<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
SEMI-ANNUAL REPORT
SIX MONTHS ENDED MAY 31, 2000
(UNAUDITED)
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
SEMI-ANNUAL REPORT
(UNAUDITED)
TABLE OF CONTENTS
PAGE
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
Schedule of Investments...................................................1
Statement of Assets and Liabilities.......................................2
Statement of Operations...................................................3
Statements of Changes in Net Assets.......................................4
Financial Highlights......................................................5
THE U.S. LARGE CAP VALUE SERIES/THE DFA INTERNATIONAL VALUE SERIES
Schedules of Investments...............................................6-15
Statements of Assets and Liabilities.....................................16
Statement of Operations..................................................17
Statements of Changes in Net Assets......................................18
Financial Highlights..................................................19-20
Notes to Financial Statements.........................................21-23
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
MAY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE+
------ ----------
<S> <C> <C>
INVESTMENT IN THE U.S. LARGE CAP VALUE SERIES
OF THE DFA INVESTMENT TRUST COMPANY......................... 44,260 $649,294
INVESTMENT IN THE DFA INTERNATIONAL VALUE SERIES
OF THE DFA INVESTMENT TRUST COMPANY......................... 51,693 $631,688
--------
Total Investments (100%) (Cost $1,422,466) ++............ $1,281,282
==========
</TABLE>
-------------------------------
+ See Note B to Financial Statements.
++ The cost for federal income tax purposes is $1,422,466
See accompanying Notes to Financial Statements.
1
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments at Value $ 1,281
Cash 3
Receivable from Advisor 2
--------
Total Assets 1,286
--------
LIABILITIES:
Accrued Expenses and Other Liabilities 7
--------
Total Liabilities 7
--------
NET ASSETS $ 1,279
========
SHARES OUTSTANDING $.01 PAR VALUE
(Unlimited Number of Shares Authorized) 134,575
========
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 9.50
========
Investments at Cost $ 1,422
========
</TABLE>
See accompanying Notes to Financial Statements.
2
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Income Distributions Received from The DFA
Investment Trust Company $ 15
--------
EXPENSES
Accounting and Transfer Agent Fees 7
Shareholders' Reports 2
--------
Total Expenses 9
--------
Expenses Waived or Reimbursed (7)
--------
Net Expenses 2
--------
NET INVESTMENT INCOME 13
--------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Capital Gain Distributions Received from The DFA
Investment Trust Company 99
Change in Unrealized Appreciation (Depreciation) --------
of Investment Securities (110)
--------
NET LOSS ON INVESTMENT SECURITIES (11)
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2
========
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS AUG. 27,
ENDED TO
MAY 31, NOV. 30,
2000 1999
------------ ----------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income $ 13 $ 5
Capital Gain Distributions Received from The DFA Investment Trust Company 99 -
Change in Unrealized Appreciation (Depreciation) of
Investment Securities Sold (110) (31)
---------- ----------
Net Increase (Decrease) in Net Assets Resulting from Operations 2 (26)
---------- ----------
Distributions From:
Net Investment Income (7) -
Net Realized Gains (9) -
---------- ----------
Total Distributions (16) -
---------- ----------
Capital Share Transactions (1):
Shares Issued 360 943
Shares Issued in Lieu of Cash Distribution 16 -
Shares Redeemed - -
---------- ----------
Net Increase from Capital Share Transactions 376 943
---------- ----------
Total Increase 362 917
---------- ----------
NET ASSETS
Beginning of Period 917 -
---------- ----------
End of Period $ 1,279 $ 917
========== ==========
(1) SHARES ISSUED AND REDEEMED:
Shares Issued 38 95
Shares Issued in Lieu of Cash Distribution 2 -
Shares Redeemed - -
---------- ----------
40 95
========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
THE GLOBAL VALUE SERIES
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS AUG. 27,
ENDED TO
MAY 31, NOV. 30,
2000 1999
----------- ----------
(UNAUDITED)
<S> <C> <C>
Net Asset Value, Beginning of Period $ 9.67 $ 10.00
------------ -----------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.03 0.06
Net Loss on Securities (Realized and Unrealized) (0.03) (0.39)
------------ -----------
Total from Investment Operations - (0.33)
------------ -----------
LESS DISTRIBUTIONS
Net Investment Income (0.07) -
Net Realized Gains (0.10) -
------------ -----------
Total Distributions (0.17) -
------------ -----------
Net Asset Value, End of Period $ 9.50 $ 9.67
============ ===========
Total Return 0.02%# (3.30%)#
------------- --------------
Net Assets, End of Period (thousands) $ 1,279 $ 917
Ratio of Expenses to Average Net Assets (1) 0.50%* 0.50%*(a)
Ratio of Expenses to Average Net Assets
(Excluding Waivers and Assumption of Expenses) (1) 1.57%* 5.22%*(a)
Ratio of Net Investment Income to Average Net Assets 2.41%* 2.62%*(a)
Ratio of Net Investment Income to Average Net Assets
(Excluding Waivers and Assumption of Expenses) 1.11%* (2.32%)*(a)
Portfolio Turnover Rate N/A N/A
</TABLE>
-------------------------------------
* Annualized
# Non-annualized
(1) Represents the combined ratio for The Global Value Series and
its respective pro-rata share of its Master Fund Series.
(a) Because of commencement of operations and related preliminary
transaction costs, these ratios are not necessarily indicative
of future ratios.
N/A Refer to the Master Fund Series
See accompanying Notes to Financial Statements.
5
<PAGE>
THE U.S. LARGE CAP VALUE SERIES
SCHEDULE OF INVESTMENTS
MAY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
COMMON STOCKS -- (99.0%)
Aetna, Inc............................................ 544,726 $ 36,360,460
Airborne Freight Corp................................. 148,200 2,991,787
*Airgas, Inc.......................................... 28,800 154,800
AK Steel Holding Corp................................. 675,675 6,545,602
*Alaska Air Group, Inc................................ 111,200 3,461,100
Albemarle Corp........................................ 102,100 2,246,200
Alcoa, Inc............................................ 186,994 10,927,462
Alexander & Baldwin, Inc.............................. 164,000 3,792,500
*Allegheny Corp....................................... 17,158 2,852,517
Alliant Energy Corp................................... 217,700 6,027,569
Allmerica Financial Corp.............................. 80,600 4,649,612
Allstate Corp......................................... 739,500 19,596,750
Ambac, Inc............................................ 140,300 7,067,612
Amerada Hess Corp..................................... 115,100 7,639,762
*America West Holdings Corp. Class B.................. 108,800 1,938,000
American Annuity Group, Inc........................... 37,600 641,550
American Financial Group, Inc......................... 178,100 4,975,669
American Greetings Corp. Class A...................... 190,400 3,546,200
American National Insurance Co........................ 38,900 2,101,816
Amerus Life Holdings, Inc. Class A.................... 45,600 909,150
*AMR Corp............................................. 565,000 16,102,500
Arch Coal, Inc........................................ 49,022 367,665
Archer-Daniels Midland Co............................. 2,064,146 24,640,743
*Arrow Electronics, Inc............................... 333,000 11,675,812
Ashland, Inc.......................................... 249,200 8,706,425
*AutoNation, Inc...................................... 2,068,600 16,290,225
Avnet, Inc............................................ 8,420 582,559
Bancwest Corp......................................... 367,800 6,873,262
Bear Stearns Companies, Inc........................... 376,170 14,811,694
Belo (A.H.) Corp. Class A............................. 331,800 5,329,537
*Bethlehem Steel Corp................................. 444,400 1,722,050
Block Drug Co., Inc. Class A.......................... 1,127 31,204
Boise Cascade Corp.................................... 176,300 5,134,737
*Borders Group, Inc................................... 22,700 319,219
Borg Warner Automotive, Inc........................... 100,800 4,006,800
Bowater, Inc.......................................... 171,600 8,869,575
Brunswick Corp........................................ 297,600 5,728,800
Burlington Northern Santa Fe Corp..................... 1,835,700 43,368,412
C.I.T. Group, Inc. Class A............................ 289,000 5,292,312
CBRL Group, Inc....................................... 270,000 3,906,562
Centex Corp........................................... 229,000 4,751,750
Champion International Corp........................... 293,700 21,440,100
Chesapeake Corp....................................... 15,100 493,581
*Chris-Craft Industries, Inc.......................... 76,294 4,644,397
Cincinnati Financial Corp............................. 490,280 19,718,449
*CNA Financial Corp................................... 615,800 21,976,362
Coca-Cola Enterprises, Inc............................ 1,203,100 20,603,087
Commerce Group, Inc................................... 93,100 2,525,337
Commercial Federal Corp............................... 94,900 1,512,469
Conseco, Inc.......................................... 1,006,800 6,292,500
Consolidated Papers, Inc.............................. 196,100 7,329,237
*Consolidated Stores Corp............................. 211,500 2,749,500
Cooper Tire & Rubber Co............................... 306,400 3,695,950
Corn Products International, Inc...................... 116,200 2,854,162
Countrywide Credit Industries, Inc.................... 370,200 11,383,650
Crompton Corp......................................... 5,637 68,349
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Crown Cork & Seal Co., Inc............................ 424,500 $ 7,269,562
CSX Corp.............................................. 875,400 19,039,950
Cummins Engine Co., Inc............................... 135,200 4,402,450
Dana Corp............................................. 504,800 13,030,150
Delphi Automotive Systems Corp........................ 258,930 4,676,923
Delta Air Lines, Inc.................................. 422,500 21,732,344
Dillards, Inc. Class A................................ 330,700 4,939,831
Dime Bancorp, Inc..................................... 53,800 981,850
Earthgrains Co........................................ 114,700 1,892,550
Eastman Chemical Co................................... 83,200 3,790,800
Enhance Financial Services Group, Inc................. 116,400 1,600,500
ENSCO International, Inc.............................. 67,900 2,372,256
EOG Resources, Inc.................................... 215,000 6,987,500
Everest Re Group, Ltd................................. 16,000 544,000
*Extended Stay America, Inc........................... 355,300 3,197,700
Federal-Mogul Corp.................................... 356,800 3,545,700
*Federated Department Stores, Inc..................... 651,100 25,067,350
