<PAGE>
===============================================================================
Dimensional Investment Group Inc.
The DFA International Value Portfolio
Semi-Annual Report
Six Months Ended May 31, 1995
(Unaudited)
===============================================================================
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
SEMI-ANNUAL REPORT
(UNAUDITED)
TABLE OF CONTENTS
Page
-------
Dimensional Investment Group Inc.
Statement of Assets and
Liabilities ................. 1
Statement of Operations ....... 2
Statements of Changes in Net
Assets ...................... 3
Financial Highlights .......... 4
Notes to Financial Statements . 5-6
The DFA Investment Trust Company
The DFA International Value Series .
Statement of Net Assets ....... 7-15
Statement of Operations ....... 16
Statements of Changes in Net
Assets ...................... 17
Financial Highlights .......... 18
Notes to Financial Statements . 19-20
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.
THE DFA INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1995
(UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investment in The DFA International Value Series of The DFA Investment Trust
Company (18,860,736 Shares, Cost $191,068) at Value .............................. $ 198,157
Receivable for Fund Shares Sold ................................................... 555
Prepaid Expenses and Other Assets ................................................. 111
------------
Total Assets ................................................................. 198,823
------------
LIABILITIES:
Payable for Investment Securities Purchased ....................................... 11
Payable for Fund Shares Redeemed .................................................. 544
Accrued Expenses .................................................................. 9
------------
Total Liabilities ............................................................ 564
------------
Net Assets ........................................................................ $ 198,259
============
SHARES OUTSTANDING, $.01 PAR VALUE
(Authorized 100,000,000) ......................................................... 18,880,294
============
Net Asset, Offering and Redemption Price Value Per Share .......................... $ 10.50
============
NET ASSETS CONSIST OF:
Paid-In Capital ................................................................... $ 196,766
Accumulated Net Investment Loss ................................................... (91)
Accumulated Net Realized Loss ..................................................... (5,505)
Unrealized Appreciation of Investment Securities .................................. 7,089
------------
Total Net Assets ............................................................. $ 198,259
============
</TABLE>
See accompanying Notes to Financial Statements
1
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1995
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Investment Income
<S> <C>
Dividends ............................................................ $ 406
---------
Expenses
Administrative Services .............................................. 196
Accounting & Transfer Agent Fees ..................................... 6
Legal Fees ........................................................... 6
Audit Fees ........................................................... 3
Filing Fees .......................................................... 58
Shareholder Reports .................................................. 12
Directors' Fees and Expenses ......................................... 5
Other ................................................................ 7
---------
Total Expenses .................................................... 293
Less: Fees Waived and Expenses Reimbursed ............................ (97)
---------
Net Expenses ......................................................... 196
---------
Net Investment Income ................................................ 210
---------
Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Loss on Investment Securities ............................. (5,494)
Change in Unrealized Appreciation (Depreciation) of Investment
Securities ........................................................... 11,528
---------
Net Gain on Investment Securities .................................... 6,034
---------
Net Increase in Net Assets Resulting from Operations ................... $ 6,244
=========
</TABLE>
See accompanying Notes to Financial Statements
2
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Six Months Feb. 16,
Ended to
May 31, Nov. 30,
1995 1994
------------ ----------
(Unaudited)
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ................................................ $ 210 $ 1,970
Net Realized Loss on Investment Securities ........................... (5,494) (11)
Change in Unrealized Appreciation (Depreciation) of Investment
Securities ........................................................ 11,528 (4,439)
------------ ----------
Net Increase (Decrease) in Net Assets Resulting from Operations ...... 6,244 (2,480)
------------ ----------
Distributions From:
Net Investment Income ................................................ (313) (1,958)
------------ ----------
Capital Share Transactions (1):
Shares Issued ........................................................ 44,823 233,923
Shares Issued in Lieu of Cash Distributions .......................... 313 1,958
Shares Redeemed ...................................................... (80,603) (3,648)
------------ ----------
Net Increase (Decrease) From Capital Share Transactions ........... (35,467) 232,233
------------ ----------
Total Increase (Decrease) ......................................... (29,536) 227,795
Net Assets
Beginning of Period .................................................. 227,795 --
------------ ----------
End of Period ........................................................ $198,259 $227,795
============ ==========
(1) Shares Issued and Redeemed:
Shares Issued ........................................................ 4,435 22,802
Shares Issued in Lieu of Cash Distributions .......................... 31 191
Shares Redeemed ...................................................... (8,224) (355)
------------ ----------
(3,758) 22,638
============ ==========
</TABLE>
See accompanying Notes to Financial Statements
3
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Six Months Feb. 16
Ended to
May 31, Nov. 30,
1995 1994
------------ -----------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period .................... $ 10.06 $ 10.00
------------ -----------
Income from Investment Operations
Net Investment Income ................................. 0.01 0.13
Net Gains (Losses) on Securities (Realized and
Unrealized) ........................................ 0.45 0.06
------------ -----------
Total from Investment Operations ................... 0.46 0.19
------------ -----------
Less Distributions
Net Investment Income ................................. (0.02) (0.13)
------------ -----------
Net Asset Value, End of Period .......................... $ 10.50 $ 10.06
============ ===========
Total Return ............................................ 4.54%# 1.85%#
Net Assets, End of Period (thousands) ................... $198,259 $227,795
Ratio of Expenses to Average Net Assets (1) ............. 0.65%*(a) 0.65%*(a)
Ratio of Net Investment Income to Average Net Assets .... 0.21%*(a) 1.80%*(a)
Portfolio Turnover Rate ................................. N/A N/A
</TABLE>
- ------
* Annualized
# Non-Annualized
(1) Represents the combined ratio for the Portfolio and its respective
pro-rata share of its Master Fund Series.
(a) Had certain waivers and reimbursements not been in effect, the ratios of
expenses to average net assets for the periods ended May 31, 1995 and
November 30, 1994 would have been 0.75% and 0.72%, respectively and the
ratios of net investment income to average net assets for the periods
ended May 31, 1995 and November 30, 1994 would have been 0.12% and 1.75%,
respectively.
N/A Refer to the respective Master Fund Series.
See accompanying Notes to Financial Statements
4
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. ORGANIZATION:
At May 31, 1995, Dimensional Investment Group Inc. (the "Fund") consisted
of eight portfolios, The DFA 6-10 Institutional Portfolio, U.S. Small Cap
Value Portfolio II, U.S. Large Cap Value Portfolio II, U.S. Large Cap Value
Portfolio III, DFA One-Year Fixed Income Portfolio II, The DFA International
Value Portfolio, DFA International Value Portfolio II and DFA International
Value Portfolio III (the "Portfolios"). 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 financial statements of The DFA
International Value Portfolio (the "Portfolio") are presented herein, the
financial statements for the other Portfolios are presented elsewhere.
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, 1995, the Portfolio owned 43% 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 Portfolio.
B. SIGNIFICANT ACCOUNTING POLICIES:
The following significant accounting policies are in conformity with
generally accepted accounting principles for investment companies. Such
policies are consistently followed by the Fund in preparation of its
financial statements.
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. 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. (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, 1995, the
Portfolio's administrative fees were computed daily and paid monthly to the
Advisor based on an effective annual rate of 0.20 of 1%.
Certain officers of the Portfolio are also officers, directors and
shareholders of the Advisor.
The Advisor has agreed to waive its fees and reimburse the Portfolio to
the extent necessary to keep the annual combined expenses of the Portfolio
and its respective Master Fund to not more than 0.65% of average daily net
assets.
