<PAGE>
- --------------------------------------------------------------------------------
DFA Investment Dimensions Group Inc.
The Emerging Markets Value Portfolio
and
Dimensional Emerging Markets Value Fund Inc.
Annual Report
Year Ended November 30, 1999
-------------------------------------
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
AND
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
ANNUAL REPORT
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
DFA INVESTMENT DIMENSIONS GROUP INC. -- THE EMERGING MARKETS VALUE
PORTFOLIO
Performance Chart................................................... 1
Statement of Assets and Liabilities................................. 2
Statement of Operations............................................. 3
Statements of Changes in Net Assets................................. 4
Financial Highlights................................................ 5
Notes to Financial Statements....................................... 6-7
Report of the Independent Accountants............................... 8
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
Performance Chart................................................... 9
Schedule of Investments............................................. 10-19
Statement of Assets and Liabilities................................. 20
Statement of Operations............................................. 21
Statements of Changes in Net Assets................................. 22
Financial Highlights................................................ 23
Notes to Financial Statements....................................... 24-26
Report of the Independent Accountants............................... 27
</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.
PERFORMANCE CHART
- --------------------------------------------------------------------------------
EMERGING MARKETS VALUE PORTFOLIO VS.
MSCI EMERGING MARKETS FREE INDEX
APRIL 1998-NOVEMBER 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GROWTH OF $10,000
<S> <C> <C>
EMERGING MARKETS MSCI EMERGING
VALUE PORTFOLIO MARKETS FREE INDEX
$9,950 $10,000
Apr-98 $9,592 $9,872
May-98 $8,447 $8,489
Jun-98 $7,681 $7,581
Jul-98 $8,009 $7,795
Aug-98 $5,930 $5,512
Sep-98 $5,900 $5,846
Oct-98 $7,164 $6,454
Nov-98 $8,329 $6,984
Dec-98 $8,617 $6,857
Jan-99 $8,493 $6,741
Feb-99 $8,565 $6,802
Mar-99 $9,517 $7,677
Apr-99 $11,910 $8,615
May-99 $11,899 $8,539
Jun-99 $13,348 $9,490
Jul-99 $13,059 $9,218
Aug-99 $13,172 $9,295
Sep-99 $12,748 $8,969
Oct-99 $13,308 $9,152
Nov-99 $14,157 $9,969
</TABLE>
<TABLE>
<CAPTION>
ANNUALIZED ONE FROM
TOTAL RETURN (%) YEAR APRIL 1998
----------------------------------------
<S> <C> <C>
69.13 23.19
</TABLE>
- - THE PORTFOLIO INVESTS IN THE DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
WHICH IN TURN PROVIDES ACCESS TO NON-U.S. LARGE COMPANIES IN "EMERGING MARKET"
COUNTRIES INCLUDING ARGENTINA, BRAZIL, CHILE, GREECE, INDONESIA, ISRAEL,
MALAYSIA, MEXICO, PHILIPPINES, PORTUGAL, SOUTH KOREA, THAILAND, AND TURKEY,
SPECIFICALLY THOSE DEEMED TO BE VALUE STOCKS.
- - THE PORTFOLIO'S RETURNS IN FISCAL 1999 REFLECTED THE PERFORMANCE OF AN
EQUALLY-WEIGHTED EMERGING MARKETS COUNTRY PORTFOLIO.
Past performance is not predictive of future performance.
MSCI Emerging Markets Free Index courtesy of Morgan Stanley Capital
International Index.
- --------------------------------------------------------------------------------
1
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<S> <C>
ASSETS:
Investment in the Dimensional Emerging Markets Value Fund
Inc. (2,087,878 Shares, Cost $29,290++)................... $ 43,595
Receivable for Fund Shares Sold............................. 32
Prepaid Expenses and Other Assets........................... 33
----------
Total Assets............................................ 43,660
----------
LIABILITIES:
Payable for Fund Share Redeemed............................. 32
Accrued Expenses and Other Liabilities...................... 20
----------
Total Liabilities....................................... 52
----------
NET ASSETS.................................................. $ 43,608
==========
SHARES OUTSTANDING, $.01 PAR VALUE
(Authorized 100,000,000).................................. 3,190,302
==========
NET ASSET VALUE............................................. $ 13.67
==========
PUBLIC OFFERING PRICE PER SHARE............................. $ 13.74
==========
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $ 27,634
Undistributed Net Investment Income......................... 177
Undistributed Net Realized Gain of Investment Securities.... 1,492
Unrealized Appreciation of Investment Securities............ 14,305
----------
Total Net Assets........................................ $ 43,608
==========
</TABLE>
- --------------
++ The cost for federal income tax purposes is $29,535.
See accompanying Notes to Financial Statements.
2
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED
NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS)
<TABLE>
<S> <C>
INVESTMENT INCOME
Income Distributions Received from Dimensional Emerging
Markets Value Fund Inc. ............................... $ 722
-------
EXPENSES
Administrative Fee...................................... 121
Accounting & Transfer Agent Fees........................ 19
Legal Fees.............................................. 1
Audit Fees.............................................. 1
Filing Fees............................................. 5
Shareholders' Reports................................... 2
Directors Fees and Expenses............................. --
Other................................................... 9
-------
Total Expenses...................................... 158
-------
NET INVESTMENT INCOME................................... 564
-------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Capital Gain Distributions Received From Dimensional
Emerging Markets Value Fund............................... 1,619
Net Realized Loss on Investment Securities.................. (72)
Change in Unrealized Appreciation (Depreciation) of
Investment Securities..................................... 13,035
-------
NET INCOME ON INVESTMENT SECURITIES..................... 14,582
-------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $15,146
=======
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
FOR THE PERIOD
YEAR ENDED APRIL 2, 1998 TO
NOV. 30, 1999 NOV. 30, 1998
--------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income.................... $ 564 $ 83
Capital Gain Distributions Received from
Dimensional Emerging Market Value Fund
Inc.................................... 1,619 --
Net Realized Loss on Investment
Securities............................. (72) (55)
Change in Unrealized Appreciation
(Depreciation) of Investment
Securities............................. 13,035 1,270
-------------- ------------
Net Increase in Net Assets Resulting
from Operations.................... 15,146 1,298
-------------- ------------
Distributions From:
Net Investment Income.................... (470) --
Net Realized Gains....................... -- --
-------------- ------------
Total Distributions.................. (470) --
-------------- ------------
Capital Share Transactions (1):
Shares Issued............................ 25,808 10,040
Shares Issued in Lieu of Cash
Distributions.......................... 470 --
Shares Redeemed.......................... (8,315) (369)
-------------- ------------
Net Increase from Capital Share
Transactions....................... 17,963 9,671
-------------- ------------
Total Increase....................... 32,639 10,969
NET ASSETS
Beginning of Period...................... 10,969 --
-------------- ------------
End of Period............................ $ 43,608 $ 10,969
============== ============
(1) SHARES ISSUED AND REDEEMED:
Shares Issued............................ 2,548 1,364
Shares Issued in Lieu of Cash
Distributions.......................... 57 --
Shares Redeemed.......................... (726) (53)
-------------- ------------
1,879 1,311
============== ============
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
FOR THE APRIL 2, 1998
YEAR ENDED TO
NOV. 30, 1999 NOV. 30, 1998
-------------- ----------------
<S> <C> <C>
Net Asset Value, Beginning of Period........................ $ 8.37 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income..................................... 0.33 0.06
Net Gains (Losses) on Securities (Realized and
Unrealized)............................................. 5.30 (1.69)
------- -------
Total from Investment Operations.......................... 5.63 (1.63)
------- -------
LESS DISTRIBUTIONS
Net Investment Income..................................... (0.33) --
Net Realized Gains........................................ -- --
------- -------
Total Distributions....................................... (0.33) --
------- -------
Net Asset Value, End of Period.............................. $ 13.67 $ 8.37
======= =======
Total Return................................................ 69.99% (16.30)% #
Net Assets, End of Period (thousands)....................... $43,608 $10,969
Ratio of Expenses to Average Net Assets (1)................. 1.05% 1.96%*
Ratio of Net Investment Income to Average Net Assets........ 1.87% 3.24%*
Portfolio Turnover Rate..................................... N/A N/A
Portfolio Turnover Rate of Master Fund Series............... 17.92% 34.84%(b)
</TABLE>
- --------------
* Annualized
# Non-annualized
(1) Represents the combined ratio for the Portfolio and its respective pro-rata
share of its Master Fund.
(b) Calculated for the period ended November 30, 1998.
N/A Refer to the respective Master Fund.
See accompanying Notes to Financial Statements.
5
<PAGE>
THE DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO FINANCIAL STATEMENTS
A. ORGANIZATION:
DFA Investment Dimensions Group Inc. (the "Group") is an open-end management
investment company whose shares are offered, without a sales charge, generally
to institutional investors and clients of registered investment advisors. The
Group offers thirty-four portfolios, one of which, The Emerging Markets Value
Portfolio (the "Portfolio") is included in this report. Of the remaining
thirty-eight portfolios, thirty-two are presented within four separate reports
and the remaining five portfolios have not yet commenced operations.
The Portfolio invests all of its assets in the Dimensional Emerging Markets
Value Fund Inc. (the "Fund"). At November 30, 1999, the Portfolio owned 12 % 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. The component of net assets may be adjusted for current period
permanent book/tax differences which arose principally from differing book/tax
treatments of foreign currency and foreign taxes on capital gains. 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.
The Fund's investments in Chile are subject to governmental taxes on
investment income and realized capital gains. Such taxes are due when currencies
are repatriated from the country. The Fund accrues for taxes on income as income
is earned, and accrues for taxes on capital gains throughout the holding period
of the underlying securities. The cost basis used to determine the amount of
capital gains subject to such taxes is adjusted for the Consumer Price Index
(CPI) in Chile from the date such securities were purchased through the date
such securities are sold.
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 year ended November 30, 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.
6
<PAGE>
D. INVESTMENT TRANSACTIONS:
At November 30, 1999, gross unrealized appreciation and depreciation for and
federal income tax purposes of investment securities was as follows (amounts in
thousands):
<TABLE>
<S> <C>
Gross Unrealized Appreciation........................... $14,060
Gross Unrealized Depreciation........................... --
-------
Net..................................................... $14,060
=======
</TABLE>
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 year ended November 30, 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.
