<PAGE>
==============================================================================
Dimensional Investment Group Inc.
The DFA International Value Portfolio
Annual Report
Year Ended November 30, 1994
==============================================================================
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
ANNUAL REPORT
TABLE OF CONTENTS
<TABLE>
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Page
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<S> <C>
Dimensional Investment Group Inc.
Performance Chart .............. 1
Statement of Assets and
Liabilities .................. 2
Statement of Operations ........ 3
Statement of Changes in Net
Assets ....................... 4
Financial Highlights ........... 5
Notes to Financial Statements .. 6-7
Report of Independent
Accountants .................. 8
The DFA Investment Trust Company ....
Performance Chart .............. 9
Statement of Net Assets ........
The DFA International Value
Series ....................... 10-17
Statement of Operations ........ 18
Statement of Changes in Net
Assets ....................... 19
Financial Highlights ........... 20
Notes to Financial Statements .. 21-22
Report of Independent
Accountants .................. 23
</TABLE>
This report is submitted for the information of the Fund's shareholders. It
is not authorized for distribution to prospective investors unless preceded
or accompanied by an effective prospectus.
i
<PAGE>
DFA INVESTMENT DIMENSIONS GROUP INC.
PERFORMANCE CHARTS
==============================================================================
The DFA International Value Portfolio
Vs. EAFE Index
March 1994-November 1994
The following reflects the growth of a $10,000 investment.
The DFA
International Value EAFE
Portfolio Index
------------------- -----
$10000 $10000
Mar-94 9700 9600
Apr-94 10100 10000
May-94 10100 9900
Jun-94 10200 10100
Jul-94 10400 10200
Aug-94 10600 10400
Sep-94 10200 10100
Oct-94 10600 10400
Nov-94 10100 9900
Total From
Return (%) March 1994
- ------------------------------------------------------------------------------
0.86
* This portfolio invests in the International Value Series of the DFA
Investment Trust Company which in turn invests in companies with market
capitalization greater than $500 million, and whose book-to-market factor is
in the upper 30% of such large publicly traded companies. Country weightings
are designed to reflect each country's market capitalization relative to our
country universe, adjusted to reflect cross-ownership.
* This portfolio's returns in fiscal 1994 reflected the performance of large,
high book-to-market companies.
Past performance is not predictive of future performance.
EAFE Index courtesy Morgan Stanley Capital International.
1
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1994
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investment in The DFA International Value Series of The DFA Investment Trust
Company (22,639,355 Shares, Cost $232,236) at Value .............................. $ 227,797
Receivable for Fund Shares Sold ................................................... 1,025
Prepaid Expenses and Other Assets ................................................. 37
-----------
Total Assets ............................................................ 228,859
-----------
LIABILITIES:
Payable for Investment Securities Purchased ....................................... 975
Payable for Fund Shares Redeemed .................................................. 50
Accrued Expenses and Other Liabilities ............................................ 39
-----------
Total Liabilities ....................................................... 1,064
-----------
Net Assets ........................................................................ $ 227,795
===========
SHARES OUTSTANDING, $.01 PAR VALUE (Authorized 100,000,000) ....................... 22,637,860
===========
Net Asset Value, Offering and Redemption Price Per Share .......................... $ 10.06
===========
NET ASSETS CONSIST OF:
Paid-In Capital ................................................................... $ 232,233
Undistributed Net Investment Income ............................................... 12
Accumulated Net Realized Loss ..................................................... (11)
Unrealized Depreciation of Investment Securities .................................. (4,439)
-----------
Total Net Assets ........................................................ $ 227,795
===========
</TABLE>
See accompanying Notes to Financial Statements
2
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE PERIOD FEBRUARY 15
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1994
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Investment Income
<S> <C>
Dividends ............................................................. $ 2,191
--------
Expenses
Administrative Services .............................................. 220
Accounting & Transfer Agent Fees ..................................... 9
Legal Fees ........................................................... 7
Audit Fees ........................................................... 4
Registration Fees .................................................... 12
Shareholder Reports .................................................. 7
Directors' Fees and Expenses ......................................... 5
Other ................................................................ 2
--------
Total Expenses .................................................... 266
Less: Fees Waived .................................................... (45)
--------
Net Expenses ......................................................... 221
--------
Net Investment Income ................................................ 1,970
--------
Net Realized and Unrealized Gain (Loss) on Investments .................
Net Realized Loss on Investment Securities ........................... (11)
Change in Unrealized Appreciation (Depreciation) of Investment
Securities ........................................................ (4,439)
--------
Net Loss on Investment Securities .................................... (4,450)
--------
Net Decrease in Net Assets Resulting from Operations ................... $(2,480)
========
</TABLE>
See accompanying Notes to Financial Statements
3
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD FEBRUARY 15
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1994
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ................................................ $ 1,970
Net Realized Loss on Investment Securities ........................... (11)
Change in Unrealized Appreciation (Depreciation) of Investment
Securities ........................................................ (4,439)
---------
Net Decrease in Net Assets Resulting from Operations .............. (2,480)
---------
Distributions From:
Net Investment Income ................................................ (1,958)
---------
Capital Share Transactions (1):
Shares Issued ........................................................ 233,923
Shares Issued in Lieu of Cash Distributions .......................... 1,958
Shares Redeemed ...................................................... (3,648)
---------
Net Increase From Capital Share Transactions ...................... 232,233
---------
Total Increase .................................................... 227,795
Net Assets
Beginning of Period .................................................. --
---------
End of Period ........................................................ $227,795
=========
(1) Shares Issued and Redeemed:
Shares Issued ........................................................ 22,802
Shares Issued in Lieu of Cash Distributions .......................... 191
Shares Redeemed ...................................................... (355)
---------
22,638
=========
</TABLE>
See accompanying Notes to Financial Statements
4
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR THE PERIOD FEBRUARY 15
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1994
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
<S> <C>
Net Asset Value, Beginning of Period ............... $ 10.00
-----------
Income from Investment Operations
- ---------------------------------
Net Investment Income ............................ 0.13
Net Gains on Securities (Realized and Unrealized) 0.06
-----------
Total from Investment Operations ................ 0.19
-----------
Less Distributions
- ------------------
Net Investment Income ............................ (0.13)
-----------
Net Asset Value, End of Period ..................... $ 10.06
===========
Total Return ....................................... 1.85%#
Net Assets, End of Period (thousands) .............. $227,795
Ratio of Expenses to Average Net Assets (1) ........ 0.65%*(a)
Ratio of Net Investment Income to Average Net Assets 1.80%*(a)
Portfolio Turnover Rate ............................ 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 annualized
ratio of expenses and net investment income to average net assets would
have been 0.72% and 1.75%, respectively.
N/A Refer to the respective Master Fund Series.
See accompanying Notes to Financial Statements
5
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
NOTES TO FINANCIAL STATEMENTS
A. ORGANIZATION:
At November 30, 1994, Dimensional Investment Group Inc. ("the Fund")
consisted of six portfolios, The DFA 6-10 Institutional Portfolio, The DFA
International Value Portfolio, The U.S. Small Cap Value Portfolio II, The
U.S. Large Cap Value Portfolio II, The DFA International Value Portfolio II
and The DFA One-Year Fixed Income Portfolio II ("the Portfolios"). The Fund
is an open-end management investment companies 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, except for The DFA One-Year Fixed Income
Portfolio II which had not yet commenced operations as of November 30, 1994.
The DFA International Value Portfolio invests all of its assets in The DFA
International Value Series ("the Series") a corresponding series of The DFA
Investment Trust Company. At November 30, 1994, The DFA International Value
Portfolio owned 65% 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 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 period ended November 30, 1994, 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 DFA
International Value 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.
6
<PAGE>
D. INVESTMENTS:
At November 30, 1994, gross unrealized appreciation and depreciation for
financial reporting and federal income tax purposes of investment securities
was as follows (amounts in thousands):
<TABLE>
<CAPTION>
<S> <C>
Gross Unrealized Appreciation ............................... $ --
Gross Unrealized Depreciation ............................... (4,439)
---------
Net ........................................................ $(4,439)
=========
</TABLE>
7
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
DIMENSIONAL INVESTMENT GROUP INC.:
We have audited the accompanying statement of assets and liabilities of
the Dimensional Investment Group Inc., The DFA International Value Portfolio,
as of November 30, 1994, and the related statements of operations and changes
in net assets and financial highlights for the period from February 15, 1994
(commencement of operations) to November 30, 1994. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
investments owned as of November 30, 1994, by correspondence with the
custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
the Dimensional Investment Group Inc., The DFA International Value Portfolio,
as of November 30, 1994, and the results of its operations, the changes in
its net assets, and its financial highlights for the period then ended, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 23, 1995
8
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHART
==============================================================================
The DFA International Value Series
Vs. EAFE Index
March 1994-November 1994
The following reflects the growth of a $10,000 investment.
