<PAGE>
- --------------------------------------------------------------------------------
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
SEMI-ANNUAL
REPORT
Six Months Ended May 31, 1996
(Unaudited)
- --------------------------------------------------------------------------------
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
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.
DFA INTERNATIONAL VALUE PORTFOLIO II
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1996
(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 (1,896,999 Shares, Cost $20,106) at Value ........................... $ 22,035
Receivable for Investment Securities Sold ...................................... 189
Prepaid Expenses and Other Assets .............................................. 31
----------
Total Assets ................................................................ 22,255
----------
LIABILITIES:
Payable for Fund Shares Redeemed ............................................... 189
Accrued Expenses ............................................................... 30
----------
Total Liabilities .............................................................. 219
----------
Net Assets ....................................................................... $ 22,036
==========
SHARES OUTSTANDING, $.01 PAR VALUE (Authorized 100,000,000) ...................... 1,998,844
==========
Net Asset Value, Offering and Redemption Price Per Share ......................... $ 11.02
==========
NET ASSETS CONSIST OF:
Paid-In Capital ................................................................ $ 20,143
Accumulated Net Investment Loss ................................................ (18)
Accumulated Net Realized Loss .................................................. (18)
Unrealized Appreciation of Investment Securities ............................... 1,929
----------
Total Net Assets ............................................................ $ 22,036
==========
</TABLE>
See accompanying Notes to Financial Statements
1
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1996
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Income Distributions Received ......................................... $ 46
------
Expenses
Administrative Services ............................................... 19
Accounting & Transfer Agent Fees ...................................... 7
Legal Fees ............................................................ 4
Audit Fees ............................................................ 2
Filing Fees ........................................................... 8
Shareholder Services .................................................. 24
Shareholders' Reports ................................................. 7
Directors' Fees and Expenses .......................................... 3
Organization Costs .................................................... 4
Other ................................................................. 1
------
Total Expenses ..................................................... 79
Less: Fees Waived and Expenses Reimbursed ............................. (26)
------
Net Expenses ............................................................ 53
------
Net Investment Loss ..................................................... (7)
------
Net Realized and Unrealized Gain (Loss) on Investments
Capital Gain Distributions Received ..................................... 116
Net Realized Loss on Investment Securities .............................. (5)
Change in Unrealized Appreciation (Depreciation) of Investment Securities . 1,716
------
Net Gain on Investment Securities ...................................... 1,827
------
Net Increase in Net Assets Resulting from Operations .................... $1,820
======
</TABLE>
See accompanying Notes to Financial Statements
2
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
May 31, Nov. 30,
1996 1995
------------ ----------
(Unaudited)
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment (Loss) ............................ $ (7) $ 180
Capital Gain Distributions Received .............. 116 28
Net Realized Loss on Investment Securities ....... (5) (112)
Change in Unrealized Appreciation (Depreciation) of
Investment Securities ......................... 1,716 559
------- -------
Net Increase in Net Assets Resulting from
Operations ............................... 1,820 655
------- -------
Distributions From:
Net Investment Income ............................ (12) (180)
Net Realized Gains ............................... (3) (28)
------- -------
Total Distributions ......................... (15) (208)
------- -------
Capital Share Transactions (1):
Shares Issued .................................... 8,749 9,282
Shares Issued in Lieu of Cash Distributions ...... 15 208
Shares Redeemed .................................. (2,856) (3,257)
------- -------
Net Increase From Capital Share Transactions . 5,908 6,233
------- -------
Total Increase ..................................... 7,713 6,680
Net Assets
Beginning of Period .............................. 14,323 7,643
------- -------
End of Period .................................... $22,036 $14,323
======= =======
(1) Shares Issued and Redeemed:
Shares Issued .................................... 825 942
Shares Issued in Lieu of Cash Distributions ...... 2 21
Shares Redeemed .................................. (267) (331)
------- -------
560 632
======= =======
</TABLE>
See accompanying Notes to Financial Statements
3
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Six Months Year August 3
Ended Ended to
May 31, Nov. 30, Nov. 30,
1996 1995 1994
-------------- ---------- -----------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning of Period .................... $ 9.95 $ 9.48 $ 10.00
------- ------- -------
Income from Investment Operations
Net Investment Income ................................. -- 0.13 0.06
Net Gains (Losses) on Securities (Realized and Unrealized) 1.08 0.49 (0.52)
------- ------- -------
Total from Investment Operations ...................... 1.08 0.62 (0.46)
------- ------- -------
Less Distributions
Net Investment Income ................................. (0.01) (0.13) (0.06)
Net Realized Gains .................................... -- (0.02) --
------- ------- -------
Total Distributions ................................... (0.01) (0.15) (0.06)
------- ------- -------
Net Asset Value, End of Period .......................... $ 11.02 $ 9.95 $ 9.48
======= ======= =======
Total Return ............................................ 10.86%# 6.52% (4.73)%#
Net Assets, End of Period (thousands) ................... $22,036 $14,323 $ 7,643
Ratio of Expenses to Average Net Assets (1) ............. 0.96%*(a) 0.96%(a) 0.96%*(a)
Ratio of Net Investment Income to Average Net Assets .... (0.07)%*(a) 1.63%(a) 2.56%*(a)
Portfolio Turnover Rate ................................. N/A N/A N/A
Average Commission Rate ................................. N/A 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, 1996,
November 30, 1995 and 1994 would have been 1.23%, 1.48% and 12.07%,
respectively and the ratios of net investment income to average net
assets for the periods ended May 31, 1996, November 30, 1995 and 1994
would have been (0.34)%, 1.36% and 1.46%, 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, 1996, Dimensional Investment Group Inc. (the "Fund") consisted
of eleven 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, RWB/DFA U.S. High Book to Market Portfolio, DFA One-Year Fixed
Income Portfolio II, RWB/DFA Two-Year Corporate Fixed Income Portfolio,
RWB/DFA Two-Year Government Portfolio, The DFA International Value Portfolio,
DFA International Value Portfolio II and DFA International Value Portfolio
III (the "Portfolios"). At May 31, 1996, RWB/DFA U.S. High Book to Market
Portfolio, RWB/DFA Two-Year Corporate Fixed Income Portfolio and RWB/DFA
Two-Year Government Portfolio had not yet commenced operations. 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 DFA International Value Portfolio II (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, 1996, the Portfolio owned 2% 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.
Certain prior period amounts have been restated to conform with current
period presentation.
5
<PAGE>
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, 1996, 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 0.96% of average daily net
assets.
D. INVESTMENTS:
At May 31, 1996, 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 ........... $1,929
Gross Unrealized Depreciation ........... --
------
Net .................................... $1,929
======
At November 30, 1995, the Portfolio had a capital loss carryover for
federal income tax purposes of approximately $13,000 which expires on
November 30, 2003.
