de C.V. Series B................ 27,000 16,151
Controladora Comercial Mexicana S.A. de C.V. Series
B................................................... 462,000 441,790
El Puerto de Liverpool S.A. Series 1.................. 20,000 33,571
El Puerto de Liverpool S.A. Series C1................. 328,600 511,453
Empresas ICA Sociedad Controladora S.A. de C.V........ 336,000 338,393
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
*Empresas la Moderna S.A. de C.V. Series A............ 188,885 $ 1,126,008
Fomento Economico Mexicano B & D...................... 488,000 1,598,535
*Gruma S.A. de C.V. Series B.......................... 132,250 228,713
*Grupo Carso S.A. de C.V. Series A-1.................. 271,000 1,102,747
Grupo Cementos de Chihuahua S.A. de C.V. Series B..... 124,000 94,608
*Grupo Corvi S.A. de C.V. Series L.................... 154,000 171,306
Grupo Financiero Bacomer S.A. de C.V. Series O........ 2,032,000 686,291
*Grupo Financiero Banamex Accival S.A. de C.V. Series
L................................................... 42,607 82,353
*Grupo Financiero Banamex Accival S.A. de C.V. Series
O................................................... 456,000 909,217
Grupo Financiero Bancomer S.A. de C.V. Series L....... 29,259 7,292
*Grupo Financiero BBV Probursa S.A. de C.V. Series
B................................................... 1,238,000 163,723
*Grupo Financiero del Norte S.A. Series C............. 162,000 203,695
*Grupo Financiero GBM Atlantico S.A. de C.V. Series
B................................................... 149,000 0
*Grupo Financiero GBM Atlantico S.A. de C.V. Series
L................................................... 980 0
Grupo Financiero Inbursa-C............................ 9,455 27,413
*Grupo Financiero Santander Mexicano S.A. de C.V.
Sanmex Series B..................................... 20,867 11,739
*Grupo Financiero Serfin S.A. de C.V. Series B........ 290,383 18,315
*Grupo Gigante S.A. Series B.......................... 709,360 198,448
*Grupo Herdez S.A. de C.V. Series B................... 136,000 40,122
Grupo Industrial Alfa S.A. Series A................... 251,264 881,852
Grupo Industrial Maseca S.A. de C.V. Series B......... 396,000 249,766
Grupo Mexico S.A. de C.V. Series B.................... 269,000 905,788
*Grupo Posadas S.A. de C.V. Series L.................. 173,000 115,451
*Grupo Televisa S.A. (Certificate Representing Series
A, Series D & Series L)............................. 62,000 1,261,445
*Grupo Tribasa S.A. de C.V............................ 82,000 58,393
*Hylsamex S.A. de C.V. Series B....................... 98,000 215,341
Industrias Bachoco S.A. de C.V. (Certificate
Representing Series B and Series L)................. 60,000 87,894
Industrias Penoles S.A. de C.V........................ 87,000 222,146
*Industrias S.A. de C.V. Series B..................... 28,000 77,050
Telefonos de Mexico S.A. Series L..................... 1,280,000 4,896,032
Tubos de Acero de Mexico S.A.......................... 29,000 262,564
Vitro S.A............................................. 176,400 340,956
------------
TOTAL COMMON STOCKS
(Cost $17,798,609)................................... 19,681,173
------------
INVESTMENT IN CURRENCY -- (0.0%)
*Mexican Peso (Cost $58,577).......................... 57,326
------------
RIGHTS/WARRANTS -- (0.0%)
*Grupo Herdez S.A. de C.V. Series B Rights 06/11/99
(Cost $0)........................................... 23,262 0
------------
TOTAL -- MEXICO
(Cost $17,857,186)................................... 19,738,499
------------
</TABLE>
14
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
CHILE -- (5.4%)
COMMON STOCKS -- (5.0%)
Banco de Credito e Inversiones SA Series A............ 53,304 $ 339,124
Banmedica SA.......................................... 347,000 60,464
*Banvida SA........................................... 347,000 27,420
CAP SA (Compania de Aceros del Pacifico).............. 100,000 164,117
COPEC (Cia de Petroleos de Chile)..................... 757,488 2,363,553
