<PAGE>
================================================================================
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
ANNUAL REPORT
Year Ended November 30, 1995
================================================================================
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
ANNUAL REPORT
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
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<S> <C>
Dimensional Investment Group Inc.
Performance Chart ............................................ 1
Statement of Assets and Liabilities .......................... 2
Statement of Operations ...................................... 3
Statements 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 -- The DFA International Value
Series
Performance Chart ............................................ 9
Statements of Net Assets ..................................... 10-18
Statement of Operations ...................................... 19
Statements of Changes in Net Assets .......................... 20
Financial Highlights ......................................... 21
Notes to Financial Statements ................................ 22-23
Report of Independent Accountants ............................ 24
</TABLE>
This report is submitted for the information of the Fund's shareholders. It
is not authorized for distribution to prospective investors unless preceded
or accompanied by an effective prospectus.
i
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
PERFORMANCE CHART
==============================================================================
DFA International Value Portfolio II
vs. EAFE Index
September 1994-November 1995
The following reflects the growth of a $10,000 investment.
DFA
International
Value EAFE
Portfolio II Index
------------- --------
9408 10000 10000
9409 9650 9690
9410 10049.51 10019.46
9411 9516.88 9538.52
9412 9572.08 9595.75
9501 9190.15 9231.11
9502 9169.93 9203.42
9503 9702.71 9783.24
9504 10004.47 10155
9505 9944.44 10033.14
9506 9834.05 9862.58
9507 10386.73 10483.92
9508 10025.27 10085.53
9509 10085.42 10287.24
9510 9884.72 10009.49
9511 10149.64 10289.75
Annualized From
Total Return (%) One Year September 1994
- ------------------------------------------------------------------------------
6.65 1.19
* This portfolio invests in the DFA
Internatioal Value Series of the DFA
Investment Trust Company which in turn
invests in companies greater than $500
million and book-to-market ratios is in
the upper 30% of large publicly traded
international companies. Country
weightings reflect the EAFE Index
markey capitalization weight, with
Japan limited to 38%.
* This portfolio's returns in fiscal 1995
reflected the performance of large,
high book-to-market international
companies.
Past performance is not predictive of
future performance.
EAFE Index courtesy of Morgan Stanley
Capital International.
- ------------------------------------------------------------------------------
1
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investment in The DFA International Value Series of The DFA Investment Trust Company
(1,357,388 Shares, Cost $14,104 ) at Value ....................................... $ 14,317
Receivable for Investment Securities Sold ......................................... 15
Prepaid Expenses and Other Assets ................................................. 28
-----------
Total Assets .................................................................. 14,360
-----------
LIABILITIES:
Payable for Fund Shares Redeemed .................................................. 15
Accrued Expenses .................................................................. 22
-----------
Total Liabilities ............................................................. 37
-----------
Net Assets ........................................................................ $ 14,323
===========
SHARES OUTSTANDING, $.01 PAR VALUE (Authorized 100,000,000) ....................... 1,439,273
===========
Net Asset Value, Offering and Redemption Price Per Share .......................... $ 9.95
===========
NET ASSETS CONSIST OF:
Paid-In Capital ................................................................... $ 14,235
Undistributed Net Investment Income ............................................... 1
Accumulated Net Realized Loss ..................................................... (126)
Unrealized Appreciation of Investment Securities .................................. 213
-----------
Total Net Assets .............................................................. $ 14,323
===========
</TABLE>
See accompanying Notes to Financial Statements
2
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 1995
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Dividends ................................................................ $239
------
Expenses
Administrative Services ................................................... 22
Accounting & Transfer Agent Fees .......................................... 12
Legal Fees ................................................................ 6
Audit Fees ................................................................ 3
Filing Fees ............................................................... 20
Shareholder Services ...................................................... 28
Shareholder Reports ....................................................... 9
Directors' Fees and Expenses .............................................. 6
Other ..................................................................... 10
------
Total Expenses ........................................................... 116
Less: Fees Waived and Expenses Reimbursed ................................. (57)
------
Net Expenses .............................................................. 59
------
Net Investment Income ..................................................... 180
------
Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Loss on Investment Securities ................................ (84)
Change in Unrealized Appreciation (Depreciation) of Investment Securities . 559
------
Net Gain on Investment Securities ........................................ 475
------
Net Increase in Net Assets Resulting from Operations ........................ $655
======
</TABLE>
See accompanying Notes to Financial Statements
3
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Year Ended August 3 to
Nov. 30, Nov. 30,
1995 1994
------------ -------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ................................................ $ 180 $ 47
Net Realized Loss on Investment Securities ........................... (84) (14)
Change in Unrealized Appreciation (Depreciation) of Investment
Securities ........................................................ 559 (346)
------- ------
Net Increase (Decrease) in Net Assets Resulting from Operations ..... 655 (313)
------- ------
Distributions From:
Net Investment Income ................................................ (180) (46)
Net Realized Gains ................................................... (28) --
------- ------
Total Distributions ................................................ (208) (46)
------- ------
Capital Share Transactions (1):
Shares Issued ........................................................ 9,282 8,553
Shares Issued in Lieu of Cash Distributions .......................... 208 46
Shares Redeemed ...................................................... (3,257) (597)
------- ------
Net Increase From Capital Share Transactions ........................ 6,233 8,002
------- ------
Total Increase ...................................................... 6,680 7,643
Net Assets
Beginning of Period .................................................. 7,643 --
------- ------
End of Period ........................................................ $14,323 $7,643
======= ======
(1) Shares Issued and Redeemed:
Shares Issued ........................................................ 942 862
Shares Issued in Lieu of Cash Distributions .......................... 21 5
Shares Redeemed ...................................................... (331) (60)
------- ------
632 807
======= ======
</TABLE>
See accompanying Notes to Financial Statements
4
<PAGE>
DIMENSIONAL INVESTMENT GROUP INC.
DFA INTERNATIONAL VALUE PORTFOLIO II
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Year Ended August 3 to
Nov. 30, Nov. 30,
1995 1994
------------ -------------
<S> <C> <C>
Net Asset Value, Beginning of Period ..................... $ 9.48 $10.00
------ ------
Income from Investment Operations
- ---------------------------------
Net Investment Income ................................... 0.13 0.06
Net Gains (Losses) on Securities (Realized and
Unrealized) ............................................. 0.49 (0.52)
------ ------
Total from Investment Operations ....................... 0.62 (0.46)
------ ------
Less Distributions
- ------------------
Net Investment Income ................................... (0.13) (0.06)
Net Realized Gains ...................................... (0.02) --
------ ------
Total Distributions ................................... (0.15) (0.06)
------ ------
Net Asset Value, End of Period ........................... $ 9.95 $ 9.48
====== ======
Total Return ............................................. 6.52% (4.73)%#
Net Assets, End of Period (thousands) .................... $14,323 $7,643
Ratio of Expenses to Average Net Assets (1) .............. 0.96%(a) 0.96%*(a)
Ratio of Net Investment Income to Average Net Assets ..... 1.63%(a) 2.56%*(a)
Portfolio Turnover Rate .................................. N/A N/A
</TABLE>
- ------
*Annualized
#Non-Annualized
(1) Represents the combined ratio for the Portfolio and its respective
pro-rata share of its Master Fund Series.
(a) Had certain waivers and reimbursements not been in effect, the ratios of
expenses to average net assets for the periods ended November 30, 1995
and 1994 would have been 1.48% and 12.07%, respectively and the ratios of
net investment income to average net assets, for the periods ended
November 30, 1995 and 1994 would have been 1.11% and 1.46%, 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, 1995, Dimensional Investment Group Inc. (the "Fund")
consisted of eight portfolios, The DFA 6-10 Institutional Portfolio, U.S. Small
Cap Value Portfolio II, U.S. Large Cap Value Portfolio II, U.S. Large Cap Value
Portfolio III, DFA One-Year Fixed Income Portfolio II, The DFA International
Value Portfolio, DFA International Value Portfolio II and DFA International
Value Portfolio III (the "Portfolios"). The Fund is an open-end management
investment company registered under the Investment Company Act of 1940, whose
shares are offered to institutional investors, retirement plans, and clients of
registered investment advisors. The financial statements of 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
November 30, 1995, 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.
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 year ended November 30, 1995, the Portfolio's
administrative fees were computed daily and paid monthly to the Advisor based on
an effective annual rate of 0.20 of 1%.
Certain officers of the Portfolio are also officers, directors and
shareholders of the Advisor.
The Advisor has agreed to waive its fees and reimburse the Portfolio to the
extent necessary to keep the annual combined expenses of the Portfolio and its
respective Master Fund to not more than 0.96% of average daily net assets.
6
<PAGE>
D. INVESTMENTS:
At November 30, 1995, gross unrealized appreciation and depreciation for
financial reporting and federal income tax purposes of investment securities was
as follows (amounts in thousands):
Gross Unrealized Appreciation ............................. $213
Gross Unrealized Depreciation ............................. --
------
Net ...................................................... $213
======
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.
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., DFA International Value Portfolio II, as of
November 30, 1995, and the related statement of operations for the year then
ended and the statements of changes in net assets and the financial highlights
for each of the two years in the period then ended. 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 audits.
We conducted our audits 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, 1995, 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 audits provide 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., DFA International Value Portfolio II, as of
November 30, 1995, and the results of its operations for the year then ended and
the changes in its net assets and its financial highlights for each of the two
years in the period then ended, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 19, 1996
8
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHART
==============================================================================
DFA International Value Series
vs. EAFE Index
March 1994-November 1995
The following reflects the growth of a $10,000 investment.
