DFA INVESTMENT DIMENSIONS GROUP INC
N-30D, 2000-08-08
Previous: DFA INVESTMENT DIMENSIONS GROUP INC, N-30D, 2000-08-08
Next: DFA INVESTMENT DIMENSIONS GROUP INC, N-30D, 2000-08-08



<PAGE>
--------------------------------------------------------------------------------

                       DIMENSIONAL INVESTMENT GROUP INC.
                   RWB/DFA U.S. High Book to Market Portfolio
                           RWB/DFA Two-Year Corporate
                             Fixed Income Portfolio
                     RWB/DFA Two-Year Government Portfolio

                      DFA INVESTMENT DIMENSIONS GROUP INC.
              RWB/DFA International High Book to Market Portfolio

                               Semi-Annual Report

                         Six Months Ended May 31, 2000
                                  (Unaudited)

                     -------------------------------------
<PAGE>
                       DIMENSIONAL INVESTMENT GROUP INC.

                               SEMI-ANNUAL REPORT
                                  (UNAUDITED)

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                               PAGE
                                                              -------
<S>                                                           <C>
DIMENSIONAL INVESTMENT GROUP INC.
    Statement of Assets and Liabilities.....................        1
    Statements of Net Assets................................      2-3
    Statements of Operations................................        4
    Statements of Changes in Net Assets.....................      5-6
    Financial Highlights....................................      7-9
    Notes to Financial Statements...........................    10-12

DFA INVESTMENT DIMENSIONS GROUP INC.
    Statement of Assets and Liabilities.....................       13
    Statement of Operations.................................       14
    Statements of Changes in Net Assets.....................       15
    Financial Highlights....................................       16
    Notes to Financial Statements...........................    17-18

THE DFA INVESTMENT TRUST COMPANY
    Schedules of Investments................................    19-28
    Statements of Assets and Liabilities....................       29
    Statements of Operations................................       30
    Statements of Changes in Net Assets.....................       31
    Financial Highlights....................................    32-33
    Notes to Financial Statements...........................    34-36
</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>
                       DIMENSIONAL INVESTMENT GROUP INC.

                   RWB/DFA U.S. HIGH BOOK TO MARKET PORTFOLIO

                      STATEMENT OF ASSETS AND LIABILITIES

                                  MAY 31, 2000
                  (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
                                  (UNAUDITED)

<TABLE>
<S>                                                           <C>
ASSETS:
Investment in The U.S. Large Cap Value Series of the DFA
  Investment Trust Company (10,569,856 Shares, Cost
  $157,661)++ at Value......................................  $   155,060
Receivable for Fund Shares Sold.............................          199
Prepaid Expenses and Other Assets...........................           16
                                                              -----------
    Total Assets............................................      155,275
                                                              -----------

LIABILITIES:
Payable for Fund Shares Redeemed............................          170
Payable for Investment Securities Purchased.................           29
Accrued Expenses and Other Liabilities......................           40
                                                              -----------
    Total Liabilities.......................................          239
                                                              -----------

NET ASSETS..................................................  $   155,036
                                                              ===========

SHARES OUTSTANDING, $.01 PAR VALUE
  (Authorized 200,000,000)..................................   12,854,229
                                                              ===========

NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE....  $     12.06
                                                              ===========
</TABLE>

--------------

++ The cost for federal income tax purposes is $164,515.

                See accompanying Notes to Financial Statements.

                                       1
<PAGE>
               RWB/DFA TWO-YEAR CORPORATE FIXED INCOME PORTFOLIO

                            STATEMENT OF NET ASSETS

                                  MAY 31, 2000
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                             FACE
                                                            AMOUNT           VALUE+
                                                            ------           ------
                                                            (000)
<S>                                                      <C>           <C>
BONDS -- (69.5%)
African Development Bank Medium Term Notes
    8.625%, 05/01/01...................................     $4,250     $  4,287,188
American International Group, Inc. Medium Term Notes
    5.375%, 03/26/01...................................      4,500        4,426,875
Ameritech Capital Funding Corp. Medium Term Notes
    5.650%, 01/15/01...................................      2,000        1,980,000
Asian Development Bank Corporate Bonds
    8.500%, 05/02/01...................................      4,300        4,343,000
Associates Corp. of North America Corporate Bonds
    5.600%, 01/15/01...................................      4,000        3,955,000
Bank of America Medium Term Notes
    5.920%, 06/08/01...................................      4,500        4,426,875
Elf Aquitane Corporate Bonds
    8.000%, 10/15/01...................................      4,000        4,030,000
FCC National Bank Medium Term Notes
    5.380%, 04/26/01...................................      4,500        4,421,250
Ford Motor Credit Co. Corporate Bonds
    7.000%, 09/25/01...................................      4,400        4,367,000
General Electric Capital Corp. Medium Term Notes
    5.945%, 07/23/01...................................      4,500        4,432,500
IBM Corp. Corporate Bonds
    5.950%, 06/04/01...................................      4,500        4,432,500
Interamerican Development Bank Corporate Bonds
    8.500%, 05/01/01...................................      4,300        4,353,750
    6.750%, 03/06/02...................................      4,000        3,970,000
MBIA Corporate Bonds
    9.000%, 02/15/01...................................      4,300        4,343,000
National Rural Utilities Cooperative Finance Corp.
  Medium Term Notes
    5.280%, 02/04/02...................................      4,000        3,870,000
Norwest Financial, Inc. Corporate Bonds
    5.500%, 03/19/01...................................      4,500        4,432,500
Paccar Financial Corp. Medium Term Notes
    6.050%, 05/15/01...................................      4,500        4,438,125
Shell Canada, Ltd. Medium Term Notes
    8.875%, 01/14/01...................................      4,000        4,040,000
Toyota Motor Credit Corp. Corporate Bonds
    5.500%, 09/17/01...................................      4,100        4,007,750
Wachovia Bank N.A. Medium Term Notes
    5.400%, 03/15/01...................................      4,500        4,432,500
<CAPTION>
                                                             FACE
                                                            AMOUNT           VALUE+
                                                            ------           ------
                                                            (000)
<S>                                                      <C>           <C>
Wal-Mart Stores, Inc. Corporate Bonds
    6.150%, 08/10/01...................................     $4,300     $  4,257,000
                                                                       ------------
TOTAL BONDS
  (Cost $88,192,741)...................................                  87,246,813
                                                                       ------------
AGENCY OBLIGATIONS -- (18.8%)
Federal Farm Credit Bank
    5.875%, 07/02/01...................................      4,500        4,438,125
Federal Home Loan Bank
    6.000%, 11/15/01...................................      2,900        2,851,750
    7.125%, 11/15/01...................................      3,000        2,996,250
Federal Home Loan Mortgage Corporation
    5.750%, 06/15/01...................................      4,500        4,437,864
Federal National Mortgage Association
    5.310%, 05/18/01...................................      4,500        4,424,661
    5.820%, 07/19/01...................................      4,500        4,434,943
                                                                       ------------
TOTAL AGENCY OBLIGATIONS
  (Cost $23,867,455)...................................                  23,583,593
                                                                       ------------
CERTIFICATES OF DEPOSIT -- (9.3%)
Bayerische Landesbank
    6.060%, 06/18/01...................................      4,500        4,438,125
Canadian Imperial Bank Corp.
    7.090%, 05/04/01...................................      3,700        3,688,900
Commerzbank AG
    7.360%, 05/25/01...................................      3,500        3,498,950
                                                                       ------------
TOTAL CERTIFICATES OF DEPOSIT
  (Cost $11,700,000)...................................                  11,625,975
                                                                       ------------
TEMPORARY CASH INVESTMENTS -- (0.8%)
 Repurchase Agreement, PNC Capital Markets Inc. 5.95%,
   06/01/2000 (Collateralized by U.S. Treasury Notes
   5.875%, 10/31/01, valued at $1,074,515) to be
   repurchased at $1,057,175.
   (Cost $1,057,000)...................................      1,057        1,057,000
                                                                       ------------
TOTAL INVESTMENTS -- (98.4%)
  (Cost $124,817,196)++................................                 123,513,381
                                                                       ------------
OTHER ASSETS AND LIABILITIES -- (1.6%)
 Interest Receivable...................................                   2,065,209
 Other Liabilities in Excess of Other Assets...........                     (61,887)
                                                                       ------------
                                                                          2,003,322
                                                                       ------------
NET ASSETS -- (100.0%) Applicable to 12,483,150
  Outstanding $.01 Par Value Shares (200,000,000 Shares
  Authorized)..........................................                $125,516,703
                                                                       ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
  SHARE................................................                $      10.05
                                                                       ============
</TABLE>

<TABLE>
<C>   <S>
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.
  ++  The cost for federal income tax purposes is $124,817,196.
</TABLE>

                See accompanying Notes to Financial Statements.

                                       2
<PAGE>
                     RWB/DFA TWO-YEAR GOVERNMENT PORTFOLIO

                            STATEMENT OF NET ASSETS

                                  MAY 31, 2000
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                             FACE
                                                            AMOUNT           VALUE+
                                                            ------           ------
                                                            (000)
<S>                                                      <C>           <C>
AGENCY OBLIGATIONS -- (97.4%)
Federal Farm Credit Bank
    5.875%, 07/02/01...................................     $5,000     $  4,931,250
Federal Home Loan Bank
    5.125%, 04/17/01...................................     12,500       12,295,388
    5.875%, 08/15/01...................................     21,000       20,682,039
    6.000%, 11/15/01...................................      1,000          983,362
    7.125%, 11/15/01...................................     25,000       24,968,750
    6.750%, 02/01/02...................................     31,000       30,767,500
    6.750%, 02/15/02...................................     18,000       18,856,189
    6.750%, 05/01/02...................................      3,000        2,973,999
Tennessee Valley Authority
    6.500%, 08/20/01...................................      4,000        3,970,000
                                                                       ------------
TOTAL AGENCY OBLIGATIONS
  (Cost $121,231,184)..................................                 120,428,477
                                                                       ------------
TEMPORARY CASH INVESTMENTS -- (0.7%)
 Repurchase Agreement, PNC Capital Markets Inc. 5.95%,
   06/01/2000 (Collateralized by U.S. Treasury Notes
   5.875%, 10/31/01, valued at $929,793) to be
   repurchased at $915,151.
   (Cost $915,000).....................................        915          915,000
                                                                       ------------
TOTAL INVESTMENTS -- (98.1%)
  (Cost $122,146,184)++................................                 121,343,477
                                                                       ------------
OTHER ASSETS AND LIABILITIES -- (1.9%)
 Interest Receivable...................................                   1,854,873
 Receivable for Fund Shares Sold.......................                     629,244
 Other Liabilities in Excess of Other Assets...........                     (77,452)
                                                                       ------------
                                                                          2,406,665
                                                                       ------------
NET ASSETS -- (100.0%) Applicable to 12,330,402
  Outstanding $0.01 Par Value Shares (200,000,000
  Shares Authorized)...................................                $123,750,142
                                                                       ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
  SHARE................................................                $      10.04
                                                                       ============
</TABLE>

<TABLE>
<C>   <S>
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.
  ++  The cost for federal income tax purposes is $122,146,184.
</TABLE>

                See accompanying Notes to Financial Statements.

                                       3
<PAGE>
                       DIMENSIONAL INVESTMENT GROUP INC.

                            STATEMENTS OF OPERATIONS

                     FOR THE SIX MONTHS ENDED MAY 31, 2000

                             (AMOUNTS IN THOUSANDS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                               RWB/DFA      RWB/DFA
                                                              U.S. HIGH     TWO-YEAR      RWB/DFA
                                                               BOOK TO     CORPORATE      TWO-YEAR
                                                               MARKET     FIXED INCOME   GOVERNMENT
                                                              PORTFOLIO    PORTFOLIO     PORTFOLIO
                                                              ---------   ------------   ----------
<S>                                                           <C>         <C>            <C>
INVESTMENT INCOME
  Interest..................................................        --       $3,896        $3,745
  Income Distributions Received From The DFA Investment
    Trust Company...........................................  $    964           --            --
                                                              --------       ------        ------
      Total Investment Income...............................       964        3,896         3,745
                                                              --------       ------        ------

EXPENSES
  Investment Advisory Services..............................        --           98            95
  Administrative Services...................................         8           --            --
  Accounting & Transfer Agent Fees..........................         6           34            33
  Client Service Fee........................................       114           52            51
  Custodian Fee.............................................        --            6             5
  Legal Fees................................................         4            4             2
  Audit Fees................................................         1            8             7
  Filing Fees...............................................        11           10             8
  Shareholders' Reports.....................................         6            6             5
  Directors' Fees and Expenses..............................         1            1             1
  Other.....................................................         3            6             5
                                                              --------       ------        ------
      Total Expenses........................................       154          225           212
                                                              --------       ------        ------
  NET INVESTMENT INCOME.....................................       810        3,671         3,533
                                                              --------       ------        ------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

  Capital Gain Distributions Received from The DFA
    Investment Trust Company................................    27,616           --            --
  Net Realized Loss on Investment Securities Sold...........    (6,638)        (347)         (846)
  Change in Unrealized Appreciation (Depreciation) of
    Investment Securities...................................   (19,769)        (335)          (13)
                                                              --------       ------        ------

  NET GAIN (LOSS) ON INVESTMENT SECURITIES..................     1,209         (682)         (859)
                                                              --------       ------        ------

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........  $  2,019       $2,989        $2,674
                                                              ========       ======        ======
</TABLE>

                See accompanying Notes to Financial Statements.

                                       4
<PAGE>
                       DIMENSIONAL INVESTMENT GROUP INC.

                   RWB/DFA U.S. HIGH BOOK TO MARKET 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.....................................   $    810         $  2,061
  Capital Gain Distribution Received from The DFA Investment
    Trust Company...........................................     27,616           11,124
  Net Realized Gain (Loss) on Investment Securities Sold....     (6,638)           1,035
  Change in Unrealized Appreciation (Depreciation) of
    Investment Securities...................................    (19,769)          (7,165)
                                                               --------         --------
      Net Increase in Net Assets Resulting from
        Operations..........................................      2,019            7,055
                                                               --------         --------

Distributions From:
  Net Investment Income.....................................     (1,146)          (2,295)
  Net Realized Gains........................................    (15,569)          (5,307)
                                                               --------         --------
      Total Distributions...................................    (16,715)          (7,602)
                                                               --------         --------
Capital Share Transactions (1):
  Shares Issued.............................................     72,628           33,275
  Shares Issued in Lieu of Cash Distributions...............     16,172            7,272
  Shares Redeemed...........................................    (37,991)         (66,355)
                                                               --------         --------
      Net Increase (Decrease) from Capital Share
        Transactions........................................     50,809          (25,808)
                                                               --------         --------
      Total Increase (Decrease).............................     36,113          (26,355)
NET ASSETS
  Beginning of Period.......................................    118,923          145,278
                                                               --------         --------
  End of Period.............................................   $155,036         $118,923
                                                               ========         ========

(1)  SHARES ISSUED AND REDEEMED:
  Shares Issued.............................................      6,174            2,333
  Shares Issued in Lieu of Cash Distributions...............      1,348              539
  Shares Redeemed...........................................     (3,275)          (4,652)
                                                               --------         --------
                                                                  4,247           (1,780)
                                                               ========         ========
</TABLE>

                See accompanying Notes to Financial Statements.

                                       5
<PAGE>
                       DIMENSIONAL INVESTMENT GROUP INC.