The DFA
International Value EAFE
Series Index
------------------- -------
$10000 $10000
Mar-94 9700 9600
Apr-94 10100 10000
May-94 10100 9900
Jun-94 10200 10100
Jul-94 10400 10200
Aug-94 10600 10400
Sep-94 10200 10100
Oct-94 10700 10400
Nov-94 10100 9900
Total From
Return (%) March 1994
- ------------------------------------------------------------------------------
0.99
* This portfolio invests in large non-U.S. high book-to-market companies with
market capitalization greater than $500 million, and whose book-to-market
factor is in the upper 30% of such large publicly traded companies. Country
weightings are designed to reflect each country's market capitalization
relative to our country universe, adjusted to reflect cross-ownership.
* This was a new portfolio in fiscal 1994. Its returns reflected the
performance of large, high book-to-market companies.
Past performance is not predictive of future performance.
EAFE Index courtesy Morgan Stanley Capital International.
9
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
STATEMENT OF NET ASSETS
THE DFA INTERNATIONAL VALUE SERIES
NOVEMBER 30, 1994
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
JAPAN -- (37.0%)
COMMON STOCKS -- (37.0%)
Aica Kogyo Co., Ltd. ................................... 10,000 $ 67,780
Aichi Machine Industry Co., Ltd. ....................... 17,000 111,442
Aichi Steel Works, Ltd. ................................ 31,000 200,395
Aida Engineering, Ltd. ................................. 14,000 124,633
Aisin Seiki Co., Ltd. .................................. 40,000 586,748
*Alps Electric Co., Ltd. ................................ 26,000 352,453
Amada Co., Ltd. ........................................ 42,000 522,610
Amada Metrecs Co., Ltd. ................................ 11,000 185,837
Amada Sonoike Co., Ltd. ................................ 12,000 104,886
Ando Corp. ............................................. 12,000 67,982
Aoki Corp. ............................................. 62,000 251,512
Aomori Bank, Ltd. ...................................... 30,000 174,507
Asahi Breweries, Ltd. .................................. 65,000 729,894
Asahi Denka Kogyo KK ................................... 10,000 77,997
Ashikaga Bank, Ltd. .................................... 88,000 649,874
Asics Corp. ............................................ 34,000 127,608
Atsugi Nylon Industrial Co., Ltd. ...................... 42,000 246,434
Awa Bank, Ltd. ......................................... 26,000 182,802
Bandai Co., Ltd. ....................................... 1,000 40,465
Bank of Iwate, Ltd. .................................... 3,000 168,437
Bank of Osaka, Ltd. .................................... 33,000 132,534
Bank of the Ryukyus, Ltd. .............................. 2,000 108,245
Banyu Pharmaceutical Co., Ltd. ......................... 37,000 350,723
Best Denki Co., Ltd. ................................... 3,000 44,310
Brother Industries, Ltd. ............................... 39,000 265,129
Bunka Shutter Co., Ltd. ................................ 12,000 91,775
CSK Corp. .............................................. 9,000 277,693
Calpis Food Industry Co., Ltd. ......................... 6,000 52,443
Calsonic Corp. ......................................... 19,000 155,114
*Central Glass Co., Ltd. ................................ 30,000 124,734
Chiba Bank, Ltd. ....................................... 113,000 1,051,695
Chiba Kogyo Bank, Ltd. ................................. 3,000 132,018
*Chichibu Onoda Cement Corp. ............................ 21,000 120,455
Chiyoda Fire and Marine Insurance Co., Ltd. ............ 46,000 289,449
*Chuetsu Pulp and Paper Co., Ltd. ....................... 16,000 90,319
Chugoku Bank, Ltd. ..................................... 29,000 513,404
Chukyo Sogo Bank, Ltd. ................................. 29,000 187,466
Citizen Watch Co., Ltd. ................................ 43,000 321,032
*Clarion Co., Ltd. ...................................... 5,000 24,077
*Cosmo Securities Co., Ltd. ............................. 56,000 241,335
*Dai-Ichi Securities Co., Ltd. .......................... 20,000 85,180
Dai-Tokyo Fire and Marine Insurance Co., Ltd. .......... 55,000 378,907
Daicel Chemical Industries, Ltd. ....................... 58,000 340,314
Daido Steel Co., Ltd. .................................. 66,000 375,235
Daiichi Corp., Hiroshima ............................... 7,000 138,796
Daikin Industries, Ltd. ................................ 37,000 337,248
Daikyo, Inc. ........................................... 27,000 209,772
*Dainippon Screen Manufacturing Co., Ltd. ............... 23,000 166,596
Daio Paper Corp. ....................................... 13,000 165,706
Daisan Sogo Bank, Ltd. ................................. 21,000 130,440
*Daiwa Danchi Co., Ltd. ................................. 21,000 104,097
Daiwa Securities Co., Ltd. ............................. 92,000 1,200,607
*Daiwa Spinning Co., Ltd. ............................... 22,000 62,317
</TABLE>
10
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
*Denki Kagaku Kogyo KK .................................. 29,000 $ 121,163
Eighteenth Bank, Ltd. .................................. 26,000 247,243
Ezaki Glico Co., Ltd. .................................. 22,000 229,236
Fuji Denki Reiki Co., Ltd. ............................. 6,000 90,440
*Fuji Heavy Industries, Ltd. ............................ 82,000 360,020
Fuji Oil Co., Ltd. ..................................... 12,000 103,308
Fuji Photo Film Co., Ltd. .............................. 79,000 1,758,220
Fujita Corp. ........................................... 68,000 368,032
Fujitsu, Ltd. .......................................... 265,000 2,761,254
Fukuda Corp. ........................................... 6,000 76,480
Fukuoka City Bank, Ltd. ................................ 30,000 236,722
Fukutoku Bank, Ltd. .................................... 27,000 91,775
Futaba Corp. ........................................... 7,000 371,775
*Gakken Co., Ltd. ....................................... 13,000 97,582
Godo Steel, Ltd. ....................................... 24,000 178,938
Gun-Ei Chemical Industry Co., Ltd. ..................... 14,000 69,681
Gunze, Ltd. ............................................ 31,000 207,921
Hanwa Co., Ltd. ........................................ 53,000 199,454
Haseko Corp. ........................................... 59,000 364,087
Hazama Corp. ........................................... 51,000 203,794
Higo Bank, Ltd. ........................................ 37,000 310,673
Hiroshima Bank, Ltd. ................................... 89,000 531,209
Hitachi Construction Machinery Co., Ltd. ............... 9,000 111,077
Hitachi Koki Co., Ltd. ................................. 22,000 220,556
Hitachi Maxell, Ltd. ................................... 16,000 278,402
Hitachi Plant Engineering &
Construction Co., Ltd. ............................... 10,000 68,791
Hitachi Sales Corp. .................................... 26,000 173,596
Hitachi Transport System, Ltd. ......................... 14,000 141,345
Hitachi, Ltd. .......................................... 508,000 5,020,900
Hokkai Can Co., Ltd., Tokyo ............................ 10,000 93,576
Hokkaido Bank, Ltd. .................................... 55,000 222,559
Hokkaido Takushoku Bank, Ltd. .......................... 133,000 573,171
Hokuriku Bank, Ltd. .................................... 100,000 738,493
Hokuriku Pharmaceutical Co., Ltd. ...................... 7,000 118,260
Honda Motor Co., Ltd. .................................. 150,000 2,518,968
Horiba, Ltd. ........................................... 4,000 65,959
Hyakugo Bank, Ltd. (105th Bank) ........................ 42,000 246,434
Hyakujushi Bank, Ltd. .................................. 44,000 294,669
*Hyogo Bank, Ltd. ....................................... 7,000 21,315
Ibiden Co., Ltd. ....................................... 14,000 108,346
Ikegami Tsushinki Co., Ltd. ............................ 8,000 75,266
Inax Corp. ............................................. 35,000 371,775
*Ines Corp. ............................................. 7,000 78,604
Intec, Inc. ............................................ 7,000 100,556
*Ishihara Sangyo Kaisha, Ltd. ........................... 24,000 97,360
Itochu Corp. ........................................... 94,000 688,477
Itochu Fuel Corp. ...................................... 13,000 129,803
Itoham Foods, Inc. ..................................... 32,000 248,943