Financial Security Assurance Holdings, Ltd............ 41,800 3,140,225
Finova Group, Inc..................................... 118,400 1,413,400
First American Financial Corp......................... 112,300 1,866,987
First Citizens Bancshares, Inc. NC.................... 10,300 621,219
Florida East Coast Industries, Inc.................... 62,500 3,000,000
*FMC Corp............................................. 1,000 60,750
Ford Motor Co......................................... 2,145,900 104,210,269
Fortune Brands, Inc................................... 591,000 15,735,375
GATX Corp............................................. 143,400 4,830,787
General Motors Corp................................... 1,494,300 105,534,937
*General Motors Corp. Class H......................... 389,446 38,336,091
*Gentiva Health Services.............................. 3,325 28,990
Georgia-Pacific Corp.................................. 445,000 14,573,750
*Golden State Bancorp, Inc............................ 156,200 2,743,262
Golden West Financial Corp............................ 247,800 10,345,650
Goodrich (B.F.) Co.................................... 109,100 3,873,050
Goodyear Tire & Rubber Co............................. 113,400 2,820,825
Great Atlantic & Pacific Tea Co., Inc................. 135,900 2,497,162
Greenpoint Financial Corp............................. 265,700 5,546,487
Harris Corp........................................... 126,400 3,863,100
Hartford Life, Inc. Class A........................... 20,000 1,003,750
*Healthsouth Corp..................................... 1,481,200 9,535,225
*Hearst-Argyle Television, Inc........................ 225,000 4,260,937
Heller Financial, Inc................................. 52,600 992,825
Helmerich & Payne, Inc................................ 151,600 5,647,100
Hibernia Corp......................................... 301,300 3,879,238
Hollinger International, Inc. Class A................. 268,700 3,274,781
Horton (D.R.), Inc.................................... 355,300 4,641,106
*Humana, Inc.......................................... 557,100 3,133,688
IBP, Inc.............................................. 344,900 5,690,850
Ikon Office Solutions, Inc............................ 541,400 2,707,000
*Imation Corp......................................... 1,600 45,300
IMC Global, Inc....................................... 445,300 6,846,488
*Ingram Micro, Inc.................................... 266,900 4,503,938
*Interim Services, Inc................................ 150,300 3,024,788
International Paper Co................................ 513,041 17,860,240
*K Mart Corp.......................................... 1,650,000 14,025,000
Keycorp............................................... 840,000 17,640,000
Lafarge Corp.......................................... 257,500 6,566,250
</TABLE>
6
<PAGE>
THE U.S. LARGE CAP VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Lam Research Corp.................................... 14,700 $ 472,697
*Lanier Worldwide, Inc................................ 101,400 183,788
Lehman Brothers Holdings, Inc......................... 362,000 27,941,875
Lennar Corp........................................... 58,000 1,094,750
*Liberty Corp......................................... 40,400 1,419,050
Liberty Financial Companies, Inc...................... 160,000 3,770,000
Lincoln National Corp................................. 446,100 17,286,375
Lockheed Martin Corp.................................. 489,500 11,992,750
Loews Corp............................................ 363,400 23,938,975
Longs Drug Stores Corp................................ 50,900 1,027,544
Louisiana-Pacific Corp................................ 335,300 3,772,125
Lubrizol Corp......................................... 182,000 4,208,750
Lyondell Chemical Co.................................. 303,000 5,056,313
Mallinckrodt, Inc..................................... 205,300 5,940,869
*Mandalay Resort Group................................ 296,300 6,277,856
*Manor Care, Inc...................................... 222,000 1,567,875
Mark IV Industries, Inc............................... 85,600 1,819,000
MBIA, Inc............................................. 92,900 5,370,781
Mead Corp............................................. 306,300 9,437,869
Millennium Chemicals, Inc............................. 346,800 6,675,900
*Mirage Resorts, Inc.................................. 669,900 14,026,031
*Modis Professional Services, Inc..................... 89,500 917,375
*Mony Group, Inc...................................... 5,000 185,313
Nabisco Group Holdings Corp........................... 1,090,980 23,797,001
Norfolk Southern Corp................................. 1,294,000 23,049,375
Northrop Grumman Corp................................. 249,000 19,079,625
Occidental Petroleum Corp............................. 650,800 15,415,825
*Officemax, Inc....................................... 384,600 2,091,263
Ohio Casualty Corp.................................... 213,800 2,558,919
Old Republic International Corp....................... 612,475 10,756,592
Omnicare, Inc......................................... 360,300 5,944,950
*Owens-Illinois, Inc.................................. 415,500 4,674,375
Pacific Century Financial Corp........................ 227,800 5,125,500
*Pacificare Health Systems, Inc....................... 51,296 3,324,622
*Pactiv Corporation................................... 615,100 5,497,456
*Park Place Entertainment Corp........................ 759,800 9,592,475
Penney (J.C.) Co., Inc................................ 1,140,000 20,662,500
Penzoil Quaker State Co............................... 55,600 611,600
Phelps Dodge Corp..................................... 212,712 9,545,451
*Pioneer Natural Resources Co......................... 483,900 7,228,256
PMI Group, Inc........................................ 58,500 2,968,875
Potlatch Corp......................................... 94,600 3,582,975
*Premier Parks, Inc................................... 153,600 3,657,600
*Pride International, Inc............................. 50,000 1,271,875
Pulte Corp............................................ 127,600 2,831,125
Questar Corp.......................................... 271,400 5,512,813
*R & B Falcon Corp.................................... 169,300 3,967,969
Radian Group, Inc..................................... 47,000 2,585,000
Rayonier, Inc......................................... 83,000 3,340,750
Raytheon Co. Class A.................................. 321,500 7,575,344
Raytheon Co. Class B.................................. 409,900 9,607,031
*Rite Aid Corp........................................ 457,100 3,171,131
RJ Reynolds Tobacco Holdings, Inc..................... 448,226 12,438,272
Russell Corp.......................................... 137,400 3,057,150
Ryder System, Inc..................................... 268,800 5,157,600
*Sabre Holdings Corp.................................. 408,298 11,738,568
Safeco Corp........................................... 491,200 12,049,750
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Safety-Kleen Corp.................................... 195,700 $ 122,313
Saint Paul Companies, Inc............................. 695,326 26,074,725
*Saks, Inc............................................ 450,200 5,205,438
Sears, Roebuck & Co................................... 867,500 32,043,281
*Sensormatic Electronics Corp......................... 196,500 3,082,594
Service Corp. International........................... 825,600 2,580,000
*Silicon Graphics, Inc................................ 501,700 3,323,763
*Smurfit-Stone Container Corp......................... 36,026 512,245
Sovereign Bancorp, Inc................................ 744,700 5,108,177
Spiegel, Inc. Class A Non-Voting...................... 9,600 73,350
Springs Industries, Inc. Class A...................... 7,700 365,750
St. Joe Corp.......................................... 78,400 2,347,100
Starwood Hotels and Resorts Worldwide, Inc............ 577,500 17,072,344
Sunoco, Inc........................................... 329,000 10,630,813
Supervalu, Inc........................................ 286,100 5,954,456
*Tech Data Corp....................................... 72,500 2,725,547
Tecumseh Products Co. Class A......................... 58,300 2,632,609
Tecumseh Products Co. Class B......................... 15,400 665,088
Temple-Inland, Inc.................................... 180,200 8,953,688
Tenet Healthcare Corp................................. 633,000 16,220,625
Tenneco Automotive, Inc............................... 123,020 899,584
Terra Industries, Inc................................. 61,400 130,475
*Thermo-Electron Corp................................. 485,600 9,013,950
Tidewater, Inc........................................ 164,000 6,375,500
Timken Co............................................. 274,800 5,186,850
*Toys R Us, Inc....................................... 819,300 12,903,975
Trinity Industries, Inc............................... 93,300 2,058,431
Tyson Foods, Inc. Class A............................. 50,000 493,750
U.S. Industries, Inc.................................. 262,100 3,538,350
*UAL Corp............................................. 158,400 8,157,600
Ultramar Diamond Shamrock Corp........................ 265,400 6,883,813
UMB Financial Corp.................................... 51,260 1,893,416
*Unifi, Inc........................................... 73,000 930,750
Union Pacific Corp.................................... 826,200 34,958,588
Union Pacific Resources Group, Inc.................... 773,900 18,331,756
*United Rentals, Inc.................................. 235,400 3,825,250
Unitrin, Inc.......................................... 223,800 7,203,563
*Unova, Inc........................................... 273,500 3,777,719
UnumProvident Corp.................................... 646,189 14,660,413
USX-Marathon Group, Inc............................... 916,450 24,915,984
USX-US Steel Group.................................... 314,400 7,093,650
Valero Energy Corp.................................... 268,500 7,853,625
Valhi, Inc............................................ 158,500 1,693,969
*Venator Group, Inc................................... 590,000 6,379,375
*Vishay Intertechnology, Inc.......................... 199,411 14,108,328
Wallace Computer Services, Inc........................ 31,000 310,000
Weis Markets, Inc..................................... 20,800 681,200
Wesco Financial Corp.................................. 13,540 3,290,220
Westvaco Corp......................................... 306,650 9,237,831
*Wisconsin Central Transportation Corp................ 5,900 77,069
Worthington Industries, Inc........................... 122,800 1,488,950
*Ziff-Davis, Inc...................................... 20,000 168,750
--------------
TOTAL COMMON STOCKS
(Cost $1,774,314,419)................................ 1,791,687,391
--------------
</TABLE>
7
<PAGE>
THE U.S. LARGE CAP VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE+
------ ------
(000)
<S> <C> <C>
TEMPORARY CASH
INVESTMENTS -- (1.0%)
Repurchase Agreement, PNC Capital Markets Inc. 5.95%,
06/01/2000 (Collateralized by U.S. Treasury Notes
5.875%, 10/31/01, valued at $17,594,688) to be
repurchased at $17,335,865.
