================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER 811-7440
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DIMENSIONAL EMERGING MARKETS VALUE FUND
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
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6300 BEE CAVE ROAD, BUILDING ONE, AUSTIN, TX 78746
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)
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CATHERINE L. NEWELL, ESQUIRE, VICE PRESIDENT AND SECRETARY
DIMENSIONAL EMERGING MARKETS VALUE FUND,
6300 BEE CAVE ROAD, BUILDING ONE, AUSTIN, TX 78746
(NAME AND ADDRESS OF AGENT FOR SERVICE)
-----------------
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 512-306-7400
DATE OF FISCAL YEAR END: OCTOBER 31
DATE OF REPORTING PERIOD: NOVEMBER 1, 2014 - APRIL 30, 2015
================================================================================
ITEM 1. REPORTS TO STOCKHOLDERS.
[LOGO]
SEMI-ANNUAL REPORT
six months ended: April 30, 2015 (Unaudited)
DFA INVESTMENT DIMENSIONS GROUP INC.
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INVESTMENT TRUST COMPANY
DIMENSIONAL EMERGING MARKETS VALUE FUND
[LOGO]
Dimensional Fund Advisors
6300 Bee Cave Road, Building One
Austin, TX 78746
May 2015
Dear Shareholder,
Our goal at Dimensional is to deliver an outstanding investment experience to
our clients. Our close ties to academia help us identify leading research that
can be beneficial to investors, and our team works to interpret, rigorously
test, and consider the practical applicability of those ideas in carefully
implemented investment strategies. This focus on combining insights gained from
research with effective implementation has been central to Dimensional's
approach since our founding and will continue to be a key part of our offer to
investors.
Sincerely,
/s/ David G. Booth
David G. Booth
Chairman and Co-Chief Executive Officer
SEMI-ANNUAL REPORT
(Unaudited)
Table of Contents
Page
----
Letter to Shareholders
Definitions of Abbreviations and Footnotes............................ 1
DFA Investment Dimensions Group Inc.
Disclosure of Fund Expenses........................................ 2
Disclosure of Portfolio Holdings................................... 7
Schedules of Investments/Summary Schedules of Portfolio Holdings
Enhanced U.S. Large Company Portfolio.......................... 10
U.S. Large Cap Equity Portfolio................................ 13
U.S. Large Cap Value Portfolio................................. 16
U.S. Targeted Value Portfolio.................................. 17
U.S. Small Cap Value Portfolio................................. 20
U.S. Core Equity 1 Portfolio................................... 23
U.S. Core Equity 2 Portfolio................................... 26
U.S. Vector Equity Portfolio................................... 29
U.S. Small Cap Portfolio....................................... 32
U.S. Micro Cap Portfolio....................................... 35
DFA Real Estate Securities Portfolio........................... 38
Large Cap International Portfolio.............................. 40
International Core Equity Portfolio............................ 44
International Small Company Portfolio.......................... 49
Japanese Small Company Portfolio............................... 50
Asia Pacific Small Company Portfolio........................... 50
United Kingdom Small Company Portfolio......................... 51
Continental Small Company Portfolio............................ 51
DFA International Real Estate Securities Portfolio............. 52
DFA Global Real Estate Securities Portfolio.................... 56
DFA International Small Cap Value Portfolio.................... 58
International Vector Equity Portfolio.......................... 62
World ex U.S. Value Portfolio.................................. 66
World ex U.S. Targeted Value Portfolio......................... 67
World ex U.S. Core Equity Portfolio............................ 68
World Core Equity Portfolio.................................... 75
Selectively Hedged Global Equity Portfolio..................... 76
Emerging Markets Portfolio..................................... 77
Emerging Markets Small Cap Portfolio........................... 77
Emerging Markets Value Portfolio............................... 77
Emerging Markets Core Equity Portfolio......................... 78
Statements of Assets and Liabilities............................... 83
Statements of Operations........................................... 90
Statements of Changes in Net Assets................................ 97
Financial Highlights............................................... 107
Notes to Financial Statements...................................... 126
i
TABLE OF CONTENTS
CONTINUED
Page
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DFA Investment Dimensions Group Inc. - DFA Commodity Strategy
Portfolio
Consolidated Disclosure of Fund Expenses........................... 155
Consolidated Disclosure of Portfolio Holdings...................... 156
Consolidated Schedule of Investments............................... 157
Consolidated Statement of Assets and Liabilities................... 162
Consolidated Statement of Operations............................... 163
Consolidated Statements of Changes in Net Assets................... 164
Consolidated Financial Highlights.................................. 165
Consolidated Notes to Financial Statements......................... 166
Dimensional Investment Group Inc.
Disclosure of Fund Expenses........................................ 178
Disclosure of Portfolio Holdings................................... 180
Schedule of Investments/Summary Schedule of Portfolio Holdings
DFA International Value Portfolio.............................. 181
U.S. Large Company Portfolio................................... 182
Statements of Assets and Liabilities............................... 185
Statements of Operations........................................... 186
Statements of Changes in Net Assets................................ 187
Financial Highlights............................................... 188
Notes to Financial Statements...................................... 190
The DFA Investment Trust Company
Disclosure of Fund Expenses........................................ 200
Disclosure of Portfolio Holdings................................... 202
Summary Schedules of Portfolio Holdings
The U.S. Large Cap Value Series................................ 204
The DFA International Value Series............................. 207
The Japanese Small Company Series.............................. 211
The Asia Pacific Small Company Series.......................... 214
The United Kingdom Small Company Series........................ 216
The Continental Small Company Series........................... 219
The Canadian Small Company Series.............................. 223
The Emerging Markets Series.................................... 226
The Emerging Markets Small Cap Series.......................... 230
Statements of Assets and Liabilities............................... 234
Statements of Operations........................................... 236
Statements of Changes in Net Assets................................ 238
Financial Highlights............................................... 241
Notes to Financial Statements...................................... 246
ii
TABLE OF CONTENTS
CONTINUED
Page
----
Dimensional Emerging Markets Value Fund
Disclosure of Fund Expenses........................................ 255
Disclosure of Portfolio Holdings................................... 256
Summary Schedule of Portfolio Holdings............................. 257
Statement of Assets and Liabilities................................ 261
Statement of Operations............................................ 262
Statements of Changes in Net Assets................................ 263
Financial Highlights............................................... 264
Notes to Financial Statements...................................... 265
Voting Proxies on Fund Portfolio Securities........................... 271
Board Approval of Investment Advisory Agreements...................... 272
This report is submitted for the information of the Funds' shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by an effective prospectus.
iii
DFA INVESTMENT DIMENSIONS GROUP INC.
DIMENSIONAL INVESTMENT GROUP INC.
THE DFA INVESTMENT TRUST COMPANY
DIMENSIONAL EMERGING MARKETS VALUE FUND
DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES
Schedules of Investments/Summary Schedules of Portfolio Holdings
----------------------------------------------------------------
Investment Abbreviations
ADR American Depositary Receipt
CAD Canadian Dollars
P.L.C. Public Limited Company
SPDR Standard & Poor's Depository Receipts
USD United States Dollars
Investment Footnotes
+ See Note B to Financial Statements.
++ Securities that have generally been fair value factored. See Note B to Financial Statements.
** Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category
headings have been calculated as a percentage of total investments. "Other Securities" are those
securities that are not among the top 50 holdings of the Fund or do not represent more than 1.0% of
the net assets of the Fund. Some of the individual securities within this category may include Total or
Partial Securities on Loan and/or Non-Income Producing Securities.
* Non-Income Producing Securities.
# Total or Partial Securities on Loan.
^ Denominated in USD, unless otherwise noted.
@ Security purchased with cash proceeds from Securities on Loan.
^^ Security pledged as collateral for the Open Futures Contracts.
++ Security pledged as collateral for Swap Agreements.
(S) Affiliated Fund.
Financial Highlights
--------------------
(A) Computed using average shares outstanding.
(B) Represents the combined ratios for the respective portfolio and its respective pro-rata share of its
Master Fund(s).
(C) Because of commencement of operations and related preliminary transaction costs, these ratios
are not necessarily indicative of future ratios.
(D) Non-Annualized
(E) Annualized
All Statements, Schedules and Notes to Financial Statements
-----------------------------------------------------------
-- Amounts designated as -- are either zero or rounded to zero.
REIT Real Estate Investment Trust
SEC Securities and Exchange Commission
(a) Commencement of Operations.
1
DFA INVESTMENT DIMENSIONS GROUP INC.
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Tables below illustrate your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended April 30, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
Enhanced U.S. Large Company Portfolio
-------------------------------------
Actual Fund Return
Institutional Class Shares........... $1,000.00 $1,044.70 0.23% $1.17
Hypothetical 5% Annual Return
Institutional Class Shares........... $1,000.00 $1,023.65 0.23% $1.15
U.S. Large Cap Equity Portfolio
-------------------------------
Actual Fund Return
Institutional Class Shares........... $1,000.00 $1,043.70 0.19% $0.96
Hypothetical 5% Annual Return
Institutional Class Shares........... $1,000.00 $1,023.85 0.19% $0.95
2
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
U.S. Large Cap Value Portfolio**
--------------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $1,037.60 0.27% $1.36
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,023.46 0.27% $1.35
U.S. Targeted Value Portfolio
-----------------------------
Actual Fund Return
Class R1 Shares................. $1,000.00 $1,035.00 0.47% $2.37
Class R2 Shares................. $1,000.00 $1,034.20 0.62% $3.13
Institutional Class Shares...... $1,000.00 $1,036.00 0.37% $1.87
Hypothetical 5% Annual Return
Class R1 Shares................. $1,000.00 $1,022.46 0.47% $2.36
Class R2 Shares................. $1,000.00 $1,021.72 0.62% $3.11
Institutional Class Shares...... $1,000.00 $1,022.96 0.37% $1.86
U.S. Small Cap Value Portfolio
------------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $1,031.00 0.52% $2.62
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,022.22 0.52% $2.61
U.S. Core Equity 1 Portfolio
----------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $1,047.70 0.18% $0.91
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,023.90 0.18% $0.90
U.S. Core Equity 2 Portfolio
----------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $1,046.10 0.21% $1.07
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,023.75 0.21% $1.05
U.S. Vector Equity Portfolio
----------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $1,036.90 0.32% $1.62
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,023.21 0.32% $1.61
U.S. Small Cap Portfolio
------------------------
Actual Fund Return
Institutional Class Shares...... $1,000.00 $1,042.80 0.37% $1.87
Hypothetical 5% Annual Return
Institutional Class Shares...... $1,000.00 $1,022.96 0.37% $1.86
3
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
U.S. Micro Cap Portfolio
------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,037.40 0.52% $2.63
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.22 0.52% $2.61
DFA Real Estate Securities Portfolio
------------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,024.80 0.18% $0.90
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,023.90 0.18% $0.90
Large Cap International Portfolio
---------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,051.80 0.28% $1.42
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,023.41 0.28% $1.40
International Core Equity Portfolio
-----------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,059.60 0.38% $1.94
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.91 0.38% $1.91
International Small Company Portfolio***
----------------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,072.70 0.53% $2.72
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.17 0.53% $2.66
Japanese Small Company Portfolio**
----------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,072.90 0.54% $2.78
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.12 0.54% $2.71
Asia Pacific Small Company Portfolio**
--------------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,015.90 0.55% $2.75
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,022.07 0.55% $2.76
United Kingdom Small Company Portfolio**
----------------------------------------
Actual Fund Return
Institutional Class Shares.............. $1,000.00 $1,084.90 0.58% $3.00
Hypothetical 5% Annual Return
Institutional Class Shares.............. $1,000.00 $1,021.92 0.58% $2.91
4
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
Continental Small Company Portfolio**
-------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,117.20 0.55% $2.89
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,022.07 0.55% $2.76
DFA International Real Estate Securities Portfolio
--------------------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,039.80 0.34% $1.72
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,023.11 0.34% $1.71
DFA Global Real Estate Securities Portfolio***
----------------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,030.50 0.29% $1.46
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,023.36 0.29% $1.45
DFA International Small Cap Value Portfolio
-------------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,079.60 0.68% $3.51
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,021.42 0.68% $3.41
International Vector Equity Portfolio
-------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,063.10 0.49% $2.51
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,022.36 0.49% $2.46
World ex U.S. Value Portfolio***
--------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,052.90 0.53% $2.70
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,022.17 0.53% $2.66
World ex U.S. Targeted Value Portfolio***
-----------------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,064.00 0.66% $3.38
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,021.52 0.66% $3.31
World ex U.S. Core Equity Portfolio
-----------------------------------
Actual Fund Return
Institutional Class Shares........................ $1,000.00 $1,059.30 0.47% $2.40
Hypothetical 5% Annual Return
Institutional Class Shares........................ $1,000.00 $1,022.46 0.47% $2.36
5
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
World Core Equity Portfolio***
------------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $1,050.70 0.35% $1.78
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,023.06 0.35% $1.76
Selectively Hedged Global Equity Portfolio***
---------------------------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $1,061.60 0.40% $2.04
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,022.81 0.40% $2.01
Emerging Markets Portfolio**
----------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $1,022.80 0.56% $2.81
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,022.02 0.56% $2.81
Emerging Markets Small Cap Portfolio**
--------------------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $1,060.90 0.72% $3.68
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,021.22 0.72% $3.61
Emerging Markets Value Portfolio**
----------------------------------
Actual Fund Return
Class R2 Shares.............................. $1,000.00 $1,027.50 0.81% $4.07
Institutional Class Shares................... $1,000.00 $1,028.80 0.56% $2.82
Hypothetical 5% Annual Return
Class R2 Shares.............................. $1,000.00 $1,020.78 0.81% $4.06
Institutional Class Shares................... $1,000.00 $1,022.02 0.56% $2.81
Emerging Markets Core Equity Portfolio
--------------------------------------
Actual Fund Return
Institutional Class Shares................... $1,000.00 $1,033.10 0.61% $3.07
Hypothetical 5% Annual Return
Institutional Class Shares................... $1,000.00 $1,021.77 0.61% $3.06
----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent six-month period (181), then divided
by the number of days in the year (365) to reflect the six-month period.
**The Portfolio is a Feeder Fund. The expenses shown reflect the direct
expenses of the Feeder Fund and the indirect payment of the Feeder Fund's
portion of the expenses of its Master Fund (Affiliated Investment Company).
***The Portfolio is a Fund of Funds. The expenses shown reflect the direct
expenses of the Fund of Funds and the indirect payment of the Fund of Funds'
portion of the expenses of its Master Funds (Affiliated Investment
Companies).
6
DFA INVESTMENT DIMENSIONS GROUP INC.
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For DFA
Investment Dimensions Group Inc., this would be for the fiscal quarters ending
January 31 and July 31. The Form N-Q filing must be made within 60 days of the
end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent
Form N-Q with the SEC on March 31, 2015. They are available upon request,
without charge, by calling collect: (512) 306-7400 or by mailing a request to
Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas
78746, or by visiting the SEC's website at http://www.sec.gov, or they may be
reviewed and copied at the SEC's Public Reference Room in Washington, D.C.
(call 1-800-732-0330 for information on the operation of the Public Reference
Room).
SEC regulations permit a fund to include in its reports to shareholders a
"Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of
Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50
largest holdings in unaffiliated issuers and any investments that exceed one
percent of the fund's net assets at the end of the reporting period. The
amendments also require that the Summary Schedule of Portfolio Holdings
identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC
on Form N-CSR within ten days after mailing the annual and semi-annual reports
to shareholders. It will be available upon request, without charge, by calling
collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors
LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the
SEC's website at http://www.sec.gov, or they may be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for
information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement. The categories shown below
represent broad industry sectors. Each industry sector consists of one or more
specific industry classifications.
The categories of industry classification for the Affiliated Investment
Companies are represented in their Disclosures of Portfolio Holdings, which are
included elsewhere within the report. Refer to the Schedule of
Investments/Summary Schedule of Portfolio Holdings for each of the underlying
Affiliated Investment Company's holdings which reflect the investments by
category or country.
FEEDER FUNDS
Affiliated Investment Companies
-------------------------------
U.S. Large Cap Value Portfolio......... 100.0%
Japanese Small Company Portfolio....... 100.0%
Asia Pacific Small Company Portfolio... 100.0%
United Kingdom Small Company Portfolio. 100.0%
Continental Small Company Portfolio.... 100.0%
Emerging Markets Portfolio............. 100.0%
Emerging Markets Small Cap Portfolio... 100.0%
Emerging Markets Value Portfolio....... 100.0%
7
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
FUND OF FUNDS
International Small Company Portfolio...... 100.0%
World ex U.S. Value Portfolio.............. 100.0%
World ex U.S. Targeted Value Portfolio..... 100.0%
World Core Equity Portfolio................ 100.0%
Selectively Hedged Global Equity Portfolio. 100.0%
ENHANCED DOMESTIC EQUITY PORTFOLIO
Enhanced U.S. Large Company Portfolio
Corporate.................................... 21.9%
Foreign Corporate............................ 9.7%
Foreign Government........................... 11.8%
Government................................... 49.6%
Supranational................................ 7.0%
-----
100.0%
DOMESTIC AND INTERNATIONAL EQUITY PORTFOLIOS
U.S. Large Cap Equity Portfolio
Consumer Discretionary....................... 14.9%
Consumer Staples............................. 8.8%
Energy....................................... 7.1%
Financials................................... 13.8%
Health Care.................................. 13.6%
Industrials.................................. 12.9%
Information Technology....................... 19.4%
Materials.................................... 4.2%
Other........................................ --
Real Estate Investment Trusts................ 0.1%
Telecommunication Services................... 2.6%
Utilities.................................... 2.6%
-----
100.0%
U.S. Targeted Value Portfolio
Consumer Discretionary....................... 14.5%
Consumer Staples............................. 2.9%
Energy....................................... 6.8%
Financials................................... 26.7%
Health Care.................................. 6.8%
Industrials.................................. 18.6%
Information Technology....................... 13.8%
Materials.................................... 7.5%
Other........................................ --
Real Estate Investment Trusts................ 0.2%
Telecommunication Services................... 1.3%
Utilities.................................... 0.9%
-----
100.0%
U.S. Small Cap Value Portfolio
Consumer Discretionary....................... 15.5%
Consumer Staples............................. 3.4%
Energy....................................... 9.1%
Financials................................... 24.9%
Health Care.................................. 6.4%
Industrials.................................. 18.6%
Information Technology....................... 14.5%
Materials.................................... 6.9%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 0.6%
Utilities.................................... 0.1%
-----
100.0%
U.S. Core Equity 1 Portfolio
Consumer Discretionary....................... 15.7%
Consumer Staples............................. 7.6%
Energy....................................... 7.9%
Financials................................... 14.3%
Health Care.................................. 12.2%
Industrials.................................. 13.8%
Information Technology....................... 18.1%
Materials.................................... 4.9%
Other........................................ --
Real Estate Investment Trusts................ 0.1%
Telecommunication Services................... 2.4%
Utilities.................................... 3.0%
-----
100.0%
U.S. Core Equity 2 Portfolio
Consumer Discretionary....................... 15.3%
Consumer Staples............................. 6.1%
Energy....................................... 9.5%
Financials................................... 16.2%
Health Care.................................. 11.4%
Industrials.................................. 14.7%
Information Technology....................... 16.9%
Materials.................................... 5.2%
Other........................................ --
Real Estate Investment Trusts................ 0.1%
Telecommunication Services................... 2.5%
Utilities.................................... 2.1%
-----
100.0%
U.S. Vector Equity Portfolio
Consumer Discretionary....................... 14.8%
Consumer Staples............................. 4.3%
Energy....................................... 9.9%
Financials................................... 23.4%
Health Care.................................. 8.6%
Industrials.................................. 15.0%
Information Technology....................... 14.2%
Materials.................................... 5.8%
Other........................................ --
Real Estate Investment Trusts................ 0.1%
Telecommunication Services................... 2.6%
Utilities.................................... 1.3%
-----
100.0%
8
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
U.S. Small Cap Portfolio
Consumer Discretionary....................... 18.3%
Consumer Staples............................. 3.8%
Energy....................................... 3.8%
Financials................................... 18.0%
Health Care.................................. 10.4%
Industrials.................................. 17.1%
Information Technology....................... 18.4%
Materials.................................... 5.4%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 0.9%
Utilities.................................... 3.9%
-----
100.0%
U.S. Micro Cap Portfolio
Consumer Discretionary....................... 18.9%
Consumer Staples............................. 3.8%
Energy....................................... 3.1%
Financials................................... 17.7%
Health Care.................................. 10.7%
Industrials.................................. 19.7%
Information Technology....................... 17.4%
Materials.................................... 5.5%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 1.4%
Utilities.................................... 1.8%
-----
100.0%
DFA Real Estate Securities Portfolio
Real Estate Investment Trusts................ 100.0%
-----
100.0%
Large Cap International Portfolio
Consumer Discretionary....................... 13.6%
Consumer Staples............................. 9.9%
Energy....................................... 7.8%
Financials................................... 22.8%
Health Care.................................. 10.3%
Industrials.................................. 13.5%
Information Technology....................... 4.4%
Materials.................................... 9.5%
Other........................................ --
Telecommunication Services................... 4.7%
Utilities.................................... 3.5%
-----
100.0%
International Core Equity Portfolio
Consumer Discretionary....................... 16.2%
Consumer Staples............................. 7.6%
Energy....................................... 7.8%
Financials................................... 21.0%
Health Care.................................. 6.4%
Industrials.................................. 16.9%
Information Technology....................... 5.9%
Materials.................................... 11.7%
Other........................................ --
Telecommunication Services................... 3.4%
Utilities.................................... 3.1%
-----
100.0%
DFA International Real Estate Securities Portfolio
Real Estate Investment Trusts................ 100.0%
-----
100.0%
DFA Global Real Estate Securities Portfolio
Affiliated Investment Companies.............. 95.9%
Real Estate Investment Trusts................ 3.6%
Other........................................ 0.5%
-----
100.0%
DFA International Small Cap Value Portfolio
Consumer Discretionary....................... 21.2%
Consumer Staples............................. 3.9%
Energy....................................... 4.4%
Financials................................... 21.1%
Health Care.................................. 1.6%
Industrials.................................. 25.2%
Information Technology....................... 5.6%
Materials.................................... 16.1%
Other........................................ --
Telecommunication Services................... 0.3%
Utilities.................................... 0.6%
-----
100.0%
International Vector Equity Portfolio
Consumer Discretionary....................... 15.8%
Consumer Staples............................. 6.7%
Energy....................................... 7.5%
Financials................................... 22.5%
Health Care.................................. 4.6%
Industrials.................................. 18.4%
Information Technology....................... 6.4%
Materials.................................... 13.4%
Other........................................ --
Telecommunication Services................... 2.5%
Utilities.................................... 2.2%
-----
100.0%
World ex U.S. Core Equity Portfolio
Consumer Discretionary....................... 15.4%
Consumer Staples............................. 7.4%
Energy....................................... 7.3%
Financials................................... 22.0%
Health Care.................................. 5.0%
Industrials.................................. 16.4%
Information Technology....................... 7.9%
Materials.................................... 11.8%
Real Estate Investment Trusts................ --
Telecommunication Services................... 3.7%
Utilities.................................... 3.1%
-----
100.0%
Emerging Markets Core Equity Portfolio
Consumer Discretionary....................... 11.2%
Consumer Staples............................. 7.7%
Energy....................................... 6.4%
Financials................................... 24.8%
Health Care.................................. 3.2%
Industrials.................................. 10.6%
Information Technology....................... 16.8%
Materials.................................... 10.3%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 5.3%
Utilities.................................... 3.7%
-----
100.0%
9
ENHANCED U.S. LARGE COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Face
Amount^ Value+
------- ------
(000)
BONDS -- (48.3%)
AUSTRALIA -- (0.5%)
Rio Tinto Finance USA, Ltd.
2.250%, 09/20/16.............................. 1,000 $ 1,017,483
-----------
CANADA -- (9.0%)
Export Development Canada
1.250%, 10/26/16.............................. 3,135 3,165,952
Ontario, Province of Canada
1.000%, 07/22/16.............................. 4,000 4,020,436
1.600%, 09/21/16.............................. 1,050 1,063,706
Quebec, Province of Canada
5.125%, 11/14/16.............................. 1,000 1,066,955
Royal Bank of Canada
1.450%, 09/09/16.............................. 1,000 1,009,054
1.200%, 01/23/17.............................. 585 588,165
Thomson Reuters Corp.
1.300%, 02/23/17.............................. 1,023 1,023,057
Toronto-Dominion Bank (The)
2.375%, 10/19/16.............................. 5,900 6,039,252
TransCanada PipeLines, Ltd.
3.400%, 06/01/15.............................. 1,500 1,502,901
-----------
TOTAL CANADA....................................... 19,479,478
-----------
FINLAND -- (1.4%)
Municipality Finance P.L.C.
2.375%, 05/16/16.............................. 3,000 3,057,894
-----------
FRANCE -- (0.5%)
Caisse des Depots et Consignations
0.875%, 11/07/16.............................. 1,000 1,003,118
-----------
JAPAN -- (0.7%)
Nomura Holdings, Inc.
2.000%, 09/13/16.............................. 540 545,339
Sumitomo Mitsui Banking Corp.
2.650%, 01/12/17.............................. 1,000 1,022,222
-----------
TOTAL JAPAN........................................ 1,567,561
-----------
NETHERLANDS -- (3.2%)
Bank Nederlandse Gemeenten NV
1.125%, 09/12/16.............................. 5,000 5,031,855
Cooperatieve Centrale Raiffeisen- Boerenleenbank
BA
3.375%, 01/19/17.............................. 830 863,222
Deutsche Telekom International Finance BV
5.750%, 03/23/16.............................. 880 917,703
-----------
TOTAL NETHERLANDS.................................. 6,812,780
-----------
NORWAY -- (2.3%)
Kommunalbanken A.S.
0.875%, 10/03/16.............................. 5,000 5,017,930
-----------
Face
Amount^ Value+
------- ------
(000)
SPAIN -- (0.3%)
Telefonica Emisiones SAU
6.421%, 06/20/16.............................. 584 $ 618,799
-----------
SUPRANATIONAL ORGANIZATION OBLIGATIONS -- (7.0%)
Council Of Europe Development Bank
1.250%, 09/22/16.............................. 5,000 5,046,220
European Bank for Reconstruction & Development
1.375%, 10/20/16.............................. 4,000 4,054,864
European Investment Bank
1.250%, 10/14/16.............................. 5,000 5,048,985
Inter-American Development Bank
0.875%, 11/15/16.............................. 1,000 1,003,307
-----------
TOTAL SUPRANATIONAL ORGANIZATION OBLIGATIONS....... 15,153,376
-----------
SWEDEN -- (1.1%)
Svenska Handelsbanken AB
3.125%, 07/12/16.............................. 2,391 2,456,265
-----------
UNITED KINGDOM -- (2.5%)
Barclays Bank P.L.C.
5.000%, 09/22/16.............................. 1,000 1,054,248
Network Rail Infrastructure Finance P.L.C.
1.250%, 08/31/16.............................. 2,000 2,017,962
Royal Bank of Scotland Group P.L.C.
2.550%, 09/18/15.............................. 700 704,074
Vodafone Group P.L.C.
5.625%, 02/27/17.............................. 715 770,273
1.625%, 03/20/17.............................. 761 767,660
-----------
TOTAL UNITED KINGDOM............................... 5,314,217
-----------
UNITED STATES -- (19.8%)
Amgen, Inc.
2.500%, 11/15/16.............................. $1,535 1,570,019
Anadarko Petroleum Corp.
5.950%, 09/15/16.............................. 1,000 1,063,616
AT&T, Inc.
2.950%, 05/15/16.............................. 1,489 1,518,951
Bank of America Corp.
3.625%, 03/17/16.............................. 1,000 1,023,423
3.875%, 03/22/17.............................. 500 522,202
Baxter International, Inc.
5.900%, 09/01/16.............................. 1,000 1,063,617
1.850%, 01/15/17.............................. 1,000 1,014,045
Boston Scientific Corp.
6.400%, 06/15/16.............................. 1,000 1,056,386
Capital One Financial Corp.
5.250%, 02/21/17.............................. 1,492 1,592,679
10
ENHANCED U.S. LARGE COMPANY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Citigroup, Inc.
1.300%, 04/01/16............................. $1,000 $1,003,588
4.450%, 01/10/17............................. 585 615,108
Comerica, Inc.
3.000%, 09/16/15............................. 1,000 1,007,305
CVS Health Corp.
1.200%, 12/05/16............................. 1,500 1,509,618
Daimler Finance North America LLC
1.450%, 08/01/16............................. 1,000 1,007,108
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
2.400%, 03/15/17............................. 1,500 1,526,850
Ecolab, Inc.
3.000%, 12/08/16............................. 622 640,726
EOG Resources, Inc.
2.500%, 02/01/16............................. 1,000 1,013,164
Ford Motor Credit Co. LLC
3.984%, 06/15/16............................. 1,000 1,029,372
General Electric Capital Corp.
5.375%, 10/20/16............................. 1,000 1,066,172
Hewlett-Packard Co.
3.000%, 09/15/16............................. 1,000 1,026,392
JPMorgan Chase & Co.
1.125%, 02/26/16............................. 1,500 1,507,484
Lorillard Tobacco Co.
3.500%, 08/04/16............................. 800 821,677
Mattel, Inc.
2.500%, 11/01/16............................. 1,000 1,015,678
McKesson Corp.
1.292%, 03/10/17............................. 1,000 1,002,738
MetLife, Inc.
6.750%, 06/01/16............................. 1,000 1,062,703
Morgan Stanley
5.750%, 10/18/16............................. 1,000 1,065,904
5.450%, 01/09/17............................. 1,000 1,066,705
Mylan, Inc.
1.350%, 11/29/16............................. 1,000 997,505
National Rural Utilities Cooperative Finance
Corp.
0.950%, 04/24/17............................. 2,000 1,999,158
NextEra Energy Capital Holdings, Inc.
1.200%, 06/01/15............................. 1,000 1,000,410
ONEOK Partners L.P.
6.150%, 10/01/16............................. 1,000 1,059,920
Prudential Financial, Inc.
3.000%, 05/12/16............................. 710 725,315
Quest Diagnostics, Inc.
3.200%, 04/01/16............................. 250 254,858
Ryder System, Inc.
5.850%, 11/01/16............................. 1,141 1,219,823
Scripps Networks Interactive, Inc.
2.700%, 12/15/16............................. 1,000 1,026,584
Stryker Corp.