5
<PAGE>
D. INVESTMENTS:
At May 31, 1995, gross unrealized appreciation and depreciation for
financial reporting and federal income tax purposes of investment securities
was as follows (amounts in thousands):
Gross Unrealized Appreciation $7,089
Gross Unrealized Depreciation --
-------
Net ......................... $7,089
=======
6
<PAGE>
STATEMENT OF NET ASSETS
THE DFA INTERNATIONAL VALUE SERIES
MAY 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
JAPAN -- (38.4%)
COMMON STOCKS -- (36.7%)
Achilles Corp. .................... 25,000 $ 99,764
Aica Kogyo Co., Ltd. .............. 16,000 109,563
Aichi Machine Industry Co., Ltd. .. 17,000 106,576
Aichi Steel Works, Ltd. ........... 37,000 211,865
Aida Engineering, Ltd. ............ 16,000 113,341
Aisin Seiki Co., Ltd. ............. 55,000 603,896
Alps Electric Co., Ltd. ........... 26,000 286,706
Amada Co., Ltd. ................... 53,000 525,620
Amada Metrecs Co., Ltd. ........... 14,000 196,694
Amada Sonoike Co., Ltd. ........... 19,000 121,133
Ando Corp. ........................ 12,000 61,204
Aoki Corp. ........................ 84,000 360,000
Aoki International Co., Ltd. ...... 6,000 107,674
Aomori Bank, Ltd. ................. 33,000 214,675
#Asahi Breweries, Ltd. ............. 83,000 999,528
#Asahi Denka Kogyo KK .............. 14,000 118,512
Asahi Organic Chemicals Industry
Co., Ltd. ......................... 16,000 139,410
Asanuma Corp. ..................... 17,000 92,326
Ashikaga Bank, Ltd. ............... 113,000 853,837
Asics Corp. ....................... 34,000 110,390
Atsugi Nylon Industrial Co., Ltd. . 50,000 258,560
Awa Bank, Ltd. .................... 26,000 176,505
Bandai Co., Ltd. .................. 8,000 253,129
Bank of Iwate, Ltd. ............... 3,000 191,263
Bank of Kyoto, Ltd. ............... 28,000 207,273
Bank of Nagoya, Ltd. .............. 25,000 212,515
Bank of Okinawa, Ltd. ............. 2,000 89,728
Bank of Osaka, Ltd. ............... 43,000 152,302
Bank of the Ryukyus, Ltd. ......... 2,000 92,326
Banyu Pharmaceutical Co., Ltd. .... 52,000 588,146
Best Denki Co., Ltd. .............. 3,000 46,045
Brother Industries, Ltd. .......... 50,000 247,934
Bunka Shutter Co., Ltd. ........... 12,000 66,871
CMK Corp. ......................... 6,000 77,214
CSK Corp. ......................... 13,000 313,105
Calpis Food Industry Co., Ltd. .... 13,000 104,368
Calsonic Corp. .................... 19,000 116,423
Canon Sales Co., Inc. ............. 24,000 626,210
*Central Finance Co., Ltd. ......... 19,000 80,083
*Central Glass Co., Ltd. ........... 30,000 108,383
Chiba Bank, Ltd. .................. 121,000 1,214,286
Chiba Kogyo Bank, Ltd. ............ 4,000 190,319
Chichibu Onoda Cement Corp. ....... 21,000 104,876
Chiyoda Fire and Marine Insurance
Co., Ltd. ......................... 55,000 313,636
Chudenko Corp. .................... 10,500 390,496
*Chuetsu Pulp and Paper Co., Ltd. .. 20,000 111,216
Chugoku Bank, Ltd. ................ 38,000 708,855
Chukyo Coca-Cola Bottling Co.,
Ltd. .............................. 6,000 64,038
Chukyo Sogo Bank, Ltd. ............ 29,000 188,312
#Chuo Trust and Banking Co., Ltd. .. 46,000 619,126
Citizen Watch Co., Ltd. ........... 57,000 384,262
*Clarion Co., Ltd. ................. 5,000 19,953
Cleanup Corp. ..................... 7,000 109,917
*Cosmo Securities Co., Ltd. ........ 66,000 196,364
7
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Dai Tokyo Fire & Marine Insurance
Co., Ltd. ......................... 74,000 $ 519,835
*Dai-Ichi Securities Co., Ltd. ..... 27,000 89,575
Daicel Chemical Industries, Ltd. .. 68,000 358,867
Daido Steel Co., Ltd. ............. 66,000 334,286
Daiei OMC, Inc. ................... 17,000 93,932
Daiichi Corp. Hiroshima ........... 9,000 192,326
Daikin Industries, Ltd. ........... 42,000 334,710
Daikyo, Inc. ...................... 34,000 230,815
*Dainippon Screen Manufacturing
Co., Ltd. ......................... 23,000 137,131
#Daio Paper Corp. .................. 15,000 221,370
Daisan Bank, Ltd. ................. 25,000 177,096
*Daiwa Danchi Co., Ltd. ............ 21,000 106,612
Daiwa House Industry Co., Ltd. .... 83,000 1,293,506
Daiwa Kosho Lease Co., Ltd. ....... 26,000 242,503
Daiwa Securities Co., Ltd. ........ 182,000 2,015,537
*Daiwabo Co., Ltd. ................. 22,000 60,519
*Denki Kagaku Kogyo K.K. ........... 29,000 112,645
Dowa Fire & Marine Insurance Co.,
Ltd. .............................. 64,000 349,091
Ehime Bank, Ltd. .................. 24,000 129,209
Eighteenth Bank, Ltd. ............. 32,000 324,911
Ezaki Glico Co., Ltd. ............. 22,000 209,610
Fuji Denki Reiki Co., Ltd. ........ 6,300 70,884
Fuji Fire & Marine Insurance Co.,
Ltd. .............................. 37,000 199,634
*Fuji Heavy Industries, Ltd. ....... 93,000 340,378
Fuji Oil Co., Ltd. ................ 17,000 134,876
Fuji Photo Film Co., Ltd. ......... 102,000 2,444,628
Fujita Corp. ...................... 97,000 475,266
Fujitsu, Ltd. ..................... 323,000 3,088,902
Fukuda Corp. ...................... 9,000 94,038
Fukui Bank, Ltd. .................. 47,000 264,687
Fukuoka City Bank, Ltd. ........... 37,000 307,969
Fukutoku Bank, Ltd. ............... 27,000 71,086
Futaba Corp. ...................... 8,000 332,468
Futaba Industrial Co., Ltd. ....... 10,000 158,205
*Gakken Co., Ltd. .................. 18,000 131,759
Godo Steel, Ltd. .................. 29,000 167,084
Gun-Ei Chemical Industry Co., Ltd. 22,000 108,571
Gunze, Ltd. ....................... 45,000 289,551
Hanshin Electric Railway Co., Ltd. 63,000 242,479
*Hanwa Co., Ltd. ................... 64,000 152,633
Haseko Corp. ...................... 78,000 437,426
Hazama Corp. ...................... 58,000 260,213
Higo Bank, Ltd. ................... 58,000 564,935
Hiroshima Bank, Ltd. .............. 111,000 676,222
Hiroshima-Sogo Bank, Ltd. ......... 17,000 118,819
Hitachi Cable, Ltd. ............... 69,000 529,516
Hitachi Construction Machinery Co.,
Ltd. .............................. 9,000 91,063
Hitachi Koki Co., Ltd. ............ 22,000 210,130
Hitachi Maxell, Ltd. .............. 18,000 246,517
Hitachi Plant Engineering &
Construction Co., Ltd. ............ 22,000 160,519
Hitachi Transport System, Ltd. .... 22,000 217,143
Hitachi, Ltd. ..................... 607,000 5,855,006
*Hitachi, Ltd. Issue 95 ............ 18,200 173,620
8
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Hokkai Can Co., Ltd., Tokyo ....... 12,000 $ 102,432
Hokkaido Bank, Ltd. ............... 68,000 270,555
Hokkaido Takushoku Bank, Ltd.,
Takugin ........................... 185,000 580,992
Hokuetsu Bank ..................... 32,000 190,413
Hokuriku Bank, Ltd. ............... 136,000 995,514
*#Hokuriku Electric Power Co., Inc. . 12,000 313,105
Hokuriku Seiyaku Co., Ltd. ........ 10,000 127,509
Honda Motor Co., Ltd. ............. 179,000 2,641,676
Horiba, Ltd. ...................... 6,000 72,255
House Foods Corp. ................. 21,000 428,926
Hyakugo Bank, Ltd. ................ 46,000 313,908
Hyakujushi Bank, Ltd. ............. 58,000 433,459
*Hyogo Bank, Ltd. .................. 56,000 124,959
Ibiden Co., Ltd. .................. 20,000 124,203
Ikegami Tsushinki Co., Ltd. ....... 8,000 59,032
Inax Corp. ........................ 48,000 499,268
*#Ines Corp. ........................ 9,000 95,632
Intec, Inc. ....................... 7,000 103,306
*Ishihara Sangyo Kaisha, Ltd. ...... 37,000 122,751
Itochu Corp. ...................... 94,000 575,986
Itochu Fuel Corp. ................. 22,000 200,000
Itoham Foods, Inc. ................ 45,000 371,901
Izumiya Co., Ltd. ................. 21,000 374,380
Japan Pulp and Paper Co., Ltd. .... 16,000 101,629
Japan Steel Works, Ltd. ........... 43,000 109,150