(Cost $17,333,000).................................. $ 17,333 $ 17,333,000
--------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,791,647,419)++.............................. $1,809,020,391
==============
</TABLE>
<TABLE>
<C> <S>
--------------------------------------------------------------------------------
+ See Note B to Financial Statements.
* Non-Income Producing Securities
++ The cost for federal income tax purposes is $1,791,816,976.
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
SCHEDULE OF INVESTMENTS
MAY 31, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
JAPAN -- (25.3%)
COMMON STOCKS -- (24.9%)
Aichi Bank, Ltd....................................... 10,500 $ 721,616
Aisin Seiki Co., Ltd.................................. 137,000 1,679,498
Amada Co., Ltd........................................ 376,000 3,247,549
Amano Corp............................................ 115,000 966,566
*Aomori Bank, Ltd..................................... 170,000 787,833
Aoyama Trading Co., Ltd............................... 41,100 490,490
Asahi Glass Co., Ltd.................................. 140,000 1,298,908
*Ashikaga Bank, Ltd................................... 808,000 1,650,893
Autobacs Seven Co., Ltd............................... 10,300 300,367
Awa Bank, Ltd......................................... 196,600 936,668
Bank of Iwate, Ltd.................................... 18,590 671,605
Bank of Kyoto, Ltd.................................... 347,400 1,803,543
Bank of Nagoya, Ltd................................... 185,000 1,080,705
*Bank of Osaka, Ltd................................... 315,000 637,752
Bank of Yokohama, Ltd................................. 978,000 4,178,127
Best Denki Co., Ltd................................... 153,000 947,768
Canon Sales Co., Inc.................................. 124,900 1,792,156
Casio Computer Co., Ltd............................... 60,000 573,949
Chiba Bank, Ltd....................................... 941,000 4,089,973
Chiyoda Fire and Marine Insurance Co., Ltd............ 444,150 1,423,094
Chudenko Corp......................................... 84,460 1,222,875
Chugoku Bank, Ltd..................................... 199,000 1,753,897
Chuo Mitsui Trust and Banking Co., Ltd................ 309,000 1,242,600
Citizen Watch Co., Ltd................................ 318,000 2,731,831
Cosmo Oil Co., Ltd.................................... 764,000 1,064,313
Dai Nippon Pharmaceutical Co., Ltd.................... 203,000 2,158,671
Dai Tokyo Fire & Marine Insurance Co., Ltd............ 529,000 1,719,526
Daicel Chemical Industries, Ltd....................... 485,000 1,432,365
Daido Steel Co., Ltd.................................. 126,000 265,633
Daimaru, Inc.......................................... 79,000 225,242
Daio Paper Corp....................................... 3,000 23,181
Daisan Bank, Ltd...................................... 68,000 290,504
Daishi Bank, Ltd...................................... 355,000 1,302,298
Daito Trust Construction Co., Ltd..................... 180,784 3,441,904
Daiwa Bank, Ltd....................................... 500,000 1,267,703
Daiwa House Industry Co., Ltd......................... 663,000 4,919,775
Daiwa Securities Co., Ltd............................. 1,500,000 18,249,353
Dowa Fire & Marine Insurance Co., Ltd................. 383,000 939,048
Ehime Bank, Ltd....................................... 143,000 606,928
Ezaki Glico Co., Ltd.................................. 174,600 809,151
Fuji Photo Film Co., Ltd.............................. 355,000 12,396,558
Fujikura, Ltd......................................... 108,000 513,545
Fukui Bank, Ltd....................................... 343,000 936,540
Fukuoka City Bank, Ltd................................ 264,532 1,203,813
Fukuyama Transporting Co., Ltd........................ 266,000 1,610,698
Futaba Corp........................................... 16,000 595,867
Futaba Industrial Co., Ltd............................ 85,000 1,093,336
General Sekiyu KK..................................... 111,000 226,793
Gunma Bank, Ltd....................................... 146,000 795,932
*Hachijuni Bank, Ltd.................................. 45,000 288,368
Hankyu Department Stores, Inc......................... 54,000 266,301
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Hanshin Electric Railway Co., Ltd..................... 141,000 $ 392,849
Higo Bank, Ltd........................................ 308,000 1,138,462
*Hino Motors, Ltd..................................... 404,000 1,076,833
Hiroshima Bank, Ltd................................... 593,000 2,224,954
Hitachi Construction Machinery Co., Ltd............... 64,000 275,793
Hitachi Maxell, Ltd................................... 96,000 2,344,833
Hitachi Metals, Ltd................................... 360,000 2,975,620
Hitachi, Ltd.......................................... 3,717,000 46,050,390
Hokkoku Bank, Ltd..................................... 102,000 401,653
Hokuetsu Bank......................................... 275,330 805,469
Hokuetsu Paper Mills, Ltd............................. 162,000 1,262,298
*Hokuriku Bank, Ltd................................... 891,000 2,060,449
House Foods Corp...................................... 117,000 1,737,478
Hyakugo Bank, Ltd. (105th Bank)....................... 258,000 1,130,958
Hyakujishi Bank, Ltd.................................. 314,000 1,895,518
Inax Corp............................................. 309,000 1,764,894
*Ishikawajima-Harima Heavy Industries Co., Ltd........ 380,000 585,837
*Itochu Corp.......................................... 300,000 1,211,980
Itoham Foods, Inc..................................... 288,000 1,182,224
*Iyo Bank, Ltd........................................ 60,000 366,101
Izumi Co., Ltd........................................ 19,000 239,275
Japan Airport Terminal Co., Ltd....................... 29,000 237,009
*Japan Energy Corp.................................... 320,000 297,191
Joyo Bank, Ltd........................................ 245,000 953,378
Juroku Bank, Ltd...................................... 349,000 1,552,551
Kagoshima Bank, Ltd................................... 266,000 923,928
Kajima Corp........................................... 826,000 2,055,889
Kamigumi Co., Ltd..................................... 357,000 1,707,499
Kandenko Co., Ltd..................................... 266,000 988,158
Kansai Paint Co., Ltd., Osaka......................... 108,000 267,806
Katokichi Co., Ltd.................................... 30,000 752,263
*Kawasaki Heavy Industries, Ltd....................... 407,000 532,965
Kikkoman Corp......................................... 259,000 1,816,066
Kinden Corp........................................... 77,000 418,342
Kissei Pharmaceutical Co., Ltd........................ 41,000 664,453
Koa Fire & Marine Insurance Co., Ltd.................. 45,000 122,034
*Kobe Steel, Ltd...................................... 2,632,000 1,857,738
Koito Manufacturing Co., Ltd.......................... 146,000 713,220
Kokuyo Co., Ltd....................................... 38,000 568,191
Komatsu, Ltd.......................................... 1,279,000 7,875,334
Komori Corp........................................... 74,000 1,166,268
Konica Corp........................................... 71,000 435,198
Koyo Seiko Co......................................... 198,000 1,379,150
Kubota Corp........................................... 25,000 88,228
Lion Corp............................................. 325,000 1,385,418
Makita Corp........................................... 209,000 1,985,669
*Marubeni Corp........................................ 1,942,000 5,158,224
Maruichi Steel Tube, Ltd.............................. 117,000 1,322,395
Matsushita Electric Industrial Co., Ltd............... 1,933,000 45,688,254
Matsushita Electric Works, Ltd........................ 190,000 2,175,713
Michinoku Bank, Ltd................................... 187,000 1,128,859
Mitsubishi Electric Corp.............................. 200,000 1,965,172
Mitsubishi Gas Chemical Co., Inc...................... 548,000 1,419,939
Mitsubishi Heavy Industries, Ltd...................... 611,000 2,122,256
</TABLE>
9
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Mitsubishi Logistics Corp............................. 3,000 $ 23,961
*Mitsubishi Materials Corp............................ 975,000 3,241,698
*Mitsubishi Motors Corp............................... 866,000 2,814,951
Mitsui Chemicals, Inc................................. 800 5,654
*Mitsui Engineering and Shipbuilding Co., Ltd......... 781,000 587,518
Mori Seiki Co., Ltd................................... 121,000 1,798,002
Musashino Bank, Ltd................................... 26,000 1,009,333
Mycal Corp............................................ 93,000 281,569
NHK Spring Co., Ltd................................... 71,000 258,481
*NKK Corp............................................. 2,612,000 1,673,814
NTN Corp.............................................. 398,000 1,301,100
Nanto Bank, Ltd....................................... 288,000 1,500,515
National House Industrial Co., Ltd.................... 95,000 544,369
Nichirei Corp......................................... 366,000 1,074,121
Nifco, Inc............................................ 45,000 500,673
Nikko Securities Co., Ltd............................. 400,000 3,707,451
*Nippon Credit Bank, Ltd.............................. 1,683,000 0
Nippon Kayaku Co., Ltd................................ 53,000 253,002
Nippon Meat Packers, Inc., Osaka...................... 4,000 54,237
Nippon Mitsubishi Oil Company......................... 1,863,050 7,630,412
Nippon Sanso Corp..................................... 367,000 1,117,956
Nippon Shinpan Co., Ltd............................... 27,000 55,417
Nippon Shokubai Co., Ltd.............................. 163,000 749,338
Nishimatsu Construction Co., Ltd...................... 364,000 1,304,889
Nishi-Nippon Bank, Ltd................................ 85,540 336,837
Nissei Sangyo Co., Ltd................................ 110,050 1,410,438