2.000%, 09/30/16............................. 1,000 1,016,892
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Thermo Fisher Scientific, Inc.
2.250%, 08/15/16.............................. $ 2,000 $ 2,030,840
Waste Management, Inc.
2.600%, 09/01/16.............................. 605 617,545
Wells Fargo & Co.
3.676%, 06/15/16.............................. 1,500 1,549,128
------------
TOTAL UNITED STATES................................ 42,911,208
------------
TOTAL BONDS........................................ 104,410,109
------------
AGENCY OBLIGATIONS -- (2.4%)
Federal Home Loan Bank
0.625%, 10/14/16.............................. 2,000 2,002,162
Federal National Mortgage Association
5.250%, 09/15/16.............................. 3,000 3,194,817
------------
TOTAL AGENCY OBLIGATIONS........................... 5,196,979
------------
U.S. TREASURY OBLIGATIONS -- (47.3%)
U.S. Treasury Notes
0.625%, 02/15/17.............................. 36,000 36,056,232
0.875%, 02/28/17.............................. 37,000 37,225,478
0.875%, 04/15/17.............................. 29,000 29,163,125
------------
TOTAL U.S. TREASURY OBLIGATIONS.................... 102,444,835
------------
Shares
------
EXCHANGE-TRADED FUNDS -- (2.0%)
UNITED STATES -- (2.0%)
SPDR S&P 500 ETF Trust........................ 21,100 4,399,772
------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $213,790,626).............................. $216,451,695
============
11
ENHANCED U.S. LARGE COMPANY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------
Level 1 Level 2 Level 3 Total
---------- ------------ ------- ------------
Bonds
Australia......................... -- $ 1,017,483 -- $ 1,017,483
Canada............................ -- 19,479,478 -- 19,479,478
Finland........................... -- 3,057,894 -- 3,057,894
France............................ -- 1,003,118 -- 1,003,118
Japan............................. -- 1,567,561 -- 1,567,561
Netherlands....................... -- 6,812,780 -- 6,812,780
Norway............................ -- 5,017,930 -- 5,017,930
Spain............................. -- 618,799 -- 618,799
Supranational Organization
Obligations..................... -- 15,153,376 -- 15,153,376
Sweden............................ -- 2,456,265 -- 2,456,265
United Kingdom.................... -- 5,314,217 -- 5,314,217
United States..................... -- 42,911,208 -- 42,911,208
Agency Obligations................. -- 5,196,979 -- 5,196,979
U.S. Treasury Obligations.......... -- 102,444,835 -- 102,444,835
Exchange-Traded Funds.............. $4,399,772 -- -- 4,399,772
Futures Contracts**................ 3,595,859 -- -- 3,595,859
---------- ------------ -- ------------
TOTAL.............................. $7,995,631 $212,051,923 -- $220,047,554
========== ============ == ============
**Not reflected in the Schedule of Investments, valued at the unrealized
appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
12
U.S. LARGE CAP EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (95.6%)
Consumer Discretionary -- (14.3%)
* Amazon.com, Inc................... 8,975 $ 3,785,476 0.7%
Comcast Corp. Class A............. 75,162 4,341,357 0.8%
Ford Motor Co..................... 126,885 2,004,783 0.4%
Home Depot, Inc. (The)............ 33,978 3,634,966 0.7%
McDonald's Corp................... 24,997 2,413,460 0.4%
Time Warner, Inc.................. 32,702 2,760,376 0.5%
Walt Disney Co. (The)............. 39,913 4,339,341 0.8%
Other Securities.................. 58,214,279 10.6%
----------- -----
Total Consumer Discretionary 81,494,038 14.9%
----------- -----
Consumer Staples -- (8.4%)
Altria Group, Inc................. 50,783 2,541,689 0.5%
Coca-Cola Co. (The)............... 88,895 3,605,581 0.7%
CVS Health Corp................... 29,770 2,955,863 0.5%
PepsiCo, Inc...................... 38,148 3,628,638 0.7%
Philip Morris International, Inc.. 31,146 2,599,757 0.5%
Procter & Gamble Co. (The)........ 62,152 4,941,705 0.9%
Wal-Mart Stores, Inc.............. 45,552 3,555,334 0.6%
Other Securities.................. 23,974,155 4.3%
----------- -----
Total Consumer Staples 47,802,722 8.7%
----------- -----
Energy -- (6.8%)
Chevron Corp...................... 42,295 4,697,283 0.9%
Exxon Mobil Corp.................. 125,285 10,946,150 2.0%
Other Securities.................. 23,207,100 4.2%
----------- -----
Total Energy 38,850,533 7.1%
----------- -----
Financials -- (13.1%)
American Express Co............... 25,957 2,010,370 0.4%
Bank of America Corp.............. 206,960 3,296,873 0.6%
* Berkshire Hathaway, Inc. Class B.. 37,001 5,224,911 1.0%
Citigroup, Inc.................... 58,766 3,133,403 0.6%
JPMorgan Chase & Co............... 71,785 4,541,119 0.8%
Wells Fargo & Co.................. 125,496 6,914,830 1.3%
Other Securities.................. 50,043,393 9.0%
----------- -----
Total Financials 75,164,899 13.7%
----------- -----
Health Care -- (13.0%)
AbbVie, Inc....................... 41,437 2,679,316 0.5%
* Actavis P.L.C..................... 7,416 2,097,690 0.4%
Amgen, Inc........................ 14,743 2,328,067 0.4%
* Biogen, Inc....................... 5,430 2,030,440 0.4%
* Gilead Sciences, Inc.............. 38,283 3,847,824 0.7%
Johnson & Johnson................. 68,621 6,807,203 1.3%
Merck & Co., Inc.................. 68,584 4,084,863 0.8%
Pfizer, Inc....................... 143,450 4,867,258 0.9%
UnitedHealth Group, Inc........... 26,110 2,908,654 0.5%
Other Securities.................. 42,449,461 7.7%
----------- -----
Total Health Care..................... 74,100,776 13.6%
----------- -----
Industrials -- (12.4%)
3M Co............................. 15,580 2,436,556 0.4%
Boeing Co. (The).................. 17,307 2,480,785 0.5%
General Electric Co............... 239,747 6,492,349 1.2%
13
U.S. LARGE CAP EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (Continued)
Union Pacific Corp................................. 28,309 $ 3,007,265 0.6%
United Technologies Corp........................... 21,024 2,391,480 0.4%
Other Securities................................... 53,838,119 9.8%
------------ ------
Total Industrials........................................ 70,646,554 12.9%
------------ ------
Information Technology -- (18.5%)
Apple, Inc......................................... 132,134 16,536,570 3.0%
Cisco Systems, Inc................................. 128,291 3,698,630 0.7%
* Google, Inc. Class A............................... 5,682 3,118,111 0.6%
* Google, Inc. Class C............................... 5,760 3,094,953 0.6%
Hewlett-Packard Co................................. 62,937 2,075,033 0.4%
Intel Corp......................................... 171,411 5,579,428 1.0%
International Business Machines Corp............... 18,890 3,235,668 0.6%
MasterCard, Inc. Class A........................... 25,743 2,322,276 0.4%
Microsoft Corp..................................... 218,082 10,607,508 1.9%
Oracle Corp........................................ 94,788 4,134,653 0.8%
QUALCOMM, Inc...................................... 33,308 2,264,944 0.4%
Visa, Inc. Class A................................. 38,344 2,532,621 0.5%
Other Securities................................... 46,769,865 8.5%
------------ ------
Total Information Technology............................. 105,970,260 19.4%
------------ ------
Materials -- (4.0%)
Other Securities................................... 23,193,437 4.2%
------------ ------
Real Estate Investment Trusts -- (0.1%)
Other Securities................................... 570,167 0.1%
------------ ------
Telecommunication Services -- (2.5%)
AT&T, Inc.......................................... 138,659 4,803,148 0.9%
Verizon Communications, Inc........................ 136,734 6,896,863 1.3%
Other Securities................................... 2,514,479 0.4%
------------ ------
Total Telecommunication Services......................... 14,214,490 2.6%
------------ ------
Utilities -- (2.5%)
Other Securities................................... 14,298,667 2.6%
------------ ------
TOTAL COMMON STOCKS...................................... 546,306,543 99.8%
------------ ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 7,371 0.0%
------------ ------
TEMPORARY CASH INVESTMENTS -- (0.3%)
State Street Institutional Liquid Reserves, 0.098%. 1,676,105 1,676,105 0.3%
------------ ------
SECURITIES LENDING COLLATERAL -- (4.1%)
(S)@ DFA Short Term Investment Fund..................... 2,017,068 23,337,472 4.3%
------------ ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $522,587,464).................................. $571,327,491 104.4%
============ ======
14
U.S. LARGE CAP EQUITY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------
Level 1 Level 2 Level 3 Total
------------ ----------- ------- ------------
Common Stocks
Consumer Discretionary........ $ 81,494,038 -- -- $ 81,494,038
Consumer Staples.............. 47,802,722 -- -- 47,802,722
Energy........................ 38,850,533 -- -- 38,850,533
Financials.................... 75,164,899 -- -- 75,164,899
Health Care................... 74,100,776 -- -- 74,100,776
Industrials................... 70,646,554 -- -- 70,646,554
Information Technology........ 105,970,260 -- -- 105,970,260
Materials..................... 23,193,437 -- -- 23,193,437
Real Estate Investment Trusts. 570,167 -- -- 570,167
Telecommunication Services.... 14,214,490 -- -- 14,214,490
Utilities..................... 14,298,667 -- -- 14,298,667
Rights/Warrants................. -- $ 7,371 -- 7,371
Temporary Cash Investments...... 1,676,105 -- -- 1,676,105
Securities Lending Collateral... -- 23,337,472 -- 23,337,472
------------ ----------- -- ------------
TOTAL........................... $547,982,648 $23,344,843 -- $571,327,491
============ =========== == ============
See accompanying Notes to Financial Statements.
15
U.S. LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Value+
---------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The U.S. Large Cap Value Series of
The DFA Investment Trust Company..................... $15,827,842,084
---------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY
(Cost $10,500,397,052)............................ $15,827,842,084
===============
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
16
U.S. TARGETED VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (85.2%)
Consumer Discretionary -- (12.4%)
Dillard's, Inc. Class A............ 211,147 $ 27,784,834 0.4%
# GameStop Corp. Class A............. 635,798 24,503,655 0.4%
Graham Holdings Co. Class B........ 31,543 32,266,281 0.5%
Lear Corp.......................... 264,536 29,371,432 0.5%
Service Corp. International........ 974,502 26,974,215 0.4%
#* Skechers U.S.A., Inc. Class A...... 268,478 24,141,542 0.4%
# Wendy's Co. (The).................. 2,361,897 23,902,398 0.4%
Other Securities................... 737,845,508 11.5%
-------------- -----
Total Consumer Discretionary........... 926,789,865 14.5%
-------------- -----
Consumer Staples -- (2.5%)
Ingredion, Inc..................... 343,934 27,308,360 0.4%
Pinnacle Foods, Inc................ 530,218 21,500,340 0.3%
Other Securities................... 136,438,740 2.2%
-------------- -----
Total Consumer Staples................. 185,247,440 2.9%
-------------- -----
Energy -- (5.8%)
* Newfield Exploration Co............ 617,097 24,214,886 0.4%
Other Securities................... 412,743,060 6.4%
-------------- -----
Total Energy........................... 436,957,946 6.8%
-------------- -----
Financials -- (22.8%)
* Alleghany Corp..................... 48,148 22,799,041 0.4%
American Financial Group, Inc...... 465,774 29,436,917 0.5%
#* Arch Capital Group, Ltd............ 353,598 21,456,327 0.3%
Assurant, Inc...................... 471,974 29,007,522 0.5%
Axis Capital Holdings, Ltd......... 606,646 31,581,991 0.5%
* E*TRADE Financial Corp............. 1,078,431 31,048,028 0.5%
Everest Re Group, Ltd.............. 186,504 33,367,431 0.5%
# Legg Mason, Inc.................... 731,595 38,518,477 0.6%
NASDAQ OMX Group, Inc. (The)....... 858,799 41,763,395 0.7%
# New York Community Bancorp, Inc.... 2,005,431 34,473,359 0.5%
# PacWest Bancorp.................... 483,491 21,805,444 0.3%
PartnerRe, Ltd..................... 321,083 41,098,624 0.7%
# People's United Financial, Inc..... 1,543,963 23,329,281 0.4%
Reinsurance Group of America, Inc.. 329,817 30,217,834 0.5%
RenaissanceRe Holdings, Ltd........ 256,659 26,304,981 0.4%
WR Berkley Corp.................... 545,701 26,733,892 0.4%
# Zions Bancorporation............... 956,282 27,096,250 0.4%
Other Securities................... 1,197,911,521 18.6%
-------------- -----
Total Financials....................... 1,707,950,315 26.7%
-------------- -----
Health Care -- (5.8%)
* Community Health Systems, Inc...... 548,400 29,438,112 0.5%
# Omnicare, Inc...................... 571,559 50,285,761 0.8%
Other Securities................... 352,529,093 5.4%
-------------- -----
Total Health Care...................... 432,252,966 6.7%
-------------- -----
Industrials -- (15.9%)
# ADT Corp. (The).................... 760,943 28,611,457 0.5%
Alaska Air Group, Inc.............. 449,041 28,765,567 0.5%
AMERCO............................. 84,246 27,130,582 0.4%
* Avis Budget Group, Inc............. 665,365 36,022,861 0.6%
17
U.S. TARGETED VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (Continued)
#* JetBlue Airways Corp............................... 1,516,297 $ 31,129,577 0.5%
# Owens Corning...................................... 624,093 24,127,435 0.4%
Ryder System, Inc.................................. 309,611 29,524,505 0.5%
# Trinity Industries, Inc............................ 970,590 26,293,283 0.4%
Waste Connections, Inc............................. 578,653 27,433,939 0.4%
Other Securities................................... 931,606,874 14.4%
-------------- ------
Total Industrials........................................ 1,190,646,080 18.6%
-------------- ------
Information Technology -- (11.7%)
* ARRIS Group, Inc................................... 666,291 22,437,349 0.4%
* Arrow Electronics, Inc............................. 510,838 30,502,137 0.5%
Avnet, Inc......................................... 659,675 28,121,945 0.4%
#* First Solar, Inc................................... 629,345 37,553,016 0.6%
Marvell Technology Group, Ltd...................... 1,932,134 27,069,197 0.4%
* Qorvo, Inc......................................... 343,773 22,658,078 0.4%
Other Securities................................... 711,088,706 11.0%
-------------- ------
Total Information Technology............................. 879,430,428 13.7%
-------------- ------
Materials -- (6.3%)
MeadWestvaco Corp.................................. 614,336 29,979,597 0.5%
Reliance Steel & Aluminum Co....................... 417,707 27,033,997 0.4%
Rock-Tenn Co. Class A.............................. 341,862 21,530,469 0.3%
Steel Dynamics, Inc................................ 1,029,643 22,786,000 0.4%
Other Securities................................... 374,678,176 5.8%
-------------- ------
Total Materials.......................................... 476,008,239 7.4%
-------------- ------
Other -- (0.0%)
Other Securities................................... -- 0.0%
-------------- ------
Real Estate Investment Trusts -- (0.2%)
Other Securities................................... 14,733,426 0.2%
-------------- ------
Telecommunication Services -- (1.1%)
# Frontier Communications Corp....................... 4,105,667 28,164,876 0.4%
Other Securities................................... 53,163,953 0.9%
-------------- ------
Total Telecommunication Services......................... 81,328,829 1.3%
-------------- ------
Utilities -- (0.7%)
UGI Corp........................................... 820,951 28,577,304 0.4%
Other Securities................................... 27,841,190 0.5%
-------------- ------
Total Utilities.......................................... 56,418,494 0.9%
-------------- ------
TOTAL COMMON STOCKS...................................... 6,387,764,028 99.7%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 783,692 0.0%
-------------- ------
TEMPORARY CASH INVESTMENTS -- (0.2%)
State Street Institutional Liquid Reserves, 0.098%. 11,930,669 11,930,669 0.2%
-------------- ------
SECURITIES LENDING COLLATERAL -- (14.6%)
(S)@ DFA Short Term Investment Fund..................... 94,988,888 1,099,021,434 17.2%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $5,984,320,241)................................... $7,499,499,823 117.1%
============== ======
18
U.S. TARGETED VALUE PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- -------------- ------- --------------
Common Stocks
Consumer Discretionary........ $ 926,789,865 -- -- $ 926,789,865
Consumer Staples.............. 185,247,440 -- -- 185,247,440
Energy........................ 436,957,946 -- -- 436,957,946
Financials.................... 1,707,950,315 -- -- 1,707,950,315
Health Care................... 432,252,966 -- -- 432,252,966
Industrials................... 1,190,646,080 -- -- 1,190,646,080
Information Technology........ 879,430,428 -- -- 879,430,428
Materials..................... 476,008,239 -- -- 476,008,239
Other......................... -- -- -- --
Real Estate Investment Trusts. 14,733,426 -- -- 14,733,426
Telecommunication Services.... 81,328,829 -- -- 81,328,829
Utilities..................... 56,418,494 -- -- 56,418,494
Rights/Warrants................. -- $ 783,692 -- 783,692
Temporary Cash Investments...... 11,930,669 -- -- 11,930,669
Securities Lending Collateral... -- 1,099,021,434 -- 1,099,021,434
-------------- -------------- -- --------------
TOTAL........................... $6,399,694,697 $1,099,805,126 -- $7,499,499,823
============== ============== == ==============
See accompanying Notes to Financial Statements.
19
U.S. SMALL CAP VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (86.2%)
Consumer Discretionary -- (13.3%)
# Group 1 Automotive, Inc..................... 845,912 $ 66,810,130 0.6%
* Helen of Troy, Ltd.......................... 842,455 73,807,483 0.6%
Marriott Vacations Worldwide Corp........... 755,034 62,071,345 0.5%
Penske Automotive Group, Inc................ 1,195,305 58,342,837 0.5%
# Rent-A-Center, Inc.......................... 1,917,613 56,761,345 0.5%
# Scholastic Corp............................. 1,407,493 57,200,516 0.5%
#* Skechers U.S.A., Inc. Class A............... 806,551 72,525,066 0.6%
# Wendy's Co. (The)........................... 5,376,970 54,414,936 0.5%
Other Securities............................ 1,391,375,257 11.2%
-------------- -----
Total Consumer Discretionary.................... 1,893,308,915 15.5%
-------------- -----
Consumer Staples -- (2.9%)
# Fresh Del Monte Produce, Inc................ 1,822,914 67,320,214 0.6%
* Seaboard Corp............................... 18,588 66,916,800 0.6%
Other Securities............................ 279,424,672 2.2%
-------------- -----
Total Consumer Staples.......................... 413,661,686 3.4%
-------------- -----
Energy -- (7.8%)
# Bristow Group, Inc.......................... 1,363,054 84,686,545 0.7%
Delek US Holdings, Inc...................... 2,312,487 85,377,020 0.7%
Exterran Holdings, Inc...................... 2,670,497 98,995,324 0.8%
* Helix Energy Solutions Group, Inc........... 3,976,422 65,531,435 0.5%
#* PDC Energy, Inc............................. 1,124,044 63,778,257 0.5%
Other Securities............................ 710,948,533 5.8%
-------------- -----
Total Energy.................................... 1,109,317,114 9.0%
-------------- -----
Financials -- (21.5%)
American Equity Investment Life Holding Co.. 2,408,374 64,905,679 0.5%
Argo Group International Holdings, Ltd...... 1,121,078 54,921,611 0.5%
Aspen Insurance Holdings, Ltd............... 1,545,152 72,204,953 0.6%
# CNO Financial Group, Inc.................... 8,460,765 143,833,005 1.2%
# Endurance Specialty Holdings, Ltd........... 1,510,617 91,211,054 0.8%
# First American Financial Corp............... 2,056,410 71,542,504 0.6%
# Hanover Insurance Group, Inc. (The)......... 1,232,968 84,544,616 0.7%
# Kemper Corp................................. 1,729,296 65,142,580 0.5%
#* MBIA, Inc................................... 7,271,848 63,628,670 0.5%
# Montpelier Re Holdings, Ltd................. 1,977,273 75,353,874 0.6%
StanCorp Financial Group, Inc............... 884,406 63,747,985 0.5%
Susquehanna Bancshares, Inc................. 6,444,540 86,614,618 0.7%
# Umpqua Holdings Corp........................ 4,077,772 69,362,902 0.6%
# Washington Federal, Inc..................... 2,783,280 60,118,848 0.5%
# Webster Financial Corp...................... 2,642,412 94,677,622 0.8%
# Wintrust Financial Corp..................... 1,502,666 73,239,941 0.6%
Other Securities............................ 1,820,933,678 14.8%
-------------- -----
Total Financials................................ 3,055,984,140 25.0%
-------------- -----
Health Care -- (5.6%)
#* Amsurg Corp................................. 938,937 58,890,129 0.5%
* LifePoint Hospitals, Inc.................... 1,892,213 141,688,909 1.2%
Other Securities............................ 589,327,718 4.7%
-------------- -----
Total Health Care............................... 789,906,756 6.4%
-------------- -----
20
U.S. SMALL CAP VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (16.0%)
# AMERCO............................................. 340,511 $ 109,658,162 0.9%
# Covanta Holding Corp............................... 3,022,647 61,329,508 0.5%
#* Esterline Technologies Corp........................ 1,145,345 127,465,445 1.0%
# GATX Corp.......................................... 1,763,892 95,955,725 0.8%
#* JetBlue Airways Corp............................... 5,279,787 108,394,027 0.9%
Other Securities................................... 1,773,094,125 14.5%
--------------- ------
Total Industrials........................................ 2,275,896,992 18.6%
--------------- ------
Information Technology -- (12.5%)
* CACI International, Inc. Class A................... 860,161 75,900,607 0.6%
# Convergys Corp..................................... 3,909,664 88,671,180 0.7%
* Fairchild Semiconductor International, Inc......... 4,380,362 79,569,276 0.7%
* Qorvo, Inc......................................... 1,101,705 72,613,377 0.6%
* Sanmina Corp....................................... 2,830,700 57,548,131 0.5%
# SYNNEX Corp........................................ 1,382,286 105,744,879 0.9%
#* Tech Data Corp..................................... 1,279,399 72,119,722 0.6%
# Vishay Intertechnology, Inc........................ 4,998,232 63,377,582 0.5%
Other Securities................................... 1,158,156,442 9.4%
--------------- ------
Total Information Technology............................. 1,773,701,196 14.5%
--------------- ------
Materials -- (6.0%)
# Commercial Metals Co............................... 4,076,784 67,674,614 0.6%
Graphic Packaging Holding Co....................... 5,416,146 76,367,659 0.6%
#* Louisiana-Pacific Corp............................. 4,943,815 75,343,741 0.6%
# Olin Corp.......................................... 1,969,108 58,147,759 0.5%
Other Securities................................... 573,218,393 4.6%
--------------- ------
Total Materials.......................................... 850,752,166 6.9%
--------------- ------
Other -- (0.0%)
Other Securities................................... -- 0.0%
--------------- ------
Real Estate Investment Trusts -- (0.0%)
Other Securities................................... 418,158 0.0%
--------------- ------
Telecommunication Services -- (0.5%)
Other Securities................................... 71,643,319 0.6%
--------------- ------
Utilities -- (0.1%)
Other Securities................................... 10,157,642 0.1%
--------------- ------
TOTAL COMMON STOCKS...................................... 12,244,748,084 100.0%
--------------- ------
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities................................... -- 0.0%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 2,465,905 0.0%
--------------- ------
TEMPORARY CASH INVESTMENTS -- (0.1%)
Temporary Cash Investments -- (0.1%)
State Street Institutional Liquid Reserves, 0.098%. 15,287,776 15,287,776 0.1%
--------------- ------
SECURITIES LENDING COLLATERAL -- (13.7%)
(S)@ DFA Short Term Investment Fund..................... 167,602,589 1,939,161,951 15.9%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $11,086,378,361).................................. $14,201,663,716 116.0%
=============== ======
21
U.S. SMALL CAP VALUE PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary............ $ 1,893,308,915 -- -- $ 1,893,308,915
Consumer Staples.................. 413,661,686 -- -- 413,661,686
Energy............................ 1,109,317,114 -- -- 1,109,317,114
Financials........................ 3,055,984,125 $ 15 -- 3,055,984,140
Health Care....................... 789,906,756 -- -- 789,906,756
Industrials....................... 2,275,896,992 -- -- 2,275,896,992
Information Technology............ 1,773,701,196 -- -- 1,773,701,196
Materials......................... 850,752,166 -- -- 850,752,166
Other............................. -- -- -- --
Real Estate Investment Trusts..... 418,158 -- -- 418,158
Telecommunication Services........ 71,643,319 -- -- 71,643,319
Utilities......................... 10,157,642 -- -- 10,157,642
Preferred Stocks
Other............................. -- -- -- --
Rights/Warrants.................... -- 2,465,905 -- 2,465,905
Temporary Cash Investments
Temporary Cash Investments........ 15,287,776 -- -- 15,287,776
Securities Lending Collateral...... -- 1,939,161,951 -- 1,939,161,951
--------------- -------------- -- ---------------
TOTAL.............................. $12,260,035,845 $1,941,627,871 -- $14,201,663,716
=============== ============== == ===============
See accompanying Notes to Financial Statements.
22
U.S. CORE EQUITY 1 PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (90.2%)
Consumer Discretionary -- (14.1%)
* Amazon.com, Inc................... 168,592 $ 71,108,734 0.6%
Comcast Corp. Class A............. 1,235,593 71,367,852 0.6%
Home Depot, Inc. (The)............ 669,747 71,649,534 0.6%
McDonald's Corp................... 495,702 47,860,028 0.4%
Starbucks Corp.................... 753,434 37,355,258 0.3%
Time Warner, Inc.................. 608,624 51,373,952 0.4%
Walt Disney Co. (The)............. 551,069 59,912,222 0.5%
Other Securities.................. 1,554,635,386 12.2%
-------------- -----
Total Consumer Discretionary.......... 1,965,262,966 15.6%
-------------- -----
Consumer Staples -- (6.9%)
Altria Group, Inc................. 989,845 49,541,742 0.4%
Coca-Cola Co. (The)............... 1,684,858 68,337,840 0.5%
CVS Health Corp................... 578,655 57,454,655 0.5%
PepsiCo, Inc...................... 762,332 72,513,020 0.6%
Philip Morris International, Inc.. 538,659 44,961,867 0.4%
Procter & Gamble Co. (The)........ 836,210 66,487,057 0.5%
Wal-Mart Stores, Inc.............. 707,960 55,256,278 0.4%
Other Securities.................. 540,388,523 4.3%
-------------- -----
Total Consumer Staples................ 954,940,982 7.6%
-------------- -----
Energy -- (7.2%)
Chevron Corp...................... 769,745 85,487,880 0.7%
ConocoPhillips.................... 562,318 38,192,639 0.3%
Exxon Mobil Corp.................. 2,087,371 182,373,604 1.5%
Kinder Morgan, Inc................ 876,354 37,639,404 0.3%
Schlumberger, Ltd................. 396,427 37,505,958 0.3%
Other Securities.................. 615,717,992 4.8%
-------------- -----
Total Energy.......................... 996,917,477 7.9%
-------------- -----
Financials -- (12.9%)
Bank of America Corp.............. 4,123,620 65,689,267 0.5%
* Berkshire Hathaway, Inc. Class B.. 644,204 90,968,047 0.7%
Citigroup, Inc.................... 1,212,655 64,658,765 0.5%
JPMorgan Chase & Co............... 1,494,916 94,568,386 0.8%
Wells Fargo & Co.................. 2,040,609 112,437,556 0.9%
Other Securities.................. 1,367,891,621 10.9%
-------------- -----
Total Financials...................... 1,796,213,642 14.3%
-------------- -----
Health Care -- (11.0%)
AbbVie, Inc....................... 794,806 51,392,156 0.4%
* Actavis P.L.C..................... 157,032 44,418,072 0.4%
Amgen, Inc........................ 256,292 40,471,070 0.3%
* Celgene Corp...................... 360,073 38,909,488 0.3%
* Gilead Sciences, Inc.............. 741,250 74,503,038 0.6%
Johnson & Johnson................. 1,204,979 119,533,917 1.0%
Merck & Co., Inc.................. 952,375 56,723,455 0.5%
Pfizer, Inc....................... 2,271,237 77,063,071 0.6%
UnitedHealth Group, Inc........... 412,297 45,929,886 0.4%
Other Securities.................. 983,895,153 7.7%
-------------- -----
Total Health Care..................... 1,532,839,306 12.2%
-------------- -----
23
U.S. CORE EQUITY 1 PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (12.4%)
3M Co.............................................. 305,092 $ 47,713,338 0.4%
Boeing Co. (The)................................... 338,719 48,551,981 0.4%
General Electric Co................................ 3,704,920 100,329,234 0.8%
Union Pacific Corp................................. 406,641 43,197,473 0.4%
Other Securities................................... 1,489,002,146 11.8%
--------------- ------
Total Industrials........................................ 1,728,794,172 13.8%
--------------- ------
Information Technology -- (16.4%)
Apple, Inc......................................... 2,526,546 316,197,232 2.5%
Cisco Systems, Inc................................. 1,887,619 54,420,056 0.4%
* Facebook, Inc. Class A............................. 691,953 54,505,138 0.4%
* Google, Inc. Class A............................... 68,974 37,850,862 0.3%
Hewlett-Packard Co................................. 1,245,191 41,053,947 0.3%
Intel Corp......................................... 2,892,186 94,140,654 0.8%
International Business Machines Corp............... 437,734 74,979,457 0.6%
MasterCard, Inc. Class A........................... 500,872 45,183,663 0.4%
Microsoft Corp..................................... 3,371,150 163,972,736 1.3%
Oracle Corp........................................ 1,521,597 66,372,061 0.5%
Visa, Inc. Class A................................. 671,338 44,341,875 0.4%
Other Securities................................... 1,282,262,006 10.2%
--------------- ------
Total Information Technology............................. 2,275,279,687 18.1%
--------------- ------
Materials -- (4.4%)
Other Securities................................... 611,556,422 4.9%
--------------- ------
Other -- (0.0%)
Other Securities................................... 503 0.0%
--------------- ------
Real Estate Investment Trusts -- (0.1%)
Other Securities................................... 19,523,155 0.1%
--------------- ------
Telecommunication Services -- (2.1%)
# AT&T, Inc.......................................... 3,436,477 119,039,563 1.0%
Verizon Communications, Inc........................ 2,188,850 110,405,594 0.9%
Other Securities................................... 69,240,484 0.5%
--------------- ------
Total Telecommunication Services......................... 298,685,641 2.4%
--------------- ------
Utilities -- (2.7%)
Other Securities................................... 372,412,598 3.0%
--------------- ------
TOTAL COMMON STOCKS...................................... 12,552,426,551 99.9%
--------------- ------
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities................................... -- 0.0%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 421,843 0.0%
--------------- ------
TEMPORARY CASH INVESTMENTS -- (0.3%)
State Street Institutional Liquid Reserves, 0.098%. 38,403,710 38,403,710 0.3%
--------------- ------
SECURITIES LENDING COLLATERAL -- (9.5%)
(S)@ DFA Short Term Investment Fund..................... 114,587,368 1,325,775,850 10.6%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $10,237,749,459).................................. $13,917,027,954 110.8%
=============== ======
24
U.S. CORE EQUITY 1 PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary........ $ 1,965,262,966 -- -- $ 1,965,262,966
Consumer Staples.............. 954,940,982 -- -- 954,940,982
Energy........................ 996,917,477 -- -- 996,917,477
Financials.................... 1,796,213,641 $ 1 -- 1,796,213,642
Health Care................... 1,532,839,306 -- -- 1,532,839,306
Industrials................... 1,728,794,172 -- -- 1,728,794,172
Information Technology........ 2,275,279,687 -- -- 2,275,279,687
Materials..................... 611,556,422 -- -- 611,556,422
Other......................... -- 503 -- 503
Real Estate Investment Trusts. 19,523,155 -- -- 19,523,155
Telecommunication Services.... 298,685,641 -- -- 298,685,641
Utilities..................... 372,412,598 -- -- 372,412,598
Preferred Stocks
Other......................... -- -- -- --
Rights/Warrants................. -- 421,843 -- 421,843
Temporary Cash Investments...... 38,403,710 -- -- 38,403,710
Securities Lending Collateral... -- 1,325,775,850 -- 1,325,775,850
--------------- -------------- -- ---------------
TOTAL........................... $12,590,829,757 $1,326,198,197 -- $13,917,027,954
=============== ============== == ===============
See accompanying Notes to Financial Statements.