Japan Synthetic Rubber Co., Ltd. .. 47,000 245,821
Japan Vilene Co., Ltd. ............ 16,000 102,952
Joshin Denki Co., Ltd. ............ 11,000 129,610
Juroku Bank, Ltd. ................. 61,000 376,659
Kagoshima Bank, Ltd. .............. 38,000 347,698
Kaneka Corp. ...................... 55,000 387,013
Kanematsu Corp. ................... 46,000 186,824
*Kankaku Securities Co., Ltd. ...... 56,000 195,041
Kansai Paint Co., Ltd., Osaka ..... 18,000 94,569
Kanto Auto Works, Ltd., Yokosuka .. 10,000 70,838
Kanto Natural Gas Development Co.,
Ltd. ............................... 11,000 92,857
Kasuga Electric Works, Ltd. ....... 31,000 424,557
#Kasumi Co., Ltd. .................. 10,000 92,916
Katokichi Co., Ltd. ............... 10,000 219,599
*Kawasho Corp. ..................... 21,000 93,223
Keiyo Bank, Ltd. .................. 55,000 359,091
Keiyo Co., Ltd. ................... 11,000 112,338
Kikkoman Corp. .................... 34,000 256,907
Kinden Corp. ...................... 41,800 819,221
Kinseki, Ltd. ..................... 6,000 86,423
Kitz Corp. ........................ 20,000 93,979
Kiyo Bank, Ltd. ................... 58,000 352,656
Koa Fire & Marine Insurance Co.,
Ltd. .............................. 32,000 203,259
Koa Oil Co., Ltd. ................. 4,000 30,035
Kokusai Denshin Denwa Co., Ltd.,
Tokyo ............................. 7,800 679,622
#Kokusai Securities Co., Ltd. ...... 48,000 583,707
Komatsu Forklift Co., Ltd., Tochigi 17,000 109,386
Komatsu, Ltd. ..................... 184,000 1,431,594
Komori Corp. ...................... 15,000 334,711
#Konami Co., Ltd. .................. 4,000 70,838
Konica Corp. ...................... 66,000 512,727
Kosei Securities Co., Ltd. ........ 4,000 18,512
Koyo Seiko Co., Ltd. .............. 37,000 326,316
Kumagai Gumi Co., Ltd. ............ 131,000 618,654
Kurabo Industries, Ltd. ........... 48,000 182,479
Kureha Chemical Industry Co., Ltd. 39,000 170,826
9
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Kurimoto, Ltd. .................... 28,000 $ 281,322
Kyudenko Corp. .................... 16,000 215,348
#Lintec Corp. ...................... 11,000 162,338
#Long Term Credit Bank of Japan,
Ltd. .............................. 161,000 1,469,339
#Maeda Corp. ....................... 32,000 364,203
*Makino Milling Machine Co., Ltd. .. 16,000 103,896
Makita Corp. ...................... 32,000 494,923
Marubeni Corp. .................... 174,000 926,494
Marudai Food Co., Ltd. ............ 25,000 176,505
Maruetsu, Inc. .................... 30,000 255,018
Marui Co., Ltd. ................... 68,000 1,011,570
#Maruichi Steel Tube, Ltd. ......... 17,000 351,240
Marusan Securities Co., Ltd. ...... 14,000 98,512
Maruzen Showa Unyu Co., Ltd. ...... 18,000 100,307
Matsushita Electric Industrial Co.,
Ltd. .............................. 403,000 6,232,940
#Matsushita Electric Works, Ltd. ... 134,000 1,556,741
Matsushita Refrigeration Co. ...... 25,000 185,360
Matsushita Seiko Co., Ltd. ........ 29,000 202,007
*#Mazda Motor Corp. ................. 202,000 725,006
Meija Seika Kaisha, Ltd. Tokyo .... 60,000 379,693
#Michinoku Bank, Ltd. .............. 24,000 215,348
Mitsubishi Chemical Corp. ......... 85,800 411,273
Mitsubishi Electric Corp. ......... 348,000 2,403,542
Mitsubishi Gas Chemical Co., Inc. . 93,000 401,865
Mitsubishi Materials Corp. ........ 162,000 784,179
Mitsubishi Paper Mills, Ltd. ...... 27,000 160,024
Mitsubishi Rayon Co., Ltd. ........ 70,000 299,174
Mitsubishi Trust & Banking Corp. .. 89,000 1,439,551
Mitsui & Co., Ltd. ................ 61,000 479,646
Mitsui Fudosan Co., Ltd. .......... 161,000 1,803,884
Mitsui Petrochemical Industries,
Ltd. .............................. 49,000 405,537
Mitsui Toatsu Chemicals, Inc. ..... 61,000 236,942
Mitsui Trust & Banking Co., Ltd. .. 81,000 794,699
Mitsuuroko Co., Ltd. .............. 12,000 90,673
Miyazaki Bank, Ltd. ............... 13,000 89,020
Mizuno Corp. ...................... 24,000 212,515
Musashino Bank, Ltd. .............. 4,000 237,544
NHK Spring Co., Ltd. .............. 46,000 213,979
NOK Corp. ......................... 28,000 198,017
NSK, Ltd. ......................... 102,000 602,125
NTN Corp. ......................... 85,000 500,767
Nagase & Co., Ltd. ................ 30,000 285,124
Naigai Co., Ltd. .................. 12,000 61,488
Nakayama Steel Works, Ltd. ........ 20,000 118,064
New Japan Securities Co., Ltd. .... 81,000 420,779
New Oji Paper Co., Ltd. ........... 2,000 20,803
Nichicon Corp. .................... 17,000 204,723
Nichido Fire & Marine Insurance
Co., Ltd. ......................... 31,000 251,806
Nichiei Co., Ltd. Yokohama ........ 24,000 106,257
Nichiei Construction Co., Ltd. .... 11,000 96,753
#Nichii Co., Ltd. .................. 52,000 592,444
Nichimen Corp. .................... 86,000 393,955
Nifco, Inc. ....................... 7,000 95,041
Nihon Cement Co., Ltd. ............ 59,000 431,877
Nihon Nohyaku Co., Ltd. ........... 7,000 51,240
Nikko Securities Co., Ltd. ........ 213,000 1,886,068
Nintendo Co., Ltd., Kyoto ......... 8,000 480,756
Nippon Beet Sugar Manufacturing
Co., Ltd. ......................... 24,000 101,157
*Nippon Chemi-Con Corp. ............ 22,000 117,662
#Nippon Credit Bank, Ltd. .......... 318,000 1,753,317
10
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Nippon Densetsu Kogyo Co., Ltd. ... 17,000 $ 191,677
Nippon Flour Mills Co., Ltd. ...... 21,000 106,860
#Nippon Hodo Co., Ltd. ............. 23,000 418,182
Nippon Kakayu Co., Ltd. ........... 36,000 221,015
Nippon Meat Packers, Inc., Osaka .. 39,000 570,956
Nippon Metal Industry Co., Ltd. ... 31,000 118,217
Nippon Oil Co., Ltd. .............. 244,000 1,584,416
Nippon Paint Co., Ltd., Osaka ..... 43,000 251,806
Nippon Road Co., Ltd. ............. 16,000 158,678
Nippon Sanso Corp. ................ 56,000 262,479
Nippon Sheet Glass Co., Ltd. ...... 80,000 398,583
Nippon Shinpan Co., Ltd., Tokyo ... 61,000 403,306
*Nippon Steel Chemical Co., Ltd. ... 25,000 94,156
*Nippon Suisan Kaisha, Ltd. ........ 49,000 233,140
Nippon Synthetic Chemical Industry
Co., Ltd. ......................... 18,000 97,119
*Nippon Thompson Co., Ltd. ......... 16,000 100,118
#Nippon Trust Bank, Ltd. ........... 39,000 163,920
*Nippon Yakin Kogyo Co., Ltd. ...... 29,000 142,090
*#Nissan Diesel Motor Co., Ltd. ..... 23,000 107,532
Nissan Motor Co., Ltd. ............ 498,000 3,216,128
Nissan Shatai Co., Ltd. ........... 27,000 170,543
Nissei Sangyo Co., Ltd. ........... 15,000 171,783
Nisshin Oil Mills, Ltd. ........... 27,000 208,158
Nisshin Steel Co., Ltd. ........... 66,000 285,195
Nisshinbo Industries, Inc. ........ 43,000 387,355
Nissin Food Products Co., Ltd. .... 24,000 586,541
Nitsuko, Ltd. ..................... 4,000 40,803
Nittetsu Mining Co., Ltd. ......... 16,000 148,477
*Nitto Boseki Co., Ltd. ............ 43,000 112,196
Nitto Denko Corp. ................. 25,000 386,659
Noritz Corp. ...................... 11,000 227,273
North Pacific Bank, Ltd. .......... 22,000 122,078
OSG Manufacturing Co., Ltd. ....... 14,000 83,471
Obayashi Corp. .................... 55,000 418,831
Ogaki Kyoritsu Bank, Ltd. ......... 50,000 293,979
Oita Bank, Ltd. ................... 9,150 78,861
Okamura Corp. ..................... 16,000 132,420
Okasan Securities Co., Ltd. ....... 23,000 97,757
*Okuma Corp. ....................... 21,000 151,736
Okumura Corp. ..................... 43,000 381,263
Okura Industrial Co., Ltd. ........ 12,000 89,256
Olympus Optical Co., Ltd. ......... 52,000 460,449
Omron Corp. ....................... 37,000 681,464
Optec Dai-Ichi Denko Co., Ltd. .... 13,000 56,942
Pacific Metals Co., Ltd. .......... 23,000 95,856
Parco Co., Ltd. ................... 9,000 95,632
Pasco Corp. ....................... 16,000 73,294