6
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
STATEMENT OF NET ASSETS
THE DFA INTERNATIONAL VALUE SERIES
MAY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
JAPAN -- (36.3%)
COMMON STOCKS -- (36.3%)
Achilles Corp. .................... 25,000 $ 104,910
Aica Kogyo Co., Ltd. .............. 39,000 278,184
Aichi Bank, Ltd. .................. 3,000 273,738
#Aichi Machine Industry Co., Ltd. .. 68,000 469,291
Aichi Steel Works, Ltd. ........... 152,000 943,400
Aida Engineering, Ltd. ............ 68,000 558,740
Aisin Seiki Co., Ltd. ............. 129,000 1,983,696
Alps Electric Co., Ltd. ........... 134,000 1,526,818
Amada Co., Ltd. ................... 223,000 2,313,664
Amada Metrecs Co., Ltd. ........... 55,000 789,718
Amada Sonoike Co., Ltd. ........... 67,000 449,977
Amano Corp ........................ 31,000 425,012
Ando Corp. ........................ 12,000 67,809
*Aoki Corp. ........................ 327,000 1,290,431
Aoki International Co., Ltd. ...... 29,000 620,565
#Aomori Bank, Ltd. ................. 125,000 774,664
Aoyama Trading Co., Ltd. .......... 41,100 1,096,508
#Asahi Breweries, Ltd. ............. 327,000 3,877,351
#Asahi Denka Kogyo KK .............. 55,000 500,834
Asahi Organic Chemicals Industry
Co., Ltd. ......................... 66,000 521,519
Asanuma Corp. ..................... 50,000 310,792
Ashikaga Bank, Ltd. ............... 478,000 3,073,015
*Asics Corp. ....................... 160,000 564,706
Atsugi Nylon Industrial Co., Ltd. . 205,000 1,025,475
#Awa Bank, Ltd. .................... 139,000 952,849
Bank of Ikeda, Ltd. ............... 10,600 716,813
Bank of Iwate, Ltd. ............... 13,200 748,346
Bank of Kyoto, Ltd. ............... 221,400 1,384,391
Bank of Nagoya, Ltd. .............. 118,000 917,110
Bank of Okinawa, Ltd. ............. 1,000 35,016
*Bank of Osaka, Ltd. ............... 223,000 861,427
Bank of Saga, Ltd. ................ 131,000 847,040
Bank of Yokohama, Ltd. ............ 56,000 479,852
Bank of the Ryukyus, Ltd. ......... 1,000 35,572
Best Denki Co., Ltd. .............. 3,000 41,130
Brother Industries, Ltd. .......... 202,000 1,238,759
Bunka Shutter Co., Ltd. ........... 57,000 425,058
CMK Corp. ......................... 38,000 594,905
CSK Corp. ......................... 49,300 1,447,717
#Calpis Food Industry Co., Ltd. .... 59,000 497,906
Calsonic Corp. .................... 19,000 155,943
#Canon Sales Co., Inc. ............. 59,000 1,606,855
#Casio Computer Co., Ltd. .......... 204,000 1,946,457
*Central Finance Co., Ltd. ......... 91,000 413,062
*Central Glass Co., Ltd. ........... 30,000 122,279
Chiba Bank, Ltd. .................. 136,000 1,182,992
Chiba Kogyo Bank, Ltd. ............ 16,900 610,560
Chiyoda Fire and Marine Insurance
Co., Ltd. ......................... 132,000 822,937
Chudenko Corp. .................... 47,000 1,698,008
*#Chuetsu Pulp and Paper Co., Ltd. .. 20,000 128,208
Chugoku Bank, Ltd. ................ 156,000 2,702,362
Chukyo Coca-Cola Bottling Co.,
Ltd. .............................. 23,000 266,327
Chukyo Sogo Bank, Ltd. ............ 104,000 548,180
#Chuo Trust and Banking Co., Ltd. .. 177,000 1,770,820
Citizen Watch Co., Ltd. ........... 241,000 1,962,381
<PAGE>
Shares Value+
----------- -------------
#Cleanup Corp. ..................... 37,000 $ 507,272
Dai Tokyo Fire & Marine Insurance
Co., Ltd. ......................... 250,000 1,817,971
Dai-Dan Co., Ltd. ................. 12,000 204,539
*Dai-Ichi Securities Co., Ltd. ..... 18,000 82,872
Daicel Chemical Industries, Ltd. .. 262,000 1,584,863
#Daido Hoxan, Inc. ................. 75,000 493,284
Daido Steel Co., Ltd. ............. 274,000 1,436,628
Daiei OMC, Inc. ................... 170,000 984,252
Daiichi Corp. Hiroshima ........... 31,700 825,169
Daiichi Pharmaceutical Co., Ltd. .. 33,000 510,514
Daikyo, Inc. ...................... 139,000 1,098,351
#Daio Paper Corp. .................. 51,750 632,793
Daisan Bank, Ltd. ................. 108,000 599,277
Daishi Bank, Ltd. ................. 108,000 585,271
Daito Trust Construction Co., Ltd. 37,900 558,231
*Daiwa Danchi Co., Ltd. ............ 89,000 575,470
#Daiwa House Industry Co., Ltd. .... 127,000 1,941,176
Daiwa Securities Co., Ltd. ........ 100,000 1,343,214
Descente, Ltd. .................... 59,000 420,297
Dowa Fire & Marine Insurance Co.,
Ltd. .............................. 194,000 1,069,291
Ehime Bank, Ltd. .................. 115,000 649,838
Eighteenth Bank, Ltd. ............. 134,000 1,216,489
Ezaki Glico Co., Ltd. ............. 99,000 1,008,800
Fuji Denki Reiki Co., Ltd. ........ 37,400 443,465
Fuji Fire & Marine Insurance Co.,
Ltd. .............................. 164,000 888,745
Fuji Oil Co., Ltd. ................ 66,000 525,799
Fuji Photo Film Co., Ltd. ......... 396,000 12,325,706
Fujisawa Pharmaceutical Co., Ltd. . 241,000 2,567,392
Fujita Corp. ...................... 380,000 1,999,444
Fujitsu, Ltd. ..................... 274,000 2,487,448
Fukuda Corp. ...................... 9,000 87,541
Fukui Bank, Ltd. .................. 47,000 279,518
Fukuoka City Bank, Ltd. ........... 157,000 1,217,314
*Fukutoku Bank, Ltd. ............... 27,000 90,542
Fuso Pharmaceutical Industries,
Ltd. .............................. 26,000 177,508
Futaba Corp. ...................... 16,000 782,585
#Futaba Industrial Co., Ltd. ....... 47,000 827,235
*Gakken Co., Ltd. .................. 78,000 550,588
Godo Steel, Ltd. .................. 120,000 822,603
Gun-Ei Chemical Industry Co., Ltd. 82,000 439,815
Gunze, Ltd. ....................... 163,000 1,049,421
*Hanshin Electric Railway Co., Ltd. 141,000 607,365
Hanshin Sogo Bank, Ltd. ........... 94,000 631,311
Haseko Corp. ...................... 330,000 1,476,517
Hazama Corp. ...................... 241,000 1,105,095
Heiwado Co., Ltd. ................. 10,000 190,829
Higo Bank, Ltd. ................... 198,000 1,632,422
Hiroshima Bank, Ltd. .............. 471,000 2,757,499
Hiroshima-Sogo Bank, Ltd. ......... 119,000 771,654
Hitachi Cable, Ltd. ............... 69,000 587,411
Hitachi Koki Co., Ltd. ............ 92,000 911,904
Hitachi Maxell, Ltd. .............. 78,000 1,589,625
Hitachi Plant Engineering &
Construction Co., Ltd. ............ 22,000 171,190
#Hitachi Transport System, Ltd. .... 82,000 865,956
Hitachi, Ltd. ..................... 2,086,000 19,323,761
</TABLE>
7
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
Hokkai Can Co., Ltd., Tokyo ....... 50,000 $ 412,228
Hokkaido Bank, Ltd. ............... 281,000 877,230
Hokkaido Takushoku Bank, Ltd.,
Takugin ........................... 717,000 1,939,453
Hokuetsu Bank ..................... 149,000 808,837
Hokuriku Bank, Ltd. ............... 528,000 3,277,073
Horiba, Ltd. ...................... 6,000 87,263
House Foods Corp. ................. 87,000 1,700,509
Hyakugo Bank, Ltd. ................ 204,000 1,300,157
Hyakujushi Bank, Ltd. ............. 247,000 1,626,836
#Ibiden Co., Ltd. .................. 77,000 676,915
Inax Corp. ........................ 184,000 1,874,942
*Ines Corp. ........................ 16,000 303,844
#Intec, Inc. ....................... 27,000 435,202
*Ishihara Sangyo Kaisha, Ltd. ...... 69,000 255,035
Itochu Fuel Corp. ................. 109,000 952,172
Itoham Foods, Inc. ................ 175,000 1,371,468
#Izumiya Co., Ltd. ................. 82,000 1,519,222
Japan Airport Terminal Co., Ltd. .. 6,000 88,374
#Japan Pulp and Paper Co., Ltd. .... 16,000 99,453
*Japan Steel Works, Ltd. ........... 81,000 267,124
#Japan Synthetic Rubber Co., Ltd. .. 65,000 455,211
Japan Vilene Co., Ltd. ............ 16,000 109,829
Japan Wool Textile Co., Ltd. ...... 42,000 431,867
Joshin Denki Co., Ltd. ............ 41,000 588,698
Juroku Bank, Ltd. ................. 200,000 1,074,572
Kagawa Bank, Ltd. ................. 51,000 510,236
Kagoshima Bank, Ltd. .............. 161,000 1,237,888
Kandenko Co., Ltd. ................ 30,800 388,031
Kaneka Corp. ...................... 214,000 1,387,679
Kanematsu Corp. ................... 46,000 298,286
Kansai Paint Co., Ltd., Osaka ..... 18,000 92,543
Kanto Auto Works, Ltd., Yokosuka .. 10,000 76,887
Kanto Natural Gas Development Co.,
Ltd. ............................... 17,000 140,945
Kasuga Electric Works, Ltd. ....... 31,000 505,419
#Kasumi Co., Ltd. .................. 39,000 361,278
Katokichi Co., Ltd. ............... 42,000 992,126
*Kawasho Corp. ..................... 90,000 450,209
Keiyo Bank, Ltd. .................. 226,000 1,281,260
Keiyo Co., Ltd. ................... 44,000 574,711
Kikkoman Corp. .................... 35,000 280,130