Izumiya Co., Ltd. ...................................... 15,000 277,693
Japan Pulp and Paper Co., Ltd. ......................... 3,000 18,209
Japan Synthetic Rubber Co., Ltd. ....................... 38,000 244,107
Japan Vilene Co., Ltd. ................................. 10,000 69,499
Joshin Denki Co., Ltd. ................................. 11,000 140,212
Juroku Bank, Ltd. ...................................... 20,000 113,505
Kagoshima Bank, Ltd. ................................... 33,000 262,064
</TABLE>
11
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
Kaneka Corp. ........................................... 49,000 $ 391,603
Kanematsu Corp. ........................................ 46,000 244,775
*Kankaku Securities Co., Ltd. ........................... 56,000 262,296
Kansai Paint Co., Ltd., Osaka .......................... 18,000 107,436
Kanto Auto Works, Ltd., Yokosuka ....................... 10,000 68,488
Kanto Natural Gas Development Co., Ltd. ................ 11,000 89,024
Kasumi Co., Ltd. ....................................... 10,000 89,024
Katokichi Co., Ltd. .................................... 9,000 206,677
*Kawasho Corp. .......................................... 21,000 96,237
Keiyo Bank, Ltd. ....................................... 39,000 239,484
Kinden Corp. ........................................... 31,000 514,315
Kinseki, Ltd. .......................................... 6,000 105,008
Kitz Corp. ............................................. 20,000 101,770
Kiyo Bank, Ltd. ........................................ 19,000 138,392
Koa Oil Co., Ltd. ...................................... 4,000 28,447
Kokusai Securities Co., Ltd. ........................... 37,000 542,742
Komatsu Forklift Co., Ltd. ............................. 17,000 138,098
Komatsu, Ltd. .......................................... 68,000 632,190
Komori Corp. ........................................... 11,000 307,132
Konica Corp. ........................................... 51,000 391,593
Kosei Securities Co., Ltd. ............................. 4,000 21,932
Koyo Seiko Co., Ltd. ................................... 29,000 278,705
Kumagai Gumi Co., Ltd. ................................. 99,000 455,690
Kurabo Industries, Ltd. ................................ 48,000 202,003
Kureha Chemical Industry Co., Ltd. ..................... 39,000 211,472
Kurimoto, Ltd. ......................................... 19,000 209,509
Kyudenko Corp. ......................................... 11,000 137,987
Lintec Corp. ........................................... 11,000 184,724
Long Term Credit Bank of Japan, Ltd. ................... 161,000 1,742,742
Maeda Corp. ............................................ 27,000 269,044
*Makino Milling Machine Co., Ltd. ....................... 16,000 142,600
Makita Corp. ........................................... 5,000 86,495
Marubeni Corp. ......................................... 100,000 560,445
Marudai Food Co., Ltd. ................................. 25,000 191,705
Maruetsu, Inc. ......................................... 25,000 250,885
Marui Co., Ltd. ........................................ 57,000 962,974
Maruichi Steel Tube, Ltd. .............................. 14,000 254,932
Maruzen Showa Unyu Co., Ltd. ........................... 14,000 75,913
Matsushita Electric Industrial Co., Ltd. ............... 324,000 5,014,871
Matsushita Electric Works, Ltd. ........................ 113,000 1,154,578
Matsushita Refrigeration Co., Ltd. ..................... 4,000 33,343
Matsushita Seiko Co., Ltd. ............................. 4,000 29,337
*Mazda Motor Corp. ...................................... 167,000 939,322
Meija Seika Kaisha, Ltd. Tokyo ......................... 60,000 390,895
Michinoku Bank, Ltd. ................................... 18,000 139,666
*Mitsubishi Chemical Corp. Em 94 ........................ 85,800 471,314
Mitsubishi Electric Corp. .............................. 313,000 2,206,990
Mitsubishi Gas Chemical Co., Inc. ...................... 71,000 356,975
Mitsubishi Materials Corp. ............................. 81,000 442,489
Mitsubishi Paper Mills, Ltd. ........................... 27,000 204,856
Mitsubishi Trust & Banking Corp. ....................... 89,000 1,260,496
Mitsui & Co., Ltd. ..................................... 61,000 530,086
Mitsui Fudosan Co., Ltd. ............................... 115,000 1,186,646
Mitsui Petrochemical Industries, Ltd. .................. 44,000 395,711
Mitsui Toatsu Chemicals, Inc. .......................... 61,000 255,478
Mitsui Trust & Banking Co., Ltd. ....................... 81,000 827,618
Mizuno Corp. ........................................... 18,000 180,273
NHK Spring Co., Ltd. ................................... 34,000 188,832
NOK Corp. .............................................. 12,000 114,355
NSK, Ltd. .............................................. 36,000 270,228
</TABLE>
12
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
NTN Corp. .............................................. 30,000 $ 206,677
Nagase & Co., Ltd. ..................................... 25,000 242,792
Naigai Co., Ltd. ....................................... 12,000 76,358
Nakayama Steel Works, Ltd. ............................. 17,000 128,811
New Japan Securities Co., Ltd. ......................... 58,000 395,468
New Oji Paper Co., Ltd. ................................ 2,000 21,042
Nichicon Corp. ......................................... 13,000 186,748
Nichido Fire & Marine Insurance Co., Ltd. .............. 31,000 259,980
Nichiei Construction Co., Ltd. ......................... 11,000 116,844
Nichimen Corp. ......................................... 63,000 280,425
Nifco, Inc. ............................................ 7,000 104,097
Nihon Cement Co., Ltd. ................................. 47,000 339,009
Nikko Securities Co., Ltd. ............................. 98,000 1,040,971
*Nippon Chemi-Con Corp. ................................. 22,000 131,533
Nippon Credit Bank, Ltd. ............................... 253,000 1,494,709
Nippon Flour Mills Co., Ltd. ........................... 12,000 63,126
Nippon Hodo Co., Ltd. .................................. 16,000 278,402
Nippon Oil Co., Ltd. ................................... 190,000 1,305,109
Nippon Paint Co., Ltd., Osaka .......................... 37,000 260,890
Nippon Sanso Corp. ..................................... 27,000 138,756
Nippon Sheet Glass Co., Ltd. ........................... 62,000 321,760
Nippon Shinpan Co., Ltd. Tokyo ......................... 43,000 335,822
*Nippon Steel Chemical Co., Ltd. ........................ 25,000 100,405
*Nippon Suisan Kaisha, Ltd. ............................. 49,000 229,014
Nippon Synthetic Chemical Industry Co., Ltd............. 12,000 66,161
Nippon Trust & Banking Co., Ltd. ....................... 39,000 158,998
*Nippon Yakin Kogyo Co., Ltd. ........................... 29,000 162,529
*Nissan Diesel Motor Co., Ltd. .......................... 23,000 117,501
Nissan Motor Co., Ltd. ................................. 388,000 3,277,491
Nissan Shatai Co., Ltd. ................................ 24,000 148,832
Nisshin Oil Mills, Ltd. ................................ 22,000 176,267
Nisshin Steel Co., Ltd. ................................ 66,000 319,150
Nisshinbo Industries, Inc. ............................. 33,000 367,223
Nitsuko, Ltd. .......................................... 4,000 49,772
Nittetsu Mining Co., Ltd. .............................. 11,000 102,711
*Nitto Boseki Co., Ltd. ................................. 36,000 102,337
Nitto Denko Corp. ...................................... 22,000 356,095
Noritz Corp. ........................................... 9,000 171,168
OSG Manufacturing Co., Ltd. ............................ 14,000 95,599
Obayishi Corp. ......................................... 55,000 353,313
Oita Bank, Ltd. ........................................ 3,510 31,531
Okamura Corp. .......................................... 16,000 138,230
Okasan Securities Co., Ltd. ............................ 13,000 76,803
*Okuma Corp. ............................................ 21,000 196,085
Okumura Corp. .......................................... 32,000 245,706
Okura Industrial Co., Ltd. ............................. 12,000 97,845
Omron Corp. ............................................ 34,000 588,164
Onward Kashiyama Co., Ltd. ............................. 22,000 298,230
Optec Dai-Ichi Denko Co., Ltd. ......................... 13,000 77,724
*Pacific Metals Co., Ltd. ............................... 23,000 111,917