7
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
DFA INVESTMENT DIMENSIONS GROUP INC.:
In our opinion, the accompanying statement of assets and liabilities, and
the related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial
position of The Emerging Markets Value Portfolio (constituting a portfolio
within the DFA Investment Dimensions Group Inc., hereafter referred to as the
"Fund") at November 30, 1999, and the results of its operations for the year
then ended, the changes in its net assets and the financial highlights for each
of the periods presented, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities owned at November 30, 1999 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 14, 2000
8
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
PERFORMANCE CHART
- --------------------------------------------------------------------------------
DIMENSIONAL EMERGING MARKETS VALUE FUND INC. VS.
MSCI EMERGING MARKETS FREE INDEX
MARCH 1993-NOVEMBER 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GROWTH OF $10,000
<S> <C> <C>
DIMENSIONAL EMERGING MSCI EMERGING
MARKETS VALUE FUND INC. MARKETS FREE INDEX
$9,950 $10,000
Mar-93 $10,151 $10,313
Apr-93 $10,774 $10,493
May-93 $10,985 $10,751
Jun-93 $11,628 $11,044
Jul-93 $11,494 $11,306
Aug-93 $12,496 $12,246
Sep-93 $12,943 $12,681
Oct-93 $13,789 $13,811
Nov-93 $14,597 $14,415
Dec-93 $16,529 $16,784
Jan-94 $17,362 $17,080
Feb-94 $16,308 $16,766
Mar-94 $14,671 $15,223
Apr-94 $14,359 $14,885
May-94 $14,998 $15,361
Jun-94 $14,249 $14,911
Jul-94 $15,500 $15,830
Aug-94 $17,218 $17,775
Sep-94 $17,518 $17,960
Oct-94 $17,565 $17,612
Nov-94 $16,650 $16,677
Dec-94 $15,391 $15,326
Jan-95 $14,008 $13,686
Feb-95 $13,533 $13,322
Mar-95 $13,939 $13,374
Apr-95 $14,813 $13,949
May-95 $16,238 $14,653
Jun-95 $16,069 $14,667
Jul-95 $16,480 $14,973
Aug-95 $15,913 $14,600
Sep-95 $15,582 $14,511
Oct-95 $15,079 $13,942
Nov-95 $14,692 $13,682
Dec-95 $15,193 $14,262
Jan-96 $16,601 $15,262
Feb-96 $16,153 $14,994
Mar-96 $16,230 $15,083
Apr-96 $16,769 $15,632
May-96 $16,885 $15,524
Jun-96 $17,059 $15,588
Jul-96 $15,685 $14,495
Aug-96 $16,197 $14,844
Sep-96 $16,571 $14,953
Oct-96 $16,177 $14,543
Nov-96 $16,321 $14,768
Dec-96 $16,500 $14,817
Jan-97 $18,459 $15,814
Feb-97 $18,915 $16,480
Mar-97 $18,391 $16,007
Apr-97 $18,198 $15,980
May-97 $19,470 $16,394
Jun-97 $20,256 $17,236
Jul-97 $20,641 $17,459
Aug-97 $18,486 $15,217
Sep-97 $19,590 $15,614
Oct-97 $17,147 $13,039
Nov-97 $16,672 $12,556
Dec-97 $17,317 $12,829
Jan-98 $16,252 $11,813
Feb-98 $17,508 $13,040
Mar-98 $18,317 $13,561
Apr-98 $18,083 $13,388
May-98 $16,048 $11,512
Jun-98 $14,663 $10,281
Jul-98 $15,238 $10,570
Aug-98 $11,266 $7,475
Sep-98 $11,223 $7,928
Oct-98 $13,629 $8,753
Nov-98 $15,868 $9,471
Dec-98 $16,505 $9,299
Jan-99 $16,272 $9,142
Feb-99 $16,426 $9,224
Mar-99 $18,263 $10,411
Apr-99 $22,854 $11,684
May-99 $22,854 $11,580
Jun-99 $25,636 $12,870
Jul-99 $25,092 $12,500
Aug-99 $25,313 $12,605
Sep-99 $24,523 $12,163
Oct-99 $25,597 $12,411
Nov-99 $27,243 $13,519
</TABLE>
<TABLE>
<CAPTION>
ANNUALIZED ONE FIVE FROM
TOTAL RETURN (%) YEAR YEARS MARCH 1993
--------------------------------------------------
<S> <C> <C> <C>
70.83 10.24 16.01
</TABLE>
- - THE FUND PROVIDES ACCESS TO NON-U.S. LARGE COMPANIES IN "EMERGING MARKET"
COUNTRIES INCLUDING ARGENTINA, BRAZIL, CHILE, GREECE, INDONESIA, ISRAEL,
MALAYSIA, MEXICO, PHILIPPINES, PORTUGAL, SOUTH KOREA, THAILAND, AND TURKEY,
SPECIFICALLY THOSE DEEMED TO BE VALUE STOCKS.
- - THE FUND'S RETURNS IN FISCAL 1999 REFLECTED THE PERFORMANCE OF AN
EQUALLY-WEIGHTED EMERGING MARKETS COUNTRY PORTFOLIO.
Past performance is not predictive of future performance.
MSCI Emerging Markets Free Index courtesy of Morgan Stanley Capital
International Index.
- --------------------------------------------------------------------------------
9
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
GREECE -- (12.0%)
COMMON STOCKS -- (11.8%)
Aegek................................................. 71,330 $ 1,499,016
Aktor S.A............................................. 55,000 1,482,707
Alcatel Cables Hellas S.A............................. 11,490 568,463
Alfa-Beta Vassilopoulos S.A........................... 20,130 691,288
Alpha Credit Bank..................................... 45,544 3,655,462
Alpha Leasing......................................... 30,900 1,599,761
Alte Technological Company............................ 42,400 1,068,345
Aluminum of Attica S.A................................ 82,000 1,572,527
Attica Enterprises S.A. Holdings...................... 187,080 3,547,544
Delta Dairy S.A....................................... 35,250 1,644,632
Edrassi C. Psallidas S.A.............................. 10,710 314,971
*Etba Leasing S.A..................................... 28,633 1,030,658
General Hellenic Bank................................. 15,990 1,836,427
Hellas Can Packaging Manufacturers S.A................ 19,250 1,020,203
Hellenic Cables S.A................................... 19,790 497,129
*Hellenic Sugar Industry S.A.......................... 63,480 1,833,827
Hellenic Technodomiki S.A............................. 43,600 1,723,003
Klonatex S.A.......................................... 62,800 2,602,959
Lavipharm S.A......................................... 53,900 717,445
Light Metals Industry................................. 21,900 602,463
*M.Travlos Br. Com. & Constr. Co. S.A................. 13,700 197,255
Maillis (M.J.) S.A.................................... 72,400 2,606,071
Michaniki S.A......................................... 81,670 1,673,780
National Investment Bank for Industrial Development... 7,440 2,627,464
*Petzetakis S.A....................................... 22,724 459,450
Selected Textile Industry Assoc. S.A.................. 67,700 998,607
Shelman............................................... 39,170 1,557,536
Silver & Baryte Ores Mining Co. S.A................... 30,842 1,284,965
Strintzis Shipping Lines S.A.......................... 44,650 600,476
*Teletypos S.A. New Shares............................ 11,250 305,349
Tiletipos S.A......................................... 45,000 1,226,909
------------
TOTAL COMMON STOCKS
(Cost $13,773,027)................................... 43,046,692
------------
RIGHTS/WARRANTS -- (0.2%)
*Egnatia Bank SA Rights 12/17/99...................... 2,906 2,315
*Hellenic Technodomiki S.A. Rights 12/20/99........... 43,600 193,337
*Lavipharm S.A. Rights 12/27/99....................... 53,900 222,911
*Petzetakis S.A. Rights 12/20/99...................... 17,480 209,912
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 628,475
------------
PREFERRED STOCKS -- (0.0%)
*Egnatia Bank S.A..................................... 2,906 52,524
------------
TOTAL -- GREECE
(Cost $13,811,566)................................... 43,727,691
------------
SOUTH KOREA -- (10.5%)
COMMON STOCKS -- (10.4%)
*A-Nam Industrial Co., Ltd............................ 24,159 331,359
Asia Cement Manufacturing Co., Ltd.................... 5,730 82,546
BYC Co., Ltd.......................................... 810 67,986
*Bank of Che Ju....................................... 2,250 5,454
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Bank of Pusan........................................ 60,732 $ 153,500
Boo Kook Securities Co., Ltd.......................... 17,385 164,964
*Boram Securities Co., Ltd............................ 25,025 209,180
*Byuck San Engineering and Construction Co., Ltd...... 730 2,645
*Cheil Industrial, Inc................................ 65,114 421,830
Chon Bang Co., Ltd.................................... 2,520 55,432
*Choongnam Spinning Co., Ltd.......................... 11,910 17,517
*Chosun Brewery Co., Ltd.............................. 14,090 401,096
*Daegu Bank Co., Ltd.................................. 148,102 508,472
Daehan Synthetic Fiber Co., Ltd....................... 2,000 79,879
Daelim Industrial Co., Ltd............................ 69,398 796,199
Daewoo Corp........................................... 195,720 123,248
*Daewoo Electronic Components Co., Ltd................ 11,310 31,318
*Daewoo Electronics Co., Ltd.......................... 85,420 83,265
Daewoo Securities Co., Ltd............................ 86,025 1,409,942
*Daewoo Telecom Co., Ltd.............................. 55,667 52,342
*Daeyu Securities Co., Ltd............................ 11,540 228,958
Daishin Securities Co., Ltd........................... 55,991 1,004,626
*Dong Sung Co., Ltd................................... 12,880 6,000
*Dong-Ah Construction Industrial Co., Ltd............. 19,596 76,068
Dongbu Steel Co., Ltd................................. 21,798 99,283
Dong-Il Corp.......................................... 4,205 64,929
*Dongkuk Steel Mill Co., Ltd.......................... 100,336 360,058
Dongwon Securities Co., Ltd........................... 53,520 1,505,070
Doosan Construction & Engineering Co., Ltd............ 10,271 44,655
*Han Il Cement Manufacturing Co., Ltd................. 9,505 186,123
*Han Kook Titanium Industry Co., Ltd.................. 2,016 6,087
*Hana Bank............................................ 17,632 141,756
*Hanil Securities Co., Ltd............................ 42,349 284,579
*Hanjin Shipping Co., Ltd............................. 74,836 504,824
Hankook Cosmetics..................................... 30,000 50,205
Hansol Chemical Co., Ltd.............................. 11,762 81,170
Hansol Paper Co., Ltd................................. 45,534 667,740
*Hanwha Chemical Corp................................. 157,798 1,331,261
Hyundai Cement Co., Ltd............................... 4,321 41,374
*Hyundai Engineering & Construction Co., Ltd.......... 174,893 950,464
Il Yang Pharmaceutical Co., Ltd....................... 5,930 75,196
Inchon Iron & Steel Co., Ltd.......................... 109,566 626,631
*Jinro, Ltd........................................... 9,213 34,968
*Keang Nam Enterprises Co., Ltd....................... 12,950 16,701
*Keumkang Co., Ltd.................................... 9,000 427,000
*Kohap Co., Ltd....................................... 8,303 34,379
*Kolon Industries, Inc................................ 21,199 208,470
*Kolon International Corp............................. 27,215 197,202
Kookmin Bank.......................................... 151,206 2,517,382
*Korea Chemical Co., Ltd.............................. 6,000 377,830
Korea Electronics Co., Ltd............................ 5,170 120,414
*Korea Exchange Bank.................................. 622,136 2,549,188
*Korea Express Co., Ltd............................... 34,969 355,949
*Korea First Bank Securities.......................... 23,720 193,361