Nisshin Flour Milling Co., Ltd........................ 96,000 873,740
Nisshin Steel Co., Ltd................................ 1,318,000 1,383,180
Nisshinbo Industries, Inc............................. 305,000 1,387,972
*Nissho Iwai Corp..................................... 544,000 510,276
North Pacific Bank, Ltd............................... 45,000 229,858
Obayashi Corp......................................... 520,000 1,980,032
Ogaki Kyoritsu Bank, Ltd.............................. 50,000 271,651
Oita Bank, Ltd........................................ 145,000 700,255
Oji Paper Co., Ltd.................................... 275,000 1,772,463
Okumura Corp.......................................... 322,000 971,906
Onward Kashiyama Co., Ltd............................. 3,000 40,121
Pioneer Electronic Corp............................... 182,000 5,560,991
Q.P. Corp............................................. 168,000 1,299,688
*Rinnai Corp.......................................... 1,000 21,639
Ryosan Co., Ltd....................................... 53,000 1,100,116
Sakura Bank, Ltd...................................... 816,000 6,039,951
San In Godo Bank, Ltd................................. 222,000 1,162,832
Sanyo Electric Co., Ltd............................... 2,565,000 18,962,053
*Sanyo Shinpan Finance Co., Ltd....................... 11,000 398,421
Seino Transportation Co., Ltd......................... 197,000 900,153
Sekisui Chemical Co., Ltd............................. 557,000 1,914,000
Sekisui House, Ltd.................................... 938,000 9,129,543
Shiga Bank, Ltd....................................... 272,000 1,225,168
*Shikoku Bank, Ltd.................................... 25,000 149,756
*Shima Seiki Manufacturing Co., Ltd................... 5,000 124,449
Shimachu Co., Ltd..................................... 20,200 337,307
Shimadzu Corp......................................... 181,000 934,627
Shimizu Corp.......................................... 997,000 2,361,132
Shinwa Bank, Ltd...................................... 50,000 144,416
*Shohkoh Fund & Co., Ltd.............................. 3,000 646,389
Showa Shell Sekiyu KK................................. 110,000 451,544
Snow Brand Milk Products Co., Ltd..................... 419,000 2,101,322
Stanley Electric Co., Ltd............................. 246,000 2,101,880
Sumitomo Corp......................................... 600,000 5,572,322
Sumitomo Forestry Co., Ltd............................ 139,000 864,917
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Sumitomo Metal Industries, Ltd. Osaka................ 1,481,000 $ 1,017,822
*Sumitomo Metal Mining Co., Ltd....................... 313,000 1,322,637
Sumitomo Realty & Development Co., Ltd................ 488,000 1,812,862
Sumitomo Trust & Banking Co., Ltd..................... 21,000 151,929
*Suzuken Co., Ltd..................................... 6,000 215,092
TOC Co., Ltd.......................................... 950 5,911
Taiheiyo Cement Corp.................................. 1,209,800 1,808,941
Taisei Corp........................................... 1,325,000 1,821,220
*Takara Standard Co., Ltd............................. 175,000 723,241
Takashimaya Co., Ltd.................................. 214,000 1,927,837
Tanabe Seiyaku Co., Ltd............................... 167,000 1,127,550
Teijin, Ltd........................................... 917,000 3,823,848
Teikoku Oil Co., Ltd.................................. 346,000 1,028,279
*Toda Corp............................................ 418,000 1,630,461
Toho Bank, Ltd........................................ 240,000 913,861
Tokuyama Corp......................................... 248,000 1,402,665
Tokyo Style Co., Ltd.................................. 133,000 1,198,142
*Tokyo Tomin Bank, Ltd................................ 30,900 1,030,239
Toppan Printing Co., Ltd.............................. 100,000 1,060,599
Toray Industries, Inc................................. 25,000 95,194
Toshiba TEC Corp...................................... 345,000 1,313,675
Tostem Corp........................................... 188,000 3,099,139
Toto, Ltd............................................. 247,000 1,660,812
Toyo Seikan Kaisha, Ltd............................... 287,600 5,082,912
Toyo Suisan Kaisha, Ltd............................... 116,000 1,034,223
Toyo Trust & Banking Co., Ltd......................... 728,000 2,461,034
Toyobo Co., Ltd....................................... 468,000 760,622
Toyoda Machine Works, Ltd............................. 38,000 356,443
Toyota Auto Body Co., Ltd............................. 86,000 813,076
Toyota Tsusho Corp.................................... 314,000 1,052,742
UNY Co., Ltd.......................................... 17,000 209,668
*Victor Co. of Japan, Ltd............................. 246,000 1,446,185
Wacoal Corp........................................... 149,000 1,249,565
Yamagata Bank, Ltd.................................... 153,700 789,376
Yamaguchi Bank........................................ 133,000 878,226
Yamaha Corp........................................... 60,000 546,087
Yamatake-Honeywell Co., Ltd........................... 87,000 864,546
Yamazaki Baking Co., Ltd.............................. 64,000 591,409
*Yasuda Trust & Banking Co., Ltd...................... 1,434,000 1,771,274
Yodogawa Steel Works, Ltd............................. 296,000 742,233
Yokogawa Electric Corp................................ 337,000 2,816,809
Yokohama Rubber Co., Ltd.............................. 410,000 963,362
--------------
TOTAL COMMON STOCKS
(Cost $475,494,171).................................. 419,205,789
--------------
INVESTMENT IN CURRENCY -- (0.4%)
*Japanese Yen
(Cost $7,348,432)................................... 7,303,233
--------------
TOTAL -- JAPAN
(Cost $482,842,603).................................. 426,509,022
--------------
UNITED KINGDOM -- (18.4%)
COMMON STOCKS -- (17.8%)
*3I Group P.L.C....................................... 41,000 775,839
Abbey National P.L.C.................................. 187,800 2,496,868
Aggregate Industries P.L.C............................ 1,317,091 1,353,451
Alliance & Leicester P.L.C............................ 348,000 3,110,530
*Allied Domecq P.L.C.................................. 869,994 4,330,265
Allied Zurich P.L.C................................... 402,000 4,506,520
Anglian Water P.L.C................................... 151,281 1,257,226
</TABLE>
10
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Antofagasta Holdings P.L.C............................ 160,000 $ 797,572
Arjo Wiggins Appleton P.L.C........................... 814,500 3,070,975
Associated British Foods P.L.C........................ 766,096 5,055,544
Associated British Ports Holdings P.L.C............... 375,400 1,630,026
BAA P.L.C............................................. 1,083,993 7,906,792
*BG Group P.L.C....................................... 2,666,548 15,982,614
BOC Group P.L.C....................................... 143,513 2,016,383
BPB P.L.C............................................. 458,500 2,535,684
Barclays P.L.C........................................ 359,555 9,345,853
Barratt Developments P.L.C............................ 226,000 780,323
*Bass P.L.C........................................... 682,070 7,452,472
Beazer Group P.L.C.................................... 239,257 452,386
Berkeley Group P.L.C.................................. 122,792 1,025,973
*Blue Circle Industries P.L.C......................... 338,731 2,154,312
*Bodycote International P.L.C......................... 210,360 647,716
Britannic P.L.C....................................... 181,600 2,482,296
British Airways P.L.C................................. 935,331 5,060,902
British Land Co. P.L.C................................ 502,381 3,003,635
British Vita P.L.C.................................... 216,100 833,352
*British-Borneo Petroleum Syndicate P.L.C............. 306,485 318,382
Brixton Estate P.L.C.................................. 235,685 757,398
Burford Holdings P.L.C................................ 337,000 501,195
CGU P.L.C............................................. 1,835,450 27,873,423
*Canary Wharf Group P.L.C............................. 468,000 2,500,783
Capital Shopping Centres P.L.C........................ 395,375 2,112,707
Caradon P.L.C......................................... 312,000 739,159
Carillion P.L.C....................................... 196,758 313,210
Chelsfield P.L.C...................................... 238,165 1,142,713
*Chorion P.L.C........................................ 98,404 63,614
Cookson Group P.L.C................................... 608,692 1,876,487
*Corus Group P.L.C.................................... 2,724,027 3,990,171
DeVere Group P.L.C.................................... 106,442 499,570
*Debenhams P.L.C...................................... 302,000 1,020,163
Enterprise Oil P.L.C.................................. 354,000 2,523,921
Glynwed International P.L.C........................... 178,000 622,572
Great Portland Estates P.L.C.......................... 197,275 656,079
Great Universal Stores P.L.C.......................... 819,700 5,090,729
Halifax P.L.C......................................... 130,000 1,277,595
Hammerson P.L.C....................................... 280,000 1,724,286
Hanson P.L.C.......................................... 599,300 4,250,446
Hilton Group P.L.C.................................... 1,251,117 4,619,010
Hyder P.L.C........................................... 90,415 410,836
IMI P.L.C............................................. 24,000 97,933
Imperial Chemical Industries P.L.C.................... 300,000 2,403,478
*Independent Insurance Group P.L.C.................... 130,000 478,005
Invensys P.L.C........................................ 3,390 11,654
Johnson Matthey P.L.C................................. 178,000 2,035,333
Kelda Group P.L.C..................................... 161,510 784,579
*LaPorte P.L.C........................................ 13,000 103,956
*Laporte P.L.C. Series B.............................. 208,000 3,109