Parco Co., Ltd. ........................................ 6,000 67,375
Pioneer Electronic Corp. ............................... 26,000 578,655
Rengo Co., Ltd. ........................................ 14,000 115,711
*Renown, Inc. ........................................... 38,000 167,223
Rhythm Watch Co., Ltd. ................................. 19,000 70,541
Ricoh Co. Ltd., Tokyo .................................. 101,000 960,445
Royal Co., Ltd. ........................................ 6,000 86,191
Ryosan Co., Ltd. ....................................... 7,000 189,074
SXL Corp. .............................................. 13,000 130,460
Sakai Chemical Industry Co., Ltd. ...................... 14,000 93,475
San-In Godo Bank, Ltd. ................................. 23,000 204,987
Sanden Corp. ........................................... 24,000 158,543
</TABLE>
13
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CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
Sankyo Aluminum Industry Co., Ltd. ..................... 38,000 $ 240,263
*Sankyo Seiki Manufacturing Co., Ltd. ................... 18,000 126,555
Sanrio Co., Ltd. ....................................... 5,000 68,791
Sanyo Electric Co., Ltd. ............................... 301,000 1,766,110
Sanyo Shokai, Ltd. ..................................... 8,000 45,321
Sanyo Special Steel Co., Ltd. .......................... 34,000 155,468
Seino Transportation Co., Ltd. ......................... 24,000 454,021
Seiren Co., Ltd. ....................................... 8,000 75,347
Seiyo Food Systems, Inc. ............................... 14,000 155,792
Sekisui Chemical Co., Ltd. ............................. 80,000 784,219
Sekisui House, Ltd. .................................... 105,000 1,221,548
Sekisui Plastics Co., Ltd. ............................. 19,000 115,519
*Settsu Corp. ........................................... 46,000 188,467
Sharp Corp., Osaka ..................................... 13,000 226,201
Shiga Bank, Ltd. ....................................... 11,000 75,114
Shinmaywa Industries, Ltd. ............................. 19,000 197,977
Shinwa Bank, Ltd. ...................................... 22,000 153,343
Shionogi & Co., Ltd. ................................... 54,000 471,988
Shiseido Co., Ltd. ..................................... 62,000 752,656
*Shokusan Jutaku Sogo Co., Ltd. ......................... 21,000 81,791
Showa Sangyo Co., Ltd. ................................. 29,000 140,233
Sogo Co., Ltd. ......................................... 22,000 131,978
Sony Corp. ............................................. 57,700 3,064,492
Stanley Electric Co., Ltd. ............................. 25,000 184,623
Star Micronics Co., Ltd. ............................... 10,000 92,059
Sumitomo Bakelite Co., Ltd. ............................ 16,000 113,465
Sumitomo Corp. ......................................... 164,000 1,659,079
*Sumitomo Metal Industries, Ltd., Osaka ................. 458,000 1,496,550
Sumitomo Osaka Cement Co., Ltd. ........................ 19,000 90,723
Sumitomo Realty & Development Co., Ltd. ................ 57,000 338,483
Sumitomo Trust & Banking Co., Ltd. ..................... 85,000 1,092,059
Sun Wave Corp. ......................................... 4,000 60,293
TDK Corp. .............................................. 19,000 903,389
*TEC Corp. .............................................. 35,000 171,017
Tadano, Ltd. ........................................... 22,000 202,529
*Taiheiyo Securities Co., Ltd. .......................... 21,000 99,848
Taikisha, Ltd. ......................................... 6,000 98,331
Taisei Corp. ........................................... 157,000 952,959
Taiyo Yuden Co., Ltd. .................................. 19,000 199,899
Takeda Chemical Industries, Ltd. ....................... 135,000 1,679,818
Tamura Corp. ........................................... 18,000 134,568
Teijin, Ltd. ........................................... 142,000 795,832
Tenma Corp. ............................................ 2,000 51,391
Toa Steel Co., Ltd. .................................... 23,000 161,244
Tochigi Sogo Bank, Ltd. ................................ 11,000 113,505
Toda Corp. ............................................. 45,000 403,338
Toenec Corp. ........................................... 14,000 150,127
Toho Bank, Ltd. ........................................ 35,000 256,702
Tokai Carbon Co., Ltd. ................................. 27,000 114,719
Tokai Rika Co., Ltd. ................................... 17,000 192,615
Tokico, Ltd. ........................................... 19,000 97,451
Tokio Marine & Fire Insurance Co., Ltd. ................ 29,000 334,446
Toko, Inc. ............................................. 8,000 58,918
Tokuyama Corp. ......................................... 37,000 219,342
Tokyo Broadcasting System, Inc. ........................ 25,000 422,357
Tokyo Securities Co., Ltd. ............................. 23,000 128,670
Tokyo Sowa Bank, Ltd. .................................. 27,000 137,117
Tokyo Style Co., Ltd. .................................. 16,000 275,164
</TABLE>
14
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CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
Tokyo Tatemono Co., Ltd. ............................... 31,000 $ 180,324
Tokyo Tekko Co., Ltd. .................................. 9,000 93,779
*Tokyu Car Corp. ........................................ 14,000 83,561
Tokyu Construction Co., Ltd. ........................... 34,000 174,041
Tokyu Department Store Co., Ltd. ....................... 39,000 240,668
Tokyu Land Corp. ....................................... 14,000 65,716
Tokyu Store Chain Corp. ................................ 11,000 87,800
Tonami Transportation Co., Ltd. ........................ 16,000 123,986
Toshiba Engineering & Construction Co., Ltd. ........... 11,000 111,057
Toshiba Machine Co., Ltd. .............................. 27,000 195,296
Toyo Engineering Corp. ................................. 25,000 187,152
Toyo Ink Manufacturing Co., Ltd. ....................... 42,000 272,777
Toyo Seikan Kaisha, Ltd ................................ 31,000 1,047,446
*Toyo Tire & Rubber Co., Ltd. ........................... 33,000 148,558
Toyo Trust & Banking Co., Ltd. ......................... 113,000 1,143,146
Toyoda Machine Works, Ltd. ............................. 20,000 163,075
Toyota Auto Body Co., Ltd. ............................. 14,000 134,547
Toyota Motor Corp. ..................................... 510,000 10,886,191
Toyota Tsusho Corp. .................................... 34,000 239,737
Tsubakimoto Chain Co., Ltd. ............................ 30,000 165,402
UNY Co., Ltd. .......................................... 26,000 397,167
*Victor Co. of Japan, Ltd. .............................. 39,000 532,625
Wacoal Corp. ........................................... 21,000 235,812
Yakult Honsha Co., Ltd. ................................ 24,000 371,472
Yamagata Bank, Ltd. .................................... 27,000 152,140
Yamaguchi Bank, Ltd. ................................... 27,000 439,757
Yamaha Corp. ........................................... 27,000 338,695
Yamaichi Securities Co., Ltd. .......................... 176,000 1,292,625
Yamamura Glass Co., Ltd. ............................... 7,000 55,660
Yamatake Honeywell Co., Ltd. ........................... 11,000 164,694
Yamato Kogyo Co., Ltd. ................................. 16,000 160,405
Yasuda Trust & Banking Co., Ltd. ....................... 161,000 1,302,984
Yodogawa Steel Works, Ltd. ............................. 32,000 252,504
Yokogawa Bridge Corp. .................................. 10,000 137,582
Yokogawa Electric Corp. ................................ 36,000 367,830
Yokohama Reito Co., Ltd. ............................... 6,000 78,907
Zexel Corp. ............................................ 16,000 108,933
------------------
TOTAL COMMON STOCKS
(Cost $127,862,384) ..................................... 128,762,490
------------------
RIGHTS/WARRANTS -- (0.0%)
*Shinwa Bank, Ltd. Rights 01/18/95 (Cost $0) ............ 3,300 11,150
------------------
INVESTMENT IN CURRENCY -- (0.0%) ..........................
*Japanese Yen (Cost $9,511) ............................. 9,476
------------------
TOTAL -- JAPAN
(Cost $127,871,895) ..................................... 128,783,116
------------------
UNITED KINGDOM -- (21.2%) .................................
COMMON STOCKS -- (20.8%) .................................