Kinden Corp. ...................... 45,100 714,414
#Kinseki, Ltd. ..................... 9,000 142,566
Kitano Construction Corp. ......... 13,000 89,236
Kitz Corp. ........................ 101,000 500,556
#Kiyo Bank, Ltd. ................... 209,000 1,219,731
Koa Fire & Marine Insurance Co.,
Ltd. .............................. 45,000 285,549
Koito Manufacturing Co., Ltd. ..... 105,000 958,082
Kokusai Denshin Denwa Co., Ltd.,
Tokyo ............................. 11,800 1,104,030
Kokusai Securities Co., Ltd. ...... 71,000 1,072,070
Komatsu Forklift Co., Ltd., Tochigi 66,000 459,768
Komatsu, Ltd. ..................... 726,000 6,927,096
Komori Corp. ...................... 46,000 1,193,145
Konica Corp. ...................... 66,000 475,053
#Koyo Seiko Co., Ltd. .............. 37,000 363,316
Kumagai Gumi Co., Ltd. ............ 524,000 2,208,615
Kurabo Industries, Ltd. ........... 202,000 799,018
Kureha Chemical Industry Co., Ltd. 166,000 1,007,226
Kurimoto, Ltd. .................... 58,000 639,370
Kyudenko Corp. .................... 60,000 872,626
#Lintec Corp. ...................... 33,000 556,369
<PAGE>
Shares Value+
----------- -------------
Long Term Credit Bank of Japan,
Ltd. .............................. 277,000 $ 2,242,686
#Maeda Corp. ....................... 138,000 1,418,990
Makita Corp. ...................... 123,000 1,937,008
Marubeni Corp. .................... 248,000 1,353,145
Marudai Food Co., Ltd. ............ 99,000 687,818
#Maruetsu, Inc. .................... 113,000 1,008,050
Maruichi Steel Tube, Ltd. ......... 73,000 1,325,428
Marusan Securities Co., Ltd. ...... 30,450 307,462
Maruzen Showa Unyu Co., Ltd. ...... 76,000 465,364
Matsushita Electric Industrial Co.,
Ltd. .............................. 1,319,000 22,726,633
#Matsushita Electric Works, Ltd. ... 187,000 1,992,126
Matsushita Refrigeration Co. ...... 49,000 364,039
Matsushita Seiko Co., Ltd. ........ 133,000 985,642
*#Mazda Motor Corp. ................. 810,000 3,864,289
Meija Seika Kaisha, Ltd. Tokyo .... 73,000 461,871
#Michinoku Bank, Ltd. .............. 106,000 893,562
Mitsubishi Chemical Corp. ......... 800 3,957
Mitsubishi Gas Chemical Co., Inc. . 374,000 1,680,315
Mitsui Construction Co., Ltd. ..... 134,000 558,592
Mitsui Fudosan Co., Ltd. .......... 247,000 3,134,692
Mitsui Petrochemical Industries,
Ltd. ............................... 203,000 1,671,765
Mitsui Trust & Banking Co., Ltd. .. 81,000 892,913
Mitsuuroko Co., Ltd. .............. 54,000 430,199
Miyazaki Bank, Ltd. ............... 80,000 563,224
Mizuno Corp. ...................... 102,000 1,001,575
Musashino Bank, Ltd. .............. 19,700 992,756
#NHK Spring Co., Ltd. .............. 84,000 462,214
NOK Corp. ......................... 101,000 809,310
Nagase & Co., Ltd. ................ 113,000 1,120,056
Naigai Co., Ltd. .................. 12,000 64,585
#Nakayama Steel Works, Ltd. ........ 117,000 769,523
Nanto Bank, Ltd. .................. 75,000 524,548
Nichicon Corp. .................... 63,000 922,094
Nichiei Construction Co., Ltd. .... 45,000 521,075
Nichii Co., Ltd. .................. 77,000 1,219,731
Nichimen Corp. .................... 326,000 1,476,739
Nifco, Inc. ....................... 46,000 566,744
#Nihon Cement Co., Ltd. ............ 252,000 1,841,853
#Nihon Kohden Corp. ................ 21,000 210,097
Nihon Nohyaku Co., Ltd. ........... 7,000 58,685
Nippon Beet Sugar Manufacturing
Co., Ltd. ......................... 48,000 261,010
*Nippon Chemi-Con Corp. ............ 93,000 619,426
#Nippon Credit Bank, Ltd. .......... 1,336,000 4,999,944
Nippon Densetsu Kogyo Co., Ltd. ... 50,000 574,340
Nippon Flour Mills Co., Ltd. ...... 21,000 126,447
Nippon Hodo Co., Ltd. ............. 90,000 1,475,683
Nippon Kakayu Co., Ltd. ........... 36,000 260,120
Nippon Meat Packers, Inc., Osaka .. 71,000 1,039,185
Nippon Metal Industry Co., Ltd. ... 31,000 159,379
Nippon Oil Co., Ltd. .............. 947,000 6,272,395
Nippon Paint Co., Ltd., Osaka ..... 199,000 1,059,981
Nippon Road Co., Ltd. ............. 73,000 620,787
Nippon Sanso Corp. ................ 166,000 841,149
Nippon Sheet Glass Co., Ltd. ...... 338,000 1,618,768
Nippon Shinpan Co., Ltd., Tokyo ... 239,000 1,771,190
Nippon Shinyaku Co., Ltd. ......... 52,000 510,607
*Nippon Suisan Kaisha, Ltd. ........ 49,000 213,793
Nippon Synthetic Chemical Industry
Co., Ltd. ......................... 66,000 391,292
*Nippon Yakin Kogyo Co., Ltd. ...... 29,000 139,426
Nishi-Nippon Bank, Ltd. ........... 20,000 160,259
</TABLE>
8
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
Nissan Motor Co., Ltd. ............ 200,000 $1,647,059
Nissan Shatai Co., Ltd. ........... 158,000 974,785
#Nissei Sangyo Co., Ltd. ........... 30,000 514,127
Nisshin Oil Mills, Ltd. ........... 110,000 909,958
Nisshin Steel Co., Ltd. ........... 644,000 2,601,056
Nisshinbo Industries, Inc. ........ 177,000 1,754,423
Nissin Food Products Co., Ltd. .... 24,000 624,734
Nittetsu Mining Co., Ltd. ......... 64,000 652,154
*Nitto Boseki Co., Ltd. ............ 43,000 145,391
#Nitto Denko Corp. ................. 116,000 1,901,992
Noritz Corp. ...................... 55,000 937,471
North Pacific Bank, Ltd. .......... 101,000 547,337
Ogaki Kyoritsu Bank, Ltd. ......... 50,000 331,172
Oita Bank, Ltd. ................... 111,000 966,559
Okamura Corp. ..................... 44,000 373,358
Okumura Corp. ..................... 99,000 872,154
Okura Industrial Co., Ltd. ........ 18,000 128,393
Olympus Optical Co., Ltd. ......... 203,000 2,087,355
#Optec Dai-Ichi Denko Co., Ltd. .... 76,000 387,216
#Parco Co., Ltd. ................... 36,000 416,860
*Pasco Corp. ....................... 16,000 106,716
Pioneer Electronic Corp. .......... 138,000 3,068,087
Q.P. Corp. ........................ 121,000 1,132,098
#Rengo Co., Ltd. ................... 148,000 1,055,674
*Renown, Inc. ...................... 208,000 855,507
#Rhythm Watch Co., Ltd. ............ 89,000 428,717
Royal Co., Ltd. ................... 31,000 600,185
#Ryosan Co., Ltd. .................. 30,000 778,138
Ryoyo Electro Corp. ............... 24,000 546,920
#SXL Corp. ......................... 62,000 631,774
#Sakai Chemical Industry Co., Ltd. . 65,000 430,523
San-In Godo Bank, Ltd. ............ 134,000 1,092,358
Sanden Corp. ...................... 24,000 171,413
Sanki Engineering Co., Ltd. ....... 50,000 676,239
Sankyo Aluminum Industry Co., Ltd. 191,000 1,134,145
Sanyo Electric Co., Ltd. .......... 1,007,000 5,998,157
Sanyo Shokai, Ltd. ................ 77,000 577,767
Sanyo Special Steel Co., Ltd. ..... 142,000 631,403
#Seino Transportation Co., Ltd. .... 117,000 1,972,580
Seiren Co., Ltd. .................. 8,000 54,914
Seiyo Food Systems, Inc. .......... 59,000 639,463
#Sekisui House, Ltd. ............... 539,000 6,341,176
Sekisui Plastics Co., Ltd. ........ 77,000 498,592
Senko Co., Ltd. ................... 87,000 564,150
Senshukai Co., Ltd. ............... 35,000 622,510
*Settsu Corp. ...................... 164,000 590,977
Shiga Bank, Ltd. .................. 179,000 1,125,901
Shimizu Bank, Ltd. ................ 7,300 506,503
Shinmaywa Industries, Ltd. ........ 86,000 786,308
Shinwa Bank, Ltd. ................. 123,000 757,712
Shionogi & Co., Ltd. .............. 270,000 2,348,587
Shiseido Co., Ltd. ................ 308,000 3,823,252
*#Shokusan Jutaku Sogo Co., Ltd. .... 108,000 440,204
Showa Electric Wire & Cable Co.,
Ltd., Kawasaki .................... 47,000 271,246
#Showa Sangyo Co., Ltd. ............ 103,000 552,450
Sintokogio, Ltd., Nagoya .......... 46,000 443,168
Snow Brand Milk Products Co., Ltd. 90,000 616,952
*Sogo Co., Ltd. .................... 22,000 123,298
#Stanley Electric Co., Ltd. ........ 142,000 947,105
Star Micronics Co., Ltd. .......... 42,000 396,850
Sumitomo Corp. .................... 268,000 2,979,157
<PAGE>
Shares Value+
----------- -------------
*Sumitomo Metal Industries, Ltd.,
Osaka ............................. 177,000 $ 546,003
Sumitomo Realty & Development Co.,
Ltd. ............................... 313,000 2,473,265
Sumitomo Warehouse Co., Ltd. ...... 16,000 114,572
Sun Wave Corp. .................... 37,000 527,837
Suruga Bank, Ltd. ................. 201,000 1,387,170
Suzuki Motor Corp. ................ 85,000 1,078,740
*Suzutan Co., Ltd. ................. 2,000 14,358
TDK Corp. ......................... 24,000 1,367,300
*TEC Corp. ......................... 177,000 1,023,140
#TOC Co., Ltd. ..................... 52,000 626,216
Tadano, Ltd. ...................... 22,000 209,912
*Taiheiyo Securities Co., Ltd. ..... 86,000 417,453