*Korea Industrial Leasing Co., Ltd.................... 11,973 95,020
*Korea Iron & Steel Co., Ltd.......................... 10,440 45,209
Korea Komho Petrochemical............................. 36,510 181,408
</TABLE>
10
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Korea Merchant Banking Co............................. 7,256 $ 33,111
Korean Air............................................ 105,960 1,448,752
Korean French Banking Corp............................ 13,000 62,351
*Kuk Dong Engineering & Construction Co., Ltd......... 730 2,676
*Kumho Tire Co., Ltd.................................. 47,568 199,833
*Kwangju Bank......................................... 53,508 116,778
*Kyong Nam Bank....................................... 44,100 106,517
Kyungwon-Century Co., Ltd............................. 5,740 30,155
*LG Construction, Ltd................................. 65,802 493,834
*LG Industrial Systems, Ltd........................... 161,568 629,965
LG International Corp................................. 55,429 329,920
LG Securities Co., Ltd................................ 8,501 200,929
*Namkwang Engineering & Construction Co., Ltd......... 311 749
*Orient Co., Ltd...................................... 1,120 14,492
*Oriental Chemical Industries Co., Ltd................ 16,840 230,973
Orion Electric Co., Ltd............................... 30,153 117,049
*Pang Rim Spinning.................................... 2,330 18,089
*Peeres Cosmetics..................................... 1,060 3,658
SK Corp., Ltd......................................... 141,559 3,565,687
Saehan Industries, Inc................................ 15,090 123,662
Saehan Media Corp..................................... 9,020 37,115
Sam Yang Corp......................................... 14,580 154,698
Sambu Construction Co., Ltd........................... 8,670 52,727
Samwhan Corp. Co., Ltd................................ 9,100 46,864
*Se Poong Corp........................................ 6,810 7,049
Seah Steel Corp....................................... 8,840 107,521
*Shin Poong Paper Manufacturing Co., Ltd.............. 2,600 47,099
*Shin Sung Corp....................................... 6,290 12,371
Shin Young Securities Co., Ltd........................ 13,880 270,596
Shin Young Wacoal, Inc................................ 210 10,054
*Shindongbang Corp.................................... 4,535 25,937
Shinhan Bank Co., Ltd................................. 249,744 2,908,384
Shinil Engineering Co., Ltd........................... 4,260 20,726
Shinsegae Department Store............................ 16,800 1,036,187
*Shinsegai Department Store New Shares................ 2,933 180,268
*Shinsung Tongsang Co., Ltd........................... 9,984 6,545
*Ssang Bang Wool Co., Ltd............................. 390 3,903
*Ssangyong Cement Industry Co., Ltd................... 144,832 482,253
*Ssangyong Corp....................................... 19,090 50,473
*Ssangyong Heavy Industy Co., Ltd..................... 9,469 22,015
*Sunkyong Industries, Ltd............................. 21,228 239,885
*Sunkyong, Ltd........................................ 71,038 1,099,963
*Tai Han Electric Wire Co............................. 20,634 252,752
*Tai Han Electric Wire Co., Ltd. (New Shares)......... 3 0
Taihan Sugar Industrial Co., Ltd...................... 3,881 73,653
*Tong Yang Cement Corp................................ 19,290 85,530
*Tong Yang Merchant Bank.............................. 30,159 98,731
*Tong Yang Securities Co., Ltd........................ 22,280 167,208
*Tongkook Corp........................................ 7,400 8,618
Tongyang Confectionery Co............................. 3,300 99,633
Trigem Computer, Inc.................................. 16,825 1,669,075
Union Steel Manufacturing Co., Ltd.................... 3,000 196,161
*Youngchang Akki Co., Ltd............................. 3,200 22,056
------------
TOTAL COMMON STOCKS
(Cost $23,112,579)................................... 37,914,942
------------
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
RIGHTS/WARRANTS -- (0.1%)
*Doosan Construction & Engineering Co., Ltd. Rights
12/17/99............................................ 8,261 $ 285
*Kumho Industrial Co., Ltd. Rights 12/06/99........... 12,036 0
*LG International Corp. Rights 12/08/99............... 17,505 18,120
*SK Corp., Ltd. Rights 12/08/99....................... 34,503 348,230
*Saehan Media Corp. Rights 12/09/99................... 14,498 0
*Young Chang Akki Co., Ltd. Rights 12/13/99........... 2,679 2,750
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 369,385
------------
INVESTMENT IN CURRENCY -- (0.0%)
*Korean Won (Cost $3)................................. 2
------------
TOTAL -- SOUTH KOREA
(Cost $23,112,582)................................... 38,284,329
------------
MALAYSIA -- (10.4%)
COMMON STOCKS -- (10.4%)
AMMB Holdings Berhad.................................. 527,200 1,130,705
AMMB Holdings Berhad 7.5% Unsecured Loan Stock 1999... 31,000 5,547
*Advance Synergy Berhad............................... 81,000 18,971
Affin Holdings Berhad................................. 667,000 524,824
Amsteel Corp. Berhad.................................. 198,000 36,474
Ancom Berhad.......................................... 115,000 63,553
Antah Holding Berhad.................................. 306,000 85,358
*Aokam Perdana Berhad................................. 1,066 5,176
*Apm Automotive Holding Berhad........................ 99,750 29,820
*Arab Malaysia Corp. Berhad........................... 205,000 110,592
*Arab Malaysia Finance Berhad......................... 429,000 458,353
Arab Malaysian Development Berhad..................... 309,000 54,482
*Asas Dunia Berhad.................................... 122,000 62,284
*Asia Pacific Land Berhad............................. 700,000 135,395
Asiatic Development Berhad............................ 117,000 38,179
Austral Enterprises Berhad............................ 169,000 171,668
Ayer Hitam Planting Syndicate Berhad.................. 9,000 40,500
Bandar Raya Developments Berhad....................... 568,000 269,053
Batu Kawan Berhad..................................... 154,000 170,211
Berjaya Capital Berhad................................ 163,000 71,205
Berjaya Land Berhad................................... 74,000 30,963
Berjaya Singer Berhad................................. 32,400 15,177
Bolton Properties Berhad.............................. 145,000 99,974
Boustead Holdings Berhad.............................. 293,000 239,026
Cahya Mata Sarawak Berhad............................. 460,000 399,474
Chin Teck Plantations Berhad.......................... 54,000 87,040
Cold Storage (Malaysia) Berhad........................ 80,000 35,790
Commerce Asset Holding Berhad......................... 1,122,200 2,451,121
Cycle & Carriage Bintang Berhad....................... 95,000 190,000
DCB Sakura Merchant New Shares........................ 6,150 3,965
DMIB Berhad........................................... 24,000 6,695
DNP Holdings Berhad................................... 166,000 46,742
*Damansara Realty Berhad.............................. 391,000 38,586
Datuk Keramik Holdings Berhad......................... 127,000 70,184
Diversified Resources Berhad.......................... 167,000 94,926
Edaran Otomobil Nasional Berhad....................... 264,000 910,105
*Faber Group Berhad................................... 340,600 47,057
</TABLE>
11
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Far East Holdings Berhad.............................. 54,000 $ 34,105
Gadek (Malaysia) Berhad............................... 82,000 63,011
*General Corp. Berhad................................. 178,000 42,626
Genting Berhad........................................ 112,500 390,789
Gold Coin (Malaysia) Berhad........................... 40,000 48,211
Golden Hope Plantations Berhad........................ 159,000 135,568
*Golden Plus Holdings Berhad.......................... 77,000 21,884
Guiness Anchor Berhad................................. 35,000 35,921
*Gula Perak Berhad.................................... 250,000 77,632
Guthrie Ropel Berhad.................................. 148,000 122,295
*HLG Capital Berhad................................... 30,000 15,789
Hap Seng Consolidated Berhad.......................... 179,000 101,747
Hicom Holdings Berhad................................. 1,216,000 745,600
Highlands and Lowlands Berhad......................... 99,000 58,097
Hock Hua Bank Berhad (Foreign)........................ 94,000 181,816
Hong Leong Bank Berhad................................ 831,000 1,049,684
Hong Leong Credit Berhad.............................. 522,447 648,934
Hong Leong Industries Berhad.......................... 261,000 408,671
Hong Leong Properties Berhad.......................... 546,000 163,800
Hume Industries (Malaysia) Berhad..................... 289,000 231,200
Hwang-DBS (Malaysia) Berhad........................... 193,000 186,905
IGB Corp. Berhad...................................... 555,000 169,421
IJM Corp. Berhad...................................... 511,000 379,216
*Idris Hydraulic (Malaysia) Berhad.................... 484,000 84,700
*Innovest Berhad...................................... 228,000 43,800
*Insas Berhad......................................... 664,000 156,389
*Intria Berhad........................................ 910,000 149,671
Island & Peninsular Berhad............................ 269,000 212,368
*Johan Holdings Berhad................................ 73,000 16,041
Johor Port Berhad..................................... 323,000 136,000
Johore Tenggara Oil Palm Berhad....................... 97,000 33,439
*Kamunting Corp. Berhad............................... 802,000 232,158
Keck Seng (Malaysia) Berhad........................... 188,000 87,074
Kelang Container Terminal Berhad...................... 30,000 28,105
*Kretam Holdings Berhad............................... 25,000 10,395
Kuala Lumpur Kepong Berhad............................ 117,000 153,947
Kuala Sidim Berhad.................................... 145,000 183,158
Kulim Malaysia Berhad................................. 181,000 116,697
*Land - General Berhad................................ 266,000 114,100
Landmarks Berhad...................................... 244,000 74,484
*Larut Consolidated Berhad............................ 110,000 31,842
*Leader Universal Holdings Berhad..................... 427,333 130,449
*Lien Hoe Corp. Berhad................................ 211,000 34,426
Lingui Development Berhad............................. 570,000 585,000