CTI Cia Tecno Industrial SA........................... 4,900,000 87,367
Cervecerias Unidas SA................................. 143,000 782,291
Chilectra Generacion SA............................... 3,119,986 859,727
Chilectra SA.......................................... 225,611 1,284,504
Cia de Consumidores de Gas de Santiago SA............. 103,000 404,863
Compania de Sud Americana de Vapores SA............... 410,000 166,143
Compania de Telecomunicaciones de Chile SA Series A... 200,000 1,085,969
Compania de Telecomunicaciones de Chile SA Series B... 352,166 1,249,403
Compania Manufacturera de Papeles y Cartones SA....... 117,150 1,020,656
*Empresa Nacional de Electricidad SA.................. 4,536,900 1,636,244
*Empresa Nacional de Telecomunicaciones SA............ 49,000 164,806
Enersis SA............................................ 3,895,960 1,515,600
Forestal Terranova SA................................. 147,795 85,344
*Industrias Forestales Inforsa SA..................... 1,057,365 115,688
Invercap SA........................................... 100,000 60,379
Laboratorio Chile SA.................................. 271,069 230,674
Madeco Manufacturera de Cobre SA...................... 231,227 220,194
Maderas y Sinteticos SA............................... 420,205 134,520
Minera Mantos Blancos SA.............................. 102,255 124,931
Sociedad Industrial Pizarreno SA...................... 63,000 61,269
Sociedad Quimica y Minera de Chile SA Series A........ 43,364 150,243
Sociedad Quimica y Minera de Chile SA Series B........ 77,090 267,249
Vina de Concha y Toro SA.............................. 350,000 231,820
*Vina Sta Carolina SA Series A........................ 163,489 34,781
*Vina Sta Carolina SA Series B........................ 41,411 8,390
------------
TOTAL COMMON STOCKS
(Cost $14,043,250)................................... 14,937,733
------------
INVESTMENT IN CURRENCY -- (0.4%)
*Chilean Pesos (Cost $1,366,021)...................... 1,255,095
------------
RIGHTS/WARRANTS -- (0.0%)
Sociedad Industrial Pizarreno SA Rights 06/26/99 (Cost
$0)................................................. 8,278 1,006
------------
TOTAL -- CHILE
(Cost $15,409,271)................................... 16,193,834
------------
PORTUGAL -- (4.6%)
COMMON STOCKS -- (4.6%)
Atlantis-Cristais de Alcobaca S.A..................... 5,100 38,288
Banco Pinto & Sotto Mayor SA.......................... 11,051 219,546
Cel-Cat Fabrica Nacional de Condutores Electricos
SA.................................................. 4,950 21,842
Cimpor Cimentos de Portugal SA........................ 26,700 713,020
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
*Companhia de Seguros Mundial Confianca SA............ 24,000 $ 692,110
Companhia de Seguros Tranquilidade SA................. 11,500 278,247
Corticeira Amorim Sociedad Gestora Participacoes
Sociais SA.......................................... 37,100 391,800
Dom Pedro Investimentos Turisticos SA................. 1,800 17,221
EFACEC (Empresa Fabril de Maquinas Electricas)........ 18,133 126,653
Engil Sociedade Gestora de Participacoes Sociais SA... 16,452 80,851
Fabrica de Vidros Barbosa & Almeida SA................ 6,000 88,709
*Filmes Lusomundo SA.................................. 7,612 97,779
*Inparsa Industrias e Participacoes SGPS SA........... 102,250 1,521,380
*Inparsa Industrias e Participacoes SGPS SA Em 98..... 6,400 52,465
*Investimentos Participacoes e Gestao SA Inapa........ 30,600 240,927
Mague-Gestao e Participacoes SA....................... 11,800 351,638
Portucel Industrial Empresa Produtora de Celulose
SA.................................................. 39,500 223,029
Portugal Telecom SA................................... 71,232 3,232,469
Salvador Caetano Industrias Metalurgicas e Veiculos de
Transporte SA....................................... 15,868 346,435
*Sociedad Construcoes Soares da Costa SA.............. 42,678 139,675
Sociedade de Investimento e Gestao SGPS SA............ 24,000 391,476