Pioneer Electronic Corp. .......... 36,000 624,793
#Rengo Co., Ltd. ................... 35,000 244,628
*Renown, Inc. ...................... 50,000 180,047
#Rhythm Watch Co., Ltd. ............ 29,000 105,112
Ricoh Co., Ltd., Tokyo ............ 119,000 955,372
Royal Co., Ltd. ................... 6,000 90,673
Ryosan Co., Ltd. .................. 7,000 161,157
Ryoyo Electro Corp. ............... 6,000 117,591
#SXL Corp. ......................... 13,000 138,595
Sakai Chemical Industry Co., Ltd. . 21,000 121,736
San-In Godo Bank, Ltd. ............ 31,000 296,824
Sanden Corp. ...................... 24,000 137,143
Sanki Engineering Co., Ltd. ....... 14,000 134,711
Sankyo Aluminum Industry Co., Ltd. 44,000 220,779
*Sankyo Seiki Manufacturing Co.,
Ltd. .............................. 18,000 84,368
11
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Sanrio Co., Ltd. .................. 9,000 $ 92,231
Sanyo Electric Co., Ltd. .......... 387,000 1,982,975
Sanyo Shokai, Ltd. ................ 25,000 139,315
Sanyo Special Steel Co., Ltd. ..... 34,000 144,510
Seino Transportation Co., Ltd. .... 28,000 505,785
Seiren Co., Ltd. .................. 8,000 62,810
Seiyo Food Systems, Inc. .......... 14,000 149,752
Sekisui Chemical Co., Ltd. ........ 100,000 1,173,554
Sekisui House, Ltd. ............... 134,000 1,692,798
Sekisui Plastics Co., Ltd. ........ 19,000 113,282
Senshukai Co., Ltd. ............... 5,000 91,499
*Settsu Corp. ...................... 46,000 180,850
Sharp Corp., Osaka ................ 13,000 184,179
Shiga Bank, Ltd. .................. 47,000 349,032
Shimizu Bank, Ltd. ................ 2,000 165,289
Shinmaywa Industries, Ltd. ........ 19,000 161,960
Shinwa Bank, Ltd. ................. 27,500 189,935
Shionogi & Co., Ltd. .............. 61,000 572,550
Shiseido Co., Ltd. ................ 79,000 960,685
*Shokusan Jutaku Sogo Co., Ltd. .... 27,000 101,688
Showa Electric Wire & Cable Co.,
Ltd., Kawasaki .................... 25,000 115,407
Showa Sangyo Co., Ltd. ............ 34,000 143,306
Sintokogio, Ltd., Nagoya .......... 10,000 79,929
Sogo Co., Ltd. .................... 22,000 85,455
Sony Corp. ........................ 74,100 3,569,398
#Stanley Electric Co., Ltd. ........ 38,000 247,202
Star Micronics Co., Ltd. .......... 10,000 76,741
Sumitomo Bakelite Co., Ltd. ....... 16,000 106,163
Sumitomo Corp. .................... 211,000 1,913,200
*Sumitomo Metal Industries, Ltd.,
Osaka ............................. 577,000 1,709,882
Sumitomo Osaka Cement Co., Ltd. ... 19,000 78,961
Sumitomo Realty & Development Co.,
Ltd. .............................. 76,000 469,280
Sumitomo Trust & Banking Co., Ltd. 85,000 1,164,109
Sumitomo Warehouse Co., Ltd. ...... 16,000 95,584
Sun Wave Corp. .................... 8,000 114,286
Suruga Bank, Ltd. ................. 47,000 335,714
Suzuki Motor Corp. ................ 63,000 628,512
Suzutan Co., Ltd. ................. 7,000 56,612
TDK Corp. ......................... 24,000 1,082,409
*TEC Corp. ......................... 50,000 201,299
TOC Co., Ltd. ..................... 12,000 116,883
Tadano, Ltd. ...................... 22,000 175,325
*Taiheiyo Securities Co., Ltd. ..... 21,000 68,182
Taikisha, Ltd. .................... 8,000 119,953
Taisei Corp. ...................... 185,000 1,188,194
Taisei Rotec Corp. ................ 30,000 215,702
Taiyo Yuden Co., Ltd. ............. 19,000 188,205
Takeda Chemical Industries, Ltd. .. 139,000 1,854,427
#Tamura Corp. ...................... 18,000 106,682
Teijin, Ltd. ...................... 177,000 896,494
Tenma Corp. ....................... 8,000 189,847
Toa Steel Co., Ltd. ............... 23,000 136,045
Tochigi Sogo Bank, Ltd. ........... 13,000 143,506
Toda Corp. ........................ 50,000 501,771
Toenec Corp. ...................... 19,200 196,080
Toho Bank, Ltd. ................... 41,000 342,231
#Tokai Carbon Co., Ltd. ............ 38,000 153,436
Tokai Rika Co., Ltd. .............. 17,000 166,989
Tokico, Ltd. ...................... 27,000 119,858
Tokio Marine & Fire Insurance Co.,
Ltd. .............................. 29,000 332,113
12
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Toko, Inc. ........................ 8,000 $ 55,915
#Tokuyama Corp. .................... 48,000 246,517
Tokyo Broadcasting System, Inc. ... 35,000 557,851
Tokyo Securities Co., Ltd. ........ 23,000 107,261
Tokyo Sowa Bank, Ltd. ............. 37,000 179,103
Tokyo Style Co., Ltd. ............. 19,000 284,888
Tokyo Tatemono Co., Ltd. .......... 38,000 192,019
Tokyo Tekko Co., Ltd. ............. 9,000 52,385
Tokyu Car Corp. ................... 14,000 72,066
Tokyu Construction Co., Ltd. ...... 43,000 233,530
Tokyu Department Store Co., Ltd. .. 52,000 313,105
Tokyu Land Corp. .................. 59,000 257,733
Tokyu Store Chain Corp. ........... 11,000 80,909
Tonami Transportation Co., Ltd. ... 16,000 119,764
Toshiba Engineering & Construction
Co., Ltd. ......................... 13,000 122,786
Toshiba Machine Co., Ltd. ......... 27,000 130,697
*Towa Real Estate Development Co.,
Ltd. .............................. 18,000 65,030
Toyo Engineering Corp. ............ 32,000 188,524
Toyo Ink Manufacturing Co., Ltd. .. 42,000 265,289
Toyo Seikan Kaisha, Ltd ........... 37,000 1,223,140
*Toyo Tire & Rubber Co., Ltd. ...... 33,000 145,714
Toyo Trust & Banking Co., Ltd. .... 156,000 1,456,860
#Toyoda Machine Works, Ltd. ........ 22,000 170,390
Toyota Auto Body Co., Ltd. ........ 14,000 124,793
Toyota Motor Corp. ................ 572,000 11,075,325
Toyota Tsusho Corp. ............... 46,000 306,848
Tsubakimoto Chain Co. ............. 30,000 142,385
Tsubakimoto Precision Products
Co., Ltd. ......................... 3,000 36,836
Tsumura & Co., Inc. ............... 12,000 202,597
Tsutsunaka Plastic Industry Co.,
Ltd. .............................. 4,000 40,850
#UNY Co., Ltd. ..................... 30,000 474,616
Unisia Jecs Corp. ................. 24,000 136,009
*Victor Co. of Japan, Ltd. ......... 48,000 519,103
Wacoal Corp. ...................... 31,000 391,617
Yakult Honsha Co., Ltd. ........... 35,000 549,587
Yamagata Bank, Ltd. ............... 27,000 177,237
Yamaguchi Bank, Ltd. .............. 37,000 742,621
Yamaha Corp. ...................... 36,000 429,280
Yamaichi Securities Co., Ltd. ..... 240,000 1,447,934
Yamamura Glass Co., Ltd. .......... 23,000 157,497
Yamatake Honeywell Co., Ltd. ...... 15,000 212,515
*Yamatane Securities Co., Ltd. ..... 16,000 60,260
Yamato Kogyo Co., Ltd. ............ 16,000 142,621
Yasuda Trust & Banking Co., Ltd. .. 219,000 1,621,169
#Yodogawa Steel Works, Ltd. ........ 38,000 302,834
Yokogawa Bridge Corp. ............. 10,000 125,148
Yokogawa Electric Corp. ........... 51,000 425,100
Yokohama Reito Co., Ltd. .......... 7,000 84,298
Zexel Corp. ....................... 16,000 104,841
-------------
TOTAL COMMON STOCKS (Cost
$175,642,027) ...................... 168,243,472
-------------
INVESTMENT IN CURRENCY -- (1.7%)
*Japanese Yen (Cost $7,668,841) .... 7,638,718
-------------
TOTAL -- JAPAN (Cost $183,310,868) .. 175,882,190
-------------
13
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
UNITED KINGDOM -- (19.6%)
COMMON STOCKS -- (19.4%)
ASDA Group P.L.C. ................. 877,000 $1,172,960
Abbey National P.L.C. ............. 405,200 3,061,894
Anglian Water P.L.C. .............. 89,600 758,139
Argyll Group P.L.C. ............... 353,474 1,868,596
Arjo Wiggins Appleton P.L.C. ...... 118,700 501,240
Associated British Foods P.L.C. ... 141,100 1,429,096
Associated British Ports Holdings
P.L.C. ............................ 112,900 510,802
Bank of Scotland (Governor and
Company of the) .................... 93,059 318,361
Barclays P.L.C. ................... 515,899 5,519,990