Lion Land Berhad...................................... 462,375 102,209
*MBF Holdings Berhad.................................. 837,000 45,154
*MBF Land Berhad...................................... 455,000 77,230
MUI Properties Berhad................................. 724,000 133,368
Magnum Corp. Berhad................................... 240,000 175,579
Malayan Banking Berhad................................ 1,342,000 4,591,053
Malayan Cement Berhad................................. 67,500 18,118
*Malayan United Industries Berhad..................... 291,200 70,501
Malayawata Steel Berhad............................... 92,000 31,232
Malaysia Building Society Berhad...................... 263,000 107,276
*Malaysia Industrial Development Finance Berhad....... 743,000 260,050
Malaysia Mining Corp. Berhad.......................... 1,204,000 548,137
Malaysian Airlines System............................. 1,003,000 860,468
*Malaysian Helicopter Services Berhad................. 676,000 218,811
Malaysian Mosaics Berhad.............................. 286,000 116,658
Malaysian Oxygen Berhad............................... 23,000 47,211
*Malaysian Plantations Berhad......................... 170,000 103,789
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Malaysian Resources Corp. Berhad..................... 1,126,333 $ 741,009
Maruichi Malaysia Steel Tube Berhad................... 92,000 102,168
Matsushita Electric Co. (Malaysia) Berhad............. 6,000 20,842
Metroplex Berhad...................................... 817,000 207,475
*Mulpha International Berhad.......................... 1,069,000 227,866
Nestle (Malaysia) Berhad.............................. 38,000 147,000
*New Straits Times Press (Malaysia) Berhad............ 154,000 322,184
Nylex (Malaysia) Berhad............................... 219,500 116,104
OSK Holdings.......................................... 317,000 323,674
*Olympia Industries Berhad............................ 122,000 21,511
Oriental Holdings Berhad.............................. 53,760 114,594
PJ Development Holdings Berhad........................ 136,000 37,579
Pan Pacific Asia Berhad............................... 100,000 46,842
Peladang Kimia Berhad................................. 25,000 13,816
Perlis Plantations Berhad............................. 529,000 562,411
Pernas International Holdings Berhad.................. 757,000 252,997
Perusahaan Otomobil Nasional Berhad................... 781,000 1,346,197
Pilecon Engineering Berhad............................ 105,000 34,539
Prime Utilities Berhad................................ 46,000 54,474
*Promet Berhad........................................ 140,000 10,684
Public Finance Berhad................................. 386,000 404,284
*RHB Capital Berhad................................... 123,000 111,347
RJ Reynolds Berhad.................................... 43,000 45,716
Resorts World Berhad.................................. 174,000 467,053
Road Builders (Malaysia) Holdings Berhad.............. 162,000 191,842
Rothmans of Pall Mall Malaysia Berhad................. 46,000 326,842
SCB Developments Berhad............................... 58,000 35,105
SP Settia Berhad...................................... 74,000 125,605
Sarawak Enterprise Corp. Berhad....................... 1,510,000 909,974
Sarawak Oil Palms Berhad.............................. 93,000 56,779
Selangor Dredging Berhad.............................. 84,000 16,911
Selangor Properties Berhad............................ 402,000 198,884
Shell Refining Co. Federation of Malaysia Berhad...... 48,000 49,011
*Silverstone Berhad................................... 6,930 0
Sime Darby Berhad (Malaysia).......................... 355,980 419,682
Sime UEP Properties Berhad............................ 66,000 85,105
*Sistem Television Malaysia Berhad.................... 166,000 81,689
Southern Bank Berhad (Foreign)........................ 249,000 218,858
*Southern Steel Berhad................................ 330,000 128,526
*Sungei Way Holdings Berhad........................... 394,000 238,474
*Sunway City Berhad................................... 294,000 135,395
Ta Enterprise Berhad.................................. 752,000 304,758
Talam Corp. Berhad.................................... 152,000 48,000
Tan & Tan Developments Berhad......................... 374,000 137,789
*Tan Chong Motor Holdings Berhad...................... 665,000 285,250
Telekom Malaysia Berhad............................... 487,500 1,539,474
Tenaga Nasional Berhad................................ 502,000 1,109,684
*Time Engineering Berhad.............................. 582,000 151,626
*Tongkah Holdings Berhad.............................. 84,000 37,579
Tractors Malaysia Holdings Berhad..................... 214,000 123,895
Tradewinds (Malaysia) Berhad.......................... 189,000 114,892
Tronoh Mines Malaysia Berhad.......................... 32,000 49,684
UMW Holdings Berhad................................... 380,666 666,166
*United Engineering (Malaysia) Berhad................. 87,000 133,934
United Malacca Rubber Estates Berhad.................. 102,000 133,137
</TABLE>
12
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*United Merchant Group Berhad......................... 307,000 $ 131,687
*Warisan TC Holdings Berhad........................... 33,250 8,750
Yeo Hiap Seng (Malaysia) Berhad....................... 59,000 37,263
------------
TOTAL COMMON STOCKS
(Cost $25,738,897)................................... 37,647,800
------------
RIGHTS/WARRANTS -- (0.0%)
*IGB Corp. Berhad Rights 11/19/99..................... 138,750 6,572
*United Engineering (Malaysia) Berhad Warrants
10/28/02............................................ 17,400 0
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 6,572
------------
TOTAL -- MALAYSIA
(Cost $25,738,897)................................... 37,654,372
------------
TURKEY -- (9.5%)
COMMON STOCKS -- (9.5%)
Adana Cimento Sanayi Ticaret A.S...................... 47,176,020 127,481
Akbank................................................ 191,620,158 3,032,842
Akcansa Cimento Sanayi ve Ticaret A.S................. 23,360,000 351,692
*Aksa................................................. 11,030,729 335,335
Alarko Sanayii ve Ticaret A.S......................... 1,716,999 150,791
*Alternatifbank A.S................................... 20,249,555 107,484
Altinyildiz Mensucat ve Konfeksiyan Fabrikalari
A.S................................................. 2,607,000 43,275
*Anadolu Anonim Turk Sigorta Sirketi.................. 7,800,000 70,007
*Anadolu Biracilik ve Malt Gida Sanayi A.S............ 1,860,000 24,413
*Anadolu Gida Sanayi A.S.............................. 4,200,000 48,640
*Anadolu Isuzu Otomotiv Sanayi ve Ticaret A.S.
Series C............................................ 3,811,000 134,245
Arcelik A.S........................................... 44,367,115 2,076,671
*Aygaz................................................ 6,209,280 683,142
*Bagfas Bandirma Gubre Fabrik......................... 1,228,000 40,294
Bati Cimento A.S...................................... 2,333,332 51,793
*Bekoteknik Sanayi A.S................................ 11,777,305 188,677
Bolu Cimento Sanayi A.S............................... 19,066,900 130,648
Bossa Ticaret ve Sanayi Isletmeleri A.S............... 19,422,000 78,724
Brisa Bridgestone Sanbanci Lastik San & Tic A.S....... 9,261,000 339,630
CIMSA A.S. (Cimento Sanayi ve Ticaret)................ 18,720,000 325,194
*Cimentas A.S......................................... 3,370,360 97,580
*Dardanel Onentas..................................... 9,633,000 16,362
*Doktas............................................... 4,800,000 59,295
*Eczacibasi Ilac...................................... 15,126,480 207,296
*Eczacibasi Yapi Gere................................. 2,600,000 66,494
*Eregli Demir ve Celik Fabrikalari Turk A.S........... 62,669,500 1,753,957
*Es Kisehir Bankasi Esbank............................ 20,109,361 47,548
*Finansbank........................................... 82,224,600 345,188
Goltas Cimento........................................ 3,884,000 56,226
*Good Year Lastikleri A.S............................. 9,839,812 138,645
*Gubre Fabrikalari Ticaret A.S........................ 3,249,000 57,694
*Gunes Sigorta A.S.................................... 6,140,000 24,888
Hurriyet Gazette...................................... 47,555,850 605,819
*Ihlas Finans Kurumu.................................. 13,500,000 54,069
*Ihlas Holding........................................ 5,876,000 300,554
*Izmir Demir Celik.................................... 31,979,017 106,475
Kartonsan............................................. 1,000,000 41,499
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Kordsa Kord Bezi Sanayi ve Ticaret A.S................ 13,820,000 $ 286,755
*Medya Holdings A.S. Series C......................... 33,508,000 160,073
*Milliyet Gazetecilik A.S............................. 22,195,000 152,082
*Milpa Ticari ve Sinai Urunler Pazarlama.............. 12,316,800 152,150
*Net Holding A.S...................................... 13,481,250 34,478
*Net Turizm........................................... 5,355,000 29,458
Netas Northern Electric Telekomunikasyon A.S.......... 6,718,400 389,029
*Otosan Otomobil A.S.................................. 17,950,000 407,096
Peg Profilo A.S....................................... 2,024,497 107,459
*Pinar Entergre et ve Yem Sanayi A.S.................. 4,777,000 42,414
*Pinar Su Sanayi ve Ticaret A.S....................... 4,477,000 80,365
*Raks Elektroniks A.S................................. 5,859,000 8,369
*Sabah Yayincilik A.S................................. 15,969,000 52,399
Sarkuysan Elektrolitik Bakir Sanayi A.S............... 4,313,931 77,437
*Sasa Suni ve Sentetik Elyat Sanayi A.S............... 19,467,000 469,682
*Sistemieri Sanayi ve Ticaret A.S..................... 31,000 40,090
T. Tuborg Bira ve Malt Sanayi A.S..................... 4,687,500 41,619
*Tat Konserve......................................... 7,777,758 90,074
Tekstil Bankasi A.S................................... 21,579,978 89,554
*Ticaret ve Sanayi A.S................................ 3,900,000 38,391
Tire Kutsan Oluklu Mukavvakutu ve Kagit Sanayi A.S.... 1,437,000 27,736
*Tofas Turk Otomobil Fabrikasi A.S.................... 82,554,589 517,868
*Trakya Cam Sanayii A.S............................... 26,840,410 502,523
*Turk Demir Dokum..................................... 18,599,884 172,324
*Turk Dis Ticaret Bankasi A.S......................... 53,950,000 226,488
Turk Siemens Kablo ve Elektrik Sanayi A.S............. 1,260,000 81,472