*Somague Sociedade Gestora de Participacoes Sociais
SA.................................................. 17,500 54,712
*Sonae Industria-Sociedade Gestora de Participacoes
Sociais SA.......................................... 44,000 403,480
Sonae Investimentos Sociedade Gestora de Participacoes
Sociais SA.......................................... 81,800 2,920,023
Uniceruniao Cervejeira SA............................. 50,600 1,047,046
------------
TOTAL COMMON STOCKS
(Cost $8,710,707).................................... 13,690,821
------------
RIGHTS/WARRANTS -- (0.0%)
*EFACEC (Empresa Fabril de Maquinas Electricas) Rights
06/28/99 (Cost $0).................................. 18,133 38,546
------------
TOTAL -- PORTUGAL
(Cost $8,710,707).................................... 13,729,367
------------
INDONESIA -- (2.1%)
COMMON STOCKS -- (2.1%)
*PT Argo Pantes Tbk................................... 271,250 20,000
*PT Astra International Tbk........................... 2,188,800 672,441
PT Berlian Laju Tanker Tbk............................ 431,600 59,668
*PT Branta Mulia Tbk.................................. 126,000 5,032
*PT Charoen Pokphand Tbk.............................. 210,000 18,065
*PT Dankos Laboratories............................... 94,500 9,871
*PT Gajah Tunggal Tbk................................. 1,488,000 86,857
*PT Gt Kabel Indonesia Tbk............................ 360,000 9,954
*PT Hanjaya Mandala Sampoerna Tbk..................... 910,000 1,464,944
*PT Hero Supermarket Tbk.............................. 220,000 50,015
</TABLE>
15
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------------ ------------
<S> <C> <C>
*PT Indah Kiat Pulp & Paper Corp...................... 4,815,196 $ 2,218,981
*PT Indocement Tunggal Prakarsa....................... 166,000 63,238
*PT Indofood Sukses Makmur............................ 42,330 41,875
*PT Indorama Synthetics Tbk........................... 535,320 129,924
*PT Inti Indorayo Utama............................... 411,500 24,020
*PT Jakarta International Hotel and Development Tbk... 1,590,000 146,544
*PT Japfa Comfeed Indonesia Tbk....................... 124,000 7,238
*PT Kalbe Farma Tbk................................... 409,600 84,311
*PT Lippo Land Development Tbk........................ 386,400 27,303
PT Mayorah Indah...................................... 577,572 53,232
*PT Modern Photo Tbk.................................. 250,000 52,995
*PT Pakuwon Jati Tbk.................................. 396,000 8,516
*PT Panasia Indosyntec Tbk............................ 403,200 17,342
*PT Polysindo Eka Perkasa Tbk......................... 2,064,000 158,525
*PT Sari Husada Tbk................................... 36,480 8,742
*PT Semen Cibinong Tbk................................ 743,400 38,826
PT Semen Gresik....................................... 457,591 764,759
*PT Summarecon Agung.................................. 258,587 7,944
PT Surya Toto Indonesia............................... 46,400 11,404
PT Tigaraksa Satria Tbk............................... 68,400 13,659
*PT Unggul Indah Corp. Tbk............................ 292,596 43,148
------------
TOTAL -- INDONESIA
(Cost $12,935,209)................................... 6,319,373
------------
<CAPTION>
VALUE+
------------
<S> <C> <C>
EMU -- (0.0%)
INVESTMENT IN CURRENCY -- (0.0%)
*Euro Currency (Cost $38,029)......................... $ 37,426
------------
FACE AMOUNT
------------
(000)
TEMPORARY CASH INVESTMENTS -- (1.8%)
Repurchase Agreement, Chase Manhattan Bank N.A. 4.55%,
06/01/99 (Collateralized by U.S. Treasury Notes
5.625%, 12/31/02, valued at $5,468,794) to be
repurchased at $5,359,708........................... $ 5,357 5,357,000
------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $226,320,531).................................. $300,167,215
------------
------------
- --------------------
+ See Note B to Financial Statements.
* Non-Income Producing Securities
</TABLE>
See accompanying Notes to Financial Statements.
