<PAGE>
--------------------------------------------------------------------------------
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
AND
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SEMI-ANNUAL REPORT
SIX MONTHS ENDED MAY 31, 2000
(UNAUDITED)
-------------------------------------
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
AND
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SEMI-ANNUAL REPORT
(UNAUDITED)
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
-------
<S> <C>
DFA Investment Dimensions Group Inc. -- The Emerging Markets
Value Portfolio
Statement of Assets and Liabilities..................... 1
Statement of Operations................................. 2
Statements of Changes in Net Assets..................... 3
Financial Highlights.................................... 4
Notes to Financial Statements........................... 5-6
Dimensional Emerging Markets Value Fund Inc.
Schedule of Investments................................. 7-17
Statement of Assets and Liabilities..................... 18
Statement of Operations................................. 19
Statements of Changes in Net Assets..................... 20
Financial Highlights.................................... 21
Notes to Financial Statements........................... 22-24
</TABLE>
This report is submitted for the information of the Fund's shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus.
i
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investment in the Dimensional Emerging Markets Value Fund
Inc.
(2,776,716 Shares, Cost $43,796)++ at Value............... $ 51,814
Receivable for Fund Shares Sold............................. 617
Prepaid Expenses and Other Assets........................... 29
----------
Total Assets............................................ 52,460
----------
LIABILITIES:
Payable for Investment Securities Purchased................. 617
Accrued Expenses and Other Liabilities...................... 21
----------
Total Liabilities....................................... 638
----------
NET ASSETS.................................................. $ 51,822
==========
SHARES OUTSTANDING, $.01 PAR VALUE
(Authorized 100,000,000).................................. 4,417,203
==========
NET ASSET VALUE............................................. $ 11.73
==========
PUBLIC OFFERING PRICE PER SHARE............................. $ 11.79
==========
COMPONENTS OF NET ASSETS:
Paid-In Capital............................................. $ 44,154
Accumulated Net Investment Loss............................. (160)
Accumulated Net Realized Loss of Investment Securities...... (190)
Unrealized Appreciation of Investment Securities............ 8,018
----------
Total Net Assets........................................ $ 51,822
==========
</TABLE>
--------------
++ The cost for federal income tax purposes is $44,222.
See accompanying Notes to Financial Statements.
1
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Income Distributions Received From Dimensional Emerging
Markets Value Fund Inc................................. $ 150
-------
EXPENSES
Administrative Fee...................................... 105
Accounting & Transfer Agent Fees........................ 10
Filing Fees............................................. 4
Shareholders' Reports................................... 1
Other................................................... 5
-------
Total Expenses...................................... 125
-------
NET INVESTMENT INCOME................................... 25
-------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Capital Gain Distributions Received from The DFA
Investment Trust Company............................... 2,188
Net Realized Loss on Investment Securities Sold......... (181)
Change in Unrealized Appreciation (Depreciation) of
Investment Securities.................................. (6,287)
-------
NET LOSS ON INVESTMENT SECURITIES....................... (4,280)
-------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $(4,255)
=======
</TABLE>
See accompanying Notes to Financial Statements.
2
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
MAY 31, NOV. 30,
2000 1999
----------- ---------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income................................... $ 25 $ 564
Capital Gain Distributions Received From Dimensional
Emerging Markets Value Fund Inc....................... 2,188 1,619
Net Realized Loss on Investment Securities Sold......... (181) (72)
Change in Unrealized Appreciation (Depreciation) of
Investment Securities................................. (6,287) 13,035
------- -------
Net Increase (Decrease) in Net Assets Resulting from
Operations........................................ (4,255) 15,146
------- -------
Distributions From:
Net Investment Income................................... (362) (470)
Net Realized Gains...................................... (3,689) --
------- -------
Total Distributions................................. (4,051) (470)
------- -------
Capital Share Transactions (1):
Shares Issued........................................... 19,614 25,808
Shares Issued in Lieu of Cash Distributions............. 4,049 470
Shares Redeemed......................................... (7,143) (8,315)
------- -------
Net Increase from Capital Share Transactions........ 16,520 17,963
------- -------
Total Increase...................................... 8,214 32,639
NET ASSETS
Beginning of Period..................................... 43,608 10,969
------- -------
End of Period........................................... $51,822 $43,608
======= =======
(1) SHARES ISSUED AND REDEEMED:
Shares Issued........................................... 1,449 2,548
Shares Issued in Lieu of Cash Distributions............. 303 57
Shares Redeemed......................................... (525) (726)
------- -------
1,227 1,879
======= =======
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
THE EMERGING MARKETS VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS YEAR APRIL 2
ENDED ENDED TO
MAY 31, NOV. 30, NOV. 30,
2000 1999 1998
----------- --------- ---------
(UNAUDITED)
<S> <C> <C> <C>
Net Asset Value, Beginning of $ 13.67 $ 8.37 $ 10.00
Period...........................
-------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)..... (0.42) 0.33 0.06
Net Gains (Losses) on Securities
(Realized and Unrealized)...... (0.28) 5.30 (1.69)
-------- -------- --------
Total from Investment
Operations..................... (0.70) 5.63 (1.63)
-------- -------- --------
LESS DISTRIBUTIONS
Net Investment Income............ (0.11) (0.33) --
Net Realized Gains............... (1.13) -- --
-------- -------- --------
Total Distributions.............. (1.24) (0.33) --
-------- -------- --------
Net Asset Value, End of Period..... $ 11.73 $ 13.67 $ 8.37
======== ======== ========
Total Return....................... (6.24)%# 69.99% (16.30)%#
Net Assets, End of Period
(thousands)...................... $ 51,822 $ 43,608 $ 10,969
Ratio of Expenses to Average Net
Assets (1) ...................... 0.97%* 1.05% 1.96%*
Ratio of Net Investment Income to
Average Net Assets............... 0.10%* 1.87% 3.24%*
Portfolio Turnover Rate............ N/A N/A N/A
Portfolio Turnover Rate of Master
Fund Series ..................... 21%* 18% 35%(a)
</TABLE>
--------------
* Annualized
# Non-annualized
(1) Represents the combined ratio for the Portfolio and its respective pro-rata
share of its Master Fund.
(a) Calculated for the period ended November 30, 1998.
N/A Refer to the respective Master Fund.
See accompanying Notes to Financial Statements.
4
<PAGE>
THE DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. ORGANIZATION:
DFA Investment Dimensions Group Inc. (the "Group") is an open-end management
investment company whose shares are offered, without a sales charge, generally
to institutional investors and clients of registered investment advisors. The
Group offers thirty-eight portfolios, one of which, The Emerging Markets Value
Portfolio (the "Portfolio") is included in this report. Of the remaining
portfolios, thirty-three are presented within four separate reports, and four
have not commenced operations.
The Portfolio invests all of its assets in the Dimensional Emerging Markets
Value Fund Inc. (the "Fund"). At May 31, 2000, the Portfolio owned 15% 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 components 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 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 six months ended May 31, 2000, the
Portfolio's administrative fees were accrued daily and paid monthly to the
Advisor based on an effective annual rate of 0.40% of 1% of average daily net
assets.
Certain officers of the Portfolio are also officers, directors and
shareholders of the Advisor.
5
<PAGE>
D. INVESTMENT TRANSACTIONS:
At May 31, 2000, gross unrealized appreciation and depreciation for federal
income tax purposes of investment securities was as follows (amounts in
thousands):
<TABLE>
<S> <C>
Gross Unrealized Appreciation............................... $7,592
Gross Unrealized Depreciation............................... --
------
Net....................................................... $7,592
======
</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 six months ended May 31, 2000.
F. REIMBURSEMENT FEE:
Shares of the Portfolio are sold at a public offering price which is equal
to the Portfolio's current net asset value plus a reimbursement fee of 0.50% of
such net asset value. Reimbursement fees are recorded as an addition to paid in
capital and are used to defray the costs associated with investing proceeds of
the sale of shares to investors.
6
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
SCHEDULE OF INVESTMENTS
MAY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
TURKEY -- (12.9%)
COMMON STOCKS -- (12.9%)
Akbank................................................ 191,620,158 $ 2,952,448
Akcansa Cimento Sanayi ve Ticaret A.S................. 23,360,000 397,814
Aksa.................................................. 19,303,775 688,783
Alarko Sanayii ve Ticaret A.S......................... 1,716,999 178,225
Alternatifbank A.S.................................... 60,748,665 142,864
*Altinyildiz Mensucat ve Konfeksiyan Fabrikalari
A.S................................................. 2,607,000 91,964
*Anadolu Anonim Turk Sigorta Sirketi.................. 19,500,000 150,226
Anadolu Biracilik ve Malt Gida Sanayi A.S............. 1,860,000 44,496
*Anadolu Gida Sanayi A.S.............................. 4,200,000 88,554
*Anadolu Isuzu Otomotiv Sanayi ve Ticaret A.S.