DFA
International EAFE
Value Series Index
------------- --------
9402 10000 10000
9403 9733 9570
9404 10060.03 9981.51
9405 10119.38 9921.62
9406 10238.79 10060.52
9407 10438.45 10161.13
9408 10598.16 10405
9409 10228.28 10082.44
9410 10657.87 10425.24
9411 10099.4 9924.83
9412 10158.98 9984.38
9501 9756.68 9604.97
9502 9736.19 9576.16
9503 10311.61 10179.46
9504 10633.33 10566.28
9505 10572.72 10439.48
9506 10462.76 10262.01
9507 11051.82 10908.52
9508 10676.05 10493.99
9509 10740.11 10703.87
9510 10536.05 10414.87
9511 10825.79 10706.49
Annualized From
Total Return (%) One Year March 1994
- ------------------------------------------------------------------------------
7.19 4.64
* This portfolio invests in large non-U.S.
high book-to-market companies with
market capitalization greater than $500
million and book-to-market ratios is in
the upper 30% of large publicly traded
international companies. Country
weightings reflect the EAFE index
market capitalization weight, with Japan
limited to 38%.
* This portfolio's returns in fiscal
1995 reflected the performance of large,
high book-to-market international
companies.
Past performance is not predictive of
future performance.
EAFE Index courtesy of Morgan Stanley Capital
International.
- ------------------------------------------------------------------------------
9
<PAGE>
STATEMENT OF NET ASSETS
THE DFA INTERNATIONAL VALUE SERIES
NOVEMBER 30, 1995
Shares Value+
------ ------
JAPAN -- (38.5%)
COMMON STOCKS -- (37.7%)
Achilles Corp. ................. 25,000 $ 92,857
Aica Kogyo Co., Ltd. ........... 16,000 102,463
Aichi Machine Industry Co., Ltd. 22,000 125,714
Aichi Steel Works, Ltd. ........ 67,000 369,655
Aida Engineering, Ltd. ......... 34,000 283,054
Aisin Seiki Co., Ltd. .......... 84,000 1,108,966
Alps Electric Co., Ltd. ........ 34,000 368,473
Amada Co., Ltd. ................ 104,000 1,055,369
Amada Metrecs Co., Ltd. ........ 23,000 355,764
Amada Sonoike Co., Ltd. ........ 32,000 203,665
Ando Corp. ..................... 12,000 60,414
*Aoki Corp. ..................... 147,000 602,483
Aoki International Co., Ltd. ... 12,000 284,926
#Aomori Bank, Ltd. .............. 33,000 182,069
Aoyama Trading Co., Ltd. ....... 26,800 773,635
#Asahi Breweries, Ltd. .......... 133,000 1,546,207
#Asahi Denka Kogyo KK ........... 25,000 212,808
Asahi Organic Chemicals Industry
Co., Ltd. .................... 16,000 121,379
Asanuma Corp. .................. 17,000 86,256
Ashikaga Bank, Ltd. ............ 230,000 1,341,478
*Asics Corp. .................... 60,000 162,562
Atsugi Nylon Industrial Co.,
Ltd. ......................... 87,000 372,857
#Awa Bank, Ltd. ................. 26,000 171,626
#Bandai Co., Ltd. ............... 8,000 301,084
Bank of Iwate, Ltd. ............ 3,000 161,084
Bank of Kyoto, Ltd. ............ 68,000 415,369
Bank of Nagoya, Ltd. ........... 29,000 197,714
Bank of Okinawa, Ltd. .......... 2,000 66,995
#Bank of Osaka, Ltd. ............ 43,000 127,094
Bank of the Ryukyus, Ltd. ...... 2,000 72,906
Best Denki Co., Ltd. ........... 3,000 41,675
Brother Industries, Ltd. ....... 96,000 481,419
#Bunka Shutter Co., Ltd. ........ 27,000 208,020
CMK Corp. ...................... 13,000 189,557
CSK Corp. ...................... 23,000 713,793
Calpis Food Industry Co., Ltd. . 16,000 109,241
Calsonic Corp. ................. 19,000 131,783
#Canon Sales Co., Inc. .......... 24,000 595,862
#Casio Computer Co., Ltd. ....... 55,000 489,852
*Central Finance Co., Ltd. ...... 37,000 156,749
*Central Glass Co., Ltd. ........ 30,000 96,059
Chiba Bank, Ltd. ............... 121,000 1,066,946
Chiba Kogyo Bank, Ltd. ......... 4,400 161,695
Chiyoda Fire and Marine
Insurance Co., Ltd. .......... 55,000 305,616
Chudenko Corp. ................. 10,000 345,813
*#Chuetsu Pulp and Paper Co.,
Ltd. ......................... 20,000 117,438
Chugoku Bank, Ltd. ............. 38,000 647,685
Chukyo Coca-Cola Bottling Co.,
Ltd. ......................... 6,000 57,931
Chukyo Sogo Bank, Ltd. ......... 29,000 149,429
#Chuo Trust and Banking Co.,
Ltd. ......................... 80,000 634,483
Citizen Watch Co., Ltd. ........ 112,000 825,379
Cleanup Corp. .................. 7,000 93,793
*Cosmo Securities Co., Ltd. ..... 35,000 112,069
Dai Tokyo Fire & Marine
Insurance Co., Ltd. .......... 127,000 819,557
*Dai-Ichi Securities Co., Ltd. .. 27,000 90,177
Daicel Chemical Industries, Ltd. 94,000 534,365
Daido Steel Co., Ltd. .......... 66,000 332,926
Daiei OMC, Inc. ................ 34,000 194,286
Daiichi Corp. Hiroshima ........ 15,000 307,389
Daikin Industries, Ltd. ........ 42,000 380,690
Daikyo, Inc. ................... 68,000 489,064
#Daio Paper Corp. ............... 22,000 303,448
Daisan Bank, Ltd. .............. 25,000 144,089
*Daiwa Danchi Co., Ltd. ......... 33,000 164,187
#Daiwa House Industry Co., Ltd. 90,000 1,347,783
Daiwa Kosho Lease Co., Ltd. .... 26,000 255,645
Daiwa Securities Co., Ltd. ..... 302,000 4,195,271
*Daiwabo Co., Ltd. .............. 22,000 68,059
Dowa Fire & Marine Insurance
Co., Ltd. .................... 98,000 497,241
Ehime Bank, Ltd. ............... 45,000 202,611
10
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
------ ------
Eighteenth Bank, Ltd. .......... 32,000 $ 286,266
Ezaki Glico Co., Ltd. .......... 47,000 391,281
Fuji Denki Reiki Co., Ltd. ..... 6,000 70,936
Fuji Fire & Marine Insurance
Co., Ltd. ................... 45,000 226,108
Fuji Oil Co., Ltd. ............. 31,000 201,576
Fuji Photo Film Co., Ltd. ...... 198,000 4,915,862
Fujisawa Pharmaceutical Co.,
Ltd. ......................... 30,000 276,059
Fujita Corp. ................... 191,000 867,498
Fujitsu, Ltd. .................. 142,000 1,678,818
Fukuda Corp. ................... 9,000 84,148
Fukui Bank, Ltd. ............... 47,000 250,512
Fukuoka City Bank, Ltd. ........ 68,000 515,862
#Fukutoku Bank, Ltd. ............ 27,000 61,182
Futaba Corp. ................... 10,000 454,187
#Futaba Industrial Co., Ltd. .... 22,000 340,296
*Gakken Co., Ltd. ............... 30,000 174,384
Godo Steel, Ltd. ............... 60,000 316,256
Gun-Ei Chemical Industry Co.,
Ltd. ......................... 22,000 110,542
Gunze, Ltd. .................... 75,000 450,739
*Hanshin Electric Railway Co.,
Ltd. ......................... 112,000 386,207
*Hanwa Co., Ltd. ................ 147,000 485,172
Haseko Corp. ................... 149,000 507,921
Hazama Corp. ................... 100,000 422,660
Hiroshima Bank, Ltd. ........... 180,000 922,167
Hiroshima-Sogo Bank, Ltd. ...... 23,000 142,985
Hitachi Cable, Ltd. ............ 69,000 491,498
Hitachi Construction Machinery
Co., Ltd. .................... 9,000 106,404
Hitachi Koki Co., Ltd. ......... 43,000 399,921
Hitachi Maxell, Ltd. ........... 37,000 586,897
Hitachi Plant Engineering &
Construction Co., Ltd. ....... 22,000 160,177
Hitachi Transport System, Ltd. . 41,000 358,700
Hitachi, Ltd. .................. 1,284,000 13,029,755
Hokkai Can Co., Ltd., Tokyo .... 12,000 81,576
Hokkaido Bank, Ltd. ............ 128,000 402,286
11
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
------ ------
Hokkaido Takushoku Bank, Ltd.,
Takugin ...................... 359,000 $ 951,438
Hokuetsu Bank .................. 32,000 168,039
Hokuriku Bank, Ltd. ............ 253,000 1,570,345
Hokuriku Electric Power Co.,