16
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1999
(UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<S> <C>
ASSETS:
Investments at Value (Cost of $226,321)++.............................................. $ 300,167
Cash................................................................................... 845
Receivable for Dividends and Interest.................................................. 469
Receivable for Investment Securities Sold.............................................. 1,137
Other Assets........................................................................... 2
---------
Total Assets....................................................................... 302,620
---------
LIABILITIES:
Payable for Investment Securities Purchased............................................ 2,975
Deferred Chilean Repatriation Tax...................................................... 547
Accrued Expenses....................................................................... 147
Payable for Fund Share Redeemed........................................................ 155
---------
Total Liabilities.................................................................. 3,824
---------
NET ASSETS applicable to 16,912,764 shares outstanding $.01 par value shares
(authorized 200,000,000 shares)...................................................... $ 298,796
---------
---------
NET ASSET VALUE........................................................................ $ 17.67
---------
---------
PUBLIC OFFERING PRICE PER SHARE........................................................ $ 17.76
---------
---------
NET ASSETS CONSIST OF:
Paid-In Capital........................................................................ $ 220,366
Accumulated Net Investment Loss........................................................ (313)
Undistributed Net Realized Gain........................................................ 5,068
Accumulated Net Realized Foreign Exchange Loss......................................... (233)
Unrealized Net Foreign Exchange Gain................................................... 62
Unrealized Appreciation of Investment Securities and Foreign Currency.................. 73,846
---------
Total Net Assets................................................................... $ 298,796
---------
---------
</TABLE>
- --------------
++ Approximates cost for federal income tax purposes.
See accompanying Notes to Financial Statements.
17
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1999
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends (Net of Foreign Taxes Withheld and Repatriation of $407).................. $ 2,590
Interest............................................................................ 267
---------
Total Investment Income......................................................... 2,857
---------
EXPENSES
Investment Advisory Services........................................................ 118
Accounting & Transfer Agent Fees.................................................... 145
Custodian's Fees.................................................................... 303
Legal Fees.......................................................................... 21
Audit Fees.......................................................................... 8
Directors' Fees and Expenses........................................................ 21
Organization Costs.................................................................. --
Other............................................................................... 25
---------
Total Expenses.................................................................. 641
---------
NET INVESTMENT INCOME............................................................... 2,216
---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
Net Realized Gain on Investment Securities.............................................. 7,307
Net Realized Loss on Foreign Currency Transactions...................................... (233)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.......................................... 80,518
Translation of Foreign Currency Denominated Amounts................................. 54
---------
NET GAIN ON INVESTMENT SECURITIES AND FOREIGN CURRENCY.............................. 87,646
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................................... $ 89,862
---------
---------
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS YEAR ENDED
ENDED NOV. 30,
MAY 31, 1999 1998
------------ -----------
<S> <C> <C>
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income.................................................................. $ 2,216 $ 3,791
Net Realized Gain on Investment Securities............................................. 7,307 30,379
Net Realized Loss on Foreign Currency Transactions..................................... (233) (995)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency......................................... 80,518 (41,320)
Deferred Chilean Repatriation Tax.................................................. -- 205
Translation of Foreign Currency Denominated Amounts................................ 54 (15)
------------ -----------
Net Increase (Decrease) in Net Assets Resulting from Operations.................... 89,862 (7,955)
------------ -----------
Distributions From:
Net Investment Income.................................................................. (905) (7,577)
Net Realized Gain...................................................................... (32,605) (204)
------------ -----------
Total Distributions................................................................ (33,510) (7,781)
------------ -----------
Capital Share Transactions (1):
Capital Shares Issued.................................................................. 15,078 9,768
Shares Issued in Lieu of Cash Distributions............................................ 33,510 7,781
Capital Shares Redeemed................................................................ (1,607) (155)
------------ -----------
Net Increase from Capital Share Transactions....................................... 46,981 17,394
------------ -----------
Total Increase (Decrease).......................................................... 103,333 1,658
NET ASSETS
Beginning of Period.................................................................... 195,463 193,805
------------ -----------
End of Period.......................................................................... $ 298,796 $ 195,463
------------ -----------
------------ -----------
(1) SHARE AMOUNTS:
Shares Issued.......................................................................... 1,075 747
Shares Issued in Lieu of Cash Distributions............................................ 2,683 510
Shares Redeemed........................................................................ (102) (12)
------------ -----------
3,656 1,245
------------ -----------
------------ -----------
</TABLE>
See accompanying Notes to Financial Statements.