Bass P.L.C. ....................... 275,000 2,545,159
Blenheim Group P.L.C. ............. 26,200 106,477
Boddington Group P.L.C. ........... 35,510 157,278
Britannic Assurance P.L.C. ........ 10,800 96,526
British Aerospace P.L.C. .......... 52,644 437,083
British Gas P.L.C. ................ 657,700 3,142,737
British Land Co. P.L.C. ........... 113,640 748,675
British Petroleum Co. P.L.C. ...... 868,904 6,117,573
British Steel P.L.C. .............. 623,200 1,741,221
British Vita P.L.C. ............... 21,500 91,130
Brixton Estate P.L.C. ............. 64,600 196,901
Bryant Group P.L.C. ............... 81,000 165,878
Burton Group P.L.C. ............... 415,200 576,739
Camas P.L.C. ...................... 37,100 41,816
Charter P.L.C. .................... 23,600 333,064
Commercial Union P.L.C. ........... 206,240 2,006,999
Courtaulds Textiles P.L.C. ........ 10,200 81,286
English China Clays P.L.C. ........ 95,900 583,084
First Leisure Corp. P.L.C. ........ 16,900 80,486
Fisons P.L.C. ..................... 92,200 259,070
Forte P.L.C. ...................... 291,512 1,069,011
General Accident P.L.C. ........... 139,900 1,374,745
Great Portland Estates P.L.C. ..... 96,275 287,333
Great Universal Stores P.L.C. ..... 310,600 3,022,565
Greenalls Group P.L.C. ............ 62,400 470,535
Guardian Royal Exchange P.L.C. .... 264,300 851,740
Hambros P.L.C. .................... 69,600 224,295
Hillsdown Holdings P.L.C. ......... 98,361 287,312
ICI (Imperial Chemical Industries
P.L.C.) ........................... 227,400 2,855,490
Invesco P.L.C. .................... 25,700 84,453
Ladbroke Group P.L.C. ............. 359,284 1,043,765
Laird Group P.L.C. ................ 12,600 72,409
Lasmo P.L.C. ...................... 292,735 762,136
Lex Service P.L.C. ................ 26,900 142,631
Lonrho P.L.C. ..................... 243,133 582,820
Lucas Industries P.L.C. ........... 107,863 325,342
MFI Furniture Group P.L.C. ........ 175,300 353,427
Manweb P.L.C. ..................... 34,900 373,975
Marley P.L.C. ..................... 23,058 44,292
Mersey Docks & Harbour Co. P.L.C. .. 26,590 182,776
Meyer International P.L.C. ........ 37,000 190,310
Mirror Group P.L.C. ............... 122,000 267,272
National Westminster Bank P.L.C. .. 545,233 4,661,026
North West Water Group P.L.C. ..... 113,362 1,052,779
Northumbrian Water Group P.L.C. ... 20,507 299,179
Ocean Group P.L.C. ................ 43,600 227,025
Peel Holdings P.L.C. .............. 32,500 137,755
14
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Pilkington P.L.C. ................. 246,424 $ 719,805
Racal Electronics P.L.C. .......... 86,100 369,046
Rolls-Royce P.L.C. ................ 255,655 758,944
Royal Bank of Scotland Group
P.L.C. ............................ 64,756 416,341
Royal Insurance Holdings P.L.C. ... 190,673 1,007,969
Scottish & Newcastle P.L.C. ....... 31,700 268,729
Sears P.L.C. ...................... 458,500 797,016
Seeboard P.L.C. ................... 76,500 455,414
Severn Trent P.L.C. ............... 110,915 1,010,685
Shell Transport & Trading Co.
P.L.C. ............................ 972,100 11,913,572
Slough Estates P.L.C. ............. 136,600 507,435
South West Water P.L.C. ........... 39,479 338,434
South Western Electricity P.L.C. .. 35,400 380,457
Southern Water P.L.C. ............. 50,494 507,408
Stakis P.L.C. ..................... 133,000 185,801
Sun Alliance Group P.L.C. ......... 254,640 1,414,844
T & N P.L.C. ...................... 155,000 410,924
TSB Group P.L.C. .................. 116,400 467,506
Tarmac P.L.C. ..................... 269,670 518,002
Tate & Lyle P.L.C. ................ 55,388 396,557
Taylor Woodrow P.L.C. ............. 110,865 205,918
Telegraph P.L.C. .................. 10,900 69,042
Tesco P.L.C. ...................... 640,743 2,985,422
Thames Water P.L.C. ............... 122,585 992,479
*Tiphook P.L.C. .................... 5,500 4,016
Trafalgar House P.L.C. ............ 73,440 57,127
Transport Development Group
P.L.C. ............................ 49,200 182,766
Unigate P.L.C. .................... 69,500 429,189
United Biscuits Holdings P.L.C. ... 162,616 841,578
Vaux Group P.L.C. ................. 44,000 171,133
Vickers P.L.C. .................... 16,000 52,070
WPP Group P.L.C. .................. 206,900 403,998
Warburg (S.G.) Group P.L.C. ....... 50,000 583,406
Welsh Water P.L.C. ................ 43,500 445,413
Wessex Water P.L.C. ............... 84,996 415,588
Whitbread P.L.C. .................. 122,600 1,152,194
Wilson Bowden P.L.C. .............. 27,000 151,733
Wimpey (George) P.L.C. ............ 116,550 242,380
Wolverhampton & Dudley Breweries
P.L.C. ............................ 22,800 191,834
Yorkshire Water P.L.C. ............ 59,691 567,609
-------------
TOTAL COMMON STOCKS (Cost
$77,584,331) ....................... 88,886,442
-------------
INVESTMENT IN CURRENCY -- (0.2%)
*British Pound Sterling (Cost
$720,860) .......................... 724,178
-------------
RIGHTS/WARRANTS -- (0.0%)
*Scottish & Newcastle P.L.C. Rights
(Cost $0) .......................... 4,528 2,480
-------------
TOTAL -- UNITED KINGDOM (Cost
$78,305,191) ....................... 89,613,100
-------------
FRANCE -- (8.3%)
COMMON STOCKS -- (7.5%)
Accor SA .......................... 5,300 682,009
#Alcatel Alsthom Cie Generale
d'Electricite SA .................. 31,400 2,861,339
Au Bon Marche SA .................. 2,500 435,155
#Axa SA ............................ 34,400 1,823,380
15
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
*Cap Gemini Sogeti SA .............. 5,850 $ 205,305
Carnaudmetalbox SA ................ 17,100 749,806
Chargeurs SA ...................... 1,500 313,130
Christian Dior SA ................. 9,700 913,655
Ciments Vicat ..................... 800 91,650
*Club Mediterranee SA .............. 2,000 205,728
Credit Commercial de France ....... 12,877 586,971
Credit Foncier de France .......... 2,400 303,994
Credit National ................... 2,500 207,997
*Credit National Em 95 ............. 75 5,918
Dassault Aviation SA .............. 2,500 230,436
ECIA (Equipements et Composants
pour l'Industrie Automobile) ...... 1,100 166,620
Elf Aquitaine SA .................. 57,791 4,676,432
Eridania Beghin-Say SA ............ 5,400 821,218
Financiere de Paribas SA Series A . 24,844 1,594,466
Hutchinson SA ..................... 22 6,660
Imetal ............................ 1,219 138,914
LVMH (Louis Vuitton Moet
Hennessy) ......................... 900 171,178
Labinal SA ........................ 1,000 169,827
Navigation Mixte SA ............... 3,286 648,849
Pechiney International SA ......... 16,950 432,468
*Peugeot SA ........................ 10,750 1,632,664
Poliet SA ......................... 5,222 496,079
Rhone-Poulenc SA Series A ......... 26,800 643,243
Saint Louis (SLB) ................. 1,700 520,149
Saint-Gobain ...................... 8,650 1,074,708
Schneider SA ...................... 12,880 987,172
*Societe Centrale d'Investissements 100 27,834
*Societe Centrale des Assurances
Generales de France SA ............ 29,800 1,060,851
#Societe Generale Paris ............ 17,901 2,086,885
Sommer-Allibert SA ................ 300 114,966
Sophia SA ......................... 400 37,088
Sovac SA .......................... 2,500 203,711
Suez SA ........................... 33,300 1,685,149
*Thomson CSF ....................... 24,100 661,073
Total SA Series B ................. 48,650 3,031,058
#UAP SA ............................ 64,300 1,797,495
-------------
TOTAL COMMON STOCKS (Cost
$33,078,394) ....................... 34,503,230
-------------
INVESTMENT IN CURRENCY -- (0.8%)
*French Francs (Cost $3,465,310) ... 3,486,116
-------------
RIGHTS/WARRANTS -- (0.0%)
*Chargeurs SA Rights 06/21/95 ...... 1,500 30,647