                      STATEMENTS OF CHANGES IN NET ASSETS

                             (AMOUNTS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                              RWB/DFA TWO-YEAR          RWB/DFA TWO-YEAR
                                                               CORPORATE FIXED             GOVERNMENT
                                                              INCOME PORTFOLIO              PORTFOLIO
                                                           -----------------------   -----------------------
                                                           SIX MONTHS      YEAR      SIX MONTHS      YEAR
                                                              ENDED        ENDED        ENDED        ENDED
                                                             MAY 31,     NOV. 30,      MAY 31,     NOV. 30,
                                                              2000         1999         2000         1999
                                                           -----------   ---------   -----------   ---------
                                                           (UNAUDITED)               (UNAUDITED)
<S>                                                        <C>           <C>         <C>           <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
  Net Investment Income..................................   $  3,671     $  7,534     $  3,533     $  5,859
  Net Realized Loss on Investment Securities Sold........       (347)         (86)        (846)         (83)
  Change in Unrealized Appreciation (Depreciation) of
    Investment Securities................................       (335)        (977)         (13)        (791)
                                                            --------     --------     --------     --------
      Net Increase in Net Assets Resulting from
        Operations.......................................      2,989        6,471        2,674        4,985
                                                            --------     --------     --------     --------

Distributions From:
  Net Investment Income..................................     (3,577)      (7,865)      (2,913)      (6,247)
  Net Realized Gains.....................................         --         (279)          --         (448)
                                                            --------     --------     --------     --------
      Total Distributions................................     (3,577)      (8,144)      (2,913)      (6,695)
                                                            --------     --------     --------     --------
Capital Share Transactions (1):
  Shares Issued..........................................     11,128       40,095       27,453       23,660
  Shares Issued in Lieu of Cash Distributions............      3,333        7,546        2,809        6,399
  Shares Redeemed........................................    (26,968)     (65,942)     (21,015)     (41,093)
                                                            --------     --------     --------     --------
      Net Increase (Decrease) from Capital Share
        Transactions.....................................    (12,507)     (18,301)       9,247      (11,034)
                                                            --------     --------     --------     --------
      Total Increase (Decrease)..........................    (13,095)     (19,974)       9,008      (12,744)
                                                            --------     --------     --------     --------
NET ASSETS
  Beginning of Period....................................    138,612      158,586      114,742      127,486
                                                            --------     --------     --------     --------
  End of Period..........................................   $125,517     $138,612     $123,750     $114,742
                                                            ========     ========     ========     ========

(1)  SHARES ISSUED AND REDEEMED:
  Shares Issued..........................................      1,111        3,982        2,737        2,351
  Shares Issued in Lieu of Cash Distributions............        335          753          283          641
  Shares Redeemed........................................     (2,700)      (6,554)      (2,107)      (4,089)
                                                            --------     --------     --------     --------
                                                              (1,254)      (1,819)         913       (1,097)
                                                            ========     ========     ========     ========
</TABLE>

                See accompanying Notes to Financial Statements.

                                       6
<PAGE>
                       DIMENSIONAL INVESTMENT GROUP INC.

                   RWB/DFA U.S. HIGH BOOK TO MARKET PORTFOLIO

                              FINANCIAL HIGHLIGHTS

                (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

<TABLE>
<CAPTION>
                                            SIX MONTHS         YEAR           YEAR           YEAR          JUNE 7
                                               ENDED           ENDED          ENDED          ENDED           TO
                                              MAY 31,        NOV. 30,       NOV. 30,       NOV. 30,       NOV. 30,
                                               2000            1999           1998           1997           1996
                                            -----------      ---------      ---------      ---------      --------
                                            (UNAUDITED)
<S>                                         <C>              <C>            <C>            <C>            <C>
Net Asset Value, Beginning of Period......   $  13.82        $  13.99       $  13.12       $  10.77       $ 10.00
                                             --------        --------       --------       --------       -------
INCOME FROM INVESTMENT OPERATIONS
  Net Investment Income...................       0.05            0.24           0.21           0.20          0.08
  Net Gains (Losses) on Securities
    (Realized and Unrealized).............       0.09            0.35           1.27           2.45          0.72
                                             --------        --------       --------       --------       -------
  Total from Investment Operations........       0.14            0.59           1.48           2.65          0.80
                                             --------        --------       --------       --------       -------
LESS DISTRIBUTIONS
  Net Investment Income...................      (0.09)          (0.25)         (0.21)         (0.20)        (0.03)
  Net Realized Gains......................      (1.81)          (0.51)         (0.40)         (0.10)           --
                                             --------        --------       --------       --------       -------
  Total Distributions.....................      (1.90)          (0.76)         (0.61)         (0.30)        (0.03)
                                             --------        --------       --------       --------       -------
Net Asset Value, End of Period............   $  12.06        $  13.82       $  13.99       $  13.12       $ 10.77
                                             ========        ========       ========       ========       =======
Total Return..............................       1.12%#          4.44%         11.78%         25.01%         8.06%#

Net Assets, End of Period (thousands).....   $155,036        $118,923       $145,278       $128,484       $40,708
Ratio of Expenses to Average Net Assets
  (1).....................................       0.36%*          0.35%          0.33%          0.36%         0.71%*
Ratio of Net Investment Income to Average
  Net Assets..............................       1.07%*          1.56%          1.54%          1.76%         2.70%*
Portfolio Turnover Rate...................        N/A             N/A            N/A            N/A           N/A
Portfolio Turnover Rate of Master Fund
  Series..................................         22%*            43%            25%            18%           20%(2)
</TABLE>

--------------

 *    Annualized
 #    Non-Annualized
 N/A  Refer to Master Fund Series
 (1)  Represents the combined ratio for the Portfolio and its respective
      pro-rata share of its Master Fund Series.
 (2)  Calculated for the period ended November 30, 1996.

                See accompanying Notes to Financial Statements.

                                       7
<PAGE>
                       DIMENSIONAL INVESTMENT GROUP INC.

               RWB/DFA TWO-YEAR CORPORATE FIXED INCOME PORTFOLIO

                              FINANCIAL HIGHLIGHTS

                (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

<TABLE>
<CAPTION>
                                             SIX MONTHS         YEAR           YEAR           YEAR          JUNE 7
                                                ENDED           ENDED          ENDED          ENDED           TO
                                               MAY 31,        NOV. 30,       NOV. 30,       NOV. 30,       NOV. 30,
                                                2000            1999           1998           1997           1996
                                             -----------      ---------      ---------      ---------      ---------
                                             (UNAUDITED)
<S>                                          <C>              <C>            <C>            <C>            <C>
Net Asset Value, Beginning of Period.......   $  10.09        $  10.19       $  10.23       $  10.24       $  10.00
                                              --------        --------       --------       --------       --------
INCOME FROM INVESTMENT OPERATIONS
  Net Investment Income....................       0.28            0.51           0.55           0.57           0.26
  Net Gains (Losses) on Securities
    (Realized and Unrealized)..............      (0.05)          (0.07)            --          (0.01)          0.11
                                              --------        --------       --------       --------       --------
  Total from Investment Operations.........       0.23            0.44           0.55           0.56           0.37
                                              --------        --------       --------       --------       --------
LESS DISTRIBUTIONS
  Net Investment Income....................      (0.27)          (0.52)         (0.59)         (0.56)         (0.13)
  Net Realized Gains.......................         --           (0.02)            --          (0.01)            --
                                              --------        --------       --------       --------       --------
  Total Distributions......................      (0.27)          (0.54)         (0.59)         (0.57)         (0.13)
                                              --------        --------       --------       --------       --------
Net Asset Value, End of Period.............   $  10.05        $  10.09       $  10.19       $  10.23       $  10.24
                                              ========        ========       ========       ========       ========
Total Return...............................       2.28%#          4.42%          5.64%          5.79%          3.69%#

Net Assets, End of Period (thousands)......   $125,517        $138,612       $158,586       $153,772       $122,807
Ratio of Expenses to Average Net Assets....       0.34%*          0.33%          0.31%          0.34%(1)       0.31%*(1)
Ratio of Expenses to Average Net Assets
  (Excluding Waivers and Assumption of
  Expenses)................................       0.34%*          0.33%          0.31%          0.35%(1)       0.34%*(1)
Ratio of Net Investment Income to Average
  Net Assets...............................       5.61%*          5.00%          5.43%          5.83%          5.72%*
Ratio of Net Investment Income to Average
  Net Assets (Excluding Waivers and
  Assumption of Expenses)..................       5.61%*          5.00%          5.43%          5.82%          5.69%*
Portfolio Turnover Rate....................         38%*            46%            16%           N/A            N/A
Portfolio Turnover Rate of Master Fund
  Series...................................        N/A             N/A            N/A            148%            82%*(2)
</TABLE>

--------------

 *    Annualized
 #    Non-Annualized
 (1)  Represents the combined ratio for the Portfolio and its respective
      pro-rata share of its Master Fund Series.
 (2)  Items calculated for the period ended November 30, 1996.

                See accompanying Notes to Financial Statements.

                                       8
<PAGE>
                       DIMENSIONAL INVESTMENT GROUP INC.

                     RWB/DFA TWO-YEAR GOVERNMENT PORTFOLIO

                              FINANCIAL HIGHLIGHTS

                (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

<TABLE>
<CAPTION>
                                             SIX MONTHS         YEAR           YEAR           YEAR          JUNE 7
                                                ENDED           ENDED          ENDED          ENDED           TO
                                               MAY 31,        NOV. 30,       NOV. 30,       NOV. 30,       NOV. 30,
                                                2000            1999           1998           1997           1996
                                             -----------      ---------      ---------      ---------      ---------
                                             (UNAUDITED)
<S>                                          <C>              <C>            <C>            <C>            <C>
Net Asset Value, Beginning of Period.......   $  10.05        $  10.19       $  10.20       $  10.23       $  10.00
                                              --------        --------       --------       --------       --------
INCOME FROM INVESTMENT OPERATIONS
  Net Investment Income....................       0.27            0.49           0.53           0.54           0.26
  Net Gains (Losses) on Securities
    (Realized and Unrealized)..............      (0.05)          (0.07)          0.02           0.01           0.10
                                              --------        --------       --------       --------       --------
  Total from Investment Operations.........       0.22            0.42           0.55           0.55           0.36
                                              --------        --------       --------       --------       --------
LESS DISTRIBUTIONS
  Net Investment Income....................      (0.23)          (0.52)         (0.55)         (0.53)         (0.13)
  Net Realized Gains.......................         --           (0.04)         (0.01)         (0.05)            --
                                              --------        --------       --------       --------       --------
  Total Distributions......................      (0.23)          (0.56)         (0.56)         (0.58)         (0.13)
                                              --------        --------       --------       --------       --------
Net Asset Value, End of Period.............   $  10.04        $  10.05       $  10.19       $  10.20       $  10.23
                                              ========        ========       ========       ========       ========
Total Return...............................       2.18%#          4.19%          5.54%          5.58%          3.60%#

Net Assets, End of Period (thousands)......   $123,750        $114,742       $127,486       $131,066       $104,644
Ratio of Expenses to Average Net Assets....       0.33%*          0.34%          0.32%          0.37%(1)       0.38%(1)*
Ratio of Expenses to Average Net Assets
  (Excluding Waivers and Assumption of
  Expenses)................................       0.33%*          0.34%          0.32%          0.38%(1)       0.41%(1)*
Ratio of Net Investment Income to Average
  Net Assets...............................       5.56%*          4.86%          5.17%          5.53%          5.81%*
Ratio of Net Investment Income to Average
  Net Assets (Excluding Waivers and
  Assumption of Expenses)..................       5.56%*          4.86%          5.17%          5.52%          5.78%*
Portfolio Turnover Rate....................        152%*            64%            70%           N/A            N/A
Portfolio Turnover Rate of Master Fund
  Series...................................        N/A             N/A            N/A            154%           201%*(2)
</TABLE>

--------------

 *    Annualized
 #    Non-Annualized
 (1)  Represents the combined ratio for the Portfolio and its respective
      pro-rata share of its Master Fund Series.
 (2)  Calculated for the period ended November 30, 1996.

                See accompanying Notes to Financial Statements.

                                       9
<PAGE>
                       DIMENSIONAL INVESTMENT GROUP INC.

                         NOTES TO FINANCIAL STATEMENTS

                                  (UNAUDITED)

A. ORGANIZATION:

    Dimensional Investment Group Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, whose
shares are offered to institutional investors, retirement plans and clients of
registered investment advisors. The Fund currently offers fifteen portfolios
(the "Portfolios"), of which three are presented in this report.

    The RWB/DFA U.S. High Book to Market Portfolio invests all of its assets in
The U.S. Large Cap Value Series (the "Series"), a corresponding Series of The
DFA Investment Trust Company. At May 31, 2000, the Portfolio owned 9% of the
outstanding shares of the Series.

    The financial statements of the Series are included elsewhere in this report
and should be read in conjunction with the financial statements of the Feeder
Fund.

    As of the close of business on November 30, 1997, RWB/DFA Two-Year Corporate
Fixed Income Portfolio and RWB/DFA Two-Year Government Portfolio redeemed their
entire interest in The DFA Two-Year Corporate Fixed Income Series and The DFA
Two-Year Government Series, respectively, and received their share of the assets
and liabilities of their Series. Immediately following this transaction, the
Series were terminated and the Funds were organized as stand-alone registered
investment companies.

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:  The shares of The U.S. Large Cap Value Series held
by The RWB/DFA U.S. High Book to Market Portfolio are valued at its respective
daily net asset value. Securities held by the RWB/DFA Two-Year Corporate Fixed
Income Portfolio and the RWB/DFA Two-Year Government Portfolio are valued on the
basis of prices provided by a pricing service when such prices are believed to
reflect the fair market value of such securities. Securities for which
quotations are not readily available are valued in good faith at fair value
using methods determined by the Board of Directors.

    2.  FEDERAL INCOME TAXES:  It is the Portfolios' intention to continue to
qualify as regulated investment companies and distribute all of their taxable
income. Accordingly, no provision for Federal income taxes is required in the
financial statements.

    3.  REPURCHASE AGREEMENTS:  The RWB/DFA Two-Year Corporate Fixed Income
Portfolio and The RWB/DFA Two-Year Government Portfolio may purchase money
market instruments 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 Fund's custodian or a third party sub-custodian.
In the event of default or bankruptcy by the other party to the agreement,
retention of the collateral may be subject to legal proceedings. All open
repurchase agreements were entered into on May 31, 2000.

    4.  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

                                       10
<PAGE>
book/tax treatment of net short-term capital gain distributions from The DFA
Investment Trust Company. Expenses directly attributable to the Portfolio or to
the Series are directly charged. Common expenses are allocated using methods
determined by the Board of Directors.

C. INVESTMENT ADVISOR:

    Dimensional Fund Advisors Inc. ("DFA" or the "Advisor") provides
administrative services to one of the Portfolios, including supervision of
services provided by others, providing information to the shareholders and to
the Board of Directors, and other administrative services. The Advisor provides
investment advisory services to two of the Portfolios. For the six months ended
May 31, 2000, the Portfolio's administrative fees or advisory fees,
respectively, were accrued daily and paid monthly to the Advisor based on the
following effective annual rates of average daily net assets for each Portfolio.

<TABLE>
<CAPTION>
                                                              ADMINISTRATIVE   ADVISORY
                                                                   FEES          FEES
                                                              --------------   --------
<S>                                                           <C>              <C>
RWB/DFA U.S. High Book to Market Portfolio..................       0.01%          --
RWB/DFA Two-Year Corporate Fixed Income Portfolio...........         --         0.15%
RWB/DFA Two-Year Government Portfolio.......................         --         0.15%
</TABLE>

    In addition, pursuant to a Client Service Agreement with Assante Asset
Management, Inc. ("Assante"), the Portfolio pays to Assante fees at the
following effective annual rates of their average daily net assets for each
Portfolio. Prior to April 7, 2000, Assante was known as Reinhardt Werba Bowen
Advisory Services.

<TABLE>
<S>                                                           <C>
RWB/DFA U.S. High Book to Market Portfolio..................   0.15%
RWB/DFA Two-Year Corporate Fixed Income Portfolio...........   0.08%
RWB/DFA Two-Year Government Portfolio.......................   0.08%
</TABLE>

    Until March 26, 1999, these fees were 0.09%, 0.04% 0.04%, respectively, for
each Portfolio.

    Certain officers of the Portfolio are also officers, directors and
shareholders of the Advisor.