19
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
MAY 31, NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30,
1999 1998 1997 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
(UNAUDITED)
Net Asset Value, Beginning of Period.... $ 14.74 $ 16.13 $ 15.86 $ 14.77 $ 17.10 $ 15.18
--------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income................. 0.10 0.31 0.33 0.26 0.28 0.19
Net Gain (Loss) on Securities
(Realized and Unrealized)........... 5.35 (1.06) 0.01 1.36 (2.29) 1.94
--------- --------- --------- --------- --------- ---------
Total from Investment Operations...... 5.45 (0.75) 0.34 1.62 (2.01) 2.13
--------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Net Investment Income................. (0.07) (0.62) (0.05) (0.28) (0.29) (0.20)
Net Realized Gain..................... (2.45) (0.02) (0.02) (0.25) (0.03) (0.01)
--------- --------- --------- --------- --------- ---------
Total Distributions................... (2.52) (0.64) (0.07) (0.53) (0.32) (0.21)
--------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period.......... $ 17.67 $ 14.74 $ 16.13 $ 15.86 $ 14.77 $ 17.10
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
Total Investment Return (a)............. 44.04%# (4.80)% 2.12% 12.41% (11.73)% 14.02%
Net Assets, End of Period (thousands)... $298,796 $ 195,463 $ 193,805 $ 174,469 $ 157,054 $ 153,095
Ratio of Expenses to Average Net
Assets................................ 0.54%* 0.64% 0.62% 0.59% 0.58% 0.80%
Ratio of Expenses to Average Net Assets
(excluding waivers and assumption of
expenses)............................. 0.54%* 0.64% 1.02% 0.99% 0.98% 0.88%
Ratio of Net Investment Income to
Average Net Assets.................... 1.88%* 2.08% 1.87% 1.64% 2.10% 1.18%
Ratio of Net Investment Income to
Average Net Assets (excluding waivers
and assumption of expenses)........... 1.88%* 2.08% 1.47% 1.24% 1.70% 1.10%
Portfolio Turnover Rate................. 21.02%* 34.84% 0.49% 0.29% 5.73% 0.26%
</TABLE>
- --------------
* Annualized
# Non-annualized
(a) Based on per share net asset value. Prior to November 21, 1997, per share
market price was not readily determinable since fund shares were only sold
at a public offering price.
See accompanying Notes to Financial Statements.
20
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. ORGANIZATION:
Prior to November 21, 1997, Dimensional Emerging Markets Value Fund Inc.
(the "Fund") was organized as a closed-end management investment company
registered under the Investment Company Act of 1940, as amended. Effective
November 21, 1997 the Fund was reorganized as an open-end management investment
company.
Effective December 8, 1998, The Dimensional Emerging Markets Fund changed
its name to the Dimensional Emerging Markets Value Fund.
B. SIGNIFICANT ACCOUNTING POLICIES:
The following significant accounting policies are in conformity with
generally accepted accounting principles for investment companies. Such policies
are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with generally
accepted accounting principles may require management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
1. SECURITY VALUATION: Securities held by the Fund which are listed on a
securities exchange and for which market quotations are readily available are
valued at the last quoted sale price of the day or, if there is no such reported
sale, at the mean between the most recent bid and asked prices. Price
information on listed securities is taken from the exchange where the security
is primarily traded. Unlisted securities for which market quotations are readily
available are valued at the mean between the most recent bid and asked prices.
Securities for which quotations are not readily available are determined in good
faith at fair value using methods determined by the Board of Directors.
2. FOREIGN CURRENCY TRANSLATIONS: Securities and other assets and
liabilities of the Fund whose values are initially expressed in foreign
currencies are translated to U.S. dollars at the mean price of such currency
against U.S. dollars last quoted by a major bank. Dividend and interest income
and certain expenses are translated to U.S. dollars at the ratio of exchange on
their respective accrual dates. Receivables and payables denominated in foreign
currencies are marked to market based on daily exchange rates and exchange gains
or losses are realized upon ultimate receipt or disbursement.