*Sophia SA Warrants 03/31/99 ....... 400 500
-------------
TOTAL RIGHTS/WARRANTS (Cost $0) .. 31,147
-------------
TOTAL -- FRANCE (Cost $36,543,704) .. 38,020,493
-------------
GERMANY -- (7.9%)
COMMON STOCKS -- (7.8%)
AGIV AG fuer Industrie &
Verkehrswesen ..................... 750 240,787
BASF AG ........................... 11,450 2,454,731
#BHF Bank .......................... 1,650 441,442
#BMW (Bayerische Motorenwerke AG),
Muenchen ........................... 2,086 1,125,790
Badenwerk AG ...................... 950 337,987
Bankgesellschaft Berlin AG ........ 2,600 664,833
16
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Bayer AG .......................... 13,550 $ 3,277,544
#Bayerische Hypotheken und
Wechselbank AG .................... 4,600 1,229,709
Bayerische Hypotheken und
Wechselbank AG Em 94 .............. 70 18,753
#Bayerische Vereinsbank AG ......... 4,765 1,386,274
Berliner Kraft & Licht Bewag AG
Series A .......................... 1,550 334,497
*Bremer Vukan Verbund AG ........... 2,750 156,308
CKAG Colonia Konzern AG ........... 200 157,335
*CKAG Colonia Konzern AG Em 95 ..... 15 11,481
#Commerzbank AG .................... 4,125 976,435
DBV Holding AG .................... 800 309,001
Daimler-Benz AG ................... 1,100 533,629
Deutsche Bank AG .................. 1,000 490,432
Deutsche Hypothekenbank Frankfurt
AG ................................ 300 184,975
*Deutsche Lufthansa AG ............. 6,850 922,395
Deutsche Pfandbrief und
Hypothekenbank AG ................. 550 268,958
#Dresdner Bank AG, Frankfurt ....... 8,850 2,471,226
Hoechst AG ........................ 11,500 2,488,270
Karstadt AG ....................... 1,750 713,147
Koelnische Rueckversicherungs-
Gesellschaft AG ................... 200 115,521
*Koelnische Rueckversicherungs-
Gesellschaft AG Em 95 ............. 100 56,538
Linde AG .......................... 100 58,824
#Man AG, Muenchen .................. 2,950 786,736
Mannesmann AG ..................... 2,756 808,244
*Metallgesellschaft AG, Frankfurt .. 17,640 286,291
*PWA (Papierwerke
Waldhof-Aschaffenburg AG) ......... 300 52,303
Preussag AG ....................... 3,050 907,867
Ruetgerswerke AG .................. 467 89,693
#Siemens AG ........................ 10,950 5,215,025
Thuega AG ......................... 500 176,471
*Thuega AG Em94 .................... 57 19,391
*Thyssen AG ........................ 2,450 463,260
*Thyssen Industrie AG, Essen ....... 1,950 212,136
#Veba AG ........................... 9,650 3,674,660
Vereins & Westbank AG ............. 807 188,167
#Volkswagen AG ..................... 5,350 1,507,176
-------------
TOTAL COMMON STOCKS (Cost
$30,718,996) ...................... 35,814,242
-------------
INVESTMENT IN CURRENCY -- (0.1%)
*German Marks (Cost $295,346) ...... 303,036
-------------
RIGHTS/WARRANTS -- (0.0%)
*Deutsche Pfandbrief und
Hypothekenbank AG Rights 06/08/95 . 550 11,499
*Metallgesellschaft AG, Frankfurt
Rights 06/02/95 .................... 8 9
*Vereins & Westbank AG Rights
06/01/95 ........................... 807 0
-------------
TOTAL RIGHTS/WARRANTS (Cost $0) .. 11,508
-------------
TOTAL -- GERMANY (Cost $31,014,342) . 36,128,786
-------------
17
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
SWITZERLAND -- (5.9%)
COMMON STOCKS -- (5.9%)
BBC Brown Boveri AG, Baden ........ 1,680 $ 1,716,757
Baer Holding AG, Zuerich .......... 425 499,571
Baloise Holding, Basel ............ 495 1,061,776
Banque Cantonale Vaudoise ......... 500 253,110
Bobst SA, Prilly .................. 255 369,755
Ciba-Geigy SA, Basel .............. 100 71,214
Ciba-Geigy SA, Basel (Namen) ...... 13,700 9,732,819
Fischer (Georg) AG, Schaffhausen .. 275 340,948
Forbo Holding AG, Eglisau ......... 680 347,147
Intershop Holding AG, Zuerich ..... 850 437,580
Landis & Gyr AG, Zug .............. 900 538,996
*Oerlikon-Buehrle Holding AG,
Zuerich ........................... 6,000 514,801
Pargesa Holding SA, Geneve ........ 735 889,189
Rieter Holding AG, Winterthur ..... 225 308,880
SBV (Schweizerischer Bankverein) .. 17,750 6,350,708
SBV (Schweizerischer Bankverein)
(Namen) ........................... 500 89,447
SIG (Schweizerische Industrie
Gesellschaft Holding AG),
Neuhausen am Rheinfall ............ 160 359,674
Sandoz AG, Basel .................. 1,400 958,559
*Saurer AG, Arbon .................. 400 134,535
Schindler Holding AG, Hergiswil ... 10 57,486
*Societe International Pirelli SA,
Basel ............................. 2,600 345,773
Sulzer AG, Winterthur ............. 1,475 949,163
Sulzer AG, Winterthur
(Participating) ................... 175 109,610
*Swissair Schweizerische
Luftverkehr AG, Zuerich ........... 900 579,151
-------------
TOTAL COMMON STOCKS (Cost
$23,639,076) ...................... 27,016,649
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swiss Francs (Cost $105,892) ...... 109,554
-------------
RIGHTS/WARRANTS -- (0.0%)
*Baloise Holding, Basel Warrants
08/30/95 .......................... 345 2,960
*Banque Court Vaudoise Rights
06/13/95 .......................... 2,500 10,082
*Forbo Holding AG, Eglisau Warrants
11/01/95 .......................... 140 435
-------------
TOTAL RIGHTS/WARRANTS (Cost
$1,001) ............................ 13,477
-------------
TOTAL -- SWITZERLAND (Cost
$23,745,969) ....................... 27,139,680
-------------
NETHERLANDS -- (4.7%)
COMMON STOCKS -- (4.6%)
#ABN Amro Holding NV ............... 68,253 2,580,796
Akzo Nobel NV ..................... 2,900 352,988
DSM NV ............................ 23,000 1,956,054
Fortis Amev NV .................... 49,358 2,687,148
Gist-Brocades NV .................. 7,400 179,678
Hollandsche Beton Groep NV ........ 2,410 400,778
Internationale Nederlanden Groep
NV ................................ 170,664 9,248,122
*KLM Royal Dutch Airlines NV ....... 32,400 1,014,101
18
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Nedlloyd Groep NV, Rotterdam ...... 17,100 $ 614,151
Oce Van der Grinten NV, Venlo ..... 12,300 659,526
Philips Electronics NV ............ 22,900 912,235
Royal Dutch Petroleum Co., Den
Haag .............................. 400 50,027
Stad Rotterdam .................... 22,162 563,334
-------------
TOTAL COMMON STOCKS (Cost
$17,333,406) ...................... 21,218,938
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Netherlands Guilder (Cost $101,248) 103,753
-------------
RIGHTS/WARRANTS -- (0.0%)
*ABN Amro Holding NV Rights
06/01/95 .......................... 60,953 0
*Hollandsche Beton Groep NV Rights
06/16/95 ........................... 2,410 0
*Internationale Nederlanden Groep NV
Rights 06/09/95 .................... 22 0
*Stad Rotterdam Rights 08/31/95 .... 22,162 7,567
-------------
TOTAL RIGHTS/WARRANTS (Cost $0) .. 7,567
-------------
TOTAL -- NETHERLANDS (Cost
$17,434,654) ....................... 21,330,258
-------------
HONG KONG -- (3.9%)
COMMON STOCKS -- (3.9%)
Allied Properties (Hong Kong), Ltd. 1,778,000 243,814
#Amoy Properties, Ltd. ............. 1,771,000 1,592,296
CDL Hotels International, Ltd. .... 1,189,710 581,003
Century City International
Holdings, Ltd. .................... 1,191,600 358,405
Great Eagle Holdings, Ltd. ........ 334,600 731,532
#HKR International, Ltd. ........... 719,200 618,716
Hang Lung Development Co., Ltd. ... 961,000 1,554,010
#Hong Kong & Shanghai Hotels, Ltd. 845,000 1,125,938
Lai Sun Development Co., Ltd. ..... 1,940,000 235,912
Lai Sun Garment (International),
Ltd. .............................. 114,000 122,405
New World Development Co., Ltd. ... 1,240,739 3,868,281
*Orient Telecom & Technology
Holdings, Ltd. .................... 1,178,000 415,272
Paliburg International Holdings,
Ltd. ............................... 712,500 488,519
Realty Development Corp., Ltd.