Taikisha, Ltd. .................... 28,000 521,352
Taisei Corp. ...................... 185,000 1,396,711
#Taisei Rotec Corp. ................ 66,000 498,286
Taiyo Yuden Co., Ltd. ............. 82,000 919,129
Takiron Co., Ltd. ................. 59,000 400,621
Tamura Corp. ...................... 18,000 112,886
Tanabe Seiyaku Co., Ltd. .......... 186,000 1,385,308
Teijin, Ltd. ...................... 272,000 1,408,504
Tenma Corp. ....................... 25,000 625,289
Toa Steel Co., Ltd. ............... 105,000 599,166
Tochigi Sogo Bank, Ltd. ........... 54,000 555,257
Toda Corp. ........................ 50,000 500,232
Toenec Corp. ...................... 91,000 851,413
Toho Bank, Ltd. ................... 169,000 1,243,038
Tokai Rika Co., Ltd. .............. 54,000 525,243
Tokico, Ltd. ...................... 96,000 488,226
Toko, Inc. ........................ 8,000 54,766
Tokushu Paper Manufacturing Co.,
Ltd. .............................. 29,000 319,685
Tokuyama Corp. .................... 48,000 308,143
Tokyo Broadcasting System, Inc. ... 134,000 2,209,541
*Tokyo Securities Co., Ltd. ........ 100,000 514,127
Tokyo Sowa Bank, Ltd. ............. 199,000 1,308,847
Tokyo Steel Manufacturing Co., Ltd. 117,300 2,434,016
Tokyo Style Co., Ltd. ............. 78,000 1,380,083
*Tokyo Tatemono Co., Ltd. .......... 171,000 1,075,581
*Tokyo Tekko Co., Ltd. ............. 9,000 62,696
Tokyo Tomin Bank, Ltd. ............ 22,300 1,208,476
Tokyu Car Corp. ................... 33,000 197,480
#Tokyu Construction Co., Ltd. ...... 173,000 857,388
Tokyu Department Store Co., Ltd. .. 34,000 241,260
Tokyu Land Corp. .................. 57,000 297,805
#Tokyu Store Chain Corp. ........... 52,000 467,253
*#Tomoku Co., Ltd. .................. 70,000 407,226
#Tonami Transportation Co., Ltd. ... 73,000 503,798
Toshiba Engineering & Construction
Co., Ltd. ......................... 48,000 444,650
Towa Bank, Ltd. ................... 102,000 679,370
Toyo Engineering Corp. ............ 132,000 899,972
*Toyo Information System Co., Ltd. . 22,000 303,659
Toyo Ink Manufacturing Co., Ltd. .. 219,000 1,239,546
#Toyo Kanetsu K.K. ................. 88,000 450,801
Toyo Kohan Co., Ltd. .............. 41,000 299,287
Toyo Seikan Kaisha, Ltd ........... 55,000 1,966,651
#Toyo Suisan Kaisha, Ltd. .......... 47,000 574,711
*#Toyo Tire & Rubber Co., Ltd. ...... 33,000 152,237
Toyo Trust & Banking Co., Ltd. .... 590,000 5,629,458
Toyoda Machine Works, Ltd. ........ 98,000 1,089,393
#Toyota Auto Body Co., Ltd. ........ 86,000 955,998
#Toyota Motor Corp. ................ 734,000 16,794,627
</TABLE>
9
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
Toyota Tsusho Corp. ............... 190,000 $ 1,320,056
#Tsubaki Nakashima Co., Ltd. ....... 34,000 434,646
Tsubakimoto Chain Co. ............. 48,000 305,475
Tsutsunaka Plastic Industry Co.,
Ltd. .............................. 13,000 133,673
Unisia Jecs Corp. ................. 98,000 762,575
*Victor Co. of Japan, Ltd. ......... 195,000 2,781,843
Wacoal Corp. ...................... 118,000 1,650,579
Yakult Honsha Co., Ltd. ........... 135,000 1,888,374
Yamagata Bank, Ltd. ............... 121,000 662,446
Yamaguchi Bank, Ltd. .............. 56,000 954,516
Yamaichi Securities Co., Ltd. ..... 930,000 6,719,778
Yamamura Glass Co., Ltd. .......... 91,000 543,724
Yamatake Honeywell Co., Ltd. ...... 50,000 893,932
#Yamato Kogyo Co., Ltd. ............ 96,000 1,049,375
#Yasuda Trust & Banking Co., Ltd. .. 849,000 5,143,548
#Yodogawa Steel Works, Ltd. ........ 163,000 1,318,194
Yokogawa Bridge Corp. ............. 33,000 455,489
Yokogawa Electric Corp. ........... 169,000 1,722,094
Yokohama Reito Co., Ltd. .......... 33,000 458,546
Yurtec Corp. ...................... 8,000 142,288
-------------
TOTAL COMMON STOCKS
(Cost $412,911,545) ................ 433,257,402
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Japanese Yen (Cost $89,175) ....... 89,327
-------------
TOTAL -- JAPAN
(Cost $413,000,720) ................ 433,346,729
-------------
UNITED KINGDOM -- (18.7%)
COMMON STOCKS -- (18.6%)
ASDA Group P.L.C. ................. 1,140,300 2,085,982
Abbey National P.L.C. ............. 764,600 6,541,084
Anglian Water P.L.C. .............. 161,900 1,504,008
Argyll Group P.L.C. ............... 576,577 3,162,015
Arjo Wiggins Appleton P.L.C. ...... 494,500 1,354,035
Associated British Foods P.L.C. ... 547,200 3,208,305
Associated British Ports Holdings
P.L.C. ............................ 232,400 1,031,831
BAA P.L.C. ........................ 629,320 4,770,434
BICC P.L.C. ....................... 134,750 679,574
Bank of Scotland
(Governor and Company of the) ..... 1,550 6,450
Barclays P.L.C. ................... 963,955 11,199,200
Barratt Developments P.L.C. ....... 93,000 369,749
Bass P.L.C. ....................... 536,700 6,762,589
Beazer Homes P.L.C. ............... 101,257 296,058
Berkeley Group P.L.C. ............. 31,312 285,310
Blenheim Group P.L.C. ............. 26,200 126,053
British Gas P.L.C. ................ 2,675,400 7,843,109
British Land Co. P.L.C. ........... 259,146 1,643,685
British Petroleum Co. P.L.C. ...... 733,904 6,306,866
British Steel P.L.C. .............. 1,239,600 3,269,612
British Telecommunications P.L.C. . 2,308,296 12,694,670
British Vita P.L.C. ............... 126,200 421,700
Brixton Estate P.L.C. ............. 142,200 384,971
Bryant Group P.L.C. ............... 170,080 328,892
Burford Holdings P.L.C. ........... 171,000 349,189
Burton Group P.L.C. ............... 460,700 1,060,146
Calor Group P.L.C. ................ 63,000 256,322
Camas P.L.C. ...................... 37,100 49,359
Capital Shopping Centres P.L.C. ... 224,407 999,814
Chelsfield P.L.C. ................. 96,000 389,101
<PAGE>
Shares Value+
----------- -------------
Christies International P.L.C. .... 61,000 $ 206,664
Coats Viyella P.L.C. .............. 420,250 1,179,980
Commercial Union P.L.C. ........... 414,786 3,888,544
Courtaulds Textiles P.L.C. ........ 59,550 347,307
Delta P.L.C. ...................... 90,000 584,766
English China Clays P.L.C. ........ 184,387 775,871
First Leisure Corp. P.L.C. ........ 16,900 96,995
General Accident P.L.C. ........... 291,900 3,005,194
Grand Metropolitan P.L.C. ......... 811,400 5,460,276
Great Portland Estates P.L.C. ..... 188,175 506,526
Great Universal Stores P.L.C. ..... 578,300 6,079,012
Greenalls Group P.L.C. ............ 106,446 950,157
Guardian Royal Exchange P.L.C. .... 541,921 2,242,591
Hambros P.L.C. .................... 96,854 353,606
Harrisons & Crosfield P.L.C.. ..... 433,000 957,887
Highland Distilleries Co. P.L.C. .. 76,000 439,719
Hillsdown Holdings P.L.C. ......... 426,044 1,179,771
House of Fraser P.L.C. ............ 132,000 359,399
ICI (Imperial Chemical Industries
P.L.C.) ........................... 441,500 5,839,654
Iceland Group P.L.C. .............. 153,000 369,238
Kwik Save Group P.L.C. ............ 94,551 659,679
Ladbroke Group P.L.C. ............. 710,321 2,082,352
Laird Group P.L.C. ................ 62,400 449,843
Lasmo P.L.C. ...................... 589,035 1,658,452
Lex Service P.L.C. ................ 69,483 392,339
London Electricity P.L.C. ......... 100,088 1,121,014
Lonrho P.L.C. ..................... 474,138 1,371,629
Lucas Industries P.L.C. ........... 1,214 4,601
Marley P.L.C. ..................... 204,528 427,147
Meyer International P.L.C. ........ 76,267 501,436
Midlands Electricity P.L.C. ....... 42,473 279,906
Mirror Group P.L.C. ............... 255,000 863,922
National Grid Group P.L.C. ........ 36,720 103,387
National Westminster Bank P.L.C. .. 1,079,733 10,414,613
North West Water Group P.L.C. ..... 318,517 2,872,708
Northern Electric P.L.C. .......... 60,000 528,146
Peel Holdings P.L.C. .............. 32,500 211,166
Persimmon P.L.C. .................. 162,000 576,412
Pilkington P.L.C. ................. 316,774 931,094
Powell Duffryn P.L.C. ............. 47,037 299,069
Powergen P.L.C. ................... 178,516 1,419,484
Racal Electronics P.L.C. .......... 162,800 795,851
Redland P.L.C. .................... 316,000 1,965,185
Rolls-Royce P.L.C. ................ 305,473 1,063,275
Royal Insurance Holdings P.L.C. ... 397,108 2,601,671
Rugby Group P.L.C. ................ 350,000 649,740
Sainsbury (J.) P.L.C. ............. 427,000 2,619,156
Scottish & Newcastle P.L.C. ....... 47,600 496,315
Scottish Hydro-Electric P.L.C. .... 231,000 1,125,675
Scottish Power P.L.C. ............. 101,169 497,697
Sears P.L.C. ...................... 916,800 1,340,284
Severn Trent P.L.C. ............... 223,206 2,085,610
Shell Transport & Trading Co.