25
U.S. CORE EQUITY 2 PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (89.9%)
Consumer Discretionary -- (13.7%)
Comcast Corp. Class A.............. 1,784,110 $ 103,050,194 0.7%
Ford Motor Co...................... 3,328,070 52,583,506 0.4%
Target Corp........................ 415,851 32,781,534 0.2%
Time Warner, Inc................... 896,363 75,662,001 0.5%
Walt Disney Co. (The).............. 788,924 85,771,817 0.6%
Other Securities................... 1,857,836,017 12.8%
-------------- -----
Total Consumer Discretionary........... 2,207,685,069 15.2%
-------------- -----
Consumer Staples -- (5.5%)
Coca-Cola Co. (The)................ 935,540 37,945,502 0.3%
CVS Health Corp.................... 843,353 83,736,519 0.6%
PepsiCo, Inc....................... 423,333 40,267,435 0.3%
Procter & Gamble Co. (The)......... 827,704 65,810,745 0.5%
Wal-Mart Stores, Inc............... 773,229 60,350,523 0.4%
Other Securities................... 596,471,440 4.0%
-------------- -----
Total Consumer Staples................. 884,582,164 6.1%
-------------- -----
Energy -- (8.5%)
Anadarko Petroleum Corp............ 422,817 39,787,080 0.3%
Chevron Corp....................... 1,126,532 125,112,644 0.9%
ConocoPhillips..................... 925,168 62,837,411 0.4%
EOG Resources, Inc................. 548,973 54,320,878 0.4%
Exxon Mobil Corp................... 3,140,494 274,384,961 1.9%
# Kinder Morgan, Inc................. 876,664 37,652,719 0.3%
Occidental Petroleum Corp.......... 471,397 37,758,900 0.3%
Schlumberger, Ltd.................. 403,889 38,211,938 0.3%
Other Securities................... 698,419,744 4.6%
-------------- -----
Total Energy........................... 1,368,486,275 9.4%
-------------- -----
Financials -- (14.6%)
American International Group, Inc.. 609,355 34,300,593 0.2%
Bank of America Corp............... 4,303,562 68,555,743 0.5%
* Berkshire Hathaway, Inc. Class B... 342,101 48,308,082 0.3%
Citigroup, Inc..................... 1,297,954 69,206,907 0.5%
Goldman Sachs Group, Inc. (The).... 189,924 37,304,872 0.3%
JPMorgan Chase & Co................ 1,554,077 98,310,911 0.7%
U.S. Bancorp....................... 1,031,884 44,236,867 0.3%
Wells Fargo & Co................... 2,946,809 162,369,176 1.1%
Other Securities................... 1,778,608,688 12.3%
-------------- -----
Total Financials....................... 2,341,201,839 16.2%
-------------- -----
Health Care -- (10.3%)
* Actavis P.L.C...................... 178,521 50,496,450 0.4%
Amgen, Inc......................... 233,507 36,873,090 0.3%
#* Express Scripts Holding Co......... 542,091 46,836,662 0.3%
Johnson & Johnson.................. 1,210,460 120,077,632 0.8%
Merck & Co., Inc................... 1,265,005 75,343,698 0.5%
Pfizer, Inc........................ 3,831,803 130,013,076 0.9%
UnitedHealth Group, Inc............ 576,403 64,211,294 0.5%
Other Securities................... 1,128,534,499 7.7%
-------------- -----
Total Health Care...................... 1,652,386,401 11.4%
-------------- -----
26
U.S. CORE EQUITY 2 PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (13.2%)
CSX Corp........................................... 903,868 $ 32,620,596 0.2%
FedEx Corp......................................... 251,048 42,570,209 0.3%
General Electric Co................................ 5,604,904 151,780,800 1.1%
Southwest Airlines Co.............................. 773,474 31,372,105 0.2%
Union Pacific Corp................................. 648,462 68,886,118 0.5%
* United Continental Holdings, Inc................... 527,210 31,495,525 0.2%
Other Securities................................... 1,769,465,467 12.2%
--------------- ------
Total Industrials........................................ 2,128,190,820 14.7%
--------------- ------
Information Technology -- (15.2%)
Apple, Inc......................................... 2,232,888 279,445,933 1.9%
Cisco Systems, Inc................................. 3,101,253 89,409,124 0.6%
Hewlett-Packard Co................................. 1,806,885 59,572,998 0.4%
Intel Corp......................................... 3,857,596 125,564,750 0.9%
International Business Machines Corp............... 186,013 31,862,167 0.2%
Microsoft Corp..................................... 3,300,822 160,551,982 1.1%
Oracle Corp........................................ 1,330,496 58,036,236 0.4%
# Visa, Inc. Class A................................. 547,188 36,141,767 0.3%
Other Securities................................... 1,596,312,067 11.0%
--------------- ------
Total Information Technology............................. 2,436,897,024 16.8%
--------------- ------
Materials -- (4.7%)
Dow Chemical Co. (The)............................. 780,341 39,797,391 0.3%
Other Securities................................... 709,890,930 4.9%
--------------- ------
Total Materials.......................................... 749,688,321 5.2%
--------------- ------
Other -- (0.0%)
Other Securities................................... 1,175 0.0%
--------------- ------
Real Estate Investment Trusts -- (0.1%)
Other Securities................................... 21,799,475 0.2%
--------------- ------
Telecommunication Services -- (2.2%)
# AT&T, Inc.......................................... 4,582,649 158,742,961 1.1%
Verizon Communications, Inc........................ 2,162,185 109,060,611 0.8%
Other Securities................................... 92,409,998 0.6%
--------------- ------
Total Telecommunication Services......................... 360,213,570 2.5%
--------------- ------
Utilities -- (1.9%)
Other Securities................................... 310,501,954 2.1%
--------------- ------
TOTAL COMMON STOCKS...................................... 14,461,634,087 99.8%
--------------- ------
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities................................... -- 0.0%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 627,427 0.0%
--------------- ------
TEMPORARY CASH INVESTMENTS -- (0.7%)
State Street Institutional Liquid Reserves, 0.098%. 109,350,076 109,350,076 0.8%
--------------- ------
SECURITIES LENDING COLLATERAL -- (9.4%)
(S)@ DFA Short Term Investment Fund..................... 131,312,939 1,519,290,700 10.4%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $11,364,612,255)............................... $16,090,902,290 111.0%
=============== ======
27
U.S. CORE EQUITY 2 PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary....... $ 2,207,685,069 -- -- $ 2,207,685,069
Consumer Staples............. 884,582,164 -- -- 884,582,164
Energy....................... 1,368,486,275 -- -- 1,368,486,275
Financials................... 2,341,201,837 $ 2 -- 2,341,201,839
Health Care.................. 1,652,386,401 -- -- 1,652,386,401
Industrials.................. 2,128,190,820 -- -- 2,128,190,820
Information Technology....... 2,436,897,024 -- -- 2,436,897,024
Materials.................... 749,688,321 -- -- 749,688,321
Other........................ -- 1,175 -- 1,175
Real Estate Investment Trusts 21,799,475 -- -- 21,799,475
Telecommunication Services... 360,213,570 -- -- 360,213,570
Utilities.................... 310,501,954 -- -- 310,501,954
Preferred Stocks
Other........................ -- -- -- --
Rights/Warrants............... -- 627,427 -- 627,427
Temporary Cash Investments.... 109,350,076 -- -- 109,350,076
Securities Lending Collateral. -- 1,519,290,700 -- 1,519,290,700
--------------- -------------- -- ---------------
TOTAL......................... $14,570,982,986 $1,519,919,304 -- $16,090,902,290
=============== ============== == ===============
See accompanying Notes to Financial Statements.
28
U.S. VECTOR EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (87.6%)
Consumer Discretionary -- (12.9%)
Comcast Corp. Class A......................... 376,209 $ 21,729,832 0.6%
General Motors Co............................. 210,392 7,376,344 0.2%
* Office Depot, Inc............................. 878,560 8,100,323 0.2%
# Royal Caribbean Cruises, Ltd.................. 124,720 8,488,443 0.2%
Time Warner, Inc.............................. 119,274 10,067,918 0.3%
Walt Disney Co. (The)......................... 118,253 12,856,466 0.4%
Other Securities.............................. 484,573,635 12.8%
------------ -----
Total Consumer Discretionary...................... 553,192,961 14.7%
------------ -----
Consumer Staples -- (3.8%)
CVS Health Corp............................... 113,204 11,240,025 0.3%
Procter & Gamble Co. (The).................... 105,525 8,390,293 0.2%
Wal-Mart Stores, Inc.......................... 102,008 7,961,724 0.2%
Other Securities.............................. 134,213,092 3.6%
------------ -----
Total Consumer Staples............................ 161,805,134 4.3%
------------ -----
Energy -- (8.7%)
Anadarko Petroleum Corp....................... 101,085 9,512,098 0.3%
Chevron Corp.................................. 304,598 33,828,654 0.9%
ConocoPhillips................................ 228,045 15,488,816 0.4%
Exxon Mobil Corp.............................. 556,376 48,610,571 1.3%
Occidental Petroleum Corp..................... 155,281 12,438,008 0.3%
Tesoro Corp................................... 131,157 11,257,205 0.3%
Other Securities.............................. 240,578,047 6.4%
------------ -----
Total Energy...................................... 371,713,399 9.9%
------------ -----
Financials -- (20.5%)
American Financial Group, Inc................. 113,571 7,177,687 0.2%
American International Group, Inc............. 128,798 7,250,039 0.2%
Bank of America Corp.......................... 1,204,998 19,195,618 0.5%
Citigroup, Inc................................ 374,753 19,981,830 0.5%
Fifth Third Bancorp........................... 471,589 9,431,780 0.3%
Goldman Sachs Group, Inc. (The)............... 52,050 10,223,661 0.3%
Hartford Financial Services Group, Inc. (The). 257,997 10,518,538 0.3%
JPMorgan Chase & Co........................... 438,800 27,758,488 0.7%
# M&T Bank Corp................................. 59,225 7,087,456 0.2%
Principal Financial Group, Inc................ 157,281 8,040,205 0.2%
Wells Fargo & Co.............................. 507,676 27,972,948 0.8%
Other Securities.............................. 723,507,532 19.2%
------------ -----
Total Financials.................................. 878,145,782 23.4%
------------ -----
Health Care -- (7.5%)
* Actavis P.L.C................................. 26,359 7,455,907 0.2%
Anthem, Inc................................... 49,131 7,415,342 0.2%
* Community Health Systems, Inc................. 191,179 10,262,489 0.3%
Johnson & Johnson............................. 90,854 9,012,717 0.3%
Merck & Co., Inc.............................. 149,737 8,918,336 0.3%
Pfizer, Inc................................... 459,005 15,574,040 0.4%
UnitedHealth Group, Inc....................... 73,435 8,180,659 0.2%
Other Securities.............................. 253,757,330 6.6%
------------ -----
Total Health Care................................. 320,576,820 8.5%
------------ -----
29
U.S. VECTOR EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (13.1%)
General Electric Co................................ 721,688 $ 19,543,311 0.5%
#* JetBlue Airways Corp............................... 413,533 8,489,832 0.2%
Ryder System, Inc.................................. 88,537 8,442,888 0.2%
Southwest Airlines Co.............................. 457,205 18,544,235 0.5%
Union Pacific Corp................................. 83,333 8,852,465 0.2%
Other Securities................................... 497,220,696 13.4%
-------------- ------
Total Industrials........................................ 561,093,427 15.0%
-------------- ------
Information Technology -- (12.5%)
Apple, Inc......................................... 308,343 38,589,126 1.0%
Cisco Systems, Inc................................. 314,395 9,064,008 0.3%
Hewlett-Packard Co................................. 265,841 8,764,778 0.2%
Intel Corp......................................... 534,019 17,382,318 0.5%
Microsoft Corp..................................... 241,117 11,727,931 0.3%
* Qorvo, Inc......................................... 139,934 9,223,050 0.3%
Visa, Inc. Class A................................. 116,012 7,662,593 0.2%
Xerox Corp......................................... 731,469 8,411,893 0.2%
Other Securities................................... 421,404,462 11.2%
-------------- ------
Total Information Technology............................. 532,230,159 14.2%
-------------- ------
Materials -- (5.1%)
Other Securities................................... 217,662,759 5.8%
-------------- ------
Other -- (0.0%)
Other Securities................................... 259 0.0%
-------------- ------
Real Estate Investment Trusts -- (0.1%)
Other Securities................................... 3,216,081 0.1%
-------------- ------
Telecommunication Services -- (2.3%)
# AT&T, Inc.......................................... 1,415,503 49,033,024 1.3%
# Frontier Communications Corp....................... 1,416,600 9,717,876 0.3%
Verizon Communications, Inc........................ 259,639 13,096,191 0.4%
Other Securities................................... 25,401,439 0.6%
-------------- ------
Total Telecommunication Services......................... 97,248,530 2.6%
-------------- ------
Utilities -- (1.1%)
UGI Corp........................................... 203,452 7,082,164 0.2%
Other Securities................................... 40,935,711 1.1%
-------------- ------
Total Utilities.......................................... 48,017,875 1.3%
-------------- ------
TOTAL COMMON STOCKS...................................... 3,744,903,186 99.8%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 235,930 0.0%
-------------- ------
TEMPORARY CASH INVESTMENTS -- (0.3%)
State Street Institutional Liquid Reserves, 0.098%. 11,682,509 11,682,509 0.3%
-------------- ------
SECURITIES LENDING COLLATERAL -- (12.1%)
(S)@ DFA Short Term Investment Fund..................... 44,758,285 517,853,355 13.8%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,099,834,415)................................ $4,274,674,980 113.9%
============== ======
30
U.S. VECTOR EQUITY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
Consumer Discretionary........ $ 553,192,961 -- -- $ 553,192,961
Consumer Staples.............. 161,805,134 -- -- 161,805,134
Energy........................ 371,713,399 -- -- 371,713,399
Financials.................... 878,145,781 $ 1 -- 878,145,782
Health Care................... 320,576,820 -- -- 320,576,820
Industrials................... 561,093,427 -- -- 561,093,427
Information Technology........ 532,230,159 -- -- 532,230,159
Materials..................... 217,662,759 -- -- 217,662,759
Other......................... -- 259 -- 259
Real Estate Investment Trusts. 3,216,081 -- -- 3,216,081
Telecommunication Services.... 97,248,530 -- -- 97,248,530
Utilities..................... 48,017,875 -- -- 48,017,875
Rights/Warrants................. -- 235,930 -- 235,930
Temporary Cash Investments...... 11,682,509 -- -- 11,682,509
Securities Lending Collateral... -- 517,853,355 -- 517,853,355
-------------- ------------ -- --------------
TOTAL........................... $3,756,585,435 $518,089,545 -- $4,274,674,980
============== ============ == ==============
See accompanying Notes to Financial Statements.
31
U.S. SMALL CAP PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (81.2%)
Consumer Discretionary -- (14.8%)
# American Eagle Outfitters, Inc................. 1,460,355 $ 23,234,248 0.2%
#* Buffalo Wild Wings, Inc........................ 162,131 25,827,468 0.3%
Columbia Sportswear Co......................... 372,692 23,367,788 0.2%
# Cracker Barrel Old Country Store, Inc.......... 171,159 22,675,144 0.2%
CST Brands, Inc................................ 535,346 22,329,282 0.2%
Jack in the Box, Inc........................... 308,443 26,763,599 0.3%
#* Office Depot, Inc.............................. 3,809,109 35,119,985 0.3%
Pool Corp...................................... 350,107 22,718,443 0.2%
#* Skechers U.S.A., Inc. Class A.................. 320,320 28,803,174 0.3%
# Thor Industries, Inc........................... 373,197 22,455,263 0.2%
Vail Resorts, Inc.............................. 255,014 25,299,939 0.3%
# Wolverine World Wide, Inc...................... 785,872 24,149,847 0.2%
Other Securities............................... 1,596,985,393 15.3%
-------------- -----
Total Consumer Discretionary....................... 1,899,729,573 18.2%
-------------- -----
Consumer Staples -- (3.1%)
Other Securities............................... 395,612,232 3.8%
-------------- -----
Energy -- (3.1%)
SemGroup Corp. Class A......................... 265,366 22,341,163 0.2%
Other Securities............................... 377,274,518 3.6%
-------------- -----
Total Energy....................................... 399,615,681 3.8%
-------------- -----
Financials -- (14.6%)
Aspen Insurance Holdings, Ltd.................. 492,768 23,027,049 0.2%
# Bank of the Ozarks, Inc........................ 618,798 23,984,610 0.2%
# First Horizon National Corp.................... 1,639,398 23,361,421 0.2%
MarketAxess Holdings, Inc...................... 280,456 24,077,148 0.2%
PrivateBancorp, Inc............................ 641,956 23,797,309 0.2%
# Webster Financial Corp......................... 663,249 23,764,212 0.2%
Other Securities............................... 1,728,060,655 16.8%
-------------- -----
Total Financials................................... 1,870,072,404 18.0%
-------------- -----
Health Care -- (8.4%)
#* Akorn, Inc..................................... 616,939 25,689,340 0.3%
#* Amsurg Corp.................................... 361,614 22,680,430 0.2%
* Charles River Laboratories International, Inc.. 354,585 24,523,099 0.2%
* Health Net, Inc................................ 485,957 25,585,636 0.3%
#* Impax Laboratories, Inc........................ 563,783 25,516,819 0.3%
#* Molina Healthcare, Inc......................... 390,248 23,114,389 0.2%
#* PAREXEL International Corp..................... 385,692 24,520,369 0.2%
* VCA, Inc....................................... 609,114 31,046,541 0.3%
Other Securities............................... 879,571,190 8.4%
-------------- -----
Total Health Care.................................. 1,082,247,813 10.4%
-------------- -----
Industrials -- (13.9%)
AMERCO......................................... 73,055 23,526,632 0.2%
Corporate Executive Board Co. (The)............ 271,712 22,777,617 0.2%
# Deluxe Corp.................................... 360,510 23,343,023 0.2%
# EnerSys........................................ 342,186 23,234,429 0.2%
#* JetBlue Airways Corp........................... 2,047,846 42,042,278 0.4%
Other Securities............................... 1,647,022,194 15.9%
-------------- -----
Total Industrials.................................. 1,781,946,173 17.1%
-------------- -----
32
U.S. SMALL CAP PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Information Technology -- (15.0%)
Belden, Inc........................................ 276,789 $ 23,236,437 0.2%
* CoreLogic, Inc..................................... 665,901 26,043,388 0.3%
* EPAM Systems, Inc.................................. 391,294 25,320,635 0.3%
#* Euronet Worldwide, Inc............................. 422,646 24,716,338 0.2%
# Fair Isaac Corp.................................... 254,971 22,554,735 0.2%
# j2 Global, Inc..................................... 363,147 25,191,507 0.3%
* Manhattan Associates, Inc.......................... 540,337 28,400,113 0.3%
MAXIMUS, Inc....................................... 410,048 26,247,172 0.3%
* Microsemi Corp..................................... 710,036 23,686,801 0.2%
* Qorvo, Inc......................................... 736,851 48,565,849 0.5%
#* Synaptics, Inc..................................... 301,622 25,553,416 0.3%
# SYNNEX Corp........................................ 308,586 23,606,829 0.2%
#* Tyler Technologies, Inc............................ 190,055 23,177,207 0.2%
#* ViaSat, Inc........................................ 376,159 22,614,679 0.2%
Other Securities................................... 1,547,608,773 14.7%
--------------- ------
Total Information Technology........................... 1,916,523,879 18.4%
--------------- ------
Materials -- (4.4%)
# Compass Minerals International, Inc................ 266,737 23,560,879 0.2%
Sensient Technologies Corp......................... 377,587 24,679,086 0.2%
Other Securities................................... 513,725,659 5.0%
--------------- ------
Total Materials........................................ 561,965,624 5.4%
--------------- ------
Other -- (0.0%)
Other Securities................................... 2,182 0.0%
--------------- ------
Real Estate Investment Trusts -- (0.0%)
Other Securities................................... 2,235,480 0.0%
--------------- ------
Telecommunication Services -- (0.7%)
Other Securities................................... 89,436,058 0.9%
--------------- ------
Utilities -- (3.2%)
# IDACORP, Inc....................................... 372,850 22,494,040 0.2%
# Portland General Electric Co....................... 635,614 22,348,188 0.2%
Other Securities................................... 359,161,335 3.5%
--------------- ------
Total Utilities........................................ 404,003,563 3.9%
--------------- ------
TOTAL COMMON STOCKS.................................... 10,403,390,662 99.9%
--------------- ------
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities................................... -- 0.0%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 847,804 0.0%
--------------- ------
TEMPORARY CASH INVESTMENTS -- (0.4%)
State Street Institutional Liquid Reserves, 0.098%. 45,325,400 45,325,400 0.4%
--------------- ------
SECURITIES LENDING COLLATERAL -- (18.4%)
(S)@ DFA Short Term Investment Fund................ 203,802,462 2,357,994,486 22.7%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $10,186,176,754)............................. $12,807,558,352 123.0%
=============== ======
33
U.S. SMALL CAP PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary........ $ 1,899,729,571 $ 2 -- $ 1,899,729,573
Consumer Staples.............. 395,612,232 -- -- 395,612,232
Energy........................ 399,579,730 35,951 -- 399,615,681
Financials.................... 1,870,072,393 11 -- 1,870,072,404
Health Care................... 1,082,247,813 -- -- 1,082,247,813
Industrials................... 1,781,946,173 -- -- 1,781,946,173
Information Technology........ 1,916,523,879 -- -- 1,916,523,879
Materials..................... 561,965,624 -- -- 561,965,624
Other......................... -- 2,182 -- 2,182
Real Estate Investment Trusts. 2,235,480 -- -- 2,235,480
Telecommunication Services.... 89,436,058 -- -- 89,436,058
Utilities..................... 404,003,563 -- -- 404,003,563
Preferred Stocks
Other......................... -- -- -- --
Rights/Warrants................. -- 847,804 -- 847,804
Temporary Cash Investments...... 45,325,400 -- -- 45,325,400
Securities Lending Collateral... -- 2,357,994,486 -- 2,357,994,486
--------------- -------------- -- ---------------
TOTAL........................... $10,448,677,916 $2,358,880,436 -- $12,807,558,352
=============== ============== == ===============
See accompanying Notes to Financial Statements.
34
U.S. MICRO CAP PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (84.9%)
Consumer Discretionary -- (16.1%)
* American Axle & Manufacturing Holdings, Inc.. 694,232 $ 17,307,204 0.3%
#* BJ's Restaurants, Inc........................ 313,020 14,649,336 0.3%
Brown Shoe Co., Inc.......................... 473,978 14,077,147 0.3%
# Children's Place, Inc. (The)................. 253,029 15,348,739 0.3%
# Drew Industries, Inc......................... 240,193 13,611,737 0.3%
# EW Scripps Co. (The) Class A................. 622,789 14,504,756 0.3%
#* Fiesta Restaurant Group, Inc................. 301,173 15,224,295 0.3%
Finish Line, Inc. (The) Class A.............. 576,314 14,136,982 0.3%
#* G-III Apparel Group, Ltd..................... 193,446 21,507,326 0.4%
#* Gentherm, Inc................................ 377,796 19,921,183 0.4%
* Helen of Troy, Ltd........................... 189,597 16,610,593 0.3%
#* Krispy Kreme Doughnuts, Inc.................. 764,231 13,603,312 0.3%
La-Z-Boy, Inc................................ 597,972 15,672,846 0.3%
Nexstar Broadcasting Group, Inc. Class A..... 290,944 17,008,586 0.3%
Oxford Industries, Inc....................... 172,818 13,730,390 0.3%
Papa John's International, Inc............... 372,067 22,833,752 0.5%
#* Popeyes Louisiana Kitchen, Inc............... 277,691 15,461,835 0.3%
#* Skechers U.S.A., Inc. Class A................ 250,726 22,545,282 0.4%
# Sonic Corp................................... 649,021 18,594,452 0.4%
Other Securities............................. 655,755,923 12.6%
------------ -----
Total Consumer Discretionary..................... 972,105,676 18.9%
------------ -----
Consumer Staples -- (3.2%)
#* USANA Health Sciences, Inc................... 136,370 15,510,724 0.3%
Other Securities............................. 178,978,270 3.5%
------------ -----
Total Consumer Staples 194,488,994 3.8%
------------ -----
Energy -- (2.6%)
Other Securities............................. 158,548,961 3.1%
------------ -----
Financials -- (15.0%)
#* BofI Holding, Inc............................ 169,744 15,584,197 0.3%
FBL Financial Group, Inc. Class A............ 269,981 15,731,793 0.3%
Horace Mann Educators Corp................... 424,649 14,425,327 0.3%
# Interactive Brokers Group, Inc. Class A...... 540,769 18,359,108 0.4%
# Pinnacle Financial Partners, Inc............. 326,603 15,562,633 0.3%
* Western Alliance Bancorp..................... 537,445 16,617,799 0.3%
Other Securities............................. 813,722,641 15.7%
------------ -----
Total Financials................................. 910,003,498 17.6%
------------ -----
Health Care -- (9.1%)
* Cambrex Corp................................. 359,538 13,838,618 0.3%
* Greatbatch, Inc.............................. 262,100 14,132,432 0.3%
* ICU Medical, Inc............................. 167,526 14,134,169 0.3%
* Natus Medical, Inc........................... 371,088 13,993,728 0.3%
* NuVasive, Inc................................ 318,312 14,238,096 0.3%
Other Securities............................. 479,728,834 9.2%
------------ -----
Total Health Care................................ 550,065,877 10.7%
------------ -----
Industrials -- (16.7%)
# AAON, Inc.................................... 623,776 14,951,911 0.3%
Apogee Enterprises, Inc...................... 334,441 17,598,285 0.3%
* Dycom Industries, Inc........................ 316,346 14,545,589 0.3%
EnPro Industries, Inc........................ 221,075 14,151,011 0.3%
35
U.S. MICRO CAP PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (Continued)
Interface, Inc..................................... 646,523 $ 14,048,945 0.3%
Korn/Ferry International........................... 449,929 14,186,261 0.3%
* Meritor, Inc....................................... 1,158,189 15,195,440 0.3%
Mueller Water Products, Inc. Class A............... 1,596,977 14,947,705 0.3%
#* Taser International, Inc........................... 577,211 17,426,000 0.3%
Other Securities................................... 874,837,232 16.9%
-------------- ------
Total Industrials........................................ 1,011,888,379 19.6%
-------------- ------
Information Technology -- (14.8%)
* Cirrus Logic, Inc.................................. 456,859 15,432,697 0.3%
# Cypress Semiconductor Corp......................... 1,022,927 13,625,388 0.3%
#* Infinera Corp...................................... 832,336 15,647,917 0.3%
* Integrated Device Technology, Inc.................. 922,937 16,788,224 0.3%
* Manhattan Associates, Inc.......................... 363,396 19,100,094 0.4%
Methode Electronics, Inc........................... 458,282 19,458,654 0.4%
#* Netscout Systems, Inc.............................. 356,640 14,657,904 0.3%
* Qorvo, Inc......................................... 286,146 18,859,883 0.4%
Tessera Technologies, Inc.......................... 397,724 14,361,814 0.3%
Other Securities................................... 748,376,551 14.4%
-------------- ------
Total Information Technology............................. 896,309,126 17.4%
-------------- ------
Materials -- (4.7%)
Other Securities................................... 282,459,678 5.5%
-------------- ------
Other -- (0.0%)
Other Securities................................... 9,268 0.0%
-------------- ------
Real Estate Investment Trusts -- (0.0%)
Other Securities................................... 1,274,917 0.0%
-------------- ------
Telecommunication Services -- (1.2%)
Other Securities................................... 73,939,488 1.4%
-------------- ------
Utilities -- (1.5%)
American States Water Co........................... 385,320 14,792,435 0.3%
Other Securities................................... 77,813,453 1.5%
-------------- ------
Total Utilities 92,605,888 1.8%
-------------- ------
TOTAL COMMON STOCKS...................................... 5,143,699,750 99.8%
-------------- ------
PREFERRED STOCKS -- (0.0%)
Other -- (0.0%)
Other Securities................................... -- 0.0%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................................... 420,237 0.0%
-------------- ------
TEMPORARY CASH INVESTMENTS -- (0.1%)
State Street Institutional Liquid Reserves, 0.098%. 4,274,740 4,274,740 0.1%
-------------- ------
SECURITIES LENDING COLLATERAL -- (15.0%)
(S)@ DFA Short Term Investment Fund..................... 78,406,839 907,167,130 17.6%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $4,420,885,645)................................ $6,055,561,857 117.5%
============== ======
36
U.S. MICRO CAP PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
Consumer Discretionary....... $ 972,105,675 $ 1 -- $ 972,105,676
Consumer Staples............. 194,488,994 -- -- 194,488,994
Energy....................... 158,416,293 132,668 -- 158,548,961
Financials................... 910,003,486 12 -- 910,003,498
Health Care.................. 550,065,877 -- -- 550,065,877
Industrials.................. 1,011,888,379 -- -- 1,011,888,379
Information Technology....... 896,309,126 -- -- 896,309,126
Materials.................... 282,459,678 -- -- 282,459,678
Other........................ -- 9,268 -- 9,268
Real Estate Investment Trusts 1,274,917 -- -- 1,274,917
Telecommunication Services... 73,939,488 -- -- 73,939,488
Utilities.................... 92,605,888 -- -- 92,605,888
Preferred Stocks
Other........................ -- -- -- --
Rights/Warrants............... -- 420,237 -- 420,237
Temporary Cash Investments.... 4,274,740 -- -- 4,274,740
Securities Lending Collateral. -- 907,167,130 -- 907,167,130
-------------- ------------ -- --------------
TOTAL......................... $5,147,832,541 $907,729,316 -- $6,055,561,857
============== ============ == ==============
See accompanying Notes to Financial Statements.