Series A .......................... 98,000 240,880
#Regal Hotels International
Holdings, Ltd. .................... 2,142,000 448,906
Semi-Tech (Global) Co., Ltd. ...... 237,870 381,576
*Sino Hotels (Holdings), Ltd. ...... 449,300 93,580
#Sino Land Co., Ltd. ............... 1,797,200 1,325,232
Stelux Holdings International, Ltd. 601,552 165,368
#Wharf Holdings, Ltd. .............. 986,000 3,239,897
-------------
TOTAL COMMON STOCKS (Cost
$20,606,674) ....................... 17,831,542
-------------
19
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
INVESTMENT IN CURRENCY -- (0.0%)
*Hong Kong Dollars (Cost $185,897) .. $ 185,943
-------------
RIGHTS/WARRANTS -- (0.0%)
*Century City International
Holdings, Ltd. Warrants 12/31/95
(Cost $0) .......................... 3,760 44
-------------
TOTAL -- HONG KONG (Cost
$20,792,571)........................ 18,017,529
-------------
AUSTRALIA -- (3.1%)
COMMON STOCKS -- (3.1%)
Australia and New Zealand Banking
Group, Ltd. ....................... 335,271 1,206,644
Australian Gas Light Co. .......... 60,874 188,414
Boral, Ltd. ....................... 252,700 632,991
Brambles Industries, Ltd. ......... 20,400 201,170
Burns, Philp & Co., Ltd. .......... 135,029 299,358
CSR, Ltd. ......................... 228,412 721,767
#Commonwealth Bank of Australia .... 140,116 924,848
Fosters Brewing Group, Ltd. ....... 753,600 667,206
Goodman Fielder, Ltd. ............. 350,313 307,631
Hardie (James) Industries, Ltd. ... 105,756 162,904
MIM Holdings, Ltd. ................ 370,232 479,689
#National Australia Bank, Ltd ...... 305,704 2,609,751
News Corp., Ltd. .................. 549,590 2,919,500
North, Ltd. ....................... 50,011 118,794
*Pasminco, Ltd. .................... 75,500 76,627
Pioneer International, Ltd. ....... 190,000 447,213
QCT Resources, Ltd. ............... 119,785 117,261
Renison Goldfields Consolidated,
Ltd. .............................. 37,169 115,044
#Santos, Ltd. ...................... 129,925 320,775
Southcorp Holdings, Ltd. .......... 117,608 239,572
Westpac Banking Corp. ............. 440,810 1,621,383
-------------
TOTAL COMMON STOCKS (Cost
$13,716,098) ...................... 14,378,542
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Australian Dollar (Cost $41,771) .. 41,113
-------------
TOTAL -- AUSTRALIA (Cost $13,757,869) 14,419,655
-------------
ITALY -- (2.6%)
COMMON STOCKS -- (2.6%)
#Banca Commerciale Italiana SpA .... 933,000 2,160,752
*Banca Nazionale dell'Agricoltura
SpA ............................... 75,000 69,248
*Banca Toscana ..................... 302,500 695,944
*#Banca di Roma ..................... 1,278,000 1,195,611
*#Banco di Napoli ................... 160,000 107,547
*#CIR SpA (Cie Industriale Riunite),
Torino ............................ 885,000 724,115
#Credito Italiano .................. 1,770,000 2,031,201
*FERFIN (Ferruzzi Finanziaria SpA) . 435 271
*Fiat SpA .......................... 163,000 644,928
20
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
Fidis SpA ......................... 19,500 $ 46,948
*GAIC SpA ........................... 61,000 18,600
*#Gemina SpA, Milano ................ 559,000 321,771
Italcementi Fabbriche Riunite
Cemento SpA, Bergamo .............. 157,000 1,040,910
Italmobiliare SpA, Milano ......... 14,330 264,446
*#Olivetti (Ing C & C) SpA, Ivrea ... 1,617,000 1,607,613
*#Pirelli SpA ....................... 74,000 106,263
Stet SpA (Financiaria Telefonica
Torino) ........................... 59,000 170,348
Telecom Italiana SpA .............. 183,500 482,157
Unipol SpA ........................ 37,870 296,666
-------------
TOTAL COMMON STOCKS (Cost
$11,829,173) ...................... 11,985,339
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Italian Lira (Cost $50,395) ....... 52,728
-------------
TOTAL -- ITALY (Cost $11,879,568) ... 12,038,067
-------------
SPAIN -- (2.1%)
COMMON STOCKS -- (2.0%)
Asland SA ......................... 17,900 278,250
Banco Central Hispanoamericano SA 69,600 1,590,208
*Banco Espanol de Credito SA ....... 11,599 79,693
Dragados y Construcciones SA ...... 23,000 353,774
Fabricacion de Automoviles Renault
de Espana SA ...................... 9,146 273,149
Fuerzas Electricas de Cataluna SA
Series A .......................... 88,700 505,203
Iberdrola SA ...................... 385,700 2,684,636
Sevillana de Electricidad ......... 125,100 709,461
Telefonica de Espana SA ........... 155,800 2,053,178
Union Electrica Fenosa SA ......... 122,200 540,452
Vallehermoso SA ................... 17,200 301,754
-------------
TOTAL COMMON STOCKS (Cost
$8,585,006) ....................... 9,369,758
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Spanish Peseta (Cost $28,470) ..... 28,842
-------------
TOTAL -- SPAIN (Cost $8,613,476) .... 9,398,600
-------------
SWEDEN -- (2.0%)
COMMON STOCKS -- (2.0%)
#Avesta Sheffield AB Series B ...... 51,500 502,868
Celsius Industrier AB Series B .... 2,400 35,234
#Electrolux AB Series B ............ 8,900 412,031
Gullspangs Kraft AB Series B ...... 6,200 72,817
Marieberg Tidnings AB Series A .... 7,400 157,651
#Mo Och Domsjoe AB Series B ........ 8,800 465,688
NCC AB Series B ................... 31,000 245,545
SSAB Swedish Steel Series A ....... 10,400 426,084
Skandinaviska Enskilda Banken
Series A .......................... 202,400 1,124,982
Stora Kopparbergs Bergslags AB
Series A .......................... 24,800 1,557,938
Svenka Cellulosa AB Series B ...... 78,900 1,433,076
21
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
----------- -------------
#Svenska Handelsbanken Series A .... 88,600 $1,300,716
Trelleborg AB Series B ............ 14,400 169,123
#Trygg-Hansa AB Series B ........... 28,200 296,538
Volvo AB Series B ................. 50,000 880,847
-------------
TOTAL COMMON STOCKS (Cost
$8,687,445) ....................... 9,081,138
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swedish Krona (Cost $40,146) ...... 40,090
-------------
TOTAL -- SWEDEN (Cost $8,727,591) ... 9,121,228
-------------
SINGAPORE -- (1.9%)
COMMON STOCKS -- (1.9%)
Hotel Properties, Ltd. ............ 333,000 641,812
Industrial & Commercial Bank, Ltd. 13,000 47,681
Marco Polo Developments, Ltd. ..... 265,000 352,571
Natsteel, Ltd. .................... 38,000 81,165
Neptune Orient Lines, Ltd. ........ 593,000 724,991
Shangri-La Hotel, Ltd. ............ 123,000 486,516
Singapore Land, Ltd. .............. 298,000 2,046,674
Straits Steamship Land, Ltd. ...... 328,000 1,146,408
Straits Trading Co., Ltd. ......... 243,000 622,136
United Industrial Corp., Ltd. ..... 1,368,000 1,426,537
United Overseas Land, Ltd. ........ 458,000 978,252
-------------
TOTAL COMMON STOCKS (Cost
$7,353,328) ....................... 8,554,743
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Singapore Dollars (Cost $149) ..... 151
-------------
TOTAL -- SINGAPORE (Cost $7,353,477) 8,554,894
-------------
BELGIUM -- (1.3%)
COMMON STOCKS -- (1.3%)
#Banque Bruxelles Lambert .......... 4,900 781,062
Banque Bruxelles Lambert
(Precompte Reduit) ................ 128 20,425
CMB (Cie Martime Belge) ........... 2,300 187,868
Electrafina SA .................... 6,600 693,779
Generale de Banque SA ............. 400 125,728
Gevaert Photo-Producten NV ........ 6,600 361,675
Glaverbel SA ...................... 900 130,122
Groupe Bruxelles Lambert SA,
Bruxelles ......................... 800 107,255
#Powerfin SA ....................... 6,200 685,921
Societe Generale de Belgique SA ... 19,080 1,380,941
Sofina SA ......................... 500 249,871
Solvay SA ......................... 2,200 1,215,061
*Union Miniere SA .................. 600 41,255
-------------
TOTAL COMMON STOCKS (Cost
$5,021,835) ....................... 5,980,963
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Belgian Francs (Cost $21,731) ..... 21,163
-------------
TOTAL -- BELGIUM (Cost $5,043,566) .. 6,002,126
-------------
</TABLE>
22
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Face
Amount Value+
-------- --------------
(000)
<S> <C> <C>
TEMPORARY CASH INVESTMENTS -- (1.7%)
Repurchase Agreement, PNC Securities Corp. 5.85%, 06/01/95
(Collateralized by U.S. Treasury Bills 5.57%, 08/03/95)
(Cost $7,555,000) ........................................................ $7,555 $ 7,555,000
--------------
TOTAL INVESTMENTS -- (103.4%) (Cost $454,077,846) ............................. 473,221,606
--------------
OTHER ASSETS AND LIABILITIES -- (-3.4%) .......................................
Other Assets ................................................................ 7,101,256
Payable for Investment Securities Purchased ................................. (22,066,502)
Other Liabilities ........................................................... (475,937)
--------------
(15,441,183)
--------------
NET ASSETS -- (100.0%) Applicable to 43,572,003 Outstanding $.01 Par Value
Shares
(Unlimited Number of Shares Authorized) ..................................... $457,780,423
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ...................... $ 10.51
==============
</TABLE>
- ------
+See Note B to Financial Statements.