Series C............................................ 3,811,000 389,401
Aygaz................................................. 24,837,120 1,248,764
Bagfas Bandirma Gubre Fabrik.......................... 1,228,000 59,750
Bati Cimento A.S...................................... 4,666,664 107,855
*Bekoteknik Sanayi A.S................................ 11,777,305 305,621
*Bolu Cimento Sanayi A.S.............................. 32,223,061 209,047
Bossa Ticaret ve Sanayi Isletmeleri A.S............... 19,422,000 155,925
Brisa Bridgestone Sanbanci Lastik San & Tic A.S....... 9,261,000 600,808
CIMSA A.S. (Cimento Sanayi ve Ticaret)................ 18,720,000 379,519
Cimentas A.S.......................................... 3,370,360 139,391
*Dardanel Onentas..................................... 9,633,000 32,809
*Dardanel Onentas Issue 2000.......................... 6,550,440 23,373
*Doktas............................................... 4,800,000 142,076
*Eczacibasi Ilac...................................... 15,126,480 374,132
*Eczacibasi Yapi Gere................................. 2,600,000 85,392
*Eregli Demir ve Celik Fabrikalari Turk A.S........... 62,669,500 2,896,801
*Es Kisehir Bankasi Esbank............................ 20,109,361 56,261
*Finansbank........................................... 156,226,740 506,761
Goltas Cimento........................................ 3,884,000 77,167
*Good Year Lastikleri A.S............................. 9,839,812 311,200
Gubre Fabrikalari Ticaret A.S......................... 3,249,000 85,629
*Gunes Sigorta A.S.................................... 9,210,000 67,219
*Hurriyet Gazette..................................... 47,555,850 867,709
*Ihlas Finans Kurumu.................................. 13,500,000 153,267
*Ihlas Holding........................................ 11,752,000 376,441
*Izmir Demir Celik.................................... 31,979,017 178,938
Kartonsan............................................. 1,000,000 64,875
Kordsa Kord Bezi Sanayi ve Ticaret A.S................ 13,820,000 481,908
*Medya Holdings A.S. Series C......................... 33,508,000 483,678
*Milliyet Gazetecilik A.S............................. 22,195,000 154,789
*Milpa Ticari ve Sinai Urunler Pazarlama.............. 12,316,800 224,734
*Net Holding A.S...................................... 13,481,250 120,257
*Net Turizm........................................... 5,355,000 85,114
Netas Northern Electric Telekomunikasyon A.S.......... 6,718,400 915,298
*Otosan Otomobil A.S.................................. 17,950,000 1,004,387
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Peg Profilo A.S....................................... 9,480,403 $ 461,281
Pinar Entergre et ve Yem Sanayi A.S................... 4,777,000 60,432
Pinar Su Sanayi ve Ticaret A.S........................ 6,715,500 108,917
*Raks Elektroniks A.S................................. 5,859,000 47,988
*Sabah Yayincilik A.S................................. 15,969,000 142,448
Sarkuysan Elektrolitik Bakir Sanayi A.S............... 4,313,931 132,936
*Sasa Suni ve Sentetik Elyat Sanayi A.S............... 19,467,000 678,821
*Sistemieri Sanayi ve Ticaret A.S..................... 124,000 79,439
T. Tuborg Bira ve Malt Sanayi A.S..................... 4,687,500 61,581
Tat Konserve.......................................... 7,777,766 145,068
*Tekstil Bankasi A.S.................................. 21,579,978 113,750
Ticaret ve Sanayi A.S................................. 5,850,000 70,211
Tire Kutsan Oluklu Mukavvakutu ve Kagit Sanayi A.S.... 3,592,500 44,282
*Tofas Turk Otomobil Fabrikasi A.S.................... 82,554,589 1,379,101
Trakya Cam Sanayii A.S................................ 63,246,814 830,886
*Turk Demir Dokum..................................... 18,599,884 280,550
*Turk Dis Ticaret Bankasi A.S......................... 107,900,000 297,501
Turk Siemens Kablo ve Elektrik Sanayi A.S............. 1,260,000 171,659
*Turk Sise Cam........................................ 85,237,879 1,064,488
Turkiye Is Bankasi A.S. Series C...................... 431,200,000 11,888,997
*USAS (Ucak Servisi A.S.)............................. 60,000 64,226
*Unye Cimento Sanayi ve Ticaret A.S................... 5,364,860 39,590
*Uzel Makina Sanayi A.S............................... 18,009,000 292,084
*Yapi ve Kredi Bankasi A.S............................ 693,385,623 8,546,847
Yasas A.S............................................. 3,053,750 56,957
Yatak ve Vorgan Sanayi ve Ticaret Yatas............... 2,620,800 44,649
------------
TOTAL COMMON STOCKS
(Cost $12,571,316)................................... 45,206,359
------------
RIGHTS/WARRANTS -- (0.0%)
*Unye Cimento Sanayi ve Ticaret A.S. Rights 06/29/00
(Cost $0)........................................... 3,100,000 1,409
------------
TOTAL -- TURKEY
(Cost $12,571,316)................................... 45,207,768
------------
</TABLE>
<TABLE>
MALAYSIA -- (10.6%)
COMMON STOCKS -- (10.6%)
<CAPTION>
------ ------
<S> <C> <C>
AMMB Holdings Berhad.................................. 260,818 1,077,590
*APM Automotive Holdings Berhad....................... 99,750 63,000
*Advance Synergy Berhad............................... 81,000 21,955
Affin Holdings Berhad................................. 667,000 435,305
Amsteel Corp. Berhad.................................. 198,000 40,121
Ancom Berhad.......................................... 115,000 94,421
Antah Holding Berhad.................................. 306,000 125,621
*Aokam Perdana Berhad................................. 1,066 1,599
*Arab Malaysia Corp. Berhad........................... 205,000 188,816
*Arab Malaysia Finance Berhad......................... 207,000 258,205
Arab Malaysian Development Berhad..................... 309,000 57,734
*Asas Dunia Berhad.................................... 122,000 57,790
*Asia Pacific Land Berhad............................. 700,000 134,474
Asiatic Development Berhad............................ 117,000 39,718
Austral Enterprises Berhad............................ 169,000 161,884
</TABLE>
7
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Ayer Hitam Planting Syndicate Berhad.................. 27,000 $ 36,237
Bandar Raya Developments Berhad....................... 568,000 330,337
Batu Kawan Berhad..................................... 154,000 171,021
Berjaya Capital Berhad................................ 163,000 72,492
Berjaya Land Berhad................................... 74,000 27,653
Berjaya Singer Berhad................................. 32,400 15,859
Bolton Properties Berhad.............................. 145,000 88,145
Boustead Holdings Berhad.............................. 293,000 300,711
British American Tobacco Berhad....................... 10,000 86,842
Cahya Mata Sarawak Berhad............................. 460,000 426,105
Chin Teck Plantations Berhad.......................... 54,000 100,895
Cold Storage (Malaysia) Berhad........................ 80,000 56,211
Commerce Asset Holding Berhad......................... 552,000 1,583,368
Cycle & Carriage Bintang Berhad....................... 95,000 175,000
DCB Sakura Merchant New Shares........................ 6,150 5,017
DMIB Berhad........................................... 24,000 7,074
DNP Holdings Berhad................................... 166,000 54,605
*Damansara Realty Berhad.............................. 391,000 37,557
*Datuk Keramik Holdings Berhad........................ 127,000 54,142
*Diversified Resources Berhad......................... 167,000 129,205
Edaran Otomobil Nasional Berhad....................... 264,000 1,042,105
*Faber Group Berhad................................... 340,600 49,297
Far East Holdings Berhad.............................. 54,000 38,795
*Gadek (Malaysia) Berhad.............................. 82,000 56,753
*General Corp. Berhad................................. 178,000 43,329
Genting Berhad........................................ 112,500 420,395
Gold Coin (Malaysia) Berhad........................... 40,000 61,579
Golden Hope Plantations Berhad........................ 159,000 166,532
*Golden Plus Holdings Berhad.......................... 77,000 62,005
*Gula Perak Berhad.................................... 250,000 84,868
Guthrie Ropel Berhad.................................. 148,000 159,684
Hap Seng Consolidated Berhad.......................... 179,000 131,895
Hicom Holdings Berhad................................. 1,216,000 534,400
Highlands and Lowlands Berhad......................... 99,000 82,847
Hock Hua Bank Berhad (Foreign)........................ 94,000 191,711
Hong Leong Bank Berhad................................ 831,000 1,443,316
Hong Leong Credit Berhad.............................. 522,447 934,905
Hong Leong Industries Berhad.......................... 261,000 886,026
Hong Leong Properties Berhad.......................... 546,000 237,079
Hume Industries (Malaysia) Berhad..................... 289,000 387,868
Hwang-DBS (Malaysia) Berhad........................... 193,000 215,347
IGB Corp. Berhad...................................... 555,000 238,066
IJM Corp. Berhad...................................... 511,000 500,242
*Idris Hydraulic (Malaysia) Berhad.................... 484,000 91,068
*Innovest Berhad...................................... 228,000 29,700
*Insas Berhad......................................... 664,000 155,516
*Intria Berhad........................................ 910,000 308,921
Island & Peninsular Berhad............................ 269,000 233,605
*Johan Holdings Berhad................................ 73,000 18,058
Johor Port Berhad..................................... 323,000 144,500
Johore Tenggara Oil Palm Berhad....................... 97,000 48,245
Keck Seng (Malaysia) Berhad........................... 188,000 104,390
Kelang Container Terminal Berhad...................... 30,000 30,000
*Kretam Holdings Berhad............................... 25,000 12,434
Kuala Lumpur Kepong Berhad............................ 117,000 158,566
Kuala Sidim Berhad.................................... 145,000 215,592
Kulim Malaysia Berhad................................. 181,000 143,847
*Land - General Berhad................................ 266,000 94,500
Landmarks Berhad...................................... 244,000 74,484
*Larut Consolidated Berhad............................ 110,000 34,447
*Leader Universal Holdings Berhad..................... 427,333 163,061
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Lien Hoe Corp. Berhad................................ 211,000 $ 42,200
Lingui Development Berhad............................. 570,000 471,000
Lion Land Berhad...................................... 462,375 104,034
*MBF Holdings Berhad.................................. 837,000 45,154
MUI Properties Berhad................................. 724,000 135,274
Malayan Banking Berhad................................ 664,000 2,830,737
Malayan Cement Berhad................................. 67,500 24,868
*Malayan United Industries Berhad..................... 291,200 65,520
Malayawata Steel Berhad............................... 92,000 42,368
Malaysia Building Society Berhad...................... 263,000 101,047
*Malaysia Industrial Development Finance Berhad....... 743,000 263,961
Malaysia Mining Corp. Berhad.......................... 1,204,000 633,684
Malaysian Airlines System............................. 1,003,000 939,653
*Malaysian Helicopter Services Berhad................. 676,000 238,379
Malaysian Mosaics Berhad.............................. 286,000 233,316
*Malaysian Resources Corp. Berhad..................... 1,126,333 912,923
Maruichi Malaysia Steel Tube Berhad................... 92,000 146,474