Lasmo P.L.C........................................... 989,335 1,759,723
Lex Service P.L.C..................................... 121,933 756,351
Lonmin P.L.C.......................................... 236,002 2,187,064
Marks & Spencer P.L.C................................. 1,273,167 4,738,477
Mersey Docks & Harbour Co. P.L.C...................... 53,050 381,403
Millennium and Copthorne Hotels P.L.C................. 258,000 1,521,321
*Morgan Crucible Company P.L.C........................ 16,000 51,298
*National Power P.L.C................................. 755,400 4,149,429
*Northern Foods P.L.C................................. 433,000 747,522
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Northern Rock P.L.C................................... 344,000 $ 1,671,075
Peel Holdings P.L.C................................... 45,400 342,690
Peninsular & Oriental Steam Navigation Co............. 481,909 5,049,369
Pennon Group P.L.C.................................... 46,080 385,704
Pilkington P.L.C...................................... 1,117,167 1,377,609
Pillar Property P.L.C................................. 21,250 99,099
Powergen P.L.C........................................ 530,177 3,486,804
RMC Group P.L.C....................................... 252,000 3,167,748
*Railtrack Group P.L.C................................ 352,000 4,419,529
Rank Group P.L.C...................................... 793,530 1,672,386
Rexam P.L.C........................................... 402,813 1,414,899
Rio Tinto P.L.C....................................... 638,926 9,425,877
Rolls-Royce P.L.C..................................... 903,049 3,320,477
Royal & Sun Alliance Insurance Group P.L.C............ 1,476,831 8,785,529
*Royal Bank of Scotland Group P.L.C................... 965,021 15,866,586
Safeway P.L.C......................................... 1,085,055 3,969,433
Sainsbury (J.) P.L.C.................................. 1,566,117 7,139,669
Scottish & Newcastle P.L.C............................ 507,900 4,387,934
Severn Trent P.L.C.................................... 210,597 1,910,711
Shell Transport & Trading Co., P.L.C.................. 304,390 2,517,131
Signet Group P.L.C.................................... 803,000 600,122
Slough Estates P.L.C.................................. 399,400 2,143,170
*Smith (David S.) Holdings P.L.C...................... 298,000 643,633
*Smith (W.H.) P.L.C................................... 203,000 1,168,183
Somerfield P.L.C...................................... 165,142 124,653
*Stagecoach Holdings P.L.C............................ 1,166,000 1,045,692
Tate & Lyle P.L.C..................................... 443,200 1,659,440
Taylor Woodrow P.L.C.................................. 396,277 900,319
Tesco P.L.C........................................... 4,395,931 13,272,608
Thames Water P.L.C.................................... 165,347 1,982,096
Thistle Hotels P.L.C.................................. 466,707 892,911
Trinity P.L.C......................................... 160,450 1,280,663
Unigate P.L.C......................................... 233,600 1,068,435
Unilever P.L.C........................................ 800,000 5,276,291
United Utilities P.L.C................................ 265,595 2,504,974
Whitbread P.L.C....................................... 489,242 4,100,597
Wilson Bowden P.L.C................................... 96,900 863,949
*Wimpey (George) P.L.C................................ 348,650 581,057
*Wolseley P.L.C....................................... 467,582 2,372,748
--------------
TOTAL COMMON STOCKS
(Cost $285,771,640).................................. 300,052,393
--------------
INVESTMENT IN CURRENCY -- (0.6%)
*British Pound Sterling
(Cost $10,063,210).................................. 10,050,438
--------------
TOTAL -- UNITED KINGDOM
(Cost $295,834,850).................................. 310,102,831
--------------
FRANCE -- (9.9%)
COMMON STOCKS -- (9.9%)
AGF (Assurances Generales de France SA)............... 103,514 5,231,956
*Air Liquide.......................................... 7,150 997,955
Aventis............................................... 140,000 9,049,598
Banque Nationale de Paris............................. 324,843 29,146,938
Bongrain SA........................................... 1,653 448,402
Christian Dior SA..................................... 31,100 7,066,346
Colas SA.............................................. 5,070 934,744
Credit Commercial de France........................... 6,300 888,665
*Credit Lyonnais SA................................... 15,000 640,464
</TABLE>
11
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
De la Rue Imperiale de Lyon........................... 500 $ 953,834
Eridania Beghin-Say SA................................ 18,900 1,723,870
Esso SA............................................... 8,476 494,829
*Euro Disney SCA...................................... 758,586 548,742
*Faurecia SA.......................................... 6,750 282,951
Fimalac SA............................................ 2,500 361,687
Fonciere Lyonnaise SA................................. 3,968 406,265
Fromageries Bel la Vache qui Rit...................... 775 493,772
GTM Entrepose......................................... 21,077 1,759,218
Generale des Establissements Michelin SA Series B..... 75,500 2,485,672
Groupe Danone......................................... 42,500 9,897,012
Hachette Filipacchi Medias............................ 6,500 446,382
Imerys................................................ 11,000 1,356,790
LaFarge SA............................................ 76,032 5,852,521
Labinal SA............................................ 6,400 784,657
Lapeyre SA............................................ 12,300 584,041
Pechiney SA Series A.................................. 55,475 2,268,843
Pernod-Ricard SA...................................... 38,900 2,038,292
Peugeot SA............................................ 37,150 7,579,664
Rallye SA............................................. 17,220 921,462
*Remy Cointreau SA.................................... 27,400 592,073
SEB SA................................................ 9,000 555,885
SILIC (Societe Immobiliere de Location pour
l'Industrie et le Commerce)......................... 200 28,583
Saint-Gobain.......................................... 65,436 9,072,488
*Societe des Ciments de Francais...................... 21,500 1,086,684
Societe Financiere Interbail SA....................... 11,550 279,570
Societe Generale, Paris............................... 281,728 16,159,881
Suez Lyonnaise des Eaux SA............................ 30,000 5,007,976
Thomson-CSF........................................... 87,203 3,364,288
Total SA.............................................. 200,000 31,327,670
Usinor................................................ 167,800 2,007,475
Valeo SA.............................................. 46,400 2,336,610
--------------
TOTAL COMMON STOCKS
(Cost $104,756,556).................................. 167,464,755
--------------
RIGHTS/WARRANTS -- (0.0%)
*Banque Nationale de Paris
CVG Rights 07/15/02
(Cost $226,784)..................................... 58,864 272,953
--------------
TOTAL -- FRANCE
(Cost $104,983,340).................................. 167,737,708
--------------
GERMANY -- (9.5%)
COMMON STOCKS -- (9.5%)
AGIV AG fuer Industrie & Verkehrswesen................ 57,800 1,029,195
BASF AG............................................... 640,050 26,058,348
BHW Holding AG, Berlin................................ 167,300 2,901,389
*Bankgesellschaft Berlin AG........................... 233,550 3,627,965
Bayer AG.............................................. 168,100 6,485,291
Bayerische Vereinsbank AG............................. 290,000 18,449,753
Berliner Kraft & Licht Bewag AG....................... 177,600 1,976,481
Bilfinger & Berger Bau AG, Mannheim................... 46,500 692,144
Commerzbank AG........................................ 408,050 14,966,778
Continental AG........................................ 44,100 803,655
DBV Holding AG........................................ 44,000 1,530,215
DaimlerChrysler AG, Stuttgart......................... 15,400 848,351
Degussa-Huels AG...................................... 7,800 238,714
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
*Deutsche Bank AG..................................... 359,305 $ 27,124,149
Deutsche Lufthansa AG................................. 305,250 7,303,715
Deutsche Pfandbrief und Hypothekenbank AG, Depfa...... 46,400 4,823,831
Dresdner Bank AG...................................... 331,200 13,361,279
Dyckerhoff AG......................................... 22,750 643,502
*FPB Holding AG....................................... 5,789 869,735
Fresenius Medical Care AG............................. 37,600 3,086,026
*Gehe AG.............................................. 3,600 119,190
*Heidelberger Druckmaschinen AG....................... 4,200 273,436
Heidelberger Zement AG, Heidelberg.................... 27,170 1,592,484
Hochtief AG........................................... 91,150 2,886,794
*Hoechst AG........................................... 27,900 835,748
*Holzmann (Philipp) AG................................ 1,860 32,774
Karstadt Quelle AG.................................... 70,000 2,350,039
Linde AG.............................................. 76,000 3,094,187
MAN AG................................................ 140,000 4,777,980
Merck KGAA............................................ 58,000 1,850,354
SCA Hygiene Products AG............................... 3,550 658,456
Thyssen Krupp AG...................................... 108,750 1,916,246
Veba AG............................................... 24,000 1,202,359
Vereins & Westbank AG................................. 73,187 1,846,168
Volkswagen AG......................................... 15,550 625,876
--------------
TOTAL -- GERMANY
(Cost $125,346,445).................................. 160,882,607
--------------
NETHERLANDS -- (7.1%)
COMMON STOCKS -- (7.1%)
ABN-AMRO Holding NV................................... 1,349,245 30,656,696