Turk Sise Cam......................................... 46,503,198 610,361
*Turkiye Garanti Bankasi A.S.......................... 301,893,784 3,263,149
Turkiye Is Bankasi A.S. Series C...................... 215,600,000 5,097,762
*USAS (Ucak Servisi A.S.)............................. 30,000 29,532
*Unye Cimento Sanayi ve Ticaret A.S................... 3,100,000 20,344
*Uzel Makina Sanayi A.S............................... 3,105,000 200,771
Yapi ve Kredi Bankasi A.S............................. 460,763,456 8,448,826
Yasas A.S............................................. 3,053,750 32,418
Yatak ve Vorgan Sanayi ve Ticaret Yatas............... 2,620,800 31,869
------------
TOTAL -- TURKEY
(Cost $15,267,939)................................... 34,332,984
------------
BRAZIL -- (8.3%)
PREFERRED STOCKS -- (5.4%)
*Acesita SA........................................... 210,800,000 87,787
Aracruz Celulose SA Series B.......................... 1,265,999 2,583,389
Banco Bradesco SA..................................... 133,883,959 749,217
Banco do Brasil SA.................................... 56,145,862 309,809
*Banco do Estado de Sao Paulo SA...................... 28,280,000 920,089
Bombril SA............................................ 39,700,000 176,076
*Brasiliero de Petroleo Ipiranga...................... 55,200,000 543,089
Brasmotor SA.......................................... 2,745,570 275,156
COFAP (Cia Fabricadora de Pecas)...................... 14,250 0
*Caemi Mineracao e Metalurgia SA...................... 3,800,000 215,616
*Ceval Alimentos SA................................... 23,500,000 51,869
Cia Siderurgica Belgo-Mineira......................... 4,972,631 248,501
Cia Vale do Rio Doce Series A......................... 239,144 5,760,091
Cimento Portland Itau................................. 2,600,000 332,950
</TABLE>
13
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Companhia Siderurgica de Tubarao Sid Tubarao......... 78,270,000 $ 1,111,909
Confab Industrial SA.................................. 166,000 104,560
Copene-Petroquimica do Nordeste SA Series A........... 2,580,000 621,829
*Distribuidora de Produtos Petreleo Ipirangi SA....... 4,000,000 53,097
Duratex SA............................................ 10,610,000 331,388
Embratel Participacoes SA............................. 1,389,166 26,756
Globex Utilidades SA.................................. 20,000 109,318
IKPC Industrias Klabin de Papel e Celulose SA......... 1,188,531 767,189
*Inepar Energia SA.................................... 15,029 3
*Inepar SA Industria e Construcoes.................... 78,960,001 181,677
*Inepar-Fem Equipamentos e Montagem SA................ 18,636 922
Investimentos Itau SA................................. 1,088,000 804,244
Investimentos Itau SA................................. 24,875 18,356
Lojas Americanas SA................................... 5,788,631 8,739
*Metalurgica Gerdau SA................................ 16,100,000 614,328
*Mineracao da Trinidade Samitri....................... 19,000,000 474,750
Multibras Eletrodomesticos SA......................... 427,145 166,766
*Paranapanema SA...................................... 9,588,000 18,218
Refinaria de Petroleo Ipiranga SA..................... 11,000,000 128,838
*Ripasa SA Papel e Celulose........................... 140,000 86,725
Sadia Oeste SA Inclusttia e Comercio Soes............. 308,282 229,485
*Sao Carlos Empreendimentos e Participacoes SA........ 5,788,631 10,547
*Seara Alimentos...................................... 23,500,000 9,664
*Tele Celular Sul Participacoes SA.................... 1,389,166 2,813
*Tele Centro Oeste Celular Participacoes SA........... 1,389,166 1,916
Tele Centro-Sul Participacoes......................... 1,389,166 19,308
Teleleste Celular Participacoes SA.................... 1,389,166 853
Telemig Celular Participacoes SA...................... 1,389,166 2,300
Telenordeste Celular Participacoes SA................. 1,389,166 1,938
Telenorte Celular Participacoes SA.................... 1,389,166 832
Telenorte Leste Participacoes SA...................... 1,389,166 25,310
Telesp Celular Participacoes.......................... 1,389,166 15,902
Telesp Participacoes SA............................... 1,389,166 24,948
Telesudeste Celular Participacoes SA.................. 1,389,166 5,857
*Trikem S.A........................................... 48,700,000 73,772
USIMINAS (Usinas Siderurgicas de Minas Gerais SA)..... 41,925 177,651
Uniao des Industrias Petroquimicas SA Series B........ 320,000 153,253
Unibanco Unias de Bancos Brasileiros SA............... 2,000,000 38,469
*Usinas Siderurgicas de Minas Gerais SA............... 6,900,000 26,400
*Vale do Rio Doce Series B............................ 239,144 0
Votorantim Celulose e Papel SA........................ 26,200,000 878,193
------------
TOTAL PREFERRED STOCKS
(Cost $10,170,497)................................... 19,582,662
------------
COMMON STOCKS -- (2.9%)
*Embraco ............................................. 342,000 137,084
Embratel Participacoes................................ 50,000,000 572,355
*Gerdau .............................................. 87,500,000 1,730,860
Lojas Americanas ..................................... 9,026,162 12,404
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Mannesmann .......................................... 378,000 $ 24,596
*Sao Carlos Empreendimentos e Participacoes .......... 9,026,162 15,365
Siderurgica Nacional Sid Nacional..................... 117,500,000 4,036,939
Souza Cruz Industria e Comercio....................... 150,016 1,073,769
Tele Celular Sul Participacoes........................ 50,000,000 78,865
Tele Centro Oeste Celular Participacoes............... 50,000,000 62,467
Tele Centro Sul Participacoes ........................ 50,000,000 463,298
Tele Norte-Leste Participacoes........................ 50,000,000 729,304
Tele Sudeste Celular Participacoes.................... 50,000,000 131,181
Teleleste Celular Participacoes....................... 50,000,000 27,850
Telemig Celular Participacoes......................... 50,000,000 87,714
Telenordeste Celular Participacoes.................... 50,000,000 63,769
Telenorte Celular Participacoes....................... 50,000,000 43,727
Telesp Celular Participacoes ......................... 50,000,000 345,652
Telesp Participacoes ................................. 50,000,000 590,835
VSMA (Cia Vidraria Santa Marina)...................... 121,000 129,125
White Martins ........................................ 700,000 331,596
------------
TOTAL COMMON STOCKS
(Cost $5,351,131).................................... 10,688,755
------------
RIGHTS/WARRANTS -- (0.0%)
*Acesita SA Rights Open Pay Date
(Cost $0)........................................... 106,360,696 0
------------
TOTAL -- BRAZIL
(Cost $15,521,628)................................... 30,271,417
------------
MEXICO -- (8.0%)
COMMON STOCKS -- (8.0%)
*Altos Hornos de Mexico S.A........................... 118,000 34,448
Apasco S.A. de C.V.................................... 57,000 379,316
Cementos de Mexico S.A. de C.V. Series A.............. 382,240 1,867,255
*Cintra S.A. de C.V................................... 85,000 45,936
*Consorcio Hogar S.A. de C.V. Series B................ 27,000 14,305
Controladora Comercial Mexicana S.A. de C.V.
Series B............................................ 816,000 862,953
*Desc S.A. de C.V. Series B........................... 295,000 262,584
El Puerto de Liverpool S.A. Series 1.................. 20,000 35,520
El Puerto de Liverpool S.A. Series C1................. 328,600 564,091
Empresas ICA Sociedad Controladora S.A. de C.V........ 492,000 309,684
*Empresas la Moderna S.A. de C.V. Series A............ 195,885 1,046,160
Fomento Economico Mexicano B & D...................... 488,000 1,825,413
*Gruma S.A. de C.V. Series B.......................... 226,250 237,351
*Grupo Carso S.A. de C.V. Series A-1.................. 271,000 1,257,795
Grupo Cementos de Chihuahua S.A. de C.V. Series B..... 266,000 196,181
Grupo Corvi S.A. de C.V. Series L..................... 284,000 56,577
Grupo Financiero Bacomer S.A. de C.V. Series O........ 4,417,000 1,638,181
*Grupo Financiero Banamex Accival S.A. de C.V.
Series L............................................ 42,607 131,383
*Grupo Financiero Banamex Accival S.A. de C.V.
Series O............................................ 778,000 2,617,519
Grupo Financiero Bancomer S.A. de C.V. Series L....... 29,259 9,921
</TABLE>
14
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CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Grupo Financiero BBV Probursa S.A. de C.V.
Series B............................................ 2,684,000 $ 346,984
*Grupo Financiero del Norte S.A. Series C............. 362,000 514,020
*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 Series O..................... 9,455 34,866
*Grupo Financiero Serfin S.A. de C.V. Series B........ 290,383 15,078
*Grupo Gigante S.A. Series B.......................... 943,360 465,833
*Grupo Herdez S.A. de C.V. Series B................... 229,000 84,204
Grupo Industrial Alfa S.A. Series A................... 421,264 1,825,762
*Grupo Industrial Maseca S.A. de C.V. Series B........ 656,000 310,031
Grupo Mexico S.A. de C.V. Series B.................... 501,000 2,070,470
*Grupo Posadas S.A. de C.V. Series L.................. 316,000 172,114
*Grupo Televisa S.A. (Certificate Representing
Series A, Series D & Series L)...................... 62,000 1,501,877
*Grupo Tribasa S.A. de C.V............................ 145,000 39,642
*Hylsamex S.A. de C.V. Series B....................... 206,000 600,297
Industrias Bachoco S.A. de C.V. (Certificate
Representing Series B and Series L)................. 80,000 107,661
*Industrias Penoles S.A. de C.V....................... 142,000 437,873
*Industrias S.A. de C.V. Series B..................... 50,000 130,868
*Sanluis Corporacion S.A. de C.V.(Certificates
representing 1 share Series B, 1 share Series C & 1
share Series D)..................................... 63,000 131,514
Telefonos de Mexico S.A. Series L..................... 1,280,000 5,920,532
Tubos de Acero de Mexico S.A.......................... 54,000 682,082
Vitro S.A............................................. 233,400 395,719
------------
TOTAL -- MEXICO
(Cost $23,227,471)................................... 29,180,000
------------
THAILAND -- (7.8%)
COMMON STOCKS -- (7.5%)
*Amarin Plaza Public Co., Ltd. (Foreign).............. 118,600 34,216
*Amarin Plaza Public Co., Ltd. (Foreign).............. 194,700 56,171
*American Standard Sanitaryware (Thailand) Public Co.