37
DFA REAL ESTATE SECURITIES PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (96.7%)
Real Estate Investment Trusts -- (96.7%)
Alexandria Real Estate Equities, Inc.......... 794,387 $ 73,385,471 1.1%
American Campus Communities, Inc.............. 1,157,485 46,461,448 0.7%
American Realty Capital Properties, Inc....... 5,601,919 50,585,329 0.7%
Apartment Investment & Management Co. Class A. 1,657,265 62,528,608 0.9%
# AvalonBay Communities, Inc.................... 1,444,626 237,409,837 3.5%
# BioMed Realty Trust, Inc...................... 2,155,668 44,730,111 0.7%
Boston Properties, Inc........................ 1,688,868 223,454,125 3.3%
Camden Property Trust......................... 944,565 70,917,940 1.0%
CubeSmart..................................... 1,731,787 39,952,326 0.6%
# DDR Corp...................................... 3,281,214 55,944,699 0.8%
# Digital Realty Trust, Inc..................... 1,495,824 94,850,200 1.4%
Douglas Emmett, Inc........................... 1,479,239 42,158,311 0.6%
Duke Realty Corp.............................. 3,685,124 73,002,306 1.1%
Equity Lifestyle Properties, Inc.............. 865,049 45,691,888 0.7%
Equity Residential............................ 3,763,291 277,956,673 4.1%
Essex Property Trust, Inc..................... 698,726 155,082,236 2.3%
Extra Space Storage, Inc...................... 1,209,108 79,716,490 1.2%
Federal Realty Investment Trust............... 737,547 98,587,907 1.5%
General Growth Properties, Inc................ 5,822,508 159,536,719 2.3%
HCP, Inc...................................... 5,039,898 203,057,490 3.0%
# Health Care REIT, Inc......................... 3,472,997 250,125,244 3.7%
# Highwoods Properties, Inc..................... 1,008,683 43,413,716 0.6%
# Home Properties, Inc.......................... 622,576 45,796,691 0.7%
# Hospitality Properties Trust.................. 1,615,469 48,593,308 0.7%
Host Hotels & Resorts, Inc.................... 8,303,327 167,229,006 2.5%
Kilroy Realty Corp............................ 929,681 65,998,054 1.0%
Kimco Realty Corp............................. 4,545,171 109,538,621 1.6%
LaSalle Hotel Properties...................... 1,198,682 43,979,643 0.7%
Liberty Property Trust........................ 1,630,439 56,804,495 0.8%
Macerich Co. (The)............................ 1,672,007 136,703,292 2.0%
Mid-America Apartment Communities, Inc........ 820,050 61,183,930 0.9%
National Retail Properties, Inc............... 1,412,478 54,239,155 0.8%
Omega Healthcare Investors, Inc............... 1,401,241 50,570,788 0.7%
Prologis, Inc................................. 5,497,857 221,013,851 3.3%
Public Storage................................ 1,576,434 296,227,713 4.4%
# Realty Income Corp............................ 2,472,297 116,123,790 1.7%
Regency Centers Corp.......................... 1,005,379 63,117,694 0.9%
RLJ Lodging Trust............................. 1,323,709 39,274,446 0.6%
# Senior Housing Properties Trust............... 2,278,276 46,636,310 0.7%
Simon Property Group, Inc..................... 3,332,595 604,832,667 8.9%
# SL Green Realty Corp.......................... 1,064,151 130,209,516 1.9%
Spirit Realty Capital, Inc.................... 3,425,695 38,676,097 0.6%
Sunstone Hotel Investors, Inc................. 2,270,755 35,378,363 0.5%
# Tanger Factory Outlet Centers, Inc............ 1,070,241 35,938,693 0.5%
Taubman Centers, Inc.......................... 693,902 49,967,883 0.7%
# UDR, Inc...................................... 2,778,205 91,041,778 1.3%
Ventas, Inc................................... 3,417,626 235,474,431 3.5%
Vornado Realty Trust.......................... 1,860,446 192,537,557 2.8%
Weingarten Realty Investors................... 1,252,267 41,024,267 0.6%
WP Carey, Inc................................. 596,080 37,839,158 0.6%
Other Securities.............................. 1,254,548,886 18.3%
-------------- ------
TOTAL COMMON STOCKS............................... 6,799,049,157 100.0%
-------------- ------
38
DFA REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
TEMPORARY CASH INVESTMENTS -- (0.2%)
State Street Institutional Liquid Reserves, 0.098%. 13,788,584 $ 13,788,584 0.2%
-------------- ------
SECURITIES LENDING COLLATERAL -- (3.1%)
(S)@ DFA Short Term Investment Fund..................... 18,933,491 219,060,495 3.2%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $4,805,256,039)................................ $7,031,898,236 103.4%
============== ======
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
Real Estate Investment Trusts $6,799,049,157 -- -- $6,799,049,157
Temporary Cash Investments.... 13,788,584 -- -- 13,788,584
Securities Lending Collateral. -- $219,060,495 -- 219,060,495
-------------- ------------ -- --------------
TOTAL......................... $6,812,837,741 $219,060,495 -- $7,031,898,236
============== ============ == ==============
See accompanying Notes to Financial Statements.
39
LARGE CAP INTERNATIONAL PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.7%)
AUSTRALIA -- (5.9%)
Australia & New Zealand Banking Group, Ltd.. 490,438 $ 13,123,069 0.4%
BHP Billiton, Ltd........................... 732,266 18,699,416 0.6%
# Commonwealth Bank of Australia.............. 342,418 23,968,221 0.7%
National Australia Bank, Ltd................ 405,948 11,754,374 0.4%
Westpac Banking Corp........................ 453,022 13,015,624 0.4%
Other Securities............................ 133,447,775 3.9%
------------ ----
TOTAL AUSTRALIA................................. 214,008,479 6.4%
------------ ----
AUSTRIA -- (0.2%)
Other Securities............................ 7,980,916 0.2%
------------ ----
BELGIUM -- (1.2%)
Anheuser-Busch InBev NV..................... 149,950 18,256,154 0.5%
Other Securities............................ 26,182,765 0.8%
------------ ----
TOTAL BELGIUM................................... 44,438,919 1.3%
------------ ----
CANADA -- (8.5%)
Bank of Nova Scotia (The)................... 185,068 10,205,200 0.3%
Canadian National Railway Co................ 154,560 9,979,465 0.3%
Royal Bank of Canada........................ 250,720 16,647,476 0.5%
# Toronto-Dominion Bank (The)................. 275,719 12,729,008 0.4%
* Valeant Pharmaceuticals International, Inc.. 58,582 12,703,530 0.4%
Other Securities............................ 247,627,918 7.4%
------------ ----
TOTAL CANADA.................................... 309,892,597 9.3%
------------ ----
DENMARK -- (1.5%)
Novo Nordisk A.S. Class B................... 341,045 19,146,496 0.6%
Other Securities............................ 34,791,210 1.0%
------------ ----
TOTAL DENMARK................................... 53,937,706 1.6%
------------ ----
FINLAND -- (0.8%)
Other Securities............................ 29,095,817 0.9%
------------ ----
FRANCE -- (7.9%)
BNP Paribas SA.............................. 182,957 11,553,967 0.3%
Cie de Saint-Gobain......................... 225,556 10,250,863 0.3%
# LVMH Moet Hennessy Louis Vuitton SE......... 63,651 11,130,412 0.3%
Sanofi...................................... 157,960 16,078,813 0.5%
Total SA.................................... 356,850 19,323,410 0.6%
Other Securities............................ 222,104,972 6.7%
------------ ----
TOTAL FRANCE.................................... 290,442,437 8.7%
------------ ----
GERMANY -- (6.8%)
# BASF SE..................................... 199,808 19,850,529 0.6%
Bayer AG.................................... 153,890 22,149,785 0.7%
Daimler AG.................................. 238,746 22,954,633 0.7%
Deutsche Telekom AG......................... 665,682 12,235,668 0.4%
SAP SE...................................... 139,819 10,565,422 0.3%
Siemens AG.................................. 139,769 15,204,337 0.5%
Other Securities............................ 145,111,361 4.2%
------------ ----
TOTAL GERMANY................................... 248,071,735 7.4%
------------ ----
40
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
HONG KONG -- (2.8%)
AIA Group, Ltd........................... 2,360,600 $ 15,699,109 0.5%
Other Securities......................... 86,464,365 2.5%
------------ -----
TOTAL HONG KONG.............................. 102,163,474 3.0%
------------ -----
IRELAND -- (0.4%)
Other Securities......................... 15,181,825 0.4%
------------ -----
ISRAEL -- (0.5%)
Other Securities......................... 18,612,088 0.6%
------------ -----
ITALY -- (1.8%)
Other Securities......................... 64,388,057 1.9%
------------ -----
JAPAN -- (18.7%)
Mitsubishi UFJ Financial Group, Inc. ADR. 1,455,897 10,336,869 0.3%
# Mizuho Financial Group, Inc.............. 5,314,405 10,130,742 0.3%
Softbank Corp............................ 207,700 12,983,390 0.4%
Sumitomo Mitsui Financial Group, Inc..... 257,540 11,245,378 0.4%
Toyota Motor Corp........................ 359,100 24,996,635 0.8%
Toyota Motor Corp. Sponsored ADR......... 98,521 13,696,389 0.4%
Other Securities......................... 601,866,794 17.9%
------------ -----
TOTAL JAPAN.................................. 685,256,197 20.5%
------------ -----
NETHERLANDS -- (2.3%)
Unilever NV.............................. 261,345 11,400,025 0.3%
Other Securities......................... 73,256,743 2.2%
------------ -----
TOTAL NETHERLANDS............................ 84,656,768 2.5%
------------ -----
NEW ZEALAND -- (0.1%)
Other Securities......................... 3,375,591 0.1%
------------ -----
NORWAY -- (0.7%)
Other Securities......................... 26,379,623 0.8%
------------ -----
PORTUGAL -- (0.2%)
Other Securities......................... 5,569,935 0.2%
------------ -----
SINGAPORE -- (1.3%)
Other Securities......................... 48,434,545 1.4%
------------ -----
SPAIN -- (2.8%)
Banco Santander SA....................... 1,541,479 11,654,456 0.3%
Telefonica SA............................ 654,956 9,968,724 0.3%
Other Securities......................... 78,547,072 2.4%
------------ -----
TOTAL SPAIN.................................. 100,170,252 3.0%
------------ -----
SWEDEN -- (2.5%)
Other Securities......................... 92,846,033 2.8%
------------ -----
SWITZERLAND -- (7.4%)
Nestle SA................................ 556,733 43,193,691 1.3%
Novartis AG.............................. 396,082 40,428,928 1.2%
Roche Holding AG......................... 159,373 45,605,396 1.4%
Zurich Insurance Group AG................ 31,885 9,841,406 0.3%
Other Securities......................... 133,037,227 3.9%
------------ -----
TOTAL SWITZERLAND............................ 272,106,648 8.1%
------------ -----
41
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
UNITED KINGDOM -- (16.4%)
AstraZeneca P.L.C....................... 156,348 $ 10,729,630 0.3%
BG Group P.L.C.......................... 671,968 12,171,720 0.4%
BP P.L.C. Sponsored ADR................. 546,435 23,584,135 0.7%
British American Tobacco P.L.C.......... 328,565 18,052,537 0.5%
Diageo P.L.C. Sponsored ADR............. 97,977 10,877,407 0.3%
GlaxoSmithKline P.L.C................... 576,589 13,317,284 0.4%
GlaxoSmithKline P.L.C. Sponsored ADR.... 251,446 11,604,233 0.4%
HSBC Holdings P.L.C..................... 1,758,504 17,566,571 0.5%
HSBC Holdings P.L.C. Sponsored ADR...... 376,440 18,682,716 0.6%
Lloyds Banking Group P.L.C.............. 8,506,806 10,074,412 0.3%
Reckitt Benckiser Group P.L.C........... 128,007 11,393,183 0.3%
# Royal Dutch Shell P.L.C. ADR(B03MM73)... 236,955 15,304,923 0.5%
Royal Dutch Shell P.L.C. ADR(780259206). 214,807 13,625,208 0.4%
Other Securities........................ 412,340,105 12.3%
-------------- ------
TOTAL UNITED KINGDOM.......................... 599,324,064 17.9%
-------------- ------
TOTAL COMMON STOCKS........................... 3,316,333,706 99.0%
-------------- ------
PREFERRED STOCKS -- (0.3%)
GERMANY -- (0.3%)
Other Securities........................ 11,673,414 0.4%
-------------- ------
TOTAL PREFERRED STOCKS........................ 11,673,414 0.4%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
CANADA -- (0.0%)
Other Securities........................ 1,296 0.0%
-------------- ------
ITALY -- (0.0%)
Other Securities........................ -- 0.0%
-------------- ------
SPAIN -- (0.0%)
Other Securities........................ 264,438 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS......................... 265,734 0.0%
-------------- ------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (9.0%)
(S)@ DFA Short Term Investment Fund.......... 28,598,960 330,889,967 9.9%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $2,959,144,439)..................... $3,659,162,821 109.3%
============== ======
42
LARGE CAP INTERNATIONAL PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Australia................... $ 6,169,448 $ 207,839,031 -- $ 214,008,479
Austria..................... 35,472 7,945,444 -- 7,980,916
Belgium..................... 4,126,990 40,311,929 -- 44,438,919
Canada...................... 309,892,597 -- -- 309,892,597
Denmark..................... 5,314,195 48,623,511 -- 53,937,706
Finland..................... 1,386,282 27,709,535 -- 29,095,817
France...................... 11,948,473 278,493,964 -- 290,442,437
Germany..................... 20,957,031 227,114,704 -- 248,071,735
Hong Kong................... 709,309 101,454,165 -- 102,163,474
Ireland..................... 3,336,032 11,845,793 -- 15,181,825
Israel...................... 10,636,573 7,975,515 -- 18,612,088
Italy....................... 4,995,231 59,392,826 -- 64,388,057
Japan....................... 44,401,621 640,854,576 -- 685,256,197
Netherlands................. 13,349,790 71,306,978 -- 84,656,768
New Zealand................. -- 3,375,591 -- 3,375,591
Norway...................... 1,374,415 25,005,208 -- 26,379,623
Portugal.................... -- 5,569,935 -- 5,569,935
Singapore................... -- 48,434,545 -- 48,434,545
Spain....................... 19,031,082 81,139,170 -- 100,170,252
Sweden...................... 197,925 92,648,108 -- 92,846,033
Switzerland................. 18,407,490 253,699,158 -- 272,106,648
United Kingdom.............. 175,316,821 424,007,243 -- 599,324,064
Preferred Stocks
Germany..................... -- 11,673,414 -- 11,673,414
Rights/Warrants
Canada...................... -- 1,296 -- 1,296
Italy....................... -- -- -- --
Spain....................... -- 264,438 -- 264,438
Securities Lending Collateral. -- 330,889,967 -- 330,889,967
------------ -------------- -- --------------
TOTAL......................... $651,586,777 $3,007,576,044 -- $3,659,162,821
============ ============== == ==============
See accompanying Notes to Financial Statements.
43
INTERNATIONAL CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (89.1%)
AUSTRALIA -- (5.5%)
Australia & New Zealand Banking Group, Ltd.. 1,444,710 $ 38,657,341 0.3%
BHP Billiton, Ltd........................... 2,103,984 53,728,116 0.4%
Commonwealth Bank of Australia.............. 516,260 36,136,633 0.3%
Macquarie Group, Ltd........................ 580,798 35,586,948 0.3%
National Australia Bank, Ltd................ 1,535,170 44,451,412 0.3%
Other Securities............................ 660,158,546 4.5%
-------------- ----
TOTAL AUSTRALIA................................. 868,718,996 6.1%
-------------- ----
AUSTRIA -- (0.4%)
Other Securities............................ 59,390,107 0.4%
-------------- ----
BELGIUM -- (1.3%)
Anheuser-Busch InBev NV..................... 314,211 38,254,647 0.3%
Other Securities............................ 174,757,122 1.2%
-------------- ----
TOTAL BELGIUM................................... 213,011,769 1.5%
-------------- ----
CANADA -- (7.7%)
# Toronto-Dominion Bank (The)................. 683,444 31,552,284 0.2%
Other Securities............................ 1,189,500,016 8.4%
-------------- ----
TOTAL CANADA.................................... 1,221,052,300 8.6%
-------------- ----
CHINA -- (0.0%)
Other Securities............................ 2,531,631 0.0%
-------------- ----
DENMARK -- (1.4%)
Other Securities............................ 221,240,854 1.6%
-------------- ----
FINLAND -- (1.4%)
Other Securities............................ 222,207,966 1.6%
-------------- ----
FRANCE -- (6.9%)
Cie de Saint-Gobain......................... 681,688 30,980,732 0.2%
Cie Generale des Etablissements Michelin.... 314,885 35,114,655 0.3%
# GDF Suez.................................... 2,062,344 41,961,250 0.3%
Orange SA................................... 2,015,284 33,194,373 0.2%
Total SA.................................... 1,777,110 96,230,419 0.7%
Total SA Sponsored ADR...................... 579,735 31,363,663 0.2%
Other Securities............................ 820,291,638 5.8%
-------------- ----
TOTAL FRANCE.................................... 1,089,136,730 7.7%
-------------- ----
GERMANY -- (5.7%)
# BASF SE..................................... 338,816 33,660,698 0.2%
Bayerische Motoren Werke AG................. 404,239 47,685,889 0.3%
Daimler AG.................................. 805,491 77,445,278 0.6%
Deutsche Telekom AG......................... 2,515,406 46,234,799 0.3%
Fresenius SE & Co. KGaA..................... 597,059 35,520,783 0.3%
Other Securities............................ 665,265,499 4.7%
-------------- ----
TOTAL GERMANY................................... 905,812,946 6.4%
-------------- ----
GREECE -- (0.0%)
Other Securities............................ -- 0.0%
-------------- ----
44
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
HONG KONG -- (2.7%)
Other Securities................................... $ 419,244,234 3.0%
-------------- -----
IRELAND -- (0.5%)
Other Securities................................... 74,797,609 0.5%
-------------- -----
ISRAEL -- (0.6%)
Teva Pharmaceutical Industries, Ltd. Sponsored ADR. 572,884 34,613,651 0.3%
Other Securities................................... 58,234,079 0.3%
-------------- -----
TOTAL ISRAEL........................................... 92,847,730 0.6%
-------------- -----
ITALY -- (2.3%)
Eni SpA............................................ 1,624,563 31,168,623 0.2%
Other Securities................................... 332,843,998 2.4%
-------------- -----
TOTAL ITALY............................................ 364,012,621 2.6%
-------------- -----
JAPAN -- (19.9%)
Honda Motor Co., Ltd............................... 1,073,700 35,996,179 0.3%
Mitsubishi UFJ Financial Group, Inc................ 6,681,900 47,470,556 0.4%
Mizuho Financial Group, Inc........................ 17,485,260 33,331,795 0.3%
Sumitomo Mitsui Financial Group, Inc............... 821,470 35,869,147 0.3%
Toyota Motor Corp.................................. 1,317,786 91,729,922 0.7%
# Toyota Motor Corp. Sponsored ADR................... 386,541 53,736,930 0.4%
Other Securities................................... 2,842,037,566 19.7%
-------------- -----
TOTAL JAPAN............................................ 3,140,172,095 22.1%
-------------- -----
NETHERLANDS -- (2.3%)
Other Securities................................... 365,830,494 2.6%
-------------- -----
NEW ZEALAND -- (0.3%)
Other Securities................................... 44,789,732 0.3%
-------------- -----
NORWAY -- (0.8%)
Other Securities................................... 125,782,804 0.9%
-------------- -----
PORTUGAL -- (0.3%)
Other Securities................................... 45,035,391 0.3%
-------------- -----
RUSSIA -- (0.0%)
Other Securities................................... 39,748 0.0%
-------------- -----
SINGAPORE -- (1.2%)
Other Securities................................... 183,647,845 1.3%
-------------- -----
SPAIN -- (2.3%)
Banco Santander SA................................. 4,708,157 35,596,338 0.3%
Iberdrola SA....................................... 5,958,202 39,879,955 0.3%
Other Securities................................... 292,754,444 2.0%
-------------- -----
TOTAL SPAIN............................................ 368,230,737 2.6%
-------------- -----
SWEDEN -- (2.8%)
Other Securities................................... 435,114,917 3.1%
-------------- -----
SWITZERLAND -- (6.3%)
ABB, Ltd........................................... 1,440,614 31,567,357 0.2%
Cie Financiere Richemont SA........................ 371,288 33,093,980 0.3%
Nestle SA.......................................... 2,133,314 165,511,487 1.2%
45
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (Continued)
Novartis AG............................. 326,834 $ 33,360,638 0.3%
Novartis AG ADR......................... 797,913 81,227,543 0.6%
Roche Holding AG........................ 154,681 44,262,756 0.3%
Swiss Re AG............................. 356,187 31,596,411 0.2%
Syngenta AG............................. 92,858 31,073,027 0.2%
Zurich Insurance Group AG............... 104,843 32,360,124 0.2%
Other Securities........................ 510,105,147 3.5%
--------------- -----
TOTAL SWITZERLAND........................... 994,158,470 7.0%
--------------- -----
UNITED KINGDOM -- (16.5%)
# AstraZeneca P.L.C. Sponsored ADR........ 493,171 33,772,350 0.2%
Aviva P.L.C............................. 5,620,290 45,217,798 0.3%
Barclays P.L.C. Sponsored ADR........... 2,018,783 31,775,644 0.2%
BG Group P.L.C.......................... 2,591,251 46,936,731 0.3%
# BHP Billiton P.L.C. ADR................. 640,567 30,939,386 0.2%
# BP P.L.C. Sponsored ADR................. 2,103,801 90,800,049 0.6%
HSBC Holdings P.L.C. Sponsored ADR...... 1,793,653 89,018,998 0.6%
Lloyds Banking Group P.L.C.............. 53,682,194 63,574,571 0.5%
# Rio Tinto P.L.C. Sponsored ADR.......... 934,161 41,841,071 0.3%
# Royal Dutch Shell P.L.C. ADR(B03MM73)... 1,361,684 87,951,170 0.6%
Royal Dutch Shell P.L.C. ADR(780259206). 560,608 35,559,365 0.3%
Vodafone Group P.L.C. Sponsored ADR..... 1,203,073 42,348,160 0.3%
Other Securities........................ 1,961,389,824 13.9%
--------------- -----
TOTAL UNITED KINGDOM........................ 2,601,125,117 18.3%
--------------- -----
UNITED STATES -- (0.0%)
Other Securities........................ 1,099,032 0.0%
--------------- -----
TOTAL COMMON STOCKS......................... 14,059,031,875 99.1%
--------------- -----
PREFERRED STOCKS -- (0.3%)
GERMANY -- (0.3%)
# Volkswagen AG........................... 148,846 38,319,753 0.3%
Other Securities........................ 10,741,015 0.1%
--------------- -----
TOTAL GERMANY............................... 49,060,768 0.4%
--------------- -----
TOTAL PREFERRED STOCKS...................... 49,060,768 0.4%
--------------- -----
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities........................ -- 0.0%
--------------- -----
AUSTRIA -- (0.0%)
Other Securities........................ -- 0.0%
--------------- -----
BELGIUM -- (0.0%)
Other Securities........................ 63,930 0.0%
--------------- -----
CANADA -- (0.0%)
Other Securities........................ 6,124 0.0%
--------------- -----
FRANCE -- (0.0%)
Other Securities........................ 216 0.0%
--------------- -----
HONG KONG -- (0.0%)
Other Securities........................ 1,359,146 0.0%
--------------- -----
46
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
ITALY -- (0.0%)
Other Securities................ $ -- 0.0%
--------------- ------
SINGAPORE -- (0.0%)
Other Securities................ 3,616 0.0%
--------------- ------
SPAIN -- (0.0%)
Other Securities................ 808,007 0.0%
--------------- ------
TOTAL RIGHTS/WARRANTS 2,241,039 0.0%
--------------- ------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (10.6%)
(S)@ DFA Short Term Investment Fund.. 145,300,257 1,681,123,971 11.8%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $14,128,132,694)................. $15,791,457,653 111.3%
=============== ======
47
INTERNATIONAL CORE EQUITY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- --------------- ------- ---------------
Common Stocks
Australia................... $ 43,305,635 $ 825,413,361 -- $ 868,718,996
Austria..................... 62,076 59,328,031 -- 59,390,107
Belgium..................... 19,096,678 193,915,091 -- 213,011,769
Canada...................... 1,219,363,185 1,689,115 -- 1,221,052,300
China....................... -- 2,531,631 -- 2,531,631
Denmark..................... 11,274,876 209,965,978 -- 221,240,854
Finland..................... 3,086,649 219,121,317 -- 222,207,966
France...................... 86,856,638 1,002,280,092 -- 1,089,136,730
Germany..................... 74,952,788 830,860,158 -- 905,812,946
Greece...................... -- -- -- --
Hong Kong................... 2,053,043 417,191,191 -- 419,244,234
Ireland..................... 15,692,093 59,105,516 -- 74,797,609
Israel...................... 38,423,115 54,424,615 -- 92,847,730
Italy....................... 14,708,148 349,304,473 -- 364,012,621
Japan....................... 126,795,112 3,013,376,983 -- 3,140,172,095
Netherlands................. 54,770,740 311,059,754 -- 365,830,494
New Zealand................. 119,447 44,670,285 -- 44,789,732
Norway...................... 18,560,856 107,221,948 -- 125,782,804
Portugal.................... 287,216 44,748,175 -- 45,035,391
Russia...................... -- 39,748 -- 39,748
Singapore................... 116,413 183,531,432 -- 183,647,845
Spain....................... 36,027,426 332,203,311 -- 368,230,737
Sweden...................... 6,726,578 428,388,339 -- 435,114,917
Switzerland................. 121,716,972 872,441,498 -- 994,158,470
United Kingdom.............. 681,311,168 1,919,813,949 -- 2,601,125,117
United States............... 1,099,032 -- -- 1,099,032
Preferred Stocks
Germany..................... -- 49,060,768 -- 49,060,768
Rights/Warrants
Australia................... -- -- -- --
Austria..................... -- -- -- --
Belgium..................... -- 63,930 -- 63,930
Canada...................... -- 6,124 -- 6,124
France...................... -- 216 -- 216
Hong Kong................... -- 1,359,146 -- 1,359,146
Italy....................... -- -- -- --
Singapore................... -- 3,616 -- 3,616
Spain....................... -- 808,007 -- 808,007
Securities Lending Collateral. -- 1,681,123,971 -- 1,681,123,971
-------------- --------------- -- ---------------
TOTAL......................... $2,576,405,884 $13,215,051,769 -- $15,791,457,653
============== =============== == ===============
See accompanying Notes to Financial Statements.
48
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Value+
--------------
AFFILIATED INVESTMENT COMPANIES -- (100.0%)
Investment in The Continental Small Company Series of
The DFA Investment Trust Company....................... $3,207,247,615
Investment in The Japanese Small Company Series of
The DFA Investment Trust Company....................... 2,130,587,227
Investment in The United Kingdom Small Company Series of
The DFA Investment Trust Company....................... 2,038,785,793
Investment in The Asia Pacific Small Company Series of
The DFA Investment Trust Company....................... 1,144,646,503
Investment in The Canadian Small Company Series of
The DFA Investment Trust Company....................... 773,442,749
--------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $8,039,542,293)............................... 9,294,709,887
--------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $8,039,542,293)............................... $9,294,709,887
==============
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------- ------- --------------
Affiliated Investment Companies. $9,294,709,887 -- -- $9,294,709,887
-------------- -- -- --------------
TOTAL........................... $9,294,709,887 -- -- $9,294,709,887
============== == == ==============
See accompanying Notes to Financial Statements.