D. PURCHASES AND SALES OF SECURITIES:

    For the six months ended May 31, 2000, the following portfolios made the
following purchases and sales of investment securities (amounts in thousands):

<TABLE>
<CAPTION>
                                                                U.S. GOVERNMENT        OTHER INVESTMENT
                                                                   SECURITIES             SECURITIES
                                                              --------------------   --------------------
                                                              PURCHASES    SALES     PURCHASES    SALES
                                                              ---------   --------   ---------   --------
<S>                                                           <C>         <C>        <C>         <C>
The RWB/DFA Two-Year Corporate Fixed Income Portfolio.......  $  9,717    $30,338     $14,469    $13,484
The RWB/DFA Two-Year Government Portfolio...................   101,549     92,762          --         --
</TABLE>

E. INVESTMENT TRANSACTIONS:

    At May 31, 2000, gross unrealized appreciation and depreciation for federal
income tax purposes of investment securities for each Portfolio were as follows:

<TABLE>
<CAPTION>
                                                              GROSS UNREALIZED   GROSS UNREALIZED
                                                                APPRECIATION       DEPRECIATION       NET
                                                              ----------------   ----------------   --------
                                                                   (000)              (000)          (000)
<S>                                                           <C>                <C>                <C>
The RWB/DFA U.S. High Book to Market Portfolio..............            --            $(9,455)      $(9,455)
The RWB/DFA Two-Year Corporate Fixed Income Portfolio.......            --             (1,304)       (1,304)
The RWB/DFA Two-Year Government Portfolio...................            --               (803)         (803)
</TABLE>

    At May 31, 2000, the RWB/DFA Two-Year Corporate Fixed Income Portfolio and
the RWB/DFA Two-Year Government Portfolio had a capital loss carryforward for
federal income tax purposes of approximately $87,000 and $83,000, respectively,
which expire on November 30, 2007.

                                       11
<PAGE>
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. 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.

G. COMPONENTS OF NET ASSETS:

    At May 31, 2000, net assets consisted of (amounts in thousands):

<TABLE>
<CAPTION>
                                                                                 RWB/DFA
                                                                 RWB/DFA         TWO-YEAR      RWB/DFA
                                                                U.S. HIGH       CORPORATE      TWO-YEAR
                                                              BOOK TO MARKET   FIXED INCOME   GOVERNMENT
                                                                PORTFOLIO       PORTFOLIO     PORTFOLIO
                                                              --------------   ------------   ----------
<S>                                                           <C>              <C>            <C>
Paid-In Capital.............................................     $141,826        $125,506      $123,713
Undistributed Net Investment Income (Loss)..................          (70)          1,337         1,783
Undistributed Net Realized Gain (Loss)......................       15,881             (21)         (943)
Unrealized Depreciation of Investment Securities............       (2,601)         (1,305)         (803)
                                                                 --------        --------      --------
Total Net Assets............................................     $155,036        $125,517      $123,750
                                                                 ========        ========      ========
</TABLE>

                                       12
<PAGE>
                      DFA INVESTMENT DIMENSIONS GROUP INC.

              RWB/DFA INTERNATIONAL HIGH BOOK TO MARKET PORTFOLIO

                      STATEMENT OF ASSETS AND LIABILITIES

                                  MAY 31, 2000
                  (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
                                  (UNAUDITED)

<TABLE>
<S>                                                           <C>
ASSETS:
Investment in The DFA International Value Series of the DFA
  Investment Trust Company (18,939,802 Shares, Cost
  $185,011)++ at Value......................................  $   231,444
Receivables:
    Investment Securities Sold..............................           59
    Fund Shares Sold........................................           94
Prepaid Expenses and Other Assets...........................            8
                                                              -----------
    Total Assets............................................      231,605
                                                              -----------

LIABILITIES:
Payable for Fund Shares Redeemed............................          153
Accrued Expenses and Other Liabilities......................           58
                                                              -----------
    Total Liabilities.......................................          211
                                                              -----------

NET ASSETS..................................................  $   231,394
                                                              ===========

SHARES OUTSTANDING, $.01 PAR VALUE
  (Authorized 100,000,000)..................................   16,058,992
                                                              ===========

NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE....  $     14.41
                                                              ===========
COMPONENTS OF NET ASSETS:
    Paid-In Capital.........................................  $   172,050
    Undistributed Net Investment Gain.......................          130
    Undistributed Net Realized Gain.........................       12,781
    Unrealized Appreciation of Investment Securities........       46,433
                                                              -----------
    Total Net Assets........................................  $   231,394
                                                              ===========
</TABLE>

--------------

++ The cost for federal income tax purposes is $188,379.

                See accompanying Notes to Financial Statements.

                                       13
<PAGE>
                      DFA INVESTMENT DIMENSIONS GROUP INC.

              RWB/DFA INTERNATIONAL HIGH BOOK TO MARKET 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 The DFA Investment
     Trust Company..........................................  $    762
                                                              --------

EXPENSES
    Administrative Services.................................        12
    Accounting & Transfer Agent Fees........................        10
    Client Service Fee......................................       231
    Legal Fees..............................................         2
    Audit Fees..............................................         1
    Filing Fees.............................................        11
    Shareholders' Reports...................................        10
    Directors' Fees and Expenses............................         1
    Other...................................................         1
                                                              --------
        Total Expenses......................................       279
                                                              --------
    NET INVESTMENT INCOME...................................       483
                                                              --------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT
  SECURITIES

    Capital Gain Distributions Received from The DFA
     Investment Trust Company...............................    15,596
    Net Realized Gain on Investment Securities Sold.........       881
    Change in Unrealized Appreciation (Depreciation) of
     Investment Securities..................................   (19,808)
                                                              --------

    NET LOSS ON INVESTMENT SECURITIES.......................    (3,331)
                                                              --------

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........  $ (2,848)
                                                              ========
</TABLE>

                See accompanying Notes to Financial Statements.

                                       14
<PAGE>
                      DFA INVESTMENT DIMENSIONS GROUP INC.

              RWB/DFA INTERNATIONAL HIGH BOOK TO MARKET 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.....................................   $    483     $  6,004
  Capital Gain Distribution Received from The DFA Investment
    Trust Company...........................................     15,596          630
  Net Realized Gain on Investment Securities Sold...........        881        5,717
  Change in Unrealized Appreciation (Depreciation) of
    Investment Securities...................................    (19,808)      21,097
                                                               --------     --------
      Net Increase (Decrease) in Net Assets Resulting from
        Operations..........................................     (2,848)      33,448
                                                               --------     --------

Distributions From:
  Net Investment Income.....................................     (5,333)      (5,837)
  Net Realized Gains........................................     (6,764)        (919)
                                                               --------     --------
      Total Distributions...................................    (12,097)      (6,756)
                                                               --------     --------
Capital Share Transactions (1):
  Shares Issued.............................................     15,588       36,056
  Shares Issued in Lieu of Cash Distributions...............     12,097        6,756
  Shares Redeemed...........................................    (41,039)     (96,601)
                                                               --------     --------
      Net Decrease from Capital Share Transactions..........    (13,354)     (53,789)
                                                               --------     --------
      Total Decrease........................................    (28,299)     (27,097)
NET ASSETS
  Beginning of Period.......................................    259,693      286,790
                                                               --------     --------
  End of Period.............................................   $231,394     $259,693
                                                               ========     ========

(1)  SHARES ISSUED AND REDEEMED:
  Shares Issued.............................................      1,079        2,537
  Shares Issued in Lieu of Cash Distributions...............        814          501
  Shares Redeemed...........................................     (2,817)      (6,747)
                                                               --------     --------
                                                                   (924)      (3,709)
                                                               ========     ========
</TABLE>

                See accompanying Notes to Financial Statements.

                                       15
<PAGE>
                      DFA INVESTMENT DIMENSIONS GROUP INC.

              RWB/DFA INTERNATIONAL HIGH BOOK TO MARKET PORTFOLIO

                              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
  Period..........................   $  15.29        $  13.86       $  12.84       $  13.76       $  12.02       $  11.44
                                     --------        --------       --------       --------       --------       --------
INCOME FROM INVESTMENT OPERATIONS
  Net Investment Income...........       0.01            0.35           0.30           0.22           0.22           0.19
  Net Gains (Losses) on Securities
    (Realized and Unrealized).....      (0.16)           1.42           1.21          (0.77)          1.53           0.60
                                     --------        --------       --------       --------       --------       --------
  Total from Investment
    Operations....................      (0.15)           1.77           1.51          (0.55)          1.75           0.79
                                     --------        --------       --------       --------       --------       --------
LESS DISTRIBUTIONS
  Net Investment Income...........      (0.32)          (0.29)         (0.27)         (0.23)         (0.01)         (0.19)
  Net Realized Gains..............      (0.41)          (0.05)         (0.22)         (0.14)            --          (0.02)
                                     --------        --------       --------       --------       --------       --------
  Total Distributions.............      (0.73)          (0.34)         (0.49)         (0.37)         (0.01)         (0.21)
                                     --------        --------       --------       --------       --------       --------
Net Asset Value, End of Period....   $  14.41        $  15.29       $  13.86       $  12.84       $  13.76       $  12.02
                                     ========        ========       ========       ========       ========       ========
Total Return......................      (1.16)%#        13.03%         12.28%         (4.04)%        14.61%          6.95%

Net Assets, End of Period
  (thousands).....................   $231,394        $259,693       $286,790       $275,057       $257,371       $172,017
Ratio of Expenses to Average Net
  Assets (1)......................       0.52%*          0.50%          0.46%          0.50%          0.54%          0.68%
Ratio of Net Investment Income to
  Average Net Assets..............       0.40%*          2.20%          2.10%          1.72%          1.88%          1.85%
Portfolio Turnover Rate...........        N/A             N/A            N/A            N/A            N/A            N/A
Portfolio Turnover Rate of Master
  Fund Series.....................         17%*             6%            15%            23%            12%            10%
</TABLE>

--------------

 *    Annualized
 #    Non-annualized
 (1)  Represents the combined ratio for the Portfolio and its respective
      pro-rata share of its Master Fund Series.
 N/A  Refer to the Master Fund Series.

                See accompanying Notes to Financial Statements.

                                       16
<PAGE>
                        INVESTMENT DIMENSIONS GROUP INC.

                         NOTES TO FINANCIAL STATEMENTS

                                  (UNAUDITED)

A. ORGANIZATION:

    DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, whose
shares are offered to institutional investors, retirement plans and clients of
registered investment advisors. The Fund currently offers thirty-eight
portfolios, of which the RWB/DFA International High Book to Market Portfolio is
presented in this report.

    The Portfolio invests all of its assets in The DFA International Value
Series (the "Series"), a corresponding series of The DFA Investment Trust
Company. At May 31, 2000, the Portfolio owned 14% of the outstanding shares of
the Series.

    The financial statements of the Master Fund is included elsewhere in this
report and should be read in conjunction with the financial statements of the
Feeder Fund.

B. SIGNIFICANT ACCOUNTING POLICIES:

    The following significant accounting policies are in conformity with
generally accepted accounting principles for investment companies. Such policies
are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with generally
accepted accounting principles may require management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.

    1.  SECURITY VALUATION:  The shares of the Series held by the Portfolio are
valued at its respective daily net asset value.

    2.  FEDERAL INCOME TAXES:  It is the Portfolio's intention to continue to
qualify as a regulated investment company and distribute all of its taxable
income. Accordingly, no provision for Federal income tax 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/treatment of net short-term capital gain distributions from The DFA
Investment Trust Company, and or foreign currency and foreign taxes on capital
gains. Expenses directly attributable to the Portfolio or to the Series are
directly charged. Common expenses are allocated using methods determined by the
Board of Directors.

    The Funds may be subject to taxes imposed by countries in which they invest,
with respect to their investment in issuers existing or operating in such
countries. Such taxes are generally based on income earned or repatriated and
capital gains realized on the sale of such investments. The Funds accrue such
taxes when the related income or capital gains are earned. Some countries
require governmental approval for the repatriation of investment income capital
or the proceeds of sales of foreign investors. In addition, if there is a
deterioration in a country's balance of payments or for other reasons, a country
may impose temporary restrictions on foreign capital remittances abroad.

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 to the Board
of Directors, and other administrative services. The Advisor provides investment
advisory services to the Series. 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 0.01 of 1% of average daily net
assets for each Fund.

                                       17
<PAGE>
    In addition, pursuant to a Client Service Agreement with Assante Asset
Management, Inc. ("Assante"), the Portfolio pays to Assante a fee at the
effective annual rate of 0.19% of its average daily net assets. Until March 26,
1999, this fee was 0.13% of its average daily net assets. Prior to April 7,
2000, Assante was known as Reinhardt Werba Bowen Advisory Services.

    Certain officers of the Portfolio are also officers, directors and
shareholders of the Advisor.

D. INVESTMENT TRANSACTIONS:

    At May 31, 2000, gross unrealized appreciation and depreciation for federal
income tax purposes of investment securities was as follows:

<TABLE>
<S>                                                           <C>
Gross Unrealized Appreciation...............................  $43,065
Gross Unrealized Depreciation...............................       --
                                                              -------
    Net.....................................................  $43,065
                                                              =======
</TABLE>