Inc. ......................... 12,240 285,801
Hokuriku Seiyaku Co., Ltd. ..... 10,000 181,281
Honda Motor Co., Ltd. .......... 239,000 4,332,611
Horiba, Ltd. ................... 6,000 76,847
House Foods Corp. .............. 36,000 638,424
Hyakugo Bank, Ltd. ............. 51,000 296,453
Hyakujushi Bank, Ltd. .......... 58,000 371,429
*Hyogo Bank, Ltd. ............... 102,000 1,005
#Ibiden Co., Ltd. ............... 20,000 153,695
Ikegami Tsushinki Co., Ltd. .... 8,000 51,074
Inax Corp. ..................... 85,000 812,315
*Ines Corp. ..................... 16,000 247,488
Intec, Inc. .................... 13,000 221,576
*#Ishihara Sangyo Kaisha, Ltd. ... 69,000 205,300
Itochu Corp. ................... 94,000 625,123
Itochu Fuel Corp. .............. 30,000 246,798
Itoham Foods, Inc. ............. 88,000 648,512
#Izumiya Co., Ltd. .............. 41,000 630,148
Japan Pulp and Paper Co., Ltd. . 16,800 99,310
*Japan Steel Works, Ltd. ........ 81,000 209,882
#Japan Synthetic Rubber Co., Ltd. 65,000 397,685
Japan Vilene Co., Ltd. ......... 16,000 94,581
Japan Wool Textile Co., Ltd. ... 34,000 256,591
Joshin Denki Co., Ltd. ......... 15,000 186,207
Juroku Bank, Ltd. .............. 88,000 449,103
Kagoshima Bank, Ltd. ........... 56,000 430,345
Kaneka Corp. ................... 55,000 365,764
Kanematsu Corp. ................ 91,000 374,759
Kansai Paint Co., Ltd., Osaka .. 18,000 79,803
Kanto Auto Works, Ltd.,
Yokosuka ..................... 10,000 67,980
Kanto Natural Gas Development
Co., Ltd. .................... 11,000 72,611
Kasuga Electric Works, Ltd. .... 31,000 464,236
#Kasumi Co., Ltd. ............... 10,000 101,478
Katokichi Co., Ltd. ............ 19,000 357,537
*Kawasho Corp. .................. 21,000 83,793
Keiyo Bank, Ltd. ............... 111,000 564,296
Keiyo Co., Ltd. ................ 19,000 175,025
Kikkoman Corp. ................. 34,000 253,911
Kinden Corp. ................... 41,000 674,581
Kinseki, Ltd. .................. 6,000 84,532
Kitz Corp. ..................... 38,000 180,453
Kiyo Bank, Ltd. ................ 107,000 536,581
Koa Fire & Marine Insurance Co.,
Ltd. ......................... 45,000 250,936
Koa Oil Co., Ltd. .............. 4,000 26,207
Koito Manufacturing Co., Ltd. .. 10,000 69,458
Kokusai Denshin Denwa Co.,
Ltd., Tokyo .................. 11,800 988,177
#Kokusai Securities Co., Ltd. ... 71,000 1,028,276
Komatsu Forklift Co., Ltd.,
Tochigi ...................... 32,000 215,015
#Komatsu, Ltd. .................. 343,000 2,703,448
Komori Corp. ................... 20,000 472,906
#Konami Co., Ltd. ............... 4,000 108,374
Konica Corp. ................... 66,000 425,911
Kosei Securities Co., Ltd. ..... 4,000 18,483
#Koyo Seiko Co., Ltd. ........... 37,000 331,360
Kumagai Gumi Co., Ltd. ......... 263,000 1,041,635
Kurabo Industries, Ltd. ........ 96,000 346,167
Kureha Chemical Industry Co.,
Ltd. ......................... 79,000 348,690
Kurimoto, Ltd. ................. 54,000 547,980
#Kyudenko Corp. ................. 29,000 377,143
#Lintec Corp. ................... 11,000 183,153
#Long Term Credit Bank of Japan,
Ltd. ......................... 161,000 1,330,828
#Maeda Corp. .................... 64,000 655,764
*Makino Milling Machine Co., Ltd. 16,000 135,567
Makita Corp. ................... 57,000 825,517
Marubeni Corp. ................. 248,000 1,319,409
Marudai Food Co., Ltd. ......... 47,000 334,325
Maruetsu, Inc. ................. 50,000 408,374
Marui Co., Ltd. ................ 93,000 1,740,888
Maruichi Steel Tube, Ltd. ...... 23,000 423,744
Marusan Securities Co., Ltd. ... 29,000 240,857
Maruzen Showa Unyu Co., Ltd. ... 18,000 102,680
Matsushita Electric Industrial
Co., Ltd. ................... 809,000 12,035,369
#Matsushita Electric Works, Ltd. 134,000 1,386,207
12
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
------ ------
Matsushita Refrigeration Co. ... 25,000 $ 178,079
Matsushita Seiko Co., Ltd. ..... 35,000 251,724
*#Mazda Motor Corp. .............. 405,000 1,476,355
Meija Seika Kaisha, Ltd. Tokyo . 73,000 430,089
Michinoku Bank, Ltd. ........... 24,000 196,256
Mitsubishi Chemical Corp. ...... 800 3,909
Mitsubishi Electric Corp. ...... 148,000 1,102,345
Mitsubishi Gas Chemical Co.,
Inc. ......................... 125,000 554,187
Mitsubishi Materials Corp. ..... 214,000 1,079,488
Mitsubishi Paper Mills, Ltd. ... 27,000 166,788
Mitsubishi Rayon Co., Ltd. ..... 70,000 284,828
Mitsui Fudosan Co., Ltd. ....... 247,000 3,066,207
Mitsui Petrochemical Industries,
Ltd. ......................... 59,000 492,345
Mitsui Trust & Banking Co., Ltd. 81,000 761,320
Mitsuuroko Co., Ltd. ........... 12,000 85,005
Miyazaki Bank, Ltd. ............ 34,000 219,074
Mizuno Corp. ................... 44,000 373,241
Musashino Bank, Ltd. ........... 4,700 224,581
NHK Spring Co., Ltd. ........... 46,000 228,867
NOK Corp. ...................... 28,000 195,862
NSK, Ltd. ...................... 102,000 720,532
NTN Corp. ...................... 85,000 563,596
Nagase & Co., Ltd. ............. 52,000 440,591
Naigai Co., Ltd. ............... 12,000 52,138
Nakayama Steel Works, Ltd. ..... 42,000 221,379
*#New Japan Securities Co., Ltd. . 154,000 823,862
Nichicon Corp. ................. 32,000 485,517
Nichido Fire & Marine Insurance
Co., Ltd. .................... 31,000 240,670
Nichiei Construction Co., Ltd. . 21,000 176,690
#Nichii Co., Ltd. ............... 77,000 963,448
Nichimen Corp. ................. 151,000 601,025
Nifco, Inc. .................... 21,000 256,552
Nihon Cement Co., Ltd. ......... 100,000 664,039
Nihon Nohyaku Co., Ltd. ........ 7,000 54,138
Nikko Securities Co., Ltd. ..... 257,000 2,835,862
Nippon Beet Sugar Manufacturing
Co., Ltd. .................... 48,000 210,443
*Nippon Chemi-Con Corp. ......... 37,000 251,527
#Nippon Credit Bank, Ltd. ....... 652,000 2,569,458
Nippon Densetsu Kogyo Co., Ltd. 26,000 246,936
Nippon Flour Mills Co., Ltd. ... 21,000 103,448
13
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
------ ------
Nippon Hodo Co., Ltd. .......... 23,000 $ 360,296
Nippon Kakayu Co., Ltd. ........ 36,000 223,448
Nippon Meat Packers, Inc.,
Osaka ........................ 71,000 1,007,291
Nippon Metal Industry Co., Ltd. 31,000 122,778
Nippon Oil Co., Ltd. ........... 474,000 2,615,172
Nippon Paint Co., Ltd., Osaka .. 102,000 495,429
Nippon Road Co., Ltd. .......... 32,000 262,936
Nippon Sanso Corp. ............. 56,000 266,483
Nippon Sheet Glass Co., Ltd. ... 169,000 755,921
Nippon Shinpan Co., Ltd., Tokyo 108,000 711,842
*Nippon Suisan Kaisha, Ltd. ..... 49,000 194,069
#Nippon Synthetic Chemical
Industry Co., Ltd. ........... 18,000 102,502
Nippon Thompson Co., Ltd. ...... 16,000 139,507
*Nippon Yakin Kogyo Co., Ltd. ... 29,000 130,571
*Nissan Diesel Motor Co., Ltd. .. 23,000 97,212
Nissan Motor Co., Ltd. ......... 647,000 4,774,414
Nissan Shatai Co., Ltd. ........ 48,000 260,099
Nissei Sangyo Co., Ltd. ........ 30,000 502,463
Nisshin Oil Mills, Ltd. ........ 57,000 415,567
Nisshin Steel Co., Ltd. ........ 66,000 271,803
Nisshinbo Industries, Inc. ..... 91,000 835,586
Nissin Food Products Co., Ltd. . 24,000 550,936
Nittetsu Mining Co., Ltd. ...... 23,000 213,911
*Nitto Boseki Co., Ltd. ......... 43,000 122,433
#Nitto Denko Corp. .............. 25,000 396,552