49
JAPANESE SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Value+
------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Japanese Small Company Series of The DFA
Investment Trust Company.................................. $495,754,357
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$458,162,551).......................................... $495,754,357
============
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
ASIA PACIFIC SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Value+
------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Asia Pacific Small Company Series of The
DFA Investment Trust Company.............................. $267,083,342
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$267,789,038).......................................... $267,083,342
============
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
50
UNITED KINGDOM SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Value+
-----------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The United Kingdom Small Company Series
of The DFA Investment Trust Company....................... $36,728,406
-----------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$24,933,274)........................................... $36,728,406
===========
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
CONTINENTAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Value+
------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Continental Small Company Series of The
DFA Investment Trust Company.............................. $247,535,115
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$207,811,069).......................................... $247,535,115
============
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
51
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (94.5%)
AUSTRALIA -- (18.0%)
# Dexus Property Group............... 8,291,279 $ 48,176,929 1.4%
Federation Centres................. 12,370,477 28,740,513 0.8%
Goodman Group...................... 14,899,843 73,111,970 2.1%
GPT Group (The).................... 14,944,562 52,668,960 1.5%
Novion Property Group.............. 18,816,952 36,598,234 1.1%
Scentre Group...................... 44,200,553 130,200,270 3.8%
Stockland.......................... 20,195,571 70,583,677 2.0%
# Westfield Corp..................... 17,021,992 126,554,653 3.7%
Other Securities................... 82,764,611 2.4%
------------ -----
TOTAL AUSTRALIA........................ 649,399,817 18.8%
------------ -----
BELGIUM -- (1.4%)
# Cofinimmo SA....................... 158,956 17,543,761 0.5%
Other Securities................... 33,951,679 1.0%
------------ -----
TOTAL BELGIUM.......................... 51,495,440 1.5%
------------ -----
CANADA -- (5.1%)
# H&R REIT........................... 1,207,829 23,175,505 0.7%
# RioCan REIT........................ 1,351,911 33,458,817 1.0%
Other Securities................... 128,571,266 3.7%
------------ -----
TOTAL CANADA........................... 185,205,588 5.4%
------------ -----
CHINA -- (0.2%)
Other Securities................... 6,849,972 0.2%
------------ -----
FRANCE -- (5.2%)
# Fonciere Des Regions............... 279,702 26,478,954 0.8%
# Gecina SA.......................... 257,266 35,282,160 1.0%
ICADE.............................. 349,172 30,369,492 0.9%
Klepierre.......................... 1,616,962 78,431,743 2.3%
Other Securities................... 17,023,850 0.4%
------------ -----
TOTAL FRANCE........................... 187,586,199 5.4%
------------ -----
GERMANY -- (0.5%)
Other Securities................... 17,047,060 0.5%
------------ -----
GREECE -- (0.0%)
Other Securities................... 768,235 0.0%
------------ -----
HONG KONG -- (4.6%)
Link REIT (The).................... 21,239,305 131,746,894 3.8%
Other Securities................... 34,926,480 1.0%
------------ -----
TOTAL HONG KONG........................ 166,673,374 4.8%
------------ -----
ISRAEL -- (0.3%)
Other Securities................... 9,944,140 0.3%
------------ -----
ITALY -- (0.4%)
Other Securities................... 13,313,933 0.4%
------------ -----
JAPAN -- (18.0%)
# Advance Residence Investment Corp.. 11,879 28,025,855 0.8%
52
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
JAPAN -- (Continued)
# Frontier Real Estate Investment Corp.. 4,480 $ 21,906,925 0.6%
# Japan Hotel REIT Investment Corp...... 29,863 22,006,037 0.6%
# Japan Logistics Fund, Inc............. 8,174 17,333,837 0.5%
Japan Prime Realty Investment Corp.... 7,140 25,617,633 0.7%
Japan Real Estate Investment Corp..... 11,385 53,760,397 1.6%
Japan Retail Fund Investment Corp..... 22,102 47,052,108 1.4%
Kenedix Office Investment Corp........ 4,143 22,417,214 0.7%
Mori Hills REIT Investment Corp....... 13,749 18,868,777 0.5%
# Mori Trust Sogo Reit, Inc............. 10,837 21,348,923 0.6%
# Nippon Accommodations Fund, Inc....... 4,367 16,943,637 0.5%
# Nippon Building Fund, Inc............. 12,851 63,944,962 1.9%
Nomura Real Estate Office Fund, Inc... 3,907 17,958,868 0.5%
# Orix JREIT, Inc....................... 19,608 28,983,713 0.8%
# United Urban Investment Corp.......... 22,860 36,285,050 1.1%
Other Securities...................... 203,534,181 5.9%
------------ -----
TOTAL JAPAN............................... 645,988,117 18.7%
------------ -----
MALAYSIA -- (0.7%)
Other Securities...................... 24,869,296 0.7%
------------ -----
MEXICO -- (1.8%)
Fibra Uno Administracion S.A. de C.V.. 17,222,405 42,949,369 1.2%
Other Securities...................... 20,595,133 0.6%
------------ -----
TOTAL MEXICO.............................. 63,544,502 1.8%
------------ -----
NETHERLANDS -- (8.0%)
Unibail-Rodamco SE.................... 853,314 235,608,927 6.8%
# Wereldhave NV......................... 337,235 21,646,954 0.6%
Other Securities...................... 29,213,325 0.9%
------------ -----
TOTAL NETHERLANDS......................... 286,469,206 8.3%
------------ -----
NEW ZEALAND -- (0.7%)
Other Securities...................... 25,382,313 0.7%
------------ -----
SINGAPORE -- (7.3%)
Ascendas REIT......................... 18,391,800 34,274,493 1.0%
CapitaCommercial Trust................ 19,649,000 25,122,981 0.7%
CapitaMall Trust...................... 21,840,400 36,061,534 1.0%
Suntec REIT........................... 21,489,900 28,688,432 0.8%
Other Securities...................... 139,381,741 4.1%
------------ -----
TOTAL SINGAPORE........................... 263,529,181 7.6%
------------ -----
SOUTH AFRICA -- (4.5%)
Growthpoint Properties, Ltd........... 23,342,934 54,752,668 1.6%
Redefine Properties, Ltd.............. 28,841,346 29,216,763 0.9%
Resilient Property Income Fund, Ltd... 2,107,018 17,630,181 0.5%
Other Securities...................... 59,056,824 1.6%
------------ -----
TOTAL SOUTH AFRICA........................ 160,656,436 4.6%
------------ -----
TAIWAN -- (0.4%)
Other Securities...................... 13,164,883 0.4%
------------ -----
53
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
TURKEY -- (0.8%)
# Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.. 18,659,886 $ 21,554,095 0.6%
Other Securities............................... 9,247,213 0.3%
-------------- ------
TOTAL TURKEY......................................... 30,801,308 0.9%
-------------- ------
UNITED KINGDOM -- (16.6%)
British Land Co. P.L.C. (The).................. 8,886,428 113,180,357 3.3%
Derwent London P.L.C........................... 881,301 46,387,706 1.3%
Great Portland Estates P.L.C................... 3,074,249 37,527,587 1.1%
Hammerson P.L.C................................ 7,226,072 74,035,066 2.1%
Intu Properties P.L.C.......................... 8,363,603 43,875,671 1.3%
Land Securities Group P.L.C.................... 7,208,101 137,937,979 4.0%
Segro P.L.C.................................... 6,598,885 43,351,032 1.3%
Shaftesbury P.L.C.............................. 2,495,691 32,094,763 0.9%
Other Securities............................... 68,411,507 2.0%
-------------- ------
TOTAL UNITED KINGDOM................................. 596,801,668 17.3%
-------------- ------
TOTAL COMMON STOCKS.................................. 3,399,490,668 98.3%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities............................... -- 0.0%
-------------- ------
BELGIUM -- (0.0%)
Other Securities............................... 93,709 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS................................ 93,709 0.0%
-------------- ------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (5.5%)
(S)@ DFA Short Term Investment Fund................. 17,065,670 197,449,797 5.7%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,149,367,233)............................ $3,597,034,174 104.0%
============== ======
54
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Australia................... -- $ 649,399,817 -- $ 649,399,817
Belgium..................... -- 51,495,440 -- 51,495,440
Canada...................... $185,205,588 -- -- 185,205,588
China....................... -- 6,849,972 -- 6,849,972
France...................... -- 187,586,199 -- 187,586,199
Germany..................... -- 17,047,060 -- 17,047,060
Greece...................... -- 768,235 -- 768,235
Hong Kong................... -- 166,673,374 -- 166,673,374
Israel...................... -- 9,944,140 -- 9,944,140
Italy....................... -- 13,313,933 -- 13,313,933
Japan....................... -- 645,988,117 -- 645,988,117
Malaysia.................... -- 24,869,296 -- 24,869,296
Mexico...................... 63,544,502 -- -- 63,544,502
Netherlands................. -- 286,469,206 -- 286,469,206
New Zealand................. -- 25,382,313 -- 25,382,313
Singapore................... -- 263,529,181 -- 263,529,181
South Africa................ 4,769,469 155,886,967 -- 160,656,436
Taiwan...................... -- 13,164,883 -- 13,164,883
Turkey...................... -- 30,801,308 -- 30,801,308
United Kingdom.............. -- 596,801,668 -- 596,801,668
Rights/Warrants
Australia................... -- -- -- --
Belgium..................... -- 93,709 -- 93,709
Securities Lending Collateral. -- 197,449,797 -- 197,449,797
------------ -------------- -- --------------
TOTAL......................... $253,519,559 $3,343,514,615 -- $3,597,034,174
============ ============== == ==============
See accompanying Notes to Financial Statements.
55
DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (3.6%)
UNITED STATES -- (3.6%)
Acadia Realty Trust........................... 32,426 $ 1,001,963 0.0%
American Assets Trust, Inc.................... 21,544 857,451 0.0%
# American Campus Communities, Inc.............. 21,362 857,471 0.0%
# Apartment Investment & Management Co. Class A. 32,200 1,214,906 0.0%
# AvalonBay Communities, Inc.................... 9,600 1,577,664 0.1%
BioMed Realty Trust, Inc...................... 61,833 1,283,035 0.0%
# Boston Properties, Inc........................ 18,800 2,487,428 0.1%
# Camden Property Trust......................... 10,900 818,372 0.0%
CBL & Associates Properties, Inc.............. 47,766 860,266 0.0%
# Chesapeake Lodging Trust...................... 44,306 1,406,716 0.1%
# CoreSite Realty Corp.......................... 16,413 789,137 0.0%
CubeSmart..................................... 38,500 888,195 0.0%
CyrusOne, Inc................................. 44,209 1,435,908 0.1%
# Digital Realty Trust, Inc..................... 21,820 1,383,606 0.1%
# Duke Realty Corp.............................. 77,700 1,539,237 0.1%
Equity Residential............................ 44,900 3,316,314 0.1%
# Essex Property Trust, Inc..................... 6,200 1,376,090 0.1%
# Extra Space Storage, Inc...................... 14,929 984,269 0.0%
# Federal Realty Investment Trust............... 11,896 1,590,138 0.1%
HCP, Inc...................................... 40,340 1,625,299 0.1%
Health Care REIT, Inc......................... 96,764 6,968,943 0.2%
Healthcare Trust of America, Inc. Class A..... 110,261 2,854,657 0.1%
# Host Hotels & Resorts, Inc.................... 101,300 2,040,182 0.1%
Hudson Pacific Properties, Inc................ 64,392 1,942,063 0.1%
# Iron Mountain, Inc............................ 173,791 5,994,052 0.2%
# Kilroy Realty Corp............................ 12,068 856,707 0.0%
Kite Realty Group Trust....................... 75,736 1,984,283 0.1%
# LaSalle Hotel Properties...................... 26,300 964,947 0.0%
Liberty Property Trust........................ 23,805 829,366 0.0%
# Macerich Co. (The)............................ 46,771 3,823,997 0.1%
# Medical Properties Trust, Inc................. 100,042 1,398,587 0.1%
# National Health Investors, Inc................ 25,736 1,717,106 0.1%
National Retail Properties, Inc............... 27,168 1,043,251 0.0%
# Omega Healthcare Investors, Inc............... 26,141 943,429 0.0%
Pebblebrook Hotel Trust....................... 70,324 3,019,713 0.1%
# Prologis, Inc................................. 73,498 2,954,620 0.1%
Public Storage................................ 34,876 6,553,549 0.2%
# Realty Income Corp............................ 21,200 995,764 0.0%
Regency Centers Corp.......................... 21,300 1,337,214 0.1%
# Retail Properties of America, Inc. Class A.... 182,115 2,751,758 0.1%
Select Income REIT............................ 55,564 1,288,529 0.0%
Simon Property Group, Inc..................... 83,062 15,074,922 0.4%
# SL Green Realty Corp.......................... 13,800 1,688,568 0.1%
# Spirit Realty Capital, Inc.................... 374,800 4,231,492 0.1%
Summit Hotel Properties, Inc.................. 95,900 1,263,003 0.0%
# UDR, Inc...................................... 35,200 1,153,504 0.0%
Ventas, Inc................................... 96,619 6,657,049 0.2%
Vornado Realty Trust.......................... 23,565 2,438,742 0.1%
Other Securities.............................. 23,856,383 0.0%
------------ ----
TOTAL COMMON STOCKS............................... 135,919,845 3.6%
------------ ----
56
DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
AFFILIATED INVESTMENT COMPANIES -- (95.9%)
DFA International Real Estate Securities Portfolio of DFA
Investment Dimensions Group Inc.......................... 255,847,762 $1,407,162,693 37.5%
DFA Real Estate Securities Portfolio of DFA Investment
Dimensions Group Inc..................................... 68,142,014 2,202,349,901 58.8%
-------------- ------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT
COMPANIES...................................................... 3,609,512,594 96.3%
-------------- ------
TEMPORARY CASH INVESTMENTS -- (0.0%)
State Street Institutional Liquid Reserves, 0.098%........ 1,519,967 1,519,967 0.0%
-------------- ------
SECURITIES LENDING COLLATERAL -- (0.5%)
(S)@ DFA Short Term Investment Fund............................ 1,416,034 16,383,518 0.5%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,124,494,331)....................................... $3,763,335,924 100.4%
============== ======
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ----------- ------- --------------
Common Stocks
United States................. $ 135,919,845 -- -- $ 135,919,845
Affiliated Investment Companies. 3,609,512,594 -- -- 3,609,512,594
Temporary Cash Investments...... 1,519,967 -- -- 1,519,967
Securities Lending Collateral... -- $16,383,518 -- 16,383,518
-------------- ----------- -- --------------
TOTAL........................... $3,746,952,406 $16,383,518 -- $3,763,335,924
============== =========== == ==============
See accompanying Notes to Financial Statements.
57
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.7%)
AUSTRALIA -- (4.6%)
# Primary Health Care, Ltd..... 11,328,408 $ 44,339,219 0.4%
Other Securities............. 607,308,377 4.7%
-------------- ----
TOTAL AUSTRALIA.................. 651,647,596 5.1%
-------------- ----
AUSTRIA -- (0.6%)
Wienerberger AG.............. 2,831,727 46,019,783 0.4%
Other Securities............. 42,593,192 0.3%
-------------- ----
TOTAL AUSTRIA.................... 88,612,975 0.7%
-------------- ----
BELGIUM -- (0.9%)
Other Securities............. 126,290,338 1.0%
-------------- ----
CANADA -- (7.2%)
* Celestica, Inc............... 4,154,745 50,724,736 0.4%
# HudBay Minerals, Inc......... 4,478,341 44,282,311 0.4%
West Fraser Timber Co., Ltd.. 881,979 45,381,895 0.4%
Other Securities............. 872,605,619 6.6%
-------------- ----
TOTAL CANADA..................... 1,012,994,561 7.8%
-------------- ----
CHINA -- (0.0%)
Other Securities............. 1,930,643 0.0%
-------------- ----
DENMARK -- (1.6%)
Vestas Wind Systems A.S...... 1,668,046 75,658,306 0.6%
Other Securities............. 147,699,553 1.1%
-------------- ----
TOTAL DENMARK.................... 223,357,859 1.7%
-------------- ----
FINLAND -- (2.3%)
Huhtamaki Oyj................ 1,680,526 53,722,608 0.4%
# Kesko Oyj Class B............ 1,100,575 44,968,164 0.4%
Other Securities............. 220,427,633 1.7%
-------------- ----
TOTAL FINLAND.................... 319,118,405 2.5%
-------------- ----
FRANCE -- (3.8%)
Bollore SA................... 8,044,453 45,974,405 0.4%
* Peugeot SA................... 3,646,402 68,937,450 0.5%
Other Securities............. 420,045,311 3.3%
-------------- ----
TOTAL FRANCE..................... 534,957,166 4.2%
-------------- ----
GERMANY -- (4.4%)
Aareal Bank AG............... 1,349,571 58,047,336 0.5%
Aurubis AG................... 1,085,020 68,561,374 0.5%
DMG Mori Seiki AG............ 1,351,692 47,426,815 0.4%
Rheinmetall AG............... 925,387 47,377,788 0.4%
Other Securities............. 401,791,680 3.0%
-------------- ----
TOTAL GERMANY.................... 623,204,993 4.8%
-------------- ----
GREECE -- (0.0%)
Other Securities............. 1,929 0.0%
-------------- ----
58
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
HONG KONG -- (2.8%)
Other Securities...................... $ 392,517,156 3.0%
-------------- -----
IRELAND -- (0.5%)
Smurfit Kappa Group P.L.C............. 1,801,332 55,150,426 0.4%
Other Securities...................... 13,112,253 0.1%
-------------- -----
TOTAL IRELAND............................. 68,262,679 0.5%
-------------- -----
ISRAEL -- (0.6%)
Other Securities...................... 82,008,051 0.6%
-------------- -----
ITALY -- (3.9%)
* Banca Popolare dell'Emilia Romagna SC. 13,314,422 109,522,154 0.9%
* Banca Popolare di Milano Scarl........ 129,040,375 132,966,685 1.0%
* Banco Popolare SC..................... 3,544,813 56,041,587 0.4%
Other Securities...................... 249,132,936 1.9%
-------------- -----
TOTAL ITALY............................... 547,663,362 4.2%
-------------- -----
JAPAN -- (22.5%)
Aoyama Trading Co., Ltd............... 1,249,599 43,221,318 0.3%
Fujikura, Ltd......................... 9,415,000 44,842,268 0.4%
San-In Godo Bank, Ltd. (The).......... 4,454,900 42,632,561 0.3%
Other Securities...................... 3,041,410,133 23.6%
-------------- -----
TOTAL JAPAN............................... 3,172,106,280 24.6%
-------------- -----
NETHERLANDS -- (2.4%)
#* APERAM SA............................. 1,999,164 76,215,567 0.6%
Other Securities...................... 259,860,005 2.0%
-------------- -----
TOTAL NETHERLANDS......................... 336,075,572 2.6%
-------------- -----
NEW ZEALAND -- (0.4%)
Other Securities...................... 56,854,372 0.5%
-------------- -----
NORWAY -- (0.7%)
Other Securities...................... 104,150,347 0.8%
-------------- -----
PORTUGAL -- (0.4%)
Other Securities...................... 63,569,380 0.5%
-------------- -----
RUSSIA -- (0.0%)
Other Securities...................... 124,455 0.0%
-------------- -----
SINGAPORE -- (1.3%)
Other Securities...................... 183,069,661 1.4%
-------------- -----
SPAIN -- (2.5%)
Bankinter SA.......................... 7,839,468 59,288,138 0.5%
* Gamesa Corp. Tecnologica SA........... 6,756,511 90,350,706 0.7%
Other Securities...................... 210,973,174 1.6%
-------------- -----
TOTAL SPAIN............................... 360,612,018 2.8%
-------------- -----
SWEDEN -- (3.3%)
# BillerudKorsnas AB.................... 3,185,287 55,137,621 0.4%
Holmen AB Class B..................... 1,333,393 44,119,228 0.3%
Trelleborg AB Class B................. 4,371,397 85,667,124 0.7%
Other Securities...................... 279,092,258 2.2%
-------------- -----
TOTAL SWEDEN.............................. 464,016,231 3.6%
-------------- -----
59
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (3.8%)
Helvetia Holding AG......... 156,021 $ 88,642,289 0.7%
Other Securities............ 444,250,599 3.4%
--------------- -----
TOTAL SWITZERLAND............... 532,892,888 4.1%
--------------- -----
UNITED KINGDOM -- (20.2%)
Amlin P.L.C................. 11,862,756 83,134,253 0.6%
Ashtead Group P.L.C......... 4,575,689 78,461,935 0.6%
Barratt Developments P.L.C.. 16,877,039 133,891,307 1.0%
Beazley P.L.C............... 12,913,608 55,535,991 0.4%
Bellway P.L.C............... 3,443,418 104,687,469 0.8%
Bodycote P.L.C.............. 4,916,309 51,776,733 0.4%
Bovis Homes Group P.L.C..... 3,910,361 55,677,257 0.4%
# Catlin Group, Ltd........... 9,089,700 97,933,897 0.8%
CSR P.L.C................... 4,886,688 65,874,499 0.5%
Dixons Carphone P.L.C....... 9,644,138 62,588,810 0.5%
DS Smith P.L.C.............. 14,773,249 78,991,844 0.6%
# Greene King P.L.C........... 5,358,527 68,127,656 0.5%
Hiscox, Ltd................. 7,390,171 93,111,599 0.7%
Home Retail Group P.L.C..... 17,729,048 45,303,688 0.4%
Inchcape P.L.C.............. 8,708,384 110,771,159 0.9%
Man Group P.L.C............. 19,156,949 56,484,455 0.4%
Persimmon P.L.C............. 6,505,520 168,911,496 1.3%
SIG P.L.C................... 15,069,969 44,784,988 0.4%
Taylor Wimpey P.L.C......... 65,142,770 165,409,275 1.3%
* Thomas Cook Group P.L.C..... 20,119,512 44,129,936 0.3%
Travis Perkins P.L.C........ 3,634,991 115,538,808 0.9%
TUI AG...................... 3,333,122 62,132,406 0.5%
Other Securities............ 1,004,643,813 7.8%
--------------- -----
TOTAL UNITED KINGDOM............ 2,847,903,274 22.0%
--------------- -----
UNITED STATES -- (0.0%)
Other Securities............ 2,962,386 0.0%
--------------- -----
TOTAL COMMON STOCKS............. 12,796,904,577 99.0%
--------------- -----
PREFERRED STOCKS -- (0.0%)
GERMANY -- (0.0%)
Other Securities............ 2,673,804 0.0%
--------------- -----
TOTAL PREFERRED STOCKS.......... 2,673,804 0.0%
--------------- -----
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities............ -- 0.0%
--------------- -----
AUSTRIA -- (0.0%)
Other Securities............ -- 0.0%
--------------- -----
BELGIUM -- (0.0%)
Other Securities............ 423,484 0.0%
--------------- -----
HONG KONG -- (0.0%)
Other Securities............ 630 0.0%
--------------- -----
ITALY -- (0.0%)
Other Securities............ -- 0.0%
--------------- -----
TOTAL RIGHTS/WARRANTS........... 424,114 0.0%
--------------- -----
60
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
SECURITIES LENDING COLLATERAL -- (9.3%)
(S)@ DFA Short Term Investment Fund.. 113,506,420 $ 1,313,269,277 10.2%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $12,033,195,527)............. $14,113,271,772 109.2%
=============== ======
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- --------------- ------- ---------------
Common Stocks
Australia................... -- $ 651,647,596 -- $ 651,647,596
Austria..................... -- 88,612,975 -- 88,612,975
Belgium..................... -- 126,290,338 -- 126,290,338
Canada...................... $1,012,475,438 519,123 -- 1,012,994,561
China....................... -- 1,930,643 -- 1,930,643
Denmark..................... -- 223,357,859 -- 223,357,859
Finland..................... -- 319,118,405 -- 319,118,405
France...................... 875,875 534,081,291 -- 534,957,166
Germany..................... -- 623,204,993 -- 623,204,993
Greece...................... -- 1,929 -- 1,929
Hong Kong................... 8,891,749 383,625,407 -- 392,517,156
Ireland..................... -- 68,262,679 -- 68,262,679
Israel...................... -- 82,008,051 -- 82,008,051
Italy....................... -- 547,663,362 -- 547,663,362
Japan....................... 8,146,556 3,163,959,724 -- 3,172,106,280
Netherlands................. -- 336,075,572 -- 336,075,572
New Zealand................. -- 56,854,372 -- 56,854,372
Norway...................... 4,098,981 100,051,366 -- 104,150,347
Portugal.................... -- 63,569,380 -- 63,569,380
Russia...................... -- 124,455 -- 124,455
Singapore................... 1,883,684 181,185,977 -- 183,069,661
Spain....................... -- 360,612,018 -- 360,612,018
Sweden...................... -- 464,016,231 -- 464,016,231
Switzerland................. -- 532,892,888 -- 532,892,888
United Kingdom.............. -- 2,847,903,274 -- 2,847,903,274
United States............... 2,962,386 -- -- 2,962,386
Preferred Stocks
Germany..................... -- 2,673,804 -- 2,673,804
Rights/Warrants
Australia................... -- -- -- --
Austria..................... -- -- -- --
Belgium..................... -- 423,484 -- 423,484
Hong Kong................... -- 630 -- 630
Italy....................... -- -- -- --
Securities Lending Collateral. -- 1,313,269,277 -- 1,313,269,277
-------------- --------------- -- ---------------
TOTAL......................... $1,039,334,669 $13,073,937,103 -- $14,113,271,772
============== =============== == ===============
See accompanying Notes to Financial Statements.
61
INTERNATIONAL VECTOR EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (88.8%)
AUSTRALIA -- (6.0%)
Australia & New Zealand Banking Group, Ltd.. 122,194 $ 3,269,649 0.2%
BHP Billiton, Ltd........................... 312,205 7,972,583 0.5%
Macquarie Group, Ltd........................ 85,618 5,246,034 0.3%
National Australia Bank, Ltd................ 146,901 4,253,572 0.3%
Woodside Petroleum, Ltd..................... 183,856 5,070,234 0.3%
Other Securities............................ 84,832,964 5.0%
------------ ----
TOTAL AUSTRALIA................................. 110,645,036 6.6%
------------ ----
AUSTRIA -- (0.5%)
Other Securities............................ 8,194,198 0.5%
------------ ----
BELGIUM -- (1.6%)
# Ageas....................................... 79,876 3,001,110 0.2%
Delhaize Group SA........................... 43,954 3,538,311 0.2%
Solvay SA................................... 21,413 3,152,957 0.2%
Other Securities............................ 20,008,661 1.2%
------------ ----
TOTAL BELGIUM................................... 29,701,039 1.8%
------------ ----
CANADA -- (7.9%)
Encana Corp................................. 240,113 3,412,006 0.2%
Other Securities............................ 142,688,988 8.6%
------------ ----
TOTAL CANADA.................................... 146,100,994 8.8%
------------ ----
CHINA -- (0.0%)
Other Securities............................ 428,120 0.0%
------------ ----
DENMARK -- (1.4%)
Other Securities............................ 25,560,359 1.5%
------------ ----
FINLAND -- (1.8%)
UPM-Kymmene Oyj............................. 193,274 3,497,207 0.2%
Other Securities............................ 30,608,325 1.8%
------------ ----
TOTAL FINLAND................................... 34,105,532 2.0%
------------ ----
FRANCE -- (5.8%)
BNP Paribas SA.............................. 69,668 4,399,622 0.3%
Cie de Saint-Gobain......................... 102,244 4,646,692 0.3%
# GDF Suez.................................... 156,718 3,188,645 0.2%
Renault SA.................................. 31,881 3,354,444 0.2%
Total SA.................................... 97,994 5,306,370 0.3%
Other Securities............................ 87,073,376 5.2%
------------ ----
TOTAL FRANCE.................................... 107,969,149 6.5%
------------ ----
GERMANY -- (5.1%)
# Allianz SE.................................. 26,086 4,440,219 0.3%
Bayerische Motoren Werke AG................. 31,783 3,749,269 0.2%
Daimler AG.................................. 60,561 5,822,739 0.4%
Other Securities............................ 80,252,093 4.8%
------------ ----
TOTAL GERMANY................................... 94,264,320 5.7%
------------ ----
HONG KONG -- (2.6%)
Other Securities............................ 48,339,618 2.9%
------------ ----
62
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
IRELAND -- (0.5%)
Other Securities................................... $ 9,186,364 0.6%
------------ -----
ISRAEL -- (0.7%)
Teva Pharmaceutical Industries, Ltd. Sponsored ADR. 55,754 3,368,657 0.2%
Other Securities................................... 8,960,587 0.5%
------------ -----
TOTAL ISRAEL........................................... 12,329,244 0.7%
------------ -----
ITALY -- (2.5%)
Other Securities................................... 45,487,878 2.7%
------------ -----
JAPAN -- (19.8%)
Aeon Co., Ltd...................................... 250,419 3,115,431 0.2%
Mitsubishi UFJ Financial Group, Inc................ 886,300 6,296,585 0.4%
Mizuho Financial Group, Inc........................ 1,650,160 3,145,666 0.2%
Sumitomo Mitsui Financial Group, Inc............... 90,141 3,935,970 0.3%
Other Securities................................... 350,764,632 20.9%
------------ -----
TOTAL JAPAN............................................ 367,258,284 22.0%
------------ -----
NETHERLANDS -- (2.4%)
Other Securities................................... 44,672,780 2.7%
------------ -----
NEW ZEALAND -- (0.4%)
Other Securities................................... 7,576,117 0.5%
------------ -----
NORWAY -- (0.8%)
Other Securities................................... 15,248,484 0.9%
------------ -----
PORTUGAL -- (0.3%)
Other Securities................................... 5,340,139 0.3%
------------ -----
RUSSIA -- (0.0%)
Other Securities................................... 20,624 0.0%
------------ -----
SINGAPORE -- (1.3%)
Other Securities................................... 23,342,668 1.4%
------------ -----
SPAIN -- (2.2%)
# Banco de Sabadell SA............................... 1,362,835 3,644,837 0.2%
Banco Santander SA................................. 538,042 4,067,903 0.3%
Iberdrola SA....................................... 555,631 3,718,998 0.2%
Other Securities................................... 29,945,109 1.8%
------------ -----
TOTAL SPAIN............................................ 41,376,847 2.5%
------------ -----
SWEDEN -- (2.8%)
# Boliden AB......................................... 158,759 3,449,146 0.2%
Svenska Cellulosa AB SCA Class B................... 132,355 3,347,915 0.2%
Other Securities................................... 45,232,778 2.7%
------------ -----
TOTAL SWEDEN........................................... 52,029,839 3.1%
------------ -----
SWITZERLAND -- (6.0%)
ABB, Ltd........................................... 188,782 4,136,673 0.3%
Aryzta AG.......................................... 44,137 2,978,236 0.2%
Clariant AG........................................ 156,830 3,443,149 0.2%
Julius Baer Group, Ltd............................. 56,140 2,938,409 0.2%
Nestle SA.......................................... 92,984 7,214,090 0.4%
Novartis AG........................................ 53,863 5,497,910 0.3%
Swiss Re AG........................................ 49,846 4,421,707 0.3%
63
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (Continued)
Zurich Insurance Group AG............... 15,572 $ 4,806,347 0.3%
Other Securities........................ 76,141,500 4.5%
-------------- -----
TOTAL SWITZERLAND........................... 111,578,021 6.7%
-------------- -----
UNITED KINGDOM -- (16.4%)
Anglo American P.L.C.................... 214,596 3,635,795 0.2%
Aviva P.L.C............................. 597,344 4,805,903 0.3%
Barclays P.L.C. Sponsored ADR........... 206,197 3,245,541 0.2%
Barratt Developments P.L.C.............. 440,009 3,490,741 0.2%
# BP P.L.C. Sponsored ADR................. 168,781 7,284,588 0.4%
HSBC Holdings P.L.C. Sponsored ADR...... 205,600 10,203,928 0.6%
J Sainsbury P.L.C....................... 762,184 3,169,219 0.2%
Lloyds Banking Group P.L.C.............. 3,611,001 4,276,424 0.3%
Man Group P.L.C......................... 1,063,704 3,136,342 0.2%
# Royal Dutch Shell P.L.C. ADR(B03MM73)... 90,226 5,827,697 0.4%
Royal Dutch Shell P.L.C. ADR(780259206). 98,946 6,276,145 0.4%
Vodafone Group P.L.C. Sponsored ADR..... 100,243 3,528,560 0.2%
WM Morrison Supermarkets P.L.C.......... 1,598,795 4,558,610 0.3%
Other Securities........................ 240,748,261 14.4%
-------------- -----
TOTAL UNITED KINGDOM........................ 304,187,754 18.3%
-------------- -----
UNITED STATES -- (0.0%)
Other Securities........................ 175,712 0.0%
-------------- -----
TOTAL COMMON STOCKS......................... 1,645,119,120 98.7%
-------------- -----
PREFERRED STOCKS -- (0.4%)
GERMANY -- (0.4%)
# Volkswagen AG........................... 19,927 5,130,119 0.3%
Other Securities........................ 1,895,393 0.1%
-------------- -----
TOTAL GERMANY............................... 7,025,512 0.4%
-------------- -----
TOTAL PREFERRED STOCKS...................... 7,025,512 0.4%
-------------- -----
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities........................ -- 0.0%
-------------- -----
AUSTRIA -- (0.0%)
Other Securities........................ -- 0.0%
-------------- -----
BELGIUM -- (0.0%)
Other Securities........................ 11,282 0.0%
-------------- -----
CANADA -- (0.0%)
Other Securities........................ 326 0.0%
-------------- -----
FRANCE -- (0.0%)
Other Securities........................ 33 0.0%
-------------- -----
HONG KONG -- (0.0%)
Other Securities........................ 134,516 0.0%
-------------- -----
ITALY -- (0.0%)
Other Securities........................ -- 0.0%
-------------- -----
SINGAPORE -- (0.0%)
Other Securities........................ 99 0.0%
-------------- -----
64
INTERNATIONAL VECTOR EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SPAIN -- (0.0%)
Other Securities................ $ 95,186 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS................... 241,442 0.0%
-------------- ------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (10.8%)
(S)@ DFA Short Term Investment Fund.. 17,307,313 200,245,612 12.0%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,621,131,557)............... $1,852,631,686 111.1%
============== ======
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Australia................... $ 1,324,843 $ 109,320,193 -- $ 110,645,036
Austria..................... -- 8,194,198 -- 8,194,198
Belgium..................... 1,058,149 28,642,890 -- 29,701,039
Canada...................... 145,891,437 209,557 -- 146,100,994
China....................... -- 428,120 -- 428,120
Denmark..................... -- 25,560,359 -- 25,560,359
Finland..................... -- 34,105,532 -- 34,105,532
France...................... 1,614,811 106,354,338 -- 107,969,149
Germany..................... 4,273,291 89,991,029 -- 94,264,320
Hong Kong................... 403,385 47,936,233 -- 48,339,618
Ireland..................... 2,532,163 6,654,201 -- 9,186,364
Israel...................... 4,046,890 8,282,354 -- 12,329,244
Italy....................... 885,510 44,602,368 -- 45,487,878
Japan....................... 5,510,303 361,747,981 -- 367,258,284
Netherlands................. 4,851,289 39,821,491 -- 44,672,780
New Zealand................. 5,262 7,570,855 -- 7,576,117
Norway...................... 1,269,030 13,979,454 -- 15,248,484
Portugal.................... -- 5,340,139 -- 5,340,139
Russia...................... -- 20,624 -- 20,624
Singapore................... 20,671 23,321,997 -- 23,342,668
Spain....................... 1,127,379 40,249,468 -- 41,376,847
Sweden...................... -- 52,029,839 -- 52,029,839
Switzerland................. 5,796,329 105,781,692 -- 111,578,021
United Kingdom.............. 46,124,677 258,063,077 -- 304,187,754
United States............... 175,712 -- -- 175,712
Preferred Stocks
Germany..................... -- 7,025,512 -- 7,025,512
Rights/Warrants
Australia................... -- -- -- --
Austria..................... -- -- -- --
Belgium..................... -- 11,282 -- 11,282
Canada...................... -- 326 -- 326
France...................... -- 33 -- 33
Hong Kong................... -- 134,516 -- 134,516
Italy....................... -- -- -- --
Singapore................... -- 99 -- 99
Spain....................... -- 95,186 -- 95,186
Securities Lending Collateral. -- 200,245,612 -- 200,245,612
------------ -------------- -- --------------
TOTAL......................... $226,911,131 $1,625,720,555 -- $1,852,631,686
============ ============== == ==============
See accompanying Notes to Financial Statements.