P.L.C. ............................ 1,919,015 27,252,815
Slough Estates P.L.C. ............. 227,000 765,548
South West Water P.L.C. ........... 75,131 781,050
Southern Water P.L.C. ............. 101,501 1,538,031
Stakis P.L.C. ..................... 284,033 487,733
Sun Alliance Group P.L.C. ......... 488,465 3,003,730
T & N P.L.C. ...................... 305,397 741,745
Tarmac P.L.C. ..................... 563,470 1,037,309
Taylor Woodrow P.L.C. ............. 232,286 571,361
Telegraph P.L.C. .................. 68,800 594,964
Tesco P.L.C. ...................... 1,312,045 6,119,647
</TABLE>
10
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
Thames Water P.L.C. ............... 243,059 $ 2,225,993
*Tiphook P.L.C. .................... 5,500 1,106
Transport Development Group P.L.C. 49,200 149,561
*Trocadero P.L.C. .................. 67,000 70,481
Unigate P.L.C. .................... 89,300 556,733
Unilever P.L.C. ................... 496,300 9,213,313
United Biscuits Holdings P.L.C. ... 316,782 1,078,136
Vaux Group P.L.C. ................. 82,524 363,844
*Waste Management International
P.L.C. ............................ 24,000 141,458
Welsh Water P.L.C. ................ 84,166 977,838
Wessex Water P.L.C. ............... 130,246 721,336
Whitbread P.L.C. .................. 290,600 3,286,270
Wilson (Connolly) Holdings P.L.C. . 113,000 316,408
Wilson Bowden P.L.C. .............. 57,000 388,869
Wimpey (George) P.L.C. ............ 198,350 432,655
Wolverhampton & Dudley Breweries
P.L.C. ............................ 38,700 381,365
Yorkshire Water P.L.C. ............ 124,324 1,404,003
-------------
TOTAL COMMON STOCKS
(Cost $201,481,429) ................ 221,215,430
-------------
INVESTMENT IN CURRENCY -- (0.1%)
*British Pound Sterling
(Cost $1,341,870) .................. 1,382,344
-------------
PREFERRED STOCK -- (0.0%)
Hyder P.L.C. ...................... 76,860 121,875
*Wessex Water P.L.C. Cumulative
Redeemable ......................... 149,096 118,209
-------------
TOTAL PREFERRED STOCK
(Cost $111,389) .................... 240,084
-------------
RIGHTS/WARRANTS -- (0.0%)
*Chelsfield P.L.C. Rights 06/13/96
(Cost $0) .......................... 28,800 17,822
-------------
TOTAL -- UNITED KINGDOM
(Cost $202,934,688) ................ 222,855,680
-------------
FRANCE -- (7.9%)
COMMON STOCKS -- (7.3%)
Accor SA .......................... 5,446 785,531
Alcatel Alsthom Cie Generale
d'Electricite SA .................. 81,412 7,424,018
Au Bon Marche SA .................. 3,670 930,823
#Axa SA ............................ 51,518 2,923,509
*Axa SA Em 96 ...................... 1,058 58,707
Bongrain SA ....................... 586 289,880
Bouygues .......................... 12,400 1,349,235
CPR (Cie Parisienne de Reescompte) 8,200 673,146
*Cap Gemini Sogeti SA .............. 26,625 935,612
Cardif SA ......................... 929 149,287
*Centrale du Groupe des
Assurances Nationales SA .......... 30,900 879,439
Chargeurs SA ...................... 2,310 659,681
Christian Dior SA ................. 21,100 2,982,188
Ciments Vicat ..................... 800 69,545
Credit Commercial de France ....... 13,133 633,130
Credit Foncier de France .......... 17,100 103,626
Credit National ................... 7,912 548,402
Dassault Aviation SA .............. 4,200 555,392
<PAGE>
Shares Value+
----------- -------------
ECIA (Equipements et Composants
pour l'Industrie Automobile) ...... 2,300 $ 340,658
Elf Aquitaine SA .................. 146,484 10,612,645
Eridania Beghin-Say SA ............ 15,600 2,446,467
Esso SA ........................... 576 70,815
*Financiere de Paribas SA Series A . 67,372 4,119,279
*GTM Entrepose ..................... 3,200 189,274
Groupe Andre SA ................... 2,228 209,212
Groupe Danone ..................... 11,800 1,727,164
LaFarge Coppee SA ................. 49,900 3,288,666
Labinal SA ........................ 2,100 303,311
Pechiney International SA ......... 26,150 524,013
Peugeot SA ........................ 27,050 3,770,765
Poliet SA ......................... 14,222 1,536,472
Rallye SA ......................... 1,000 41,626
Rhone-Poulenc SA Series A ......... 139,407 3,476,403
Rue Imperiale de Lyon ............. 310 263,785
Saint Louis (SLB) ................. 4,300 1,165,537
Saint-Gobain ...................... 45,158 5,796,661
Schneider SA ...................... 25,760 1,192,990
*Societe Centrale d'Investissements 100 22,072
Societe Centrale des Assurances
Generales de France SA ............ 73,600 1,967,891
#Societe Generale Paris ............ 47,290 5,035,721
Sommer-Allibert SA ................ 1,100 297,096
Sophia SA ......................... 7,700 341,394
Suez SA ........................... 86,204 3,329,661
Thomson CSF ....................... 63,056 1,649,345
Total SA Series B ................. 108,544 7,853,416
UAP SA ............................ 168,088 3,325,962
-------------
TOTAL COMMON STOCKS
(Cost $85,668,501) ................. 86,849,452
-------------
INVESTMENT IN CURRENCY -- (0.6%)
*French Francs (Cost $6,671,020) ... 6,657,011
-------------
RIGHTS/WARRANTS -- (0.0%)
*Bongrain SA Rights 07/15/96 ....... 500 24,685
*Credit Commercial de France
06/18/96 .......................... 13,333 0
*Societe Generale Paris 06/12/96 ... 44,990 0
*Sophia SA Warrants 03/31/99 ....... 400 364
-------------
TOTAL RIGHTS/WARRANTS
(Cost $0) .......................... 25,049
-------------
TOTAL -- FRANCE
(Cost $92,339,521) ................. 93,531,512
-------------
GERMANY -- (7.4%)
COMMON STOCKS -- (7.4%)
AGIV AG fuer Industrie &
Verkehrswesen ..................... 28,500 567,945
Ava Allgemeine Handelsgesellschaft
der Verbraucher AG, Bielefeld ..... 2,300 618,158
#BASF AG ........................... 45,000 12,507,375
#BHF Bank .......................... 62,000 1,558,637
#BMW (Bayerische Motorenwerke AG),
Muenchen ........................... 3,836 2,112,252
Badenwerk AG ...................... 3,352 1,149,194
Bankgesellschaft Berlin AG ........ 13,650 2,952,802
#Bayer AG .......................... 17,450 5,833,825
#Bayerische Hypotheken und
Wechselbank AG .................... 194,300 4,894,755
</TABLE>
11
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CONTINUED
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
#Bayerische Vereinsbank AG ......... 178,350 $ 5,027,237
Berliner Kraft & Licht Bewag AG
Series A .......................... 5,650 1,533,333
Bilfinger & Berger Bau AG,
Mannheim .......................... 2,700 1,123,894
#Commerzbank AG .................... 26,275 5,477,188
#Continental AG .................... 61,000 1,051,655
DBV Holding AG .................... 1,900 539,299
*Daimler-Benz AG ................... 9,030 4,936,755
*Deutsche Babcock AG,
Oberhausen ........................ 2,500 154,212
#Deutsche Bank AG .................. 31,600 1,484,195
Deutsche Hypothekenbank
Frankfurt AG ...................... 300 157,915
Deutsche Pfandbrief und
Hypothekenbank AG ................. 27,200 1,089,426
#Dresdner Bank AG, Frankfurt ....... 336,500 8,437,316
Dyckerhoff AG ..................... 450 146,018
GEA AG ............................ 1,400 474,467
Heidelberger Zement AG,
Heidelberg ........................ 900 592,920
Hochtief AG ....................... 4,350 1,924,779
Holzmann (Philipp) AG ............. 3,100 977,450
Karstadt AG ....................... 1,750 689,446
Koelnische Rueckversicherungs-
Gesellschaft AG ................... 100 69,158
#Man AG, Muenchen .................. 8,300 2,143,691