Noritz Corp. ................... 17,000 286,404
North Pacific Bank, Ltd. ....... 34,000 171,172
OSG Manufacturing Co., Ltd. .... 14,000 93,655
#Ogaki Kyoritsu Bank, Ltd. ...... 50,000 276,355
Oita Bank, Ltd. ................ 9,000 72,266
Okamura Corp. .................. 16,000 114,759
*Okasan Securities Co., Ltd. .... 56,000 246,621
#Okumura Corp. .................. 43,000 391,872
Okura Industrial Co., Ltd. ..... 12,000 81,576
Olympus Optical Co., Ltd. ...... 94,000 898,325
#Optec Dai-Ichi Denko Co., Ltd. . 13,000 64,424
#Parco Co., Ltd. ................ 9,000 93,103
*Pasco Corp. .................... 16,000 64,946
Pioneer Electronic Corp. ....... 67,000 1,168,374
Q.P. Corp. ..................... 39,000 320,837
#Rengo Co., Ltd. ................ 48,000 336,236
*Renown, Inc. ................... 104,000 338,128
Rhythm Watch Co., Ltd. ......... 29,000 102,286
Ricoh Co., Ltd., Tokyo ......... 164,000 1,680,394
Royal Co., Ltd. ................ 15,000 229,064
#Ryosan Co., Ltd. ............... 7,000 193,103
Ryoyo Electro Corp. ............ 6,000 140,690
#SXL Corp. ...................... 29,000 291,429
Sakai Chemical Industry Co.,
Ltd. ......................... 36,000 223,448
San-In Godo Bank, Ltd. ......... 62,000 503,330
#Sanden Corp. ................... 24,000 141,399
Sanki Engineering Co., Ltd. .... 32,000 343,645
Sankyo Aluminum Industry Co.,
Ltd. ......................... 66,000 330,325
*#Sankyo Seiki Manufacturing Co.,
Ltd. ......................... 18,000 150,739
*Sanrio Co., Ltd. ............... 17,000 195,961
Sanyo Electric Co., Ltd. ....... 491,000 2,563,842
Sanyo Shokai, Ltd. ............. 25,000 146,059
Sanyo Special Steel Co., Ltd. .. 74,000 309,123
Seino Transportation Co., Ltd. . 54,000 899,113
Seiren Co., Ltd. ............... 8,000 57,773
Seiyo Food Systems, Inc. ....... 21,000 194,069
Sekisui Chemical Co., Ltd. ..... 100,000 1,290,640
Sekisui House, Ltd. ............ 265,000 3,106,897
Sekisui Plastics Co., Ltd. ..... 25,000 127,833
Senshukai Co., Ltd. ............ 15,000 263,054
*Settsu Corp. ................... 76,000 223,882
Sharp Corp., Osaka ............. 13,000 184,433
Shiga Bank, Ltd. ............... 75,000 450,000
Shimizu Bank, Ltd. ............. 2,000 134,975
#Shinagawa Fuel Co., Ltd. ....... 32,000 238,345
Shinmaywa Industries, Ltd. ..... 40,000 332,611
Shinwa Bank, Ltd. .............. 27,000 154,818
Shionogi & Co., Ltd. ........... 61,000 527,064
Shiseido Co., Ltd. ............. 148,000 1,574,778
*Shokusan Jutaku Sogo Co., Ltd. . 27,000 87,251
Showa Electric Wire & Cable Co.,
Ltd., Kawasaki ............... 47,000 217,635
Showa Sangyo Co., Ltd. ......... 73,000 309,980
#Sintokogio, Ltd., Nagoya ....... 10,000 74,975
*Sogo Co., Ltd. ................. 22,000 78,030
14
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
-------- -----------
Sony Corp. ..................... 110,800 $ 5,894,778
Stanley Electric Co., Ltd. ..... 73,000 431,527
Star Micronics Co., Ltd. ....... 10,000 76,256
Sumitomo Corp. ................. 268,000 2,666,798
*Sumitomo Metal Industries, Ltd.,
Osaka ........................ 577,000 1,756,581
Sumitomo Osaka Cement Co., Ltd. 19,000 87,419
Sumitomo Realty & Development
Co., Ltd. .................... 153,000 1,029,547
Sumitomo Warehouse Co., Ltd. ... 16,000 100,256
Sun Wave Corp. ................. 8,000 98,522
Suruga Bank, Ltd. .............. 54,000 343,153
Suzuki Motor Corp. ............. 85,000 946,305
Suzutan Co., Ltd. .............. 7,000 45,517
TDK Corp. ...................... 24,000 1,220,099
*TEC Corp. ...................... 103,000 442,443
TOC Co., Ltd. .................. 22,000 221,084
Tadano, Ltd. ................... 22,000 186,187
*Taiheiyo Securities Co., Ltd. .. 21,000 70,345
Taikisha, Ltd. ................. 8,000 137,143
Taisei Corp. ................... 185,000 1,210,246
#Taisei Rotec Corp. ............. 30,000 210,443
Taiyo Yuden Co., Ltd. .......... 28,000 281,379
Tamura Corp. ................... 18,000 123,783
Tanabe Seiyaku Co., Ltd. ....... 83,000 558,512
Teijin, Ltd. ................... 177,000 934,700
Tenma Corp. .................... 12,000 231,724
Toa Steel Co., Ltd. ............ 39,000 174,828
Tochigi Sogo Bank, Ltd. ........ 21,000 196,552
Toda Corp. ..................... 50,000 408,374
Toenec Corp. ................... 31,000 253,498
Toho Bank, Ltd. ................ 59,000 422,591
Tokai Carbon Co., Ltd. ......... 38,000 183,074
Tokai Rika Co., Ltd. ........... 21,000 167,379
Tokico, Ltd. ................... 39,000 165,222
Toko, Inc. ..................... 8,000 54,384
#Tokuyama Corp. ................. 48,000 347,113
Tokyo Broadcasting System, Inc. 35,000 586,207
*Tokyo Securities Co., Ltd. ..... 33,000 147,931
#Tokyo Sowa Bank, Ltd. .......... 61,000 243,399
Tokyo Steel Manufacturing Co.,
Ltd. ......................... 36,000 666,798
Tokyo Style Co., Ltd. .......... 38,000 572,808
Tokyo Tatemono Co., Ltd. ....... 79,000 337,015
15
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
--------- ------------
*Tokyo Tekko Co., Ltd. .......... 9,000 $ 44,778
Tokyu Car Corp. ................ 22,000 108,374
Tokyu Construction Co., Ltd. ... 78,000 345,813
Tokyu Department Store Co.,
Ltd. ......................... 69,000 428,276
Tokyu Land Corp. ............... 84,000 339,310
Tokyu Store Chain Corp. ........ 11,000 82,365
Tonami Transportation Co., Ltd. 29,000 170,286
Toshiba Engineering &
Construction Co., Ltd. ....... 19,000 151,064
*Toshiba Machine Co., Ltd. ...... 27,000 130,079
*#Towa Real Estate Development
Co., Ltd. .................... 18,000 75,724
Toyo Engineering Corp. ......... 61,000 344,966
Toyo Ink Manufacturing Co., Ltd. 104,000 528,709
Toyo Kanetsu K.K. .............. 37,000 157,113
Toyo Seikan Kaisha, Ltd ........ 37,000 1,126,404
Toyo Suisan Kaisha, Ltd. ....... 33,000 338,128
*#Toyo Tire & Rubber Co., Ltd. ... 33,000 128,424
Toyo Trust & Banking Co., Ltd. . 256,000 2,000,079
Toyoda Machine Works, Ltd. ..... 45,000 365,320
Toyota Auto Body Co., Ltd. ..... 18,000 153,399
Toyota Motor Corp. ............. 689,000 13,644,237
Toyota Tsusho Corp. ............ 91,000 573,793
Tsubakimoto Chain Co. .......... 48,000 242,601
#Tsubakimoto Precision Products
Co., Ltd. .................... 3,000 39,015
Tsutsunaka Plastic Industry Co.,
Ltd. ......................... 4,000 35,468
UNY Co., Ltd. .................. 30,000 588,177
Unisia Jecs Corp. .............. 41,000 226,207
*Victor Co. of Japan, Ltd. ...... 98,000 1,110,345
Wacoal Corp. ................... 48,000 614,778
Yakult Honsha Co., Ltd. ........ 63,000 837,931
Yamagata Bank, Ltd. ............ 35,000 192,069
Yamaguchi Bank, Ltd. ........... 37,000 634,286
Yamaichi Securities Co., Ltd. .. 454,000 2,880,556
Yamamura Glass Co., Ltd. ....... 47,000 275,517
Yamatake Honeywell Co., Ltd. ... 30,000 404,926
*Yamatane Securities Co., Ltd. .. 16,000 55,172
Yamato Kogyo Co., Ltd. ......... 36,000 328,079
Yasuda Trust & Banking Co., Ltd. 426,000 2,056,552
#Yodogawa Steel Works, Ltd. ..... 66,000 520,197
#Yokogawa Bridge Corp. .......... 17,000 246,207
Yokogawa Electric Corp. ........ 92,000 775,882
Yokohama Reito Co., Ltd. ....... 7,000 80,690
Zexel Corp. .................... 16,000 106,404
-------------
TOTAL COMMON STOCKS
(Cost $238,198,894) ........... 229,735,721
-------------
INVESTMENT IN CURRENCY -- (0.8%) .