65
WORLD EX U.S. VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Shares Value+
-------- -------------
AFFILIATED INVESTMENT COMPANIES -- (100.0%)
Investment in The DFA International Value Series of
The DFA Investment Trust Company........................... $ 88,056,562
Investment in Dimensional Emerging Markets Value Fund........ 27,647,174
Investment in DFA International Small Cap Value Portfolio of
DFA Investment Dimensions Group Inc........................ 500,681 10,238,921
-------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $112,754,316)..................................... 125,942,657
-------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $112,754,316)..................................... $ 125,942,657
=============
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-----------------------------------------
Level 1 Level 2 Level 3 Total
------------ ------- ------- ------------
Affiliated Investment Companies. $125,942,657 -- -- $125,942,657
------------ -- -- ------------
TOTAL........................... $125,942,657 -- -- $125,942,657
============ == == ============
See accompanying Notes to Financial Statements.
66
WORLD EX U.S. TARGETED VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Shares Value+
---------- -------------
AFFILIATED INVESTMENT COMPANIES -- (100.0%)
Investment in DFA International Small Cap Value Portfolio of
DFA Investment Dimensions Group Inc........................ 6,873,893 $ 140,571,108
Investment in Dimensional Emerging Markets Value Fund........ 51,917,113
Investment in International Vector Equity Portfolio of
DFA Investment Dimensions Group Inc........................ 1,729,352 20,354,478
Investment in The Emerging Markets Small Cap Series of
The DFA Investment Trust Company........................... 13,560,995
-------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $206,884,839)..................................... 226,403,694
-------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $206,884,839)..................................... $ 226,403,694
=============
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-----------------------------------------
Level 1 Level 2 Level 3 Total
------------ ------- ------- ------------
Affiliated Investment Companies. $226,403,694 -- -- $226,403,694
------------ -- -- ------------
TOTAL........................... $226,403,694 -- -- $226,403,694
============ == == ============
See accompanying Notes to Financial Statements.
67
WORLD EX U.S. CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.6%)
AUSTRALIA -- (4.3%)
Australia & New Zealand Banking Group, Ltd.......... 68,414 $ 1,830,612 0.2%
BHP Billiton, Ltd................................... 175,073 4,470,729 0.6%
Macquarie Group, Ltd................................ 23,258 1,425,076 0.2%
Woodside Petroleum, Ltd............................. 52,797 1,455,993 0.2%
Other Securities.................................... 30,150,647 3.5%
------------- --------
TOTAL AUSTRALIA......................................... 39,333,057 4.7%
------------- --------
AUSTRIA -- (0.3%)
Other Securities.................................... 2,660,904 0.3%
------------- --------
BELGIUM -- (1.1%)
Anheuser-Busch InBev NV............................. 13,963 1,699,971 0.2%
Other Securities.................................... 8,035,970 1.0%
------------- --------
TOTAL BELGIUM........................................... 9,735,941 1.2%
------------- --------
BRAZIL -- (1.0%)
Other Securities.................................... 9,490,088 1.1%
------------- --------
CANADA -- (6.0%)
Canadian Natural Resources, Ltd..................... 45,054 1,498,046 0.2%
Royal Bank of Canada................................ 22,236 1,478,249 0.2%
Suncor Energy, Inc.................................. 57,930 1,888,518 0.2%
Other Securities.................................... 49,479,604 5.9%
------------- --------
TOTAL CANADA............................................ 54,344,417 6.5%
------------- --------
CHILE -- (0.3%)
Other Securities.................................... 2,379,583 0.3%
------------- --------
CHINA -- (6.0%)
Bank of China, Ltd. Class H......................... 2,448,000 1,677,377 0.2%
China Construction Bank Corp. Class H............... 3,704,000 3,595,600 0.5%
CNOOC, Ltd. ADR..................................... 8,035 1,375,994 0.2%
Industrial & Commercial Bank of China, Ltd. Class H. 3,369,000 2,931,147 0.4%
Tencent Holdings, Ltd............................... 75,900 1,566,490 0.2%
Other Securities.................................... 43,225,615 5.0%
------------- --------
TOTAL CHINA............................................. 54,372,223 6.5%
------------- --------
COLOMBIA -- (0.1%)
Other Securities.................................... 728,623 0.1%
------------- --------
CZECH REPUBLIC -- (0.0%)
Other Securities.................................... 349,745 0.0%
------------- --------
DENMARK -- (1.1%)
Other Securities.................................... 9,977,307 1.2%
------------- --------
EGYPT -- (0.0%)
Other Securities.................................... 96,100 0.0%
------------- --------
FINLAND -- (1.0%)
Other Securities.................................... 9,453,603 1.1%
------------- --------
68
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
FRANCE -- (5.0%)
BNP Paribas SA........................... 21,407 $ 1,351,879 0.2%
Cie de Saint-Gobain...................... 42,131 1,914,731 0.2%
Cie Generale des Etablissements Michelin. 15,526 1,731,394 0.2%
GDF Suez................................. 67,562 1,374,643 0.2%
Orange SA................................ 96,048 1,582,037 0.2%
Total SA................................. 76,225 4,127,580 0.5%
Other Securities......................... 33,743,218 3.9%
------------- --------
TOTAL FRANCE................................. 45,825,482 5.4%
------------- --------
GERMANY -- (4.4%)
BASF SE.................................. 22,820 2,267,122 0.3%
Bayerische Motoren Werke AG.............. 15,244 1,798,252 0.2%
Daimler AG............................... 37,233 3,579,829 0.4%
Deutsche Telekom AG...................... 87,107 1,601,083 0.2%
Other Securities......................... 30,714,577 3.6%
------------- --------
TOTAL GERMANY................................ 39,960,863 4.7%
------------- --------
GREECE -- (0.1%)
Other Securities......................... 536,558 0.1%
------------- --------
HONG KONG -- (2.0%)
Other Securities......................... 18,462,511 2.2%
------------- --------
HUNGARY -- (0.1%)
Other Securities......................... 636,326 0.1%
------------- --------
INDIA -- (1.7%)
Other Securities......................... 15,930,549 1.9%
------------- --------
INDONESIA -- (0.7%)
Other Securities......................... 6,126,601 0.7%
------------- --------
IRELAND -- (0.4%)
Other Securities......................... 3,463,070 0.4%
------------- --------
ISRAEL -- (0.5%)
Other Securities......................... 4,102,690 0.5%
------------- --------
ITALY -- (1.7%)
Eni SpA.................................. 72,310 1,387,329 0.2%
Other Securities......................... 13,770,788 1.6%
------------- --------
TOTAL ITALY.................................. 15,158,117 1.8%
------------- --------
JAPAN -- (15.2%)
Honda Motor Co., Ltd..................... 50,300 1,686,326 0.2%
Mitsubishi UFJ Financial Group, Inc...... 330,300 2,346,567 0.3%
Mizuho Financial Group, Inc.............. 1,147,800 2,188,028 0.3%
Sumitomo Mitsui Financial Group, Inc..... 37,600 1,641,788 0.2%
Toyota Motor Corp........................ 75,200 5,234,606 0.6%
Toyota Motor Corp. Sponsored ADR......... 10,100 1,404,102 0.2%
Other Securities......................... 123,868,986 14.7%
------------- --------
TOTAL JAPAN.................................. 138,370,403 16.5%
------------- --------
MALAYSIA -- (0.7%)
Other Securities......................... 6,793,009 0.8%
------------- --------
69
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
MEXICO -- (0.9%)
Other Securities.............. $ 7,902,334 0.9%
------------- --------
NETHERLANDS -- (1.8%)
Other Securities.............. 16,542,722 2.0%
------------- --------
NEW ZEALAND -- (0.3%)
Other Securities.............. 2,872,207 0.3%
------------- --------
NORWAY -- (0.6%)
Other Securities.............. 5,745,289 0.7%
------------- --------
PERU -- (0.0%)
Other Securities.............. 207,815 0.0%
------------- --------
PHILIPPINES -- (0.4%)
Other Securities.............. 3,224,116 0.4%
------------- --------
POLAND -- (0.4%)
Other Securities.............. 3,239,287 0.4%
------------- --------
PORTUGAL -- (0.2%)
Other Securities.............. 2,035,096 0.2%
------------- --------
RUSSIA -- (0.2%)
Other Securities.............. 2,015,145 0.2%
------------- --------
SINGAPORE -- (0.9%)
Other Securities.............. 7,974,465 0.9%
------------- --------
SOUTH AFRICA -- (1.9%)
MTN Group, Ltd................ 78,082 1,567,802 0.2%
Other Securities.............. 15,937,655 1.9%
------------- --------
TOTAL SOUTH AFRICA................ 17,505,457 2.1%
------------- --------
SOUTH KOREA -- (3.4%)
Samsung Electronics Co., Ltd.. 3,003 3,939,497 0.5%
Other Securities.............. 27,198,292 3.2%
------------- --------
TOTAL SOUTH KOREA................. 31,137,789 3.7%
------------- --------
SPAIN -- (1.7%)
Banco Santander SA............ 195,291 1,476,511 0.2%
Iberdrola SA.................. 287,292 1,922,928 0.2%
Other Securities.............. 12,446,088 1.5%
------------- --------
TOTAL SPAIN....................... 15,845,527 1.9%
------------- --------
SWEDEN -- (2.1%)
Other Securities.............. 19,321,712 2.3%
------------- --------
SWITZERLAND -- (4.6%)
ABB, Ltd...................... 91,981 2,015,528 0.3%
Cie Financiere Richemont SA... 20,413 1,819,470 0.2%
Nestle SA..................... 75,808 5,881,504 0.7%
Novartis AG................... 16,684 1,702,971 0.2%
Novartis AG ADR............... 20,738 2,111,128 0.3%
Roche Holding AG.............. 7,534 2,155,893 0.3%
Syngenta AG................... 5,708 1,910,065 0.2%
Other Securities.............. 24,108,097 2.8%
------------- --------
TOTAL SWITZERLAND................. 41,704,656 5.0%
------------- --------
70
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
TAIWAN -- (3.3%)
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR. 67,267 $ 1,644,005 0.2%
Other Securities........................................... 28,366,415 3.4%
------------- --------
TOTAL TAIWAN................................................... 30,010,420 3.6%
------------- --------
THAILAND -- (0.7%)
Other Securities........................................... 5,935,674 0.7%
------------- --------
TURKEY -- (0.3%)
Other Securities........................................... 2,727,152 0.3%
------------- --------
UNITED KINGDOM -- (13.2%)
AstraZeneca P.L.C. Sponsored ADR........................... 24,619 1,685,909 0.2%
BP P.L.C. Sponsored ADR.................................... 101,426 4,377,546 0.5%
HSBC Holdings P.L.C. Sponsored ADR......................... 61,863 3,070,261 0.4%
Lloyds Banking Group P.L.C................................. 1,445,611 1,712,003 0.2%
Rio Tinto P.L.C. Sponsored ADR............................. 48,267 2,161,879 0.3%
Royal Dutch Shell P.L.C. ADR(B03MM73)...................... 36,390 2,350,430 0.3%
Royal Dutch Shell P.L.C. ADR(780259206).................... 43,355 2,750,008 0.3%
Other Securities........................................... 101,924,941 12.1%
------------- --------
TOTAL UNITED KINGDOM........................................... 120,032,977 14.3%
------------- --------
TOTAL COMMON STOCKS............................................ 824,267,610 98.0%
------------- --------
PREFERRED STOCKS -- (1.0%)
BRAZIL -- (0.6%)
Other Securities........................................... 5,264,935 0.6%
------------- --------
CHILE -- (0.0%)
Other Securities........................................... 15,718 0.0%
------------- --------
COLOMBIA -- (0.0%)
Other Securities........................................... 115,834 0.0%
------------- --------
GERMANY -- (0.4%)
Volkswagen AG.............................................. 8,564 2,204,764 0.3%
Other Securities........................................... 1,414,879 0.2%
------------- --------
TOTAL GERMANY.................................................. 3,619,643 0.5%
------------- --------
TOTAL PREFERRED STOCKS......................................... 9,016,130 1.1%
------------- --------
RIGHTS/WARRANTS -- (0.0%)
AUSTRALIA -- (0.0%)
Other Securities........................................... -- 0.0%
------------- --------
BELGIUM -- (0.0%)
Other Securities........................................... 1,691 0.0%
------------- --------
BRAZIL -- (0.0%)
Other Securities........................................... -- 0.0%
------------- --------
CANADA -- (0.0%)
Other Securities........................................... 149 0.0%
------------- --------
CHINA -- (0.0%)
Other Securities........................................... 1,864 0.0%
------------- --------
HONG KONG -- (0.0%)
Other Securities........................................... 73,092 0.0%
------------- --------
71
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
ITALY -- (0.0%)
Other Securities................ $ -- 0.0%
------------ ------
MALAYSIA -- (0.0%)
Other Securities................ 953 0.0%
------------ ------
SOUTH AFRICA -- (0.0%)
Other Securities................ 138 0.0%
------------ ------
SPAIN -- (0.0%)
Other Securities................ 33,363 0.0%
------------ ------
TOTAL RIGHTS/WARRANTS.................. 111,250 0.0%
------------ ------
BONDS -- (0.0%)
INDIA -- (0.0%)
Other Securities................ 510 0.0%
------------ ------
Value+
- ------ -
SECURITIES LENDING COLLATERAL -- (8.4%)
(S)@ DFA Short Term Investment Fund.. 6,622,824 76,626,079 9.1%
------------ ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $860,083,149)................ $910,021,579 108.2%
============ ======
72
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------
Level 1 Level 2 Level 3 Total
----------- ------------ ------- ------------
Common Stocks
Australia...... $ 1,148,648 $ 38,184,409 -- $ 39,333,057
Austria........ -- 2,660,904 -- 2,660,904
Belgium........ 498,411 9,237,530 -- 9,735,941
Brazil......... 9,490,088 -- -- 9,490,088
Canada......... 54,299,585 44,832 -- 54,344,417
Chile.......... 2,379,583 -- -- 2,379,583
China.......... 3,954,876 50,417,347 -- 54,372,223
Colombia....... 728,623 -- -- 728,623
Czech Republic. -- 349,745 -- 349,745
Denmark........ 300,707 9,676,600 -- 9,977,307
Egypt.......... 21,970 74,130 -- 96,100
Finland........ 72,566 9,381,037 -- 9,453,603
France......... 2,290,536 43,534,946 -- 45,825,482
Germany........ 2,697,456 37,263,407 -- 39,960,863
Greece......... 66,159 470,399 -- 536,558
Hong Kong...... 85,564 18,376,947 -- 18,462,511
Hungary........ -- 636,326 -- 636,326
India.......... 1,091,832 14,838,717 -- 15,930,549
Indonesia...... 124,140 6,002,461 -- 6,126,601
Ireland........ 962,419 2,500,651 -- 3,463,070
Israel......... 1,276,229 2,826,461 -- 4,102,690
Italy.......... 384,348 14,773,769 -- 15,158,117
Japan.......... 3,266,026 135,104,377 -- 138,370,403
Malaysia....... -- 6,793,009 -- 6,793,009
Mexico......... 7,902,334 -- -- 7,902,334
Netherlands.... 2,112,760 14,429,962 -- 16,542,722
New Zealand.... -- 2,872,207 -- 2,872,207
Norway......... 471,177 5,274,112 -- 5,745,289
Peru........... 207,815 -- -- 207,815
Philippines.... 57,996 3,166,120 -- 3,224,116
Poland......... -- 3,239,287 -- 3,239,287
Portugal....... -- 2,035,096 -- 2,035,096
Russia......... 53,865 1,961,280 -- 2,015,145
Singapore...... 2,843 7,971,622 -- 7,974,465
South Africa... 1,611,378 15,894,079 -- 17,505,457
South Korea.... 842,176 30,295,613 -- 31,137,789
Spain.......... 1,084,828 14,760,699 -- 15,845,527
Sweden......... 174,982 19,146,730 -- 19,321,712
Switzerland.... 3,285,074 38,419,582 -- 41,704,656
Taiwan......... 1,894,465 28,115,955 -- 30,010,420
Thailand....... 5,935,674 -- -- 5,935,674
Turkey......... 26,544 2,700,608 -- 2,727,152
United Kingdom. 29,063,967 90,969,010 -- 120,032,977
Preferred Stocks
Brazil......... 5,264,935 -- -- 5,264,935
Chile.......... 15,718 -- -- 15,718
Colombia....... 115,834 -- -- 115,834
Germany........ -- 3,619,643 -- 3,619,643
73
WORLD EX U.S. CORE EQUITY PORTFOLIO
CONTINUED
Investments in Securities (Market Value)
----------------------------------------------
Level 1 Level 2 Level 3 Total
------------ ------------ ------- ------------
Rights/Warrants
Australia................... -- -- -- --
Belgium..................... -- $ 1,691 -- $ 1,691
Brazil...................... -- -- -- --
Canada...................... -- 149 -- 149
China....................... -- 1,864 -- 1,864
Hong Kong................... -- 73,092 -- 73,092
Italy....................... -- -- -- --
Malaysia.................... -- 953 -- 953
South Africa................ -- 138 -- 138
Spain....................... -- 33,363 -- 33,363
Bonds
India....................... -- 510 -- 510
Securities Lending Collateral. -- 76,626,079 -- 76,626,079
------------ ------------ -- ------------
TOTAL......................... $145,264,131 $764,757,448 -- $910,021,579
============ ============ == ============
See accompanying Notes to Financial Statements.
74
WORLD CORE EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Shares Value+
--------- ------------
AFFILIATED INVESTMENT COMPANIES -- (100.0%)
Investment in U.S. Core Equity 1 Portfolio of
DFA Investment Dimensions Group Inc.................... 3,895,874 $ 71,333,458
Investment in International Core Equity Portfolio of
DFA Investment Dimensions Group Inc.................... 4,178,516 53,359,649
Investment in Emerging Markets Core Equity Portfolio of
DFA Investment Dimensions Group Inc.................... 718,436 14,814,156
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $135,804,254)................................. 139,507,263
------------
TEMPORARY CASH INVESTMENTS -- (0.0%)
State Street Institutional Liquid Reserves, 0.098%
(Cost $38,661)......................................... 38,661 38,661
------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $135,842,915)................................. $139,545,924
============
Summary of the Fund's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-----------------------------------------
Level 1 Level 2 Level 3 Total
------------ ------- ------- ------------
Affiliated Investment Companies. $139,507,263 -- -- $139,507,263
Temporary Cash Investments...... 38,661 -- -- 38,661
------------ -- -- ------------
TOTAL........................... $139,545,924 -- -- $139,545,924
============ == == ============
See accompanying Notes to Financial Statements.