*Metallgesellschaft AG, Frankfurt .. 17,640 331,755
#Preussag AG ....................... 3,050 778,745
*Ruetgerswerke AG .................. 467 68,267
Schmalbach-Lubeca AG .............. 2,670 493,569
Siemens AG ........................ 63,500 3,562,327
Spar Handels AG ................... 1,300 541,986
Thuega AG ......................... 557 169,053
Thyssen Industrie AG, Essen ....... 6,700 579,744
*Veba AG ........................... 50,000 2,617,175
Vereins & Westbank AG ............. 3,776 849,025
#Volkswagen AG ..................... 20,400 7,199,843
WCM Beteiligungs und Grundbesitz
AG ................................ 45,300 385,740
*Wella AG .......................... 200 107,112
-------------
TOTAL COMMON STOCKS
(Cost $81,854,102) ................. 87,909,638
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*German Marks (Cost $575,935) ...... 578,847
-------------
TOTAL -- GERMANY
(Cost $82,430,037) ................. 88,488,485
-------------
SWITZERLAND -- (6.3%)
COMMON STOCKS -- (6.3%)
Ascom Holding AG, Bern ............ 600 652,278
Baer Holding AG, Zuerich .......... 1,526 1,622,366
Baloise Holding, Basel ............ 2,784 6,030,887
Banque Cantonale Vaudois .......... 5,795 1,662,994
Bobst SA, Prilly .................. 1,912 2,751,079
#CS Holding, Zuerich (Namen) ....... 146,628 12,658,532
*Danzas Holding AG, Basel .......... 1,452 1,590,120
EGL (Elektrizitaets-Gesellschaft
Laufenberg) AG, Laufenberg ........ 3,173 641,702
Forbo Holding AG, Eglisau ......... 6,081 2,576,283
Georg Fischer AG, Schaffhausen .... 617 138,098
<PAGE>
Shares Value+
----------- -------------
*Oerlikon-Buehrle Holding AG,
Zuerich ........................... 35,681 $ 3,707,858
Pargesa Holding SA, Geneve ........ 1,935 2,296,943
Rieter Holding AG, Winterthur ..... 6,597 1,845,324
SBG (Schweizerische
Bankgesellschaft) ................. 478 447,815
SBV (Schweizerischer Bankverein)
(Namen) ........................... 82,332 14,643,381
SIG (Schweizerische Industrie
Gesellschaft Holding AG),
Neuhausen am Rheinfall ............ 840 1,960,671
*Saurer AG, Arbon .................. 6,027 2,384,784
Schindler Holding AG, Hergiswil ... 1,179 1,258,165
Schindler Holding AG, Hergiswil
(Participating) ................... 95 101,379
Schweizerische Bankgesellschaft
SBG ............................... 675 136,511
Schweizerische National
Versicherungs Gesellschaft, Basel .. 886 1,912,230
Sig Schweizerische Industrie
Gesellschaft Holding AG ........... 1,233 1,399,568
*Societe International Pirelli SA,
Basel ............................. 4,100 553,877
Sulzer AG, Winterthur ............. 9,924 6,306,619
Sulzer AG, Winterthur
(Participating) ................... 175 103,237
*Swissair Schweizerische
Luftverkehr AG, Zuerich ........... 5,838 5,763,333
*Von Roll AG, Gerlafingen .......... 15,045 333,732
-------------
TOTAL COMMON STOCKS
(Cost $74,349,480) ................. 75,479,766
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swiss Francs (Cost $139,505) ...... 141,106
-------------
RIGHTS/WARRANTS -- (0.0%)
*Rieter Holding AG, Winterthur
Warrants 02/28/97 ................. 6,552 10,737
*Schindler Holding AG, Hergiswil
Warrants 12/16/96 ................. 1,224 2,152
-------------
TOTAL RIGHTS/WARRANTS
(Cost $14,034) ..................... 12,889
-------------
TOTAL -- SWITZERLAND
(Cost $74,503,019) ................. 75,633,761
-------------
NETHERLANDS -- (4.9%)
COMMON STOCKS -- (4.9%)
ABN Amro Holding NV ............... 259,855 14,320,682
Akzo Nobel NV ..................... 2,900 350,687
Bijenkorf Beheer KBB NV,
Amsterdam ......................... 10,285 806,289
DSM NV ............................ 30,500 3,129,761
Fortis Amev NV .................... 54,608 4,252,223
Gist-Brocades NV .................. 11,712 364,522
Heineken Holding NV Series A ...... 800 162,640
Hollandsche Beton Groep NV ........ 2,572 479,701
Internationale Nederlanden Groep
NV ................................ 235,106 19,338,854
KLM Royal Dutch Airlines NV ....... 73,000 2,605,160
#Koninklijke Hoogovens NV .......... 27,500 1,036,097
Koninklijke KNP BT ................ 86,000 2,143,334
Nationale Investeringsbank NV
Series A .......................... 8,074 628,235
</TABLE>
12
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
Nedlloyd Groep NV, Rotterdam ...... 17,100 $ 384,157
Oce Van der Grinten NV, Venlo ..... 3,918 382,792
Pakhoed NV ........................ 26,728 675,510
Philips Electronics NV ............ 149,900 5,314,421
Royal Dutch Petroleum Co., Den
Haag .............................. 400 60,633
Stad Rotterdam .................... 39,030 1,365,468
Stork NV .......................... 25,575 689,760
-------------
TOTAL COMMON STOCKS
(Cost $43,908,042) ................. 58,490,926
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Netherlands Guilder (Cost $12,445) 12,555
-------------
RIGHTS/WARRANTS -- (0.0%)
*Fortis Amev NV Rights 06/05/96
(Cost $0) .......................... 8 12
-------------
TOTAL -- NETHERLANDS
(Cost $43,920,487) ................. 58,503,493
-------------
HONG KONG -- (3.9%)
COMMON STOCKS -- (3.9%)
Allied Properties (Hong Kong), Ltd. 1,778,000 248,221
#Amoy Properties, Ltd. ............. 2,338,000 2,901,344
CDL Hotels International, Ltd. .... 1,189,710 676,671
Century City International
Holdings, Ltd. .................... 1,482,646 354,563
Chinese Estates Holdings, Ltd. .... 1,476,000 1,316,494
Consolidated Electric Power Asia,
Ltd. .............................. 420,800 723,454
Great Eagle Holdings, Ltd. ........ 447,680 1,371,512
HKR International, Ltd. ........... 890,400 1,018,620
Hang Lung Development Co., Ltd. ... 1,263,000 2,457,103
#Hong Kong & Shanghai Hotels, Ltd. 971,500 1,714,190
Hopewell Holdings, Ltd. ........... 4,103,000 2,466,255
#Hysan Development Co., Ltd. ....... 946,000 3,051,021
Lai Sun Development Co., Ltd. ..... 3,874,000 666,032
Lai Sun Garment (International),
Ltd. .............................. 71,000 81,224
Miramar Hotel & Investment Co.,
Ltd. .............................. 513,000 1,120,696
New World Development Co., Ltd. ... 1,240,739 5,886,133
*Orient Telecom & Technology
Holdings, Ltd. .................... 1,178,000 548,190
Paliburg Holdings, Ltd. ........... 1,768,500 1,108,742
Realty Development Corp., Ltd.
Series A .......................... 188,000 624,560
#Regal Hotels International
Holdings, Ltd. .................... 3,771,816 975,133
Semi-Tech (Global) Co., Ltd. ...... 331,346 498,989
Sino Hotels (Holdings), Ltd. ...... 494,230 153,329
#Sino Land Co., Ltd. ............... 2,473,200 2,509,646
Stelux Holdings International, Ltd. 451,552 99,229
*Tai Cheung Holdings, Ltd. ......... 547,000 484,352
#Tsim Sha Tsui Properties, Ltd. .... 1,154,000 1,387,306
Wharf Holdings, Ltd. .............. 2,032,000 7,840,641
Wheelock and Co., Ltd. ............ 1,888,000 3,819,442
-------------
TOTAL COMMON STOCKS
(Cost $42,029,145) ................. 46,103,092
-------------
<PAGE>
Shares Value+
----------- -------------
INVESTMENT IN CURRENCY -- (0.0%)
*Hong Kong Dollars (Cost $12,992) .. $12,989
-------------
RIGHTS/WARRANTS -- (0.0%)
*HKR International, Ltd. Warrants
06/23/00 .......................... 143,840 46,484
*Hysan Development Co., Ltd.
Warrants 04/30/98 ................. 42,600 25,881
*Paliburg Holdings, Ltd. Warrants
12/31/98 .......................... 88,254 6,731
-------------
TOTAL RIGHTS/WARRANTS
(Cost $0) .......................... 79,096
-------------
Face
Amount@
---------
(000)
BONDS -- (0.0%)
HKR International, Ltd.