E. 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. 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.

                                       18
<PAGE>
                        THE DFA INVESTMENT TRUST COMPANY

                        THE U.S. LARGE CAP VALUE SERIES

                            SCHEDULE OF INVESTMENTS

                                  MAY 31, 2000

                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
COMMON STOCKS -- (99.0%)
 Aetna, Inc............................................      544,726   $   36,360,460
 Airborne Freight Corp.................................      148,200        2,991,787
 *Airgas, Inc..........................................       28,800          154,800
 AK Steel Holding Corp.................................      675,675        6,545,602
 *Alaska Air Group, Inc................................      111,200        3,461,100
 Albemarle Corp........................................      102,100        2,246,200
 Alcoa, Inc............................................      186,994       10,927,462
 Alexander & Baldwin, Inc..............................      164,000        3,792,500
 *Allegheny Corp.......................................       17,158        2,852,517
 Alliant Energy Corp...................................      217,700        6,027,569
 Allmerica Financial Corp..............................       80,600        4,649,612
 Allstate Corp.........................................      739,500       19,596,750
 Ambac, Inc............................................      140,300        7,067,612
 Amerada Hess Corp.....................................      115,100        7,639,762
 *America West Holdings Corp. Class B..................      108,800        1,938,000
 American Annuity Group, Inc...........................       37,600          641,550
 American Financial Group, Inc.........................      178,100        4,975,669
 American Greetings Corp. Class A......................      190,400        3,546,200
 American National Insurance Co........................       38,900        2,101,816
 Amerus Life Holdings, Inc. Class A....................       45,600          909,150
 *AMR Corp.............................................      565,000       16,102,500
 Arch Coal, Inc........................................       49,022          367,665
 Archer-Daniels Midland Co.............................    2,064,146       24,640,743
 *Arrow Electronics, Inc...............................      333,000       11,675,812
 Ashland, Inc..........................................      249,200        8,706,425
 *AutoNation, Inc......................................    2,068,600       16,290,225
 Avnet, Inc............................................        8,420          582,559
 Bancwest Corp.........................................      367,800        6,873,262
 Bear Stearns Companies, Inc...........................      376,170       14,811,694
 Belo (A.H.) Corp. Class A.............................      331,800        5,329,537
 *Bethlehem Steel Corp.................................      444,400        1,722,050
 Block Drug Co., Inc. Class A..........................        1,127           31,204
 Boise Cascade Corp....................................      176,300        5,134,737
 *Borders Group, Inc...................................       22,700          319,219
 Borg Warner Automotive, Inc...........................      100,800        4,006,800
 Bowater, Inc..........................................      171,600        8,869,575
 Brunswick Corp........................................      297,600        5,728,800
 Burlington Northern Santa Fe Corp.....................    1,835,700       43,368,412
 C.I.T. Group, Inc. Class A............................      289,000        5,292,312
 CBRL Group, Inc.......................................      270,000        3,906,562
 Centex Corp...........................................      229,000        4,751,750
 Champion International Corp...........................      293,700       21,440,100
 Chesapeake Corp.......................................       15,100          493,581
 *Chris-Craft Industries, Inc..........................       76,294        4,644,397
 Cincinnati Financial Corp.............................      490,280       19,718,449
 *CNA Financial Corp...................................      615,800       21,976,362
 Coca-Cola Enterprises, Inc............................    1,203,100       20,603,087
 Commerce Group, Inc...................................       93,100        2,525,337
 Commercial Federal Corp...............................       94,900        1,512,469
 Conseco, Inc..........................................    1,006,800        6,292,500
 Consolidated Papers, Inc..............................      196,100        7,329,237
 *Consolidated Stores Corp.............................      211,500        2,749,500
 Cooper Tire & Rubber Co...............................      306,400        3,695,950
 Corn Products International, Inc......................      116,200        2,854,162
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 Countrywide Credit Industries, Inc....................      370,200   $   11,383,650
 Crompton Corp.........................................        5,637           68,349
 Crown Cork & Seal Co., Inc............................      424,500        7,269,562
 CSX Corp..............................................      875,400       19,039,950
 Cummins Engine Co., Inc...............................      135,200        4,402,450
 Dana Corp.............................................      504,800       13,030,150
 Delphi Automotive Systems Corp........................      258,930        4,676,923
 Delta Air Lines, Inc..................................      422,500       21,732,344
 Dillards, Inc. Class A................................      330,700        4,939,831
 Dime Bancorp, Inc.....................................       53,800          981,850
 Earthgrains Co........................................      114,700        1,892,550
 Eastman Chemical Co...................................       83,200        3,790,800
 Enhance Financial Services Group, Inc.................      116,400        1,600,500
 ENSCO International, Inc..............................       67,900        2,372,256
 EOG Resources, Inc....................................      215,000        6,987,500
 Everest Re Group, Ltd.................................       16,000          544,000
 *Extended Stay America, Inc...........................      355,300        3,197,700
 Federal-Mogul Corp....................................      356,800        3,545,700
 *Federated Department Stores, Inc.....................      651,100       25,067,350
 Financial Security Assurance Holdings, Ltd............       41,800        3,140,225
 Finova Group, Inc.....................................      118,400        1,413,400
 First American Financial Corp.........................      112,300        1,866,987
 First Citizens Bancshares, Inc. NC....................       10,300          621,219
 Florida East Coast Industries, Inc....................       62,500        3,000,000
 *FMC Corp.............................................        1,000           60,750
 Ford Motor Co.........................................    2,145,900      104,210,269
 Fortune Brands, Inc...................................      591,000       15,735,375
 GATX Corp.............................................      143,400        4,830,787
 General Motors Corp...................................    1,494,300      105,534,937
 *General Motors Corp. Class H.........................      389,446       38,336,091
 *Gentiva Health Services..............................        3,325           28,990
 Georgia-Pacific Corp..................................      445,000       14,573,750
 *Golden State Bancorp, Inc............................      156,200        2,743,262
 Golden West Financial Corp............................      247,800       10,345,650
 Goodrich (B.F.) Co....................................      109,100        3,873,050
 Goodyear Tire & Rubber Co.............................      113,400        2,820,825
 Great Atlantic & Pacific Tea Co., Inc.................      135,900        2,497,162
 Greenpoint Financial Corp.............................      265,700        5,546,487
 Harris Corp...........................................      126,400        3,863,100
 Hartford Life, Inc. Class A...........................       20,000        1,003,750
 *Healthsouth Corp.....................................    1,481,200        9,535,225
 *Hearst-Argyle Television, Inc........................      225,000        4,260,937
 Heller Financial, Inc.................................       52,600          992,825
 Helmerich & Payne, Inc................................      151,600        5,647,100
 Hibernia Corp.........................................      301,300        3,879,238
 Hollinger International, Inc. Class A.................      268,700        3,274,781
 Horton (D.R.), Inc....................................      355,300        4,641,106
 *Humana, Inc..........................................      557,100        3,133,688
 IBP, Inc..............................................      344,900        5,690,850
 Ikon Office Solutions, Inc............................      541,400        2,707,000
 *Imation Corp.........................................        1,600           45,300
 IMC Global, Inc.......................................      445,300        6,846,488
 *Ingram Micro, Inc....................................      266,900        4,503,938
 *Interim Services, Inc................................      150,300        3,024,788
</TABLE>

                                       19
<PAGE>
THE U.S. LARGE CAP VALUE SERIES

CONTINUED
<TABLE>
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 International Paper Co................................      513,041   $   17,860,240
 *K Mart Corp..........................................    1,650,000       14,025,000
 Keycorp...............................................      840,000       17,640,000
 Lafarge Corp..........................................      257,500        6,566,250
 *Lam Research Corp....................................       14,700          472,697
 *Lanier Worldwide, Inc................................      101,400          183,788
 Lehman Brothers Holdings, Inc.........................      362,000       27,941,875
 Lennar Corp...........................................       58,000        1,094,750
 *Liberty Corp.........................................       40,400        1,419,050
 Liberty Financial Companies, Inc......................      160,000        3,770,000
 Lincoln National Corp.................................      446,100       17,286,375
 Lockheed Martin Corp..................................      489,500       11,992,750
 Loews Corp............................................      363,400       23,938,975
 Longs Drug Stores Corp................................       50,900        1,027,544
 Louisiana-Pacific Corp................................      335,300        3,772,125
 Lubrizol Corp.........................................      182,000        4,208,750
 Lyondell Chemical Co..................................      303,000        5,056,313
 Mallinckrodt, Inc.....................................      205,300        5,940,869
 *Mandalay Resort Group................................      296,300        6,277,856
 *Manor Care, Inc......................................      222,000        1,567,875
 Mark IV Industries, Inc...............................       85,600        1,819,000
 MBIA, Inc.............................................       92,900        5,370,781
 Mead Corp.............................................      306,300        9,437,869
 Millennium Chemicals, Inc.............................      346,800        6,675,900
 *Mirage Resorts, Inc..................................      669,900       14,026,031
 *Modis Professional Services, Inc.....................       89,500          917,375
 *Mony Group, Inc......................................        5,000          185,313
 Nabisco Group Holdings Corp...........................    1,090,980       23,797,001
 Norfolk Southern Corp.................................    1,294,000       23,049,375
 Northrop Grumman Corp.................................      249,000       19,079,625
 Occidental Petroleum Corp.............................      650,800       15,415,825
 *Officemax, Inc.......................................      384,600        2,091,263
 Ohio Casualty Corp....................................      213,800        2,558,919
 Old Republic International Corp.......................      612,475       10,756,592
 Omnicare, Inc.........................................      360,300        5,944,950
 *Owens-Illinois, Inc..................................      415,500        4,674,375
 Pacific Century Financial Corp........................      227,800        5,125,500
 *Pacificare Health Systems, Inc.......................       51,296        3,324,622
 *Pactiv Corporation...................................      615,100        5,497,456
 *Park Place Entertainment Corp........................      759,800        9,592,475
 Penney (J.C.) Co., Inc................................    1,140,000       20,662,500
 Penzoil Quaker State Co...............................       55,600          611,600
 Phelps Dodge Corp.....................................      212,712        9,545,451
 *Pioneer Natural Resources Co.........................      483,900        7,228,256
 PMI Group, Inc........................................       58,500        2,968,875
 Potlatch Corp.........................................       94,600        3,582,975
 *Premier Parks, Inc...................................      153,600        3,657,600
 *Pride International, Inc.............................       50,000        1,271,875
 Pulte Corp............................................      127,600        2,831,125
 Questar Corp..........................................      271,400        5,512,813
 *R & B Falcon Corp....................................      169,300        3,967,969
 Radian Group, Inc.....................................       47,000        2,585,000
 Rayonier, Inc.........................................       83,000        3,340,750
 Raytheon Co. Class A..................................      321,500        7,575,344
 Raytheon Co. Class B..................................      409,900        9,607,031
 *Rite Aid Corp........................................      457,100        3,171,131
 RJ Reynolds Tobacco Holdings, Inc.....................      448,226       12,438,272
 Russell Corp..........................................      137,400        3,057,150
 Ryder System, Inc.....................................      268,800        5,157,600
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 *Sabre Holdings Corp..................................      408,298   $   11,738,568
 Safeco Corp...........................................      491,200       12,049,750
 *Safety-Kleen Corp....................................      195,700          122,313
 Saint Paul Companies, Inc.............................      695,326       26,074,725
 *Saks, Inc............................................      450,200        5,205,438
 Sears, Roebuck & Co...................................      867,500       32,043,281
 *Sensormatic Electronics Corp.........................      196,500        3,082,594
 Service Corp. International...........................      825,600        2,580,000
 *Silicon Graphics, Inc................................      501,700        3,323,763
 *Smurfit-Stone Container Corp.........................       36,026          512,245
 Sovereign Bancorp, Inc................................      744,700        5,108,177
 Spiegel, Inc. Class A Non-Voting......................        9,600           73,350
 Springs Industries, Inc. Class A......................        7,700          365,750
 St. Joe Corp..........................................       78,400        2,347,100
 Starwood Hotels and Resorts Worldwide, Inc............      577,500       17,072,344
 Sunoco, Inc...........................................      329,000       10,630,813
 Supervalu, Inc........................................      286,100        5,954,456
 *Tech Data Corp.......................................       72,500        2,725,547
 Tecumseh Products Co. Class A.........................       58,300        2,632,609
 Tecumseh Products Co. Class B.........................       15,400          665,088
 Temple-Inland, Inc....................................      180,200        8,953,688
 Tenet Healthcare Corp.................................      633,000       16,220,625
 Tenneco Automotive, Inc...............................      123,020          899,584
 Terra Industries, Inc.................................       61,400          130,475
 *Thermo-Electron Corp.................................      485,600        9,013,950
 Tidewater, Inc........................................      164,000        6,375,500
 Timken Co.............................................      274,800        5,186,850
 *Toys R Us, Inc.......................................      819,300       12,903,975
 Trinity Industries, Inc...............................       93,300        2,058,431
 Tyson Foods, Inc. Class A.............................       50,000          493,750
 U.S. Industries, Inc..................................      262,100        3,538,350
 *UAL Corp.............................................      158,400        8,157,600
 Ultramar Diamond Shamrock Corp........................      265,400        6,883,813
 UMB Financial Corp....................................       51,260        1,893,416
 *Unifi, Inc...........................................       73,000          930,750
 Union Pacific Corp....................................      826,200       34,958,588
 Union Pacific Resources Group, Inc....................      773,900       18,331,756
 *United Rentals, Inc..................................      235,400        3,825,250
 Unitrin, Inc..........................................      223,800        7,203,563
 *Unova, Inc...........................................      273,500        3,777,719
 UnumProvident Corp....................................      646,189       14,660,413
 USX-Marathon Group, Inc...............................      916,450       24,915,984
 USX-US Steel Group....................................      314,400        7,093,650
 Valero Energy Corp....................................      268,500        7,853,625
 Valhi, Inc............................................      158,500        1,693,969
 *Venator Group, Inc...................................      590,000        6,379,375
 *Vishay Intertechnology, Inc..........................      199,411       14,108,328
 Wallace Computer Services, Inc........................       31,000          310,000
 Weis Markets, Inc.....................................       20,800          681,200
 Wesco Financial Corp..................................       13,540        3,290,220
 Westvaco Corp.........................................      306,650        9,237,831
 *Wisconsin Central Transportation Corp................        5,900           77,069
 Worthington Industries, Inc...........................      122,800        1,488,950
 *Ziff-Davis, Inc......................................       20,000          168,750
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $1,774,314,419)................................                 1,791,687,391
                                                                       --------------
</TABLE>

                                       20
<PAGE>
THE U.S. LARGE CAP VALUE SERIES

CONTINUED

<TABLE>
<CAPTION>
                                                             FACE
                                                            AMOUNT             VALUE+
                                                            ------             ------
                                                            (000)
<S>                                                      <C>           <C>
TEMPORARY CASH
  INVESTMENTS -- (1.0%)
 Repurchase Agreement, PNC Capital Markets Inc. 5.95%,
   06/01/2000 (Collateralized by U.S. Treasury Notes
   5.875%, 10/31/01, valued at $17,594,688) to be
   repurchased at $17,335,865.
   (Cost $17,333,000)..................................   $   17,333   $   17,333,000
                                                                       --------------
TOTAL INVESTMENTS -- (100.0%)
  (Cost $1,791,647,419)++..............................                $1,809,020,391
                                                                       ==============
</TABLE>

<TABLE>
<C>   <S>
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.
   *  Non-Income Producing Securities
  ++  The cost for federal income tax purposes is $1,791,816,976.
</TABLE>

                See accompanying Notes to Financial Statements.