75
SELECTIVELY HEDGED GLOBAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Shares Value+
--------- ------------
AFFILIATED INVESTMENT COMPANIES -- (100.0%)
Investment in U.S. Core Equity 2 Portfolio of
DFA Investment Dimensions Group Inc.................... 5,019,767 $ 89,653,032
Investment in International Core Equity Portfolio of
DFA Investment Dimensions Group Inc.................... 5,582,709 71,291,191
Investment in Emerging Markets Core Equity Portfolio of
DFA Investment Dimensions Group Inc.................... 1,527,657 31,500,297
------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES
(Cost $168,874,437)................................. 192,444,520
------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $168,874,437)................................. $192,444,520
============
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------
Level 1 Level 2 Level 3 Total
------------ --------- ------- ------------
Affiliated Investment Companies. $192,444,520 -- -- $192,444,520
Futures Contracts**............. 2,072 -- -- 2,072
Forward Currency Contracts**.... -- $(179,797) -- (179,797)
------------ --------- -- ------------
TOTAL........................... $192,446,592 $(179,797) -- $192,266,795
============ ========= == ============
**Not reflected in the Schedule of Investments, valued at the unrealized
appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
76
SCHEDULES OF INVESTMENTS
April 30, 2015
(Unaudited)
EMERGING MARKETS PORTFOLIO
Value+
--------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Emerging Markets Series of The DFA
Investment Trust Company.................................. $4,281,163,514
--------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$3,051,540,550)........................................ $4,281,163,514
==============
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
EMERGING MARKETS SMALL CAP PORTFOLIO
Value+
--------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The Emerging Markets Small Cap Series of The
DFA Investment Trust Company.............................. $5,638,580,164
--------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$4,997,148,426)........................................ $5,638,580,164
==============
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
EMERGING MARKETS VALUE PORTFOLIO
Value+
---------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in Dimensional Emerging Markets Value Fund....... $19,185,282,335
---------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$18,126,322,577)....................................... $19,185,282,335
===============
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
77
EMERGING MARKETS CORE EQUITY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.0%)
BRAZIL -- (5.3%)
AMBEV SA ADR........................................ 10,206,064 $ 64,604,385 0.4%
BM&FBovespa SA...................................... 10,072,689 41,488,266 0.2%
Ultrapar Participacoes SA........................... 1,698,450 39,088,111 0.2%
Other Securities.................................... 843,369,880 4.8%
-------------- -----
TOTAL BRAZIL............................................ 988,550,642 5.6%
-------------- -----
CANADA -- (0.0%)
Other Securities.................................... 1,182,757 0.0%
-------------- -----
CHILE -- (1.4%)
Other Securities.................................... 251,924,718 1.4%
-------------- -----
CHINA -- (16.5%)
Bank of China, Ltd. Class H......................... 156,176,702 107,012,743 0.6%
China Construction Bank Corp. Class H............... 194,087,302 188,407,233 1.1%
China Merchants Bank Co., Ltd. Class H.............. 14,076,646 42,523,314 0.3%
China Mobile, Ltd.(6073556)......................... 3,954,000 56,374,078 0.3%
China Mobile, Ltd.(2111375)......................... 1,846,091 131,866,280 0.8%
CNOOC, Ltd.......................................... 31,188,000 53,020,252 0.3%
# CNOOC, Ltd. ADR..................................... 237,300 40,637,625 0.2%
Industrial & Commercial Bank of China, Ltd. Class H. 198,793,725 172,957,453 1.0%
Ping An Insurance Group Co. of China, Ltd. Class H.. 2,966,000 42,569,772 0.3%
Tencent Holdings, Ltd............................... 9,155,700 188,963,305 1.1%
Other Securities.................................... 2,045,671,665 11.6%
-------------- -----
TOTAL CHINA............................................. 3,070,003,720 17.6%
-------------- -----
COLOMBIA -- (0.4%)
Other Securities.................................... 70,597,361 0.4%
-------------- -----
CZECH REPUBLIC -- (0.2%)
Other Securities.................................... 37,903,327 0.2%
-------------- -----
EGYPT -- (0.1%)
Other Securities.................................... 13,390,260 0.1%
-------------- -----
GREECE -- (0.3%)
Other Securities.................................... 64,662,428 0.4%
-------------- -----
HUNGARY -- (0.2%)
Other Securities.................................... 41,670,337 0.2%
-------------- -----
INDIA -- (9.4%)
Axis Bank, Ltd...................................... 4,488,760 40,225,403 0.2%
HDFC Bank, Ltd...................................... 2,994,559 46,795,818 0.3%
Infosys, Ltd. Sponsored ADR......................... 1,854,002 57,436,982 0.3%
Reliance Industries, Ltd............................ 3,980,031 54,145,856 0.3%
Tata Consultancy Services, Ltd...................... 1,338,928 52,106,170 0.3%
Other Securities.................................... 1,494,829,464 8.6%
-------------- -----
TOTAL INDIA............................................. 1,745,539,693 10.0%
-------------- -----
INDONESIA -- (2.6%)
Astra International Tbk PT.......................... 80,979,700 42,614,082 0.3%
78
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
INDONESIA -- (Continued)
Other Securities.................................... $ 442,287,564 2.5%
-------------- -----
TOTAL INDONESIA......................................... 484,901,646 2.8%
-------------- -----
MALAYSIA -- (3.8%)
Malayan Banking Bhd................................. 16,366,740 42,293,352 0.3%
# Public Bank Bhd..................................... 7,480,811 40,897,158 0.3%
Other Securities.................................... 628,591,408 3.5%
-------------- -----
TOTAL MALAYSIA.......................................... 711,781,918 4.1%
-------------- -----
MEXICO -- (4.3%)
America Movil S.A.B. de C.V. Series L ADR........... 3,134,148 65,472,351 0.4%
* Cemex S.A.B. de C.V. Sponsored ADR.................. 6,688,773 64,346,000 0.4%
* Fomento Economico Mexicano S.A.B. de C.V. Sponsored
ADR................................................ 613,039 55,473,899 0.3%
Grupo Financiero Banorte S.A.B. de C.V.............. 8,434,655 47,846,958 0.3%
Grupo Mexico S.A.B. de C.V. Series B................ 16,225,901 50,141,440 0.3%
* Grupo Televisa S.A.B. Sponsored ADR................. 1,795,492 65,373,864 0.4%
Other Securities.................................... 450,369,894 2.5%
-------------- -----
TOTAL MEXICO............................................ 799,024,406 4.6%
-------------- -----
PERU -- (0.1%)
Other Securities.................................... 23,791,158 0.1%
-------------- -----
PHILIPPINES -- (1.5%)
Other Securities.................................... 284,456,893 1.6%
-------------- -----
POLAND -- (1.8%)
Other Securities.................................... 333,167,887 1.9%
-------------- -----
RUSSIA -- (1.4%)
Gazprom OAO Sponsored ADR........................... 11,233,266 65,815,121 0.4%
Lukoil OAO Sponsored ADR............................ 773,408 39,564,078 0.2%
Other Securities.................................... 152,307,584 0.9%
-------------- -----
TOTAL RUSSIA............................................ 257,686,783 1.5%
-------------- -----
SOUTH AFRICA -- (7.9%)
Bidvest Group, Ltd. (The)........................... 1,828,182 49,551,158 0.3%
FirstRand, Ltd...................................... 10,939,290 52,258,001 0.3%
MTN Group, Ltd...................................... 8,388,251 168,426,963 1.0%
Naspers, Ltd. Class N............................... 648,822 101,790,943 0.6%
Sanlam, Ltd......................................... 8,072,284 52,208,426 0.3%
Sasol, Ltd.......................................... 1,053,229 42,406,656 0.3%
Sasol, Ltd. Sponsored ADR........................... 1,015,273 40,864,738 0.2%
Standard Bank Group, Ltd............................ 4,147,576 60,794,884 0.4%
Steinhoff International Holdings, Ltd............... 9,474,613 60,119,039 0.4%
Other Securities.................................... 844,511,813 4.6%
-------------- -----
TOTAL SOUTH AFRICA...................................... 1,472,932,621 8.4%
-------------- -----
SOUTH KOREA -- (14.2%)
Hyundai Motor Co.................................... 364,834 57,257,447 0.3%
Samsung Electronics Co., Ltd........................ 369,094 484,197,303 2.8%
SK Hynix, Inc....................................... 1,234,672 52,825,508 0.3%
Other Securities.................................... 2,054,249,355 11.7%
-------------- -----
TOTAL SOUTH KOREA....................................... 2,648,529,613 15.1%
-------------- -----
79
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SPAIN -- (0.0%)
Other Securities....................................... $ 7,117,244 0.0%
--------------- -----
TAIWAN -- (14.0%)
Hon Hai Precision Industry Co., Ltd.................... 44,256,377 132,611,867 0.8%
Taiwan Semiconductor Manufacturing Co., Ltd............ 41,147,652 198,095,972 1.2%
# Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored
ADR................................................... 4,191,117 102,430,899 0.6%
Other Securities....................................... 2,168,451,547 12.3%
--------------- -----
TOTAL TAIWAN............................................... 2,601,590,285 14.9%
--------------- -----
THAILAND -- (2.9%)
PTT PCL................................................ 4,153,080 44,850,492 0.3%
Other Securities....................................... 492,690,975 2.8%
--------------- -----
TOTAL THAILAND............................................. 537,541,467 3.1%
--------------- -----
TURKEY -- (1.7%)
Other Securities....................................... 325,528,383 1.9%
--------------- -----
TOTAL COMMON STOCKS........................................ 16,773,475,547 95.9%
--------------- -----
PREFERRED STOCKS -- (2.9%)
BRAZIL -- (2.8%)
Banco Bradesco SA...................................... 5,978,666 63,815,828 0.4%
Banco Bradesco SA ADR.................................. 6,067,281 64,859,234 0.4%
Itau Unibanco Holding SA............................... 6,811,784 87,109,988 0.5%
Itau Unibanco Holding SA ADR........................... 6,607,239 84,704,804 0.5%
* Petroleo Brasileiro SA Sponsored ADR................... 5,086,335 44,149,388 0.3%
Other Securities....................................... 173,855,775 0.9%
--------------- -----
TOTAL BRAZIL............................................... 518,495,017 3.0%
--------------- -----
CHILE -- (0.0%)
Other Securities....................................... 1,894,541 0.0%
--------------- -----
COLOMBIA -- (0.1%)
Other Securities....................................... 15,047,080 0.1%
--------------- -----
TOTAL PREFERRED STOCKS..................................... 535,436,638 3.1%
--------------- -----
RIGHTS/WARRANTS -- (0.0%)
BRAZIL -- (0.0%)
Other Securities....................................... 257,608 0.0%
--------------- -----
CHINA -- (0.0%)
Other Securities....................................... 50,647 0.0%
--------------- -----
INDONESIA -- (0.0%)
Other Securities....................................... 2,514 0.0%
--------------- -----
MALAYSIA -- (0.0%)
Other Securities....................................... 231,665 0.0%
--------------- -----
POLAND -- (0.0%)
Other Securities....................................... -- 0.0%
--------------- -----
SOUTH AFRICA -- (0.0%)
Other Securities....................................... 8,995 0.0%
--------------- -----
80
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SOUTH KOREA -- (0.0%)
Other Securities................ $ 97,741 0.0%
--------------- ------
TAIWAN -- (0.0%)
Other Securities................ 141,016 0.0%
--------------- ------
THAILAND -- (0.0%)
Other Securities................ 154,792 0.0%
--------------- ------
TOTAL RIGHTS/WARRANTS.................. 944,978 0.0%
--------------- ------
BONDS -- (0.0%)
INDIA -- (0.0%)
Other Securities................ 112,611 0.0%
--------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (7.1%)
(S)@ DFA Short Term Investment Fund.. 114,928,259 1,329,719,957 7.6%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $16,792,023,438)............. $18,639,689,731 106.6%
=============== ======
81
EMERGING MARKETS CORE EQUITY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- --------------- ------- ---------------
Common Stocks
Brazil...................... $ 988,550,642 -- -- $ 988,550,642
Canada...................... 1,182,757 -- -- 1,182,757
Chile....................... 251,924,718 -- -- 251,924,718
China....................... 300,644,406 $ 2,769,359,314 -- 3,070,003,720
Colombia.................... 70,597,361 -- -- 70,597,361
Czech Republic.............. -- 37,903,327 -- 37,903,327
Egypt....................... 2,848,445 10,541,815 -- 13,390,260
Greece...................... 9,143,810 55,518,618 -- 64,662,428
Hungary..................... 266,476 41,403,861 -- 41,670,337
India....................... 146,211,693 1,599,328,000 -- 1,745,539,693
Indonesia................... 16,965,218 467,936,428 -- 484,901,646
Malaysia.................... -- 711,781,918 -- 711,781,918
Mexico...................... 798,983,068 41,338 -- 799,024,406
Peru........................ 23,791,158 -- -- 23,791,158
Philippines................. 10,357,506 274,099,387 -- 284,456,893
Poland...................... -- 333,167,887 -- 333,167,887
Russia...................... 7,192,756 250,494,027 -- 257,686,783
South Africa................ 124,781,873 1,348,150,748 -- 1,472,932,621
South Korea................. 98,205,892 2,550,323,721 -- 2,648,529,613
Spain....................... 7,117,244 -- -- 7,117,244
Taiwan...................... 132,464,278 2,469,126,007 -- 2,601,590,285
Thailand.................... 537,325,829 215,638 -- 537,541,467
Turkey...................... 4,116,922 321,411,461 -- 325,528,383
Preferred Stocks
Brazil...................... 518,495,017 -- -- 518,495,017
Chile....................... 1,894,541 -- -- 1,894,541
Colombia.................... 15,047,080 -- -- 15,047,080
Rights/Warrants
Brazil...................... -- 257,608 -- 257,608
China....................... -- 50,647 -- 50,647
Indonesia................... -- 2,514 -- 2,514
Malaysia.................... -- 231,665 -- 231,665
Poland...................... -- -- -- --
South Africa................ -- 8,995 -- 8,995
South Korea................. -- 97,741 -- 97,741
Taiwan...................... -- 141,016 -- 141,016
Thailand.................... -- 154,792 -- 154,792
Bonds
India....................... -- 112,611 -- 112,611
Securities Lending Collateral. -- 1,329,719,957 -- 1,329,719,957
-------------- --------------- -- ---------------
TOTAL......................... $4,068,108,690 $14,571,581,041 -- $18,639,689,731
============== =============== == ===============
See accompanying Notes to Financial Statements.
82
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
Enhanced U.S.
Large U.S. Large Cap U.S. Large Cap
Company Equity Value U.S. Targeted
Portfolio Portfolio* Portfolio Value Portfolio*
------------- -------------- -------------- ----------------
ASSETS:
Investments in Affiliated Investment Company at Value............... -- -- $ 15,827,842 --
Investments at Value (including $0, $26,362, $0 and $1,145,884 of
securities on loan, respectively).................................. $ 216,452 $ 546,314 -- $ 6,388,548
Temporary Cash Investments at Value & Cost.......................... -- 1,676 -- 11,931
Collateral from Securities on Loan Invested in Affiliate at Value &
Cost............................................................... -- 23,337 -- 1,099,021
Cash................................................................ 219 -- -- --
Receivables:
Investment Securities/Affiliated Investment Company Sold.......... 5,258 -- -- 16,602
Dividends Interest and Tax Reclaims............................... 715 468 -- 2,389
Securities Lending Income......................................... -- 10 -- 599
Fund Shares Sold.................................................. 132 266 10,331 9,099
Prepaid Expenses and Other Assets................................... 16 23 99 82
------------ ------------ -------------- ------------
Total Assets.................................................... 222,792 572,094 15,838,272 7,528,271
------------ ------------ -------------- ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.................................. -- 23,337 -- 1,099,021
Investment Securities/Affiliated Investment Company
Purchased........................................................ 5,028 1,411 -- 17,700
Fund Shares Redeemed.............................................. 98 173 77,563 3,791
Due to Advisor.................................................... 36 60 1,958 1,852
Futures Margin Variation.......................................... 2,040 -- -- --
Accrued Expenses and Other Liabilities.............................. 19 22 452 269
------------ ------------ -------------- ------------
Total Liabilities............................................... 7,221 25,003 79,973 1,122,633
------------ ------------ -------------- ------------
NET ASSETS.......................................................... $ 215,571 $ 547,091 $ 15,758,299 $ 6,405,638
============ ============ ============== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE:
Class R1 Shares -- based on net assets of $0; $0; $0 and $31,180
and shares outstanding of 0; 0; 0 and 1,369,168, respectively...... N/A N/A N/A $ 22.77
============ ============ ============== ============
NUMBER OF SHARES AUTHORIZED......................................... N/A N/A N/A 100,000,000
============ ============ ============== ============
Class R2 Shares -- based on net assets of $0; $0; $0 and $119,006
and shares outstanding of 0; 0; 0 and 5,241,679, respectively...... N/A N/A N/A $ 22.70
============ ============ ============== ============
NUMBER OF SHARES AUTHORIZED......................................... N/A N/A N/A 100,000,000
============ ============ ============== ============
Institutional Class Shares -- based on net assets of $215,571;
$547,091; $15,758,299 and $6,255,452 and shares outstanding of
17,297,979; 41,824,506; 457,223,555 and 274,961,911,
respectively....................................................... $ 12.46 $ 13.08 $ 34.47 $ 22.75
============ ============ ============== ============
NUMBER OF SHARES AUTHORIZED......................................... 300,000,000 100,000,000 2,000,000,000 700,000,000
============ ============ ============== ============
Investments in Affiliated Investment Company at Cost................ $ -- $ -- $ 10,500,397 $ --
============ ============ ============== ============
Investments at Cost................................................. $ 213,791 $ 497,574 $ -- $ 4,873,368
============ ============ ============== ============
NET ASSETS CONSIST OF:
Paid-In Capital..................................................... $ 202,344 $ 495,028 $ 9,991,444 $ 4,778,329
Undistributed Net Investment Income (Distributions in Excess of Net
Investment Income)................................................. 141 1,295 35,109 12,678
Accumulated Net Realized Gain (Loss)................................ 6,832 2,028 404,301 99,451
Net Unrealized Appreciation (Depreciation).......................... 6,254 48,740 5,327,445 1,515,180
------------ ------------ -------------- ------------
NET ASSETS.......................................................... $ 215,571 $ 547,091 $ 15,758,299 $ 6,405,638
============ ============ ============== ============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
83
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
U.S. Core U.S. Core U.S. Vector
U.S. Small Cap Equity 1 Equity 2 Equity
Value Portfolio* Portfolio* Portfolio* Portfolio*
---------------- -------------- -------------- --------------
ASSETS:
Investments at Value (including $2,037,646,
$1,635,754, $1,872,358 and $606,264 of
securities on loan, respectively)................... $ 12,247,214 $ 12,552,848 $ 14,462,262 $ 3,745,139
Temporary Cash Investments at Value & Cost........... 15,288 38,404 109,350 11,683
Collateral from Securities on Loan Invested in
Affiliate at Value & Cost........................... 1,939,162 1,325,776 1,519,291 517,853
Cash................................................. 3,864 15 43 89
Receivables:
Investment Securities Sold......................... 15,899 1,521 13,500 --
Dividends.......................................... 4,501 9,752 10,567 2,296
Securities Lending Income.......................... 1,130 541 723 280
Fund Shares Sold................................... 16,451 17,171 12,978 3,593
Prepaid Expenses and Other Assets.................... 115 129 170 54
-------------- -------------- -------------- --------------
Total Assets.................................... 14,243,624 13,946,157 16,128,884 4,280,987
-------------- -------------- -------------- --------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned................... 1,939,162 1,325,776 1,519,291 517,853
Investment Securities Purchased.................... 9,955 34,636 100,487 8,168
Fund Shares Redeemed............................... 46,835 19,685 8,624 1,933
Due to Advisor..................................... 5,131 1,758 2,396 930
Accrued Expenses and Other Liabilities............... 579 360 495 169
-------------- -------------- -------------- --------------
Total Liabilities............................... 2,001,662 1,382,215 1,631,293 529,053
-------------- -------------- -------------- --------------
NET ASSETS........................................... $ 12,241,962 $ 12,563,942 $ 14,497,591 $ 3,751,934
============== ============== ============== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$12,241,962; $12,563,942; $14,497,591 and
$3,751,934 and shares outstanding of
346,395,129; 686,221,021; 811,602,835 and
221,035,385, respectively........................... $ 35.34 $ 18.31 $ 17.86 $ 16.97
============== ============== ============== ==============
NUMBER OF SHARES AUTHORIZED.......................... 1,700,000,000 1,500,000,000 2,300,000,000 1,000,000,000
============== ============== ============== ==============
Investments at Cost.................................. $ 9,131,929 $ 8,873,570 $ 9,735,971 $ 2,570,299
============== ============== ============== ==============
NET ASSETS CONSIST OF:
Paid-In Capital...................................... $ 8,666,035 $ 8,772,627 $ 9,623,130 $ 2,518,625
Undistributed Net Investment Income (Distributions
in Excess of Net Investment Income)................. 22,137 25,698 30,115 7,019
Accumulated Net Realized Gain (Loss)................. 438,505 86,339 118,055 51,450
Net Unrealized Appreciation (Depreciation)........... 3,115,285 3,679,278 4,726,291 1,174,840
-------------- -------------- -------------- --------------
NET ASSETS........................................... $ 12,241,962 $ 12,563,942 $ 14,497,591 $ 3,751,934
============== ============== ============== ==============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
84
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
DFA Real
Estate Large Cap
U.S. Small Cap U.S. Micro Cap Securities International
Portfolio* Portfolio* Portfolio* Portfolio*
-------------- -------------- ------------ -------------
ASSETS:
Investments at Value (including $2,391,812, $895,215,
$368,615 and $336,975 of securities on loan,
respectively).............................................. $ 10,404,239 $ 5,144,120 $ 6,799,049 $ 3,328,273
Temporary Cash Investments at Value & Cost.................. 45,325 4,275 13,789 --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... 2,357,994 907,167 219,060 330,890
Foreign Currencies at Value................................. -- -- -- 5,369
Cash........................................................ 876 627 -- 7,811
Receivables:
Investment Securities Sold................................ 7,842 4,927 -- --
Dividends and Tax Reclaims................................ 3,201 1,846 4,829 12,760
Securities Lending Income................................. 986 546 40 507
Fund Shares Sold.......................................... 9,290 1,756 3,506 1,941
Unrealized Gain on Foreign Currency Contracts............... -- -- -- 7
Prepaid Expenses and Other Assets........................... 79 49 67 48
-------------- -------------- ------------ ------------
Total Assets........................................... 12,829,832 6,065,313 7,040,340 3,687,606
-------------- -------------- ------------ ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... 2,357,994 907,167 219,060 330,890
Investment Securities Purchased........................... 47,685 2,237 -- 6,282
Fund Shares Redeemed...................................... 4,266 1,382 22,400 1,168
Due to Advisor............................................ 3,073 2,176 896 675
Accrued Expenses and Other Liabilities...................... 392 287 298 201
-------------- -------------- ------------ ------------
Total Liabilities...................................... 2,413,410 913,249 242,654 339,216
-------------- -------------- ------------ ------------
NET ASSETS.................................................. $ 10,416,422 $ 5,152,064 $ 6,797,686 $ 3,348,390
============== ============== ============ ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$10,416,422; $5,152,064; $6,797,686 and $3,348,390
and shares outstanding of 329,864,033; 263,319,377;
210,295,728 and 148,624,010, respectively.................. $ 31.58 $ 19.57 $ 32.32 $ 22.53
============== ============== ============ ============
NUMBER OF SHARES AUTHORIZED................................. 1,000,000,000 1,500,000,000 700,000,000 500,000,000
============== ============== ============ ============
Investments at Cost......................................... $ 7,782,857 $ 3,509,444 $ 4,572,407 $ 2,628,254
============== ============== ============ ============
Foreign Currencies at Cost.................................. $ -- $ -- $ -- $ 5,245
============== ============== ============ ============
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $ 7,537,266 $ 3,333,096 $ 4,799,181 $ 2,881,819
Undistributed Net Investment Income (Distributions in
Excess of Net Investment Income)........................... 13,541 6,987 4,909 26,965
Accumulated Net Realized Gain (Loss)........................ 244,233 177,305 (233,046) (260,664)
Net Unrealized Foreign Exchange Gain (Loss)................. -- -- -- 127
Net Unrealized Appreciation (Depreciation).................. 2,621,382 1,634,676 2,226,642 700,143
-------------- -------------- ------------ ------------
NET ASSETS.................................................. $ 10,416,422 $ 5,152,064 $ 6,797,686 $ 3,348,390
============== ============== ============ ============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
85
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
International Asia Pacific
International Small Japanese Small Small
Core Equity Company Company Company
Portfolio* Portfolio Portfolio Portfolio
-------------- -------------- -------------- ------------
ASSETS:
Investments in Affiliated Investment Companies at Value...... -- $ 9,294,710 $ 495,754 $ 267,083
Investments at Value (including $1,677,982, $0, $0 and $0 of
securities on loan, respectively)........................... $ 14,110,334 -- -- --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost................................................ 1,681,124 -- -- --
Foreign Currencies at Value.................................. 18,760 -- -- --
Cash......................................................... 93,852 8,156 -- --
Receivables:
Investment Securities Sold................................. 371 -- -- --
Dividends and Tax Reclaims................................. 56,662 -- -- --
Securities Lending Income.................................. 2,535 -- -- --
Fund Shares Sold........................................... 13,620 15,548 7 1
Unrealized Gain on Foreign Currency Contracts................ 235 -- -- --
Prepaid Expenses and Other Assets............................ 198 57 10 11
-------------- -------------- ------------ ------------
Total Assets............................................ 15,977,691 9,318,471 495,771 267,095
-------------- -------------- ------------ ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned........................... 1,681,124 -- -- --
Investment Securities Purchased............................ 99,685 -- -- --
Fund Shares Redeemed....................................... 9,139 3,867 29 11
Due to Advisor............................................. 4,000 2,997 163 85
Accrued Expenses and Other Liabilities....................... 679 349 16 15
-------------- -------------- ------------ ------------
Total Liabilities....................................... 1,794,627 7,213 208 111
-------------- -------------- ------------ ------------
NET ASSETS................................................... $ 14,183,064 $ 9,311,258 $ 495,563 $ 266,984
============== ============== ============ ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$14,183,064; $9,311,258; $495,563 and $266,984 and
shares outstanding of 1,110,655,692; 499,880,774;
24,516,599 and 12,107,379, respectively..................... $ 12.77 $ 18.63 $ 20.21 $ 22.05
============== ============== ============ ============
NUMBER OF SHARES AUTHORIZED.................................. 2,000,000,000 1,500,000,000 100,000,000 100,000,000
============== ============== ============ ============
Investments in Affiliated Investment Companies at Cost....... $ -- $ 8,039,542 $ 458,163 $ 267,789
============== ============== ============ ============
Investments at Cost.......................................... $ 12,447,009 $ -- $ -- $ --
============== ============== ============ ============
Foreign Currencies at Cost................................... $ 18,455 $ -- $ -- $ --
============== ============== ============ ============
NET ASSETS CONSIST OF:
Paid-In Capital.............................................. $ 12,576,692 $ 7,747,577 $ 513,199 $ 301,858
Undistributed Net Investment Income (Distributions in
Excess of Net Investment Income)............................ 112,724 6,786 (1,404) (4,831)
Accumulated Net Realized Gain (Loss)......................... (170,514) 301,541 (53,778) (29,337)
Net Unrealized Foreign Exchange Gain (Loss).................. 532 186 (45) --
Net Unrealized Appreciation (Depreciation)................... 1,663,630 1,255,168 37,591 (706)
-------------- -------------- ------------ ------------
NET ASSETS................................................... $ 14,183,064 $ 9,311,258 $ 495,563 $ 266,984
============== ============== ============ ============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
86
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
DFA DFA
United Continental International Global Real
Kingdom Small Small Real Estate Estate
Company Company Securities Securities
Portfolio Portfolio Portfolio* Portfolio*
------------- ------------ -------------- ------------
ASSETS:
Investments in Affiliated Investment Companies at
Value...................................................... $ 36,728 $ 247,535 -- $ 3,609,512
Investments at Value (including $0, $0, $190,775, $18,957
and $1,238,838 of securities on loan, respectively)........ -- -- $ 3,399,584 135,920
Temporary Cash Investments at Value & Cost.................. -- -- -- 1,520
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... -- -- 197,450 16,384
Foreign Currencies at Value................................. -- -- 9,099 --
Cash........................................................ -- -- 7,528 --
Receivables:
Investment Securities/Affiliated Investment Company
Sold..................................................... -- -- -- --
Dividends and Tax Reclaims................................ -- -- 14,375 95
Securities Lending Income................................. -- -- 345 --
Fund Shares Sold.......................................... 8 435 56,594 4,096
Unrealized Gain on Foreign Currency Contracts............... -- -- 41 --
Prepaid Expenses and Other Assets........................... 10 13 49 86
------------ ------------ -------------- ------------
Total Assets............................................ 36,746 247,983 3,685,065 3,767,613
------------ ------------ -------------- ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... -- -- 197,450 16,384
Investment Securities/Affiliated Investment Company
Purchased................................................ -- -- 16,538 --
Fund Shares Redeemed...................................... 17 65 11,565 4,345
Due to Advisor............................................ 12 80 696 32
Unrealized Loss on Foreign Currency Contracts............... -- -- 16 --
Accrued Expenses and Other Liabilities...................... 4 12 158 78
------------ ------------ -------------- ------------
Total Liabilities....................................... 33 157 226,423 20,839
------------ ------------ -------------- ------------
NET ASSETS.................................................. $ 36,713 $ 247,826 $ 3,458,642 $ 3,746,774
============ ============ ============== ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$36,713; $247,826; $3,458,642; $3,746,774 and
$12,923,353 and shares outstanding of 1,030,197;
11,495,780; 628,990,113; 355,273,479 and
632,098,412, respectively.................................. $ 35.64 $ 21.56 $ 5.50 $ 10.55
============ ============ ============== ============
NUMBER OF SHARES AUTHORIZED................................. 100,000,000 100,000,000 1,200,000,000 500,000,000
============ ============ ============== ============
Investments in Affiliated Investment Companies at Cost...... $ 24,933 $ 207,811 $ -- $ 2,963,606
============ ============ ============== ============
Investments at Cost......................................... $ -- $ -- $ 2,951,917 $ 142,984
============ ============ ============== ============
Foreign Currencies at Cost.................................. $ -- $ -- $ 8,939 $ --
============ ============ ============== ============
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $ 23,205 $ 220,145 $ 3,543,707 $ 3,125,034
Undistributed Net Investment Income (Distributions in
Excess of Net Investment Income)........................... 69 1,678 (276,194) 19,670
Accumulated Net Realized Gain (Loss)........................ 1,636 (13,851) (256,839) (36,772)
Net Unrealized Foreign Exchange Gain (Loss)................. 8 130 141 --
Net Unrealized Appreciation (Depreciation).................. 11,795 39,724 447,827 638,842
------------ ------------ -------------- ------------
NET ASSETS.................................................. $ 36,713 $ 247,826 $ 3,458,642 $ 3,746,774
============ ============ ============== ============
DFA
International
Small Cap
Value
Portfolio*
--------------
ASSETS:
Investments in Affiliated Investment Companies at
Value...................................................... --
Investments at Value (including $0, $0, $190,775, $18,957
and $1,238,838 of securities on loan, respectively)........ $ 12,800,002
Temporary Cash Investments at Value & Cost.................. --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... 1,313,269
Foreign Currencies at Value................................. 53,836
Cash........................................................ 16,066
Receivables:
Investment Securities/Affiliated Investment Company
Sold..................................................... 23,856
Dividends and Tax Reclaims................................ 63,607
Securities Lending Income................................. 2,322
Fund Shares Sold.......................................... 5,741
Unrealized Gain on Foreign Currency Contracts............... 10
Prepaid Expenses and Other Assets........................... 115
--------------
Total Assets............................................ 14,278,824
--------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... 1,313,269
Investment Securities/Affiliated Investment Company
Purchased................................................ 31,095
Fund Shares Redeemed...................................... 3,519
Due to Advisor............................................ 6,772
Unrealized Loss on Foreign Currency Contracts............... 117
Accrued Expenses and Other Liabilities...................... 699
--------------
Total Liabilities....................................... 1,355,471
--------------
NET ASSETS.................................................. $ 12,923,353
==============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$36,713; $247,826; $3,458,642; $3,746,774 and
$12,923,353 and shares outstanding of 1,030,197;
11,495,780; 628,990,113; 355,273,479 and
632,098,412, respectively.................................. $ 20.45
==============
NUMBER OF SHARES AUTHORIZED................................. 2,300,000,000
==============
Investments in Affiliated Investment Companies at Cost...... $ --
==============
Investments at Cost......................................... $ 10,719,926
==============
Foreign Currencies at Cost.................................. $ 53,059
==============
NET ASSETS CONSIST OF:
Paid-In Capital............................................. $ 10,546,312
Undistributed Net Investment Income (Distributions in
Excess of Net Investment Income)........................... 3,808
Accumulated Net Realized Gain (Loss)........................ 291,696
Net Unrealized Foreign Exchange Gain (Loss)................. 684
Net Unrealized Appreciation (Depreciation).................. 2,080,853
--------------
NET ASSETS.................................................. $ 12,923,353
==============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
87
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
International World ex U.S. World ex U.S.