ASDA Group P.L.C. ...................................... 829,600 847,968
Abbey National P.L.C. .................................. 369,200 2,423,294
Anglian Water P.L.C. ................................... 84,000 646,087
Argyll Group P.L.C. .................................... 317,200 1,267,079
Arjo Wiggins Appleton P.L.C. ........................... 118,700 486,242
Associated British Foods P.L.C. ........................ 107,100 922,747
Associated British Ports Holdings P.L.C. ............... 112,900 496,970
Attwoods P.L.C. ........................................ 88,400 162,020
Bank of Scotland (Governor & Company of the) ........... 92,100 297,927
Barclays P.L.C. ........................................ 467,904 4,449,138
Bass P.L.C. ............................................ 245,300 2,036,591
</TABLE>
15
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CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
Blenheim Group P.L.C. .................................. 26,200 $ 103,837
Britannic Assurance P.L.C. ............................. 10,800 69,026
British Aerospace P.L.C. ............................... 47,000 329,106
British Gas P.L.C. ..................................... 657,700 3,173,284
British Land Co. P.L.C. ................................ 87,200 498,586
British Petroleum Co. P.L.C. ........................... 868,904 5,771,226
British Steel P.L.C. ................................... 567,200 1,399,417
British Vita P.L.C. .................................... 21,500 75,443
Brixton Estate P.L.C. .................................. 64,600 181,141
Burton Group P.L.C. .................................... 370,700 406,491
*Camas P.L.C. ........................................... 37,100 45,041
Charter P.L.C. ......................................... 23,600 279,119
Commercial Union P.L.C. ................................ 189,875 1,591,300
Courtaulds Textiles P.L.C. ............................. 10,200 71,583
English China Clays P.L.C. ............................. 88,700 476,593
First Leisure Corp. P.L.C. ............................. 16,900 68,832
Fisons P.L.C. .......................................... 92,200 176,206
Forte P.L.C. ........................................... 243,412 896,066
General Accident P.L.C. ................................ 126,100 1,052,865
Great Portland Estates P.L.C. .......................... 96,275 259,401
Great Universal Stores P.L.C. .......................... 283,000 2,473,723
Greenalls Group P.L.C. ................................. 62,400 408,593
Guardian Royal Exchange P.L.C. ......................... 247,100 704,489
Hambros P.L.C. ......................................... 8,500 30,359
Hammerson P.L.C. ....................................... 26,012 132,430
Hillsdown Holdings P.L.C. .............................. 97,100 250,977
ICI (Imperial Chemical Industries P.L.C.) .............. 207,800 2,467,432
Invesco P.L.C. ......................................... 25,700 70,856
Kleinwort Benson Group P.L.C. .......................... 35,000 257,689
Ladbroke Group P.L.C. .................................. 321,171 804,983
Laird Group P.L.C. ..................................... 12,600 67,701
*Lasmo P.L.C. ........................................... 275,535 632,331
Lex Service P.L.C. ..................................... 26,900 139,058
Lonrho P.L.C. .......................................... 226,533 557,136
Lucas Industries P.L.C. ................................ 105,233 336,289
MFI Furniture Group P.L.C. ............................. 175,300 376,212
Manweb P.L.C. .......................................... 34,900 431,900
Marley P.L.C. .......................................... 14,258 31,269
Mersey Docks & Harbour Co. P.L.C. ...................... 26,590 169,945
National Westminster Bank P.L.C. ....................... 498,736 4,062,604
North West Water Group P.L.C. .......................... 108,762 923,436
Northumbrian Water Group P.L.C. ........................ 20,507 222,300
Ocean Group P.L.C. ..................................... 43,600 185,091
Peel Holdings P.L.C. ................................... 32,500 117,096
Pilkington P.L.C. ...................................... 227,824 597,785
Racal Electronics P.L.C. ............................... 86,100 308,865
Rolls-Royce P.L.C. ..................................... 77,682 216,606
Royal Bank of Scotland Group P.L.C. .................... 64,756 425,035
Royal Insurance Holdings P.L.C. ........................ 87,500 402,982
Scottish & Newcastle P.L.C. ............................ 31,700 256,732
Sears P.L.C. ........................................... 426,000 717,379
Seeboard P.L.C. ........................................ 76,500 508,110
Severn Trent P.L.C. .................................... 102,227 855,140
Shell Transport & Trading Co. P.L.C. ................... 889,400 9,926,871
Slough Estates P.L.C. .................................. 113,800 393,972
South West Water P.L.C. ................................ 38,735 297,931
South Western Electricity P.L.C. ....................... 32,400 394,363
Southern Water P.L.C. .................................. 50,494 438,999
Stakis P.L.C. .......................................... 133,000 181,260
Sun Alliance Group P.L.C. .............................. 232,240 1,171,449
TSB Group P.L.C. ....................................... 116,400 418,472
</TABLE>
16
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CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
Tarmac P.L.C. .......................................... 263,250 $ 498,981
Tate & Lyle P.L.C. ..................................... 54,100 355,940
Taylor Woodrow P.L.C. .................................. 110,865 203,194
Telegraph P.L.C. ....................................... 7,700 42,217
Tesco P.L.C. ........................................... 577,300 2,206,591
Thames Water P.L.C. .................................... 110,685 847,868
*Tiphook P.L.C. ......................................... 5,500 3,532
Trafalgar House P.L.C. ................................. 73,440 92,035
Transport Development Group P.L.C. ..................... 49,200 161,851
Unigate P.L.C. ......................................... 69,500 370,164
United Biscuits Holdings P.L.C. ........................ 149,467 742,224
VSEL P.L.C. ............................................ 11,610 280,626
Vaux Group P.L.C. ...................................... 44,000 163,355
Vickers P.L.C. ......................................... 16,000 46,118
WPP Group P.L.C. ....................................... 206,900 367,864
Welsh Water P.L.C. ..................................... 43,500 429,981
Wessex Water P.L.C. .................................... 84,996 382,130
Whitbread P.L.C. ....................................... 25,600 220,964
Wimpey (George) P.L.C. ................................. 116,550 241,000
Wolverhampton & Dudley Breweries P.L.C. ................ 22,800 189,296
Yorkshire Water P.L.C. ................................. 59,691 475,010
------------------
TOTAL COMMON STOCKS
(Cost $69,104,086) ...................................... 72,647,417
------------------
INVESTMENT IN CURRENCY -- (0.4%)
*British Pound Sterling (Cost $1,263,410) ............... 1,266,879
------------------
RIGHTS/WARRANTS -- (0.0%)
*British Aerospace P.L.C. Rights 12/13/94 ............... 15,666 4,908
*Laird Group P.L.C. Rights 12/13/94 ..................... 2,520 1,737
------------------
TOTAL RIGHTS/WARRANTS
(Cost $0) ............................................... 6,645
------------------
TOTAL -- UNITED KINGDOM
(Cost $70,367,496) ...................................... 73,920,941
------------------
FRANCE -- (8.8%)
COMMON STOCKS -- (8.4%)
Accor SA ............................................... 2,700 294,728
Agache (Societe Financiere) ............................ 800 193,398
Alcatel Alsthom Cie Generale d'Electricite SA .......... 29,500 2,496,048
Au Bon Marche SA ....................................... 2,500 418,875
Axa SA ................................................. 32,400 1,596,050
*CERUS (Compagnies Europeenes Reunis SA) ................ 4,100 76,244
*Cap Gemini Sogeti SA ................................... 5,850 201,038
Carnaudmetalbox SA ..................................... 17,100 594,008
Chargeurs SA ........................................... 1,500 357,043
Ciments Francais ....................................... 335 10,354
Ciments Francais Series B .............................. 4,600 215,565
Ciments Vicat .......................................... 800 77,359
*Club Mediterranee SA ................................... 2,000 167,364
Credit Commercial de France ............................ 12,877 561,535
Credit National ........................................ 2,500 186,518
Dassault Aviation SA ................................... 2,500 201,302
Dior (Christian) SA .................................... 8,800 706,946
ECIA (Equipements et Composants pour l'Industrie
Automobile) .......................................... 1,100 153,008
Elf Aquitaine SA ....................................... 53,091 3,633,192
</TABLE>
17
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CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
Eridania Beghin-Say SA ................................. 5,400 $ 749,121
Financiere de Paribas SA Series A ...................... 22,859 1,626,379
Generale d'Industrie et de Participation ............... 1,200 286,750
Hutchinson SA .......................................... 22 6,141
Imetal ................................................. 1,219 116,969
Labinal SA ............................................. 1,000 131,288