Matsushita Electric Co. (Malaysia) Berhad............. 6,000 28,421
Metroplex Berhad...................................... 817,000 189,200
*Mulpha International Berhad.......................... 1,069,000 195,514
New Straits Times Press (Malaysia) Berhad............. 154,000 462,000
Nylex (Malaysia) Berhad............................... 219,500 162,892
OSK Holdings.......................................... 422,666 333,684
*Olympia Industries Berhad............................ 122,000 13,805
Oriental Holdings Berhad.............................. 53,760 120,960
PJ Development Holdings Berhad........................ 136,000 45,095
Pan Pacific Asia Berhad............................... 100,000 37,368
Peladang Kimia Berhad................................. 25,000 16,513
Perlis Plantations Berhad............................. 529,000 668,211
Pernas International Holdings Berhad.................. 757,000 252,997
Perusahaan Otomobil Nasional Berhad................... 781,000 1,099,566
Pilecon Engineering Berhad............................ 210,000 57,474
Prime Utilities Berhad................................ 46,000 34,137
*Promet Berhad........................................ 140,000 10,684
Public Finance Berhad................................. 386,000 428,663
RHB Capital Berhad.................................... 123,000 160,547
RJ Reynolds Berhad.................................... 43,000 58,276
Resorts World Berhad.................................. 78,000 244,263
Road Builders (Malaysia) Holdings Berhad.............. 162,000 215,289
SCB Developments Berhad............................... 58,000 96,158
SP Settia Berhad...................................... 74,000 158,711
Sarawak Enterprise Corp. Berhad....................... 1,510,000 965,605
Sarawak Oil Palms Berhad.............................. 93,000 61,674
Selangor Dredging Berhad.............................. 84,000 15,916
*Selangor Properties Berhad........................... 402,000 275,053
Shell Refining Co. Federation of Malaysia Berhad...... 48,000 57,095
*Silverstone Berhad................................... 6,930 0
Sime Darby Berhad (Malaysia).......................... 355,980 460,900
Sime UEP Properties Berhad............................ 66,000 87,711
Southern Bank Berhad (Foreign)........................ 311,250 249,000
*Southern Steel Berhad................................ 330,000 159,789
*Sungei Way Holdings Berhad........................... 394,000 213,589
*Sunway City Berhad................................... 294,000 134,621
Ta Enterprise Berhad.................................. 752,000 300,800
Talam Corp. Berhad.................................... 152,000 52,000
Tan & Tan Developments Berhad......................... 374,000 169,284
</TABLE>
8
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Tan Chong Motor Holdings Berhad....................... 665,000 $ 294,000
Telekom Malaysia Berhad............................... 235,000 859,605
Tenaga Nasional Berhad................................ 502,000 1,836,263
*Time Engineering Berhad.............................. 282,000 271,611
*Tongkah Holdings Berhad.............................. 84,000 55,263
Tractors Malaysia Holdings Berhad..................... 214,000 135,158
Tradewinds (Malaysia) Berhad.......................... 189,000 138,766
Tronoh Mines Malaysia Berhad.......................... 32,000 64,842
UMW Holdings Berhad................................... 380,666 791,385
*United Engineering (Malaysia) Berhad................. 87,000 231,237
United Malacca Rubber Estates Berhad.................. 102,000 147,632
*United Merchant Group Berhad......................... 307,000 119,568
*Warisan TC Holdings Berhad........................... 33,250 19,250
Yeo Hiap Seng (Malaysia) Berhad....................... 59,000 37,263
------------
TOTAL COMMON STOCKS
(Cost $21,426,781)................................... 37,072,587
------------
RIGHTS/WARRANTS -- (0.0%)
*Affin Holdings Berhad Rights 06/05/00................ 333,500 67,578
*IJM Corporation Berhad Warrants 08/28/04............. 102,200 32,274
*Mulpha International Berhad Rights 06/27/00.......... 356,333 9,377
------------
TOTAL RIGHTS/WARRANTS
(Cost $8,149)........................................ 109,229
------------
TOTAL -- MALAYSIA
(Cost $21,434,930)................................... 37,181,816
------------
</TABLE>
<TABLE>
ISRAEL -- (9.3%)
COMMON STOCKS -- (9.3%)
<CAPTION>
------ ------
<S> <C> <C>
Ackerstein Industries, Ltd............................ 41,800 56,043
*Ackerstein ZVI....................................... 383 8,665
*Ackerstein ZVI....................................... 106 609
*Africa-Israel Investments, Ltd....................... 6,765 711,028
*Africa-Israel Investments, Ltd....................... 150 151,910
Agis Industries (1983), Ltd........................... 49,100 401,445
American Israeli Paper Mills, Ltd..................... 5,100 321,130
*Ashtrom Properties, Ltd.............................. 171,400 108,745
Azorim Investment Development & Construction Co.,
Ltd................................................. 36,900 358,326
Azorim Properties, Ltd................................ 52,000 118,272
Bank Hapoalim B.M..................................... 1,426,700 4,098,908
Bank Leumi Le-Israel.................................. 2,044,650 4,454,661
Bank of Jerusalem..................................... 71,150 53,488
CLAL Electronics Industries, Ltd...................... 3,910 836,890
CLAL Industries, Ltd.................................. 151,300 1,626,445
Clal Israel, Ltd...................................... 36,220 1,463,778
Delek Israel Fuel Corp., Ltd. Series C................ 3,872 273,471
Delta Galil Industries, Ltd........................... 7,800 163,402
*Discount Mortgage Bank, Ltd.......................... 2,057 162,518
*Elbit Medical Imaging................................ 37,133 354,810
Elbit Systems, Ltd.................................... 16,533 225,622
*Elbit, Ltd........................................... 24,733 247,403
Elco Industries (1975)................................ 12,111 99,397
*Electrochemical Industries (1952), Ltd............... 48,800 62,507
Elite Industries, Ltd................................. 10,080 516,692
Elron Electronic Industries, Ltd...................... 20,066 658,668
FMS Enterprises Migun................................. 6,700 116,938
Feuchtwanger Industries............................... 2,800 67,372
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
First International Bank of Israel.................... 78,000 $ 547,163
First International Bank of Israel, Ltd............... 374,800 540,195
*Formula Systems...................................... 8,000 410,456
Granite Hacarmel Investments, Ltd..................... 142,500 225,171
*Hadar Insurance Co., Ltd............................. 40,755 116,504
IDB Bankholding Corp., Ltd............................ 47,200 1,722,191
IDB Development Corp., Ltd. Series A.................. 52,550 2,214,316
Israel Chemicals, Ltd................................. 1,237,000 1,563,716
Israel Cold Storage & Supply Co., Ltd................. 7,000 33,502
Israel Corp. Series B................................. 800 616,737
*Israel General Bank, Ltd............................. 4,400 172,763
Israel Land Development Co., Ltd...................... 49,100 504,422
Israel Petrochemical Enterprises, Ltd................. 51,516 277,510
*Israel Steel Mills, Ltd.............................. 97,000 10,451
*Kardan International, Ltd............................ 38,052 157,881
Koor Industries, Ltd.................................. 15,805 1,548,026
*M.A.Industries, Ltd.................................. 227,355 490,437
*Middle East Tube Co.................................. 46,200 43,138
*Mishkan Hapoalim Mortgage Bank, Ltd. Series B........ 2,315 459,473
*Mul-t-lock, Ltd...................................... 23,850 129,847
OCIF Investments and Development, Ltd................. 3,380 113,292
*Ormat Industries..................................... 79,500 228,403
Osem Investment, Ltd.................................. 61,856 402,814
*Otzar Hashilton Hamekomi, Ltd........................ 1,050 70,942
*Packer Plada, Ltd.................................... 1,677 59,904
*Polgat Industries, Ltd. Series B..................... 21,900 105,127
Property and Building Corp., Ltd...................... 4,261 353,993
*Red Sea Hotels, Ltd.................................. 21,300 91,792
*Secom................................................ 60,500 46,351
*Shekem, Ltd.......................................... 345,765 77,567
Super-Sol, Ltd. Series B.............................. 191,937 673,210
Tambour............................................... 105,400 187,240
Team Computer & Systems, Ltd.......................... 2,800 208,484
Tefahot Israel Mortgage Bank, Ltd..................... 600 365,015
*Urdan Industries, Ltd................................ 86,800 126,766
Ytong Industries, Ltd................................. 76,300 128,968
*Zur Shamir Insurance Co., Ltd........................ 62,779 35,772
------------
TOTAL COMMON STOCKS
(Cost $22,231,334)................................... 32,778,682
------------
INVESTMENT IN CURRENCY -- (0.0%)
*Israel Shekel
(Cost $862)......................................... 837
------------
TOTAL -- ISRAEL
(Cost $22,232,196)................................... 32,779,519
------------
</TABLE>
<TABLE>
BRAZIL -- (9.0%)
PREFERRED STOCKS -- (5.7%)
<CAPTION>
------ ------
<S> <C> <C>
*Acesita SA........................................... 317,160,696 205,010
Aracruz Celulose SA Series B.......................... 1,265,999 2,115,177
Banco Bradesco SA..................................... 142,577,592 961,441
Banco do Brasil SA.................................... 56,145,862 243,281
Banco do Estado de Sao Paulo SA....................... 28,280,000 836,695
Bombril SA............................................ 39,700,000 243,569
Brasiliero de Petroleo Ipiranga....................... 55,200,000 574,521
Caemi Mineracao e Metalurgia SA....................... 3,800,000 326,811
Ceval Alimentos SA.................................... 23,500,000 44,412
Cimento Portland Itau................................. 2,600,000 313,335
</TABLE>
9
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Confab Industrial SA.................................. 166,000 $ 91,842
Copene-Petroquimica do Nordeste SA Series A........... 2,580,000 848,006
Distribuidora de Produtos Petreleo Ipirangi SA........ 4,000,000 49,301
Duratex SA............................................ 10,610,000 264,448
*Embratel Participacoes SA............................ 1,389,166 28,985
Globex Utilidades SA.................................. 20,000 150,642
IKPC SA (Industrias Klabin de Papel e Celulose)....... 1,188,531 1,009,150
*Inepar Energia SA.................................... 15,029 5
*Inepar SA Industria e Construcoes.................... 78,960,001 153,982
*Inepar-Fem Equipamentos e Montagem SA................ 18,636 868
Investimentos Itau SA................................. 1,140,415 930,813
Lojas Americanas SA................................... 5,788,631 12,620
*Mahle Cofap Aneis SA................................. 14,250 32,590
Metalurgica Gerdau SA................................. 32,200,000 687,914
Mineracao da Trinidade Samitri........................ 19,000,000 614,072
*Paranapanema SA...................................... 9,588,000 17,437
Refinaria de Petroleo Ipiranga SA..................... 11,000,000 129,612
Ripasa SA Papel e Celulose............................ 140,000 82,826