Asr Verzekeringsgroep NV.............................. 41,692 2,145,923
Buhrmann NV........................................... 82,274 2,491,232
DSM NV................................................ 127,665 4,143,891
Fortis (NL)........................................... 558,051 14,594,575
Ing Groep NV.......................................... 732,972 43,579,437
KLM (Koninklijke Luchtvaart Mij) NV................... 61,019 1,355,311
Koninklijke KPN NV.................................... 21,132 1,897,075
Koninklijke Vopak NV.................................. 38,986 885,815
*NV Holdingsmij de Telegraaf.......................... 6,800 163,650
Royal Philips Electronics NV, Eindhoven............... 404,800 17,967,252
Vendex KBB NV......................................... 11,391 201,773
--------------
TOTAL COMMON STOCKS
(Cost $59,212,684)................................... 120,082,630
--------------
RIGHTS/WARRANTS -- (0.0%)
*Fortis (NL) Rights 06/19/00
(Cost $0)........................................... 558,051 0
--------------
TOTAL -- NETHERLANDS
(Cost $59,212,684)................................... 120,082,630
--------------
SWITZERLAND -- (6.8%)
COMMON STOCKS -- (6.8%)
Ascom Holding AG, Bern................................ 1,410 4,242,503
Baloise-Holding, Basel................................ 26,676 24,897,747
Banque Cantonale Vaudois.............................. 5,795 1,801,760
Bobst SA, Prilly...................................... 513 729,403
Ciba Spezialitaetenchemie Holding AG.................. 2,100 129,160
Financiere Richemont AG............................... 8,973 22,234,113
Fischer (Georg) AG, Schaffhausen (Namen).............. 12,987 4,099,166
Helvetia Patria Holding, St. Gallen................... 4,830 3,761,438
</TABLE>
12
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Intershop Holding AG, Zuerich......................... 5,400 $ 3,010,637
Jelmoli Holding AG, Zuerich........................... 500 646,021
Pargesa Holding SA, Geneve............................ 1,935 4,018,431
Roche Holding AG, Basel............................... 892 10,367,259
Sairgroup, Zuerich.................................... 37,480 6,887,958
Schindler Holding AG, Hergiswil Partizipsch........... 3,469 5,341,678
Sig Schweizerische Industrie-Gesellschaft Holding AG,
Neuhausen AM Rheinfall.............................. 8,066 4,520,794
Sika Finanz AG, Baar.................................. 1,280 432,710
*Sulzer AG, Winterthur................................ 8,280 5,554,227
*UBS AG............................................... 14,000 1,881,132
*Unaxis Holding AG.................................... 44,781 10,435,752
--------------
TOTAL COMMON STOCKS
(Cost $82,782,991)................................... 114,991,889
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Swiss Francs
(Cost $171,047)..................................... 175,238
--------------
RIGHTS/WARRANTS/OPTIONS -- (0.0%)
*Baloise-Holding, Basel Put Options 06/16/00
(Cost $0)........................................... 26,676 87,976
--------------
TOTAL -- SWITZERLAND
(Cost $82,954,038)................................... 115,255,103
--------------
ITALY -- (4.0%)
COMMON STOCKS -- (4.0%)
Banca Commerciale Italiana SpA........................ 741,970 3,523,098
Banca di Roma......................................... 7,168,500 7,705,134
Banca Intesa SpA, Milano.............................. 4,824,356 18,925,535
Banca Popolare di Milano.............................. 159,000 1,029,250
Banca Toscana......................................... 607,000 1,981,526
CIR SpA (Cie Industriale Riunite), Torino............. 400,000 1,276,106
Cartiere Burgo SpA.................................... 235,000 2,218,626
*Compagnia di Partecipazioni Assicurative Industriali
SpA................................................. 902,500 1,146,664
Fabbrica Italiana Magneti Marelli SpA................. 350,000 1,778,759
Fiat SpA.............................................. 399,789 10,095,944
IFIL Finanziaria Partecipazioni SpA................... 510,187 3,856,164
Italcementi Fabriche Riunite Cemento SpA, Bergamo..... 378,560 3,412,475
Milano Assicurazioni SpA.............................. 199,000 614,562
Parmalat Finanziaria SpA.............................. 900,000 1,113,440
SAI SpA (Sta Assicuratrice Industriale), Torino....... 32,000 486,107
San Paolo-IMI SpA..................................... 400,000 5,824,090
Sirti SpA............................................. 25,000 45,675
Toro Assicurazioni Cia Anonima d'Assicurazione di
Torino SpA.......................................... 168,350 2,473,072
--------------
TOTAL -- ITALY
(Cost $46,205,794)................................... 67,506,227
--------------
SPAIN -- (2.9%)
COMMON STOCKS -- (2.9%)
Aceralia Corporacion Siderurgica SA................... 22,500 $ 235,375
Acerinox SA........................................... 154,740 5,223,630
Aumar (Autopistas del Mare Nostrum SA)................ 176,800 2,666,068
Autopistas Concesionaria Espanola SA.................. 453,789 4,292,621
Azucarera Ebro Agricolas SA........................... 111,600 1,354,791
Banco Pastor SA, La Coruna............................ 39,600 1,604,155
Cementos Portland SA.................................. 26,000 542,772
Cia Espanola de Petroleous SA......................... 449,382 4,000,878
Corporacion Mapfre Compania Internacional de
Reaseguros SA, Majadah Onda......................... 36,300 506,317
Endesa SA, Madrid..................................... 190,892 3,933,691
Grupo Dragados SA, Madrid............................. 456,567 3,353,499
Hidroelectrica del Cantabrico SA...................... 299,700 6,098,062
Iberdrola SA.......................................... 535,000 6,797,399
Metrovacesa SA........................................ 94,462 1,638,201
Union Electrica Fenosa SA............................. 230,000 4,767,315
Vallehermoso SA....................................... 240,000 1,540,231
--------------
TOTAL -- SPAIN
(Cost $43,251,650)................................... 48,555,005
--------------
SWEDEN -- (2.8%)
COMMON STOCKS -- (2.6%)
Assidomaen AB......................................... 213,850 3,689,503
Gambro AB Series A.................................... 351,000 2,609,217
Gambro AB Series B.................................... 131,730 971,929
Holmen AB Series A.................................... 6,300 160,767
Holmen AB Series B.................................... 119,200 3,041,812
*Invik and Co. AB Series A............................ 32 3,391
*Invik and Co. AB Series B............................ 360 42,418
NCC AB Series A....................................... 45,400 362,674
NCC AB Series B....................................... 100,000 776,652
Perstorp AB Series B.................................. 77,800 949,512
SSAB Swedish Steel Series A........................... 129,900 1,376,388
SSAB Swedish Steel Series B........................... 48,000 495,282
Skandinaviska Enskilda Banken Series A................ 196,000 2,131,132
Skandinaviska Enskilda Banken Series C................ 9,800 97,858
Svedala Industri...................................... 28,700 366,191
Svenska Cellulosa AB Series A......................... 57,000 1,132,025
Svenska Cellulosa AB Series B......................... 266,500 5,337,067
Svenska Handelsbanken Series A........................ 240,000 3,381,763
Svenska Kullagerfabriken AB Series A.................. 68,400 1,191,472
Svenska Kullagerfabriken AB Series B.................. 89,700 1,637,143
Sydkraft AB Series C.................................. 6,600 109,841
Trelleborg AB Series B................................ 146,400 974,587
Volvo AB Series A..................................... 194,100 4,479,372
Volvo AB Series B..................................... 373,100 8,837,946
--------------
TOTAL COMMON STOCKS
(Cost $45,131,205)................................... 44,155,942
--------------
INVESTMENT IN CURRENCY -- (0.2%)
*Swedish Krona
(Cost $2,970,935)................................... 2,976,248
--------------
</TABLE>
13
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
RIGHTS/WARRANTS -- (0.0%)
*Volvo AB Series A Redemption Rights 06/30/00......... 192,600 $ 119,666
*Volvo AB Series B Redemption Rights 06/30/00......... 329,800 210,400
--------------
TOTAL RIGHTS/WARRANTS
(Cost $0)............................................ 330,066
--------------
TOTAL -- SWEDEN
(Cost $48,102,140)................................... 47,462,256
--------------
AUSTRALIA -- (2.1%)
COMMON STOCKS -- (2.0%)
AMP, Ltd.............................................. 114,900 997,737
Amcor, Ltd............................................ 505,844 1,454,454
Boral, Ltd............................................ 520,213 560,913
CSR, Ltd.............................................. 842,897 1,942,713
Colonial, Ltd......................................... 245,789 1,319,346
Goodman Fielder, Ltd.................................. 951,430 673,056
*Hanson P.L.C......................................... 65,823 443,862
MIM Holdings.......................................... 1,426,238 667,204
Mayne Nickless, Ltd................................... 96,541 166,330
Normandy Mining, Ltd.................................. 1,279,840 606,019
North, Ltd............................................ 560,737 882,919
Orica, Ltd............................................ 202,068 818,481
*Origin Energy, Ltd................................... 520,213 409,556
Pacific Dunlop, Ltd................................... 756,467 720,708
*Paperlinx, Ltd....................................... 168,615 292,430
*Pasminco, Ltd........................................ 292,385 151,792
Quantas Airways, Ltd.................................. 906,085 1,674,815
Rio Tinto, Ltd........................................ 509,374 7,274,779
Santos, Ltd........................................... 369,827 949,432
Seven Network, Ltd.................................... 34,926 131,506
St. George Bank, Ltd.................................. 359,871 2,397,963
Stockland Trust Group................................. 162,426 329,882
Suncorp-Metway Limited................................ 52,500 247,306