Ltd. (Foreign)...................................... 4,150 19,156
*Aromatics (Thailand) Public Co., Ltd. (Foreign)...... 5,334,000 1,285,794
Ayudhya Insurance Public Co., Ltd. (Foreign).......... 13,000 35,004
*Bangkok Land Public Co., Ltd. (Foreign).............. 256,400 38,136
*Bangkok Rubber Public Co., Ltd. (Foreign)............ 1,161,200 181,647
*Bank of Ayudhya Public Co., Ltd. (Foreign)........... 8,662,000 2,832,168
Banpu Public Co., Ltd. (Foreign)...................... 50,000 41,031
*Berli Jucker Public Co., Ltd. (Foreign).............. 5,000 5,834
*Big C Supercenter Public Co., Ltd. (Foreign)......... 1,274,800 727,382
*Capetronic International (Thailand) Public Co.,
Ltd................................................. 4,266,666 437,662
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Central Pattana Public Co., Ltd. (Foreign)............ 395,000 $ 324,144
*Central Plaza Hotel Public Co., Ltd. (Foreign)....... 235,500 96,628
*Ch Karnchang Public Co., Ltd. (Foreign).............. 587,900 433,443
*Charoen Pokphand Feedmill Public Co., Ltd.
(Foreign)........................................... 351,747 956,152
*International Cosmetics Public Co., Ltd. (Foreign)... 275,500 459,225
*Italian-Thai Development Public Co., Ltd.
(Foreign)........................................... 790,800 973,416
*Jasmine International Public Co., Ltd. (Foreign)..... 2,273,400 1,282,594
Kang Yong Electric Public Co., Ltd. (Foreign)......... 91,500 105,590
*Laguna Resorts & Hotels Public, Ltd. Foreign......... 521,100 220,493
*Land and House Public Co., Ltd. (Foreign)............ 451,047 451,104
*Lanna Lignite Public Co., Ltd. (Foreign)............. 187,900 165,036
*MK Real Estate Development Public Co., Ltd.
(Foreign)........................................... 23,625 7,725
*Modernform Group Public Co., Ltd. (Foreign).......... 46,000 14,156
*Muramoto Electronic (Thailand) Public Co., Ltd....... 134,300 211,808
*Nakornthon Bank Public Co., Ltd. (Foreign)........... 838,600 70,967
*National Finance and Securities Public Co., Ltd.
(Foreign)........................................... 1,472,000 537,915
*National Petrochemical Public Co., Ltd............... 403,600 406,239
*National Petrochemical Public Co., Ltd. (Foreign).... 225,000 227,914
*Nawarat Patanakarn Public Co., Ltd. (Foreign)........ 6,400 821
*Padaeng Industry Public Co., Ltd (Foreign)........... 1,600,800 389,988
*Phoenix Pulp and Paper Public Co., Ltd. (Foreign).... 171,400 124,171
*Quality Houses Public Co., Ltd. (Foreign)............ 1,694,000 286,713
Saha Pathana Inter-Holding Public Co., Ltd.
(Foreign)........................................... 331,600 386,916
Saha Pathanapibul Public Co., Ltd..................... 18,000 19,387
Saha Pathanapibul Public Co., Ltd. (Foreign).......... 50,200 54,068
*Saha-Union Public Co. Ltd. (Foreign)................. 1,009,800 330,169
*Sahaviriya Steel Industries Public Co., Ltd.
(Foreign)........................................... 3,075,300 591,479
*Samart Corp. Public Co., Ltd. (Foreign).............. 455,200 300,587
*Siam City Cement Public Co., Ltd. (Foreign).......... 43,535 206,538
*Siam Commercial Bank Public Co., Ltd. (Foreign)...... 1,546,333 1,655,580
*Siam Food Products Public Co., Ltd. (Foreign)........ 111,000 185,023
*Siam Pulp & Paper Co., Ltd. (Foreign)................ 1,050,300 2,289,407
</TABLE>
15
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CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Sino-Thai Engineering and Construction Public Co.,
Ltd. (Foreign)...................................... 21,200 $ 6,252
*Sri Trang Agro Industry Public Co., Ltd.............. 61,000 34,806
*Sri Trang Agro-Industry Public Co., Ltd. (Foreign)... 63,000 35,947
*Srithai Superware Public Co., Ltd. (Foreign)......... 21,000 9,963
*TPI Polene Public Co., Ltd. (Foreign)................ 644,162 251,916
*Tanayong Public Co., Ltd. (Foreign).................. 2,234,800 573,098
*Thai Danu Bank Public Co., Ltd. (Foreign)............ 258,000 114,130
*Thai Farmers Bank Public Co., Ltd.................... 1,840,000 2,477,238
*Thai German Ceramic Industry Public Co., Ltd.
(Foreign)........................................... 58,000 18,220
*Thai Military Bank Public Co., Ltd. (Foreign)........ 6,428,000 2,142,939
*Thai Packaging and Printing Public Co., Ltd.
(Foreign)........................................... 29,500 3,783
*Thai Petrochemical Industry Public Co., Ltd.
(Foreign)........................................... 1,621,700 738,175
Thai Plastic and Chemicals Public Co., Ltd.
(Foreign)........................................... 29,000 72,881
*Thai Rung Union Carbide Public Co., Ltd. (Foreign)... 320,700 402,982
*Thai Telephone & Telecommunication Public Co., Ltd.
(Foreign)........................................... 882,000 231,837
*Thai Wah Public Co., Ltd. (Foreign).................. 21,000 3,447
*Tuntex (Thailand) Public Co., Ltd.................... 157,800 47,548
*Tuntex (Thailand) Public Co., Ltd. (Foreign)......... 502,000 151,263
*Vinythai Public Co., Ltd. (Foreign).................. 747,300 196,431
------------
TOTAL COMMON STOCKS
(Cost $22,164,327)................................... 26,972,453
------------
INVESTMENT IN CURRENCY -- (0.3%)
*Thailand Baht
(Cost $1,165,923)................................... 1,161,880
------------
RIGHTS/WARRANTS -- (0.0%)
*Banpu Public Co., Ltd. Rights 01/14/00............... 50,000 28,209
*Quality Houses Public Co., Ltd. (Foreign) Warrants
1999-2002........................................... 1,270,500 0
*Siam Commercial Bank Public Co., Ltd. Warrants
06/22/04............................................ 333 111
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 28,320
------------
TOTAL -- THAILAND
(Cost $23,330,250)................................... 28,162,653
------------
ARGENTINA -- (7.6%)
COMMON STOCKS -- (7.6%)
*Acindar Industria Argentina de Aceros SA Series B.... 961,067 1,576,355
*Alpargatas SA Industrial y Comercial................. 885,000 51,337
*Astra Cia Argentina de Petroleos .................... 1,393,000 3,009,271
*Atanor Cia Nacional para la Industria Quimica SA
Series D............................................ 128,971 87,067
Banco de Galicia y Buenos Aires SA Series A........... 334,774 1,714,266
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Banco del Sud Sociedad Anonima Series B.............. 210,563 $ 534,900
Bco del Suqu.......................................... 268,992 624,143
*Buenos Aires Embotelladora SA Series B............... 250 1,175
*CIADEA .............................................. 552,917 663,587
*Capex SA Series A.................................... 92,194 479,471
*Celulosa Argentina SA Series B....................... 21,687 4,859
Central Costanera SA Series B......................... 221,000 501,735
Central Puerto SA Series B............................ 131,000 226,659
Cresud SA Comercial Industrial Financiera y
Agropecuaria........................................ 444,615 422,439
Dycasa Dragados y Construcciones Argentina SA
Series B............................................ 55,000 88,011
*Garovaglio y Zorraquin .............................. 25,800 17,159
*Indupa SA Industrial y Comercial..................... 1,034,322 904,115
Irsa Inversiones y Representaciones .................. 469,135 1,501,427
*Juan Minetti ........................................ 286,573 759,517
Ledesma .............................................. 410,539 266,474
Metrogas SA Series B.................................. 176,000 158,421
*Molinos Rio de la Plata SA Series B.................. 307,214 752,772
Nobleza-Piccardo Sdad Industrial Comercial y
Financiera Pica..................................... 44,200 98,137
*Sevel Argentina SA Series C.......................... 40,979 25,574
Siderar SAIC Series A................................. 192,181 809,187
Siderca SA Series A................................... 3,100,532 6,170,861
*Sociedad Comercial del Plata......................... 1,091,410 343,839
*Sol Petroleo ........................................ 173,000 103,813
Telecom Argentina Stet-France SA Series B............. 476,600 2,788,473
Telefonica de Argentina SA Series B................... 1,183,000 3,028,874
------------
TOTAL -- ARGENTINA
(Cost $20,796,694)................................... 27,713,918
------------
ISRAEL -- (7.3%)
COMMON STOCKS -- (7.3%)
Ackerstein Industries, Ltd............................ 41,800 54,857
Africa-Israel Investments, Ltd........................ 6,765 559,887
Africa-Israel Investments, Ltd........................ 150 124,143
Agis Industries (1983), Ltd........................... 44,500 305,156
*American Israeli Paper Mills, Ltd.................... 5,100 301,491
*Ashtrom Properties L.T.D............................. 171,400 121,184
*Azorim Investment Development & Construction Co.,
Ltd................................................. 32,400 351,659
*Azorim Properties, Ltd............................... 52,000 121,731
Bank Hapoalim B.M..................................... 1,345,300 3,550,158
Bank Leumi Le-Israel.................................. 1,918,650 3,534,253
*Bank of Jerusalem.................................... 71,150 44,585
CLAL Electronics Industries, Ltd...................... 3,910 662,919
CLAL Industries, Ltd.................................. 151,300 1,098,352
Clal Israel, Ltd...................................... 36,220 1,199,060
*Dead Sea Periclase................................... 15,070 51,849
Delek Israel.......................................... 3,872 156,748
Delta Galil Industries, Ltd........................... 7,800 134,827
*Discount Mortgage Bank, Ltd.......................... 1,500 117,759
*Elbit Medical Imaging................................ 22,033 174,535
Elbit Systems, Ltd.................................... 16,533 236,913
Elbit, Ltd............................................ 24,733 338,045
Elco Industries (1975)................................ 8,500 83,814
Elite Industries, Ltd................................. 10,080 524,382
Elron Electronic Industries, Ltd...................... 20,066 509,617
</TABLE>
16
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CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Feuchtwanger Industries............................... 1,700 $ 37,385
First International Bank of Israel.................... 78,000 442,660
First International Bank of Israel, Ltd............... 374,800 420,976
Fms Enterprises Migun................................. 6,700 77,314
*Formula Systems...................................... 8,000 276,757
*Granite Hacarmel Investments, Ltd.................... 142,500 178,252
*Hadar Insurance Co., Ltd............................. 40,755 99,455
IDB Bankholding Corp., Ltd............................ 39,600 1,215,442
IDB Development Corp., Ltd. Series A.................. 52,550 1,735,935
Israel Chemicals, Ltd................................. 1,237,000 1,257,774
Israel Corp. Series B................................. 800 463,469
*Israel General Bank, Ltd............................. 4,400 124,333
*Israel Land Development Co., Ltd..................... 25,000 214,000
Israel Petrochemical Enterprises, Ltd................. 45,216 265,160
*Kardan International, Ltd............................ 38,052 79,631
Koor Industries, Ltd.................................. 15,805 1,565,932
*M.A.Industries, Ltd.................................. 227,355 395,682
*Mishkan Hapoalim Mortgage Bank, Ltd. Series B........ 1,515 322,776
*Mul-t-lock, Ltd...................................... 23,850 56,397
*OCIF Investments and Development, Ltd................ 2,580 79,249
*Ormat Industries..................................... 79,500 168,626