Sadia Oeste SA Inclusttia e Comercio Soes............. 308,282 151,986
Sao Carlos Empreendimentos e Participacoes SA......... 5,788,631 11,733
*Seara Alimentos...................................... 23,500,000 9,784
Siderurgica Belgo-Mineira............................. 4,972,631 427,633
Siderurgica de Tubarao Sid Tubarao.................... 78,270,000 1,008,431
Tele Celular Sul Participacoes SA..................... 1,389,166 4,642
Tele Centro Oeste Celular Participacoes SA............ 1,389,166 4,695
Tele Centro-Sul Participacoes......................... 1,389,166 16,817
Tele Leste Celular Participacoes SA................... 1,782,724 1,445
Tele Norte Celular Participacoes SA................... 1,389,166 1,278
Tele Norte Leste Participacoes SA..................... 7,406,493 145,248
*Telemig Celular Participacoes SA..................... 1,389,166 4,048
Telenordeste Celular Participacoes SA................. 1,389,166 3,676
Telesp Celular Participacoes.......................... 1,389,246 21,270
Telesp Participacoes SA............................... 1,389,166 35,005
Telesudeste Celular Participacoes SA.................. 1,389,166 11,886
*Trikem S.A........................................... 48,700,000 96,038
USIMINAS (Usinas Siderurgicas de Minas Gerais SA)..... 41,925 183,728
Uniao des Industrias Petroquimicas SA Series B........ 448,000 235,593
*Usinas Siderurgicas de Minas Gerais SA............... 6,900,000 18,899
*Vale do Rio Doce Preferred B Shares.................. 239,144 0
Vale do Rio Doce Series A............................. 239,144 5,934,322
Votorantim Celulose e Papel SA........................ 26,200,000 832,420
------------
TOTAL PREFERRED STOCKS
(Cost $9,413,850).................................... 20,129,942
------------
COMMON STOCKS -- (3.3%)
Embraco SA............................................ 342,000 152,685
*Embratel Participacoes............................... 50,000,000 818,945
Gerdau SA............................................. 175,000,000 1,988,201
Lojas Americanas SA................................... 9,026,162 18,789
*Mannesmann SA........................................ 378,000 24,847
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Sao Carlos Empreendimentos e Participacoes SA......... 9,026,162 $ 19,728
Siderurgica Nacional Sid Nacional..................... 117,500,000 3,861,913
Souza Cruz Industria e Comercio....................... 150,016 825,880
Tele Celular Sul Participacoes........................ 50,000,000 128,457
Tele Centro Oeste Celular Participacoes............... 50,000,000 152,012
*Tele Centro Sul Participacoes SA..................... 50,000,000 449,735
Tele Leste Celular Participacoes...................... 64,165,269 52,724
Tele Norte Celular Participacoes...................... 50,000,000 41,358
Tele Norte Leste Participacoes........................ 50,000,000 786,077
Tele Sudeste Celular Participacoes.................... 50,000,000 213,638
*Telemig Celular Participacoes........................ 50,000,000 120,514
Telenordeste Celular Participacoes.................... 50,000,000 114,488
Telesp Celular Participacoes SA....................... 50,003,317 814,890
Telesp Participacoes SA............................... 50,000,000 755,949
Unibanco Unias de Bancos Brasileiros SA............... 2,000,000 48,205
VSMA (Cia Vidraria Santa Marina)...................... 121,000 146,484
------------
TOTAL COMMON STOCKS
(Cost $4,945,341).................................... 11,535,519
------------
RIGHTS/WARRANTS -- (0.0%)
*Metalurgica Gerdau SA Rights 09/30/99................ 14 0
*Siderurgica Belgo-Mineira Rights 06/23/00............ 38 0
*Tele Norte Leste Participacoes SA Preferred Rights
06/06/00............................................ 9,363 27
*Tele Norte Leste Participacoes SA Rights 06/06/00.... 63,635 157
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 184
------------
TOTAL -- BRAZIL
(Cost $14,359,191)................................... 31,665,645
------------
</TABLE>
<TABLE>
GREECE -- (9.0%)
COMMON STOCKS -- (8.9%)
<CAPTION>
------ ------
<S> <C> <C>
Aegek................................................. 71,330 668,590
Aktor S.A............................................. 114,738 1,165,478
Alcatel Cables Hellas S.A............................. 11,490 253,035
*Alfa-Beta Vassilopoulos S.A.......................... 31,500 623,028
Alpha Credit Bank..................................... 68,316 2,874,473
*Alpha Leasing........................................ 83,930 1,435,915
Alte Technological Company............................ 42,400 596,427
Aluminum of Attica S.A................................ 164,000 1,311,476
*Attica Enterprises S.A. Holdings..................... 187,080 2,281,400
Delta Dairy S.A....................................... 93,619 1,579,774
Edrassi C. Psallidas S.A.............................. 33,026 425,473
*Etba Leasing S.A..................................... 28,633 414,200
General Hellenic Bank................................. 59,302 1,539,400
Hellas Can Packaging Manufacturers S.A................ 31,000 994,164
Hellenic Cables S.A................................... 31,420 450,624
*Hellenic Sugar Industry S.A.......................... 83,080 1,401,933
Hellenic Technodomiki S.A............................. 50,140 1,207,710
*Heracles General Cement Co........................... 17,750 434,625
Klonatex S.A.......................................... 62,800 915,368
Lavipharm S.A......................................... 80,850 585,337
Light Metals Industry................................. 21,900 255,913
*M.Travlos Br. Com. & Constr. Co. S.A................. 21,740 135,849
</TABLE>
10
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Maillis (M.J.) S.A.................................... 144,800 $ 2,004,965
*Michaniki S.A........................................ 81,670 787,990
National Investment Bank for Industrial Development... 74,400 1,944,636
*Petzetakis S.A....................................... 73,754 701,462
Selected Textile Industry Assoc. S.A.................. 132,720 847,607
*Shelman.............................................. 92,025 832,169
Silver & Baryte Ores Mining Co. S.A................... 30,842 960,230
Strintzis Shipping Lines S.A.......................... 93,800 777,212
*Tiletipos S.A........................................ 56,250 925,975
------------
TOTAL COMMON STOCKS
(Cost $20,553,403)................................... 31,332,438
------------
RIGHTS/WARRANTS -- (0.1%)
*Aktor S.A. Rights 06/30/00
(Cost $0)........................................... 88,260 270,414
------------
PREFERRED STOCKS -- (0.0%)
*Egnatia Bank S.A.
(Cost $38,539)...................................... 2,906 25,079
------------
TOTAL -- GREECE
(Cost $20,591,942)................................... 31,627,931
------------
</TABLE>
<TABLE>
MEXICO -- (8.4%)
COMMON STOCKS -- (8.4%)
<CAPTION>
------ ------
<S> <C> <C>
*Altos Hornos de Mexico S.A........................... 118,000 34,193
Apasco S.A. de C.V.................................... 57,000 323,743
Cementos de Mexico S.A. de C.V. Series B.............. 382,240 1,620,218
*Cintra S.A. de C.V................................... 85,000 43,807
*Coca Cola Femsa S.A. de C.V. Series L................ 106,000 166,121
*Consorcio Hogar S.A. de C.V. Series B................ 27,000 13,063
Controladora Comercial Mexicana S.A. de C.V.
Series B............................................ 816,000 712,362
*Corporacion Geo S.A. de C.V. Series B................ 27,000 46,801
Desc S.A. de C.V. Series B............................ 950,000 569,549
El Puerto de Liverpool S.A. Series 1.................. 20,000 34,709
El Puerto de Liverpool S.A. Series C1................. 328,600 622,117
*Empaques Ponderosa S.A. de C.V. Series B............. 90,000 39,711
*Empresas ICA Sociedad Controladora S.A. de C.V....... 516,600 156,487
*Empresas la Moderna S.A. de C.V. Series A............ 195,885 1,042,519
*Fomento Economico Mexicano Series B & D.............. 488,000 1,847,799
*Gruma S.A. de C.V. Series B.......................... 285,250 333,628
*Grupo Carso S.A. de C.V. Series A-1.................. 271,000 826,608
Grupo Cementos de Chihuahua S.A. de C.V. Series B..... 266,000 163,950
Grupo Corvi S.A. de C.V. Series L..................... 284,000 77,665
*Grupo Financiero Banamex Accival S.A. de C.V.
Series L............................................ 42,607 120,998
*Grupo Financiero Banamex Accival S.A. de C.V.
Series O............................................ 778,000 2,540,818
*Grupo Financiero Bancomer S.A. de C.V. Series L...... 29,259 14,464
*Grupo Financiero Bancomer S.A. de C.V. Series O...... 4,774,000 2,450,386
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Grupo Financiero BBV Probursa S.A. de C.V.
Series B............................................ 3,001,000 $ 299,862
*Grupo Financiero del Norte S.A. Series C............. 400,000 542,728
*Grupo Financiero GBM Atlantico S.A. de C.V.
Series L............................................ 980 0
*Grupo Financiero GBM Atlantico S.A. de C.V.
Series L............................................ 149,000 0
*Grupo Financiero Inbursa Series O.................... 9,455 31,077
*Grupo Financiero Serfin S.A. de C.V. Series B........ 290,383 14,966
*Grupo Gigante S.A. de C.V. Series A.................. 314,453 479,574
Grupo Herdez S.A. de C.V. Series B.................... 229,000 77,076
Grupo Industrial Alfa S.A. Series A................... 506,264 1,381,805
Grupo Industrial Maseca S.A. de C.V. Series B......... 781,000 369,654
*Grupo Mexico S.A. de C.V. Series B................... 501,000 1,707,320
*Grupo Posadas S.A. de C.V. Series L.................. 316,000 159,537
*Grupo Televisa S.A. (Certificate Representing
Series A, Series D & Series L)...................... 620,000 1,741,146
*Grupo Tribasa S.A. de C.V............................ 145,000 14,489
*Hylsamex S.A. de C.V. Series B....................... 206,000 379,606
Industrias Bachoco S.A. de C.V. (Certificate
Representing Series B and Series L)................. 80,000 96,850
Industrias Penoles S.A. de C.V........................ 312,000 690,779
*Industrias S.A. de C.V. Series B..................... 61,000 158,474
*Pepsi-Gemex S.A. de C.V.............................. 20,000 15,987
*Sanluis Corporacion S.A. de C.V.(Certificates
representing 1 share Series B, 1 share Series C & 1
share Series D)..................................... 63,000 98,467
Telefonos de Mexico S.A. Series L..................... 2,560,000 6,246,838
Tubos de Acero de Mexico S.A.......................... 58,000 768,654
Vitro S.A............................................. 251,400 295,115
------------
TOTAL -- MEXICO
(Cost $25,327,905)................................... 29,371,720
------------
</TABLE>
<TABLE>
ARGENTINA -- (7.5%)
COMMON STOCKS -- (7.5%)
<CAPTION>
------ ------
<S> <C> <C>
*Acindar Industria Argentina de Aceros SA Series B.... 1,261,067 1,090,899
*Alpargatas SA Industrial y Comercial................. 6,363 51,334
*Astra Cia Argentina de Petroleos SA.................. 1,393,000 3,635,985
*Atanor Cia Nacional para la Industria Quimica SA
Series D............................................ 308,971 171,491
Banco de Galicia y Buenos Aires SA Series A........... 334,774 1,248,795
*Banco del Sud Sociedad Anonima Series B.............. 310,563 450,348
Banco Suquia SA....................................... 327,868 396,748
*Buenos Aires Embotelladora SA Series B............... 250 1,230
*Capex SA Series A.................................... 112,194 622,720
*Celulosa Argentina SA Series B....................... 21,687 3,188