Navigation Mixte SA .................................... 3,086 562,969
Pechiney International SA .............................. 16,950 510,628
*Peugeot SA ............................................. 9,850 1,456,206
Poliet SA .............................................. 5,222 379,693
Rhone-Poullenc SA Series A ............................. 26,800 669,813
Saint Louis (SLB) ...................................... 1,400 384,007
Saint-Gobain ........................................... 8,650 1,040,735
Schneider SA ........................................... 11,880 860,485
Scor SA ................................................ 4,624 101,810
Societe Generale Paris ................................. 16,301 1,852,145
Sommer-Allibert SA ..................................... 300 100,920
Sophia SA .............................................. 400 30,788
Sovac SA ............................................... 2,500 206,416
Suez SA ................................................ 30,600 1,505,105
*Thomson CSF ............................................ 24,100 743,952
Total SA Series B ...................................... 45,150 2,827,805
UAP (Compagnie UAP SA) ................................. 29,200 825,365
Worms et Compagnie SA .................................. 2,900 133,742
------------------
TOTAL COMMON STOCKS
(Cost $29,658,235) ...................................... 29,249,807
------------------
INVESTMENT IN CURRENCY -- (0.4%)
*French Francs (Cost $1,526,183) ........................ 1,504,853
------------------
RIGHTS/WARRANTS -- (0.0%)
*Sophia SA Warrants 03/31/99 (Cost $0) .................. 400 442
------------------
TOTAL -- FRANCE
(Cost $31,184,418) ...................................... 30,755,102
------------------
GERMANY -- (8.4%)
COMMON STOCKS -- (8.4%)
AGIV AG fuer Industrie & Verkehrswesen ................. 750 237,799
AMB (Aachener und Muenchener Beteiligungs AG) .......... 420 278,124
BASF AG ................................................ 10,850 2,105,627
BHF Bank (Berliner Handels und Frankfurter Bank) ....... 1,500 364,593
BMW (Bayerische Motorenwerke AG), Muenchen ............. 2,086 1,004,740
Badenwerk AG ........................................... 950 300,909
Bankgesellschaft Berlin AG ............................. 2,600 605,423
Bayer AG ............................................... 12,650 2,774,526
Bayerische Hypotheken und
Wechselbank AG ....................................... 4,200 1,098,565
*Bayerische Hypotheken und
Wechselbank AG Em 94 ................................. 70 17,818
Bayerische Vereinsbank AG .............................. 3,837 1,119,890
Berliner Kraft & Licht Bewag AG Series A ............... 1,550 291,707
*Bremer Vulkan Verbund AG ............................... 2,750 174,035
Colonia Konzern AG ..................................... 200 162,041
Commerzbank AG ......................................... 4,125 852,105
DEPFA (Deutsche Pfandbrief und Hypothekenbank AG) ...... 550 257,895
Deutsche Hypothekenbank Frankfurt AG ................... 300 156,938
</TABLE>
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CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
*Deutsche Lufthansa AG .................................. 6,500 $ 823,126
Dresdner Bank AG, Frankfurt ............................ 8,150 2,126,539
Hamburgische Electricitaetswerke AG, Hamburg ........... 950 133,333
Hoechst AG ............................................. 10,700 2,146,826
Karstadt AG ............................................ 1,550 548,804
Man AG, Muenchen ....................................... 2,450 659,585
Mannesmann AG .......................................... 2,756 720,868
*Metallgesellschaft AG, Frankfurt ....................... 2,600 207,337
*PWA (Papierwerke Waldhof- Aschaffenburg AG) ............ 300 45,742
Preussag AG ............................................ 2,900 801,084
Ruetgerswerke AG ....................................... 467 87,293
Siemens AG ............................................. 10,250 3,992,105
Thuega AG .............................................. 557 179,448
*Thyssen AG ............................................. 2,450 436,858
*Thyssen Industrie AG, Essen ............................ 500 52,313
Veba AG ................................................ 9,050 2,973,365
Vereins & Westbank AG .................................. 457 95,919
Volkswagen AG .......................................... 5,350 1,459,091
------------------
TOTAL COMMON STOCKS (Cost $27,480,334) .................... 29,292,371
------------------
INVESTMENT IN CURRENCY -- (0.0%) ...........................
*German Marks (Cost $155) ............................... 162
------------------
TOTAL -- GERMANY
(Cost $27,480,489) ...................................... 29,292,533
------------------
SWITZERLAND -- (5.8%)
COMMON STOCKS -- (5.8%)
BBC Brown Boveri AG, Baden ............................. 1,680 1,411,200
Baloise Holding, Basel ................................. 495 935,830
Banque Cantonale Vaudoise .............................. 500 254,717
Bobst SA, Prilly ....................................... 255 298,302
Ciba-Geigy SA, Basel ................................... 13,150 7,651,811
*Fischer (Georg) AG, Schaffhausen ....................... 275 315,472
Forbo Holding AG, Eglisau .............................. 70 124,679
Intershop Holding AG, Zuerich .......................... 850 344,491
Landis & Gyr AG, Zug ................................... 400 220,377
*Oerlikon-Buehrle Holding AG, Zuerich ................... 5,000 490,566
Pargesa Holding SA, Geneve ............................. 300 332,830
*Pirelli SA, Basel ...................................... 300 39,623
Rieter Holding AG, Winterthur .......................... 225 283,585
SBSI Holding SA, Lugano ................................ 125 141,981
SBV (Schweizerische Bankverein) ........................ 16,700 4,600,377
SIG (Schweizerische Industrie Gesellschaft Holding AG),
Neuhausen am Rheinfall ............................... 130 243,321
*Sandoz AG, Basel ....................................... 1,400 750,189
*Saurer AG, Arbon ....................................... 400 134,340
Schindler Holding AG, Hergiswell ....................... 10 56,981
Sulzer AG, Winterthur .................................. 1,175 802,547
Sulzer AG, Winterthur (Participating) .................. 175 117,943
*Swissair Schweizerische Luftverkehr AG, Zuerich ........ 900 553,585
------------------
TOTAL COMMON STOCKS
(Cost $21,026,824) ...................................... 20,104,747
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swiss Francs (Cost $212) ............................... 216
------------------
</TABLE>
19
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CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
RIGHTS/WARRANTS -- (0.0%)
*Baloise Holding, Basel Warrants 08/30/95 ............... 345 $ 4,491
*Forbo Holding AG Warrants 11/01/95 ..................... 140 370
------------------
TOTAL RIGHTS/WARRANTS
(Cost $1,001) ........................................... 4,861
------------------
TOTAL -- SWITZERLAND
(Cost $21,028,037) ...................................... 20,109,824
------------------
NETHERLANDS -- (4.3%)
COMMON STOCKS -- (4.3%)
ABN AMRO Holding NV .................................... 24,953 864,222
Akzo Nobel NV .......................................... 2,900 322,131
DSM NV ................................................. 21,500 1,604,386
Fortis Amev NV ......................................... 42,358 1,766,224
Hollandsche Beton Groep NV ............................. 1,750 266,662
Internationale Nederlanden Groep NV .................... 166,502 7,834,272
*KLM (Koninklijke Luchtvaart Mij NV) .................... 18,200 447,872
*Nedlloyd Groep NV, Rotterdam ........................... 12,200 368,328
Oce van der Grinten NV, Venlo .......................... 8,800 385,486
Philips Electronics NV ................................. 22,900 693,979
Stad Rotterdam ......................................... 17,600 376,964
------------------
TOTAL COMMON STOCKS
(Cost $13,974,058) ...................................... 14,930,526
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Netherlands Guilder (Cost $23,823) ..................... 23,648
------------------
RIGHTS/WARRANTS -- (0.0%)
*Stad Rotterdam Rights 01/30/95 (Cost $0) ............... 15,600 0
------------------
TOTAL -- NETHERLANDS
(Cost $13,997,881) ...................................... 14,954,174
------------------
HONG KONG -- (4.1%)
COMMON STOCKS -- (4.1%)
Allied Properties (Hong Kong), Ltd. .................... 1,226,000 187,127
Amoy Properties, Ltd. .................................. 1,356,000 1,350,563
CDL Hotels International, Ltd. ......................... 875,710 370,968
Century City International Holdings, Ltd. .............. 911,600 218,143
Great Eagle Holdings, Ltd. ............................. 1,200,000 539,387
HKR International, Ltd. ................................ 491,200 419,340
Hang Lung Development Co., Ltd. ........................ 739,000 1,127,953
Hongkong & Shanghai Hotels, Ltd. ....................... 647,000 707,172
Lai Sun Development Co., Ltd. .......................... 1,380,000 210,633
Lai Sun Garment (International), Ltd. .................. 114,000 159,255
New World Development Co., Ltd. ........................ 912,739 2,567,853
*Orient Telecom & Technology Holdings, Ltd. ............. 1,178,000 396,171
Paliburg International Holdings, Ltd. .................. 712,500 336,389
Realty Development Corp., Ltd. Class A ................. 98,000 329,582