                                       21
<PAGE>
                       THE DFA INTERNATIONAL VALUE SERIES

                            SCHEDULE OF INVESTMENTS

                                  MAY 31, 2000
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
JAPAN -- (25.3%)
COMMON STOCKS -- (24.9%)
 Aichi Bank, Ltd.......................................       10,500   $      721,616
 Aisin Seiki Co., Ltd..................................      137,000        1,679,498
 Amada Co., Ltd........................................      376,000        3,247,549
 Amano Corp............................................      115,000          966,566
 *Aomori Bank, Ltd.....................................      170,000          787,833
 Aoyama Trading Co., Ltd...............................       41,100          490,490
 Asahi Glass Co., Ltd..................................      140,000        1,298,908
 *Ashikaga Bank, Ltd...................................      808,000        1,650,893
 Autobacs Seven Co., Ltd...............................       10,300          300,367
 Awa Bank, Ltd.........................................      196,600          936,668
 Bank of Iwate, Ltd....................................       18,590          671,605
 Bank of Kyoto, Ltd....................................      347,400        1,803,543
 Bank of Nagoya, Ltd...................................      185,000        1,080,705
 *Bank of Osaka, Ltd...................................      315,000          637,752
 Bank of Yokohama, Ltd.................................      978,000        4,178,127
 Best Denki Co., Ltd...................................      153,000          947,768
 Canon Sales Co., Inc..................................      124,900        1,792,156
 Casio Computer Co., Ltd...............................       60,000          573,949
 Chiba Bank, Ltd.......................................      941,000        4,089,973
 Chiyoda Fire and Marine Insurance Co., Ltd............      444,150        1,423,094
 Chudenko Corp.........................................       84,460        1,222,875
 Chugoku Bank, Ltd.....................................      199,000        1,753,897
 Chuo Mitsui Trust and Banking Co., Ltd................      309,000        1,242,600
 Citizen Watch Co., Ltd................................      318,000        2,731,831
 Cosmo Oil Co., Ltd....................................      764,000        1,064,313
 Dai Nippon Pharmaceutical Co., Ltd....................      203,000        2,158,671
 Dai Tokyo Fire & Marine Insurance Co., Ltd............      529,000        1,719,526
 Daicel Chemical Industries, Ltd.......................      485,000        1,432,365
 Daido Steel Co., Ltd..................................      126,000          265,633
 Daimaru, Inc..........................................       79,000          225,242
 Daio Paper Corp.......................................        3,000           23,181
 Daisan Bank, Ltd......................................       68,000          290,504
 Daishi Bank, Ltd......................................      355,000        1,302,298
 Daito Trust Construction Co., Ltd.....................      180,784        3,441,904
 Daiwa Bank, Ltd.......................................      500,000        1,267,703
 Daiwa House Industry Co., Ltd.........................      663,000        4,919,775
 Daiwa Securities Co., Ltd.............................    1,500,000       18,249,353
 Dowa Fire & Marine Insurance Co., Ltd.................      383,000          939,048
 Ehime Bank, Ltd.......................................      143,000          606,928
 Ezaki Glico Co., Ltd..................................      174,600          809,151
 Fuji Photo Film Co., Ltd..............................      355,000       12,396,558
 Fujikura, Ltd.........................................      108,000          513,545
 Fukui Bank, Ltd.......................................      343,000          936,540
 Fukuoka City Bank, Ltd................................      264,532        1,203,813
 Fukuyama Transporting Co., Ltd........................      266,000        1,610,698
 Futaba Corp...........................................       16,000          595,867
 Futaba Industrial Co., Ltd............................       85,000        1,093,336
 General Sekiyu KK.....................................      111,000          226,793
 Gunma Bank, Ltd.......................................      146,000          795,932
 *Hachijuni Bank, Ltd..................................       45,000          288,368
 Hankyu Department Stores, Inc.........................       54,000          266,301
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 Hanshin Electric Railway Co., Ltd.....................      141,000   $      392,849
 Higo Bank, Ltd........................................      308,000        1,138,462
 *Hino Motors, Ltd.....................................      404,000        1,076,833
 Hiroshima Bank, Ltd...................................      593,000        2,224,954
 Hitachi Construction Machinery Co., Ltd...............       64,000          275,793
 Hitachi Maxell, Ltd...................................       96,000        2,344,833
 Hitachi Metals, Ltd...................................      360,000        2,975,620
 Hitachi, Ltd..........................................    3,717,000       46,050,390
 Hokkoku Bank, Ltd.....................................      102,000          401,653
 Hokuetsu Bank.........................................      275,330          805,469
 Hokuetsu Paper Mills, Ltd.............................      162,000        1,262,298
 *Hokuriku Bank, Ltd...................................      891,000        2,060,449
 House Foods Corp......................................      117,000        1,737,478
 Hyakugo Bank, Ltd. (105th Bank).......................      258,000        1,130,958
 Hyakujishi Bank, Ltd..................................      314,000        1,895,518
 Inax Corp.............................................      309,000        1,764,894
 *Ishikawajima-Harima Heavy Industries Co., Ltd........      380,000          585,837
 *Itochu Corp..........................................      300,000        1,211,980
 Itoham Foods, Inc.....................................      288,000        1,182,224
 *Iyo Bank, Ltd........................................       60,000          366,101
 Izumi Co., Ltd........................................       19,000          239,275
 Japan Airport Terminal Co., Ltd.......................       29,000          237,009
 *Japan Energy Corp....................................      320,000          297,191
 Joyo Bank, Ltd........................................      245,000          953,378
 Juroku Bank, Ltd......................................      349,000        1,552,551
 Kagoshima Bank, Ltd...................................      266,000          923,928
 Kajima Corp...........................................      826,000        2,055,889
 Kamigumi Co., Ltd.....................................      357,000        1,707,499
 Kandenko Co., Ltd.....................................      266,000          988,158
 Kansai Paint Co., Ltd., Osaka.........................      108,000          267,806
 Katokichi Co., Ltd....................................       30,000          752,263
 *Kawasaki Heavy Industries, Ltd.......................      407,000          532,965
 Kikkoman Corp.........................................      259,000        1,816,066
 Kinden Corp...........................................       77,000          418,342
 Kissei Pharmaceutical Co., Ltd........................       41,000          664,453
 Koa Fire & Marine Insurance Co., Ltd..................       45,000          122,034
 *Kobe Steel, Ltd......................................    2,632,000        1,857,738
 Koito Manufacturing Co., Ltd..........................      146,000          713,220
 Kokuyo Co., Ltd.......................................       38,000          568,191
 Komatsu, Ltd..........................................    1,279,000        7,875,334
 Komori Corp...........................................       74,000        1,166,268
 Konica Corp...........................................       71,000          435,198
 Koyo Seiko Co.........................................      198,000        1,379,150
 Kubota Corp...........................................       25,000           88,228
 Lion Corp.............................................      325,000        1,385,418
 Makita Corp...........................................      209,000        1,985,669
 *Marubeni Corp........................................    1,942,000        5,158,224
 Maruichi Steel Tube, Ltd..............................      117,000        1,322,395
 Matsushita Electric Industrial Co., Ltd...............    1,933,000       45,688,254
 Matsushita Electric Works, Ltd........................      190,000        2,175,713
 Michinoku Bank, Ltd...................................      187,000        1,128,859
 Mitsubishi Electric Corp..............................      200,000        1,965,172
 Mitsubishi Gas Chemical Co., Inc......................      548,000        1,419,939
 Mitsubishi Heavy Industries, Ltd......................      611,000        2,122,256
</TABLE>

                                       22
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES

CONTINUED
<TABLE>
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 Mitsubishi Logistics Corp.............................        3,000   $       23,961
 *Mitsubishi Materials Corp............................      975,000        3,241,698
 *Mitsubishi Motors Corp...............................      866,000        2,814,951
 Mitsui Chemicals, Inc.................................          800            5,654
 *Mitsui Engineering and Shipbuilding Co., Ltd.........      781,000          587,518
 Mori Seiki Co., Ltd...................................      121,000        1,798,002
 Musashino Bank, Ltd...................................       26,000        1,009,333
 Mycal Corp............................................       93,000          281,569
 NHK Spring Co., Ltd...................................       71,000          258,481
 *NKK Corp.............................................    2,612,000        1,673,814
 NTN Corp..............................................      398,000        1,301,100
 Nanto Bank, Ltd.......................................      288,000        1,500,515
 National House Industrial Co., Ltd....................       95,000          544,369
 Nichirei Corp.........................................      366,000        1,074,121
 Nifco, Inc............................................       45,000          500,673
 Nikko Securities Co., Ltd.............................      400,000        3,707,451
 *Nippon Credit Bank, Ltd..............................    1,683,000                0
 Nippon Kayaku Co., Ltd................................       53,000          253,002
 Nippon Meat Packers, Inc., Osaka......................        4,000           54,237
 Nippon Mitsubishi Oil Company.........................    1,863,050        7,630,412
 Nippon Sanso Corp.....................................      367,000        1,117,956
 Nippon Shinpan Co., Ltd...............................       27,000           55,417
 Nippon Shokubai Co., Ltd..............................      163,000          749,338
 Nishimatsu Construction Co., Ltd......................      364,000        1,304,889
 Nishi-Nippon Bank, Ltd................................       85,540          336,837
 Nissei Sangyo Co., Ltd................................      110,050        1,410,438
 Nisshin Flour Milling Co., Ltd........................       96,000          873,740
 Nisshin Steel Co., Ltd................................    1,318,000        1,383,180
 Nisshinbo Industries, Inc.............................      305,000        1,387,972
 *Nissho Iwai Corp.....................................      544,000          510,276
 North Pacific Bank, Ltd...............................       45,000          229,858
 Obayashi Corp.........................................      520,000        1,980,032
 Ogaki Kyoritsu Bank, Ltd..............................       50,000          271,651
 Oita Bank, Ltd........................................      145,000          700,255
 Oji Paper Co., Ltd....................................      275,000        1,772,463
 Okumura Corp..........................................      322,000          971,906
 Onward Kashiyama Co., Ltd.............................        3,000           40,121
 Pioneer Electronic Corp...............................      182,000        5,560,991
 Q.P. Corp.............................................      168,000        1,299,688
 *Rinnai Corp..........................................        1,000           21,639
 Ryosan Co., Ltd.......................................       53,000        1,100,116
 Sakura Bank, Ltd......................................      816,000        6,039,951
 San In Godo Bank, Ltd.................................      222,000        1,162,832
 Sanyo Electric Co., Ltd...............................    2,565,000       18,962,053
 *Sanyo Shinpan Finance Co., Ltd.......................       11,000          398,421
 Seino Transportation Co., Ltd.........................      197,000          900,153
 Sekisui Chemical Co., Ltd.............................      557,000        1,914,000
 Sekisui House, Ltd....................................      938,000        9,129,543
 Shiga Bank, Ltd.......................................      272,000        1,225,168
 *Shikoku Bank, Ltd....................................       25,000          149,756
 *Shima Seiki Manufacturing Co., Ltd...................        5,000          124,449
 Shimachu Co., Ltd.....................................       20,200          337,307
 Shimadzu Corp.........................................      181,000          934,627
 Shimizu Corp..........................................      997,000        2,361,132
 Shinwa Bank, Ltd......................................       50,000          144,416
 *Shohkoh Fund & Co., Ltd..............................        3,000          646,389
 Showa Shell Sekiyu KK.................................      110,000          451,544
 Snow Brand Milk Products Co., Ltd.....................      419,000        2,101,322
 Stanley Electric Co., Ltd.............................      246,000        2,101,880
 Sumitomo Corp.........................................      600,000        5,572,322
 Sumitomo Forestry Co., Ltd............................      139,000          864,917
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 *Sumitomo Metal Industries, Ltd. Osaka................    1,481,000   $    1,017,822
 *Sumitomo Metal Mining Co., Ltd.......................      313,000        1,322,637
 Sumitomo Realty & Development Co., Ltd................      488,000        1,812,862
 Sumitomo Trust & Banking Co., Ltd.....................       21,000          151,929
 *Suzuken Co., Ltd.....................................        6,000          215,092
 TOC Co., Ltd..........................................          950            5,911
 Taiheiyo Cement Corp..................................    1,209,800        1,808,941
 Taisei Corp...........................................    1,325,000        1,821,220
 *Takara Standard Co., Ltd.............................      175,000          723,241
 Takashimaya Co., Ltd..................................      214,000        1,927,837
 Tanabe Seiyaku Co., Ltd...............................      167,000        1,127,550
 Teijin, Ltd...........................................      917,000        3,823,848
 Teikoku Oil Co., Ltd..................................      346,000        1,028,279
 *Toda Corp............................................      418,000        1,630,461
 Toho Bank, Ltd........................................      240,000          913,861
 Tokuyama Corp.........................................      248,000        1,402,665
 Tokyo Style Co., Ltd..................................      133,000        1,198,142
 *Tokyo Tomin Bank, Ltd................................       30,900        1,030,239
 Toppan Printing Co., Ltd..............................      100,000        1,060,599
 Toray Industries, Inc.................................       25,000           95,194
 Toshiba TEC Corp......................................      345,000        1,313,675
 Tostem Corp...........................................      188,000        3,099,139
 Toto, Ltd.............................................      247,000        1,660,812
 Toyo Seikan Kaisha, Ltd...............................      287,600        5,082,912
 Toyo Suisan Kaisha, Ltd...............................      116,000        1,034,223
 Toyo Trust & Banking Co., Ltd.........................      728,000        2,461,034
 Toyobo Co., Ltd.......................................      468,000          760,622
 Toyoda Machine Works, Ltd.............................       38,000          356,443
 Toyota Auto Body Co., Ltd.............................       86,000          813,076
 Toyota Tsusho Corp....................................      314,000        1,052,742
 UNY Co., Ltd..........................................       17,000          209,668
 *Victor Co. of Japan, Ltd.............................      246,000        1,446,185
 Wacoal Corp...........................................      149,000        1,249,565
 Yamagata Bank, Ltd....................................      153,700          789,376
 Yamaguchi Bank........................................      133,000          878,226
 Yamaha Corp...........................................       60,000          546,087
 Yamatake-Honeywell Co., Ltd...........................       87,000          864,546
 Yamazaki Baking Co., Ltd..............................       64,000          591,409
 *Yasuda Trust & Banking Co., Ltd......................    1,434,000        1,771,274
 Yodogawa Steel Works, Ltd.............................      296,000          742,233
 Yokogawa Electric Corp................................      337,000        2,816,809
 Yokohama Rubber Co., Ltd..............................      410,000          963,362
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $475,494,171)..................................                   419,205,789
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.4%)
 *Japanese Yen
   (Cost $7,348,432)...................................                     7,303,233
                                                                       --------------
TOTAL -- JAPAN
  (Cost $482,842,603)..................................                   426,509,022
                                                                       --------------
</TABLE>

<TABLE>
UNITED KINGDOM -- (18.4%)
COMMON STOCKS -- (17.8%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 *3I Group P.L.C.......................................       41,000          775,839
 Abbey National P.L.C..................................      187,800        2,496,868
 Aggregate Industries P.L.C............................    1,317,091        1,353,451
 Alliance & Leicester P.L.C............................      348,000        3,110,530
 *Allied Domecq P.L.C..................................      869,994        4,330,265
 Allied Zurich P.L.C...................................      402,000        4,506,520
 Anglian Water P.L.C...................................      151,281        1,257,226
</TABLE>

                                       23
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES

CONTINUED
<TABLE>
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 Antofagasta Holdings P.L.C............................      160,000   $      797,572
 Arjo Wiggins Appleton P.L.C...........................      814,500        3,070,975
 Associated British Foods P.L.C........................      766,096        5,055,544
 Associated British Ports Holdings P.L.C...............      375,400        1,630,026
 BAA P.L.C.............................................    1,083,993        7,906,792
 *BG Group P.L.C.......................................    2,666,548       15,982,614
 BOC Group P.L.C.......................................      143,513        2,016,383
 BPB P.L.C.............................................      458,500        2,535,684
 Barclays P.L.C........................................      359,555        9,345,853
 Barratt Developments P.L.C............................      226,000          780,323
 *Bass P.L.C...........................................      682,070        7,452,472
 Beazer Group P.L.C....................................      239,257          452,386
 Berkeley Group P.L.C..................................      122,792        1,025,973
 *Blue Circle Industries P.L.C.........................      338,731        2,154,312
 *Bodycote International P.L.C.........................      210,360          647,716
 Britannic P.L.C.......................................      181,600        2,482,296
 British Airways P.L.C.................................      935,331        5,060,902
 British Land Co. P.L.C................................      502,381        3,003,635
 British Vita P.L.C....................................      216,100          833,352
 *British-Borneo Petroleum Syndicate P.L.C.............      306,485          318,382
 Brixton Estate P.L.C..................................      235,685          757,398
 Burford Holdings P.L.C................................      337,000          501,195
 CGU P.L.C.............................................    1,835,450       27,873,423
 *Canary Wharf Group P.L.C.............................      468,000        2,500,783
 Capital Shopping Centres P.L.C........................      395,375        2,112,707
 Caradon P.L.C.........................................      312,000          739,159
 Carillion P.L.C.......................................      196,758          313,210
 Chelsfield P.L.C......................................      238,165        1,142,713
 *Chorion P.L.C........................................       98,404           63,614
 Cookson Group P.L.C...................................      608,692        1,876,487
 *Corus Group P.L.C....................................    2,724,027        3,990,171
 DeVere Group P.L.C....................................      106,442          499,570
 *Debenhams P.L.C......................................      302,000        1,020,163
 Enterprise Oil P.L.C..................................      354,000        2,523,921
 Glynwed International P.L.C...........................      178,000          622,572
 Great Portland Estates P.L.C..........................      197,275          656,079
 Great Universal Stores P.L.C..........................      819,700        5,090,729
 Halifax P.L.C.........................................      130,000        1,277,595
 Hammerson P.L.C.......................................      280,000        1,724,286
 Hanson P.L.C..........................................      599,300        4,250,446
 Hilton Group P.L.C....................................    1,251,117        4,619,010
 Hyder P.L.C...........................................       90,415          410,836
 IMI P.L.C.............................................       24,000           97,933
 Imperial Chemical Industries P.L.C....................      300,000        2,403,478
 *Independent Insurance Group P.L.C....................      130,000          478,005
 Invensys P.L.C........................................        3,390           11,654
 Johnson Matthey P.L.C.................................      178,000        2,035,333
 Kelda Group P.L.C.....................................      161,510          784,579
 *LaPorte P.L.C........................................       13,000          103,956
 *Laporte P.L.C. Series B..............................      208,000            3,109
 Lasmo P.L.C...........................................      989,335        1,759,723
 Lex Service P.L.C.....................................      121,933          756,351
 Lonmin P.L.C..........................................      236,002        2,187,064
 Marks & Spencer P.L.C.................................    1,273,167        4,738,477
 Mersey Docks & Harbour Co. P.L.C......................       53,050          381,403
 Millennium and Copthorne Hotels P.L.C.................      258,000        1,521,321
 *Morgan Crucible Company P.L.C........................       16,000           51,298
 *National Power P.L.C.................................      755,400        4,149,429
 *Northern Foods P.L.C.................................      433,000          747,522
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 Northern Rock P.L.C...................................      344,000   $    1,671,075
 Peel Holdings P.L.C...................................       45,400          342,690
 Peninsular & Oriental Steam Navigation Co.............      481,909        5,049,369
 Pennon Group P.L.C....................................       46,080          385,704
 Pilkington P.L.C......................................    1,117,167        1,377,609
 Pillar Property P.L.C.................................       21,250           99,099
 Powergen P.L.C........................................      530,177        3,486,804
 RMC Group P.L.C.......................................      252,000        3,167,748
 *Railtrack Group P.L.C................................      352,000        4,419,529
 Rank Group P.L.C......................................      793,530        1,672,386
 Rexam P.L.C...........................................      402,813        1,414,899
 Rio Tinto P.L.C.......................................      638,926        9,425,877
 Rolls-Royce P.L.C.....................................      903,049        3,320,477
 Royal & Sun Alliance Insurance Group P.L.C............    1,476,831        8,785,529
 *Royal Bank of Scotland Group P.L.C...................      965,021       15,866,586
 Safeway P.L.C.........................................    1,085,055        3,969,433
 Sainsbury (J.) P.L.C..................................    1,566,117        7,139,669
 Scottish & Newcastle P.L.C............................      507,900        4,387,934
 Severn Trent P.L.C....................................      210,597        1,910,711
 Shell Transport & Trading Co., P.L.C..................      304,390        2,517,131
 Signet Group P.L.C....................................      803,000          600,122
 Slough Estates P.L.C..................................      399,400        2,143,170
 *Smith (David S.) Holdings P.L.C......................      298,000          643,633
 *Smith (W.H.) P.L.C...................................      203,000        1,168,183
 Somerfield P.L.C......................................      165,142          124,653
 *Stagecoach Holdings P.L.C............................    1,166,000        1,045,692
 Tate & Lyle P.L.C.....................................      443,200        1,659,440
 Taylor Woodrow P.L.C..................................      396,277          900,319
 Tesco P.L.C...........................................    4,395,931       13,272,608
 Thames Water P.L.C....................................      165,347        1,982,096
 Thistle Hotels P.L.C..................................      466,707          892,911
 Trinity P.L.C.........................................      160,450        1,280,663
 Unigate P.L.C.........................................      233,600        1,068,435
 Unilever P.L.C........................................      800,000        5,276,291
 United Utilities P.L.C................................      265,595        2,504,974
 Whitbread P.L.C.......................................      489,242        4,100,597
 Wilson Bowden P.L.C...................................       96,900          863,949
 *Wimpey (George) P.L.C................................      348,650          581,057
 *Wolseley P.L.C.......................................      467,582        2,372,748
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $285,771,640)..................................                   300,052,393
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.6%)
 *British Pound Sterling
   (Cost $10,063,210)..................................                    10,050,438
                                                                       --------------
TOTAL -- UNITED KINGDOM
  (Cost $295,834,850)..................................                   310,102,831
                                                                       --------------
</TABLE>