WMC, Ltd.............................................. 844,189 3,461,307
Westpac Banking Corp.................................. 731,773 4,988,811
--------------
TOTAL COMMON STOCKS
(Cost $38,580,865)................................... 33,563,321
--------------
INVESTMENT IN CURRENCY -- (0.1%)
*Australian Dollar
(Cost $1,117,571)................................... 1,108,241
--------------
PREFERRED STOCKS -- (0.0%)
Village Roadshow, Ltd. 2.2% Class A
(Cost $126)......................................... 92 95
--------------
RIGHTS/WARRANTS -- (0.0%)
*AMP, Ltd. Contingent Payment Rights
(Cost $0)........................................... 161,533 0
--------------
TOTAL -- AUSTRALIA
(Cost $39,698,562)................................... 34,671,657
--------------
HONG KONG -- (1.9%)
COMMON STOCKS -- (1.9%)
Amoy Properties, Ltd.................................. 4,570,500 2,712,855
*China Overseas Land & Investment, Ltd................ 868,000 70,180
Great Eagle Holdings, Ltd............................. 698,910 919,382
HKR International, Ltd................................ 1,077,384 407,891
Hang Lung Development Co., Ltd........................ 2,126,000 1,336,935
Hysan Development Co., Ltd............................ 1,683,822 1,826,013
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
Kerry Properties, Ltd................................. 1,261,000 $ 1,229,928
New World Development Co., Ltd........................ 2,246,105 2,248,411
*New World Infrastructure, Ltd........................ 880,800 712,146
Shangri-La Asia, Ltd.................................. 2,982,000 3,042,467
Sino Land Co., Ltd.................................... 4,976,107 1,676,371
Swire Pacific, Ltd. Series A.......................... 1,062,000 6,133,214
Tsim Sha Tsui Properties, Ltd......................... 1,352,000 850,205
Wharf Holdings, Ltd................................... 3,776,914 6,786,036
Wheelock and Co., Ltd................................. 3,243,000 2,018,551
--------------
TOTAL COMMON STOCKS
(Cost $56,667,986)................................... 31,970,585
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Hong Kong Dollars
(Cost $136,667)..................................... 136,668
--------------
TOTAL -- HONG KONG
(Cost $56,804,653)................................... 32,107,253
--------------
FINLAND -- (1.6%)
COMMON STOCKS -- (1.6%)
Fortum Oyj............................................ 802,360 2,976,444
Huhtamaki Van Leer Oyj................................ 44,600 1,398,041
Kemira Oyj............................................ 265,300 1,402,428
Kesko Oyj............................................. 221,200 2,197,066
Metra Oyj Series B.................................... 82,300 1,488,343
Metsa-Serla Oyj Series B.............................. 403,500 3,124,629
Metso Oyj............................................. 112,709 1,463,373
Outokumpu Oyj Series A................................ 329,300 3,512,028
Rautaruukki Oy Series K............................... 237,100 1,198,385
Sanitec Oyj........................................... 16,687 162,493
Stora Enso Oyj Series A............................... 133,700 1,277,136
Stora Enso Oyj Series R............................... 408,700 3,828,199
Upm-Kymmene Oyj....................................... 128,500 3,241,459
Uponor Oyj Series A................................... 20,000 367,251
--------------
TOTAL -- FINLAND
(Cost $31,903,962)................................... 27,637,275
--------------
BELGIUM -- (1.1%)
COMMON STOCKS -- (1.1%)
*Banque Bruxelles Lambert VVPR........................ 128 3
Bekaert SA............................................ 34,000 1,750,009
Cofinimmo SA.......................................... 300 26,153
Electrafina SA........................................ 8,000 1,069,110
*Fortis AG............................................ 32,270 242,112
Fortis AG VVPR........................................ 290,430 2,693
*Glaverbel SA VVPR.................................... 22 0
Groupe Bruxelles Lambert SA, Bruxelles................ 6,300 1,507,401
*Heidelberger Zement AG............................... 7,666 437,232
*Heidelberger Zement AG VVPR.......................... 7,666 71
Nationale a Portefeuille.............................. 4,029 373,651
Sofina SA............................................. 10,500 345,592
Solvay SA............................................. 101,490 6,776,793
Suez Lyonnaise des Eaux SA............................ 19,080 3,162,069
*Suez Lyonnaise des Eaux SA CVG....................... 19,080 108,293
*Suez Lyonnaise des Eaux SA VVPR...................... 19,080 177
Tessenderlo Chemie.................................... 14,400 572,912
Union Miniere SA...................................... 40,200 1,421,175
--------------
TOTAL -- BELGIUM
(Cost $15,868,924)................................... 17,795,446
--------------
</TABLE>
14
<PAGE>
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
<TABLE>
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
DENMARK -- (1.0%)
COMMON STOCKS -- (1.0%)
Carlsberg A.S. Series B............................... 38,150 $ 1,232,096
Codan A.S............................................. 2,554 166,555
Danisco A.S........................................... 52,630 1,889,330
Den Danske Bank A.S................................... 44,140 5,099,081
FLS Industries........................................ 2,740 41,863
Jyske Bank A.S........................................ 49,950 930,686
*Nordic Baltic Holding AB............................. 925,918 5,923,199
Realdanmark A.S....................................... 45,814 1,490,995
--------------
TOTAL COMMON STOCKS
(Cost $15,349,214)................................... 16,773,805
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*Danish Krone
(Cost $272,005)..................................... 270,745
--------------
TOTAL -- DENMARK
(Cost $15,621,219)................................... 17,044,550
--------------
SINGAPORE -- (0.8%)
COMMON STOCKS -- (0.8%)
City Developments, Ltd................................ 120,000 401,588
Fraser & Neave, Ltd................................... 769,000 2,285,099
Keppel Corp., Ltd..................................... 1,379,000 2,625,727
Keppel Land, Ltd...................................... 1,200,000 1,107,829
Keppel Tatlee Bank, Ltd............................... 1,084,000 1,901,403
Natsteel, Ltd......................................... 261,000 271,072
*Neptune Orient Lines, Ltd............................ 1,162,000 878,312
Singapore Airlines, Ltd............................... 40,000 348,504
Singapore Land, Ltd................................... 1,048,000 1,674,991
--------------
TOTAL COMMON STOCKS
(Cost $18,975,896)................................... 11,494,525
--------------
INVESTMENT IN CURRENCY -- (0.1%)
*Singapore Dollars
(Cost $983,429)..................................... 982,793
--------------
TOTAL -- SINGAPORE
(Cost $19,959,325)................................... 12,477,318
--------------
EMU -- (0.6%)
INVESTMENT IN CURRENCY -- (0.6%)
*Euro Currency
(Cost $10,701,107).................................. 10,775,492
--------------
NORWAY -- (0.4%)
COMMON STOCKS -- (0.4%)
Bergesen Dy ASA Series A.............................. 105,892 2,185,947
Den Norske Bank ASA Series A.......................... 589,194 2,090,693
*Kvaerner ASA......................................... 93,451 1,074,053
Norsk Hydro ASA....................................... 31,700 1,211,503
Norske Skogindustrier ASA Series A.................... 30,000 920,577
--------------
TOTAL -- NORWAY
(Cost $10,668,009)................................... 7,482,773
--------------
<CAPTION>
SHARES VALUE+
------ ------
<S> <C> <C>
PORTUGAL -- (0.4%)
COMMON STOCKS -- (0.4%)
Banco Espirito Santo e Comercial de Lisboa............ 49,292 $ 1,149,696
Cimpor Cimentos de Portugal SA........................ 100,653 1,533,673
Portugal Telecom SA................................... 300,000 3,255,184
--------------
TOTAL -- PORTUGAL
(Cost $5,595,196).................................... 5,938,553
--------------
IRELAND -- (0.3%)
COMMON STOCKS -- (0.3%)
*Allied Irish Banks P.L.C............................. 35,520 326,119
Independent News & Media P.L.C........................ 247,505 1,928,110
Jefferson Smurfit Group P.L.C......................... 1,432,273 2,789,418
--------------
TOTAL -- IRELAND
(Cost $4,679,359).................................... 5,043,647
--------------
AUSTRIA -- (0.2%)
COMMON STOCKS -- (0.2%)
*Bank Austria AG...................................... 47,110 2,223,818
Voest-Alpine Stahl AG................................. 23,100 638,406
--------------
TOTAL -- AUSTRIA
(Cost $3,016,013).................................... 2,862,224
--------------
NEW ZEALAND -- (0.1%)
COMMON STOCKS -- (0.1%)
Carter Holt Harvey, Ltd............................... 1,509,500 1,213,297
Lion Nathan, Ltd...................................... 476,400 948,593
--------------
TOTAL COMMON STOCKS
(Cost $3,178,164).................................... 2,161,890
--------------
INVESTMENT IN CURRENCY -- (0.0%)
*New Zealand Dollar
(Cost $17,982)...................................... 16,588
--------------
TOTAL -- NEW ZEALAND
(Cost $3,196,146).................................... 2,178,478
--------------
MALAYSIA -- (0.0%)
COMMON STOCKS -- (0.0%)
*Rekapacific Berhad
(Cost $1,085,453)................................... 691,000 83,647
--------------
<CAPTION>
FACE
AMOUNT
------
(000)
<S> <C> <C>
TEMPORARY CASH INVESTMENTS -- (2.8%)
Repurchase Agreement, PNC Capital Markets Inc. 5.95%,
06/01/2000 (Collateralized by U.S. Treasury Notes
7.75%, 02/15/01, valued at $47,737,086) to be
repurchased at $47,038,773.
(Cost $47,031,000).................................. $ 47,031 47,031,000
--------------
TOTAL INVESTMENTS - (100.0%) (Cost $1,554,562,472)++... $1,687,222,702
==============
</TABLE>
<TABLE>
<C> <S>
--------------------------------------------------------------------------------
+ See Note B to Financial Statements.
* Non-Income Producing Securities
++ The cost for federal income tax purposes is $1,554,650,314.
</TABLE>
See accompanying Notes to Financial Statements.