Regal Hotels International Holdings, Ltd. .............. 1,518,000 323,981
Semi-Tech (Global) Co., Ltd. ........................... 208,000 345,725
Sino Land Co., Ltd. .................................... 1,289,200 1,117,273
Stelux Holdings, Ltd. .................................. 474,552 174,941
</TABLE>
20
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
Wharf Holdings, Ltd. ................................... 986,000 $ 3,430,785
------------------
TOTAL COMMON STOCKS
(Cost $17,480,266) ...................................... 14,313,241
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Hong Kong Dollars (Cost $1,109) ........................ 1,110
------------------
RIGHTS/WARRANTS -- (0.0%)
*Century City International Holdings, Ltd. Warrants
12/31/95 ............................................. 71,760 2,320
*Century City International Holdings, Ltd. Warrants
12/31/96 ............................................. 35,880 910
*Hang Lung Development Co., Ltd. Warrants 10/31/97 ...... 73,900 0
------------------
TOTAL RIGHTS/WARRANTS
(Cost $0) ............................................... 3,230
------------------
TOTAL -- HONG KONG
(Cost $17,481,375) ...................................... 14,317,581
------------------
AUSTRALIA -- (3.7%)
COMMON STOCKS -- (3.5%)
Australia and New Zealand Banking Group, Ltd. .......... 291,240 887,592
Australian Gas Light Co. ............................... 59,093 190,554
Boral, Ltd. ............................................ 252,700 651,504
Brambles Industries, Ltd. .............................. 20,400 195,935
Burns Philp & Co., Ltd. ................................ 93,165 225,138
CSR, Ltd. .............................................. 213,141 729,952
Commonwealth Bank of Australia ......................... 101,631 575,667
Fosters Brewing Group, Ltd. ............................ 753,600 637,971
Goodman Fielder, Ltd. .................................. 252,107 221,186
Hardie (James) Industries, Ltd. ........................ 102,459 152,186
MIM Holdings, Ltd. ..................................... 365,374 683,299
National Australia Bank, Ltd ........................... 294,499 2,388,865
News Corp., Ltd. ....................................... 429,435 1,725,183
North, Ltd. ............................................ 48,639 126,897
*Pasminco, Ltd. ......................................... 75,500 109,237
Pioneer International, Ltd. ............................ 190,000 462,070
QCT Resources, Ltd. .................................... 115,952 115,116
*Renison Goldfields Consolidated, Ltd. .................. 36,700 137,550
Santos, Ltd. ........................................... 108,857 300,758
Southcorp Holdings, Ltd. ............................... 117,608 250,717
Westpac Banking Corp. .................................. 387,310 1,251,916
------------------
TOTAL COMMON STOCKS
(Cost $12,131,848) ...................................... 12,019,293
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Australian Dollar (Cost $7,179) ........................ 7,344
------------------
PREFERRED STOCK -- (0.2%)
*News Corp., Ltd. ....................................... 191,868 667,434
Publishing and Broadcasting, Ltd. 11/29/96 ............. 32,900 94,697
------------------
TOTAL PREFERRED STOCK
(Cost $882,346) ......................................... 762,131
------------------
TOTAL -- AUSTRALIA
(Cost $13,021,373) ...................................... 12,788,768
------------------
SWEDEN -- (2.1%)
COMMON STOCKS -- (2.1%)
*Avesta Sheffield AB Series B ........................... 51,500 523,034
Electrolux AB Series B ................................. 8,900 454,895
*MODO (Mo Och Domsjoe AB) Series B ...................... 8,800 413,568
</TABLE>
21
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
SSAB Swedish Steel Series A ............................ 10,400 $ 459,077
*Skandinaviska Enskilda Banken Series A ................. 172,800 1,048,385
Stora Kopparbergs Bergslags AB Series A ................ 17,500 1,084,965
Svenska Cellulosa AB Series B .......................... 67,300 1,072,154
Svenska Handelsbanken Series A ......................... 77,400 1,063,511
*Trelleborg AB Series B ................................. 14,400 210,289
Trygg Hansa AB Series B ................................ 17,100 174,803
Volvo AB Series B ...................................... 50,000 962,496
------------------
TOTAL COMMON STOCKS
(Cost $7,144,289) ....................................... 7,467,177
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swedish Krona (Cost $10) ............................... 10
------------------
TOTAL - SWEDEN
(Cost $7,144,299) ....................................... 7,467,187
------------------
BELGIUM -- (1.5%)
COMMON STOCKS -- (1.5%)
Banque Bruxelles Lambert ............................... 4,500 605,943
*Banque Bruxelles Lambert (Precompte Reduit) ............ 128 16,839
*CMB (Cie Martime Belge) ................................ 2,300 185,467
COBEPA SA (Cie Belge de Participation Parabas) ......... 4,000 132,735
Electrafina SA ......................................... 6,600 579,198
*Electrafina SA (Precompte Reduit) ...................... 387 33,543
Generale de Belgique SA ................................ 17,280 1,150,039
Gevaert Photo-Producten NV ............................. 1,100 317,350
Glaverbel SA ........................................... 900 118,403
Groupe Bruxelles Lambert SA, Bruxelles ................. 800 95,341
Kredietbank NV ......................................... 1,000 202,755
Powerfin SA ............................................ 5,700 503,746
Sofina SA .............................................. 500 203,142
Solvay SA .............................................. 2,000 930,196
------------------
TOTAL COMMON STOCKS
(Cost $4,909,961) ....................................... 5,074,697
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Belgian Francs (Cost $44,388) .......................... 42,675
------------------
TOTAL -- BELGIUM
(Cost $4,954,349) ....................................... 5,117,372
------------------
SINGAPORE -- (1.4%)
COMMON STOCKS -- (1.4%)
Hotel Properties, Ltd. ................................. 192,000 346,348
Marco Polo Developments, Ltd. .......................... 218,000 318,770
Neptune Orient Lines, Ltd. ............................. 352,000 471,418
Shangri-la Hotel, Ltd. ................................. 73,000 286,812
Singapore Land, Ltd. ................................... 180,000 1,026,990
Straits Steamship Land, Ltd. ........................... 266,000 886,970
Straits Trading Co., Ltd. .............................. 149,000 366,519
United Industrial Corp., Ltd. .......................... 815,000 740,656
United Overseas Land, Ltd. ............................. 253,000 449,470
------------------
TOTAL COMMON STOCKS
(Cost $4,430,593) ....................................... 4,893,953
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Singapore Dollars (Cost $6,392) ........................ 6,452
------------------
TOTAL -- SINGAPORE
(Cost $4,436,985) .................................... 4,900,405
------------------
</TABLE>
22
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
------------------ ------------------
<S> <C> <C>
ITALY -- (0.5%)
COMMON STOCKS -- (0.5%)
Banca Toscana .......................................... 16,000 $ 29,856
*FERFIN (Ferruzzi Finanziaria SpA) ...................... 435 351
*Fiat SpA ............................................... 163,000 608,823
Fidis SpA .............................................. 19,500 45,921
*Gaic SpA ............................................... 61,000 27,560
Italcementi Fabbriche Riunite Cemento SpA, Bergamo ..... 12,000 76,348
Italmobiliare SpA, Milano .............................. 1,330 27,699
*Olivetti & C SpA, Ivrea ................................ 56,000 66,892
*Pirelli SpA ............................................ 74,000 99,155
Stet SpA (Financiaria Telefonica Torino) ............... 59,000 171,441
Telecom Italia SpA ..................................... 183,500 475,856
Unipol SpA ............................................. 7,000 48,327
------------------
TOTAL COMMON STOCKS
(Cost $1,236,729) ....................................... 1,678,229
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Italian Lira (Cost $116) ................................. 110
------------------
TOTAL -- ITALY
(Cost $1,236,845) ....................................... 1,678,339
------------------
SPAIN -- (0.4%)
COMMON STOCKS -- (0.4%)
*BANESTO (Banco Espanol de Credito SA) .................. 7,733 56,176
*BANESTO (Banco Espanol de Credito SA) Em 94 ............ 3,866 27,111
DRACONSA (Dragados y Construcciones SA) ................ 5,400 80,557
FECSA (Fuerzas Electricas de Cataluna SA) Series A ..... 17,100 95,254
Iberdrola SA ........................................... 155,700 1,038,396
Sevillana de Electricidad .............................. 24,100 117,879
Union Electrica Fenosa SA .............................. 23,700 101,274
------------------
TOTAL COMMON STOCKS
(Cost $1,516,349) ....................................... 1,516,647
------------------
INVESTMENT IN CURRENCY -- (0.0%)
*Spanish Peseta (Cost $6,518) ........................... 6,229
------------------
TOTAL -- SPAIN
(Cost $1,522,867) ....................................... 1,522,876
------------------
</TABLE>
23
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Face
Amount Value+
-------- --------------
(000)
<S> <C> <C>
TEMPORARY CASH INVESTMENTS -- (1.3%)
Repurchase Agreement, PNC Securities Corp. 5.50%, 12/01/94 (Collateralized by U.S.