<TABLE>
FRANCE -- (9.9%)
COMMON STOCKS -- (9.9%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 AGF (Assurances Generales de France SA)...............      103,514        5,231,956
 *Air Liquide..........................................        7,150          997,955
 Aventis...............................................      140,000        9,049,598
 Banque Nationale de Paris.............................      324,843       29,146,938
 Bongrain SA...........................................        1,653          448,402
 Christian Dior SA.....................................       31,100        7,066,346
 Colas SA..............................................        5,070          934,744
 Credit Commercial de France...........................        6,300          888,665
 *Credit Lyonnais SA...................................       15,000          640,464
</TABLE>

                                       24
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES

CONTINUED
<TABLE>
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 De la Rue Imperiale de Lyon...........................          500   $      953,834
 Eridania Beghin-Say SA................................       18,900        1,723,870
 Esso SA...............................................        8,476          494,829
 *Euro Disney SCA......................................      758,586          548,742
 *Faurecia SA..........................................        6,750          282,951
 Fimalac SA............................................        2,500          361,687
 Fonciere Lyonnaise SA.................................        3,968          406,265
 Fromageries Bel la Vache qui Rit......................          775          493,772
 GTM Entrepose.........................................       21,077        1,759,218
 Generale des Establissements Michelin SA Series B.....       75,500        2,485,672
 Groupe Danone.........................................       42,500        9,897,012
 Hachette Filipacchi Medias............................        6,500          446,382
 Imerys................................................       11,000        1,356,790
 LaFarge SA............................................       76,032        5,852,521
 Labinal SA............................................        6,400          784,657
 Lapeyre SA............................................       12,300          584,041
 Pechiney SA Series A..................................       55,475        2,268,843
 Pernod-Ricard SA......................................       38,900        2,038,292
 Peugeot SA............................................       37,150        7,579,664
 Rallye SA.............................................       17,220          921,462
 *Remy Cointreau SA....................................       27,400          592,073
 SEB SA................................................        9,000          555,885
 SILIC (Societe Immobiliere de Location pour
   l'Industrie et le Commerce).........................          200           28,583
 Saint-Gobain..........................................       65,436        9,072,488
 *Societe des Ciments de Francais......................       21,500        1,086,684
 Societe Financiere Interbail SA.......................       11,550          279,570
 Societe Generale, Paris...............................      281,728       16,159,881
 Suez Lyonnaise des Eaux SA............................       30,000        5,007,976
 Thomson-CSF...........................................       87,203        3,364,288
 Total SA..............................................      200,000       31,327,670
 Usinor................................................      167,800        2,007,475
 Valeo SA..............................................       46,400        2,336,610
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $104,756,556)..................................                   167,464,755
                                                                       --------------
RIGHTS/WARRANTS -- (0.0%)
 *Banque Nationale de Paris
   CVG Rights 07/15/02
   (Cost $226,784).....................................       58,864          272,953
                                                                       --------------
TOTAL -- FRANCE
  (Cost $104,983,340)..................................                   167,737,708
                                                                       --------------
</TABLE>

<TABLE>
GERMANY -- (9.5%)
COMMON STOCKS -- (9.5%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 AGIV AG fuer Industrie & Verkehrswesen................       57,800        1,029,195
 BASF AG...............................................      640,050       26,058,348
 BHW Holding AG, Berlin................................      167,300        2,901,389
 *Bankgesellschaft Berlin AG...........................      233,550        3,627,965
 Bayer AG..............................................      168,100        6,485,291
 Bayerische Vereinsbank AG.............................      290,000       18,449,753
 Berliner Kraft & Licht Bewag AG.......................      177,600        1,976,481
 Bilfinger & Berger Bau AG, Mannheim...................       46,500          692,144
 Commerzbank AG........................................      408,050       14,966,778
 Continental AG........................................       44,100          803,655
 DBV Holding AG........................................       44,000        1,530,215
 DaimlerChrysler AG, Stuttgart.........................       15,400          848,351
 Degussa-Huels AG......................................        7,800          238,714
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 *Deutsche Bank AG.....................................      359,305   $   27,124,149
 Deutsche Lufthansa AG.................................      305,250        7,303,715
 Deutsche Pfandbrief und Hypothekenbank AG, Depfa......       46,400        4,823,831
 Dresdner Bank AG......................................      331,200       13,361,279
 Dyckerhoff AG.........................................       22,750          643,502
 *FPB Holding AG.......................................        5,789          869,735
 Fresenius Medical Care AG.............................       37,600        3,086,026
 *Gehe AG..............................................        3,600          119,190
 *Heidelberger Druckmaschinen AG.......................        4,200          273,436
 Heidelberger Zement AG, Heidelberg....................       27,170        1,592,484
 Hochtief AG...........................................       91,150        2,886,794
 *Hoechst AG...........................................       27,900          835,748
 *Holzmann (Philipp) AG................................        1,860           32,774
 Karstadt Quelle AG....................................       70,000        2,350,039
 Linde AG..............................................       76,000        3,094,187
 MAN AG................................................      140,000        4,777,980
 Merck KGAA............................................       58,000        1,850,354
 SCA Hygiene Products AG...............................        3,550          658,456
 Thyssen Krupp AG......................................      108,750        1,916,246
 Veba AG...............................................       24,000        1,202,359
 Vereins & Westbank AG.................................       73,187        1,846,168
 Volkswagen AG.........................................       15,550          625,876
                                                                       --------------
TOTAL -- GERMANY
  (Cost $125,346,445)..................................                   160,882,607
                                                                       --------------
</TABLE>

<TABLE>
NETHERLANDS -- (7.1%)
COMMON STOCKS -- (7.1%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 ABN-AMRO Holding NV...................................    1,349,245       30,656,696
 Asr Verzekeringsgroep NV..............................       41,692        2,145,923
 Buhrmann NV...........................................       82,274        2,491,232
 DSM NV................................................      127,665        4,143,891
 Fortis (NL)...........................................      558,051       14,594,575
 Ing Groep NV..........................................      732,972       43,579,437
 KLM (Koninklijke Luchtvaart Mij) NV...................       61,019        1,355,311
 Koninklijke KPN NV....................................       21,132        1,897,075
 Koninklijke Vopak NV..................................       38,986          885,815
 *NV Holdingsmij de Telegraaf..........................        6,800          163,650
 Royal Philips Electronics NV, Eindhoven...............      404,800       17,967,252
 Vendex KBB NV.........................................       11,391          201,773
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $59,212,684)...................................                   120,082,630
                                                                       --------------
RIGHTS/WARRANTS -- (0.0%)
 *Fortis (NL) Rights 06/19/00
   (Cost $0)...........................................      558,051                0
                                                                       --------------
TOTAL -- NETHERLANDS
  (Cost $59,212,684)...................................                   120,082,630
                                                                       --------------
</TABLE>

<TABLE>
SWITZERLAND -- (6.8%)
COMMON STOCKS -- (6.8%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 Ascom Holding AG, Bern................................        1,410        4,242,503
 Baloise-Holding, Basel................................       26,676       24,897,747
 Banque Cantonale Vaudois..............................        5,795        1,801,760
 Bobst SA, Prilly......................................          513          729,403
 Ciba Spezialitaetenchemie Holding AG..................        2,100          129,160
 Financiere Richemont AG...............................        8,973       22,234,113
 Fischer (Georg) AG, Schaffhausen (Namen)..............       12,987        4,099,166
 Helvetia Patria Holding, St. Gallen...................        4,830        3,761,438
</TABLE>

                                       25
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES

CONTINUED
<TABLE>
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 Intershop Holding AG, Zuerich.........................        5,400   $    3,010,637
 Jelmoli Holding AG, Zuerich...........................          500          646,021
 Pargesa Holding SA, Geneve............................        1,935        4,018,431
 Roche Holding AG, Basel...............................          892       10,367,259
 Sairgroup, Zuerich....................................       37,480        6,887,958
 Schindler Holding AG, Hergiswil Partizipsch...........        3,469        5,341,678
 Sig Schweizerische Industrie-Gesellschaft Holding AG,
   Neuhausen AM Rheinfall..............................        8,066        4,520,794
 Sika Finanz AG, Baar..................................        1,280          432,710
 *Sulzer AG, Winterthur................................        8,280        5,554,227
 *UBS AG...............................................       14,000        1,881,132
 *Unaxis Holding AG....................................       44,781       10,435,752
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $82,782,991)...................................                   114,991,889
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.0%)
 *Swiss Francs
   (Cost $171,047).....................................                       175,238
                                                                       --------------
RIGHTS/WARRANTS/OPTIONS -- (0.0%)
 *Baloise-Holding, Basel Put Options 06/16/00
   (Cost $0)...........................................       26,676           87,976
                                                                       --------------
TOTAL -- SWITZERLAND
  (Cost $82,954,038)...................................                   115,255,103
                                                                       --------------
</TABLE>

<TABLE>
ITALY -- (4.0%)
COMMON STOCKS -- (4.0%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 Banca Commerciale Italiana SpA........................      741,970        3,523,098
 Banca di Roma.........................................    7,168,500        7,705,134
 Banca Intesa SpA, Milano..............................    4,824,356       18,925,535
 Banca Popolare di Milano..............................      159,000        1,029,250
 Banca Toscana.........................................      607,000        1,981,526
 CIR SpA (Cie Industriale Riunite), Torino.............      400,000        1,276,106
 Cartiere Burgo SpA....................................      235,000        2,218,626
 *Compagnia di Partecipazioni Assicurative Industriali
   SpA.................................................      902,500        1,146,664
 Fabbrica Italiana Magneti Marelli SpA.................      350,000        1,778,759
 Fiat SpA..............................................      399,789       10,095,944
 IFIL Finanziaria Partecipazioni SpA...................      510,187        3,856,164
 Italcementi Fabriche Riunite Cemento SpA, Bergamo.....      378,560        3,412,475
 Milano Assicurazioni SpA..............................      199,000          614,562
 Parmalat Finanziaria SpA..............................      900,000        1,113,440
 SAI SpA (Sta Assicuratrice Industriale), Torino.......       32,000          486,107
 San Paolo-IMI SpA.....................................      400,000        5,824,090
 Sirti SpA.............................................       25,000           45,675
 Toro Assicurazioni Cia Anonima d'Assicurazione di
   Torino SpA..........................................      168,350        2,473,072
                                                                       --------------
TOTAL -- ITALY
  (Cost $46,205,794)...................................                    67,506,227
                                                                       --------------
</TABLE>

<TABLE>
SPAIN -- (2.9%)
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
COMMON STOCKS -- (2.9%)
 Aceralia Corporacion Siderurgica SA...................       22,500   $      235,375
 Acerinox SA...........................................      154,740        5,223,630
 Aumar (Autopistas del Mare Nostrum SA)................      176,800        2,666,068
 Autopistas Concesionaria Espanola SA..................      453,789        4,292,621
 Azucarera Ebro Agricolas SA...........................      111,600        1,354,791
 Banco Pastor SA, La Coruna............................       39,600        1,604,155
 Cementos Portland SA..................................       26,000          542,772
 Cia Espanola de Petroleous SA.........................      449,382        4,000,878
 Corporacion Mapfre Compania Internacional de
   Reaseguros SA, Majadah Onda.........................       36,300          506,317
 Endesa SA, Madrid.....................................      190,892        3,933,691
 Grupo Dragados SA, Madrid.............................      456,567        3,353,499
 Hidroelectrica del Cantabrico SA......................      299,700        6,098,062
 Iberdrola SA..........................................      535,000        6,797,399
 Metrovacesa SA........................................       94,462        1,638,201
 Union Electrica Fenosa SA.............................      230,000        4,767,315
 Vallehermoso SA.......................................      240,000        1,540,231
                                                                       --------------
TOTAL -- SPAIN
  (Cost $43,251,650)...................................                    48,555,005
                                                                       --------------
</TABLE>

<TABLE>
SWEDEN -- (2.8%)
COMMON STOCKS -- (2.6%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 Assidomaen AB.........................................      213,850        3,689,503
 Gambro AB Series A....................................      351,000        2,609,217
 Gambro AB Series B....................................      131,730          971,929
 Holmen AB Series A....................................        6,300          160,767
 Holmen AB Series B....................................      119,200        3,041,812
 *Invik and Co. AB Series A............................           32            3,391
 *Invik and Co. AB Series B............................          360           42,418
 NCC AB Series A.......................................       45,400          362,674
 NCC AB Series B.......................................      100,000          776,652
 Perstorp AB Series B..................................       77,800          949,512
 SSAB Swedish Steel Series A...........................      129,900        1,376,388
 SSAB Swedish Steel Series B...........................       48,000          495,282
 Skandinaviska Enskilda Banken Series A................      196,000        2,131,132
 Skandinaviska Enskilda Banken Series C................        9,800           97,858
 Svedala Industri......................................       28,700          366,191
 Svenska Cellulosa AB Series A.........................       57,000        1,132,025
 Svenska Cellulosa AB Series B.........................      266,500        5,337,067
 Svenska Handelsbanken Series A........................      240,000        3,381,763
 Svenska Kullagerfabriken AB Series A..................       68,400        1,191,472
 Svenska Kullagerfabriken AB Series B..................       89,700        1,637,143
 Sydkraft AB Series C..................................        6,600          109,841
 Trelleborg AB Series B................................      146,400          974,587
 Volvo AB Series A.....................................      194,100        4,479,372
 Volvo AB Series B.....................................      373,100        8,837,946
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $45,131,205)...................................                    44,155,942
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.2%)
 *Swedish Krona
   (Cost $2,970,935)...................................                     2,976,248
                                                                       --------------
</TABLE>