Central Costanera SA Series B......................... 261,000 490,714
*Central Puerto SA Series B........................... 161,000 246,347
Cresud SA Comercial Industrial Financiera y
Agropecuaria........................................ 504,615 439,046
DYCASA SA (Dragados y Construcciones Argentina)
Series B............................................ 55,000 73,155
</TABLE>
11
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Garovaglio y Zorraquin SA............................ 65,800 $ 53,302
IRSA Inversiones y Representaciones SA................ 626,135 1,540,400
*Indupa SA Industrial y Comercial..................... 1,334,322 887,386
*Juan Minetti SA...................................... 286,573 372,571
*Ledesma SA........................................... 460,539 257,920
Metrogas SA Series B.................................. 176,000 151,371
*Molinos Rio de la Plata SA Series B.................. 307,214 525,373
Nobleza-Piccardo Sdad Industrial Comercial y
Financiera Pica..................................... 68,200 194,384
*Polledo SA Industrial y Constructora y Financiera.... 50,000 30,002
*Renault Argentina SA................................. 1,105,834 707,783
Siderar SAIC Series A................................. 192,181 493,940
Siderca SA Series A................................... 3,100,532 5,767,393
*Sociedad Comercial del Plata......................... 1,841,410 322,269
*Sol Petroleo SA...................................... 173,000 55,364
Telecom Argentina Stet-France SA Series B............. 476,600 2,354,569
Telefonica de Argentina SA Series B................... 1,183,000 3,904,173
------------
TOTAL COMMON STOCKS
(Cost $23,031,574)................................... 26,540,200
------------
INVESTMENT IN CURRENCY -- (0.0%)
*Argentine Peso
(Cost $121)......................................... 121
------------
TOTAL -- ARGENTINA
(Cost $23,031,695)................................... 26,540,321
------------
</TABLE>
<TABLE>
SOUTH KOREA -- (7.3%)
COMMON STOCKS -- (7.3%)
<CAPTION>
------ ------
<S> <C> <C>
*A-Nam Industrial Co., Ltd............................ 24,159 296,239
*Asia Banking Corp. Seoul, Korea...................... 18,830 20,672
Asia Cement Manufacturing Co., Ltd.................... 5,730 43,121
*Asia Paper Manufacturing Co., Ltd.................... 5,010 19,428
BYC Co., Ltd.......................................... 810 33,275
*Bank of Che Ju....................................... 2,250 2,729
*Bank of Pusan........................................ 78,882 115,582
Boo Kook Securities Co., Ltd.......................... 17,385 79,883
*Boram Securities Co., Ltd............................ 25,025 119,641
*Boryung Pharmaceutical Co, Ltd....................... 2,150 19,035
*Byuck San Engineering and Construction Co., Ltd...... 730 1,467
Cheil Industrial, Inc................................. 65,114 367,221
*Cho Kwang Leather Co., Ltd........................... 4,860 16,243
*Choil Aluminium Mfg. Co., Ltd........................ 5,770 22,426
Chon Bang Co., Ltd.................................... 2,520 39,044
*Choongnam Spinning Co., Ltd.......................... 11,910 13,022
Chosun Brewery Co., Ltd............................... 14,090 455,321
*Chosun Refractories Co., Ltd......................... 3,320 21,898
*Dae Chang Industrial Co.............................. 6,170 23,271
*Dae Dong Industrial Co., Ltd......................... 3,930 20,529
*Dae Han Fire & Marine Insurance Co., Ltd............. 4,070 17,008
*Daegu Bank Co., Ltd.................................. 148,102 279,945
Daehan Flour Mills Co., Ltd........................... 800 28,473
Daehan Synthetic Fiber Co., Ltd....................... 2,000 52,235
*Daelim Industrial Co., Ltd........................... 44,130 188,319
*Daesung Industrial Co., Ltd.......................... 4,820 59,316
*Daewoo Corp.......................................... 195,720 46,786
*Daewoo Electronic Components Co., Ltd................ 11,310 41,455
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Daewoo Electronics Co., Ltd.......................... 85,420 $ 41,973
*Daewoo Motor Sales Corp.............................. 27,520 58,232
*Daewoo Securities Co., Ltd........................... 86,025 354,153
*Daewoo Telecom Co., Ltd.............................. 14,765 23,203
*Daewoong Pharmaceutical Co., Ltd..................... 8,560 72,754
*Daeyu Regent Securities Co., Ltd..................... 57,700 181,861
*Dai Han Paint & Ink Manufacturing Co., Ltd........... 2,150 24,745
Daishin Securities Co., Ltd........................... 55,991 413,922
Dong Ah Tire Industrial Co., Ltd...................... 2,160 38,438
*Dong Bang Forwarding Co., Ltd........................ 3,490 18,076
*Dong IL Rubber Belt Co., Ltd......................... 970 26,880
*Dong Sung Co., Ltd................................... 12,880 2,509
*Dong Wha Pharmaceutical Industries Co................ 5,017 40,020
*Dong-Ah Construction Industrial Co., Ltd............. 27,536 40,225
Dongbu Steel Co., Ltd................................. 21,798 56,159
Dong-Il Corp.......................................... 4,205 46,536
*Dongkook Industries Co., Ltd......................... 1,620 32,988
Dongkuk Steel Mill Co., Ltd........................... 105,352 238,779
*Dongsung Chemical Industries......................... 3,770 25,033
*Dongwon Industries Co., Ltd.......................... 6,980 49,438
Dongwon Securities Co., Ltd........................... 84,294 686,591
*Doosan Construction & Engineering Co., Ltd........... 38,801 78,667
*Eagon Industrial Co., Ltd............................ 3,670 16,246
*First Fire & Marine Insurance Co., Ltd............... 3,660 14,420
*Global and Yuasa Battery............................. 11,600 22,081
*Global Enterprise Co., Ltd........................... 22,500 38,048
*HS R&A Co., Ltd...................................... 4,980 21,009
*Han Dok Pharmaceuticals Co., Ltd..................... 1,090 23,788
Han Il Cement Manufacturing Co., Ltd.................. 9,505 120,338
*Han Kook Titanium Industry Co., Ltd.................. 1,008 4,185
*Han Wha Energy Co., Ltd.............................. 22,910 45,637
*Hana Bank............................................ 17,632 92,258
*Hanil Construction Co., Ltd.......................... 6,590 21,996
*Hanil Iron & Steel Co., Ltd.......................... 2,700 21,155
*Hanil Securities Co., Ltd............................ 46,583 143,110
Hanjin Shipping Co., Ltd.............................. 74,836 230,570
*Hankook Caprolactam Corp............................. 10,300 45,413
*Hankook Core Co., Ltd................................ 6,600 20,977
Hankook Cosmetics..................................... 30,000 30,810
Hankook Tire Manufacturing Co., Ltd................... 136,030 264,352
Hankuk Glass Industries, Inc.......................... 9,980 87,916
*Hankuk Paper Manufacturing Co., Ltd.................. 3,100 22,945
Hansol Chemical Co., Ltd.............................. 12,467 49,449
Hansol Paper Co., Ltd................................. 45,534 213,661
*Hanwha Chemical Corp................................. 47,450 147,034
*Heesung Cable, Ltd................................... 3,660 15,392
*Hwa Sung Industrial Co............................... 8,300 20,649
Hyundai Cement Co., Ltd............................... 5,185 21,277
*Hyundai Department Store Co., Ltd.................... 25,910 153,694
*Hyundai Engineering & Construction Co., Ltd.......... 174,893 531,879
*Hyundai Fire & Marine Insurance Co., Ltd............. 7,420 57,153
*Hyundai Merchant Marine Co., Ltd..................... 68,000 294,998
*Hyundai Mipo Dockyard Co., Ltd....................... 12,110 52,536
</TABLE>
12
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Hyundai Pipe Co., Ltd................................ 83,740 $ 203,882
*Hyundai Precision Industry Co., Ltd.................. 74,180 247,595
ISU Chemical Co., Ltd................................. 8,990 57,386
Il Shin Spinning...................................... 1,990 73,997
Il Yang Pharmaceutical Co., Ltd....................... 6,107 39,578
*Jinro, Ltd........................................... 12,210 33,511
*Keang Nam Enterprises Co., Ltd....................... 5,180 6,054
*Kohap Co., Ltd....................................... 8,303 11,762
Kolon Industries, Inc................................. 21,199 94,781
Kolon International Corp.............................. 27,215 67,465
Kookmin Bank.......................................... 151,206 1,619,825
*Korea Cast Iron Pipe Co., Ltd........................ 1,240 23,823
*Korea Development Co., Ltd........................... 4,980 16,865
Korea Electronics Co., Ltd............................ 5,428 60,551
*Korea Exchange Bank.................................. 622,136 1,156,694
*Korea Express Co., Ltd............................... 46,661 195,402
*Korea First Bank Securities.......................... 23,720 115,082
*Korea Flange Co., Ltd................................ 2,540 14,842
*Korea Industrial Leasing Co., Ltd.................... 11,973 26,501
Korea Iron & Steel Co., Ltd........................... 10,440 31,472
*Korea Iron & Steel Works Co., Ltd.................... 840 88,499
Korea Komho Petrochemical............................. 36,510 91,962
*Korea Line Corp...................................... 9,110 41,941
Korea Merchant Banking Co............................. 17,726 43,158
*Korea Polyol Co., Ltd................................ 4,320 45,896
Korea Zinc Co., Ltd................................... 17,730 174,239
*Korean Air........................................... 111,258 700,349
Korean French Banking Corp............................ 13,000 24,803
*Korean Reinsurance Co., Ltd.......................... 8,580 57,808
*Kuk Dong Engineering & Construction Co., Ltd......... 730 2,236
*Kumho Chemicals, Inc................................. 4,820 17,411
*Kumho Merchant Bank.................................. 18,000 17,052
Kumho Tire Co., Ltd................................... 47,568 88,440
*Kwangju Bank......................................... 84,658 104,183
*Kyong Nam Bank....................................... 67,560 87,927
*Kyungbang Co., Ltd................................... 1,490 30,868
Kyungwon-Century Co., Ltd............................. 5,740 21,446
LG Construction, Ltd.................................. 65,802 320,417
LG International Corp................................. 72,934 206,630
LG Securities Co., Ltd................................ 10,397 95,271
*Lotte Chilsung Beverage Co., Ltd..................... 1,160 80,106
Lotte Confectionary Co., Ltd.......................... 1,170 145,020
*Lotte Sam Kang Co., Ltd.............................. 780 22,927
Namhae Chemical Corporation........................... 55,000 152,413
*Namkwang Engineering & Construction Co., Ltd......... 311 359
Nong Shim Co., Ltd.................................... 5,920 191,568
*Orient Co., Ltd...................................... 1,120 9,222
Oriental Chemical Industries Co., Ltd................. 16,840 126,729
*Oriental Fire & Marine Insurance Co., Ltd............ 8,060 43,172
*Orion Electric Co., Ltd.............................. 30,153 57,396
*Ottogi Corporation................................... 3,230 44,325
Pacific Chemical Co., Ltd............................. 7,050 127,955
*Pang Rim Spinning.................................... 2,330 11,346
*Peeres Cosmetics..................................... 1,060 1,877
Poong San Corp........................................ 27,550 123,176
*Rocket Electric...................................... 3,460 26,651
*S-Oil Corp........................................... 52,910 878,320
SK Corp., Ltd.