Treasury Bills 5.55%, 02/09/95) (Cost $4,442,000) ................................... $4,442 $ 4,442,000
---------------
TOTAL INVESTMENTS -- (100.5%) (Cost $346,170,309) ........................................ 350,050,218
---------------
OTHER ASSETS AND LIABILITIES -- (|P-0.5%) ................................................
Other Assets ........................................................................... 3,979,308
Liabilities ............................................................................ (5,648,483)
---------------
(1,669,175)
---------------
NET ASSETS -- (100.0%) Applicable to 34,623,392 Outstanding $.01 Par Value Shares
(Unlimited Number of Shares Authorized) ................................................ $348,381,043
===============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ................................. $ 10.06
===============
</TABLE>
- ------
+ See Note B to Financial Statements.
* Non-Income Producing Securities
See accompanying Notes to Financial Statements
24
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
STATEMENT OF OPERATIONS
FOR THE PERIOD FEBRUARY 15
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1994
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Dividends (Net of Foreign Taxes Withheld of $416) ................... $ 3,972
Interest ............................................................ 362
---------
Total Investment Income ........................................ 4,334
---------
Expenses .................................................................
Investment Advisory Services ........................................ 380
Accounting & Transfer Agent Fees .................................... 227
Custodian's Fee ..................................................... 264
Legal Fees .......................................................... 7
Audit Fees .......................................................... 7
Shareholders' Reports ............................................... 6
Trustees' Fees and Expenses ......................................... 4
Other ............................................................... 14
---------
Total Expenses ................................................. 909
Less: Fees Waived ................................................... (53)
---------
Net Expenses ........................................................ 856
---------
Net Investment Income ............................................... 3,478
---------
Net Realized and Unrealized Gain (Loss) on Investments and Foreign
Currency ...............................................................
Net Realized Gain on Investment Securities ............................... 465
Net Realized Loss on Foreign Currency Transactions ....................... (279)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency ............................. (5,057)
Translation of Foreign Currency Denominated Amounts .................... 44
---------
Net Loss on Investment Securities and Foreign Currency ................. (4,827)
---------
Net Decrease in Net Assets Resulting from Operations ..................... $(1,349)
---------
</TABLE>
See accompanying Notes to Financial Statements
25
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD FEBRUARY 15
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1994
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ......................... $ 3,478
Net Realized Gain on Investment Securities .... 465
Net Realized Loss on Foreign Currency
Transactions ................................ (279)
Change in Unrealized Appreciation
(Depreciation) of: Investment Securities and
Foreign Currency ............................ (5,057)
Translation of Foreign Currency Denominated
Amounts .................................. 44
----------
Net Decrease in Net Assets Resulting from
Operations ............................. (1,349)
----------
Distributions From:
Net Investment Income ......................... (3,176)
Net Realized Gain ............................. (480)
----------
Total Distributions ...................... (3,656)
----------
Capital Share Transactions (1):
Shares Issued. ................................ 355,615
Shares Issued in Lieu of Cash Distributions ... 3,656
Shares Redeemed ............................... (5,885)
----------
Net Increase From Capital Share
Transactions ........................... 353,386
----------
Total Increase ........................... 348,381
Net Assets
Beginning of Period ........................... -
----------
End of Period................................... $348,381
==========
(1) Shares Issued and Redeemed:
Shares Issued ................................... 34,842
Shares Issued in Lieu of Cash Distributions ..... 355
Shares Redeemed ................................. (574)
----------
34,623
==========
</TABLE>
See accompanying Notes to Financial Statements
26
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
FINANCIAL HIGHLIGHTS
FOR THE PERIOD FEBRUARY 15
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1994
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
<S> <C>
Net Asset Value, Beginning of Period ............... $ 10.00
===========
Income from Investment Operations
- ---------------------------------
Net Investment Income .............................. 0.13
Net Gains on Securities (Realized and Unrealized) .. 0.07
-----------
Total from Investment Operations ......... 0.20
-----------
Less Distributions
- ------------------
Net Investment Income .............................. (0.13)
Net Realized Gains ................................. (0.01)
-----------
Total Distributions ...................... (0.14)
-----------
Net Asset Value, End of Period ..................... $ 10.06
===========
Total Return ....................................... 1.99%#
Net Assets, End of Period (thousands) .............. $348,381
Ratio of Expenses to Average Net Assets ............ 0.45%*(a)
Ratio of Net Investment Income to Average Net Assets 1.84%*(a)
Portfolio Turnover Rate ............................ 1.90%*
</TABLE>
- ------
* Annualized
# Non-Annualized
(a) Had certain waivers not been in effect the annualized ratios of expenses
and of net investment income for the period ended would have been 0.48%
and 1.81%, respectively.
See accompanying Notes to Financial Statements
27
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
NOTES TO FINANCIAL STATEMENTS
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
November 30, 1994, 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 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 DFA International Values
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.
Unlisted securities for which market quotations are readily available are
valued at the mean between the most recent bid and asked prices. The value of
securities for which no quotations are readily available are determined in
good faith at fair value using methods determined by the Board of Directors.
2. Foreign Currency Translation: 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.
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 Series' custodian or a third party sub-custodian. All repurchase
agreements were entered into on November 30, 1994.
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 attributable 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 November 30, 1994, the
advisory fees were computed daily and paid monthly to the Advisor based on an
effective annual rate of 0.20 of 1%.
28
<PAGE>
The Advisor has agreed to waive its advisory fees on The DFA International
Value 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.
D. PURCHASES AND SALES OF SECURITIES:
For the period ended November 30, 1994, the Series made the following
purchases and sales of investment securities other than U.S. Government
securities (amounts in thousands):
<TABLE>
<CAPTION>
<S> <C>
Purchases .......................................... $274,213
Sales............................................... 3,772
</TABLE>
E. INVESTMENT TRANSACTIONS:
At November 30, 1994, 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):
<TABLE>
<CAPTION>
<S> <C>
Gross Unrealized Appreciation ............................... $ 17,823
Gross Unrealized Depreciation ................................ (13,943)
----------
Net ......................................................... $ 3,880
==========
</TABLE>
At November 30, 1994 the unrealized appreciation of investment securities
for The DFA International Value Series includes approximately $8,937,000 of
unrealized appreciation at time of tax-free Exchange.
F. COMPONENTS OF NET ASSETS:
At November 30, 1994, net assets consisted of (amounts in thousands):
<TABLE>
<CAPTION>
<S> <C>
Paid-In Capital ..................................................... $344,449
Undistributed Net Investment Income ................................. 302
Accumulated Net Realized Loss ....................................... (15)
Accumulated Net Realized Foreign Exchange Loss ...................... (279)
Unrealized Net Foreign Exchange Gain ................................ 44
Unrealized Appreciation of Investment Securities
and Foreign Currency................................................. 3,880
----------
$348,381
==========
</TABLE>
29
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
THE DFA INVESTMENT TRUST COMPANY:
We have audited the accompanying statement of net assets of The DFA
Investment Trust Company, The DFA International Value Series as of November
30, 1994, and the related statements of operations and changes in net assets
and financial highlights for the period from February 15, 1994 (commencement
of operations) to November 30, 1994. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
investments owned as of November 30, 1994, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
The DFA Investment Trust Company, The DFA International Value Series, as of
November 30, 1994, and the results of its operations, the changes in its net
assets, and its financial highlights for the period then ended, in conformity
with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 23, 1995
30