                                       26
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES

CONTINUED
<TABLE>
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
RIGHTS/WARRANTS -- (0.0%)
 *Volvo AB Series A Redemption Rights 06/30/00.........      192,600   $      119,666
 *Volvo AB Series B Redemption Rights 06/30/00.........      329,800          210,400
                                                                       --------------
TOTAL RIGHTS/WARRANTS
  (Cost $0)............................................                       330,066
                                                                       --------------
TOTAL -- SWEDEN
  (Cost $48,102,140)...................................                    47,462,256
                                                                       --------------
</TABLE>

<TABLE>
AUSTRALIA -- (2.1%)
COMMON STOCKS -- (2.0%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 AMP, Ltd..............................................      114,900          997,737
 Amcor, Ltd............................................      505,844        1,454,454
 Boral, Ltd............................................      520,213          560,913
 CSR, Ltd..............................................      842,897        1,942,713
 Colonial, Ltd.........................................      245,789        1,319,346
 Goodman Fielder, Ltd..................................      951,430          673,056
 *Hanson P.L.C.........................................       65,823          443,862
 MIM Holdings..........................................    1,426,238          667,204
 Mayne Nickless, Ltd...................................       96,541          166,330
 Normandy Mining, Ltd..................................    1,279,840          606,019
 North, Ltd............................................      560,737          882,919
 Orica, Ltd............................................      202,068          818,481
 *Origin Energy, Ltd...................................      520,213          409,556
 Pacific Dunlop, Ltd...................................      756,467          720,708
 *Paperlinx, Ltd.......................................      168,615          292,430
 *Pasminco, Ltd........................................      292,385          151,792
 Quantas Airways, Ltd..................................      906,085        1,674,815
 Rio Tinto, Ltd........................................      509,374        7,274,779
 Santos, Ltd...........................................      369,827          949,432
 Seven Network, Ltd....................................       34,926          131,506
 St. George Bank, Ltd..................................      359,871        2,397,963
 Stockland Trust Group.................................      162,426          329,882
 Suncorp-Metway Limited................................       52,500          247,306
 WMC, Ltd..............................................      844,189        3,461,307
 Westpac Banking Corp..................................      731,773        4,988,811
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $38,580,865)...................................                    33,563,321
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.1%)
 *Australian Dollar
   (Cost $1,117,571)...................................                     1,108,241
                                                                       --------------
PREFERRED STOCKS -- (0.0%)
 Village Roadshow, Ltd. Class A
   (Cost $126).........................................           92               95
                                                                       --------------
RIGHTS/WARRANTS -- (0.0%)
 *AMP, Ltd. Contingent Payment Rights
   (Cost $0)...........................................      161,533                0
                                                                       --------------
TOTAL -- AUSTRALIA
  (Cost $39,698,562)...................................                    34,671,657
                                                                       --------------
</TABLE>

<TABLE>
HONG KONG -- (1.9%)
COMMON STOCKS -- (1.9%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 Amoy Properties, Ltd..................................    4,570,500        2,712,855
 *China Overseas Land & Investment, Ltd................      868,000           70,180
 Great Eagle Holdings, Ltd.............................      698,910          919,382
 HKR International, Ltd................................    1,077,384          407,891
 Hang Lung Development Co., Ltd........................    2,126,000        1,336,935
 Hysan Development Co., Ltd............................    1,683,822        1,826,013
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
 Kerry Properties, Ltd.................................    1,261,000   $    1,229,928
 New World Development Co., Ltd........................    2,246,105        2,248,411
 *New World Infrastructure, Ltd........................      880,800          712,146
 Shangri-La Asia, Ltd..................................    2,982,000        3,042,467
 Sino Land Co., Ltd....................................    4,976,107        1,676,371
 Swire Pacific, Ltd. Series A..........................    1,062,000        6,133,214
 Tsim Sha Tsui Properties, Ltd.........................    1,352,000          850,205
 Wharf Holdings, Ltd...................................    3,776,914        6,786,036
 Wheelock and Co., Ltd.................................    3,243,000        2,018,551
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $56,667,986)...................................                    31,970,585
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.0%)
 *Hong Kong Dollars
   (Cost $136,667).....................................                       136,668
                                                                       --------------
TOTAL -- HONG KONG
  (Cost $56,804,653)...................................                    32,107,253
                                                                       --------------
</TABLE>

<TABLE>
FINLAND -- (1.6%)
COMMON STOCKS -- (1.6%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 Fortum Oyj............................................      802,360        2,976,444
 Huhtamaki Van Leer Oyj................................       44,600        1,398,041
 Kemira Oyj............................................      265,300        1,402,428
 Kesko Oyj.............................................      221,200        2,197,066
 Metra Oyj Series B....................................       82,300        1,488,343
 Metsa-Serla Oyj Series B..............................      403,500        3,124,629
 Metso Oyj.............................................      112,709        1,463,373
 Outokumpu Oyj Series A................................      329,300        3,512,028
 Rautaruukki Oy Series K...............................      237,100        1,198,385
 Sanitec Oyj...........................................       16,687          162,493
 Stora Enso Oyj Series A...............................      133,700        1,277,136
 Stora Enso Oyj Series R...............................      408,700        3,828,199
 Upm-Kymmene Oyj.......................................      128,500        3,241,459
 Uponor Oyj Series A...................................       20,000          367,251
                                                                       --------------
TOTAL -- FINLAND
  (Cost $31,903,962)...................................                    27,637,275
                                                                       --------------
</TABLE>

<TABLE>
BELGIUM -- (1.1%)
COMMON STOCKS -- (1.1%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 *Banque Bruxelles Lambert VVPR........................          128                3
 Bekaert SA............................................       34,000        1,750,009
 Cofinimmo SA..........................................          300           26,153
 Electrafina SA........................................        8,000        1,069,110
 *Fortis AG............................................       32,270          242,112
 Fortis AG VVPR........................................      290,430            2,693
 *Glaverbel SA VVPR....................................           22                0
 Groupe Bruxelles Lambert SA, Bruxelles................        6,300        1,507,401
 *Heidelberger Zement AG...............................        7,666          437,232
 *Heidelberger Zement AG VVPR..........................        7,666               71
 Nationale a Portefeuille..............................        4,029          373,651
 Sofina SA.............................................       10,500          345,592
 Solvay SA.............................................      101,490        6,776,793
 Suez Lyonnaise des Eaux SA............................       19,080        3,162,069
 *Suez Lyonnaise des Eaux SA CVG.......................       19,080          108,293
 *Suez Lyonnaise des Eaux SA VVPR......................       19,080              177
 Tessenderlo Chemie....................................       14,400          572,912
 Union Miniere SA......................................       40,200        1,421,175
                                                                       --------------
TOTAL -- BELGIUM
  (Cost $15,868,924)...................................                    17,795,446
                                                                       --------------
</TABLE>

                                       27
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES

CONTINUED

<TABLE>
DENMARK -- (1.0%)
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
COMMON STOCKS -- (1.0%)
 Carlsberg A.S. Series B...............................       38,150   $    1,232,096
 Codan A.S.............................................        2,554          166,555
 Danisco A.S...........................................       52,630        1,889,330
 Den Danske Bank A.S...................................       44,140        5,099,081
 FLS Industries........................................        2,740           41,863
 Jyske Bank A.S........................................       49,950          930,686
 *Nordic Baltic Holding AB.............................      925,918        5,923,199
 Realdanmark A.S.......................................       45,814        1,490,995
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $15,349,214)...................................                    16,773,805
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.0%)
 *Danish Krone
   (Cost $272,005).....................................                       270,745
                                                                       --------------
TOTAL -- DENMARK
  (Cost $15,621,219)...................................                    17,044,550
                                                                       --------------
</TABLE>

<TABLE>
SINGAPORE -- (0.8%)
COMMON STOCKS -- (0.8%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 City Developments, Ltd................................      120,000          401,588
 Fraser & Neave, Ltd...................................      769,000        2,285,099
 Keppel Corp., Ltd.....................................    1,379,000        2,625,727
 Keppel Land, Ltd......................................    1,200,000        1,107,829
 Keppel Tatlee Bank, Ltd...............................    1,084,000        1,901,403
 Natsteel, Ltd.........................................      261,000          271,072
 *Neptune Orient Lines, Ltd............................    1,162,000          878,312
 Singapore Airlines, Ltd...............................       40,000          348,504
 Singapore Land, Ltd...................................    1,048,000        1,674,991
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $18,975,896)...................................                    11,494,525
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.1%)
 *Singapore Dollars
   (Cost $983,429).....................................                       982,793
                                                                       --------------
TOTAL -- SINGAPORE
  (Cost $19,959,325)...................................                    12,477,318
                                                                       --------------
</TABLE>

<TABLE>
EMU -- (0.6%)
INVESTMENT IN CURRENCY -- (0.6%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 *Euro Currency
   (Cost $10,701,107)..................................                    10,775,492
                                                                       --------------
</TABLE>

<TABLE>
NORWAY -- (0.4%)
COMMON STOCKS -- (0.4%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 Bergesen Dy ASA Series A..............................      105,892        2,185,947
 Den Norske Bank ASA Series A..........................      589,194        2,090,693
 *Kvaerner ASA.........................................       93,451        1,074,053
 Norsk Hydro ASA.......................................       31,700        1,211,503
 Norske Skogindustrier ASA Series A....................       30,000          920,577
                                                                       --------------
TOTAL -- NORWAY
  (Cost $10,668,009)...................................                     7,482,773
                                                                       --------------
</TABLE>

<TABLE>
PORTUGAL -- (0.4%)
<CAPTION>
                                                            SHARES             VALUE+
                                                            ------             ------
<S>                                                      <C>           <C>
COMMON STOCKS -- (0.4%)
 Banco Espirito Santo e Comercial de Lisboa............       49,292   $    1,149,696
 Cimpor Cimentos de Portugal SA........................      100,653        1,533,673
 Portugal Telecom SA...................................      300,000        3,255,184
                                                                       --------------
TOTAL -- PORTUGAL
  (Cost $5,595,196)....................................                     5,938,553
                                                                       --------------
</TABLE>

<TABLE>
IRELAND -- (0.3%)
COMMON STOCKS -- (0.3%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 *Allied Irish Banks P.L.C.............................       35,520          326,119
 Independent News & Media P.L.C........................      247,505        1,928,110
 Jefferson Smurfit Group P.L.C.........................    1,432,273        2,789,418
                                                                       --------------
TOTAL -- IRELAND
  (Cost $4,679,359)....................................                     5,043,647
                                                                       --------------
</TABLE>

<TABLE>
AUSTRIA -- (0.2%)
COMMON STOCKS -- (0.2%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 *Bank Austria AG......................................       47,110        2,223,818
 Voest-Alpine Stahl AG.................................       23,100          638,406
                                                                       --------------
TOTAL -- AUSTRIA
  (Cost $3,016,013)....................................                     2,862,224
                                                                       --------------
</TABLE>

<TABLE>
NEW ZEALAND -- (0.1%)
COMMON STOCKS -- (0.1%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 Carter Holt Harvey, Ltd...............................    1,509,500        1,213,297
 Lion Nathan, Ltd......................................      476,400          948,593
                                                                       --------------
TOTAL COMMON STOCKS
  (Cost $3,178,164)....................................                     2,161,890
                                                                       --------------
INVESTMENT IN CURRENCY -- (0.0%)
 *New Zealand Dollar
   (Cost $17,982)......................................                        16,588
                                                                       --------------
TOTAL -- NEW ZEALAND
  (Cost $3,196,146)....................................                     2,178,478
                                                                       --------------
</TABLE>

<TABLE>
MALAYSIA -- (0.0%)
COMMON STOCKS -- (0.0%)
<CAPTION>

                                                            ------             ------
<S>                                                      <C>           <C>
 *Rekapacific Berhad
   (Cost $1,085,453)...................................      691,000           83,647
                                                                       --------------
</TABLE>

<TABLE>
TEMPORARY CASH INVESTMENTS -- (2.8%)
<CAPTION>
                                                             FACE
                                                            AMOUNT
                                                            ------
                                                            (000)
<S>                                                      <C>           <C>
 Repurchase Agreement, PNC Capital Markets Inc. 5.95%,
   06/01/2000 (Collateralized by U.S. Treasury Notes
   7.75%, 02/15/01, valued at $47,737,086) to be
   repurchased at $47,038,773.
   (Cost $47,031,000)..................................   $   47,031       47,031,000
                                                                       --------------
TOTAL INVESTMENTS - (100.0%) (Cost $1,554,562,472)++...                $1,687,222,702
                                                                       ==============
</TABLE>

<TABLE>
<C>   <S>
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.
   *  Non-Income Producing Securities
  ++  The cost for federal income tax purposes is $1,554,650,314.
</TABLE>

                See accompanying Notes to Financial Statements.

                                       28
<PAGE>
                        THE DFA INVESTMENT TRUST COMPANY

                      STATEMENTS OF ASSETS AND LIABILITIES

                                  MAY 31, 2000
                  (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                THE U.S.         THE DFA
                                                                LARGE CAP     INTERNATIONAL
                                                                  VALUE           VALUE
                                                                 SERIES          SERIES
                                                              -------------   -------------
<S>                                                           <C>             <C>
ASSETS:
Investments at Value........................................  $  1,809,020    $  1,687,223
Collateral for Securities Loaned............................        18,002         362,373
Receivables:
  Dividends, Interest, and Tax Reclaims.....................         5,597           8,674
  Investment Securities Sold................................         1,195             203
  Fund Shares Sold..........................................            30              --
Prepaid Expenses and Other Assets...........................             4              15
                                                              ------------    ------------
    Total Assets............................................     1,833,848       2,058,488
                                                              ------------    ------------

LIABILITIES:
Payable for Collateral on Securities Loaned.................        18,002         362,373
Payable for Investment Securities Purchased.................           116          53,802
Payable for Fund Shares Redeemed............................           910           2,863
Accrued Expenses and Other Liabilities......................           331             460
                                                              ------------    ------------
    Total Liabilities.......................................        19,359         419,498
                                                              ------------    ------------

NET ASSETS..................................................  $  1,814,489    $  1,638,990
                                                              ============    ============

SHARES OUTSTANDING, $.01 PAR VALUE
  (Unlimited Number of Shares Authorized)...................   123,720,123     134,076,977
                                                              ============    ============

NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE....  $      14.67    $      12.22
                                                              ============    ============
Investments at Cost.........................................  $  1,791,647    $  1,554,562
                                                              ============    ============
</TABLE>

                See accompanying Notes to Financial Statements.