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
....................................................... 176,062 $ 2,821,356
*Saehan Industries, Inc............................... 7,140 7,428
*Saehan Media Corp.................................... 17,440 13,896
Sam Yang Corp......................................... 14,580 125,857
*Sam Yung Trading Co., Ltd............................ 13,840 22,301
Sambu Construction Co., Ltd........................... 8,930 39,531
*Samhwa Crown and Closure Co., Ltd.................... 3,100 20,969
*Sampyo Foods......................................... 3,610 16,140
*Samsung Radiator Industrial Co., Ltd................. 750 21,979
Samwhan Corp. Co., Ltd................................ 9,100 24,976
*Samyang Genex Co., Ltd............................... 2,700 64,183
*Samyang Tong Sang Co., Ltd........................... 2,820 21,222
*Samyoung Chemical Co., Ltd........................... 2,820 21,971
*Se Poong Corp........................................ 6,810 3,467
Seah Steel Corp....................................... 8,840 83,743
*Shin Dong-Ah Fire & Marine Insurance Co.............. 5,520 18,082
*Shin Heung Securities Co., Ltd....................... 9,130 33,303
Shin Poong Paper Manufacturing Co., Ltd............... 2,990 30,707
*Shin Sung Corp....................................... 6,290 7,128
Shin Young Securities Co., Ltd........................ 13,880 111,826
Shin Young Wacoal, Inc................................ 210 10,226
*Shindongbang Corp.................................... 4,535 10,198
Shinhan Bank Co., Ltd................................. 249,744 1,868,381
Shinil Engineering Co., Ltd........................... 4,260 9,731
*Shinmoorim Paper Manufacturing Co., Ltd.............. 17,400 49,296
Shinsegae Department Store............................ 16,800 501,248
Shinsegai Department Store............................ 2,933 93,482
*Shinsung Tongsang Co., Ltd........................... 9,984 3,005
*Song Woun Industries Co., Ltd........................ 1,500 30,146
*Ssang Bang Wool Co., Ltd............................. 390 2,210
*Ssangyong Cement Industry Co., Ltd................... 144,832 191,699
*Ssangyong Corp....................................... 19,090 24,845
*Ssangyong Heavy Industy Co., Ltd..................... 9,469 15,845
*Ssangyong Motor Co................................... 65,040 132,441
*Sung Shin Cement Co., Ltd............................ 11,530 22,815
Sunkyong Industries, Ltd.............................. 21,864 138,404
Sunkyong, Ltd......................................... 72,458 859,617
*Tae Kwang Industrial Co., Ltd........................ 1,040 187,835
*Taegu Department Store Co., Ltd...................... 5,400 14,390
Tai Han Electric Wire Co.............................. 20,634 164,962
*Tai Han Electric Wire Co., Ltd. (New Shares)......... 3 0
*Tai Lim Packaging Industries Co., Ltd................ 4,380 17,799
Taihan Sugar Industrial Co., Ltd...................... 3,881 49,822
Tong Yang Cement Corp................................. 24,960 69,831
*Tong Yang Merchant Bank.............................. 42,959 67,700
*Tong Yang Mool San Co., Ltd.......................... 4,560 16,936
*Tong Yang Securities Co., Ltd........................ 31,133 91,235
*Tongkook Corp........................................ 3,794 5,643
*Tongyang Confectionery Co............................ 3,432 80,824
Trigem Computer, Inc.................................. 39,978 842,387
Union Steel Manufacturing Co., Ltd.................... 3,000 165,206
*Youngchang Akki Co., Ltd............................. 5,879 20,039
*Youngone Corporation................................. 31,600 40,567
*Youngpoong Corp...................................... 1,580 70,082
*Yuhan Corp........................................... 4,070 107,384
------------
TOTAL -- SOUTH KOREA
(Cost $29,881,298)................................... 25,726,204
------------
</TABLE>
13
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
</TABLE>
<TABLE>
THAILAND -- (6.8%)
COMMON STOCKS -- (6.7%)
<CAPTION>
------ ------
<S> <C> <C>
*Advance Agro Public Co., Ltd. (Foreign).............. 1,366,700 $ 557,765
*Amarin Plaza Public Co., Ltd. (Foreign).............. 714,720 92,974
*American Standard Sanitaryware (Thailand) Public Co.
Ltd. (Foreign)...................................... 4,150 17,519
*Aromatics (Thailand) Public Co., Ltd. (Foreign)...... 5,334,000 721,085
Ayudhya Insurance Public Co., Ltd. (Foreign).......... 13,000 31,833
*Bangkok Expressway Public Co., Ltd................... 2,760,800 683,069
*Bangkok Expressway Public Co., Ltd. (Foreign)........ 632,000 156,368
*Bangkok Land Public Co., Ltd. (Foreign).............. 256,400 20,928
*Bangkok Rubber Public Co., Ltd. (Foreign)............ 1,161,200 136,246
*Bank of Ayudhya Public Co., Ltd. (Foreign)........... 10,605,000 1,947,606
Banpu Public Co., Ltd. (Foreign)...................... 391,000 169,544
Berli Jucker Public Co., Ltd. (Foreign)............... 5,000 4,209
*Big C Supercenter Public Co., Ltd. (Foreign)......... 1,274,800 487,743
*Capetronic International (Thailand) Public Co., Ltd.
(Foreign)........................................... 4,266,666 206,776
Capital Nomura Securities Public Co., Ltd.
(Foreign)........................................... 300,600 166,765
Central Pattana Public Co., Ltd. (Foreign)............ 395,000 216,617
Central Plaza Hotel Public Co., Ltd. (Foreign)........ 361,500 133,701
*Ch Karnchang Public Co., Ltd. (Foreign).............. 750,700 282,434
Charoen Pokphand Feedmill Public Co., Ltd.
(Foreign)........................................... 351,747 520,375
Eastern Water Resources Development & Management
Public Co., Ltd. (Foreign).......................... 270,000 179,058
*Hemaraj Land and Development Public Co., Ltd.
(Foreign)........................................... 200,900 71,741
International Cosmetics Public Co., Ltd. (Foreign).... 275,500 460,279
*Italian-Thai Development Public Co., Ltd.
(Foreign)........................................... 1,566,500 809,121
*Jasmine International Public Co., Ltd. (Foreign)..... 2,273,400 623,365
Kang Yong Electric Public Co., Ltd. (Foreign)......... 143,400 226,777
Laguna Resorts & Hotels Public Co., Ltd. (Foreign).... 545,800 198,384
*Land and House Public Co., Ltd. (Foreign)............ 451,047 227,220
Lanna Lignite Public Co., Ltd. (Foreign).............. 187,900 98,251
*MK Real Estate Development Public Co., Ltd.
(Foreign)........................................... 23,625 2,712
Matichon Public Co., Ltd.............................. 9,000 15,495
*Modernform Group Public Co., Ltd. (Foreign).......... 46,000 13,434
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Muramoto Electronic (Thailand) Public Co., Ltd.
(Foreign)........................................... 134,300 $ 256,918
*Nakornthon Bank Public Co., Ltd. (Foreign)........... 839 70,621
*National Finance and Securities Public Co., Ltd.
(Foreign)........................................... 1,472,000 232,786
National Petrochemical Public Co., Ltd. (Foreign)..... 1,661,600 1,229,086
*Nawarat Patanakarn Public Co., Ltd. (Foreign)........ 18,560 663
*Padaeng Industry Public Co., Ltd (Foreign)........... 1,600,800 371,566
*Phoenix Pulp and Paper Public Co., Ltd. (Foreign).... 171,400 144,272
*Quality Houses Public Co., Ltd. (Foreign)............ 1,694,000 138,268
Regional Container Lines Public Co., Ltd. (Foreign)... 455,000 429,409
Saha Pathana Inter-Holding Public Co., Ltd.
(Foreign)........................................... 331,600 391,187
Saha Pathanapibul Public Co., Ltd. (Foreign).......... 136,700 148,189
Saha-Union Public Co., Ltd. (Foreign)................. 1,949,800 547,067
*Sahaviriya Steel Industries Public Co., Ltd.
(Foreign)........................................... 3,075,300 329,454
*Samart Corp. Public Co., Ltd. (Foreign).............. 455,200 284,463
*Siam City Cement Public Co., Ltd. (Foreign).......... 43,535 122,149
*Siam Commercial Bank Public Co., Ltd. (Foreign)...... 1,546,333 976,194
Siam Food Products Public Co., Ltd. (Foreign)......... 111,000 152,888
*Siam Pulp & Paper Co., Ltd. (Foreign)................ 1,084,300 2,627,429
*Sino-Thai Engineering and Construction Public Co.,
Ltd. (Foreign)...................................... 21,200 5,678
*Sri Trang Agro Industry Public Co., Ltd. (Foreign)... 268,000 93,993
*Srithai Superware Public Co., Ltd. (Foreign)......... 21,000 5,089
*TPI Polene Public Co., Ltd. (Foreign)................ 2,720,162 638,323
*Tanayong Public Co., Ltd. (Foreign).................. 2,628,800 201,158
*Thai Danu Bank Public Co., Ltd. (Foreign)............ 258,000 52,646
*Thai Farmers Bank Public Co., Ltd. (Foreign)......... 1,840,000 1,396,248
*Thai German Ceramic Industry Public Co., Ltd.
(Foreign)........................................... 58,000 10,430
*Thai Military Bank Public Co., Ltd. (Foreign)........ 9,457,000 1,543,801
*Thai Packaging and Printing Public Co., Ltd.
(Foreign)........................................... 29,500 2,257
*Thai Petrochemical Industry Public Co., Ltd.
(Foreign)........................................... 1,621,700 219,232
Thai Plastic and Chemicals Public Co., Ltd.
(Foreign)........................................... 29,000 70,456
Thai Rung Union Carbide Public Co., Ltd. (Foreign).... 320,700 249,492
*Thai Stanley Electric (Thailand) Public Co., Ltd.
(Foreign)........................................... 205,300 175,425
</TABLE>
14
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Thai Telephone & Telecommunication Public Co., Ltd.