*Japanese Yen (Cost $4,948,138) . 4,952,111
-------------
TOTAL -- JAPAN
(Cost $243,147,032) ........... 234,687,832
-------------
16
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
--------- -----------
UNITED KINGDOM -- (19.1%)
COMMON STOCKS -- (19.0%)
ASDA Group P.L.C. .............. 877,000 $ 1,354,342
Abbey National P.L.C. .......... 405,200 3,971,321
Anglian Water P.L.C. ........... 152,400 1,377,146
Argyll Group P.L.C. ............ 362,095 1,721,831
Arjo Wiggins Appleton P.L.C. ... 265,700 696,728
Associated British Foods P.L.C. 153,100 1,650,334
Associated British Ports
Holdings P.L.C. ............. 129,800 565,623
BAA P.L.C. ..................... 194,000 1,456,434
BICC P.L.C. .................... 58,750 254,215
Bank of Scotland (Governor and
Company of the) .............. 1,550 6,423
Barclays P.L.C. ................ 515,899 6,192,155
Bass P.L.C. .................... 299,800 3,158,336
Blenheim Group P.L.C. .......... 26,200 97,746
Boddington Group P.L.C. ........ 35,510 241,612
British Gas P.L.C. ............. 1,330,000 4,961,911
British Land Co. P.L.C. ........ 126,040 724,609
British Petroleum Co. P.L.C. ... 733,904 5,762,185
British Steel P.L.C. ........... 1,038,500 2,683,494
British Vita P.L.C. ............ 67,700 212,202
Brixton Estate P.L.C. .......... 110,700 301,283
Bryant Group P.L.C. ............ 81,000 127,564
Burford Holdings P.L.C. ........ 67,000 104,492
Burton Group P.L.C. ............ 460,700 894,601
Camas P.L.C. ................... 37,100 41,694
Capital Shopping Centres P.L.C. 60,000 188,984
Coats Viyella P.L.C. ........... 216,000 591,173
Commercial Union P.L.C. ........ 227,240 2,241,052
Courtaulds Textiles P.L.C. ..... 15,650 99,783
Delta P.L.C. ................... 46,000 272,896
English China Clays P.L.C. ..... 98,587 495,933
First Leisure Corp. P.L.C. ..... 16,900 91,474
Forte P.L.C. ................... 549,412 2,877,174
General Accident P.L.C. ........ 193,900 1,971,546
Great Portland Estates P.L.C. .. 188,175 480,492
Great Universal Stores P.L.C. .. 343,200 3,232,477
Greenalls Group P.L.C. ......... 62,400 512,350
Guardian Royal Exchange P.L.C. . 424,659 1,740,134
Hambros P.L.C. ................. 70,654 217,140
Harrisons & Crosfield P.L.C.. .. 229,000 507,704
Hillsdown Holdings P.L.C. ...... 215,344 510,355
ICI (Imperial Chemical
Industries P.L.C.) ........... 247,200 2,865,004
Ladbroke Group P.L.C. .......... 676,821 1,490,197
Laird Group P.L.C. ............. 31,500 194,581
Lasmo P.L.C. ................... 329,535 813,732
Lex Service P.L.C. ............. 31,383 138,676
Lonrho P.L.C. .................. 453,238 1,157,312
Lucas Industries P.L.C. ........ 1,185 3,352
MFI Furniture Group P.L.C. ..... 175,300 422,153
Manweb P.L.C. .................. 34,900 549,096
Marley P.L.C. .................. 68,228 117,882
Mercury Asset Management Group
P.L.C. ....................... 91 1,230
Meyer International P.L.C. ..... 37,847 225,685
Mirror Group P.L.C. ............ 242,000 695,634
National Westminster Bank
P.L.C. ....................... 562,833 5,731,407
North West Water Group P.L.C. .. 195,062 1,774,586
Northumbrian Water Group P.L.C. 40,307 720,448
Ocean Group P.L.C. ............. 43,600 254,658
Peel Holdings P.L.C. ........... 32,500 158,519
Pilkington P.L.C. .............. 272,924 805,391
Racal Electronics P.L.C. ....... 86,100 331,750
Redland P.L.C. ................. 168,000 976,114
Rolls-Royce P.L.C. ............. 305,473 836,052
Royal Bank of Scotland Group
P.L.C. ....................... 65,499 557,824
Royal Insurance Holdings P.L.C. 317,508 1,878,768
17
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
---------- ------------
Rugby Group P.L.C. ............. 207,000 $ 338,658
Scottish & Newcastle P.L.C. .... 47,600 456,333
Scottish Hydro-Electric P.L.C. . 124,000 671,170
Sears P.L.C. ................... 518,500 792,787
Seeboard P.L.C. ................ 76,500 746,259
Severn Trent P.L.C. ............ 216,206 2,218,205
Shell Transport & Trading Co.
P.L.C. ....................... 1,075,300 13,235,275
Slough Estates P.L.C. .......... 227,000 739,287
South West Water P.L.C. ........ 73,679 561,023
South Western Electricity P.L.C. 35,400 487,139
Southern Water P.L.C. .......... 100,060 1,021,985
Stakis P.L.C. .................. 279,000 358,336
Sun Alliance Group P.L.C. ...... 254,640 1,553,485
T & N P.L.C. ................... 156,397 312,066
TSB Group P.L.C. ............... 116,400 720,801
Tarmac P.L.C. .................. 536,170 787,012
Taylor Woodrow P.L.C. .......... 182,986 314,759
Telegraph P.L.C. ............... 34,700 223,898
Tesco P.L.C. ................... 654,545 2,892,310
Thames Water P.L.C. ............ 193,059 1,632,385
*Tiphook P.L.C. ................. 5,500 1,430
Trafalgar House P.L.C. ......... 73,440 26,950
Transport Development Group
P.L.C. ....................... 49,200 144,435
*Trocadero P.L.C. ............... 67,000 44,050
Unigate P.L.C. ................. 72,600 462,893
Unilever P.L.C. ................ 51,400 995,743
United Biscuits Holdings P.L.C. 167,382 670,529
Vaux Group P.L.C. .............. 67,762 271,453
WPP Group P.L.C. ............... 206,900 499,833
*Waste Management International
P.L.C. ....................... 20,000 99,079
Welsh Water P.L.C. ............. 81,166 855,068
Wessex Water P.L.C. ............ 124,246 642,106
Whitbread P.L.C. ............... 179,600 1,834,384
Wilson Bowden P.L.C. ........... 27,000 143,252
Wimpey (George) P.L.C. ......... 171,550 343,613
Wolverhampton & Dudley
Breweries P.L.C. ............. 38,700 313,613
Yorkshire Water P.L.C. ......... 120,424 1,115,817
-------------
TOTAL COMMON STOCKS
(Cost $102,130,983) ........... 115,816,420
-------------
INVESTMENT IN CURRENCY -- (0.1%)
*British Pound Sterling
(Cost $255,174) ............... 253,011
-------------
PREFERRED STOCK -- (0.0%)
*Welsh Water P.L.C. Cumulative
Redeemable .................... 76,860 126,920
*Wessex Water P.L.C. Cumulative
Redeemable .................... 149,096 115,124
-------------
TOTAL PREFERRED STOCK
(Cost $111,389) ............... 242,044
-------------
RIGHTS/WARRANTS -- (0.0%)
*Pilkington P.L.C. Rights
12/11/95 (Cost $0) ............ 68,231 38,600
-------------
TOTAL -- UNITED KINGDOM
(Cost $102,497,546) ........... 116,350,075
-------------
18
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
--------- ------------
GERMANY -- (8.0%)
COMMON STOCKS -- (7.8%)
AEG AG ......................... 3,900 $ 384,610
AGIV AG fuer Industrie &
Verkehrswesen ................ 7,500 138,390
#BASF AG ........................ 13,750 3,012,267
BHF Bank ....................... 16,500 432,740
#BMW (Bayerische Motorenwerke
AG), Muenchen ................ 3,836 2,065,131
Badenwerk AG ................... 950 324,326
Bankgesellschaft Berlin AG ..... 5,050 1,359,347
#Bayer AG ....................... 15,950 4,147,881
#Bayerische Hypotheken und
Wechselbank AG ............... 55,700 1,378,065
#Bayerische Vereinsbank AG ...... 53,350 1,539,297
Berliner Kraft & Licht Bewag AG
Series A ..................... 1,550 444,648
Bilfinger & Berger Bau AG,
Mannheim ..................... 800 310,712
*#Bremer Vukan Verbund AG ........ 2,750 80,390
CKAG Colonia Konzern AG ........ 215 157,498
#Commerzbank AG ................. 7,825 1,808,889
Continental AG ................. 19,000 278,369
DBV Holding AG ................. 800 268,141
#Daimler-Benz AG ................ 8,250 4,056,583
#Deutsche Bank AG ............... 31,600 1,481,728
Deutsche Hypothekenbank
Frankfurt AG ................. 300 183,483
Deutsche Pfandbrief und
Hypothekenbank AG ............ 6,600 250,864
#Dresdner Bank AG, Frankfurt .... 100,600 2,694,022
GEA AG ......................... 300 108,224
Heidelberger Zement AG,
Heidelberg ................... 800 486,524
#Hoechst AG ..................... 12,600 3,259,281
Holzmann (Philipp) AG .......... 1,000 375,259
Karstadt AG .................... 1,750 690,567
*Koelnische Rueckversicherungs-
Gesellschaft AG .............. 200 140,152
*Koelnische Rueckversicherungs-
Gesellschaft AG Em 95 ......... 100 67,035
Linde AG ....................... 100 58,604
#Man AG, Muenchen ............... 2,950 832,809
*#Metallgesellschaft AG, Frankfurt 17,640 388,275
Preussag AG .................... 3,050 877,270
*Ruetgerswerke AG ............... 467 77,134
Schmalbach-Lubeca AG ........... 780 113,739
#Siemens AG ..................... 11,350 5,926,001
Thuega AG ...................... 557 184,384
*Thyssen AG ..................... 2,450 452,751
*Thyssen Industrie AG, Essen .... 1,950 191,361
#Veba AG ........................ 100,500 4,097,788
Vereins & Westbank AG .......... 807 178,466
Volkswagen AG .................. 6,900 2,236,420
-------------
TOTAL COMMON STOCKS
(Cost $41,855,169) ............ 47,539,425
-------------
INVESTMENT IN CURRENCY -- (0.2%)
*German Marks (Cost $1,093,075) . 1,085,215
-------------
TOTAL -- GERMANY
(Cost $42,948,244) ............ 48,624,640
-------------
19
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
--------- -----------
FRANCE -- (7.2%)
COMMON STOCKS -- (7.1%)
Accor SA ....................... 5,446 $ 662,041
Alcatel Alsthom Cie Generale
d'Electricite SA ............. 41,012 3,420,820
Au Bon Marche SA ............... 2,500 458,877
#Axa SA ......................... 45,079 2,700,219
Bouygues ....................... 4,100 450,712
CPR (Cie Parisienne de
Reescompte) .................. 2,200 170,351
*Cap Gemini Sogeti SA ........... 10,000 298,897
Carnaudmetalbox SA ............. 17,100 752,606
*Centrale du Groupe des
Assurances Nationales SA ..... 13,800 444,313
Chargeurs SA ................... 2,050 444,132
Christian Dior SA .............. 10,800 1,042,086
Ciments Vicat .................. 800 73,821
*Club Mediterranee SA ........... 2,444 197,579
Credit Commercial de France .... 13,133 619,108
Credit Foncier de France ....... 7,200 140,534
Credit National ................ 2,575 175,730
Dassault Aviation SA ........... 2,500 171,615
ECIA (Equipements et Composants
pour l'Industrie Automobile) .. 1,100 125,777
Elf Aquitaine SA ............... 73,784 5,174,502
Eridania Beghin-Say SA ......... 7,200 1,174,243
Financiere de Paribas SA
Series A ..................... 33,020 1,838,124
Groupe Andre SA ................ 1,000 68,205
Labinal SA ..................... 1,000 98,295
Navigation Mixte SA ............ 4,386 659,880
Pechiney International SA ...... 20,150 401,383
Peugeot SA ..................... 13,650 1,766,148
Poliet SA ...................... 6,322 509,818
Rhone-Poulenc SA Series A ...... 87,207 1,868,347
Saint Louis (SLB) .............. 2,100 548,485
Saint-Gobain ................... 22,958 2,648,114
Sanofi SA ...................... 2,365 137,061
*Societe Centrale
d'Investissements ............ 100 28,084
Societe Centrale des Assurances
Generales de France SA ........ 37,100 1,194,493
Societe Generale Paris ......... 23,790 2,806,123
Sommer-Allibert SA ............. 600 157,432
Sophia SA ...................... 800 33,220
Sovac SA ....................... 2,500 305,918
Spie Batignolles ............... 25,760 948,753
Suez SA ........................ 43,704 1,642,078
Thomson CSF .................... 28,456 625,062
Total SA Series B .............. 63,644 3,919,500
UAP SA ......................... 82,000 2,125,256
-------------
TOTAL COMMON STOCKS
(Cost $44,708,916) ............ 43,027,742
-------------
INVESTMENT IN CURRENCY -- (0.1%)
*French Francs (Cost $668,863) .. 665,113
-------------
RIGHTS/WARRANTS -- (0.0%)
*Sophia SA Warrants 03/31/99
(Cost $0) ..................... 400 365
-------------
TOTAL -- FRANCE
(Cost $45,377,779) ............ 43,693,220
-------------
20
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
-------- -----------
SWITZERLAND -- (6.2%)
COMMON STOCKS -- (6.0%)
*Ascom Holding AG, Bern ......... 600 $ 531,743
BBC Brown Boveri AG, Baden ..... 480 552,194
Baer Holding AG, Zuerich ....... 425 494,354
Baloise Holding, Basel ......... 514 1,040,264
Banque Cantonale Vaudoise ...... 1,505 775,905
Bobst SA, Prilly ............... 1,005 1,541,542
CS Holding, Zuerich (Namen) .... 68,000 6,461,015
Forbo Holding AG, Eglisau ...... 3,380 1,316,285
Landis & Gyr AG, Zug ........... 3,100 1,946,911
*Oerlikon-Buehrle Holding AG,
Zuerich ...................... 23,000 1,881,551
Pargesa Holding SA, Geneve ..... 1,785 2,129,528
Rieter Holding AG, Winterthur .. 1,125 309,651
SBV (Schweizerischer Bankverein) 26,450 10,548,445
SBV (Schweizerischer Bankverein)
(Namen) ...................... 500 99,489
SIG (Schweizerische Industrie
Gesellschaft Holding AG),
Neuhausen am Rheinfall ....... 390 747,763
*Saurer AG, Arbon ............... 2,200 764,891
Schindler Holding AG, Hergiswil 170 851,086
Schindler Holding AG, Hergiswil
(Participating) .............. 95 95,526
*Societe International Pirelli
SA, Basel .................... 4,100 447,209
Sulzer AG, Winterthur .......... 6,125 3,392,629
Sulzer AG, Winterthur
(Participating) .............. 175 91,265
*Swissair Schweizerische
Luftverkehr AG, Zuerich ...... 900 638,858
-------------
TOTAL COMMON STOCKS
(Cost $34,602,327) ............ 36,658,104
-------------
INVESTMENT IN CURRENCY -- (0.2%)
*Swiss Francs (Cost $933,640) ... 926,878
-------------
RIGHTS/WARRANTS -- (0.0%)
*Rieter Holding AG, Winterthur
Warrants 03/13/96 (Cost $0) ... 1,125 2,109
-------------
TOTAL -- SWITZERLAND
(Cost $35,535,967) ............ 37,587,091
-------------
NETHERLANDS -- (4.6%)
COMMON STOCKS -- (4.6%)
ABN Amro Holding NV ............ 110,253 4,909,970
Akzo Nobel NV .................. 2,900 327,795
DSM NV ......................... 23,000 1,832,613
Fortis Amev NV ................. 49,358 3,298,662
Gist-Brocades NV ............... 11,396 330,829
Heineken Holding NV Series A ... 800 129,957
Hollandsche Beton Groep NV ..... 2,470 364,321
Internationale Nederlanden Groep
NV ........................... 188,082 12,314,200
KLM Royal Dutch Airlines NV .... 47,800 1,641,557
Nedlloyd Groep NV, Rotterdam ... 17,100 333,762
Oce Van der Grinten NV, Venlo .. 12,300 752,131
Pakhoed NV ..................... 8,100 221,637
Philips Electronics NV ......... 22,900 901,007
Royal Dutch Petroleum Co., Den
Haag ......................... 400 51,464
Stad Rotterdam ................. 22,457 657,481
------------
21
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
-------- -------------
TOTAL COMMON STOCKS
(Cost $20,957,891) ............ $28,067,386
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Netherlands Guilder (Cost
$162,988) ..................... 161,056
-------------
RIGHTS/WARRANTS -- (0.0%)
*Stad Rotterdam Rights 01/12/96
(Cost $0) ..................... 22,457 0
-------------
TOTAL -- NETHERLANDS
(Cost $21,120,879) ............ 28,228,442
-------------
HONG KONG -- (3.8%)
COMMON STOCKS -- (3.7%)
Allied Properties (Hong Kong),
Ltd. .......................... 1,778,000 218,442
#Amoy Properties, Ltd. .......... 1,771,000 1,694,846
CDL Hotels International, Ltd. . 1,189,710 534,658
Century City International
Holdings, Ltd. ............... 1,482,646 333,631
Chinese Estates Holdings, Ltd. . 588,000 395,422
Great Eagle Holdings, Ltd. ..... 334,600 891,401
HKR International, Ltd. ........ 719,200 613,866
Hang Lung Development Co., Ltd. 961,000 1,522,438
Hong Kong & Shanghai Hotels,
Ltd. ......................... 845,000 1,065,470
Hysan Development Co., Ltd. .... 375,000 977,207
Lai Sun Development Co., Ltd. .. 1,940,000 243,362
Lai Sun Garment (International),
Ltd. ......................... 114,000 118,681
Miramar Hotel & Investment Co.,
Ltd. ......................... 175,000 345,134
New World Development Co., Ltd. 1,240,739 5,182,782
*Orient Telecom & Technology
Holdings, Ltd. ............... 1,178,000 365,626
#Paliburg Holdings, Ltd. ........ 712,500 511,397
Realty Development Corp., Ltd.
Series A ..................... 98,000 314,310
#Regal Hotels International
Holdings, Ltd. ................ 2,198,816 486,256
Semi-Tech (Global) Co., Ltd. ... 250,323 385,237
*Sino Hotels (Holdings), Ltd. ... 494,230 111,853
#Sino Land Co., Ltd. ............ 1,797,200 1,406,151
Stelux Holdings International,
Ltd. ......................... 601,552 154,035
Tsim Sha Tsui Properties, Ltd. . 294,000 226,227
#Wharf Holdings, Ltd. ........... 986,000 3,296,230
Wheelock and Co., Ltd. ......... 750,000 1,246,363
-------------
TOTAL COMMON STOCKS
(Cost $23,519,121) ............ 22,641,025
-------------
INVESTMENT IN CURRENCY -- (0.1%)
*Hong Kong Dollars
(Cost $435,240) ............... 435,348
-------------
RIGHTS/WARRANTS -- (0.0%)
*Century City International
Holdings, Ltd. Warrants
12/31/95 (Cost $0) ........... 4,512 6
*HKR International, Ltd. Warrants
06/23/00 ..................... 143,840 46,970
*Paliburg Holdings, Ltd. Warrants
12/31/98 ..................... 88,254 7,989
-------------
TOTAL RIGHTS/WARRANTS
(Cost $0) ..................... 54,965
-------------
22
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Face
Amount
(000) Value+
-------------
BONDS -- (0.0%)
*HKR International, Ltd. 6.00%
06/26/00 (Cost $219,959) ...... 19 $ 204,477
-------------
TOTAL -- HONG KONG
(Cost $24,174,320) ............ 23,335,815
-------------
Shares
---------
AUSTRALIA -- (3.1%)
COMMON STOCKS -- (3.1%)
Australia and New Zealand
Banking Group, Ltd. .......... 504,800 2,249,504
*Australian National Industries,
Ltd. ......................... 257,700 206,707
Boral, Ltd. .................... 361,000 855,291
Burns, Philp & Co., Ltd. ....... 181,614 403,308
CSR, Ltd. ...................... 312,712 1,001,009
*Caltex Australia, Ltd. ......... 46,600 162,667
#Commonwealth Bank of Australia . 190,926 1,486,081
Fosters Brewing Group, Ltd. .... 554,940 910,866
Goodman Fielder, Ltd. .......... 463,713 464,943
Hardie (James) Industries, Ltd. 105,756 174,371
MIM Holdings, Ltd. ............. 626,394 851,363
#National Australia Bank, Ltd ... 316,995 2,763,992
News Corp., Ltd. ............... 550,820 2,888,221
Pasminco, Ltd. ................. 75,500 86,354
Pioneer International, Ltd. .... 190,000 485,432
QCT Resources, Ltd. ............ 123,832 147,153
Renison Goldfields Consolidated,
Ltd. ......................... 37,548 172,900
Santos, Ltd. ................... 208,125 550,289
Southcorp Holdings, Ltd. ....... 158,708 352,441
Westpac Banking Corp. .......... 706,810 2,929,228
-------------
TOTAL COMMON STOCKS
(Cost $17,302,875) ............ 19,142,120
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Australian Dollar (Cost $46,660) 45,904
-------------
TOTAL -- AUSTRALIA
(Cost $17,349,535) ............ 19,188,024
-------------
ITALY -- (2.9%)
COMMON STOCKS -- (2.5%)
#Banca Commerciale Italiana SpA . 1,034,000 1,965,829
*Banca Nazionale dell'Agricoltura
SpA .......................... 75,000 46,811
*Banca Toscana .................. 302,500 522,139
*#Banca di Roma .................. 2,196,000 1,972,144
#Banco Ambrosiano Veneto SpA .... 349,000 862,133
*#Banco di Napoli ................ 335,000 155,034
*#CIR SpA (Cie Industriale
Riunite), Torino ............ 885,000 525,244
Cartiere Burgo SpA ............. 40,000 195,622
#Credito Italiano ............... 1,770,000 1,823,133
*FERFIN (Ferruzzi Finanziaria
SpA) ......................... 30,935 19,888
Fiat SpA ....................... 207,000 625,272
#Fidis SpA ...................... 216,500 358,125
23
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
--------- -----------
*#Gemina SpA, Milano ............. 1,094,000 $ 431,716
#Italcementi Fabbriche Riunite
Cemento SpA, Bergamo ......... 157,000 845,385
Italmobiliare SpA, Milano ...... 14,330 184,166
*La Fondiara Assicurazioni SpA .. 79,800 326,386
Magneti Marelli SpA ............ 50,000 61,757
*Milano Assicurazioni SpA ....... 49,520 161,041
*#Olivetti (Ing C & C) SpA, Ivrea 1,617,000 1,071,932
*#Pirelli SpA .................... 447,000 543,724
*Telecom Italia SpA ............. 1,150,000 1,564,259
#Toro Assicurazioni Cia Anonima
d'Assicurazione di Torino SpA 39,000 534,146
Unipol SpA ..................... 37,870 241,572
-------------
TOTAL COMMON STOCKS
(Cost $18,098,783) ............ 15,037,458
-------------
INVESTMENT IN CURRENCY -- (0.4%)
*Italian Lira (Cost $2,391,883) . 2,400,444
-------------
RIGHTS/WARRANTS -- (0.0%)
*Olivetti (Ing C & C) SpA Rights
12/15/95 (Cost $0) ............ 1,617,000 92,530
-------------
TOTAL -- ITALY (Cost $20,490,666) 17,530,432
-------------
SWEDEN -- (2.4%)
COMMON STOCKS -- (2.4%)
Celsius Industrier AB Series B . 2,400 49,503
Electrolux AB Series B ......... 8,900 382,788
Gullspangs Kraft AB Series B ... 6,200 87,624
Industrie AB Euroc, Malmoe
Series A ..................... 3,000 79,297
Kinnevik Industrifoervaltnings
AB Series B .................. 3,500 99,465
Marieberg Tidnings AB Series A . 9,400 224,049
Mo Och Domsjoe AB Series B ..... 3,500 175,401
NCC AB Series B ................ 31,000 355,233
SSAB Swedish Steel Series A .... 59,400 594,454
Skandinaviska Enskilda Banken
Series A ..................... 333,700 2,600,260
Stora Kopparbergs Bergslags AB
Series A ...................... 166,500 2,098,739
Svenka Cellulosa AB Series B ... 122,100 2,070,756
Svenska Handelsbanken Series A . 144,500 2,925,325
Svenska Kullagerfabriken AB
Series B ..................... 9,100 184,225
Sydkraft AB Series C ........... 8,800 146,555
Trelleborg AB Series B ......... 64,900 733,782
*Trygg-Hansa AB Series B ........ 36,900 583,522
Volvo AB Series B .............. 55,000 1,142,857
-------------
TOTAL -- SWEDEN
(Cost $12,468,638) ............ 14,533,835
-------------
SPAIN -- (2.2%)
COMMON STOCKS -- (2.1%)
Autopistas del Mare Nostrum SA . 13,300 170,707
Banco Central Hispanoamericano
SA ........................... 69,600 1,427,620
Dragados y Construcciones SA ... 23,000 299,878
Fabricacion de Automoviles
Renault de Espana SA ......... 9,146 132,992
Fuerzas Electricas de Cataluna
SA Series A .................. 88,700 577,883
GESA (Gas y Electricidad SA) ... 4,100 210,496
Iberdrola SA ................... 385,700 3,274,220
Sevillana de Electricidad ...... 125,100 888,200
Telefonica de Espana SA ........ 370,400 5,115,190
Union Electrica Fenosa SA ...... 122,200 663,116
Vallehermoso SA ................ 17,200 304,598
-------------
TOTAL COMMON STOCKS
(Cost $11,389,708) ............ 13,064,900
-------------
INVESTMENT IN CURRENCY -- (0.1%)
*Spanish Peseta (Cost $368,619) . 364,429
-------------
TOTAL -- SPAIN (Cost $11,758,327) 13,429,329
-------------
24
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Shares Value+
---------- ------------
SINGAPORE -- (1.4%)
COMMON STOCKS -- (1.4%)
Far East Levingston
Shipbuilding, Ltd. ........... 30,000 $ 126,731
Hotel Properties, Ltd. ......... 333,000 491,757
Industrial & Commercial Bank,
Ltd............................ 13,000 46,148
Marco Polo Developments, Ltd. .. 265,000 361,235
Natsteel, Ltd. ................. 183,000 376,784
Neptune Orient Lines, Ltd. ..... 593,000 623,103
Shangri-La Hotel, Ltd. ......... 123,000 417,423
Singapore Land, Ltd. ........... 298,000 1,787,788
Straits Steamship Land, Ltd. ... 359,000 1,136,770
Straits Trading Co., Ltd. ...... 243,000 548,626
United Industrial Corp., Ltd. .. 1,368,000 1,184,920
#United Overseas Land, Ltd. ..... 458,000 884,459
Wing Tai Holdings, Ltd. ........ 96,000 186,070
-------------
TOTAL COMMON STOCKS
(Cost $8,029,110) ............. 8,171,814
-------------
INVESTMENT IN CURRENCY -- (0.0%)
*Singapore Dollars (Cost
$124,854) ..................... 125,292
-------------
TOTAL -- SINGAPORE
(Cost $8,153,964) ............. 8,297,106
-------------
BELGIUM -- (1.2%)
COMMON STOCKS -- (1.2%)
#Banque Bruxelles Lambert ....... 4,900 815,980
Banque Bruxelles Lambert
(Precompte Reduit) ........... 128 21,294
CMB (Cie Martime Belge) ........ 2,300 160,168
Electrafina SA ................. 6,600 621,699
Generale de Banque SA .......... 2,600 874,685
Gevaert Photo-Producten NV ..... 2,700 158,503
Glaverbel SA ................... 922 101,428
*Glaverbel SA VVPR .............. 22 3
Groupe Bruxelles Lambert SA,
Bruxelles .................... 5,200 667,384
Nationale a Portefeuille ....... 3,800 227,553
Powerfin SA .................... 6,200 739,411
Societe Generale de Belgique SA 19,080 1,418,563
Sofina SA ...................... 500 239,277
Solvay SA ...................... 2,200 1,119,428
*Union Miniere SA ............... 5,400 334,264
-------------
TOTAL COMMON STOCKS
(Cost $6,691,331) ............. 7,499,640
-------------
25
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
Face
Amount Value+
--------- --------------
(000)
<S> <C> <C>
INVESTMENT IN CURRENCY -- (0.0%)
*Belgian Francs (Cost $101,969) ......................................................... $ 99,120
--------------
TOTAL -- BELGIUM
(Cost $6,793,300) ....................................................................... 7,598,760
--------------
TEMPORARY CASH INVESTMENTS -- (2.0%) .....................................................
Repurchase Agreement, PNC Securities Corp. 5.65%, 12/01/95 (Collateralized by U.S.
Treasury Notes, 6.125%, 05/31/97) (Cost $12,185,000) ................................... $12,185 12,185,000
--------------
TOTAL INVESTMENTS -- (102.6%) (Cost $604,001,197) ........................................ 625,269,601
--------------
OTHER ASSETS AND LIABILITIES -- (-2.6%) ..................................................
Other Assets ............................................................................ 3,188,712
Liabilities ............................................................................. (19,071,981)
--------------
(15,883,269)
--------------
NET ASSETS -- (100.0%) Applicable to 57,777,272 Outstanding $.01 Par Value Shares
(Unlimited Number of Shares Authorized) ................................................. $609,386,332
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE ................................. $ 10.55
==============
</TABLE>
- ------
+See Note B to Financial Statements.
*Non-Income Producing Securities
#Securities on Loan
@Denominated in Local Currency
See accompanying Notes to Financial Statements
26
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 1995
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
<S> <C>
Investment Income
Dividends (Net of Foreign Taxes Withheld of $1,193) .................... $11,164
Interest ............................................................... 623
Income from Securities Lending ......................................... 240
---------
Total Investment Income ............................................... 12,027
---------
Expenses
Investment Advisory Services ........................................... 937
Accounting & Transfer Agent Fees ....................................... 473
Custodian's Fee ........................................................ 386
Legal Fees ............................................................. 39
Audit Fees ............................................................. 29
Shareholders' Reports .................................................. 21
Trustees' Fees and Expenses ............................................ 7
Other .................................................................. 101
---------
Total Expenses ........................................................ 1,993
---------
Net Investment Income .................................................. 10,034
---------
Net Realized and Unrealized Gain (Loss) on Investments and Foreign
Currency
Net Realized Gain on Investment Securities ............................. 5,849
Net Realized Loss on Foreign Currency Transactions ..................... (10)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency ............................. 17,388
Translation of Foreign Currency Denominated Amounts .................... (27)
---------
Net Gain on Investment Securities and Foreign Currency ................. 23,200
---------
Net Increase in Net Assets Resulting from Operations ..................... $33,234
=========
</TABLE>
See accompanying Notes to Financial Statements
27
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
Year Ended Feb. 15 to
Nov. 30, Nov. 30,
1995 1994
------------ ------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ........................................ $ 10,034 $ 3,478
Net Realized Gain on Investment Securities ................... 5,849 465
Net Realized Loss on Foreign Currency Transactions ........... (10) (279)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency ................... 17,388 (5,057)
Translation of Foreign Currency Denominated Amounts .......... (27) 44
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from
Operations ................................................ 33,234 (1,349)
------------ ------------
Distributions From:
Net Investment Income ........................................ (9,950) (3,176)
Net Realized Gains ........................................... (1,200) (480)
------------ ------------
Total Distributions ....................................... (11,150) (3,656)
------------ ------------
Capital Share Transactions (1):
Shares Issued ................................................ 315,270 355,615
Shares Issued in Lieu of Cash Distributions .................. 11,150 3,656
Shares Redeemed .............................................. (87,499) (5,885)
------------ ------------
Net Increase From Capital Share Transactions .............. 238,921 353,386
------------ ------------
Total Increase ............................................ 261,005 348,381
Net Assets
Beginning of Period .......................................... 348,381 --
------------ ------------
End of Period ................................................ $609,386 $348,381
============ ============
(1) Shares Issued and Redeemed:
Shares Issued ................................................ 30,947 34,842
Shares Issued in Lieu of Cash Distributions .................. 1,069 355
Shares Redeemed .............................................. (8,862) (574)
------------ ------------
23,154 34,623
============ ============
</TABLE>
See accompanying Notes to Financial Statements
28
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGH EACH PERIOD)
<TABLE>
<CAPTION>
Year Ended Feb. 15 to
Nov. 30, Nov. 30,
1995 1994
------------ ------------
<S> <C> <C>
Net Asset Value, Beginning of Period .................... $10.06 $10.00
------------ ------------
Income from Investment Operations
- ---------------------------------
Net Investment Income ................................. 0.20 0.13
Net Gains (Losses) on Securities (Realized and
Unrealized) ........................................ 0.52 0.07
------------ ------------
Total from Investment Operations ...................... 0.72 0.20
------------ ------------
Less Distributions
- ------------------
Net Investment Income ................................. (0.21) (0.13)
Net Realized Gains .................................... (0.02) (0.01)
------------ ------------
Total Distributions ................................... (0.23) (0.14)
------------ ------------
Net Asset Value, End of Period .......................... $10.55 $10.06
============ ============
Total Return ............................................ 7.20% 1.99%#
Net Assets, End of Period (thousands) ................... $609,386 $348,381
Ratio of Expenses to Average Net Assets ................. 0.42% 0.45%*(a)
Ratio of Net Investment Income to Average Net Assets .... 2.14% 1.84%*(a)
Portfolio Turnover Rate ................................. 9.75% 1.90%*
</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 0.48%,
and the ratio of net investment income to average net assets for the
period ended November 30, 1994 would have been 1.81%.
See accompanying Notes to Financial Statements
29
<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, 1995, The Trust consisted of seven investment portfolios: The U.S.
6-10 Small Company Series, The U.S. Large Company Series, The U.S. Small Cap
Value Series, The U.S. Large Cap Value Series, The DFA One-Year Fixed Income
Series, The DFA International Value Series and The Emerging Markets Series.
These financial statements relate solely to The DFA International Value Series
(the "Series").
In February 1994, The DFA International High Book to Market Portfolio of DFA
Investment Dimensions Group Inc. (the "Fund"), transferred its investable assets
for shares with equal values of a corresponding Series of the Trust (the
"Exchange"). The DFA International Value Portfolio 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 November 30, 1995.
5. Other: Security transactions are accounted for on the date the securities
are purchased or sold. Costs used in determining realized gains and losses on
the sale of investment securities are those of specific securities sold.
Dividend income and distributions to shareholders are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis. Discount and
premium on securities purchased are amortized over the lives of the respective
securities. Expenses directly attribute to a Series are directly charged. Common
expenses are allocated using methods determined by the Board of Directors.
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. (the "Advisor") provides investment
advisory services to the Series. For the year ended November 30, 1995, the
Series' advisory fees were computed daily and paid monthly to the Advisor
based on an effective annual rate of 0.20 of 1%.
30
<PAGE>
The Advisor has agreed to waive its advisory fees on The Series to the extent
necessary to keep the cumulative annual expenses to not more than 0.45% of
average daily net assets.
Certain officers of the Series are also officers, directors and shareholders
of the Advisor.
Beginning December 1, 1994, The DFA International Value Series began to
reimburse the Advisor for previously waived fees. For the year ended November
30, 1995, this reimbursement to the Advisor amounted to $52,864. No additional
previously waived fees are subject to future reimbursement as of November 30,
1995.
D. PURCHASES AND SALES OF SECURITIES:
For the year ended November 30, 1995, the Series made the following purchases
and sales of investment securities (amounts in thousands):
Purchases ......................................... $279,910
Sales ........................................... 44,853
E. INVESTMENT TRANSACTIONS:
At November 30, 1995, gross unrealized appreciation and depreciation for
financial reporting and federal income tax purposes of investment securities
and foreign currencies was as follows (amounts in thousands):
Gross Unrealized Appreciation ...................... $ 53,477
Gross Unrealized Depreciation .................... (32,209)
----------
Net ............................................. $ 21,268
==========
F. COMPONENTS OF NET ASSETS:
At November 30, 1995, net assets consisted of (amounts in thousands):
<TABLE>
<CAPTION>
<S> <C>
Paid-In Capital .............................................................. $583,370
Undistributed Net Investment Income .......................................... 107
Undistributed Net Realized Gain .............................................. 4,634
Accumulated Net Realized Foreign Exchange Loss ............................... (10)
Unrealized Appreciation of Investment Securities and Foreign Currency ......... 21,268
Unrealized Net Foreign Exchange Gain ......................................... 17
--------
$609,386
========
</TABLE>
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. The market value of securities on loan to brokers from
the Series is $64,353,529 and the related collateral cash indemnification
received is $69,809,548 at November 30, 1995.
31
<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, 1995, and the related statement of operations for the year then ended and
the statements of changes in net assets and financial highlights for each of
the two years in the period then ended. 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 audits.
We conducted our audits 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, 1995, 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
audits provide 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, 1995, and the results of its operations for the year then ended
and the changes in its net assets and its financial highlights for each of
the two years in the period then ended, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 19, 1996
32