15
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
MAY 31, 2000
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
THE U.S. THE DFA
LARGE CAP INTERNATIONAL
VALUE SERIES VALUE SERIES
-------------- -------------
<S> <C> <C>
ASSETS:
Investments at Value $ 1,809,020 $ 1,687,223
Collateral for Securities Loaned 18,002 362,373
Receivables:
Dividends, Interest, and Tax Reclaims 5,597 8,674
Investment Securities Sold 1,195 203
Fund Shares Sold 30 -
Prepaid Expenses and Other Assets 4 15
------------ ------------
Total Assets 1,833,848 2,058,488
------------ ------------
LIABILITIES:
Payable for Collateral on Securities Loaned 18,002 362,373
Payable for Investment Securities Purchased 116 53,802
Payable for Fund Shares Redeemed 910 2,863
Accrued Expenses and Other Liabilities 331 460
------------ ------------
Total Liabilities 19,359 419,498
------------ ------------
NET ASSETS $ 1,814,489 $ 1,638,990
============ ============
SHARES OUTSTANDING $.01 PAR VALUE
(Unlimited Number of Shares Authorized) 123,720,123 134,076,977
------------ ------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 14.67 $ 12.22
============ ============
Investments at Cost $ 1,791,647 $ 1,554,562
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
16
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
THE U.S. LARGE THE DFA
CAP VALUE INTERNATIONAL
SERIES VALUE SERIES
-------------- --------------
<S> <C> <C>
INVESTMENT INCOME:
Dividends (Net of Foreign Taxes Withheld of $0 and $2,298
respectively) $ 19,086 $ 21,406
Interest 377 754
Income from Securities Lending 145 722
------------ ------------
Total Investment Income 19,608 22,882
------------ ------------
EXPENSES
Investment Advisory Services 859 1,611
Accounting & Transfer Agent Fees 324 406
Custodian's Fee 95 219
Legal Fees 15 15
Audit Fees 14 14
Shareholders' Reports 20 21
Trustees' Fees and Expenses - 4
Other 37 37
------------ ------------
Total Expenses 1,364 2,327
------------ ------------
NET INVESTMENT INCOME 18,244 20,555
------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
Net Realized Gain on Investment Securities Sold 54,233 57,413
Net Realized Loss on Foreign Currency Transactions - (781)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency (51,788) (94,253)
Translation of Foreign Currency Denominated Amounts - (39)
------------ ------------
NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY 2,445 (37,660)
------------ -------------
NET INCREASE (DECREASE) IN ASSETS RESULTING FROM OPERATIONS $ 20,689 $ (17,105)
------------ -------------
</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 U.S. LARGE THE DFA INTERNATIONAL
CAP VALUE SERIES VALUE SERIES
------------------------------- -------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
MAY 31, NOV. 30, MAY 31, NOV. 30,
2000 1999 2000 1999
---------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net Investment Income $ 18,244 $ 33,022 $ 20,555 $ 37,751
Net Realized Gain on Investment Securities Sold 54,233 310,039 57,413 100,874
Net Realized Loss on Foreign Currency Transactions - - (781) (341)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency (51,788) (262,465) (94,253) 81,414
Translation of Foreign Currency Denominated Amounts - - (39) (368)
-------------- --------------- ---------------- ------------
Net Increase (Decrease) in Net Assets Resulting from Operations 20,689 80,596 (17,105) 219,330
-------------- --------------- ---------------- ------------
Distributions From:
Net Investment Income (10,459) (32,738) (4,940) (42,454)
Net Realized Gains (310,296) (135,996) (100,340) (3,807)
-------------- --------------- ---------------- -------------
Total Distributions (320,755) (168,734) (105,280) (46,261)
-------------- --------------- ---------------- -------------
Capital Share Transactions (1):
Shares Issued 248,408 240,602 212,057 145,300
Shares Issued in Lieu of Cash Distributions 317,842 166,280 105,280 46,261
Shares Redeemed (239,777) (286,569) (216,339) (424,502)
-------------- --------------- ---------------- -------------
Net Increase (Decrease) from Capital Share Transactions 326,473 120,313 100,998 (232,941)
-------------- --------------- ---------------- -------------
Total Increase (Decrease) 26,407 32,175 (21,387) (59,872)
NET ASSETS
Beginning of Period 1,788,082 1,755,907 1,660,377 1,720,249
-------------- --------------- ---------------- -------------
End of Period $ 1,814,489 $ 1,788,082 $ 1,638,990 $ 1,660,377
============== =============== ================ =============
(1) SHARES ISSUED AND REDEEMED:
Shares Issued 16,944 12,917 17,261 11,508
Shares Issued in Lieu of Cash Distributions 22,378 9,595 8,355 3,655
Shares Redeemed (16,090) (15,459) (17,514) (33,103)
-------------- --------------- ---------------- -------------
23,232 7,053 8,102 (17,940)
============== =============== ================ =============
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
THE U.S. LARGE CAP VALUE SERIES
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Six Months Year Ended Year Ended Year Ended Year Ended Year Ended
Ended May Nov. 30, Nov. 30, Nov. 30, Nov. 30, Nov. 30,
31, 2000 1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ---------- ----------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 17.79 $ 18.79 $ 18.09 $ 15.52 $ 13.29 $ 9.92
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.16 0.34 0.31 0.32 0.31 0.32
Net Gains (Losses) on Securities
(Realized and Unrealized) (0.06) 0.46 1.71 3.38 2.57 3.53
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment Operations 0.10 0.80 2.02 3.70 2.88 3.85
---------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Net Investment Income (0.09) (0.34) (0.32) (0.31) (0.31) (0.31)
Net Realized Gains (3.13) (1.46) (1.00) (0.82) (0.34) (0.17)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions (3.22) (1.80) (1.32) (1.13) (0.65) (0.48)
---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period $ 14.67 $ 17.79 $ 18.79 $ 18.09 $ 15.52 $ 13.29
========== ========== ========== ========== ========== ==========
Total Return 1.25%# 4.64% 11.93% 25.31% 22.48% 39.26%
Net Assets, End of Period (thousands) $1,814,489 $1,788,082 $1,755,907 $1,489,996 $987,942 $423,027
Ratio of Expenses to Average Net Assets 0.16%* 0.16% 0.16% 0.18% 0.19% 0.21%
Ratio of Net Investment Income to Average
Net Assets 2.12%* 1.80% 1.67% 1.96% 2.37% 2.84%
Portfolio Turnover Rate 22%* 43% 25% 18% 20% 29%
</TABLE>
------------------------------------------
* Annualized
# Non-annualized
See accompanying Notes to Financial Statements.
19
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
THE DFA INTERNATIONAL VALUE SERIES
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Six Months Year Ended Year Ended Year Ended Year Ended Year Ended
Ended May Nov. 30, Nov. 30, Nov. 30, Nov. 30, Nov. 30,
31, 2000 1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ---------- ----------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 13.18 $ 11.95 $ 10.90 $ 11.79 $ 10.55 $ 10.06
---------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.16 0.28 0.22 0.24 0.23 0.20
Net Gains (Losses) on Securities
(Realized and Unrealized) (0.27) 1.29 1.13 (0.67) 1.32 0.52
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment Operations (0.11) 1.57 1.35 (0.43) 1.55 0.72
---------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS
Net Investment Income (0.04) (0.31) (0.27) (0.22) (0.23) (0.21)
Net Realized Gains (0.81) (0.03) (0.03) (0.24) (0.08) (0.02)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions (0.85) (0.34) (0.30) (0.46) (0.31) (0.23)
---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period $ 12.22 $ 13.18 $ 11.95 $ 10.90 $ 11.79 $ 10.55
========== ========== ========== ========== ========== ==========
Total Return (1.06%)# 13.27% 12.50% (3.84)% 14.85% 7.20%
Net Assets, End of Period (thousands) $1,638,990 $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% 0.29% 0.32% 0.36% 0.42%
Ratio of Net Investment Income to Average
Net Assets 2.55%* 2.17% 1.90% 2.09% 2.23% 2.14%
Portfolio Turnover Rate 17%* 6% 15% 23% 12% 10%
</TABLE>
------------------------------------------
* Annualized
# Non-annualized
See accompanying Notes to Financial Statements.
20
<PAGE>
THE DFA INVESTMENT TRUST COMPANY
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
A. ORGANIZATION:
The DFA Investment Trust Company (the "Trust") is an open-end management
investment company registered under the Investment Company Act of 1940. 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 May 31, 2000, 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 counterparty's agreement to repurchase them at an agreed upon
date and price. The counterparty 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. In the event of
default or bankruptcy by the other party to the agreement, retention of the
collateral may be subject to legal proceedings. All open repurchase agreements
were entered into on May 31, 2000.
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.
21
<PAGE>
The DFA International Value Series may be subject to taxes imposed by countries
in which it invests, with respect to its 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 Fund
accrues 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 six months ended May 31, 2000, the
advisory fees were accrued 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 six months ended May 31, 2000, the Master Funds made the following
purchases and sales of investment securities other than U.S. Government
Securities (amounts in thousands):
PURCHASES SALES
--------- -----
The U.S. Large Cap Value Series $201,854 $188,705
The DFA International Value Series 133,422 130,739
E. INVESTMENT TRANSACTIONS:
At May 31, 2000, gross unrealized appreciation and depreciation for federal
income tax purposes of investment securities was as follows (amounts in
thousands):
GROSS UNREALIZED GROSS UNREALIZED
APPRECIATION DEPRECIATION NET
---------------- ---------------- ---
The Global Value Series - $(141) $(141)
The U.S. Large Cap Value Series $322,366 (305,163) 17,203
The DFA International Value Series 372,387 (239,815) 132,572
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 had no borrowings
under the line of credit during the six months ended May 31, 2000. Borrowings
under the line of credit during the six months ended May 31, 2000 were as
follows:
22
<PAGE>
<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>
The U.S. Large Cap Value Series 5.99% $10,511,067 15 $26,249 $29,999,000
The DFA International Value Series 6.44% 110,000 1 20 110,000
</TABLE>
There were no outstanding borrowings under the line of credit at May 31, 2000.
G. COMPONENTS OF NET ASSETS:
At May 31, 2000, 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 $1,319 $1,734,107 $1,434,430
Undistributed Net Investment Income 11 9,040 17,346
Undistributed Net Realized Gain 90 53,969 55,601
Unrealized Appreciation (Depreciation) of
Investment Securities and Foreign Currency (141) - (781)
Undistributed Net Realized Foreign
Exchange Gain - 17,373 132,661
Accumulated Net Foreign Exchange Loss - - (267)
-------- ---------- -----------
Total Net Assets $1,279 $1,814,489 $1,638,990
======== ========== ===========
</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 times to be secured by
collateral at least equal to 105% of the market value of the securities on loan.
However, in the event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral may be subject to
legal proceedings. In the event that the borrower fails to return loaned
securities, and cash collateral being maintained by the borrower is insufficient
to cover the value of loaned securities and provided such collateral
insufficiency is not the result of investment losses, the lending agent has
agreed to pay the amount of the shortfall to the Master Funds or, at the option
of the lending agent, replace the loaned securities. Such cash collateral for
May 31, 2000 was reinvested into overnight repurchase agreements with Salomon
Brothers and Fuji Securities, which was in turn collateralized by U.S.
Government Treasury Securities. As of May 31, 2000, the market value of
securities on loan to brokers, the related collateral cash received and the
value of collateral on overnight repurchase agreements was as follows:
<TABLE>
<CAPTION>
Market Value of Value of Collateral Collateral on Repurchase
Securities on Loan and Idemnification Agreements
------------------ ------------------ -------------
<S> <C> <C> <C>
The U.S. Large Cap Value Series $16,795,541 $18,001,575 $18,466,374
The DFA International Value Series 352,895,402 362,373,046 382,311,835
</TABLE>
23