(Foreign)........................................... 882,000 $ 146,231
*Thai Wah Public Co., Ltd. (Foreign).................. 21,000 1,875
*Tisco Finance Public Co., Ltd........................ 415,700 129,889
*Tuntex (Thailand) Public Co., Ltd. (Foreign)......... 1,987,600 405,580
*Vinythai Public Co., Ltd. (Foreign).................. 1,156,779 271,511
------------
TOTAL COMMON STOCKS
(Cost $30,685,176)................................... 23,551,317
------------
RIGHTS/WARRANTS -- (0.1%)
*Charoen Pokphand Foods Public Co., Ltd. Rights
(Foreign) Open Pay Date............................. 351,747 430,655
*Quality Houses Public Co., Ltd. (Foreign) Warrants
04/19/03............................................ 1,270,500 32,407
*Siam Commercial Bank Public Co., Ltd. (Foreign)
Warrants 06/22/04................................... 333 47
*Thai Danu Bank Public Co., Ltd. (Foreign) Rights
06/12/00............................................ 258,000 0
------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 463,109
------------
TOTAL -- THAILAND
(Cost $30,685,176)................................... 24,014,426
------------
</TABLE>
<TABLE>
PHILIPPINES -- (6.8%)
COMMON STOCKS -- (6.8%)
<CAPTION>
------ ------
<S> <C> <C>
Aboitiz Equity Ventures, Inc.......................... 5,782,000 244,023
*Alaska Milk Corp..................................... 7,953,000 406,507
*Alsons Consolidated Resources, Inc................... 16,904,000 217,988
*Anglo Philippine Holdings Corp....................... 6,640,000 79,400
*Bacnotan Consolidated Industries, Inc................ 1,696,970 437,671
*Bank of the Philippine Island........................ 596,837 1,140,497
*Bankard, Inc......................................... 826,000 70,205
*Belle Corp........................................... 41,361,000 1,124,941
*C & P Homes, Inc..................................... 44,020,000 180,621
*Cebu Holdings, Inc................................... 7,763,250 116,494
Cosmos Bottling Corp.................................. 10,922,000 640,211
*DMCI Holdings, Inc................................... 23,303,000 243,138
*Digital Telecommunications (Philippines), Inc........ 65,200,000 1,222,977
*EEI Corporation...................................... 5,249,000 45,536
*Fil-Estate Land, Inc................................. 18,802,000 308,591
*Filinvest Development Corp........................... 5,283,500 173,432
*Filinvest Land, Inc.................................. 44,684,000 1,508,673
*Guoco Holdings (Philippines), Inc.................... 22,450,000 294,771
*House of Investments, Inc............................ 792,000 18,663
*International Container Terminal Services, Inc....... 24,287,000 717,505
*Kepphil Shipyard, Inc................................ 9,725,165 171,017
*Kuok Philippine Properties, Inc...................... 22,080,000 155,311
*Megaworld Properties & Holdings, Inc................. 57,550,000 1,187,432
*Metro Pacific Corp................................... 167,120,000 2,311,858
Metropolitan Bank & Trust Co.......................... 63,459 309,483
*Mondragon International Philippines, Inc............. 2,464,000 32,353
*Negros Navigation Co., Inc........................... 955,000 4,926
*PDCP Development Bank................................ 409,000 38,359
*Petron Corp.......................................... 15,160,000 490,522
*Philex Mining Corp. Series B......................... 180,000 844
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Philippine National Bank............................. 1,349,000 $ 2,134,993
*Philippine National Construction Corp................ 398,900 86,514
*Philippine Realty & Holdings Corp.................... 22,940,000 134,466
*Philippine Savings Bank.............................. 1,095,390 744,813
*Picop Resources, Inc................................. 17,930,000 88,284
*Pryce Properties Corp................................ 4,330,000 122,336
RFM Corp.............................................. 2,488,200 116,680
Republic Glass Holding Corp........................... 780,000 13,259
*Robinson's Land Corp. Series B....................... 16,019,000 826,302
SM Development Corp................................... 21,996,400 438,380
*Security Bank Corp................................... 2,713,200 1,463,155
*Solid Group, Inc..................................... 19,668,000 682,500
*Soriano (A.) Corp.................................... 28,995,000 312,724
*Southeast Asia Cement Holdings, Inc.................. 42,885,880 382,101
*Steniel Manufacturing Corp........................... 713,000 6,353
*Trans-Asia Oil & Energy.............................. 1,140,000 24,323
*Union Bank of the Philippines........................ 387,100 235,981
*Union Cement Corp.................................... 5,501,230 103,188
*Universal Rightfield Property Holdings, Inc.......... 13,760,000 40,328
Universal Robina Corp................................. 13,703,000 1,638,576
*Urban Bank, Inc...................................... 14,950 25,238
*Vitarich Corp........................................ 541,000 5,708
*William, Gothong & Aboitiz, Inc...................... 10,114,000 414,994
------------
TOTAL -- PHILIPPINES
(Cost $34,531,301)................................... 23,935,145
------------
</TABLE>
<TABLE>
CHILE -- (5.5%)
COMMON STOCKS -- (4.1%)
<CAPTION>
------ ------
<S> <C> <C>
Banco de Credito e Inversiones SA Series A............ 53,304 381,688
Banmedica SA.......................................... 347,000 76,198
*Banvida SA........................................... 347,000 23,853
CAP SA (Compania de Aceros del Pacifico).............. 100,000 206,225
COPEC (Cia de Petroleos de Chile)..................... 757,488 3,297,828
CTI SA (Cia Tecno Industrial)......................... 4,900,000 110,781
Cervecerias Unidas SA................................. 143,000 641,684
Chilectra Generacion SA............................... 3,119,986 631,504
Chilectra SA.......................................... 225,611 969,304
Consumidores de Gas de Santiago SA.................... 103,000 383,521
Empresa Nacional de Electricidad SA................... 2,009,503 789,489
Empresa Nacional de Telecomunicaciones SA............. 49,000 442,562
*Enersis SA........................................... 1,921,364 821,817
Forestal Terranova SA................................. 147,795 104,416
*Industrias Forestales Inforsa SA..................... 1,057,365 132,246
Invercap SA........................................... 100,000 49,647
Laboratorio Chile SA.................................. 271,069 263,978
*Madeco Manufacturera de Cobre SA..................... 231,227 180,363
Maderas y Sinteticos SA............................... 420,205 180,535
Manufacturera de Papeles y Cartones SA................ 117,150 1,360,076
Sociedad Industrial Pizarreno SA...................... 63,000 62,555
Sociedad Quimica y Minera de Chile SA Series A........ 43,364 107,644
Sociedad Quimica y Minera de Chile SA Series B........ 77,090 173,699
Sud Americana de Vapores SA........................... 410,000 203,552
Telecomunicaciones de Chile SA Series A............... 200,000 992,935
</TABLE>
15
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Telecomunicaciones de Chile SA Series B............... 352,166 $ 1,499,580
Vina de Concha y Toro SA.............................. 350,000 256,288
Vina Sta Carolina SA Series A......................... 163,489 39,023
Vina Sta Carolina SA Series B......................... 41,411 10,042
------------
TOTAL COMMON STOCKS
(Cost $11,956,004)................................... 14,393,033
------------
INVESTMENT IN CURRENCY -- (1.4%)
*Chilean Pesos
(Cost $5,191,068)................................... 4,909,346
------------
TOTAL -- CHILE
(Cost $17,147,072)................................... 19,302,379
------------
</TABLE>
<TABLE>
INDONESIA -- (2.5%)
COMMON STOCKS -- (2.5%)
<CAPTION>
------ ------
<S> <C> <C>
*PT Apac Centretex Corporation Tbk.................... 653,000 28,507
*PT Artha Graya Investama Sentral Tbk................. 939,000 32,794
PT Asahimas Flat Glass Co., Ltd....................... 256,500 24,635
*PT Astra Agro Lestari Tbk............................ 1,558,000 281,129
*PT Astra International Tbk........................... 2,188,800 637,019
*PT Bank Pan Indonesia Tbk............................ 5,645,000 230,006
*PT Berlian Laju Tanker Tbk........................... 772,100 78,648
*PT Bimantara Citra................................... 1,952,000 227,241
*PT Branta Mulia Tbk.................................. 146,500 14,496
*PT Budi Acid Jaya Tbk................................ 1,600,000 79,162
*PT Charoen Pokphand Tbk.............................. 540,000 166,589
*PT Ciputra Development Tbk........................... 276,500 12,071
*PT Dankos Laboratories............................... 472,500 41,254
*PT Daya Guna Samudera Tbk............................ 771,500 58,379
*PT Dynaplast Tbk..................................... 575,000 68,612
*PT Eterindo Wahanatama Tbk........................... 1,550,000 85,710
*PT Gajah Tunggal Tbk................................. 1,488,000 77,951
*PT Great River International......................... 370,000 21,537
*PT Gt Kabel Indonesia Tbk............................ 360,000 5,239
*PT Hanjaya Mandala Sampoerna Tbk..................... 910,000 1,165,308
*PT Hero Supermarket Tbk.............................. 220,000 33,294
*PT Indah Kiat Pulp & Paper Corp...................... 7,534,196 1,227,924
*PT Indocement Tunggal Prakarsa....................... 166,000 63,772
*PT Indofood Sukses Makmur............................ 42,330 21,190
*PT Indorama Synthetics Tbk........................... 1,106,320 103,033
*PT International Nickel Indonesia Tbk................ 95,000 77,968
*PT Jakarta International Hotel and Development Tbk... 1,590,000 97,177
*PT Jaya Real Property................................ 902,000 57,753
*PT Kalbe Farma Tbk................................... 2,048,000 137,090
*PT Komatsu Indonesia Tbk............................. 433,000 65,530
*PT Lautan Luas Tbk................................... 1,497,000 74,066
*PT Lippo Land Development Tbk........................ 386,400 13,495
*PT Makindo Tbk....................................... 1,450,000 514,843
*PT Matahari Putra Prima Tbk.......................... 5,195,000 408,222
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*PT Mayorah Indah..................................... 1,471,572 $ 72,808
*PT Medco Energi International Tbk.................... 109,500 54,176
*PT Modern Photo Tbk.................................. 512,000 83,446
*PT Mulia Industrindo................................. 2,540,000 96,100
*PT Mutlipolar Corporation Tbk........................ 3,195,000 167,375
*PT Pabrik Kertas Tjiwi Kimia Tbk..................... 2,563,000 365,503
*PT Pakuwon Jati Tbk.................................. 396,000 8,067
*PT Panasia Indosyntec Tbk............................ 403,200 22,882
*PT Polysindo Eka Perkasa Tbk......................... 2,064,000 60,070
*PT Sari Husada Tbk................................... 36,480 19,111
*PT Selamat Sempurna Tbk.............................. 498,000 63,772
*PT Semen Cibinong Tbk................................ 743,400 23,799
PT Semen Gresik....................................... 865,591 745,677
*PT Sinar Mas Agro Resources and Technology
Corporation Tbk..................................... 241,000 101,001
*PT Summarecon Agung.................................. 258,587 6,773
*PT Sunson Textile Manufacturer Tbk................... 340,000 18,801
*PT Suparma Tbk....................................... 166,000 4,348
*PT Surya Dumai Industri Tbk.......................... 783,500 29,643
PT Surya Toto Indonesia............................... 46,400 27,818
*PT Suryainti Permata Tbk............................. 1,152,000 43,586
PT Tigaraksa Satria Tbk............................... 68,400 24,286
PT Timah Tbk.......................................... 969,000 270,733
*PT Tunas Ridean Tbk.................................. 534,500 119,780
*PT Ultrajaya Milk Industry & Trading Co.............. 739,000 73,126
*PT Unggul Indah Corp. Tbk............................ 342,337 74,724
------------
TOTAL -- INDONESIA
(Cost $17,102,989)................................... 8,809,049
------------
</TABLE>
<TABLE>
PORTUGAL -- (1.5%)
COMMON STOCKS -- (1.5%)
<CAPTION>
------ ------
<S> <C> <C>
*Banco Pinto & Sotto Mayor SA......................... 11,051 248,019
*Companhia de Seguros Mundial Confianca SA............ 24,000 1,290,722
Companhia de Seguros Tranquilidade SA................. 10,800 325,819
Corticeira Amorim Sociedad Gestora Participacoes
Sociais SA.......................................... 37,100 310,692
*Dom Pedro Investimentos Turisticos SA................ 1,800 16,693
*EFACEC (Empresa Fabril de Maquinas Electricas)....... 5,518 31,318
*Fabrica de Vidros Barbosa & Almeida SA............... 6,000 76,761
Investimentos Participacoes e Gestao SA Inapa......... 37,000 214,119
Portucel Industrial Empresa Produtora de Celulose
SA.................................................. 39,500 240,675
Portugal Telecom SA................................... 170,660 1,851,766
</TABLE>
16
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Salvador Caetano Industrias Metalurgicas e Veiculos de
Transporte SA....................................... 15,868 $ 250,467
Sociedade de Investimento e Gestao SGPS SA............ 24,000 405,090
------------
TOTAL -- PORTUGAL
(Cost $2,958,203).................................... 5,262,141
------------
EMU -- (0.0%)
INVESTMENT IN CURRENCY -- (0.0%)
*Euro Currency
(Cost $631)......................................... 610
------------
HONG KONG -- (0.0%)
INVESTMENT IN CURRENCY -- (0.0%)
*Hong Kong Dollars
(Cost $18).......................................... 18
------------
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
------
(000)
<S> <C> <C>
TEMPORARY CASH INVESTMENTS -- (2.9%)
Repurchase Agreement, Chase Manhattan Bank N.A. 6.00%,
06/01/2000 (Collateralized by U.S. Treasury Notes
5.875%, 11/15/04, valued at $10,492,156) to be
repurchased at $10,283,714.