6.00% 06/26/00 (Cost
$219,959) .......................... 19 204,994
-----------
TOTAL -- HONG KONG
(Cost $42,262,096) ................. 46,400,171
-----------
Shares
---------
AUSTRALIA -- (3.0%)
COMMON STOCKS -- (3.0%)
*Ampolex, Ltd. .................... 37,857 140,245
Australia and New Zealand Banking
Group, Ltd. ...................... 504,800 2,321,475
Australian National Industries,
Ltd. .............................. 381,934 332,382
#Boral, Ltd. ...................... 556,633 1,462,134
Burns, Philp & Co., Ltd. ......... 249,443 483,949
#CSR, Ltd. ........................ 474,669 1,731,926
Caltex Australia, Ltd. ........... 121,480 476,221
Coles Myer, Ltd. ................. 225,281 823,782
#Commonwealth Bank of Australia ... 301,082 2,451,925
*#Email, Ltd. ...................... 139,438 391,874
Fosters Brewing Group, Ltd. ...... 596,284 1,085,451
Gio Australia Holdings, Ltd. ..... 281,987 693,429
Goodman Fielder, Ltd. ............ 602,380 625,225
Hardie (James) Industries, Ltd. .. 259,580 532,631
MIM Holdings, Ltd. ............... 786,933 1,118,356
#National Australia Bank, Ltd ..... 706,160 6,624,655
News Corp., Ltd. ................. 943,022 5,292,970
#Pacific Dunlop, Ltd. ............. 491,502 1,063,449
*#Pacific Magazines and Printing,
Ltd. ............................. 104,970 263,158
Pasminco, Ltd. ................... 75,500 104,886
Pioneer International, Ltd. ...... 190,000 582,515
Publishing and Broadcasting, Ltd. 160,987 694,076
Santos, Ltd. ..................... 261,045 921,213
Southcorp Holdings, Ltd. ......... 173,760 446,712
St. George Bank, Ltd. ............ 62,098 406,550
#Stockland Trust Group Units ...... 141,647 322,311
*TNT, Ltd. ........................ 258,188 311,269
Weston (George) Foods, Ltd. ...... 24,571 143,208
#Westpac Banking Corp. ............ 922,774 4,309,962
-----------
TOTAL COMMON STOCKS
(Cost $32,571,866) ................ 36,157,939
-----------
</TABLE>
13
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
INVESTMENT IN CURRENCY -- (0.0%)
*Australian Dollar
(Cost $21,084) ..................... $ 21,014
-------------
TOTAL -- AUSTRALIA
(Cost $32,592,950) ................. 36,178,953
-------------
ITALY -- (2.7%)
COMMON STOCKS -- (2.7%)
#Banca Commerciale Italiana SpA .... 1,632,000 3,446,329
Banca Toscana ..................... 302,500 566,516
#Banca di Roma ..................... 3,063,500 3,017,008
Banco Ambrosiano Veneto SpA ....... 349,000 978,147
*Banco di Napoli ................... 335,000 166,581
*CIR SpA (Cie Industriale Riunite),
Torino ............................ 885,000 581,237
*#Cartiere Burgo SpA ................ 129,000 797,242
#Credito Italiano .................. 2,030,000 2,517,016
*FERFIN (Ferruzzi Finanziaria SpA) . 27,740 14,260
#Fiat SpA .......................... 1,102,000 3,878,528
*Finmeccanica SpA .................. 200,000 109,784
*Gemina SpA, Milano ................ 1,094,000 493,130
#Ifil Finanziaria Partecipazioni
SpA, Torino ....................... 303,000 1,007,717
#Istituto Bancario San Paolo Torino
SpA ............................... 409,500 2,496,403
Istituto Mobiliare Italiano IMI SpA 222,500 1,814,054
#Italcementi Fabbriche Riunite
Cemento SpA, Bergamo .............. 157,000 1,293,717
Italmobiliare SpA, Milano ......... 14,330 255,876
*La Fondiara Assicurazioni SpA ..... 54,800 275,681
*Magneti Marelli SpA ............... 360,000 519,600
*Milano Assicurazioni SpA .......... 49,520 166,612
*Olivetti (Ing C & C) SpA, Ivrea ... 1,617,000 1,009,777
*Pirelli SpA ....................... 447,000 736,099
#Telecom Italia SpA ................ 2,290,000 4,569,648
#Toro Assicurazioni Cia Anonima
d'Assicurazione di Torino SpA ..... 48,000 626,154
Unipol SpA ........................ 37,870 257,765
-------------
TOTAL -- ITALY
(Cost $30,488,731) ................. 31,594,881
-------------
SWEDEN -- (2.5%)
COMMON STOCKS -- (2.5%)
*#Celsius Industrier AB Series B .... 24,200 744,118
Electrolux AB Series B ............ 8,900 453,461
Foereningsbanken AB Series A ...... 161,600 499,299
*Gullspangs Kraft AB Series B ...... 10,700 178,015
Industrie AB Euroc, Malmoe
Series A .......................... 7,700 221,895
*Kinnevik Industrifoervaltnings AB
Series A .......................... 3,200 87,463
Kinnevik Industrifoervaltnings AB
Series B .......................... 11,500 319,444
Marieberg Tidnings AB Series A .... 21,900 527,005
Mo Och Domsjoe AB Series A ........ 2,000 62,388
Mo Och Domsjoe AB Series B ........ 59,400 1,522,059
*NCC AB Series A ................... 45,400 472,074
*NCC AB Series B ................... 69,900 711,252
*Naeckebro AB Units ................ 216,300 300,417
*Netcom Systems AB Series A ........ 6,500 74,346
SSAB Swedish Steel Series A ....... 90,200 1,152,288
SSAB Swedish Steel Series B ....... 33,300 425,401
<PAGE>
Shares Value+
----------- -------------
Skandinaviska Enskilda Banken
Series A .......................... 484,000 $ 3,810,458
Skandinaviska Enskilda Banken
Series C .......................... 23,700 167,224
Stora Kopparbergs Bergslags AB
Series A .......................... 252,800 3,360,903
Stora Kopparbergs Bergslags AB
Series B .......................... 57,600 757,219
*Svenka Cellulosa AB Series B ...... 142,100 2,786,275
*#Svenska Cellulosa AB Series A ..... 57,000 1,113,414
Svenska Handelsbanken Series A .... 200,300 4,120,848
*Svenska Handelsbanken Series B .... 16,000 312,537
Svenska Kullagerfabriken AB
Series B .......................... 14,600 318,806
Svenska Kullagerfabriken AB
Series B .......................... 5,500 123,775
*Swedish Match AB (Frueher
Svenska Taendsticks AB) ........... 135,400 450,529
*Sydkraft AB Series C .............. 8,800 167,320
Trelleborg AB Series B ............ 89,100 1,138,235
Trelleborg AB Series C ............ 5,000 66,845
Volvo AB Series A ................. 51,600 1,096,078
Volvo AB Series B ................. 83,800 1,773,841
-------------
TOTAL COMMON STOCKS
(Cost $24,974,950) ................. 29,315,232
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swedish Krona (Cost $18,534) ...... 18,862
-------------
TOTAL -- SWEDEN
(Cost $24,993,484) ................. 29,334,094
-------------
SPAIN -- (2.1%)
COMMON STOCKS -- (2.1%)
Autopistas del Mare Nostrum SA .... 43,300 518,995
Banco Central Hispanoamericano SA 106,400 2,133,778
*Banco Pastor SA ................... 5,700 318,386
Dragados y Construcciones SA ...... 37,289 499,019
Ebro Agricolas Compania de
Alimentacion SA ................... 29,500 328,414
Fabricacion de Automoviles Renault
de Espana SA ...................... 9,146 191,577
Fuerzas Electricas de Cataluna SA
Series A .......................... 132,600 946,408
GESA (Gas y Electricidad SA) ...... 7,100 385,570
Iberdrola SA ...................... 588,200 5,909,379
Metrovacesa (Inmobiliaria
Metropolitana Vasco Central) ...... 11,000 355,857
Sevillana de Electricidad ......... 182,600 1,565,345
Telefonica de Espana SA ........... 577,700 10,352,886
Union Electrica Fenosa SA ......... 189,100 1,145,750
*Uralita SA ........................ 24,500 215,729
Vallehermoso SA ................... 27,900 490,252
-------------
TOTAL COMMON STOCKS
(Cost $20,521,866) ................. 25,357,345
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Spanish Peseta (Cost $9,551) ...... 9,477
-------------
TOTAL -- SPAIN
(Cost $20,531,417) ................. 25,366,822
-------------
</TABLE>
14
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Shares Value+
----------- -------------
<S> <C> <C>
BELGIUM -- (1.3%)
COMMON STOCKS -- (1.3%)
#Banque Bruxelles Lambert .......... 15,400 $ 2,840,244
Banque Bruxelles Lambert
(Precompte Reduit) ................ 128 22,997
CMB (Cie Martime Belge) ........... 6,000 490,333
Cofinimmo SA ...................... 1,550 182,611
Electrafina SA .................... 8,000 747,901
#Generale de Banque SA ............. 6,100 2,114,284
Gevaert Photo-Producten NV ........ 2,700 182,015
Glaverbel SA ...................... 922 106,132
*Glaverbel SA VVPR ................. 22 3
Groupe Bruxelles Lambert SA,
Bruxelles ......................... 6,300 831,373
Nationale a Portefeuille .......... 4,700 276,488
Petrofina SA, Bruxelles ........... 5,400 1,602,073
Powerfin SA ....................... 8,350 1,160,312
#Societe Generale de Belgique SA ... 19,080 1,401,514
Sofina SA ......................... 500 254,388
Solvay SA ......................... 3,400 2,032,562
*Union Miniere SA .................. 14,900 1,103,950
-------------
TOTAL COMMON STOCKS
(Cost $13,987,839) ................. 15,349,180
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Belgian Francs (Cost $472,691) .... 474,360
-------------
TOTAL -- BELGIUM
(Cost $14,460,530) ................. 15,823,540
-------------
SINGAPORE -- (1.3%)
COMMON STOCKS -- (1.3%)
*Creative Technology, Ltd. ......... 104,500 722,606
*Far East Levingston Shipbuilding,
Ltd. .............................. 30,000 180,851
Hotel Properties, Ltd. ............ 716,000 1,264,425
Industrial & Commercial Bank, Ltd. 13,000 51,170
Marco Polo Developments, Ltd. ..... 265,000 499,929
Natsteel, Ltd. .................... 397,000 746,135
*Neptune Orient Lines, Ltd. ........ 885,000 903,830
Shangri-La Hotel, Ltd. ............ 177,000 607,574
Singapore Airlines, Ltd. (Foreign) 40,000 411,348
Singapore Land, Ltd. .............. 421,000 2,836,525
Straits Steamship Land, Ltd. ...... 735,000 2,366,596
Straits Trading Co., Ltd. ......... 364,000 903,546
*Tuan Sing Holdings, Ltd. .......... 1,179,000 489,160
United Industrial Corp., Ltd. ..... 1,657,000 1,774,518
*United Overseas Land, Ltd. ........ 621,000 1,109,872
Wing Tai Holdings, Ltd. ........... 96,000 208,340
-------------
<PAGE>
Shares Value+
----------- -------------
TOTAL COMMON STOCKS
(Cost $14,283,317) ................. $15,076,425
-------------
RIGHTS/WARRANTS -- (0.0%)
*United Overseas Land, Ltd. Rights
06/11/96 (Cost $0) ................ 62,100 0
-------------
TOTAL -- SINGAPORE
(Cost $14,283,317) ................. 15,076,425
-------------
Face
Amount
---------
(000)
<S> <C> <C>
TEMPORARY CASH INVESTMENTS -- (1.3%)
Repurchase Agreement, PNC
Securities Corp. 5.05%, 06/03/96
(Collateralized by U.S. Treasury
Notes 6.50%, 09/30/96)
(Cost $15,003,000) ................. $15,003 15,003,000
--------------
TOTAL INVESTMENTS -- (99.6%)
(Cost $1,103,743,997) .............. 1,187,137,546
---------------
OTHER ASSETS AND LIABILITIES -- (0.4%)
Other Assets ...................... 15,048,066
Payable for Investment
Securities Purchased ............... (9,225,186)
Other Liabilities ................. (553,640)
--------------
5,269,240
--------------
NET ASSETS -- (100.0%) Applicable
to 102,655,096 Outstanding $.01
Par Value Shares (Unlimited
Number of Shares Authorized) ....... $1,192,406,786
==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE ......... $ 11.62
==============
</TABLE>
- ------
+See Note B to Financial Statements.