The Fund does not isolate the effect of fluctuations in foreign exchange
rates from the effect of fluctuations in the market prices of securities held
whether realized or unrealized.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and foreign withholding taxes recorded on the Fund's books and the
U.S. dollar equivalent amounts actually received or paid.
3. FEDERAL INCOME TAXES: It is the Fund's intention to continue to qualify
as a regulated investment company and distribute all of its taxable income.
Accordingly, no provision for federal taxes is required in the financial
statements.
4. REPURCHASE AGREEMENTS: The Fund may purchase money market instruments
from financial institutions, such as banks and non-bank dealers, subject to the
seller's agreement to repurchase them at an agreed upon date and price. The
seller will be required on a daily basis to maintain the value of the collateral
subject to the agreement at not less than the repurchase price (including
accrued interest). The agreements are conditioned upon the collateral being
deposited under the Federal Reserve book-entry system or with the Fund's
custodian. If the seller
21
<PAGE>
defaults and the value of the collateral declines or if bankruptcy proceedings
are commenced with respect to the seller of the security, realization of the
collateral by the Fund may be subject to legal proceedings. All open repurchase
agreements were entered into on May 28, 1999.
5. FOREIGN MARKET RISKS: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States, including the possibility of future political and economic
developments and the level of foreign governmental supervision and regulation of
foreign securities markets. These markets are generally smaller, less liquid and
more volatile than the major securities markets in the United States.
Consequently, acquisition and disposition of securities by the Fund may be
inhibited.
6. OTHER: Security transactions are accounted for on the date the
securities are purchased or sold. Costs used in determining realized gains and
losses on the sale of investment securities are those of specific securities
sold. Dividend income and distributions to shareholders are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis. Costs
incurred by the Fund in connection with its organization are being amortized on
a straight-line basis over a five year period beginning at the commencement of
operations of the Fund.
Some countries require governmental approval for the repatriation of
investment income, capital or the proceeds of sales of foreign investors. In
addition, if there is a deterioration in a country's balance of payments or for
other reasons, a country may impose temporary restrictions on foreign capital
remittances abroad. Amounts repatriated prior to the end of specified periods
may be subject to taxes as specified in the Fund's prospectus. The fund has
recorded deferred repatriation taxes relating to net unrealized appreciation on
its investment in Chile.
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. (the "Advisor") provides investment advisory
services to the Fund. For the six months ended May 31, 1999, the fund paid the
Advisor a fee based on an annual effective rate of 0.10% of average net assets.
An investment committee of the Advisor approves all investment decisions
made by the Fund.
Certain officers of the Fund are also officers, directors and shareholders
of the Advisor.
D. PURCHASES AND SALES OF SECURITIES:
For the six months ended May 31, 1999, the Fund made the following purchases
and sales of investment securities other than U.S. Government securities and
temporary cash investments (amounts in thousands):
<TABLE>
<S> <C>
Purchases............................................... $ 37,066
Sales................................................... 24,300
</TABLE>
E. INVESTMENT TRANSACTIONS:
At May 31, 1999, gross unrealized appreciation and depreciation for Federal
income tax purposes of investment securities and foreign currencies were as
follows (amounts in thousands):
<TABLE>
<S> <C>
Gross Unrealized Appreciation.......................... $ 108,530
Gross Unrealized Depreciation.......................... (34,684)
---------
Net.................................................... $ 73,846
---------
---------
</TABLE>
F. LINE OF CREDIT
The Fund together with other DFA-advised portfolios, has entered into a $50
million unsecured line of credit with its domestic custodian bank. The Fund is
permitted to borrow, subject to its investment limitations, up to a maximum of
$50 million. Borrowings under the line are charged interest at the current
overnight federal funds rate plus a
22
<PAGE>
variable rate determined at the date of borrowing. Each portfolio is
individually, and not jointly liable for its particular advances under the line.
There is no commitment fee on the unused portion of the line of credit. There
were no borrowings under the line of credit by the Fund during the six months
ended May 31, 1999.
G. REIMBURSEMENT FEES:
Shares of the Fund are sold at a public offering price which is equal to the
current net asset value plus a reimbursement fee of 0.50% of such net asset
value. Reimbursement fees are recorded as an addition to paid in capital and are
used to defray the costs associated with investing proceeds of the sale of
shares to investors.
23