                                       29
<PAGE>
                        THE DFA INVESTMENT TRUST COMPANY

                            STATEMENTS OF OPERATIONS

                     FOR THE SIX MONTHS ENDED MAY 31, 2000

                             (AMOUNTS IN THOUSANDS)
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                              THE U.S.       THE DFA
                                                              LARGE CAP   INTERNATIONAL
                                                                VALUE         VALUE
                                                               SERIES        SERIES
                                                              ---------   -------------
<S>                                                           <C>         <C>
INVESTMENT INCOME
  Dividends (Net of Foreign Taxes Withheld of $0 and $2,298,
    respectively)...........................................  $ 19,086      $ 21,406
  Interest..................................................       377           754
  Income from Securities Lending............................       145           722
                                                              --------      --------
    Total Investment Income.................................    19,608        22,882
                                                              --------      --------

EXPENSES
  Investment Advisory Services..............................       859         1,611
  Accounting & Transfer Agent Fees..........................       324           406
  Custodian's Fee...........................................        95           219
  Legal Fees................................................        15            15
  Audit Fees................................................        14            14
  Shareholders' Reports.....................................        20            21
  Trustees' Fees and Expenses...............................        --             4
  Other.....................................................        37            37
                                                              --------      --------
    Total Expenses..........................................     1,364         2,327
                                                              --------      --------
  NET INVESTMENT INCOME.....................................    18,244        20,555
                                                              --------      --------

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
  FOREIGN CURRENCY
  Net Realized Gain on Investment Securities Sold...........    54,233        57,413
  Net Realized Loss on Foreign Currency Transactions........        --          (781)
  Change in Unrealized Appreciation (Depreciation) of:
    Investment Securities and Foreign Currency..............   (51,788)      (94,253)
    Translation of Foreign Currency Denominated Amounts.....        --           (39)
                                                              --------      --------

  NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN
    CURRENCY................................................     2,445       (37,660)
                                                              --------      --------

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
  OPERATIONS................................................  $ 20,689      $(17,105)
                                                              ========      ========
</TABLE>

                See accompanying Notes to Financial Statements.

                                       30
<PAGE>
                        THE DFA INVESTMENT TRUST COMPANY

                      STATEMENTS OF CHANGES IN NET ASSETS

                             (AMOUNTS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                          THE U.S. LARGE CAP         THE DFA INTERNATIONAL
                                                             VALUE SERIES                VALUE SERIES
                                                       -------------------------   -------------------------
                                                       SIX MONTHS       YEAR       SIX MONTHS       YEAR
                                                          ENDED         ENDED         ENDED         ENDED
                                                         MAY 31,      NOV. 30,       MAY 31,      NOV. 30,
                                                          2000          1999          2000          1999
                                                       -----------   -----------   -----------   -----------
                                                       (UNAUDITED)                 (UNAUDITED)
<S>                                                    <C>           <C>           <C>           <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
  Net Investment Income..............................  $   18,244    $   33,022    $   20,555    $   37,751
  Net Realized Gain on Investment Securities Sold....      54,233       310,039        57,413       100,874
  Net Realized Loss on Foreign Currency
    Transactions.....................................          --            --          (781)         (341)
  Change in Unrealized Appreciation
    (Depreciation) of:
    Investment Securities and Foreign Currency.......     (51,788)     (262,465)      (94,253)       81,414
    Translation of Foreign Currency Denominated
      Amounts........................................          --            --           (39)         (368)
                                                       ----------    ----------    ----------    ----------
  Net Increase (Decrease) in Net Assets Resulting
    from Operations..................................      20,689        80,596       (17,105)      219,330
                                                       ----------    ----------    ----------    ----------

Distributions From:
  Net Investment Income..............................     (10,459)      (32,738)       (4,940)      (42,454)
  Net Realized Gains.................................    (310,296)     (135,996)     (100,340)       (3,807)
                                                       ----------    ----------    ----------    ----------
    Total Distributions..............................    (320,755)     (168,734)     (105,280)      (46,261)
                                                       ----------    ----------    ----------    ----------
Capital Share Transactions (1):
  Shares Issued......................................     248,408       240,602       212,057       145,300
  Shares Issued in Lieu of Cash Distributions........     317,842       166,280       105,280        46,261
  Shares Redeemed....................................    (239,777)     (286,569)     (216,339)     (424,502)
                                                       ----------    ----------    ----------    ----------
  Net Increase (Decrease) from Capital Share
    Transactions.....................................     326,473       120,313       100,998      (232,941)
                                                       ----------    ----------    ----------    ----------
    Total Increase (Decrease)........................      26,407        32,175       (21,387)      (59,872)
NET ASSETS
  Beginning of Period................................   1,788,082     1,755,907     1,660,377     1,720,249
                                                       ----------    ----------    ----------    ----------
  End of Period......................................  $1,814,489    $1,788,082    $1,638,990    $1,660,377
                                                       ==========    ==========    ==========    ==========

(1)  SHARES ISSUED AND REDEEMED:
    Shares Issued....................................      16,944        12,917        17,261        11,508
    Shares Issued in Lieu of Cash Distributions......      22,378         9,595         8,355         3,655
    Shares Redeemed..................................     (16,090)      (15,459)      (17,514)      (33,103)
                                                       ----------    ----------    ----------    ----------
                                                           23,232         7,053         8,102       (17,940)
                                                       ==========    ==========    ==========    ==========
</TABLE>

                See accompanying Notes to Financial Statements.

                                       31
<PAGE>
                        THE DFA INVESTMENT TRUST COMPANY

                        THE U.S. LARGE CAP VALUE SERIES

                              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 Period.......................
                                    $    17.79       $    18.79       $    18.09       $    15.52       $  13.29       $   9.92
                                    ----------       ----------       ----------       ----------       --------       --------
INCOME FROM INVESTMENT OPERATIONS
  Net Investment Income...........        0.16             0.34             0.31             0.32           0.31           0.32
  Net Gains (Losses) on Securities
    (Realized and Unrealized).....       (0.06)            0.46             1.71             3.38           2.57           3.53
                                    ----------       ----------       ----------       ----------       --------       --------
    Total from Investment
      Operations..................        0.10             0.80             2.02             3.70           2.88           3.85
                                    ----------       ----------       ----------       ----------       --------       --------
LESS DISTRIBUTIONS
  Net Investment Income...........       (0.09)           (0.34)           (0.32)           (0.31)         (0.31)         (0.31)
  Net Realized Gains..............       (3.13)           (1.46)           (1.00)           (0.82)         (0.34)         (0.17)
                                    ----------       ----------       ----------       ----------       --------       --------
    Total Distributions...........       (3.22)           (1.80)           (1.32)           (1.13)         (0.65)         (0.48)
                                    ----------       ----------       ----------       ----------       --------       --------
Net Asset Value, End of Period....  $    14.67       $    17.79       $    18.79       $    18.09       $  15.52       $  13.29
                                    ==========       ==========       ==========       ==========       ========       ========
Total Return......................        1.25%#           4.64%           11.93%           25.31%         22.48%         39.26%

Net Assets, End of Period
  (thousands).....................  $1,814,489       $1,788,082       $1,755,907       $1,489,996       $987,942       $423,027
Ratio of Expenses to Average Net
  Assets..........................        0.16%*           0.16%            0.16%            0.18%          0.19%          0.21%
Ratio of Net Investment Income to
  Average Net Assets..............        2.12%*           1.80%            1.67%            1.96%          2.37%          2.84%
Portfolio Turnover Rate...........          22%*             43%              25%              18%            20%            29%
</TABLE>

----------------

 *    Annualized
 #    Non-annualized

                See accompanying Notes to Financial Statements.

                                       32
<PAGE>
                        THE DFA INVESTMENT TRUST COMPANY

                       THE DFA INTERNATIONAL VALUE SERIES

                              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
  Period........................  $    13.18       $    11.95       $    10.90       $    11.79       $    10.55       $  10.06
                                  ----------       ----------       ----------       ----------       ----------       --------
INCOME FROM INVESTMENT OPERATIONS
  Net Investment Income.........        0.16             0.28             0.22             0.24             0.23           0.20
  Net Gains (Losses) on
    Securities (Realized and
    Unrealized).................       (0.27)            1.29             1.13            (0.67)            1.32           0.52
                                  ----------       ----------       ----------       ----------       ----------       --------
  Total from Investment
    Operations..................       (0.11)            1.57             1.35            (0.43)            1.55           0.72
                                  ----------       ----------       ----------       ----------       ----------       --------
LESS DISTRIBUTIONS
  Net Investment Income.........       (0.04)           (0.31)           (0.27)           (0.22)           (0.23)         (0.21)
  Net Realized Gains............       (0.81)           (0.03)           (0.03)           (0.24)           (0.08)         (0.02)
                                  ----------       ----------       ----------       ----------       ----------       --------
  Total Distributions...........       (0.85)           (0.34)           (0.30)           (0.46)           (0.31)         (0.23)
                                  ----------       ----------       ----------       ----------       ----------       --------
Net Asset Value, End of
  Period........................  $    12.22       $    13.18       $    11.95       $    10.90       $    11.79       $  10.55
                                  ==========       ==========       ==========       ==========       ==========       ========
Total Return....................       (1.06)%#         13.27%           12.50%           (3.84)%          14.85%          7.20%

Net Assets, End of Period
  (thousands)...................  $1,638,990       $1,660,377       $1,720,249       $1,582,086       $1,356,852       $609,386
Ratio of Expenses to Average Net
  Assets........................        0.29%*           0.29%            0.29%            0.32%            0.36%          0.42%
Ratio of Net Investment Income
  to Average Net Assets.........        2.55%*           2.17%            1.90%            2.09%            2.23%          2.14%
Portfolio Turnover Rate.........          17%*              6%              15%              23%              12%            10%
</TABLE>

----------------

 *    Annualized
 #    Non-annualized

                See accompanying Notes to Financial Statements.

                                       33
<PAGE>
                        THE DFA INVESTMENT TRUST COMPANY

                         NOTES TO FINANCIAL STATEMENTS

                                  (UNAUDITED)

A. ORGANIZATION:

    The DFA Investment Trust Company (the "Trust") is an open-end management
investment company registered under the Investment Company Act of 1940. The
Trust currently offers twenty-one series, of which two are presented in this
report.

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 Trust 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 Series 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 valued in good
faith at fair value using methods determined by the Board of Trustees.

    2.  FEDERAL INCOME TAXES:  It is the Series' 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.

    3.  REPURCHASE AGREEMENTS:  The Series may purchase money market instruments
subject to the counterparty's agreement to repurchase them at an agreed upon
date and price. The counterparty will be required on a daily basis to maintain
the value of the collateral subject to the agreement at not less than the
repurchase price (including accrued interest). The agreements are conditioned
upon the collateral being deposited under the Federal Reserve book-entry system
with The 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.

    4.  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 treatment of foreign currency and foreign taxes on capital gains.
Interest income is recorded on the accrual basis. Discount and premium on
securities purchased are amortized over the lives of the respective securities.
Expenses directly attributable to a Series are directly charged. Common expenses
are allocated using methods determined by the Board of Trustees.

    The Funds may be subject to taxes imposed by countries in which they invest,
with respect to their investments in issuers existing or operating in such
countries. Such taxes are generally based on income earned or repatriated and
capital gains realized on the sale of such investments. The Funds accrue such
taxes when the related income or capital gains are earned. Some countries
require governmental approval for the repatriation of investment income, capital
or the proceeds of sales of foreign investors. In addition, if there is a
deterioration in a country's balance of payments or for other reasons, a country
may impose temporary restrictions on foreign capital remittances abroad.

                                       34
<PAGE>
C. INVESTMENT ADVISOR:

    Dimensional Fund Advisors Inc. ("DFA" or the "Advisor") provides investment
advisory services to the Series. For the six months ended May 31, 2000, the
advisory fees were accrued daily and paid monthly to the Advisor based on an
effective annual rate of 0.10 of 1% and 0.20 of 1% of average daily net assets
for The U.S. Large Cap Value Series and The DFA International Value Series,
respectively.

    Certain officers of the Series are also officers, directors and shareholders
of the Advisor.

D. PURCHASES AND SALES OF SECURITIES:

    For the six months ended May 31, 2000, the Series made the following
purchases and sales of investment securities other than U.S. Government
Securities (amounts in thousands):

<TABLE>
<CAPTION>
                                                              PURCHASES     SALES
                                                              ---------   ---------
<S>                                                           <C>         <C>
The U.S. Large Cap Value Series.............................  $201,854    $188,705
The DFA International Value Series..........................   133,422     130,739
</TABLE>

E. 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>
<CAPTION>
                                                             GROSS UNREALIZED   GROSS UNREALIZED
                                                               APPRECIATION       DEPRECIATION        NET
                                                             ----------------   ----------------   ---------
<S>                                                          <C>                <C>                <C>
The U.S. Large Cap Value Series............................      $322,366           $(305,163)     $ 17,203
The DFA International Value Series.........................       372,387            (239,815)      132,572
</TABLE>

F. LINE OF CREDIT:

    The Trust, together with other DFA-advised portfolios, has entered into a
$50 million unsecured line of credit with its domestic custodian bank. Each
series 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 series is individually, and not jointly liable for its
particular advances under the line. Borrowings under the line of credit during
the six months ending May 31, 2000 were as follows:

<TABLE>
<CAPTION>
                                                                                                     MAXIMUM
                                                                                                      AMOUNT
                                             WEIGHTED        WEIGHTED       NUMBER      INTEREST     BORROWED
                                              AVERAGE        AVERAGE        OF DAYS     EXPENSE     DURING THE
                                           INTEREST RATE   LOAN BALANCE   OUTSTANDING   INCURRED      PERIOD
                                           -------------   ------------   -----------   --------   ------------
<S>                                        <C>             <C>            <C>           <C>        <C>
The U.S. Large Cap Value Series..........      5.99%       $10,511,067        15        $26,249    $29,999,000
The DFA International Value Series.......      6.44%           110,000         1             20        110,000
</TABLE>

There were no outstanding borrowings under the line of credit at May 31, 2000.

                                       35
<PAGE>
G. COMPONENTS OF NET ASSETS:

    At May 31, 2000, net assets consisted of (amounts in thousands):

<TABLE>
<CAPTION>
                                                                THE U.S.        THE DFA
                                                               LARGE CAP     INTERNATIONAL
                                                              VALUE SERIES   VALUE SERIES
                                                              ------------   -------------
<S>                                                           <C>            <C>
Paid-In Capital.............................................   $1,734,107      $1,434,430
Undistributed Net Investment Income.........................        9,040          17,346
Undistributed Net Realized Gain.............................       53,969          55,601
Accumulated Net Realized Foreign Exchange Loss..............           --            (781)
Unrealized Appreciation of Investment Securities............       17,373         132,661
Accumulated Net Foreign Exchange Loss.......................           --            (267)
                                                               ----------      ----------
Total Net Assets............................................   $1,814,489      $1,638,990
                                                               ==========      ==========
</TABLE>

H. SECURITIES LENDING:

    Loans of domestic securities are required at all times to be secured by
collateral at least equal to 102% of the market value of the securities on loan.
Loans of international securities are required at all time to be secured by
collateral at least equal to 105% of the market value of the securities on loan.
However, in the event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral may be subject to
legal proceedings. In the event that the borrower fails to return loaned
securities, and cash collateral being maintained by the borrower is insufficient
to cover the value of loaned securities and provided such collateral
insufficiency is not the result of investment losses, the lending agent has
agreed to pay the amount of the shortfall to the Series or, at the option of the
lending agent, replace the loaned securities. Such cash collateral for May 31,
2000 was reinvested into overnight repurchase agreements with Salomon Brothers
and Fuji Securities, which was in turn collateralized by U.S. Government
Treasury Securities. As of May 31, 2000, the market value of securities on loan
to brokers, the related collateral cash received was and the value of collateral
on overnight repurchase agreements was as follows:

<TABLE>
<CAPTION>
                                                           MARKET VALUE       VALUE OF       COLLATERAL ON
                                                           OF SECURITIES   COLLATERAL AND     REPURCHASE
                                                              ON LOAN      INDEMNIFICATION    AGREEMENTS
                                                           -------------   ---------------   -------------
<S>                                                        <C>             <C>               <C>
The U.S. Large Cap Value Series..........................  $ 16,795,541     $ 18,001,575     $ 18,466,374
The DFA International Value Series.......................   352,895,402      362,373,046      382,311,835
</TABLE>

                                       36


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission