<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
ANNUAL REPORT
PERIOD ENDING NOVEMBER 30, 1999
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
ANNUAL REPORT
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
<S> <C>
Schedule of Investments.............................................. 1
Statement of Assets and Liabilities.................................. 2
Statement of Operations............................................ 3
Statement of Changes in Net Assets................................... 4
Financial Highlights................................................. 5
THE U.S. LARGE CAP VALUE SERIES/THE DFA INTERNATIONAL VALUE SERIES
Performance Charts................................................... 6
Schedules of Investments............................................. 7-15
Statements of Assets and Liabilities................................. 16
Statement of Operations.............................................. 17
Statements of Changes in Net Assets.................................. 18
Financial Highlights................................................. 19
Notes to Financial Statements........................................ 20-23
Report of Independent Accountants
Global Value Series.................................................. 24
The U.S. Large Cap Value Series/The DFA International Value Series... 25
</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>
THE DFA INVESTMENT TRUST COMPANY
SCHEDULE OF INVESTMENTS
THE GLOBAL VALUE SERIES
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
INVESTMENT IN THE U.S. LARGE CAP VALUE SERIES
OF THE DFA INVESTMENT TRUST COMPANY.................................... 25,834 $459,595
INVESTMENT IN THE DFA INTERNATIONAL VALUE SERIES
OF THE DFA INVESTMENT TRUST COMPANY.................................... 34,711 457,490
-------
Total Investments (100%) (Cost $948,526) ++............... $917,085
--------
--------
</TABLE>
- ----------------------------
+ See Note B to Financial Statements.
++ Approximates cost for federal income tax purposes.
1
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments at Value................................. $ 917
Cash ................................................ 3
Receivable from Advisor................................. 7
------
Total Assets................................... 927
------
LIABILITIES:
Accrued Expenses and Other Liabilities.................. 10
------
Total Liabilities............................. 10
------
NET ASSETS.............................................. $ 917
------
------
SHARES OUTSTANDING $.01 PAR VALUE
(Unlimited Number of Shares Authorized)......... 94,819
------
------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE.......................................... $ 9.67
------
------
Investments at Cost..................................... $ 949
------
------
</TABLE>
See accompanying Notes to Financial Statements.
2
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
STATEMENT OF OPERATIONS
FOR THE PERIOD AUGUST 27, 1999
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C>
Income Distributions Received from the DFA Investment
Trust Company...................... $ 6
------
EXPENSES
Shareholders' Reports...................................... 10
Other...................................................... 1
------
Total Expenses................................... 11
------
Expenses Waived or Reimbursed.............................. (10)
------
Net Expenses............................................... 1
------
NET INVESTMENT INCOME........................................... 5
------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Change in Unrealized Appreciation (Depreciation) of
Investment Securities...................................... (31)
------
NET LOSS ON INVESTMENT SECURITIES.......................... (31)
------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $ (26)
------
------
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD AUGUST 27, 1999
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS
<S> <C>
Operations:
Net Investment Income................................... $ 5
Change in Unrealized Appreciation (Depreciation) of
Investment Securities....................... (31)
------
Net Decrease in Net Assets Resulting from Operations..... (26)
------
Distributions From:
Net Investment Income............................. -
Net Realized Gains................................ -
------
Total Distributions............................... -
------
Capital Share Transactions (1):
Shares Issued........................................... 943
Shares Redeemed......................................... -
------
Net Increase from Capital Share Transactions..... 943
------
Total Increase.................................... 917
NET ASSETS
Beginning of Period..................................... -
------
End of Period........................................... $917
------
------
(1) SHARES ISSUED AND REDEEMED:
Shares Issued........................................... 95
Shares Redeemed......................................... -
------
95
------
------
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
FINANCIAL HIGHLIGHTS
FOR THE PERIOD AUGUST 27, 1999
(COMMENCEMENT OF OPERATIONS)
TO NOVEMBER 30, 1999
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
<S> <C>
Net Asset Value, Beginning of Period....................................... $10.00
------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income . .............................................. 0.06
Net Loss on Securities
(Realized and Unrealized)............................................ (0.39)
------
Total from Investment Operations.............................. (0.33)
------
LESS DISTRIBUTIONS
Net Investment Income................................................. -
Net Realized Gains.................................................... -
------
Total Distributions........................................... -
------
Net Asset Value, End of Period............................................. $9.67
------
------
Total Return............................................................... (3.30%)#
--------
Net Assets, End of Period (thousands)..................................... $917
Ratio of Expenses to Average Net Assets(1)................................. 0.50%*(a)
Ratio of Expenses to Average Net Assets
(excluding waivers and assumption of expenses) (1) 5.22%*(a)
Ratio of Net Investment Income to Average
Net Assets........................................................... 2.62%*(a)
Ratio of Net Investment Income to Average Net Assets
(excluding waivers and assumption of expenses) (2.32%)*(a)
Portfolio Turnover Rate.................................................... N/A
</TABLE>
* Annualized
# Non-annualized
(a) Because of commencement of operations and related preliminary
transaction costs, these ratios are not necessarily indicative of
future ratios.
(1) Represents the combined ratio for The Global Value Series and its
respective pro-rata share of its Master Fund Series.
N/A Refer to the Master Fund Series
See accompanying Notes to Financial Statements.
5
<PAGE>
DFA INVESTMENT TRUST COMPANY
PERFORMANCE CHARTS
- --------------------------------------------------------------------------------
U.S. LARGE CAP VALUE SERIES VS.
RUSSELL 1000 VALUE INDEX
APRIL 1993-NOVEMBER 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GROWTH OF $10,000 U.S. LARGE CAP VALUE SERIES RUSSELL 1000 VALUE INDEX
<S> <C> <C>
$10,000 $10,000
Apr-93 $9,971 $9,872
May-93 $10,079 $10,070
Jun-93 $10,293 $10,292
Jul-93 $10,440 $10,407
Aug-93 $10,693 $10,783
Sep-93 $10,507 $10,800
Oct-93 $10,634 $10,793
Nov-93 $10,535 $10,570
Dec-93 $10,788 $10,771
Jan-94 $11,098 $11,178
Feb-94 $10,598 $10,796
Mar-94 $10,169 $10,394
Apr-94 $10,329 $10,594
May-94 $10,259 $10,716
Jun-94 $10,045 $10,460
Jul-94 $10,490 $10,785
Aug-94 $10,793 $11,095
Sep-94 $10,478 $10,726
Oct-94 $10,683 $10,875
Nov-94 $10,204 $10,436
Dec-94 $10,327 $10,556
Jan-95 $10,565 $10,881
Feb-95 $11,163 $11,311
Mar-95 $11,334 $11,559
Apr-95 $11,749 $11,924
May-95 $12,361 $12,426
Jun-95 $12,631 $12,595
Jul-95 $13,185 $13,033
Aug-95 $13,582 $13,217
Sep-95 $14,051 $13,695
Oct-95 $13,474 $13,560
Nov-95 $14,211 $14,247
Dec-95 $14,313 $14,605
Jan-96 $14,720 $15,060
Feb-96 $14,939 $15,175
Mar-96 $15,459 $15,433
Apr-96 $15,712 $15,492
May-96 $15,978 $15,685
Jun-96 $15,513 $15,698
Jul-96 $14,824 $15,104
Aug-96 $15,413 $15,536
Sep-96 $15,721 $16,155
Oct-96 $16,235 $16,780
Nov-96 $17,406 $17,996
Dec-96 $17,235 $17,766
Jan-97 $17,852 $18,628
Feb-97 $18,207 $18,902
Mar-97 $17,374 $18,221
Apr-97 $17,945 $18,986
May-97 $19,338 $20,048
Jun-97 $19,933 $20,908
Jul-97 $21,931 $22,480
Aug-97 $21,608 $21,680
Sep-97 $22,747 $22,989
Oct-97 $21,582 $22,348
Nov-97 $21,811 $23,336
Dec-97 $22,116 $24,017
Jan-98 $22,411 $23,678
Feb-98 $24,369 $25,272
Mar-98 $25,736 $26,819
Apr-98 $25,878 $26,998
May-98 $25,661 $26,599
Jun-98 $25,599 $26,939
Jul-98 $24,711 $26,465
Aug-98 $20,213 $22,527
Sep-98 $21,238 $23,820
Oct-98 $22,973 $25,666
Nov-98 $24,411 $26,862
Dec-98 $24,817 $27,775
Jan-99 $25,298 $27,998
Feb-99 $24,648 $27,603
Mar-99 $25,444 $28,174
Apr-99 $28,151 $30,806
May-99 $28,123 $30,467
Jun-99 $28,593 $31,350
Jul-99 $27,409 $30,432
Aug-99 $26,425 $29,303
Sep-99 $25,006 $28,280
Oct-99 $25,964 $29,909
Nov-99 $25,541 $29,676
</TABLE>
<TABLE>
<CAPTION>
ANNUALIZED ONE FIVE FROM
TOTAL RETURN (%) YEAR YEARS APRIL 1993
-----------------------------------------------------------------
<S> <C> <C> <C>
4.63 20.14 15.10
</TABLE>
- - THE SERIES SEEKS TO CAPTURE RETURN PREMIUMS ASSOCIATED WITH HIGH
BOOK-TO-MARKET RATIOS AND MARKET CAPITALIZATION BY INVESTING IN U.S. LARGE
COMPANIES ON A MARKET CAP-WEIGHTED BASIS. THE SERIES INVESTS IN COMPANIES THAT
HAVE AVERAGE WEIGHTED MARKETS CAPS OF APPROXIMATELY $12 BILLION AND
BOOK-TO-MARKET RATIOS IN THE UPPER 30% OF PUBLICLY TRADED U.S. COMPANIES.
- - THE SERIES' RETURNS IN FISCAL 1999 REFLECTED THE PERFORMANCE OF LARGE CAP HIGH
BOOK-TO-MARKET U.S. COMPANIES.
Past performance is not predictive of future performance.
Russell 1000 Value Index is courtesy of Russell Analytic Services.
- --------------------------------------------------------------------------------
DFA INTERNATIONAL VALUE SERIES VS.
MSCI EAFE INDEX (NET DIVIDENDS)
MARCH 1994-NOVEMBER 1999
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GROWTH OF $10,000 DFA INTERNATIONAL VALUE SERIES MSCI EAFE INDEX (NET DIVIDENDS)
<S> <C> <C>
$10,000 $10,000
Mar-94 $9,733 $9,569
Apr-94 $10,060 $9,975
May-94 $10,119 $9,918
Jun-94 $10,239 $10,058
Jul-94 $10,438 $10,155
Aug-94 $10,598 $10,396
Sep-94 $10,228 $10,068
Oct-94 $10,658 $10,404
Nov-94 $10,099 $9,903
Dec-94 $10,159 $9,966
Jan-95 $9,757 $9,583
Feb-95 $9,736 $9,556
Mar-95 $10,312 $10,152
Apr-95 $10,633 $10,533
May-95 $10,573 $10,408
Jun-95 $10,463 $10,225
Jul-95 $11,052 $10,862
Aug-95 $10,676 $10,448
Sep-95 $10,740 $10,652
Oct-95 $10,536 $10,365
Nov-95 $10,826 $10,653
Dec-95 $11,351 $11,083
Jan-96 $11,464 $11,128
Feb-96 $11,537 $11,166
Mar-96 $11,698 $11,404
Apr-96 $12,154 $11,736
May-96 $12,040 $11,520
Jun-96 $12,083 $11,584
Jul-96 $11,760 $11,246
Aug-96 $11,811 $11,271
Sep-96 $12,019 $11,570
Oct-96 $11,904 $11,452
Nov-96 $12,434 $11,908
Dec-96 $12,271 $11,755
Jan-97 $11,861 $11,343
Feb-97 $11,969 $11,529
Mar-97 $12,013 $11,571
Apr-97 $11,948 $11,632
May-97 $12,855 $12,389
Jun-97 $13,413 $13,072
Jul-97 $13,598 $13,284
Aug-97 $12,706 $12,291
Sep-97 $13,174 $12,980
Oct-97 $12,483 $11,983
Nov-97 $11,955 $11,861
Dec-97 $11,907 $11,964
Jan-98 $12,627 $12,511
Feb-98 $13,456 $13,314
Mar-98 $14,051 $13,724
Apr-98 $14,095 $13,832
May-98 $14,227 $13,764
Jun-98 $14,089 $13,869
Jul-98 $14,245 $14,009
Aug-98 $12,382 $12,273
Sep-98 $11,716 $11,898
Oct-98 $12,883 $13,138
Nov-98 $13,448 $13,810
Dec-98 $13,711 $14,356
Jan-99 $13,439 $14,313
Feb-99 $13,099 $13,972
Mar-99 $13,906 $14,555
Apr-99 $14,732 $15,144
May-99 $13,985 $14,364
Jun-99 $14,616 $14,924
Jul-99 $15,144 $15,368
Aug-99 $15,292 $15,425
Sep-99 $15,347 $15,580
Oct-99 $15,278 $16,157
Nov-99 $15,231 $16,717
</TABLE>
<TABLE>
<CAPTION>
ANNUALIZED ONE FIVE FROM
TOTAL RETURN (%) YEAR YEARS MARCH 1994
--------------------------------------------------------------
<S> <C> <C> <C>
13.25 8.56 7.59
</TABLE>
- - THE SERIES INVESTS IN COMPANIES WITH MARKET CAPITALIZATION OF AT LEAST
$800 MILLION AND BOOK-TO-MARKET RATIOS IN THE UPPER 30% OF LARGE PUBLICLY
TRADED NON-U.S. COMPANIES. COUNTRY WEIGHTINGS REFLECT THE MSCI EAFE INDEX
MARKET CAPITALIZATION WEIGHT, WITH JAPAN LIMITED TO 38%.
- - THE SERIES' RETURNS IN FISCAL 1999 REFLECTED THE PERFORMANCE OF LARGE,
NON-U.S. COMPANIES WITH HIGH BOOK-TO-MARKET RATIOS.
Past performance is not predictive of future performance.
MSCI EAFE Index (net dividends) courtesy of Morgan Stanley Capital International
Index.
- --------------------------------------------------------------------------------
6
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE U.S. LARGE CAP VALUE SERIES
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
COMMON STOCKS -- (99.8%)
AK Steel Holding Corp................................. 182,000 $ 3,014,375
*AMR Corp............................................. 565,000 34,394,375
*Advanced Micro Devices, Inc.......................... 485,900 13,726,675
Aegon NV.............................................. 151,614 13,664,212
Aetna, Inc............................................ 544,726 29,755,658
Airborne Freight Corp................................. 139,000 3,223,062
*Airgas, Inc.......................................... 28,800 280,800
*Alaska Air Group, Inc................................ 111,200 4,225,600
Albemarle Corp........................................ 102,100 1,978,187
Alexander & Baldwin, Inc.............................. 164,000 3,741,250
*Allegheny Corp....................................... 16,822 3,229,824
Alliant Energy Corp................................... 217,700 5,891,506
Allmerica Financial Corp.............................. 80,600 4,448,112
*Allstate Corp........................................ 309,400 8,102,412
Ambac, Inc............................................ 140,300 7,646,350
Amerada Hess Corp..................................... 115,100 6,668,606
*America West Holdings Corp. Class B.................. 108,800 2,196,400
American Annuity Group, Inc........................... 37,600 606,300
American Financial Group, Inc......................... 178,100 4,797,569
American Greetings Corp. Class A...................... 170,200 4,010,337
American National Insurance Co........................ 38,900 2,594,144
Amerus Life Holdings, Inc. Class A.................... 45,600 1,074,450
Apache Corp........................................... 19,700 705,506
Archer-Daniels Midland Co............................. 1,958,076 24,353,570
*Arrow Electronics, Inc............................... 437,600 10,010,100
Ashland, Inc.......................................... 198,500 6,699,375
*AutoNation, Inc...................................... 2,068,600 19,263,837
*Avnet, Inc........................................... 115,600 6,350,775
*BJ Services, Co...................................... 96,900 3,379,387
Bancwest Corp......................................... 108,900 4,798,406
Bear Stearns Companies, Inc........................... 376,170 15,352,438
Belo (A.H.) Corp. Class A............................. 306,800 5,522,400
*Bethlehem Steel Corp................................. 444,400 2,777,500
Black & Decker Corp................................... 28,800 1,292,400
Block Drug Co., Inc. Class A.......................... 1,127 32,983
Boise Cascade Corp.................................... 172,100 5,958,962
*Borders Group, Inc................................... 22,700 351,850
Borg Warner Automotive, Inc........................... 74,400 3,013,200
Bowater, Inc.......................................... 158,200 7,751,800
Brunswick Corp........................................ 273,500 5,965,719
Burlington Northern Santa Fe Corp..................... 1,833,200 53,162,800
*CBRL Group, Inc...................................... 270,000 2,986,875
CIGNA Corp............................................ 5,124 421,449
*CNA Financial Corp................................... 562,900 21,953,100
CSX Corp.............................................. 672,700 23,922,894
Capital Re Corp....................................... 26,600 365,750
Centex Corp........................................... 222,500 5,284,375
Champion International Corp........................... 293,700 16,281,994
Chesapeake Corp....................................... 15,100 482,256
*Chris-Craft Industries, Inc.......................... 74,072 5,138,745
Cincinnati Financial Corp............................. 470,280 15,651,506
*Coca-Cola Enterprises, Inc........................... 258,200 5,470,612
Commerce Group, Inc................................... 93,100 2,595,162
Conseco, Inc.......................................... 1,006,800 20,387,700
Consolidated Papers, Inc.............................. 196,100 5,735,925
*Consolidated Stores Corp............................. 166,900 2,628,675
Cooper Tire & Rubber Co............................... 221,400 3,321,000
Corn Products International, Inc...................... 116,200 3,645,775
Countrywide Credit Industries, Inc.................... 346,200 9,736,875
Crown Cork & Seal Co., Inc............................ 393,100 8,009,412
Cummins Engine Co., Inc............................... 125,500 5,082,750
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Dana Corp............................................ 82,800 2,297,700
Delphi Automotive Systems Corp........................ 1,096,830 17,275,072
*Delta Air Lines, Inc................................. 284,500 14,011,625
Dillards, Inc. Class A................................ 329,700 6,223,087
ENSCO International, Inc.............................. 354,600 7,114,162
EOG Resources, Inc.................................... 217,800 4,029,300
Earthgrains Co........................................ 114,700 2,078,937
*Eastman Chemical Co.................................. 67,700 2,631,837
Enhance Financial Services Group, Inc................. 116,400 1,993,350
Everest Reinsurance Holdings, Inc..................... 211,300 5,018,375
*Extended Stay America, Inc........................... 355,300 2,731,369
*FMC Corp............................................. 1,000 48,500
*Federal-Mogul Corp................................... 353,100 7,878,544
*Federated Department Stores, Inc..................... 649,600 30,571,800
Financial Security Assurance Holdings, Ltd............ 41,800 2,207,562
First American Financial Corp......................... 112,300 1,445,862
First Citizens Bancshares, Inc. NC.................... 10,300 749,325
Florida East Coast Industries, Inc.................... 62,500 2,546,875
*Ford Motor Co........................................ 2,120,900 107,105,450
Fortune Brands, Inc................................... 574,000 19,623,625
Fruit of The Loom, Inc. Class A....................... 65,300 122,437
*GATX Corp............................................ 113,400 3,728,025
General Motors Corp................................... 1,569,300 112,989,600
*General Motors Corp. Class H......................... 338,446 28,979,439
Georgia-Pacific Corp.................................. 445,000 17,716,562
*Golden State Bancorp, Inc............................ 32,600 633,662
Golden West Financial Corp............................ 90,800 9,165,125
Goodrich (B.F.) Co.................................... 109,800 2,477,362
*Goodyear Tire & Rubber Co............................ 32,000 1,080,000
Great Atlantic & Pacific Tea Co., Inc................. 126,700 3,222,931
*Greenpoint Financial Corp............................ 206,700 5,232,094
*Harris Corp.......................................... 101,400 2,129,400
*Healthsouth Corp..................................... 1,365,400 7,765,712
Helmerich & Payne, Inc................................ 151,600 3,429,950
Hilton Hotels Corp.................................... 684,200 6,884,763
Hollinger International, Inc. Class A................. 268,700 3,375,544
Horton (D.R.), Inc.................................... 355,300 4,885,375
*Humana, Inc.......................................... 510,600 3,574,200
IBP, Inc.............................................. 288,400 6,362,825
IMC Global, Inc....................................... 426,700 6,880,538
*Ikon Office Solutions, Inc........................... 512,000 3,424,000
*Imation Corp......................................... 1,600 51,500
*Ingram Micro, Inc.................................... 266,900 3,553,106
*#Integrated Health Services, Inc..................... 87,100 32,663
*Interim Services, Inc................................ 150,300 2,771,156
International Paper Co................................ 821,241 42,858,515
*K Mart Corp.......................................... 1,650,000 16,396,875
Lafarge Corp.......................................... 241,800 6,528,600
*Lam Research Corp.................................... 68,900 5,335,444
*Lanier Worldwide, Inc................................ 101,400 405,600
Lehman Brothers Holdings, Inc......................... 362,000 27,647,750
Lennar Corp........................................... 58,000 946,125
Liberty Corp.......................................... 40,400 1,848,300
*Liberty Financial Companies, Inc..................... 160,000 3,760,000
Lincoln National Corp................................. 446,100 18,596,794
*Lockheed Martin Corp................................. 80,900 1,607,888
Loews Corp............................................ 329,600 21,094,400
Longs Drug Stores Corp................................ 50,900 1,278,863
*Louisiana-Pacific Corp............................... 328,500 4,024,125
Lubrizol Corp......................................... 182,000 4,982,250
*Lyondell Chemical Co................................. 251,800 3,525,200
</TABLE>
7
<PAGE>
THE U.S. LARGE CAP VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
MBIA, Inc............................................. 92,900 $ 4,645,000
Mallinckrodt, Inc..................................... 205,200 6,822,900
*Mandalay Resort Group................................ 296,300 6,907,494
*Manor Care, Inc...................................... 222,000 4,453,875
Mark IV Industries, Inc............................... 86,100 1,614,375
Mead Corp............................................. 302,300 10,788,331
Millennium Chemicals, Inc............................. 339,300 6,637,556
*Mirage Resorts, Inc.................................. 666,900 8,544,656
Mitchell Energy & Development Corp. Class A........... 58,500 1,378,406
Mitchell Energy & Development Corp. Class B........... 31,600 726,800
*Modis Professional Services, Inc..................... 89,500 956,531
Murphy Oil Corp....................................... 11,000 621,500
Nabisco Group Holdings Corp........................... 1,009,380 11,670,956
*National Semiconductor Corp.......................... 348,300 14,802,750
Norfolk Southern Corp................................. 1,169,900 25,006,613
Northrop Grumman Corp................................. 234,000 13,147,875
Occidental Petroleum Corp............................. 650,800 14,276,925
*Officemax, Inc....................................... 367,200 2,249,100
*#Ohio Casualty Corp.................................. 213,800 3,293,856
Old Republic International Corp....................... 553,275 6,915,938
Olsten Corp........................................... 13,300 134,663
Omnicare, Inc......................................... 306,600 4,158,263
*Owens-Illinois, Inc.................................. 330,700 7,916,131
PMI Group, Inc........................................ 95,100 4,749,056
Pacific Century Financial Corp........................ 207,800 4,078,075
*Pacificare Health Systems, Inc. 5% Cumulative,
Convertible, Redeemable, Class A.................... 51,296 2,404,500
*Pactiv Corporation................................... 615,100 6,304,775
*Park Place Entertainment Corp........................ 586,400 7,549,900
Penney (J.C.) Co., Inc................................ 1,065,700 23,778,431
Penzoil Quaker State Co............................... 55,600 576,850
*Phelps Dodge Corp.................................... 212,712 11,061,024
*Pioneer Natural Resources Co......................... 480,400 3,993,325
Potlatch Corp......................................... 94,600 3,825,388
*Premier Parks, Inc................................... 24,000 600,000
*Pride International, Inc............................. 50,000 718,750
Pulte Corp............................................ 127,600 2,559,975
Questar Corp.......................................... 251,400 4,320,938
*R & B Falcon Corp.................................... 695,800 8,610,525
RJ Reynolds Tobacco Holdings, Inc..................... 416,193 8,870,113
Radian Group, Inc..................................... 47,000 2,297,125
Rayonier, Inc......................................... 83,000 3,688,313
*Raytheon Co. Class A................................. 246,900 7,190,963
*Raytheon Co. Class B................................. 188,900 5,796,869
Reynolds Metals Co.................................... 194,900 12,193,431
*Rowan Companies, Inc................................. 279,300 4,783,013
Russell Corp.......................................... 137,400 1,794,788
Ryder System, Inc..................................... 268,800 6,064,800
Safeco Corp........................................... 480,300 11,392,116
*Safety-Kleen Corp.................................... 195,700 2,299,475
Saint Paul Companies, Inc............................. 695,326 20,990,154
*Saks, Inc............................................ 421,400 7,374,500
*Seagate Technology, Inc.............................. 61,100 2,260,700
*Sears, Roebuck & Co.................................. 547,000 18,700,563
*Sensormatic Electronics Corp......................... 401,800 6,403,688
Service Corp. International........................... 825,600 6,243,600
*Silicon Graphics, Inc................................ 456,700 4,310,106
*Smurfit-Stone Container Corp......................... 235,026 4,509,561
Sovereign Bancorp, Inc................................ 154,700 1,370,545
*Spiegel, Inc. Class A Non-Voting..................... 9,600 76,500
Springs Industries, Inc. Class A...................... 7,700 308,000
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
St. Joe Corp.......................................... 78,400 1,754,200
Starwood Hotels and Resorts Worldwide, Inc............ 548,600 12,240,638
*Sunoco, Inc.......................................... 328,000 8,384,500
*Tech Data Corp....................................... 72,500 1,780,781
*Tecumseh Products Co. Class A........................ 58,300 2,800,222
Tecumseh Products Co. Class B......................... 14,400 627,300
Telephone & Data Systems, Inc......................... 11,000 1,465,063
Temple-Inland, Inc.................................... 138,200 7,911,950
*Tenet Healthcare Corp................................ 658,000 14,681,625
Tenneco Automotive, Inc............................... 123,020 968,783
Terra Industries, Inc................................. 61,400 126,638
*Thermo-Electron Corp................................. 485,600 7,284,000
Tidewater, Inc........................................ 164,000 5,237,750
Timken Co............................................. 270,800 5,179,050
*Toys R Us, Inc....................................... 760,200 13,303,500
Travelers Property Casualty Corp...................... 477,000 15,890,063
*Trinity Industries, Inc.............................. 85,000 2,486,250
*UAL Corp............................................. 158,400 10,890,000
UMB Financial Corp.................................... 46,600 1,893,125
USX-Marathon Group, Inc............................... 675,450 17,857,209
USX-US Steel Group.................................... 314,400 7,958,250
Ultramar Diamond Shamrock Corp........................ 265,400 6,717,938
*Unifi, Inc........................................... 73,000 967,250
Union Pacific Corp.................................... 792,800 37,311,150
Union Pacific Resources Group, Inc.................... 773,900 10,109,069
*United Rentals, Inc.................................. 96,400 1,662,900
Unitrin, Inc.......................................... 223,800 8,364,525
*Unova, Inc........................................... 273,500 3,589,688
UnumProvident Corp.................................... 519,089 16,902,836
Valero Energy Corp.................................... 268,500 5,571,375
Valhi, Inc............................................ 158,500 1,713,781
*Venator Group, Inc................................... 494,500 3,399,688
*Vishay Intertechnology, Inc.......................... 203,455 5,887,479
Wallace Computer Services, Inc........................ 31,000 621,938
Weis Markets, Inc..................................... 20,800 854,100
Wesco Financial Corp.................................. 12,540 3,448,500
Westvaco Corp......................................... 305,550 9,223,791
Worthington Industries, Inc........................... 184,000 2,932,500
*Ziff-Davis, Inc...................................... 20,000 368,750
--------------
TOTAL COMMON STOCKS
(Cost $1,706,931,282)................................ 1,776,092,181
--------------
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
------
(000)
<S> <C> <C>
TEMPORARY CASH
INVESTMENTS -- (0.2%)
Repurchase Agreement, PNC Capital Markets Inc. 5.30%,
12/01/99 (Collateralized by U.S. Treasury Notes
6.125%, 07/31/00, valued at $3,379,363) to be
repurchased at $3,328,490.
(Cost $3,328,000).................................... $ 3,328 3,328,000
--------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,710,259,282)++.............................. $1,779,420,181
==============
</TABLE>
<TABLE>
<C> <S>
- --------------------------------------------------------------------------------
+ See Note B to Financial Statements.
* Non-Income Producing Securities
# Total or Partial Securities on Loan
++ The cost for federal income tax purposes is $1,710,428,739.
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE DFA INTERNATIONAL VALUE SERIES
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
JAPAN -- (28.2%)
COMMON STOCKS -- (28.2%)
Aichi Bank, Ltd....................................... 10,500 $ 813,818
Aisin Seiki Co., Ltd.................................. 137,000 2,083,456
Amada Co., Ltd........................................ 376,000 2,134,168
Amano Corp............................................ 115,000 804,668
#Aomori Bank, Ltd..................................... 170,000 707,051
Aoyama Trading Co., Ltd............................... 41,100 977,374
Asahi Glass Co., Ltd.................................. 140,000 1,124,822
*Ashikaga Bank, Ltd................................... 808,000 1,739,589
Awa Bank, Ltd......................................... 196,600 1,010,079
Bank of Ikeda, Ltd.................................... 13,000 720,066
Bank of Iwate, Ltd.................................... 18,590 827,758
*Bank of Kinki, Ltd................................... 225,000 616,529
#Bank of Kyoto, Ltd................................... 347,400 2,039,829
Bank of Nagoya, Ltd................................... 185,000 1,140,578
#Bank of Saga, Ltd.................................... 215,000 786,906
Bank of Yokohama, Ltd................................. 978,000 4,431,314
#Best Denki Co., Ltd.................................. 153,000 1,497,284
Canon Sales Co., Inc.................................. 124,900 1,711,210
Casio Computer Co., Ltd............................... 60,000 408,670
#Chiba Bank, Ltd...................................... 941,000 5,037,206
Chiyoda Fire and Marine Insurance Co., Ltd............ 444,150 1,443,047
Chudenko Corp......................................... 84,460 1,472,894
#Chugoku Bank, Ltd.................................... 199,000 2,243,460
Citizen Watch Co., Ltd................................ 317,000 1,941,987
Cosmo Oil Co., Ltd.................................... 764,000 1,196,261
Dai Nippon Pharmaceutical Co., Ltd.................... 203,000 1,358,829
Dai Tokyo Fire & Marine Insurance Co., Ltd............ 529,000 2,262,298
Daicel Chemical Industries, Ltd....................... 485,000 1,433,380
Daio Paper Corp....................................... 3,000 23,017
Daisan Bank, Ltd...................................... 68,000 299,457
Daishi Bank, Ltd...................................... 355,000 1,396,584
Daito Trust Construction Co., Ltd..................... 180,784 2,282,246
Daiwa Bank, Ltd....................................... 500,000 1,688,114
Daiwa House Industry Co., Ltd......................... 663,000 5,969,172
Daiwa Kosho Lease Co., Ltd............................ 193,000 746,049
*#Daiwa Securities Co., Ltd........................... 1,693,000 24,156,121
Dowa Fire & Marine Insurance Co., Ltd................. 383,000 993,247
Ehime Bank, Ltd....................................... 143,000 629,740
#Eighteenth Bank, Ltd................................. 226,000 875,823
Ezaki Glico Co., Ltd.................................. 174,600 837,246
Fuji Photo Film Co., Ltd.............................. 355,000 14,417,474
Fukui Bank, Ltd....................................... 343,000 899,584
#Fukuoka City Bank, Ltd............................... 264,532 1,255,546
#Fukuyama Transporting Co., Ltd....................... 266,000 1,900,278
Futaba Corp........................................... 16,000 613,789
Futaba Industrial Co., Ltd............................ 85,000 986,544
Hanshin Electric Railway Co., Ltd..................... 141,000 420,854
Higo Bank, Ltd........................................ 308,000 1,350,335
*Hino Motors, Ltd..................................... 398,000 1,265,841
Hiroshima Bank, Ltd................................... 593,000 2,303,870
Hitachi Construction Machinery Co., Ltd............... 64,000 328,815
#Hitachi Maxell, Ltd.................................. 96,000 2,574,154
Hitachi Metals, Ltd................................... 360,000 1,655,820
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
#Hitachi Transport System, Ltd........................ 138,000 767,079
Hitachi, Ltd.......................................... 3,717,000 51,289,020
#Hokuetsu Bank........................................ 275,330 811,022
#Hokuetsu Paper Mills, Ltd............................ 162,000 1,255,605
*Hokuriku Bank, Ltd................................... 891,000 2,101,394
House Foods Corp...................................... 115,000 1,632,969
Hyakugo Bank, Ltd. (105th Bank)....................... 258,000 1,232,118
#Hyakujishi Bank, Ltd................................. 314,000 2,021,940
Inax Corp............................................. 309,000 1,829,475
*Itochu Corp.......................................... 1,000,000 5,949,991
Itoham Foods, Inc..................................... 284,000 1,270,127
Japan Pulp and Paper Co., Ltd......................... 27,000 87,195
Joyo Bank, Ltd........................................ 45,000 207,418
Juroku Bank, Ltd...................................... 349,000 1,591,564
KDD Corporation....................................... 14,500 2,000,782
Kagoshima Bank, Ltd................................... 266,000 1,174,008
Kajima Corp........................................... 826,000 2,780,681
Kamigumi Co., Ltd..................................... 357,000 1,519,743
Kandenko Co., Ltd..................................... 266,000 1,400,479
Kansai Paint Co., Ltd., Osaka......................... 108,000 271,625
Katokichi Co., Ltd.................................... 72,000 1,807,310
*Kikkoman Corp........................................ 256,000 1,969,134
Kinden Corp........................................... 67,000 538,308
Kissei Pharmaceutical Co., Ltd........................ 40,000 670,157
Koa Fire & Marine Insurance Co., Ltd.................. 45,000 136,077
*Kobe Steel, Ltd...................................... 2,632,000 2,009,061
Koito Manufacturing Co., Ltd.......................... 146,000 685,815
Kokusai Securities Co., Ltd........................... 100,000 1,590,253
Komatsu, Ltd.......................................... 1,279,000 7,196,994
#Komori Corp.......................................... 74,000 1,451,974
Konica Corp........................................... 71,000 284,875
Koyo Seiko Co......................................... 198,000 1,937,662
Kureha Chemical Industry Co., Ltd..................... 263,000 710,358
Lion Corp............................................. 320,000 1,227,577
Makita Corp........................................... 209,000 1,902,138
*Marubeni Corp........................................ 1,942,000 7,544,882
Maruichi Steel Tube, Ltd.............................. 117,000 1,488,476
#Matsushita Electric Industrial Co., Ltd.............. 1,933,000 48,899,580
#Matsushita Electric Works, Ltd....................... 190,000 1,831,482
Michinoku Bank, Ltd................................... 187,000 1,125,458
Mitsubishi Chemical Corp.............................. 400,000 1,651,905
Mitsubishi Electric Corp.............................. 1,000,000 5,930,419
Mitsubishi Gas Chemical Co., Inc...................... 548,000 1,254,900
*Mitsubishi Materials Corp............................ 975,000 2,099,133
*#Mitsubishi Motors Corp.............................. 866,000 4,017,066
Mitsui Chemicals, Inc................................. 800 6,545
*Mitsui Engineering and Shipbuilding Co., Ltd......... 781,000 611,440
Mitsui Trust & Banking Co., Ltd....................... 1,030,000 3,175,123
#Mori Seiki Co., Ltd.................................. 121,000 1,657,777
Musashino Bank, Ltd................................... 26,000 1,208,592
*NKK Corp............................................. 2,612,000 2,070,479
NTN Corp.............................................. 398,000 1,382,688
Nanto Bank, Ltd....................................... 288,000 2,260,370
*National House Industrial Co., Ltd................... 95,000 669,374
Nichicon Corp......................................... 54,000 1,194,304
Nichirei Corp......................................... 366,000 1,020,795
Nifco, Inc............................................ 45,000 543,866
</TABLE>
9
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Nikko Securities Co., Ltd............................. 800,000 $ 9,942,748
*Nippon Credit Bank, Ltd.............................. 1,683,000 0
Nippon Mitsubishi Oil Company......................... 1,598,000 7,052,873
Nippon Sanso Corp..................................... 367,000 1,149,288
Nippon Sheet Glass Co., Ltd........................... 200,000 1,158,682
Nippon Shokubai Co., Ltd.............................. 163,000 749,718
#Nishimatsu Construction Co., Ltd..................... 359,000 1,612,575
#Nishi-Nippon Bank, Ltd............................... 23,540 100,900
Nissei Sangyo Co., Ltd................................ 110,050 1,626,222
Nisshin Flour Milling Co., Ltd........................ 96,000 702,725
Nisshin Steel Co., Ltd................................ 1,318,000 1,354,308
*Nisshinbo Industries, Inc............................ 305,000 1,540,147
*Nissho Iwai Corp..................................... 544,000 489,778
Obayashi Corp......................................... 520,000 2,666,535
Ogaki Kyoritsu Bank, Ltd.............................. 50,000 244,654
Oita Bank, Ltd........................................ 145,000 737,877
Oji Paper Co., Ltd.................................... 275,000 1,762,734
*Oki Electric Industry Co., Ltd....................... 400,000 2,372,167
Okumura Corp.......................................... 322,000 1,087,146
Pioneer Electronic.................................... 182,000 4,051,963
*#Q.P. Corp........................................... 168,000 1,175,515
#Ryosan Co., Ltd...................................... 53,000 1,296,667
Sakura Bank, Ltd...................................... 816,000 6,029,063
San In Godo Bank, Ltd................................. 222,000 1,640,260
Sanyo Electric........................................ 2,565,000 10,166,117
Seino Transportation Co., Ltd......................... 197,000 1,185,643
Sekisui Chemical Co., Ltd............................. 557,000 2,643,685
#Sekisui House, Ltd................................... 938,000 9,087,633
Sharp Corp. Osaka..................................... 200,000 4,080,833
#Shiga Bank, Ltd...................................... 272,000 1,330,919
Shimachu Co., Ltd..................................... 20,200 286,637
Shimadzu Corp......................................... 181,000 743,945
Shimizu Corp.......................................... 997,000 3,375,857
Shinwa Bank, Ltd...................................... 50,000 144,835
Shionogi & Co., Ltd................................... 455,000 5,387,775
Showa Shell Sekiyu KK................................. 75,000 427,900
Snow Brand Milk Products Co., Ltd..................... 419,000 1,701,668
#Stanley Electric Co., Ltd............................ 246,000 1,379,439
Sumitomo Corp......................................... 918,000 8,938,785
Sumitomo Forestry Co., Ltd............................ 136,000 971,571
*Sumitomo Metal Industries, Ltd. Osaka................ 1,481,000 1,420,345
*Sumitomo Metal Mining Co., Ltd....................... 313,000 713,696
#Sumitomo Realty & Development Co., Ltd............... 488,000 1,814,747
Sumitomo Trust & Banking Co., Ltd..................... 21,000 180,026
TEC Corp.............................................. 345,000 1,083,769
TOC Co., Ltd.......................................... 950 6,536
Taiheiyo Cement Corp.................................. 746,000 1,467,397
#Taisei Corp.......................................... 1,325,000 2,813,768
Takara Standard Co., Ltd.............................. 175,000 899,104
#Takashimaya Co., Ltd................................. 214,000 1,803,141
Tanabe Seiyaku Co., Ltd............................... 167,000 1,039,409
Teijin, Ltd........................................... 917,000 4,110,054
Teikoku Oil Co., Ltd.................................. 346,000 1,195,263
Toda Corp............................................. 418,000 1,587,160
Toho Bank, Ltd........................................ 240,000 1,087,439
Tokuyama Corp......................................... 248,000 944,091
Tokyo Style Co., Ltd.................................. 133,000 1,184,420
*Tokyo Tomin Bank, Ltd................................ 30,900 922,298
Tostem Corp........................................... 188,000 3,376,033
Toto, Ltd............................................. 247,000 1,510,740
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Toyo Seikan Kaisha, Ltd............................... 287,600 5,150,539
Toyo Suisan Kaisha, Ltd............................... 116,000 896,805
#Toyo Trust & Banking Co., Ltd........................ 715,000 3,792,434
Toyobo Co., Ltd....................................... 468,000 677,829
Toyota Auto Body Co., Ltd............................. 86,000 683,388
#Toyota Tsusho Corp................................... 314,000 983,314
UNY Co., Ltd.......................................... 5,000 52,356
Victor Co. of Japan, Ltd.............................. 246,000 1,687,586
Wacoal Corp........................................... 149,000 1,328,365
Yamagata Bank, Ltd.................................... 153,700 782,150
#Yamaguchi Bank....................................... 133,000 1,145,373
Yamaha Corp........................................... 3,000 27,480
Yamatake-Honeywell Co., Ltd........................... 87,000 634,291
*Yasuda Trust & Banking Co., Ltd...................... 1,434,000 2,764,573
Yodogawa Steel Works, Ltd............................. 296,000 941,429
Yokogawa Electric Corp................................ 337,000 2,199,725
Yokohama Rubber Co., Ltd.............................. 404,000 937,006
--------------
TOTAL COMMON STOCKS
(Cost $490,065,450).................................. 467,032,699
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Japanese Yen
(Cost $740,472)..................................... 741,992
--------------
TOTAL -- JAPAN
(Cost $490,805,922).................................. 467,774,691
--------------
UNITED KINGDOM -- (17.5%)
COMMON STOCKS -- (17.5%)
Aggregate Industries P.L.C............................ 1,300,668 1,465,648
*Allied Domecq P.L.C. (New)........................... 146,994 781,372
Anglian Water P.L.C................................... 151,281 1,595,068
Antofagasta Holdings P.L.C............................ 38,000 255,104
Arjo Wiggins Appleton P.L.C........................... 814,500 2,477,771
Associated British Foods P.L.C........................ 766,096 3,816,078
Associated British Ports Holdings P.L.C............... 375,400 1,778,762
BAA P.L.C............................................. 1,083,993 7,656,968
BG P.L.C.............................................. 2,574,617 13,511,537
BOC Group P.L.C....................................... 143,513 2,955,469
BPB P.L.C............................................. 458,500 2,404,373
Barclays P.L.C........................................ 352,777 10,169,873
Barratt Developments P.L.C............................ 226,000 1,090,656
Bass P.L.C............................................ 682,070 7,680,427
Beazer Group P.L.C.................................... 239,257 558,263
Berkeley Group P.L.C.................................. 122,792 1,291,753
Blue Circle Industries P.L.C.......................... 338,731 1,940,852
Britannic P.L.C....................................... 181,600 3,065,903
British Airways P.L.C................................. 935,331 5,597,589
British Land Co. P.L.C................................ 502,381 3,620,666
British Vita P.L.C.................................... 216,100 831,206
Brixton Estate P.L.C.................................. 235,685 852,108
Burford Holdings P.L.C................................ 337,000 571,632
CGU P.L.C............................................. 1,226,541 18,558,479
Capital Shopping Centres P.L.C........................ 395,375 2,484,236
Caradon P.L.C......................................... 214,000 550,456
Carillion P.L.C....................................... 194,858 346,043
Chelsfield P.L.C...................................... 236,036 1,234,953
Chorion P.L.C......................................... 98,404 62,692
Cookson Group P.L.C................................... 598,560 2,357,115
*Corus Group P.L.C.................................... 2,724,027 5,531,696
Enterprise Oil P.L.C.................................. 354,000 2,537,187
Glynwed International P.L.C........................... 140,000 497,244
</TABLE>
10
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Great Portland Estates P.L.C.......................... 197,275 $ 596,984
Great Universal Stores P.L.C.......................... 814,600 5,455,658
Greenalls Group P.L.C................................. 255,461 1,196,213
Hammerson P.L.C....................................... 280,000 2,040,262
Hanson P.L.C.......................................... 400,000 3,335,135
Hilton Group P.L.C.................................... 1,251,117 4,015,223
Hyder P.L.C........................................... 90,415 616,341
Imperial Chemical Industries P.L.C.................... 300,000 3,058,003
Invensys P.L.C........................................ 379,594 1,765,383
Johnson Matthey P.L.C................................. 178,000 1,885,291
Lasmo P.L.C........................................... 936,935 1,850,410
Lex Service P.L.C..................................... 121,933 922,469
Lonmin P.L.C.......................................... 232,440 2,087,982
Marks & Spencer P.L.C................................. 158,500 634,898
Mersey Docks & Harbour Co. P.L.C...................... 53,050 374,728
Meyer International P.L.C............................. 102,281 608,446
Millennium and Copthorne Hotels P.L.C................. 219,300 1,336,001
National Westminster Bank P.L.C....................... 1,145,655 26,293,872
Norwich Union P.L.C................................... 871,000 6,155,924
Peel Holdings P.L.C................................... 45,400 415,777
Peninsular & Oriental Steam Navigation Co............. 68,000 997,482
Pilkington P.L.C...................................... 1,094,837 1,525,788
Pillar Property P.L.C................................. 21,250 108,304
Powergen P.L.C........................................ 443,177 3,808,074
RMC Group P.L.C....................................... 252,000 3,078,454
Rank Group P.L.C...................................... 793,530 2,474,012
Rexam P.L.C........................................... 402,813 1,599,099
Rio Tinto P.L.C....................................... 624,863 12,241,274
Rolls-Royce P.L.C..................................... 331,808 1,006,743
Royal & Sun Alliance Insurance Group P.L.C............ 1,446,370 8,880,563
Rugby Group P.L.C..................................... 549,000 1,112,671
Safeway P.L.C......................................... 1,069,564 3,142,967
Sainsbury (J.) P.L.C.................................. 1,547,284 7,627,240
Scottish & Newcastle P.L.C............................ 322,000 2,464,257
Severn Trent P.L.C.................................... 210,597 2,636,401
Shell Transport & Trading Co., P.L.C.................. 1,800,000 13,818,352
Signet Group P.L.C.................................... 803,000 773,762
Slough Estates P.L.C.................................. 399,400 2,220,088
Smith (David S.) Holdings P.L.C....................... 298,000 821,106
Somerfield P.L.C...................................... 165,142 227,515
South West Water P.L.C................................ 44,765 578,937
Tarmac P.L.C.......................................... 197,367 1,741,495
Tate & Lyle P.L.C..................................... 443,200 3,022,970
Taylor Woodrow P.L.C.................................. 396,277 949,887
Tesco P.L.C........................................... 4,395,931 11,867,446
Thames Water P.L.C.................................... 165,347 2,295,094
Thistle Hotels P.L.C.................................. 466,707 1,319,409
Trinity P.L.C......................................... 220,450 1,929,365
Unigate P.L.C......................................... 233,600 1,117,101
Unilever P.L.C........................................ 800,000 5,835,689
United Assurance Group P.L.C.......................... 335,000 1,947,486
United Biscuits Holdings P.L.C........................ 484,668 1,760,013
United Utilities P.L.C................................ 265,595 2,474,642
Whitbread P.L.C....................................... 483,242 4,629,531
Wilson Bowden P.L.C................................... 96,900 1,049,468
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Wimpey (George) P.L.C................................. 348,650 696,899
Wolseley P.L.C........................................ 100,678 741,222
Yorkshire Water P.L.C................................. 161,510 874,611
--------------
TOTAL COMMON STOCKS
(Cost $245,539,711).................................. 290,169,596
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*British Pound Sterling
(Cost $360)......................................... 356
--------------
TOTAL -- UNITED KINGDOM
(Cost $245,540,071).................................. 290,169,952
--------------
FRANCE -- (10.0%)
COMMON STOCKS -- (10.0%)
AGF (Assurances Generales de France SA)............... 82,914 4,558,283
Banque Nationale de Paris............................. 324,843 29,764,301
*Banque Nationale de Paris Certified Value Rights
07/15/02............................................ 58,864 252,488
Bongrain SA........................................... 1,653 524,281
Christian Dior SA..................................... 31,100 5,589,583
Colas SA.............................................. 5,070 994,438
Credit Commercial de France........................... 30,000 3,655,000
Eridania Beghin-Say SA................................ 18,900 2,112,348
Esso SA............................................... 8,476 640,078
*#Euro Disney SCA..................................... 758,586 695,068
Faurecia SA........................................... 6,750 375,506
Fonciere Lyonnaise SA................................. 2,168 279,197
Fromageries Bel la Vache qui Rit...................... 275 192,857
GTM Entrepose......................................... 21,077 1,995,944
Generale des Establissements Michelin SA Series B..... 59,300 2,376,395
Groupe Danone......................................... 42,500 9,855,159
Hachette Filipacchi Medias............................ 6,500 334,438
Imetal................................................ 11,000 1,417,697
LaFarge SA............................................ 76,032 7,169,436
Labinal SA............................................ 6,400 702,404
#Lyonnais des Eaux SA................................. 30,000 4,419,228
Pechiney SA Series A.................................. 55,475 3,214,574
Pernod-Ricard......................................... 38,900 2,216,904
Peugeot SA............................................ 37,150 7,275,439
#Rallye SA............................................ 17,220 1,213,702
*Remy Cointreau SA.................................... 27,400 551,774
Rhone-Poulenc SA Series A............................. 156,000 9,660,075
SEB SA................................................ 9,000 518,345
Saint-Gobain.......................................... 65,436 11,134,846
Silic (Societe Immobiliere de Location pour
l'Industrie et le Commerce)......................... 200 33,207
Societe Generale Paris................................ 70,432 15,176,254
Sophia SA............................................. 7,700 303,221
Thomson-CSF........................................... 87,203 2,529,621
*Total SA............................................. 224,612 29,875,635
Union Assurances Federales SA......................... 7,500 906,198
Usinor................................................ 167,800 2,568,126
--------------
TOTAL COMMON STOCKS
(Cost $99,988,048)................................... 165,082,050
--------------
</TABLE>
11
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
RIGHTS/WARRANTS -- (0.0%)
*AGF (Assurances Generales de France SA) Warrants
06/15/00............................................ 41,214 $ 145,242
*Fonciere Lyonnaise SA Warrants 07/30/02.............. 868 271
--------------
TOTAL RIGHTS/WARRANTS
(Cost $180,303)...................................... 145,513
--------------
TOTAL -- FRANCE
(Cost $100,168,351).................................. 165,227,563
--------------
GERMANY -- (9.6%)
COMMON STOCKS -- (9.6%)
AGIV AG fuer Industrie & Verkehrswesen................ 57,800 1,073,754
#BASF AG.............................................. 640,050 29,419,512
BHW Holding AG, Berlin................................ 167,300 2,947,914
*Bankgesellschaft Berlin AG........................... 233,550 3,644,957
Bayer AG.............................................. 168,100 7,083,436
Bayerische Vereinsbank AG............................. 290,000 17,987,031
Berliner Kraft & Licht Bewag AG....................... 177,600 2,011,760
Bilfinger & Berger Bau AG, Mannheim................... 46,500 856,811
Commerzbank AG........................................ 408,050 13,147,529
Continental AG........................................ 44,100 870,313
DBV Holding AG........................................ 44,000 2,259,455
Deutsche Bank AG...................................... 359,305 23,389,049
Deutsche Lufthansa AG................................. 305,250 6,731,015
Deutsche Pfandbrief und Hypothekenbank AG, Depfa...... 46,400 3,499,295
Dresdner Bank AG...................................... 331,200 15,340,126
Dyckerhoff AG......................................... 22,750 733,014
FPB Holding AG........................................ 5,789 932,619
Fresenius Medical Care AG............................. 37,600 3,070,361
GEA AG................................................ 11,799 356,408
#Heidelberger Zement AG, Heidelberg................... 27,170 2,051,784
Hochtief AG........................................... 91,150 3,482,966
*Holzmann (Philipp) AG................................ 1,860 48,318
Karstadt Quelle AG.................................... 70,000 2,382,295
Linde AG.............................................. 76,000 3,787,909
*#MAN AG.............................................. 140,000 4,257,119
Merck KGAA............................................ 58,000 1,751,984
PWA Papierwerke Waldhof-Aschaffenburg AG.............. 3,550 714,890
*Thyssen Krupp AG..................................... 108,750 2,797,699
Vereins & Westbank AG................................. 73,187 2,092,826
--------------
TOTAL -- GERMANY
(Cost $121,446,796).................................. 158,722,149
--------------
NETHERLANDS -- (7.1%)
COMMON STOCKS -- (7.1%)
ABN Amro Holding NV................................... 1,320,538 32,137,222
Asr Verzekeringsgroep NV.............................. 41,171 2,379,491
Buhrmann NV........................................... 80,524 1,265,637
DSM NV................................................ 124,392 4,258,456
Fortis (NL)........................................... 558,051 19,121,265
Ing Groep NV.......................................... 732,972 41,218,420
KLM (Koninklijke Luchtvaart Mij) NV................... 61,019 1,492,980
Koninklijke KPN NV.................................... 20,966 1,167,419
*Koninklijke Vopak NV................................. 38,986 1,026,505
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
NV Holdingsmij de Telegraaf........................... 6,800 132,144
*Philips Electronics NV............................... 101,200 12,314,249
Vendex NV (non-food).................................. 11,391 300,500
--------------
TOTAL -- NETHERLANDS
(Cost $58,429,322)................................... 116,814,288
--------------
SWITZERLAND -- (6.7%)
COMMON STOCKS -- (6.7%)
Ascom Holding AG, Bern................................ 1,410 3,000,132
Baloise-Holding, Basel................................ 26,676 21,412,836
Banque Cantonale Vaudois.............................. 5,795 1,784,893
Bobst SA, Prilly...................................... 513 596,556
Ciba Spezialitaetenchemie Holding AG.................. 2,100 151,803
Financiere Richemont AG............................... 8,973 20,022,975
Fischer (Georg) AG, Schaffhausen (Namen).............. 12,987 4,036,804
Helvetia Patria Holding, St. Gallen................... 4,830 3,734,348
Holderbank Financiere Glarus AG, Glarus............... 936 1,172,589
Intershop Holding AG, Zuerich......................... 5,400 3,211,053
Jelmoli Holding AG, Zuerich........................... 500 557,867
*#Oerlikon-Buehrle Holding AG, Zuerich................ 44,781 7,684,560
Pargesa Holding SA, Geneve............................ 1,935 3,101,585
Roche Holding AG, Basel............................... 892 14,886,478
Sairgroup, Zuerich.................................... 37,480 7,715,667
Schindler Holding AG, Hergiswil....................... 3,469 5,047,983
Sig Schweizerische Industrie-Gesellschaft Holding AG,
Neuhausen AM Rheinfall.............................. 8,066 4,431,311
Sika Finanz AG, Baar.................................. 1,280 411,948
*Sulzer AG, Winterthur................................ 8,280 5,157,824
United Bank of Switzerland............................ 7,000 1,914,035
--------------
TOTAL COMMON STOCKS
(Cost $83,540,662)................................... 110,033,247
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swiss Francs
(Cost $195)......................................... 191
--------------
TOTAL -- SWITZERLAND
(Cost $83,540,857)................................... 110,033,438
--------------
ITALY -- (4.1%)
COMMON STOCKS -- (4.1%)
#Banca Commerciale Italiana SpA....................... 3,565,000 18,127,240
#Banca di Roma........................................ 7,168,500 9,599,767
Banca Toscana......................................... 607,000 2,163,579
*Beni Stabili SpA, Roma............................... 500,000 175,702
CIR SpA (Cie Industriale Riunite), Torino............. 885,000 2,129,717
Cartiere Burgo SpA.................................... 235,000 1,597,175
*Fabbrica Italiana Magneti Marelli SpA................ 350,000 1,180,575
Fiat SpA.............................................. 399,789 10,933,051
Ifil Finanziaria Partecipazioni SpA................... 510,187 3,955,496
#Italcementi Fabbriche Riunite Cemento SpA, Bergamo... 364,000 4,453,059
#Montedison SpA....................................... 2,836,600 4,341,327
#San Paolo-Imi SpA.................................... 500,000 6,242,700
</TABLE>
12
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
#Sirti SpA............................................ 25,000 $ 151,285
Toro Assicurazioni Cia Anonima d'Assicurazione di
Torino SpA.......................................... 168,350 1,879,860
--------------
TOTAL COMMON STOCKS
(Cost $46,599,116)................................... 66,930,533
--------------
RIGHTS/WARRANTS -- (0.0%)
*Finmeccanica SpA Warrants 06/30/00................... 2,406,375 107,821
--------------
TOTAL -- ITALY
(Cost $46,599,116)................................... 67,038,354
--------------
SPAIN -- (3.1%)
COMMON STOCKS -- (3.1%)
Aceralia Corporacion Siderurgica SA................... 22,500 263,477
Acerinox SA........................................... 154,740 4,759,865
Aumar (Autopistas del Mare Nostrum SA)................ 176,800 3,031,640
Autopistas Concesionaria Espanola SA.................. 453,789 4,646,818
Azucarera Ebro Agricolas SA........................... 111,600 1,794,527
Banco Pastor SA, La Coruna............................ 39,600 1,512,771
Cementos Portland SA.................................. 26,000 650,550
Cia Espanola de Petroleous SA......................... 449,382 4,524,769
Corporacion Mapfre Compania Internacional de
Reaseguros SA, Majadah Onda......................... 36,300 619,523
Cristaleria Espanola SA, Madrid....................... 40,544 1,694,164
ENDESA SA, Madrid..................................... 190,892 3,786,472
Grupo Dragados SA, Madrid............................. 456,567 4,183,374
Hidroelectrica del Cantabrico SA...................... 299,700 4,300,138
Iberdrola SA.......................................... 535,000 7,455,395
Metrovacesa SA........................................ 94,462 1,678,737
Union Electrica Fenosa SA............................. 230,000 3,876,717
Vallehermoso SA....................................... 240,000 1,783,398
--------------
TOTAL -- SPAIN
(Cost $46,334,105)................................... 50,562,335
--------------
AUSTRALIA -- (2.7%)
COMMON STOCKS -- (2.7%)
Amcor, Ltd............................................ 505,844 2,195,589
#Boral, Ltd........................................... 1,040,426 1,541,019
CSR, Ltd.............................................. 842,897 2,020,025
Colonial, Ltd......................................... 242,133 965,078
*GIO Australia Holdings, Ltd.......................... 161,533 251,575
Goodman Fielder, Ltd.................................. 329,786 295,592
MIM Holdings.......................................... 1,407,905 1,172,426
Mayne Nickless, Ltd................................... 92,828 241,938
News Corp., Ltd....................................... 1,169,358 10,116,878
Normandy Mining, Ltd.................................. 460,290 330,637
North, Ltd............................................ 420,283 825,546
Pacific Dunlop, Ltd................................... 756,467 1,014,643
*Pasminco, Ltd........................................ 292,385 278,796
Pioneer International, Ltd............................ 658,231 1,928,946
Quantas Airways, Ltd.................................. 906,085 2,378,811
Rio Tinto, Ltd........................................ 497,496 8,712,687
Santos, Ltd........................................... 157,503 420,513
#St. George Bank, Ltd................................. 120,080 731,269
Stockland Trust Group................................. 162,426 340,730
Suncorp-Metway Limited................................ 52,500 271,326
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
WMC, Ltd.............................................. 844,189 3,874,519
Westpac Banking Corp.................................. 715,661 4,815,475
--------------
TOTAL COMMON STOCKS
(Cost $40,727,467)................................... 44,724,018
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Australian Dollar
(Cost $12,183)...................................... 12,077
--------------
PREFERRED STOCKS -- (0.0%)
Village Roadshow, Ltd. 2.2% Class A
(Cost $126)......................................... 92 173
--------------
TOTAL -- AUSTRALIA
(Cost $40,739,776)................................... 44,736,268
--------------
SWEDEN -- (2.6%)
COMMON STOCKS -- (2.6%)
Assidomaen AB......................................... 213,850 3,597,272
*#Boliden, Ltd........................................ 57,213 154,793
Fastighets AB Balder.................................. 8,000 95,047
Gambro AB Series A.................................... 42,500 439,946
*Gambro AB Series B................................... 15,900 163,656
Invik and Co.......................................... 32 2,447
Invik and Co. AB Series B............................. 360 28,796
Kinnevik Industrifoervaltnings AB Series A............ 3,200 79,049
Kinnevik Industrifoervaltnings AB Series B............ 36,000 927,416
Mo Och Domsjoe AB Series A............................ 6,300 204,540
Mo Och Domsjoe AB Series B............................ 118,300 3,868,633
NCC AB Series A....................................... 45,400 469,966
NCC AB Series B....................................... 95,000 988,997
SSAB Swedish Steel Series A........................... 129,900 1,665,573
SSAB Swedish Steel Series B........................... 48,000 604,161
Skandinaviska Enskilda Banken Series A................ 100,000 952,825
Svedala Industri...................................... 28,700 481,088
Svenska Cellulosa AB Series A......................... 57,000 1,575,690
#Svenska Cellulosa AB Series B........................ 217,600 6,053,659
Svenska Handelsbanken Series A........................ 240,000 3,274,893
*Svenska Kullagerfabriken AB
Series A............................................ 68,400 1,460,362
Svenska Kullagerfabriken AB
Series B............................................ 89,700 1,999,538
Sydkraft AB Series C.................................. 6,600 117,233
Trelleborg AB Series B................................ 146,400 1,214,110
Volvo AB Series A..................................... 192,600 4,644,491
Volvo AB Series B..................................... 305,100 7,411,228
--------------
TOTAL COMMON STOCKS
(Cost $38,625,606)................................... 42,475,409
--------------
RIGHTS/WARRANTS -- (0.0%)
*Skandinaviska Enskilda Banken Series A Rights
12/14/99
(Cost $0)........................................... 100,000 108,222
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swedish Krona
(Cost $4,023)....................................... 3,950
--------------
TOTAL -- SWEDEN
(Cost $38,629,629)................................... 42,587,581
--------------
</TABLE>
13
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
HONG KONG -- (2.4%)
COMMON STOCKS -- (2.4%)
Amoy Properties, Ltd.................................. 4,570,500 $ 3,530,966
HKR International, Ltd................................ 1,077,384 690,148
Hang Lung Development Co., Ltd........................ 2,126,000 2,203,625
Hysan Development Co., Ltd............................ 1,683,822 2,005,471
Kerry Properties, Ltd................................. 1,261,000 1,501,881
New World Development Co., Ltd........................ 1,932,105 3,831,158
*Shangri-La Asia, Ltd................................. 2,982,000 3,494,038
*Sino Hotels (Holdings), Ltd.......................... 353,653 44,625
Sino Land Co., Ltd.................................... 4,915,200 2,341,647
Swire Pacific, Ltd. Series A.......................... 1,062,000 6,098,710
*Tsim Sha Tsui Properties, Ltd........................ 1,174,000 748,259
Wharf Holdings, Ltd................................... 3,776,914 9,580,361
#Wheelock and Co., Ltd................................ 3,243,000 3,298,774
--------------
TOTAL COMMON STOCKS
(Cost $53,728,027)................................... 39,369,663
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Hong Kong Dollars
(Cost $6,434)....................................... 6,440
--------------
TOTAL -- HONG KONG
(Cost $53,734,461)................................... 39,376,103
--------------
FINLAND -- (1.3%)
COMMON STOCKS -- (1.3%)
Asko Oyj.............................................. 20,000 318,176
#Enso Oy Series A..................................... 172,971 2,438,272
Enso Oy Series R...................................... 300,000 4,262,153
Kemira Oyj............................................ 229,200 1,333,900
Kesko Oyj............................................. 141,500 1,513,080
#Metra Oyj Series B................................... 43,200 725,539
#Metsa-Serla Oyj Series B............................. 337,500 3,330,279
*Metso Oyj............................................ 112,709 1,219,966
Outokumpu Oyj Series A................................ 301,300 3,412,970
Rautaruukki Oy Series K............................... 237,100 1,408,524
Upm-Kymmene Oyj....................................... 48,900 1,634,661
--------------
TOTAL -- FINLAND
(Cost $21,481,132)................................... 21,597,520
--------------
BELGIUM -- (1.3%)
COMMON STOCKS -- (1.3%)
Banque Bruxelles Lambert VVPR......................... 128 3
*Bekaert SA........................................... 34,000 1,727,114
Cimenteries CBR Cementsedrijoen....................... 11,500 1,175,289
Cofinimmo SA.......................................... 300 30,962
Credit Communal Holding Dexia Belgium................. 5,400 880,825
Electrafina SA........................................ 8,000 902,976
*Fortis AG............................................ 32,270 136,467
Fortis AG VVPR........................................ 290,430 2,924
Glaverbel SA.......................................... 14,812 1,312,433
Glaverbel SA VVPR..................................... 22 0
Groupe Bruxelles Lambert SA, Bruxelles................ 6,300 1,085,988
Nationale a Portefeuille.............................. 4,029 354,966
Sofina SA............................................. 10,500 396,568
Solvay SA............................................. 101,490 7,561,984
Suez Lyonnaise des Eaux............................... 19,080 2,806,786
*Suez Lyonnaise des Eaux SA VVPR...................... 19,080 192
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Suez Lyonnaise ds Eaux CVG........................... 19,080 230,537
Tessenderlo Chemie.................................... 14,400 643,763
Union Miniere SA...................................... 40,200 1,477,406
--------------
TOTAL -- BELGIUM
(Cost $19,005,474)................................... 20,727,183
--------------
DENMARK -- (1.0%)
COMMON STOCKS -- (1.0%)
Den Danske Bank A.S................................... 44,140 5,018,740
*Forsikringsselskabet Codan A.S. Issue 99............. 2,554 201,009
*Jyske Bank A.S....................................... 49,950 988,341
Kapital Holdings A.S.................................. 32,497 1,576,941
Tele Danmark A.S...................................... 60,000 3,865,817
Unidanmark A.S. Series A.............................. 72,884 5,524,632
--------------
TOTAL COMMON STOCKS
(Cost $13,665,852)................................... 17,175,480
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Danish Krone
(Cost $70).......................................... 68
--------------
TOTAL -- DENMARK
(Cost $13,665,922)................................... 17,175,548
--------------
SINGAPORE -- (0.7%)
COMMON STOCKS -- (0.7%)
Fraser & Neave, Ltd................................... 769,000 3,364,415
Keppel Corp., Ltd..................................... 1,379,000 3,660,960
Keppel Land, Ltd...................................... 600,000 971,440
Singapore Airlines, Ltd............................... 40,000 404,767
Singapore Land, Ltd................................... 1,048,000 2,470,315
--------------
TOTAL COMMON STOCKS
(Cost $13,906,783)................................... 10,871,897
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Singapore Dollars
(Cost $2,101)....................................... 2,086
--------------
TOTAL -- SINGAPORE
(Cost $13,908,884)................................... 10,873,983
--------------
NORWAY -- (0.5%)
COMMON STOCKS -- (0.5%)
#Bergesen Dy ASA Series A............................. 105,892 1,563,121
Den Norske Bank ASA Series A.......................... 589,194 2,382,640
*Kvaerner ASA......................................... 59,851 1,128,489
Norsk Hydro ASA....................................... 31,700 1,238,661
Norske Skogindustrier ASA Series A.................... 52,781 2,337,375
--------------
TOTAL COMMON STOCKS
(Cost $10,772,768)................................... 8,650,286
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Norwegian Krone
(Cost $181)......................................... 174
--------------
TOTAL -- NORWAY
(Cost $10,772,949)................................... 8,650,460
--------------
PORTUGAL -- (0.4%)
COMMON STOCKS -- (0.4%)
Banco Espirito Santo e Comercial de Lisboa............ 41,192 1,028,597
</TABLE>
14
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Cimpor Cimentos de Portugal SA........................ 85,253 $ 1,334,814
Portugal Telecom SA................................... 476,140 4,578,454
--------------
TOTAL -- PORTUGAL
(Cost $6,729,243).................................... 6,941,865
--------------
IRELAND -- (0.2%)
COMMON STOCKS -- (0.2%)
Independent Newspapers P.L.C.......................... 245,186 1,283,748
Irish Permanent P.L.C................................. 37,534 374,146
Jefferson Smurfit Group P.L.C......................... 877,165 2,384,656
--------------
TOTAL -- IRELAND
(Cost $3,512,365).................................... 4,042,550
--------------
AUSTRIA -- (0.2%)
COMMON STOCKS -- (0.2%)
Bank Austria AG....................................... 47,110 2,490,783
Voest-Alpine Stahl AG................................. 13,596 457,645
--------------
TOTAL -- AUSTRIA
(Cost $2,738,771).................................... 2,948,428
--------------
NEW ZEALAND -- (0.2%)
COMMON STOCKS -- (0.2%)
Carter Holt Harvey, Ltd............................... 1,509,500 1,831,153
*Lion Nathan, Ltd..................................... 476,400 1,056,272
--------------
TOTAL COMMON STOCKS
(Cost $3,178,163).................................... 2,887,425
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*New Zealand Dollar
(Cost $72).......................................... 71
--------------
TOTAL -- NEW ZEALAND
(Cost $3,178,235).................................... 2,887,496
--------------
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
EMU -- (0.0%)
INVESTMENT IN CURRENCY -- (0.0%)
*Euro Currency (Cost $476,119)........................ 465,213
--------------
MALAYSIA -- (0.0%)
COMMON STOCKS -- (0.0%)
*Rekapacific Berhad
(Cost $1,085,453)................................... 691,000 83,647
--------------
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
------
(000)
<S> <C> <C>
TEMPORARY CASH
INVESTMENTS -- (0.2%)
Repurchase Agreement, PNC Capital Markets Inc. 5.30%,
12/01/99 (Collateralized by U.S. Treasury Notes
4.50%, 01/31/01, valued at $3,495,625) to be
repurchased at $3,437,506.
(Cost $3,437,000)................................... $ 3,437 3,437,000
--------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,425,959,953)++.............................. $1,652,873,615
==============
</TABLE>
<TABLE>
<C> <S>
- --------------------------------------------------------------------------------
+ See Note B to Financial Statements.
* Non-Income Producing Securities
# Total or Partial Securities on Loan
++ The cost for federal income tax purposes is $1,426,309,289.
</TABLE>
See accompanying Notes to Financial Statements.
15
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
THE DFA
THE U.S. LARGE CAP INTERNATIONAL
VALUE SERIES VALUE SERIES
---------------- -------------
ASSETS:
<S> <C> <C>
Investments at Value.......................................... $ 1,779,420 $ 1,652,874
Collateral for Securities Loaned.............................. 4,183 126,556
Receivables
Dividends, Interest, and Tax Reclaims.................... 4,718 5,660
Receivable from Advisor.................................. 21,678 -
Investment Securities Sold............................... - 4,068
Fund Shares Sold......................................... - 1,477
Prepaid Expenses and Other Assets............................. 155 91
----------- -----------
Total Assets........................ 1,810,154 1,790,726
----------- -----------
LIABILITIES:
Payable for Securities Loaned................................. 4,183 126,556
Payable for Investment Securities Purchased................... 17,528 1,592
Payable for Fund Shares Redeemed.............................. 19 1,731
Accrued Expenses and Other Liabilities........................ 342 470
----------- -----------
Total Liabilities.................. 22,072 130,349
----------- -----------
NET ASSETS.................................................... $ 1,788,082 $ 1,660,377
----------- -----------
----------- -----------
SHARES OUTSTANDING $.01 PAR VALUE
(Unlimited Number of Shares Authorized)............... 100,488,493 125,974,987
----------- -----------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE................................................ $ 17.79 $ 13.18
----------- -----------
----------- -----------
Investments at Cost........................................... $ 1,710,259 $ 1,425,960
----------- -----------
----------- -----------
</TABLE>
See accompanying Notes to Financial Statements.
16
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 1999
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
THE DFA
THE U.S. LARGE INTERNATIONAL
CAP VALUE SERIES VALUE SERIES
---------------- -------------
INVESTMENT INCOME:
<S> <C> <C>
Dividends (Net of Foreign Taxes Withheld of $0 and $3,879
respectively.................................................... $34,606 $40,657
Interest........................................................ 1,309 781
Income from Securities Lending.................................. 57 1,324
----------- -----------
Total Investment Income.......................... 35,972 42,762
----------- -----------
EXPENSES
Investment Advisory Services............................... 1,831 3,481
Accounting & Transfer Agent Fees........................... 722 839
Custodian's Fee............................................ 254 465
Legal Fees................................................. 31 34
Audit Fees................................................. 27 29
Shareholders' Reports...................................... 39 42
Trustees' Fees and Expenses................................ 7 7
Other...................................................... 39 114
----------- -----------
Total Expenses................................... 2,950 5,011
----------- -----------
NET INVESTMENT INCOME........................................... 33,022 37,751
----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain on Investment Securities...................... 310,039 100,874
Net Realized Loss on Foreign Currency Transactions.............. - (341)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities...................................... (262,465) 81,414
Translation of Foreign Currency Denominated Amounts........ - (368)
----------- -----------
NET GAIN ON INVESTMENT SECURITIES............................... 47,574 181,579
----------- -----------
NET INCREASE IN ASSETS RESULTING FROM OPERATIONS................ $ 80,596 $ 219,330
----------- -----------
----------- -----------
</TABLE>
See accompanying Notes to Financial Statements.
17
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
THE DFA
THE U.S. LARGE INTERNATIONAL
CAP VALUE SERIES VALUE SERIES
-------------------- ----------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
NOV.30, NOV.30, NOV.30, NOV.30,
1999 1998 1999 1998
---- ---- ---- ----
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C> <C> <C>
Operations:
Net Investment Income......................................... $33,022 $27,904 $37,751 $32,873
Net Realized Gain on Investment Securities.................... 310,039 136,077 100,874 11,162
Net Realized Gain (Loss) on Foreign Currency Transactions..... - - (341) 895
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency............... (262,465) 12,481 81,414 151,571
Translation of Foreign Currency Denominated Amounts...... - - (368) 158
--------- -------- -------- --------
Net Increase in Net Assets Resulting from Operations.. 80,596 176,462 219,330 196,659
--------- -------- -------- --------
Distributions From:
Net Investment Income......................................... (32,738) (28,682) (42,454) (39,352)
Net Realized Gains............................................ (135,996) (82,634) (3,807) (4,181)
--------- -------- -------- --------
Total Distributions......................................... (168,734) (111,316) (46,261) (43,533)
--------- -------- -------- --------
Capital Share Transactions (1):
Shares Issued................................................. 240,602 281,067 145,300 161,527
Shares Issued in Lieu of Cash Distributions................... 166,280 91,193 46,261 43,533
Shares Redeemed............................................... (286,569) (171,495) (424,502) (220,023)
--------- -------- -------- --------
Net Increase (Decrease) from Capital Share Transactions....... 120,313 200,765 (232,941) (14,963)
--------- -------- -------- --------
Total Increase (Decrease)......................... 32,175 265,911 (59,872) 138,163
NET ASSETS
Beginning of Period........................................... 1,755,907 1,489,996 1,720,249 1,582,086
--------- -------- -------- --------
End of Period................................................. $1,788,082 $1,755,907 $1,660,377 $1,720,249
--------- -------- -------- --------
--------- -------- -------- --------
(1) SHARES ISSUED AND REDEEMED:
Shares Issued................................................. 12,917 15,137 11,508 13,637
Shares Issued in Lieu of Cash Distributions................... 9,595 5,270 3,655 3,743
Shares Redeemed............................................... (15,459) (9,356) (33,103) (18,668)
--------- -------- -------- --------
7,053 11,051 (17,940) (1,288)
--------- -------- -------- --------
--------- -------- -------- --------
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
THE U.S. LARGE CAP VALUE SERIES
-------------------------------------------------------
FOR THE YEAR ENDED NOVEMBER 30,
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ......... $18.79 $18.09 $15.52 $13.29 $9.92
------------- ------------- ------------- ----------- ----------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income ................ 0.34 0.31 0.32 0.31 0.32
Net Gains (Losses) on Securities
(Realized and Unrealized) ............ 0.46 1.71 3.38 2.57 3.53
------------- ------------- ------------- ----------- ---------
Total from Investment Operations .......... 0.80 2.02 3.70 2.88 3.85
------------- ------------- ------------- ----------- ---------
LESS DISTRIBUTIONS
Net Investment Income ................ (0.34) (0.32) (0.31) (0.31) (0.31)
Net Realized Gains ................... (1.46) (1.00) (0.82) (0.34) (0.17)
------------- ------------- ------------- ----------- ---------
Total Distributions .................. (1.80) (1.32) (1.13) (0.65) (0.48)
------------- ------------- ------------- ----------- ---------
Net Asset Value, End of Period ............ $17.79 $18.79 $18.09 $15.52 $13.29
------------- ------------- ------------- ----------- ---------
------------- ------------- ------------- ----------- ---------
Total Return .............................. 4.64% 11.93% 25.31% 22.48% 39.26%
Net Assets, End of Period (thousands) ..... $1,788,082 $1,755,907 $1,489,996 $987,942 $423,027
Ratio of Expenses to Average Net Assets ... 0.16% 0.16% 0.18% 0.19% 0.21%
Ratio of Net Investment Income to Average
Net Assets........................... 1.80% 1.67% 1.96% 2.37% 2.84%
Portfolio Turnover Rate ................... 42.96% 24.70% 17.71% 20.12% 29.41%
</TABLE>
<TABLE>
<CAPTION>
THE DFA INTERNATIONAL VALUE SERIES
-------------------------------------------------------
FOR THE YEAR ENDED NOVEMBER 30,
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ...... $11.95 $10.90 $11.79 $10.55 $10.06
------------- ------------- ------------- ------------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income ................ 0.28 0.22 0.24 0.23 0.20
Net Gains (Losses) on Securities
(Realized and Unrealized) ............ 1.29 1.13 (0.67) 1.32 0.52
------------- ------------- ------------- ------------- ----------
Total from Investment Operations .......... 1.57 1.35 (0.43) 1.55 0.72
------------- ------------- ------------- ------------- ----------
LESS DISTRIBUTIONS
Net Investment Income ................ (0.31) (0.27) (0.22) (0.23) (0.21)
Net Realized Gains ................... (0.03) (0.03) (0.24) (0.08) (0.02)
------------- ------------- ------------- ------------- ----------
Total Distributions .................. (0.34) (0.30) (0.46) (0.31) (0.23)
------------- ------------- ------------- ------------- ----------
Net Asset Value, End of Period ............ $13.18 $11.95 $10.90 $11.79 $10.55
------------- ------------- ------------- ------------- ----------
------------- ------------- ------------- ------------- ----------
Total Return .............................. 13.27% 12.50% (3.84)% 14.85% 7.20%
Net Assets, End of Period (thousands) ..... $1,660,377 $1,720,249 $1,582,086 $1,356,852 $609,386
Ratio of Expenses to Average Net Assets ... 0.29% 0.29% 0.32% 0.36% 0.42%
Ratio of Net Investment Income to Average
Net Assets........................... 2.17% 1.90% 2.09% 2.23% 2.14%
Portfolio Turnover Rate ................... 5.80% 15.41% 22.55% 12.23% 9.75%
</TABLE>
See accompanying Notes to Financial Statements.
19
<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. The
Trust currently consists of twenty-one series, of which three are presented in
this report. (the "Series")
The Global Value Series (the "Fund") commenced operations on August 27,
1999. It invests in The U.S. Large Cap Value Series and The DFA International
Value Series. ("the Master Funds")
At November 30, 1999, The Global Value Series owned less than 1% of the
outstanding shares of each of the Master Funds. The financial statements of the
Master Funds are included in this report and should be read in conjunction with
the financial statements of The Global Value Series.
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 the preparation of its financial
statements. The preparation of financial statements in accordance with generally
accepted accounting principles may require management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
1. SECURITY VALUATION: The shares of the Master Funds held by The Global Value
Series are valued at their respective daily net asset values.
Securities held by the Master Funds which are listed on a securities exchange
and for which market quotations are readily available are valued at the last
quoted sale price of the day, or if there is no such reported sale, at the mean
between the most recent bid and asked prices. Price information on listed
securities is taken from the exchange where the security is primarily traded.
Unlisted securities for which market quotations are readily available are valued
at the mean between the most recent bid and asked prices. Securities for which
quotations are not readily available are valued in good faith at fair value
using methods determined by the Board of Trustees.
2. FEDERAL INCOME TAXES: It is the Series' intention to continue to qualify as
regulated investment companies and to distribute all of their taxable income.
Accordingly, no provision for Federal taxes is required in the financial
statements.
3. REPURCHASE AGREEMENTS: The Series may purchase money market instruments
subject to the 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 Trust's
custodian or a third party sub-custodian. All open repurchase agreements were
entered into on November 30, 1999.
4. OTHER: Security transactions are accounted for on the date the securities are
purchased or sold. Costs used in determining realized gains and losses on the
sale of investment securities are those of specific securities sold. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
The components of net assets may be adjusted for current period permanent
book/tax differences which arose principally from differing book/tax treatments
of foreign currency and foreign taxes on capital gains. Interest income is
recorded on the accrual basis. Expenses directly attributable to a Series are
directly charged. Common expenses are allocated using methods determined by the
Board of Trustees.
20
<PAGE>
The DFA International Value Series may be subject to taxes imposed by countries
in which they invest, with respect to their investments in issuers existing or
operating in such countries. Such taxes are generally based on income earned or
repatriated and capital gains realized on the sale of such investments. The
Funds accrue such taxes when the related income or capital gains are earned.
Some countries require governmental approval for the repatriation of investment
income, capital or the proceeds of sales of foreign investors. In addition, if
there is a deterioration in a country's balance of payments or for other
reasons, a country may impose temporary restrictions on foreign remittances
abroad.
C. INVESTMENT ADVISOR:
Dimensional Fund Advisors Inc. ("DFA" or the "Advisor") provides investment
advisory services to the Series. For the year ended November 30, 1999, the
advisory fees were computed daily and paid monthly to the Advisor based on an
effective annual rate of 0.10 of 1% and 0.20 of 1% of average daily net assets
for The U.S. Large Cap Value Series and The DFA International Value Series,
respectively. The Global Value Series is not subject to a management fee.
The advisor has agreed to reimburse The Global Value Series to the extent
necessary to keep the annual combined expenses of the Fund and its Master Funds
to not more than 0.50% of average daily net assets.
Certain officers of the Series are also officers, directors and
shareholders of the Advisor.
D. PURCHASES AND SALES OF SECURITIES:
For the year ended November 30, 1999, the Master Funds made the following
purchases and sales of investment securities other than U.S. Government
Securities (amounts in thousands):
<TABLE>
<CAPTION>
PURCHASES SALES
--------- ------
(000) (000)
<S> <C> <C>
The U.S. Large Cap Value Series $770,263 $798,873
The DFA International Value Series 98,879 349,360
</TABLE>
E. INVESTMENT TRANSACTIONS:
At November 30, 1999, gross unrealized appreciation and depreciation for
federal income tax purposes of investment securities was as follows (amounts in
thousands):
<TABLE>
<CAPTION>
GROSS UNREALIZED GROSS UNREALIZED
APPRECIATION DEPRECIATION NET
------------ ------------ ---
(000) (000) (000)
----- ----- -----
<S> <C> <C> <C>
The Global Value Series - $ (31) $ (31)
The U.S. Large Cap Value Series $310,811 (240,820) 68,991
The DFA International Value Series 413,380 (186,816) 226,564
</TABLE>
21
<PAGE>
F. LINE OF CREDIT:
The Trust, together with other DFA-advised portfolios, has entered into a
$50 million unsecured line of credit with its domestic custodian bank. Each
series is permitted to borrow, subject to its investment limitations, up to a
maximum of $50 million. Borrowings under the line are charged interest at the
current overnight federal funds rate plus a variable rate determined at the date
of borrowing. Each series is individually, and not jointly liable for its
particular advances under the line. The Global Value Series and The DFA
International Value Series had no borrowings under the line of credit during the
year ended November 30, 1999. Borrowings under the line of credit for The U.S.
Large Cap Value Series during the year ending November 30, 1999 were as follows:
<TABLE>
<CAPTION>
Weighted Weighted Number of Interest Maximum Amount
Average Average Days Expense Borrowed During
Interest Rate Loan Balance Outstanding Incurred the Period
------------- ------------ ----------- -------- ----------
<S> <C> <C> <C> <C> <C>
5.55% $2,275,238 13 $7,365 $7,639,000
</TABLE>
There were no outstanding borrowings under the line of credit at November 30,
1999.
G. COMPONENTS OF NET ASSETS:
At November 30, 1999, net assets consisted of (amounts in thousands):
<TABLE>
<CAPTION>
THE GLOBAL THE U.S. LARGE THE DFA INTERNATIONAL
VALUE SERIES CAP VALUE SERIES VALUE SERIES
------------ ---------------- -------------
<S> <C> <C> <C>
Paid-In Capital.................................... $943 $1,407,634 $1,333,432
Accumulated Net Investment Income (Loss)........... 5 1,255 2,072
Undistributed Net Realized Gain.................... - 310,032 98,528
Unrealized Appreciation (Depreciation) of
Investment Securities.............................. (31) 69,161 226,914
Accumulated Net Realized Foreign
Exchange Loss................................. - - (341)
Accumulated Net Foreign Exchange Loss.............. - - (228)
---------- ---------- ----------
Total Net Assets................................... $917 $1,788,082 $1,660,377
---------- ---------- ----------
---------- ---------- ----------
</TABLE>
H. SECURITIES LENDING:
Loans of domestic securities are required at all times to be secured by
collateral at least equal to 102% of the market value of the securities on loan.
Loans of international securities are required at all time to be secured by
collateral at least equal to 105% of the market value of the securities on loan.
However, in the event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral may be subject to
legal proceedings. In the event that the borrower fails to return loaned
securities, and cash collateral being maintained by the borrower is insufficient
to cover the value of loaned securities and provided such collateral
insufficiency is not the result of investment losses, the lending agent has
agreed to pay the amount of the shortfall to the Master Funds or, at the option
of the lending agent, replace the loaned securities. Such cash collateral for
November 30, 1999 was reinvested into overnight repurchase agreements with JP
Morgan and Fuji Securities, which was in turn collateralized by U.S. Government
Treasury Securities. As of November 30, 1999, the market value of securities on
loan to brokers, the related collateral cash received was and the value of
collateral on overnight repurchase agreements was as follows:
<TABLE>
<CAPTION>
VALUE OF COLLATERAL ON
VALUE OF COLLATERAL AND OVERNIGHT REPURCHASE
VALUE OF SECURITIES INDEMNIFICATION AGREEMENTS
------------------- --------------- ----------
<S> <C> <C> <C>
The U.S. Large Cap Value Series $3,451,603 $4,182,800 $4,271,078
The DFA International Value Series 119,398,258 126,555,611 154,412,408
</TABLE>
22
<PAGE>
I. MALAYSIA
During the year ended November 30, 1999, The DFA International Value Series
repatriated funds from Malaysia. In accordance with the Malaysian government's
repatriation tax regime, the Series paid repatriation taxes based on the market
value at August 31, 1998 of securities sold as follows: a 30% tax on
repatriations between September 1, 1998 and April 1, 1998, a 20% tax on
repatriation between April 1, 1999 and June 1, 1999 and a 10% tax on
repatriations between June 1, 1999 and September 1, 1999. Realized gains and
losses on the sale of Malaysian securities have been recorded net of applicable
repatriation taxes for financial statements purposes.
23
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
THE DFA INVESTMENT TRUST COMPANY:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
respects, the financial position of The Global Value Series (constituting a
portfolio within The DFA Investment Trust Company, hereafter referred to as the
"Fund") at November 30, 1999, and the results of its operations, the changes in
its net assets and its financial highlights for the period August 27, 1999
(commencement of operations) through November 30, 1999, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with generally accepted auditing
standards, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit, which included confirmation
of securities at November 30, 1999 by correspondence with the custodian,
provides a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 14, 2000
24
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
THE DFA INVESTMENT TRUST COMPANY:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of The U.S. Large Cap Value Series and
The DFA International Value Series (constituting portfolios within The DFA
Investment Trust Company, hereafter referred to as the "Fund"), at November 30,
1999, and the results of each of their operations, the changes in each of their
net assets and the financial highlights for each of the periods presented, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with generally
accepted auditing standards, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and estimates made by the management, and evaluating the
overall financial statement presentation. We believe that our audits, which
included confirmation of securities at November 30, 1999 by correspondence with
the custodians and brokers, provide a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 14, 2000
25