*Non-Income Producing Securities
#Securities on Loan
@denominated in Local Currency
See accompanying Notes to Financial Statements
15
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 1996
(UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Dividends (Net of Foreign Taxes Withheld of $1,424) ................. $12,584
Interest ............................................................ 1,005
Income from Securities Lending ...................................... 342
-------
Total Investment Income ........................................ 13,931
-------
Expenses
Investment Advisory Services ........................................ 872
Accounting & Transfer Agent Fees .................................... 321
Custodian's Fee ..................................................... 510
Legal Fees .......................................................... 12
Audit Fees .......................................................... 20
Shareholders' Reports ............................................... 9
Trustees' Fees and Expenses ......................................... 5
Other ............................................................... 22
-------
Total Expenses ................................................. 1,771
-------
Net Investment Income .................................................... 12,160
-------
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
Net Realized Gain on Investment Securities ............................... 14,104
Net Realzed Loss on Foreign Currency Transactions ........................ (206)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency ............................. 62,126
Translation of Foreign Currency Denominated Amounts .................... (27)
-------
Net Gain on Investment Securities and Foreign Currency ................... 75,997
-------
Net Increase in Net Assets Resulting from Operations ..................... $88,157
=======
</TABLE>
See accompanying Notes to Financial Statements
16
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
May 31, Nov. 30,
1996 1995
------------ ----------
(Unaudited)
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ......................... $ 12,160 $ 10,034
Net Realized Gain on Investment Securities .... 14,104 5,849
Net Realized Loss on Foreign Currency Transactions (206) (10)
Change in Unrealized Appreciation (Depreciation)
of:
Investment Securities and Foreign Currency .. 62,126 17,388
Translation of Foreign Currency Denominated
Amounts .................................. (27) (27)
---------- --------
Net Increase in Net Assets Resulting from
Operations ............................. 88,157 33,234
---------- --------
Distributions From:
Net Investment Income ......................... (1,861) (9,950)
Net Realized Gains ............................ (4,744) (1,200)
---------- --------
Total Distributions ...................... (6,605) (11,150)
---------- --------
Capital Share Transactions (1):
Shares Issued ................................. 507,179 315,270
Shares Issued in Lieu of Cash Distributions ... 6,605 11,150
Shares Redeemed ............................... (12,315) (87,499)
---------- --------
Net Increase From Capital Share Transactions 501,469 238,921
---------- --------
Total Increase ........................... 583,021 261,005
Net Assets
Beginning of Period ........................... 609,386 348,381
---------- --------
End of Period ................................. $1,192,407 $609,386
========== ========
(1) Shares Issued and Redeemed:
Shares Issued ................................. 45,367 30,947
Shares Issued in Lieu of Cash Distributions ... 600 1,069
Shares Redeemed ............................... (1,089) (8,862)
---------- --------
44,878 23,154
========== ========
</TABLE>
See accompanying Notes to Financial Statements
17
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Six Months Year Feb. 15
Ended Ended to
May 31, Nov. 30, Nov. 30,
1996 1995 1994
------------ ---------- -----------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning of Period .... $ 10.55 $ 10.06 $ 10.00
---------- -------- --------
Income from Investment Operations
Net Investment Income .............. 0.38 0.02 0.13
Net Gains (Losses) on Securities
(Realized and Unrealized) ........ 1.05 0.52 0.07
---------- -------- --------
Total from Investment Operations ........ 1.43 0.72 0.20
---------- -------- --------
Less Distributions
Net Investment Income .............. (0.28) (0.21) (0.13)
Net Realized Gains ................. (0.08) (0.02) (0.01)
---------- -------- --------
Total Distributions ..................... (0.36) (0.23) (0.14)
---------- -------- --------
Net Asset Value, End of Period .......... $ 11.62 $ 10.55 $ 10.06
========== ======== ========
Total Return ............................ 11.22%# 7.20% 1.99%#
Net Assets, End of Period (thousands) ... $1,192,407 $609,386 $348,381
Ratio of Expenses to Average Net Assets . 0.41%* 0.42% 0.45%*(a)
Ratio of Net Investment Income to Average
Net Assets ............................ 2.78%* 2.14% 1.84%*(a)
Portfolio Turnover Rate ................. 16.44%* 9.75% 1.90%*
Average Commission Rate ................. $ 0.0112 N/A N/A
</TABLE>
- ------
*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 .48%,
and the ratio of net investment income to average net assets for the
period ended November 30, 1994 would have been 1.81%.
(1) Computed by dividing the total amount of brokerage commissions paid by
the total shares of investment securities purchased and sold during the
period for which commissions were charged, as required by the SEC for
fiscal years beginning after September 1, 1995.
See accompanying Notes to Financial Statements
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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, 1996, The Trust consisted of eleven investment portfolios: The U.S.
6-10 Small Company Series, The U.S. Large Company Series, The Enhanced 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 Two-Year
Corporate Fixed Income Series, The DFA Two-Year Government Series, The DFA
Two-Year Global Fixed Income Series, The DFA International Value Series and
The Emerging Markets Series. At May 31, 1996, The Enhanced U.S. Large Company
Series, The DFA Two-Year Corporate Fixed Income Series and The DFA Two-Year
Government Series had not yet commenced operations. These financial
statements relate solely to The DFA International Value Series (the
"Series").
DFA International Value Portfolio II 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. Unlisted securities for which market quotations
are readily available are valued at the mean between the most recent bid and
asked prices. Securities for which quotations are not readily available are
valued in good faith at fair value using methods determined by the Board of
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 Fund's custodian or a third party sub-custodian. All repurchase
agreements were entered into on May 31, 1996.
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.
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C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. (the "Advisor") provides investment
advisory services to the Series. For the six months ended May 31, 1996, the
Series' advisory 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 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 previously waived fees. For the this reimbursement
to the Advisor amounted to $52,864. No additional previously waived fees are
subject to future reimbursement.
D. PURCHASES AND SALES OF SECURITIES:
For the six months ended May 31, 1996, the Series made the following
purchases and sales of investment securities (amounts in thousands):
Purchases ......................... $556,030
Sales.............................. 69,398
E. INVESTMENT TRANSACTIONS:
At May 31, 1996, 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 ..... $106,411
Gross Unrealized Depreciation ..... (23,017)
--------
Net .............................. $ 83,394
========
F. COMPONENTS OF NET ASSETS:
At May 31, 1996, net assets consisted of (amounts in thousands):
Paid-In Capital ................................ $1,084,839
Undistributed Net Investment Income ............ 10,396
Undistributed Net Realized Gain ................ 13,994
Accumulated Net Realized Foreign Exchange Loss .. (206)
Unrealized Appreciation of
Investment Securities and Foreign Currency .... 83,394
Unrealized Net Foreign Exchange Loss ........... (10)
----------
$1,192,407
==========
G. SECURITIES LENDING
Loans of international securities are required at all times to be secured
by collateral at least equal to 105% of the market value of the securities on
loan. However, in the event of default or bankruptcy by the other party to
the agreement, realization and/or retention of the collateral may be subject
to legal proceedings. In the event that the borrower fails to return loaned
securities, and cash collateral being maintained by the borrower is
insufficient to cover the value of loaned securities, and provided such
collateral insufficiency is not the result of investment losses, the lending
agent has agreed to pay the amount of the shortfall to the Series or, at the
option of the lending agent, replace the loaned securities. The market value
of securities on loan to brokers from the Series is $150,189,738 and the
related collateral cash indemnification received is $159,872,350 at May 31,
1996.
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