(Cost $10,282,000).................................. $ 10,282 10,282,000
------------
TOTAL INVESTMENTS -- (100.0%) (Cost $282,137,863)++.... $351,706,692
============
</TABLE>
<TABLE>
<C> <S>
--------------------------------------------------------------------------------
+ See Note B to Financial Statements.
* Non-Income Producing Securities
++ The cost for federal income tax purposes is $282,245,615.
</TABLE>
See accompanying Notes to Financial Statements.
17
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments at Value (Cost of $282,138)++................... $351,707
Cash........................................................ 654
Receivables:
Dividends and Interest.................................... 1,045
Fund Share Sold........................................... 617
Investment Securities Sold................................ 49
Other Assets................................................ 2
--------
Total Assets............................................ 354,074
--------
LIABILITIES:
Payable for Investment Securities Purchased................. 3,361
Deferred Chilean Repatriation Tax........................... 827
Accrued Expenses and Other Liabilities...................... 314
--------
Total Liabilities....................................... 4,502
--------
NET ASSETS applicable to 18,729,721 shares outstanding $.01
par value shares (authorized 200,000,000 shares).......... $349,572
========
NET ASSET VALUE............................................. $ 18.66
========
PUBLIC OFFERING PRICE PER SHARE............................. $ 18.75
========
COMPONENTS OF NET ASSETS:
Paid-in Capital............................................. $258,707
Undistributed Net Investment Income......................... 560
Undistributed Net Realized Gain............................. 20,949
Accumulated Net Realized Foreign Exchange Loss.............. (313)
Unrealized Net Foreign Exchange Gain........................ 100
Unrealized Appreciation of Investment Securities and Foreign
Currency.................................................. 69,569
--------
Total Net Assets........................................ $349,572
========
</TABLE>
--------------
++ The cost for federal income tax purposes is $282,246.
See accompanying Notes to Financial Statements.
18
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends (Net of Foreign Taxes Withheld of $810)....... $ 4,173
Interest................................................ 519
--------
Total Investment Income............................. 4,692
--------
EXPENSES
Investment Advisory Services............................ 196
Accounting & Transfer Agent Fees........................ 213
Custodian's Fee......................................... 474
Legal Fees.............................................. 19
Audit Fees.............................................. 8
Directors' Fees and Expenses............................ 16
Shareholders' Reports................................... 17
Other................................................... 20
--------
Total Expenses...................................... 963
--------
NET INVESTMENT INCOME................................... 3,729
--------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY
Net Realized Gain on Investment Securities Sold............. 23,290
Net Realized Loss on Foreign Currency Transactions.......... (313)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.............. (49,893)
Translation of Foreign Currency and Denominated Amounts
and Foreign Currency................................... (20)
--------
NET LOSS ON INVESTMENT SECURITIES....................... (26,936)
--------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $(23,207)
========
</TABLE>
See accompanying Notes to Financial Statements.
19
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
MAY 31, NOV. 30,
2000 1999
----------- ---------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income................................... $ 3,729 $ 4,309
Net Realized Gain on Investment Securities Sold......... 23,290 17,622
Net Realized Loss on Foreign Currency Transactions...... (313) (556)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.......... (49,893) 126,134
Translation of Foreign Currency Denominated
Amounts........................................... (20) 112
-------- --------
Net Increase (Decrease) in Net Assets Resulting
from Operations............................... (23,207) 147,621
-------- --------
Distributions From:
Net Investment Income................................... (1,212) (4,086)
Net Realized Gain....................................... (17,724) (32,605)
-------- --------
Total Distributions................................. (18,936) (36,691)
-------- --------
Capital Share Transactions (1):
Capital Shares Issued................................... 14,766 22,060
Shares Issued in Lieu of Cash Distributions............. 18,936 36,691
Capital Shares Redeemed................................. (2,417) (4,714)
-------- --------
Net Increase From Capital Share Transactions........ 31,285 54,037
-------- --------
Total Increase (Decrease)........................... (10,858) 164,967
NET ASSETS
Beginning of Period..................................... 360,430 195,463
-------- --------
End of Period........................................... $349,572 $360,430
======== ========
(1) SHARE AMOUNTS
Shares issued........................................... 691 1,428
Shares issued In Lieu of Cash Distributions............. 891 2,833
Shares Redeemed......................................... (112) (258)
-------- --------
1,470 4,003
======== ========
</TABLE>
See accompanying Notes to Financial Statements.
20
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
MAY 31, NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30,
2000 1999 1998 1997 1996 1995
----------- --------- --------- --------- --------- ---------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of $ 20.88 $ 14.74 $ 16.13 $ 15.86 $ 14.77 $ 17.10
Period...........................
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income............ 0.18 0.22 0.31 0.33 0.26 0.28
Net Gains (Losses) on Securities
(Realized and Unrealized)...... (1.31) 8.62 (1.06) 0.01 1.36 (2.29)
-------- -------- -------- -------- -------- --------
Total from Investment
Operations..................... (1.13) 8.84 (0.75) 0.34 1.62 (2.01)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Net Investment Income............ (0.07) (0.25) (0.62) (0.05) (0.28) (0.29)
Net Realized Gains............... (1.02) (2.45) (0.02) (0.02) (0.25) (0.03)
-------- -------- -------- -------- -------- --------
Total Distributions.............. (1.09) (2.70) (0.64) (0.07) (0.53) (0.32)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period..... $ 18.66 $ 20.88 $ 14.74 $ 16.13 $ 15.86 $ 14.77
======== ======== ======== ======== ======== ========
Total Return (a)................... (6.03)%# 71.69% (4.80)% 2.12% 12.41% (11.73)%
Net Assets, End of Period
(thousands)...................... $349,572 $360,430 $195,463 $193,805 $174,469 $157,054
Ratio of Expenses to Average Net
Assets........................... 0.49%* 0.52% 0.64% 0.62% 0.59% 0.58%
Ratio of Expenses to Average Net
Assets (Excluding Waivers and
Assumption of Expenses).......... 0.49%* 0.52% 0.64% 1.02% 0.99% 0.98%
Ratio of Net Investment Income to
Average Net Assets............... 1.90%* 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)........................ 1.90%* 1.51% 2.08% 1.47% 1.24% 1.70%
Portfolio Turnover Rate............ 21%* 18% 35% 0% 0% 6%
</TABLE>
--------------
* Annualized
# Non-Annualized
(a) Based on per share net asset value. Prior to November 21, 1997, per share
market price was not readily determinable since fund shares were currently
only sold at a public offering price.
See accompanying Notes to Financial Statements.
21
<PAGE>
DIMENSIONAL EMERGING MARKETS VALUE FUND INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. ORGANIZATION:
Prior to November 21, 1997, Dimensional Emerging Markets Value Fund Inc.
(the "Fund") was organized as a closed-end management investment company
registered under the Investment Company Act of 1940, as amended. Effective
November 21, 1997 the Fund was reorganized as an open-end management investment
company.
Effective December 8, 1998, The Dimensional Emerging Markets Fund changed
its name to the Dimensional Emerging Markets Value Fund, Inc.
B. SIGNIFICANT ACCOUNTING POLICIES:
The following significant accounting policies are in conformity with
generally accepted accounting principles for investment companies. Such policies
are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with generally
accepted accounting principles may require management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
1. SECURITY VALUATION: Securities held by the Fund which are listed on a
securities exchange and for which market quotations are readily available are
valued at the last quoted sale price of the day or, if there is no such reported
sale, at the mean between the most recent bid and asked prices. Price
information on listed securities is taken from the exchange where the security
is primarily traded. Unlisted securities for which market quotations are readily
available are valued at the mean between the most recent bid and asked prices.
Securities for which quotations are not readily available are determined in good
faith at fair value using methods determined by the Board of Directors.
2. FOREIGN CURRENCY TRANSLATIONS: Securities and other assets and
liabilities of the Fund whose values are initially expressed in foreign
currencies are translated to U.S. dollars at the mean price of such currency
against U.S. dollars last quoted by a major bank. Dividend and interest income
and certain expenses are translated to U.S. dollars at the ratio of exchange on
their respective accrual dates. Receivables and payables denominated in foreign
currencies are marked to market based on daily exchange rates and exchange gains
or losses are realized upon ultimate receipt or disbursement.
The Fund does not isolate the effect of fluctuations in foreign exchange
rates from the effect of fluctuations in the market prices of securities held
whether realized or unrealized.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and foreign withholding taxes recorded on the Fund's books and the
U.S. dollar equivalent amounts actually received or paid.
3. FEDERAL INCOME TAXES: It is the Fund's intention to continue to qualify
as a regulated investment company and distribute all of its taxable income.
Accordingly, no provision for federal taxes is required in the financial
statements.
4. REPURCHASE AGREEMENTS: The Fund may purchase money market instruments
from financial institutions, such as banks and non-bank dealers, subject to the
counterparty's agreement to repurchase them at an agreed upon date and price.
The counterparty will be required on a daily basis to maintain the value of the
collateral subject to the agreement at not less than the repurchase price
(including accrued interest). The agreements are conditioned upon the collateral
being deposited under the Federal Reserve book-entry system or with the Trust's
custodian or a third party sub-custodian. In the event of default or bankruptcy
by the other party to the agreement, retention of the collateral may be subject
to legal proceedings. All open repurchase agreements were entered into on
May 31, 2000.
22
<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. Interest income is recorded on the accrual basis. The
components of net assets may be adjusted for current period permanent book/tax
differences which arose principally from different 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 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 six months ended May 31, 2000, the fund paid the
Advisor a fee based on an annual effective rate of 0.10% of average net assets.
An investment committee of the Advisor approves all investment decisions
made by the Fund.
Certain officers of the Fund are also officers, directors and shareholders
of the Advisor.
D. PURCHASES AND SALES OF SECURITIES:
For the six months ended May 31, 2000, 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................................................... $50,619
Sales....................................................... 37,975
</TABLE>
E. INVESTMENT TRANSACTIONS:
At May 31, 2000, 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............................... $123,308
Gross Unrealized Depreciation............................... (53,847)
--------
Net......................................................... $ 69,461
========
</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 six months ended May 31, 2000.
23
<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.
24