Osem Investment, Ltd.................................. 61,856 372,981
*Otzar Hashilton Hamekomi, Ltd........................ 650 43,959
*Polgat Industries, Ltd. Series B..................... 21,900 143,964
Property and Building Corp., Ltd...................... 4,261 410,082
*Red Sea Hotels, Ltd.................................. 21,300 97,208
*Shekem, Ltd.......................................... 345,765 81,761
Super-Sol, Ltd. Series B.............................. 191,937 576,404
*Tambour.............................................. 92,400 163,869
Team Computer & Systems, Ltd.......................... 2,800 103,287
Tefahot Israel Mortgage Bank, Ltd..................... 400 280,446
*Urdan Industries, Ltd................................ 86,800 107,551
Ytong Industries, Ltd................................. 47,300 103,794
*Zur Shamir Insurance Co., Ltd........................ 62,779 46,019
------------
TOTAL COMMON STOCKS
(Cost $19,982,986)................................... 26,366,454
------------
INVESTMENT IN CURRENCY -- (0.0%)
*Israel Shekel (Cost $9).............................. 9
------------
TOTAL -- ISRAEL
(Cost $19,982,995)................................... 26,366,463
------------
EMU -- (0.0%)
INVESTMENT IN CURRENCY -- (0.0%)
*Euro Currency (Cost $1).............................. 1
------------
PHILIPPINES -- (6.7%)
COMMON STOCKS -- (6.7%)
Aboitiz Equity Ventures, Inc.......................... 5,782,000 298,971
*Alaska Milk Corp..................................... 3,017,000 183,963
Alsons Consolidated Resources, Inc.................... 16,904,000 216,453
*Anglo Philippine Holdings Corp....................... 1,470,000 38,005
*Bacnotan Cement Corp................................. 1,442,000 182,887
Bacnotan Consolidated Industries, Inc................. 823,770 313,936
*Bankard, Inc......................................... 826,000 48,351
*Belle Corp........................................... 27,251,000 1,329,315
*C & P Homes, Inc..................................... 21,550,000 257,548
*Cebu Holdings, Inc................................... 7,763,250 160,945
*Cosmos Bottling Corp................................. 3,222,000 152,455
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*DMCI Holdings, Inc................................... 17,373,000 $ 525,426
*Digital Telecommunications (Philippines), Inc........ 11,370,000 360,512
*EEI Corporation...................................... 5,249,000 89,617
Far East Bank and Trust Co. (Foreign)................. 853,600 1,530,232
*Fil-Estate Land, Inc................................. 13,422,000 317,544
*Filinvest Land, Inc.................................. 36,771,000 3,183,826
*Guoco Holdings (Philippines), Inc.................... 15,440,000 305,034
*House of Investments, Inc............................ 792,000 21,249
*International Container Terminal Services, Inc....... 3,307,000 274,239
*Kepphil Shipyard, Inc................................ 9,725,165 211,107
*Kuok Philippine Properties, Inc...................... 21,570,000 184,134
*Megaworld Properties & Holdings, Inc................. 24,280,000 829,072
*Metro Pacific Corp................................... 51,330,000 1,402,183
Metropolitan Bank & Trust Co.......................... 63,459 456,595
*Mondragon International Philippines, Inc............. 2,464,000 72,117
*Negros Navigation Co., Inc........................... 955,000 7,221
*PDCP Development Bank................................ 409,000 54,866
*Philippine National Bank............................. 1,103,000 3,658,726
*Philippine National Construction Corp................ 248,000 81,658
*Philippine Realty & Holdings Corp.................... 21,500,000 146,829
*Philippine Savings Bank.............................. 1,050,290 768,503
*Pryce Properties Corp................................ 2,080,000 71,024
RFM Corp.............................................. 2,574,000 251,122
*Republic Glass Holding Corp.......................... 780,000 12,651
*Robinson's Land Corp. Series B....................... 12,074,000 809,840
SM Development Corp................................... 20,296,400 460,381
*Security Bank Corp................................... 1,923,000 1,594,681
*Solid Group, Inc..................................... 6,084,000 178,068
*Soriano (A.) Corp.................................... 7,065,000 118,899
*Southeast Asia Cement Holdings, Inc.................. 41,125,880 441,350
*Steniel Manufacturing Corp........................... 713,000 10,608
Trans-Asia Oil & Energy............................... 1,140,000 28,361
Union Bank of the Philippines......................... 387,100 316,289
*Universal Rightfield Property Holdings, Inc.......... 13,760,000 93,971
Universal Robina Corp................................. 11,507,000 1,852,344
*Urban Bank, Inc...................................... 14,950 51,049
*Vitarich Corp........................................ 541,000 9,896
*William, Gothong & Aboitiz, Inc...................... 9,318,000 261,358
------------
TOTAL -- PHILIPPINES
(Cost $21,108,610)................................... 24,225,411
------------
CHILE -- (4.8%)
COMMON STOCKS -- (3.7%)
Banco de Credito e Inversiones SA Series A............ 53,304 348,028
Banmedica ............................................ 347,000 70,005
*Banvida ............................................. 347,000 21,638
CAP SA (Compania de Aceros del Pacifico).............. 100,000 174,232
COPEC (Cia de Petroleos de Chile)..................... 757,488 3,000,778
CTI Cia Tecno Industrial ............................. 4,900,000 87,171
Cervecerias Unidas ................................... 143,000 795,974
Chilectra Generacion ................................. 3,119,986 698,099
Chilectra ............................................ 225,611 976,510
Cia de Consumidores de Gas de Santiago ............... 103,000 345,695
</TABLE>
17
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<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Compania de Sud Americana de Vapores ................. 410,000 $ 150,390
Compania de Telecomunicaciones de Chile SA
Series A............................................ 200,000 913,342
Compania de Telecomunicaciones de Chile SA
Series B............................................ 352,166 1,033,408
Compania Manufacturera de Papeles y Cartones ......... 117,150 1,106,506
Empresa Nacional de Electricidad ..................... 2,009,503 888,198
*Empresa Nacional de Telecomunicaciones .............. 49,000 224,667
Enersis .............................................. 1,921,364 866,860
Forestal Terranova ................................... 147,795 88,094
*Industrias Forestales Inforsa ....................... 1,057,365 123,141
Invercap ............................................. 100,000 45,300
Laboratorio Chile .................................... 271,069 233,659
Madeco Manufacturera de Cobre ........................ 231,227 222,639
Maderas y Sinteticos ................................. 420,205 165,693
Minera Mantos Blancos ................................ 102,255 150,030
Sociedad Industrial Pizarreno ........................ 63,000 49,684
Sociedad Quimica y Minera de Chile SA Series A........ 43,364 124,067
Sociedad Quimica y Minera de Chile SA Series B........ 77,090 219,146
Vina de Concha y Toro ................................ 350,000 263,503
*Vina Sta Carolina SA Series A........................ 163,489 40,479
*Vina Sta Carolina SA Series B........................ 41,411 10,253
------------
TOTAL COMMON STOCKS
(Cost $12,181,857)................................... 13,437,189
------------
INVESTMENT IN CURRENCY -- (1.1%)
*Chilean Pesos (Cost $4,593,546)...................... 4,148,415
------------
TOTAL -- CHILE
(Cost $16,775,403)................................... 17,585,604
------------
PORTUGAL -- (3.1%)
COMMON STOCKS -- (3.1%)
Banco Pinto & Sotto Mayor ............................ 11,051 237,008
Cel-Cat Fabrica Nacional de Condutores Electricos .... 4,950 26,416
*Companhia de Seguros Mundial Confianca .............. 24,000 1,262,636
Companhia de Seguros Tranquilidade ................... 10,800 276,209
Corticeira Amorim Sociedad Gestora Participacoes
Sociais ............................................ 37,100 350,768
Dom Pedro Investimentos Turisticos ................... 1,800 17,544
EFACEC (Empresa Fabril de Maquinas Electricas)........ 5,518 32,669
Engil Sociedade Gestora de Participacoes Sociais ..... 16,452 155,383
Fabrica de Vidros Barbosa & Almeida .................. 6,000 96,057
Investimentos Participacoes e Gestao SA Inapa......... 37,000 296,921
Mague-Gestao e Participacoes ......................... 11,800 355,606
Portucel Industrial Empresa Produtora de Celulose .... 39,500 265,280
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Portugal Telecom ..................................... 170,660 $ 1,641,028
Salvador Caetano Industrias Metalurgicas e Veiculos de
Transporte ......................................... 15,868 270,016
Sociedade de Investimento e Gestao SGPS .............. 24,000 417,818
Sonae Investimentos Sociedade Gestora de Participacoes
Sociais ............................................ 119,553 4,461,148
Uniceruniao Cervejeira ............................... 50,600 942,547
------------
TOTAL COMMON STOCKS
(Cost $5,768,307).................................... 11,105,054
------------
TOTAL -- PORTUGAL
(Cost $5,768,307).................................... 11,105,054
------------
INDONESIA -- (1.9%)
COMMON STOCKS -- (1.9%)
*PT Astra International Tbk........................... 2,188,800 1,003,075
*PT Berlian Laju Tanker Tbk........................... 431,600 59,042
*PT Branta Mulia Tbk.................................. 126,000 24,993
*PT Charoen Pokphand Tbk.............................. 210,000 59,610
*PT Dankos Laboratories............................... 472,500 54,942
*PT Gajah Tunggal Tbk................................. 1,488,000 157,756
*PT Gt Kabel Indonesia Tbk............................ 360,000 14,774
*PT Hanjaya Mandala Sampoerna Tbk..................... 910,000 2,078,932
*PT Hero Supermarket Tbk.............................. 220,000 58,687
*PT Indah Kiat Pulp & Paper Corp...................... 4,815,196 1,712,655
*PT Indocement Tunggal Prakarsa....................... 166,000 64,152
*PT Indofood Sukses Makmur............................ 42,330 46,470
*PT Indorama Synthetics Tbk........................... 535,320 102,524
*PT Jakarta International Hotel and Development Tbk... 1,590,000 119,631
*PT Kalbe Farma Tbk................................... 2,048,000 238,140
*PT Lippo Land Development Tbk........................ 386,400 29,073
*PT Mayorah Indah..................................... 577,572 59,258
*PT Modern Photo Tbk.................................. 250,000 76,949
*PT Pakuwon Jati Tbk.................................. 396,000 20,315
*PT Panasia Indosyntec Tbk............................ 403,200 37,231
*PT Polysindo Eka Perkasa Tbk......................... 2,064,000 98,824
*PT Sari Husada Tbk................................... 36,480 15,969
*PT Semen Cibinong Tbk................................ 743,400 35,594
PT Semen Gresik....................................... 457,591 682,317
*PT Summarecon Agung.................................. 258,587 13,265
PT Surya Toto Indonesia............................... 46,400 30,151
PT Tigaraksa Satria Tbk............................... 68,400 37,428
*PT Unggul Indah Corp. Tbk............................ 342,337 88,980
------------
TOTAL -- INDONESIA
(Cost $11,788,643)................................... 7,020,737
------------
HONG KONG -- (0.1%)
COMMON STOCKS -- (0.1%)
*Shangri-La Asia, Ltd.