*Non-Income Producing Securities
#Securities on Loan.
See accompanying Notes to Financial Statements
23
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1995
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Dividends (Net of Foreign Taxes Withheld of $656) ...................... $ 5,781
Interest ............................................................... 269
Income from Securities Lending ......................................... 90
---------
Total Investment Income ........................................ 6,140
---------
Expenses
Investment Advisory Services ........................................... 393
Accounting & Transfer Agent Fees ....................................... 213
Custodian's Fee ........................................................ 171
Legal Fees ............................................................. 8
Audit Fees ............................................................. 9
Shareholders' Reports .................................................. 7
Trustees' Fees and Expenses ............................................ 3
Other .................................................................. 71
---------
Total Expenses ...................................................... 875
---------
Net Investment Income .................................................. 5,265
---------
Net Realized and Unrealized Gain (Loss) on Investments and Foreign
Currency
Net Realized Loss on Investment Securities ............................... (183)
Net Realized Loss on Foreign Currency Transactions ....................... (92)
Change in Unrealized Appreciation (Depreciation) of: Investment Securities
and Foreign Currency ................................................... 15,264
Translation of Foreign Currency Denominated Amounts .................... 53
---------
Net Gain on Investment Securities and Foreign Currency ................. 15,042
---------
Net Increase in Net Assets Resulting from Operations ..................... $20,307
=========
</TABLE>
See accompanying Notes to Financial Statements
24
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Six Months Feb. 15
Ended to
May 31, Nov. 30,
1995 1994
------------ ----------
(Unaudited)
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations: ........................................
Net Investment Income ............................ $ 5,265 $ 3,478
Net Realized Gain (Loss) on Investment Securities (183) 465
Net Realized Loss on Foreign Currency Transactions (92) (279)
Change in Unrealized Appreciation (Depreciation)
of:
Investment Securities and Foreign Currency .... 15,264 (5,057)
Translation of Foreign Currency Denominated
Amounts ..................................... 53 44
------------ ----------
Net Increase (Decrease) in Net Assets
Resulting from Operations .............. 20,307 (1,349)
------------ ----------
Distributions From:
Net Investment Income ............................ (777) (3,176)
Net Realized Gain ................................ -- (480)
------------ ----------
Total Distributions ...................... (777) (3,656)
------------ ----------
Capital Share Transactions (1):
Shares Issued .................................... 171,991 355,615
Shares Issued in Lieu of Cash Distributions ...... 777 3,656
Shares Redeemed .................................. (82,899) (5,885)
------------ ----------
Net Increase From Capital Share
Transactions ........................... 89,869 353,386
------------ ----------
Total Increase ........................... 109,399 348,381
Net Assets .........................................
Beginning of Period .............................. 348,381 --
------------ ----------
End of Period .................................... $457,780 $348,381
============ ==========
(1) Shares Issued and Redeemed:
Shares Issued ................................. 17,294 34,842
Shares Issued in Lieu of Cash Distributions ... 78 355
Shares Redeemed ............................... (8,423) (574)
------------ ----------
8,949 34,623
============ ==========
</TABLE>
See accompanying Notes to Financial Statements
25
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGH EACH PERIOD)
Six Month Feb. 15
Ended to
May 31, Nov. 30,
1995 1994
----------- -----------
(Unaudited)
Net Asset Value, Beginning of Period .... $ 10.06 $ 10.00
----------- -----------
Income from Investment Operations .......
Net Investment Income ................... 0.12 0.13
Net Gains (Losses) on Securities
(Realized and Unrealized) .............. 0.35 0.07
----------- -----------
Total from Investment Operations ........ 0.47 0.20
----------- -----------
Less Distributions ......................
Net Investment Income ................... (0.02) (0.13)
Net Realized Gains ...................... -- (0.01)
----------- -----------
Total Distributions ..................... (0.02) (0.14)
----------- -----------
Net Asset Value, End of Period .......... $ 10.51 $ 10.06
=========== ===========
Total Return ............................ 4.69%# 1.99%#
Net Assets, End of Period (thousands) ... $457,780 $348,381
Ratio of Expenses to Average Net Assets . 0.45%* 0.45%*(a)
Ratio of Net Investment Income to Average
Net Assets ............................ 2.68%* 1.84%*(a)
Portfolio Turnover Rate ................. 1.85%* 1.90%*
- ------
*Annualized
#Non-Annualized
(a) Had certain waivers not been in effect the ratio of expenses to average
net assets for the period ended November 30, 1994 would have been 0.48%,
and the ratio of net investment income to average net assets for the
period ended November 30, 1994 would have been 1.81%
See accompanying Notes to Financial Statements
26
<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. At
May 31, 1995, The Trust consisted of seven investment portfolios: The U.S.
6-10 Small Company Series, The U.S. Large Company Series, The U.S. Small Cap
Value Series, The U.S. Large Cap Value Series, The DFA One-Year Fixed Income
Series, The DFA International Value Series and The Emerging Markets Series.
These financial statements relate solely to The DFA International Value
Series (the "Series").
On February 15, 1994, The DFA International High Book to Market Portfolio
of DFA Investment Dimensions Group Inc. (the "Fund"), transferred its
investable assets for shares with equal values of a corresponding Series of
the Trust (the "Exchange"). The DFA International Value Portfolio invests
solely in the Series. The Series also issues its shares to other investors.
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.
1. Security Valuation: Securities held by the Series which are listed on a
securities exchange are valued at the last quoted sale price. Price
information on listed securities is taken from the exchange where the
security is primarily traded.
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. Foreign Currency: Securities, other assets and liabilities of The DFA
International Value Series whose values are initially expressed in foreign
currencies are translated to U.S. dollars at the bid price of such currency
against U.S. dollars last quoted by a major bank. Dividend and interest
income and certain expenses are translated to U.S. dollars at the rate of
exchange on their respective accrual dates. Receivables and payables
denominated in foreign currencies are marked to market daily based on daily
exchange rates and exchange gains or losses are realized upon ultimate
receipt or disbursement.
The Series does not generally isolate the effect of fluctuations in
foreign exchange rates from the effect of fluctuations in the market prices
of securities held whether realized or unrealized.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and between amounts of interest, dividends and
foreign withholding taxes recorded on the books of the Series and the U.S.
dollar equivalent amounts actually received or paid.
3. 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.
4. Repurchase Agreements: The Series may purchase money market
instruments subject to the seller's agreement to repurchase them at an agreed
upon date and price. The seller will be required on a daily basis to maintain
the value of the collateral subject to the agreement at not less than the
repurchase price (including accrued interest). The agreements are conditioned
upon the collateral being deposited under the Federal Reserve book-entry
system or with the Fund's custodian or a third party sub-custodian. All
repurchase agreements were entered into on May 31, 1995.
27
<PAGE>
5. Other: Security transactions are accounted for on the date the
securities are purchased or sold. Costs used in determining realized gains
and losses on the sale of investment securities are those of specific
securities sold. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. Interest income is recorded on the accrual
basis. Discount and premium on securities purchased are amortized over the
lives of the respective securities. Expenses directly attribute to a Series
are directly charged. Common expenses are allocated using methods determined
by the Board of Directors.
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. (the "Advisor") provides investment
advisory services to the Series. For the period ended May 31, 1995, the
Series' advisory fees were computed daily and paid monthly to the Advisor
based on an effective annual rate of 0.20 of 1%.
The Advisor has agreed to waive its advisory fees on The Series to the
extent necessary to keep the cumulative annual expenses to not more than
0.45% of average daily net assets.
Certain officers of the Series are also officers, directors and
shareholders of the Advisor.
Beginning December 1, 1994, The DFA International Value Series began to
reimburse the Advisor for fees waived over the preceding twelve month period.
For the six months ended May 31, 1995, this reimbursement to the Advisor
amounted to $52,864. No additional previously waived fees are subject to
future reimbursement as of May 31, 1995.
D. PURCHASES AND SALES OF SECURITIES:
For the six months ended May 31, 1995, the Series made the following
purchases and sales of investment securities other than U.S. Government
securities (amounts in thousands):
Purchases ........................... $97,813
Sales ............................... 3,606
E. INVESTMENT TRANSACTIONS:
At May 31, 1995, gross unrealized appreciation and depreciation for
financial reporting and federal income tax purposes of investment securities
and foreign currencies was as follows (amounts in thousands):
Gross Unrealized Appreciation ....... $ 37,382
Gross Unrealized Depreciation ....... (18,238)
----------
Net ................................. $ 19,144
==========
At May 31, 1995 the unrealized appreciation of investment securities for
The Series includes approximately $8,937,000, of unrealized appreciation at
time of tax-free Exchange.
F. COMPONENTS OF NET ASSETS:
At May 31, 1995, net assets consisted of (amounts in thousands):
Paid-In Capital .............................. $434,318
Undistributed Net Investment Income .......... 4,511
Accumulated Net Realized Loss ................ (198)
Accumulated Net Realized Foreign Exchange Loss (92)
Unrealized Appreciation of Investment
Securities and Foreign Currency ............. 19,144
Unrealized Net Foreign Exchange Gain ......... 97
---------
$457,780
==========
28