(Cost $146,307)..................................... 177,672 208,180
------------
</TABLE>
18
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE+
------ ------
(000)
<S> <C> <C>
TEMPORARY CASH INVESTMENTS -- (2.0%)
Repurchase Agreement, Chase Manhattan Bank N.A. 5.35%,
12/01/99 (Collateralized by U.S. Treasury Notes
11.875%, 11/15/03, valued at $7,482,544) to be
repurchased at $7,331,089.
(Cost $7,330,000)................................... $ 7,330 $ 7,330,000
------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $243,707,293)++................................ $363,168,814
============
</TABLE>
<TABLE>
<C> <S>
- --------------------------------------------------------------------------------
+ See Note B to Financial Statements.
* Non-Income Producing Securities
++ The cost for federal income tax purposes is $248,068,347.
</TABLE>
See accompanying Notes to Financial Statements.
19
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<S> <C>
ASSETS:
Investments at Value (Cost of $243,707)++................... $363,169
Cash........................................................ 290
Receivable for Dividends and Interest....................... 190
Receivable for Investment Securities Sold................... 282
Other Assets................................................ 5
--------
Total Assets............................................ 363,936
--------
LIABILITIES:
Payable for Investment Securities Purchased................. 2,774
Deferred Chilean Repatriation Tax........................... 522
Accrued Expenses............................................ 210
--------
Total Liabilities....................................... 3,506
--------
NET ASSETS applicable to 17,259,804 shares outstanding $.01
par value shares (authorized 200,000,000 shares).......... $360,430
========
NET ASSET VALUE............................................. $ 20.88
========
PUBLIC OFFERING PRICE PER SHARE............................. $ 20.98
========
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $227,422
Accumulated Net Investment Loss............................. (1,401)
Undistributed Net Realized Gain............................. 15,383
Accumulated Net Realized Foreign Exchange Loss.............. (556)
Unrealized Net Foreign Exchange Gain........................ 120
Unrealized Appreciation of Investment Securities and Foreign
Currency.................................................. 119,462
--------
Total Net Assets........................................ $360,430
========
</TABLE>
- --------------
++ The cost for federal income tax purposes is $248,068.
See accompanying Notes to Financial Statements.
20
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends (Net of Foreign Taxes Withheld of $732)....... $ 5,277
Interest................................................ 528
--------
Total Investment Income............................. 5,805
--------
EXPENSES
Investment Advisory Services............................ 286
Accounting & Transfer Agent Fees........................ 340
Custodian's Fees........................................ 692
Legal Fees.............................................. 42
Audit Fees.............................................. 15
Directors' Fees and Expenses............................ 42
Shareholder Reports..................................... 37
Other................................................... 42
--------
Total Expenses...................................... 1,496
--------
NET INVESTMENT INCOME................................... 4,309
--------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY
Net Realized Gain on Investment Securities.................. 17,622
Net Realized Loss on Foreign Currency Transactions.......... (556)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.............. 126,134
Translation of Foreign Currency Denominated Amounts..... 112
--------
NET GAIN ON INVESTMENT SECURITIES AND FOREIGN
CURRENCY............................................... 143,312
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $147,621
========
</TABLE>
See accompanying Notes to Financial Statements.
21
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
YEAR YEAR
ENDED ENDED
NOV. 30, NOV. 30,
1999 1998
---------- ---------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income................................... $ 4,309 $ 3,791
Net Realized Gain on Investment Securities.............. 17,622 30,379
Net Realized Loss on Foreign Currency Transactions...... (556) (995)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.......... 126,134 (41,320)
Deferred Chilean Repatriation Tax................... -- 205
Translation of Foreign Currency Denominated
Amounts........................................... 112 (15)
-------- --------
Net Increase (Decrease) in Net Assets Resulting from
Operations........................................ 147,621 (7,955)
-------- --------
Distributions From:
Net Investment Income................................... (4,086) (7,577)
Net Realized Gain....................................... (32,605) (204)
-------- --------
Total Distributions................................. (36,691) (7,781)
-------- --------
Capital Share Transactions (1):
Capital Shares Issued................................... 22,060 9,768
Shares Issued in Lieu of Cash Distributions............. 36,691 7,781
Capital Shares Redeemed................................. (4,714) (155)
-------- --------
Net Increase from Capital Share Transactions........ 54,037 17,394
-------- --------
Total Increase...................................... 164,967 1,658
NET ASSETS
Beginning of Period..................................... 195,463 193,805
-------- --------
End of Period........................................... $360,430 $195,463
======== ========
(1) SHARE AMOUNTS:
Shares Issued........................................... 1,428 747
Shares Issued in Lieu of Cash Distributions............. 2,833 510
Shares Redeemed......................................... (258) (12)
-------- --------
4,003 1,245
======== ========
</TABLE>
See accompanying Notes to Financial Statements.
22
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30,
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.... $ 14.74 $ 16.13 $ 15.86 $ 14.77 $ 17.10
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income................. 0.22 0.31 0.33 0.26 0.28
Net Gain (Loss) on Securities
(Realized and Unrealized)........... 8.62 (1.06) 0.01 1.36 (2.29)
-------- -------- -------- -------- --------
Total from Investment Operations...... 8.84 (0.75) 0.34 1.62 (2.01)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Net Investment Income................. (0.25) (0.62) (0.05) (0.28) (0.29)
Net Realized Gain..................... (2.45) (0.02) (0.02) (0.25) (0.03)
-------- -------- -------- -------- --------
Total Distributions................... (2.70) (0.64) (0.07) (0.53) (0.32)
-------- -------- -------- -------- --------
Net Asset Value, End of Period.......... $ 20.88 $ 14.74 $ 16.13 $ 15.86 $ 14.77
======== ======== ======== ======== ========
Total Investment Return (a)............. 71.69% (4.80)% 2.12% 12.41% (11.73)%
Net Assets, End of Period (thousands)... $360,430 $195,463 $193,805 $174,469 $157,054
Ratio of Expenses to Average Net
Assets................................ 0.52% 0.64% 0.62% 0.59% 0.58%
Ratio of Expenses to Average Net Assets
(excluding waivers and assumption of
expenses)............................. 0.52% 0.64% 1.02% 0.99% 0.98%
Ratio of Net Investment Income to
Average Net Assets.................... 1.51% 2.08% 1.87% 1.64% 2.10%
Ratio of Net Investment Income to
Average Net Assets (excluding waivers
and assumption of expenses)........... 1.51% 2.08% 1.47% 1.24% 1.70%
Portfolio Turnover Rate................. 17.92% 34.84% 0.49% 0.29% 5.73%
</TABLE>
- --------------
(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 currently
only sold at a public offering price.
See accompanying Notes to Financial Statements.
23
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
NOTES TO FINANCIAL STATEMENTS
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 the 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 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 November 30, 1999.
24
<PAGE>
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. The component of net assets may be adjusted for current period
permanent book/tax differences which arose principally from differing book/tax
treatments of foreign currency and foreign taxes on capital gains. Interest
income is recorded on the accrual basis.
The Fund's investments in Chile are subject to governmental taxes on
investment income and realized capital gains. Such taxes are due when currencies
are repatriated from the country. The Fund accrues for taxes on income as income
is earned, and accrues for taxes on capital gains throughout the holding period
of the underlying securities. The cost basis used to determine the amount of
capital gains subject to such taxes is adjusted for the Consumer Price Index
(CPI) in Chile from the date such securities were purchased through the date
such securities are sold.
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. (the "Advisor") provides investment advisory
services to the Fund. For the year ended November 30, 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 year ended November 30, 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............................................... $63,924
Sales................................................... 49,380
</TABLE>
E. INVESTMENT TRANSACTIONS:
At November 30, 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.......................... $151,238
Gross Unrealized Depreciation.......................... (36,138)
--------
Net................................................ $115,100
========
</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 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 year ended November 30, 1999.
25
<PAGE>
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.
26
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Dimensional Emerging Markets Value
Fund Inc. (hereafter referred to as the "Fund"), at November 30, 1999, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities owned at November 30, 1999 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 14, 2000
27