Vector Equity World ex U.S. Targeted Value Core Equity
Portfolio* Value Portfolio Portfolio Portfolio*
------------- --------------- -------------- -------------
ASSETS:
Investments in Affiliated Investment Companies at Value...... -- $ 125,943 $ 226,404 --
Investments at Value (including $190,253, $0, $0, $73,355
and $0 of securities on loan, respectively)................. $ 1,652,386 -- -- $ 833,395
Temporary Cash Investments at Value & Cost................... -- -- -- --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost................................................ 200,246 -- -- 76,626
Foreign Currencies at Value.................................. 1,570 -- -- 664
Cash......................................................... 6,288 -- 512 5,759
Receivables:
Investment Securities Sold................................. 111 -- -- --
Dividends and Tax Reclaims................................. 6,528 -- -- 2,659
Securities Lending Income.................................. 300 -- -- 112
Fund Shares Sold........................................... 2,126 -- 416 2,241
From Advisor............................................... -- -- -- --
Unrealized Gain on Foreign Currency Contracts................ -- -- -- 5
Prepaid Expenses and Other Assets............................ 36 11 21 39
------------ ------------ ------------ ------------
Total Assets............................................. 1,869,591 125,954 227,353 921,500
------------ ------------ ------------ ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned........................... 200,246 -- -- 76,626
Investment Securities Purchased............................ 1,417 -- 282 3,316
Fund Shares Redeemed....................................... 411 1 9 339
Due to Advisor............................................. 595 41 21 134
Line of Credit............................................. -- 50 -- --
Unrealized Loss on Foreign Currency Contracts................ 5 -- -- 4
Accrued Expenses and Other Liabilities....................... 78 7 10 36
------------ ------------ ------------ ------------
Total Liabilities........................................ 202,752 99 322 80,455
------------ ------------ ------------ ------------
NET ASSETS................................................... $ 1,666,839 $ 125,855 $ 227,031 $ 841,045
============ ============ ============ ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$1,666,839; $125,855; $227,031; $841,045 and $141,393
and shares outstanding of 141,635,862; 10,552,000;
17,937,277; 75,984,790 and 10,209,686, respectively......... $ 11.77 $ 11.93 $ 12.66 $ 11.07
============ ============ ============ ============
NUMBER OF SHARES AUTHORIZED.................................. 500,000,000 100,000,000 100,000,000 100,000,000
============ ============ ============ ============
Investments in Affiliated Investment Companies at Cost....... $ -- $ 112,754 $ 206,885 $ --
============ ============ ============ ============
Investments at Cost.......................................... $ 1,420,886 $ -- $ -- $ 783,457
============ ============ ============ ============
Foreign Currencies at Cost................................... $ 1,549 $ -- $ -- $ 660
============ ============ ============ ============
NET ASSETS CONSIST OF:
Paid-In Capital.............................................. $ 1,420,111 $ 112,949 $ 209,557 $ 796,415
Undistributed Net Investment Income (Distributions in Excess
of Net Investment Income)................................... 12,974 793 (25) 4,963
Accumulated Net Realized Gain (Loss)......................... 2,195 (1,041) (2,020) (10,298)
Net Unrealized Foreign Exchange Gain (Loss).................. 38 (35) -- 23
Net Unrealized Appreciation (Depreciation)................... 231,521 13,189 19,519 49,942
------------ ------------ ------------ ------------
NET ASSETS................................................... $ 1,666,839 $ 125,855 $ 227,031 $ 841,045
============ ============ ============ ============
World Core
Equity
Portfolio
------------
ASSETS:
Investments in Affiliated Investment Companies at Value...... $ 139,507
Investments at Value (including $190,253, $0, $0, $73,355
and $0 of securities on loan, respectively)................. --
Temporary Cash Investments at Value & Cost................... 39
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost................................................ --
Foreign Currencies at Value.................................. --
Cash......................................................... --
Receivables:
Investment Securities Sold................................. --
Dividends and Tax Reclaims................................. --
Securities Lending Income.................................. --
Fund Shares Sold........................................... 1,859
From Advisor............................................... 1
Unrealized Gain on Foreign Currency Contracts................ --
Prepaid Expenses and Other Assets............................ 13
------------
Total Assets............................................. 141,419
------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned........................... --
Investment Securities Purchased............................ --
Fund Shares Redeemed....................................... 12
Due to Advisor............................................. --
Line of Credit............................................. --
Unrealized Loss on Foreign Currency Contracts................ --
Accrued Expenses and Other Liabilities....................... 14
------------
Total Liabilities........................................ 26
------------
NET ASSETS................................................... $ 141,393
============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Institutional Class Shares -- based on net assets of
$1,666,839; $125,855; $227,031; $841,045 and $141,393
and shares outstanding of 141,635,862; 10,552,000;
17,937,277; 75,984,790 and 10,209,686, respectively......... $ 13.85
============
NUMBER OF SHARES AUTHORIZED.................................. 100,000,000
============
Investments in Affiliated Investment Companies at Cost....... $ 135,804
============
Investments at Cost.......................................... $ --
============
Foreign Currencies at Cost................................... $ --
============
NET ASSETS CONSIST OF:
Paid-In Capital.............................................. $ 137,810
Undistributed Net Investment Income (Distributions in Excess
of Net Investment Income)................................... (2)
Accumulated Net Realized Gain (Loss)......................... (118)
Net Unrealized Foreign Exchange Gain (Loss).................. --
Net Unrealized Appreciation (Depreciation)................... 3,703
------------
NET ASSETS................................................... $ 141,393
============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
88
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
Selectively Emerging
Hedged Global Emerging Markets Emerging
Equity Markets Small Cap Markets Value
Portfolio Portfolio Portfolio Portfolio
------------- ------------ ------------ --------------
ASSETS:
Investments in Affiliated Investment Companies at Value...... $ 192,445 $ 4,281,164 $ 5,638,580 $ 19,185,282
Investments at Value (including $0, $0, $0, $0 and
$1,882,111 of securities on loan, respectively)............. -- -- -- --
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost................................................ -- -- -- --
Segregated Cash for Futures Contracts........................ 340 -- -- --
Foreign Currencies at Value.................................. -- -- -- --
Cash......................................................... 7,599 -- -- --
Receivables:
Investment Securities/Affiliated Investment Companies
Sold...................................................... -- -- -- --
Dividends and Tax Reclaims................................. -- -- -- --
Securities Lending Income.................................. -- -- -- --
Fund Shares Sold........................................... 532 5,616 1,695 10,025
Unrealized Gain on Forward Currency Contracts................ 172 -- -- --
Unrealized Gain on Foreign Currency Contracts................ -- -- -- --
Prepaid Expenses and Other Assets............................ 12 46 51 89
------------ ------------ ------------ --------------
Total Assets............................................. 201,100 4,286,826 5,640,326 19,195,396
------------ ------------ ------------ --------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned........................... -- -- -- --
Investment Securities/Affiliated Investment Companies
Purchased................................................. -- -- -- --
Fund Shares Redeemed....................................... 5 1,147 1,130 33,046
Due to Advisor............................................. 6 1,379 2,035 6,157
Futures Margin Variation................................... 74 -- -- --
Unrealized Loss on Forward Currency Contracts................ 352 -- -- --
Unrealized Loss on Foreign Currency Contracts................ -- -- -- --
Accrued Expenses and Other Liabilities....................... 6 178 117 630
------------ ------------ ------------ --------------
Total Liabilities........................................ 443 2,704 3,282 39,833
------------ ------------ ------------ --------------
NET ASSETS................................................... $ 200,657 $ 4,284,122 $ 5,637,044 $ 19,155,563
============ ============ ============ ==============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Class R2 Shares -- based on net assets of $0; $0; $0;
$106,479 and $0 and shares outstanding of 0; 0; 0;
3,772,728 and 0, respectively............................... $ N/A $ N/A $ N/A $ 28.22
============ ============ ============ ==============
Institutional Class Shares -- based on net assets of
$200,657; $4,284,122; $5,637,044; $19,049,084 and
$17,485,579 and shares outstanding of 13,956,393;
158,059,739; 255,898,849; 674,163,807 and 848,130,266,
respectively................................................ $ 14.38 $ 27.10 $ 22.03 $ 28.26
============ ============ ============ ==============
NUMBER OF SHARES AUTHORIZED.................................. 100,000,000 500,000,000 500,000,000 1,500,000,000
============ ============ ============ ==============
Investments in Affiliated Investment Companies at Cost....... $ 168,874 $ 3,051,541 $ 4,997,148 $ 18,126,323
============ ============ ============ ==============
Investments at Cost.......................................... $ -- $ -- $ -- $ --
============ ============ ============ ==============
Foreign Currencies at Cost................................... $ -- $ -- $ -- $ --
============ ============ ============ ==============
NET ASSETS CONSIST OF:
Paid-In Capital.............................................. $ 175,141 $ 3,078,963 $ 4,888,947 $ 19,087,506
Undistributed Net Investment Income (Distributions in Excess
of Net Investment Income)................................... (457) 8,221 (10,897) (93,643)
Accumulated Net Realized Gain (Loss)......................... 2,580 (32,664) 117,645 (897,377)
Net Unrealized Foreign Exchange Gain (Loss).................. (180) (21) (83) 118
Net Unrealized Appreciation (Depreciation)................... 23,573 1,229,623 641,432 1,058,959
------------ ------------ ------------ --------------
NET ASSETS................................................... $ 200,657 $ 4,284,122 $ 5,637,044 $ 19,155,563
============ ============ ============ ==============
Emerging
Markets Core
Equity
Portfolio*
--------------
ASSETS:
Investments in Affiliated Investment Companies at Value...... --
Investments at Value (including $0, $0, $0, $0 and
$1,882,111 of securities on loan, respectively)............. $ 17,309,970
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost................................................ 1,329,720
Segregated Cash for Futures Contracts........................ --
Foreign Currencies at Value.................................. 82,472
Cash......................................................... 44,686
Receivables:
Investment Securities/Affiliated Investment Companies
Sold...................................................... 1,278
Dividends and Tax Reclaims................................. 21,890
Securities Lending Income.................................. 4,459
Fund Shares Sold........................................... 113,053
Unrealized Gain on Forward Currency Contracts................ --
Unrealized Gain on Foreign Currency Contracts................ 177
Prepaid Expenses and Other Assets............................ 205
--------------
Total Assets............................................. 18,907,910
--------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned........................... 1,329,720
Investment Securities/Affiliated Investment Companies
Purchased................................................. 52,065
Fund Shares Redeemed....................................... 31,523
Due to Advisor............................................. 7,723
Futures Margin Variation................................... --
Unrealized Loss on Forward Currency Contracts................ --
Unrealized Loss on Foreign Currency Contracts................ 72
Accrued Expenses and Other Liabilities....................... 1,228
--------------
Total Liabilities........................................ 1,422,331
--------------
NET ASSETS................................................... $ 17,485,579
==============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE:
Class R2 Shares -- based on net assets of $0; $0; $0;
$106,479 and $0 and shares outstanding of 0; 0; 0;
3,772,728 and 0, respectively............................... $ N/A
==============
Institutional Class Shares -- based on net assets of
$200,657; $4,284,122; $5,637,044; $19,049,084 and
$17,485,579 and shares outstanding of 13,956,393;
158,059,739; 255,898,849; 674,163,807 and 848,130,266,
respectively................................................ $ 20.62
==============
NUMBER OF SHARES AUTHORIZED.................................. 1,500,000,000
==============
Investments in Affiliated Investment Companies at Cost....... $ --
==============
Investments at Cost.......................................... $ 15,462,303
==============
Foreign Currencies at Cost................................... $ 81,893
==============
NET ASSETS CONSIST OF:
Paid-In Capital.............................................. $ 15,778,143
Undistributed Net Investment Income (Distributions in Excess
of Net Investment Income)................................... 32,711
Accumulated Net Realized Gain (Loss)......................... (173,311)
Net Unrealized Foreign Exchange Gain (Loss).................. (210)
Net Unrealized Appreciation (Depreciation)................... 1,848,246
--------------
NET ASSETS................................................... $ 17,485,579
==============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
89
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
Enhanced
U.S. Large U.S. Large U.S. Large U.S. Targeted
Company Cap Equity Cap Value Value
Portfolio Portfolio Portfolio* Portfolio
---------- ---------- ---------- -------------
Investment Income
Net Investment Income Allocated from Affiliated Investment Company:
Dividends (Net of Taxes Withheld of $0, $0, $2 and $0, respectively)... -- -- $172,239 --
Interest............................................................... -- -- 17 --
Income from Securities Lending......................................... -- -- 1,737 --
Expenses Allocated from Affiliated Investment Company.................. -- -- (8,473) --
------- ------- -------- --------
Total Net Investment Income Received from Affiliated Investment
Company.............................................................. -- -- 165,520 --
------- ------- -------- --------
Fund Investment Income
Dividends (Net of Taxes Withheld of $0, $1, $0 and $6, respectively)..... $ 91 $ 4,400 -- $ 47,888
Interest................................................................. 722 -- -- --
Income from Securities Lending........................................... 5 55 -- 3,147
------- ------- -------- --------
Total Investment Income............................................... 818 4,455 -- 51,035
------- ------- -------- --------
Fund Expenses
Investment Advisory Services Fees........................................ 219 336 -- 10,247
Administrative Services Fees............................................. -- -- 11,599 --
Accounting & Transfer Agent Fees......................................... 10 16 46 170
S&P 500(R) Fees.......................................................... 4 -- -- --
Custodian Fees........................................................... 4 17 -- 49
Shareholder Servicing Fees --
Class R1 Shares........................................................ -- -- -- 14
Class R2 Shares........................................................ -- -- -- 112
Filing Fees.............................................................. 10 13 90 54
Shareholders' Reports.................................................... 2 3 149 70
Directors'/Trustees' Fees & Expenses..................................... 1 2 57 22
Professional Fees........................................................ 2 4 24 51
Other.................................................................... 3 8 186 79
------- ------- -------- --------
Total Expenses........................................................ 255 399 12,151 10,868
------- ------- -------- --------
Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees
Recovered by Advisor (Note C)........................................... -- 28 -- --
Fees Paid Indirectly (Note C)............................................ (1) -- -- --
------- ------- -------- --------
Net Expenses............................................................. 254 427 12,151 10,868
------- ------- -------- --------
Net Investment Income (Loss)............................................. 564 4,028 153,369 40,167
------- ------- -------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold............................................. 1,844 1,661 404,525 101,300
Futures................................................................ 11,422 367 (67) (1,061)
Foreign Currency Transactions.......................................... 629 -- -- --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency............................. (1,612) 13,344 12,679 64,839
Futures................................................................ (3,469) -- 4 --
Translation of Foreign Currency Denominated Amounts.................... (191) -- -- --
------- ------- -------- --------
Net Realized and Unrealized Gain (Loss).................................. 8,623 15,372 417,141 165,078
------- ------- -------- --------
Net Increase (Decrease) in Net Assets Resulting from Operations............ $ 9,187 $19,400 $570,510 $205,245
======= ======= ======== ========
----------
* Investment Income and Realized and Unrealized Gain (Loss) were allocated from
the Portfolio's Master Fund (Affiliated Investment Company).
See accompanying Notes to Financial Statements.
90
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
U.S. Small U.S. Core U.S. Core U.S. Vector
Cap Value Equity 1 Equity 2 Equity
Portfolio Portfolio Portfolio Portfolio
---------- --------- --------- -----------
Investment Income
Dividends (Net of Taxes Withheld of $34, $24, $25 and $4,
respectively)................................................ $ 93,143 $112,024 $129,387 $ 32,072
Interest...................................................... -- 4 3 --
Income from Securities Lending................................ 4,177 3,058 4,314 1,649
--------- -------- -------- --------
Total Investment Income.................................... 97,320 115,086 133,704 33,721
--------- -------- -------- --------
Expenses
Investment Advisory Services Fees............................. 29,238 9,891 13,555 5,346
Accounting & Transfer Agent Fees.............................. 332 329 383 104
Custodian Fees................................................ 84 71 82 36
Filing Fees................................................... 74 81 101 35
Shareholders' Reports......................................... 108 71 87 39
Directors'/Trustees' Fees & Expenses.......................... 43 43 50 13
Professional Fees............................................. 106 99 120 32
Other......................................................... 156 152 178 50
--------- -------- -------- --------
Total Expenses............................................. 30,141 10,737 14,556 5,655
--------- -------- -------- --------
Net Investment Income (Loss).................................. 67,179 104,349 119,148 28,066
--------- -------- -------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold.................................. 449,654 86,839 119,176 52,746
Futures..................................................... (2,510) -- 1,793 (811)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities....................................... (162,368) 346,056 369,254 49,804
--------- -------- -------- --------
Net Realized and Unrealized Gain (Loss)....................... 284,776 432,895 490,223 101,739
--------- -------- -------- --------
Net Increase (Decrease) in Net Assets Resulting from Operations. $ 351,955 $537,244 $609,371 $129,805
========= ======== ======== ========
See accompanying Notes to Financial Statements.
91
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
DFA Real
Estate Large Cap
U.S. Small U.S. Micro Securities International
Cap Portfolio Cap Portfolio Portfolio Portfolio
------------- ------------- ---------- -------------
Investment Income
Dividends (Net of Taxes Withheld of $13, $8, $0 and $4,006,
respectively)............................................... $ 72,840 $ 34,362 $136,193 $ 46,151
Income from Securities Lending............................... 6,710 3,508 390 1,498
-------- -------- -------- --------
Total Investment Income................................... 79,550 37,870 136,583 47,649
-------- -------- -------- --------
Expenses
Investment Advisory Services Fees............................ 17,189 12,623 5,934 3,955
Accounting & Transfer Agent Fees............................. 279 146 199 96
Custodian Fees............................................... 77 44 37 148
Filing Fees.................................................. 57 41 50 29
Shareholders' Reports........................................ 94 53 80 58
Directors'/Trustees' Fees & Expenses......................... 36 19 26 12
Professional Fees............................................ 87 48 59 30
Other........................................................ 136 71 94 54
-------- -------- -------- --------
Total Expenses............................................ 17,955 13,045 6,479 4,382
-------- -------- -------- --------
Fees (Waived), (Expenses Reimbursed), and/or Previously
Waived Fees Recovered by Advisor (Note C)................... -- -- (196) --
Fees Paid Indirectly (Note C)................................ -- -- -- (7)
-------- -------- -------- --------
Net Expenses................................................. 17,955 13,045 6,283 4,375
-------- -------- -------- --------
Net Investment Income (Loss)................................. 61,595 24,825 130,300 43,274
-------- -------- -------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold................................. 262,832 186,042 (4,684) (20,004)
Futures.................................................... -- (2,258) -- 769
Foreign Currency Transactions.............................. -- -- -- (569)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency................. 86,745 (25,992) 35,996 148,032
Translation of Foreign Currency Denominated Amounts........ -- -- -- 317
-------- -------- -------- --------
Net Realized and Unrealized Gain (Loss)...................... 349,577 157,792 31,312 128,545
-------- -------- -------- --------
Net Increase (Decrease) in Net Assets Resulting from
Operations.................................................... $411,172 $182,617 $161,612 $171,819
======== ======== ======== ========
See accompanying Notes to Financial Statements.
92
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
International Japanese Asia Pacific
International Small Small Small
Core Equity Company Company Company
Portfolio Portfolio* Portfolio* Portfolio*
------------- ------------- ---------- ------------
Investment Income
Net Investment Income Allocated from Affiliated Investment
Companies:
Dividends (Net of Taxes Withheld of $0, $8,657, $519 and $111,
respectively).................................................... -- $111,084 $ 4,680 $ 4,990
Income from Securities Lending.................................... -- 9,391 448 414
Expenses Allocated from Affiliated Investment Companies........... -- (5,420) (311) (194)
-------- -------- ------- -------
Total Net Investment Income Received from Affiliated
Investment Companies............................................ -- 115,055 4,817 5,210
-------- -------- ------- -------
Fund Investment Income
Dividends (Net of Taxes Withheld of $15,460, $0, $0 and $0,
respectively)...................................................... $182,091 -- -- --
Interest............................................................ 2 9 -- --
Income from Securities Lending...................................... 8,610 -- -- --
-------- -------- ------- -------
Total Investment Income.......................................... 190,703 9 -- --
-------- -------- ------- -------
Fund Expenses
Investment Advisory Services Fees................................... 22,135 -- -- --
Administrative Services Fees........................................ -- 17,485 960 574
Accounting & Transfer Agent Fees.................................... 363 30 4 4
Custodian Fees...................................................... 764 1 -- --
Filing Fees......................................................... 110 54 10 10
Shareholders' Reports............................................... 115 108 2 3
Directors'/Trustees' Fees & Expenses................................ 46 32 2 1
Professional Fees................................................... 116 20 2 2
Other............................................................... 194 111 6 5
-------- -------- ------- -------
Total Expenses................................................... 23,843 17,841 986 599
-------- -------- ------- -------
Fees Paid Indirectly (Note C)....................................... (23) -- -- --
-------- -------- ------- -------
Net Expenses........................................................ 23,820 17,841 986 599
-------- -------- ------- -------
Net Investment Income (Loss)........................................ 166,883 97,223 3,831 4,611
-------- -------- ------- -------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold........................................ 138,114 317,803 8,141 (2,001)
Futures........................................................... -- (4,583) -- --
Foreign Currency Transactions..................................... (1,812) (2,994) 3 (163)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency........................ 502,048 228,991 21,325 (4,918)
Futures........................................................... -- (5) -- --
Translation of Foreign Currency Denominated Amounts............... 1,140 775 79 1
-------- -------- ------- -------
Net Realized and Unrealized Gain (Loss)............................. 639,490 539,987 29,548 (7,081)
-------- -------- ------- -------
Net Increase (Decrease) in Net Assets Resulting from
Operations........................................................... $806,373 $637,210 $33,379 $(2,470)
======== ======== ======= =======
----------
* Investment Income and Realized and Unrealized Gain (Loss) were allocated from
the Portfolio's Master Fund (Affiliated Investment Company).
See accompanying Notes to Financial Statements.
93
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
United DFA DFA
Kingdom Continental International Global
Small Small Real Estate Real Estate
Company Company Securities Securities
Portfolio* Portfolio* Portfolio Portfolio
---------- ----------- ------------- -----------
Investment Income
Net Investment Income Allocated from Affiliated Investment
Company:
Dividends (Net of Taxes Withheld of $2, $321, $0, $0 and $0,
respectively).................................................. $ 607 $ 2,155 -- --
Income Distributions Received from Affiliated Investment
Companies...................................................... -- -- -- $122,372
Income from Securities Lending.................................. 7 293 -- --
Expenses Allocated from Affiliated Investment Company........... (19) (122) -- --
------ ------- -------- --------
Total Net Investment Income Received from Affiliated
Investment Company............................................ 595 2,326 -- 122,372
------ ------- -------- --------
Fund Investment Income
Dividends (Net of Taxes Withheld of $0, $0, $8,008, $0 and
$10,912, respectively)........................................... -- -- $ 63,774 797
Income from Securities Lending.................................... -- -- 1,378 --
------ ------- -------- --------
Total Fund Investment Income................................... -- -- 65,152 797
------ ------- -------- --------
Fund Expenses
Investment Advisory Services Fees................................. -- -- 4,994 4,397
Administrative Services Fees...................................... 67 392 -- --
Accounting & Transfer Agent Fees.................................. 2 3 97 13
Custodian Fees.................................................... -- -- 204 1
Filing Fees....................................................... 8 11 34 44
Shareholders' Reports............................................. 1 2 37 52
Directors'/Trustees' Fees & Expenses.............................. -- 1 12 13
Professional Fees................................................. 1 1 30 8
Other............................................................. 1 3 52 33
------ ------- -------- --------
Total Expenses................................................. 80 413 5,460 4,561
------ ------- -------- --------
Fees (Waived), (Expenses Reimbursed), and/or Previously
Waived Fees Recovered by Advisor (Note C)........................ (2) -- -- (3,559)
Fees Paid Indirectly (Note C)..................................... -- -- (8) --
------ ------- -------- --------
Net Expenses...................................................... 78 413 5,452 1,002
------ ------- -------- --------
Net Investment Income (Loss)...................................... 517 1,913 59,700 122,167
------ ------- -------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold...................................... 1,823 7,640 (17,397) 80
Futures......................................................... -- (267) -- --
Foreign Currency Transactions................................... (11) (56) (852) --
In-Kind Redemptions............................................. -- -- -- --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency...................... 432 15,005 80,713 (32,470)
Futures......................................................... -- 4 -- --
Translation of Foreign Currency Denominated Amounts............. 5 10 422 --
------ ------- -------- --------
Net Realized and Unrealized Gain (Loss)........................... 2,249 22,336 62,886 (32,390)
------ ------- -------- --------
Net Increase (Decrease) in Net Assets Resulting from
Operations......................................................... $2,766 $24,249 $122,586 $ 89,777
====== ======= ======== ========
DFA
International
Small Cap
Value
Portfolio
-------------
Investment Income
Net Investment Income Allocated from Affiliated Investment
Company:
Dividends (Net of Taxes Withheld of $2, $321, $0, $0 and $0,
respectively).................................................. --
Income Distributions Received from Affiliated Investment
Companies...................................................... --
Income from Securities Lending.................................. --
Expenses Allocated from Affiliated Investment Company........... --
--------
Total Net Investment Income Received from Affiliated
Investment Company............................................ --
--------
Fund Investment Income
Dividends (Net of Taxes Withheld of $0, $0, $8,008, $0 and
$10,912, respectively)........................................... $155,153
Income from Securities Lending.................................... 8,719
--------
Total Fund Investment Income................................... 163,872
--------
Fund Expenses
Investment Advisory Services Fees................................. 38,530
Administrative Services Fees...................................... --
Accounting & Transfer Agent Fees.................................. 343
Custodian Fees.................................................... 814
Filing Fees....................................................... 83
Shareholders' Reports............................................. 127
Directors'/Trustees' Fees & Expenses.............................. 44
Professional Fees................................................. 115
Other............................................................. 184
--------
Total Expenses................................................. 40,240
--------
Fees (Waived), (Expenses Reimbursed), and/or Previously
Waived Fees Recovered by Advisor (Note C)........................ --
Fees Paid Indirectly (Note C)..................................... (22)
--------
Net Expenses...................................................... 40,218
--------
Net Investment Income (Loss)...................................... 123,654
--------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold...................................... 156,150
Futures......................................................... (5,555)
Foreign Currency Transactions................................... (3,205)
In-Kind Redemptions............................................. 148,970
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency...................... 520,445
Futures......................................................... --
Translation of Foreign Currency Denominated Amounts............. 1,436
--------
Net Realized and Unrealized Gain (Loss)........................... 818,241
--------
Net Increase (Decrease) in Net Assets Resulting from
Operations......................................................... $941,895
========
----------
* Investment Income and a portion of Realized and Unrealized Gain (Loss) were
allocated from the Portfolio's Master Fund (Affiliated Investment Company).
See accompanying Notes to Financial Statements.
94
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
World ex U.S.
International World ex U.S. Targeted World ex U.S. World Core
Vector Equity Value Value Core Equity Equity
Portfolio Portfolio* Portfolio* Portfolio Portfolio*
------------- ------------- ------------- ------------- ----------
Investment Income
Net Investment Income Allocated from Affiliated
Investment Companies:
Dividends (Net of Taxes Withheld of $0, $134, $51,
$0 and $0, respectively)............................. -- $1,497 $ 360 -- --
Income Distributions Received from Affiliated
Investment Companies................................. -- 115 1,318 $ 603 $ 727
Income from Securities Lending........................ -- 56 66 -- --
Expenses Allocated from Affiliated Investment
Companies............................................ -- (107) (47) -- --
------- ------ ------- ------- ------
Total Net Investment Income Received from
Affiliated Investment Companies..................... -- 1,561 1,697 603 727
------- ------ ------- ------- ------
Fund Investment Income
Dividends (Net of Taxes Withheld of $1,604, $0, $0,
$652 and $0, respectively)............................. $19,660 -- -- 7,115 --
Income from Securities Lending.......................... 1,000 -- -- 271 --
------- ------ ------- ------- ------
Total Investment Income.............................. 20,660 -- -- 7,989 --
------- ------ ------- ------- ------
Fund Expenses
Investment Advisory Services Fees....................... 3,135 270 526 1,141 169
Accounting & Transfer Agent Fees........................ 48 3 4 16 6
Custodian Fees.......................................... 110 1 2 198 --
Filing Fees............................................. 23 9 18 24 11
Shareholders' Reports................................... 23 1 1 5 6
Directors'/Trustees' Fees & Expenses.................... 5 -- 1 2 --
Professional Fees....................................... 13 4 5 5 3
Other................................................... 32 2 3 9 1
------- ------ ------- ------- ------
Total Expenses....................................... 3,389 290 560 1,400 196
------- ------ ------- ------- ------
Fees (Waived), (Expenses Reimbursed), and/or
Previously Waived Fees Recovered by Advisor
(Note C)............................................... -- (123) (433) (282) (173)
Fees Paid Indirectly (Note C)........................... (3) -- -- (5) --
------- ------ ------- ------- ------
Net Expenses............................................ 3,386 167 127 1,113 23
------- ------ ------- ------- ------
Net Investment Income (Loss)............................ 17,274 1,394 1,570 6,876 704
------- ------ ------- ------- ------
Realized and Unrealized Gain (Loss)
Capital Gain Distributions Received from Affiliated
Investment Companies................................... -- 169 1,932 -- 171
Net Realized Gain (Loss) on:
Investment Securities Sold**.......................... 3,397 669 (2,005) (9,726) (285)
Futures............................................... -- -- -- (69) --
Foreign Currency Transactions......................... (372) (42) (6) (253) --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency............ 75,678 4,015 12,608 52,042 6,310
Translation of Foreign Currency Denominated
Amounts.............................................. 111 9 -- 23 --
------- ------ ------- ------- ------
Net Realized and Unrealized Gain (Loss)................. 78,814 4,820 12,529 42,017 6,196
------- ------ ------- ------- ------
Net Increase (Decrease) in Net Assets Resulting
from Operations.......................................... $96,088 $6,214 $14,099 $48,893 $6,900
======= ====== ======= ======= ======
----------
* Investment Income and a portion of Realized and Unrealized Gain (Loss) were
allocated from the Portfolio's Master Fund (Affiliated Investment Company).
**Net of foreign capital gain taxes withheld of $--, $--, $--, $-- and $--,
respectively.
See accompanying Notes to Financial Statements.
95
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
Selectively Emerging Emerging Emerging
Hedged Emerging Markets Markets Markets
Global Equity Markets Small Cap Value Core Equity
Portfolio Portfolio* Portfolio* Portfolio* Portfolio
------------- ---------- ---------- ---------- -----------
Investment Income
Net Investment Income Allocated from Affiliated Investment
Companies:
Dividends (Net of Taxes Withheld of $0, $4,290, $3,700,
$17,297 and $0, respectively)................................. -- $ 31,032 $ 33,900 $ 113,318 --
Income Distributions Received from Affiliated Investment
Companies..................................................... $ 1,176 -- -- -- --
Interest....................................................... -- 5 -- 3 --
Income from Securities Lending................................. -- 2,468 15,132 13,539 --
Expenses Allocated from Affiliated Investment Companies........ -- (3,095) (6,611) (13,948) --
------- -------- -------- --------- --------
Total Net Investment Income Received from Affiliated
Investment Companies......................................... 1,176 30,410 42,421 112,912 --
------- -------- -------- --------- --------
Fund Investment Income
Dividends (Net of Taxes Withheld of $0, $0, $0, $0 and $15,986,
respectively)................................................... -- -- -- -- $119,079
Interest......................................................... 3 -- -- -- 5
Income from Securities Lending................................... -- -- -- -- 21,075
------- -------- -------- --------- --------
Total Fund Investment Income.................................. 3 -- -- -- 140,159
------- -------- -------- --------- --------
Fund Expenses
Investment Advisory Services Fees................................ 253 -- -- -- 43,141
Administrative Services Fees..................................... -- 8,103 11,188 35,335 --
Accounting & Transfer Agent Fees................................. 3 15 17 58 451
Custodian Fees................................................... -- -- -- -- 3,262
Shareholder Servicing Fees --
Class R2 Shares................................................ -- -- -- 119 --
Filing Fees...................................................... 10 39 46 74 110
Shareholders' Reports............................................ 1 73 39 137 161
Directors'/Trustees' Fees & Expenses............................. 1 15 18 65 57
Professional Fees................................................ 4 8 9 31 178
Other............................................................ 2 49 59 214 228
------- -------- -------- --------- --------
Total Expenses................................................ 274 8,302 11,376 36,033 47,588
------- -------- -------- --------- --------
Fees (Waived), (Expenses Reimbursed), and/or Previously
Waived Fees Recovered by Advisor (Note C)....................... (210) -- -- -- --
Fees Paid Indirectly (Note C).................................... -- -- -- -- (47)
------- -------- -------- --------- --------
Net Expenses..................................................... 64 8,302 11,376 36,033 47,541
------- -------- -------- --------- --------
Net Investment Income (Loss)..................................... 1,115 22,108 31,045 76,879 92,618
------- -------- -------- --------- --------
Realized and Unrealized Gain (Loss)
Capital Gain Distributions Received from Affiliated Investment
Companies....................................................... 469 -- -- -- --
Net Realized Gain (Loss) on:
Investment Securities Sold**................................... (251) (7,562) 130,012 (349,708) (7,484)
Futures........................................................ 248 2,301 -- -- --
Foreign Currency Transactions.................................. 2,652 (1,089) (1,036) (2,551) (1,464)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency..................... 7,197 85,333 165,394 822,207 501,108
Futures........................................................ (49) 4 -- -- --
Translation of Foreign Currency Denominated Amounts............ (818) 30 145 59 50
------- -------- -------- --------- --------
Net Realized and Unrealized Gain (Loss).......................... 9,448 79,017 294,515 470,007 492,210
------- -------- -------- --------- --------
Net Increase (Decrease) in Net Assets Resulting from
Operations........................................................ $10,563 $101,125 $325,560 $ 546,886 $584,828
======= ======== ======== ========= ========
----------
* Investment Income and Realized and Unrealized Gain (Loss) were allocated from
the Portfolio's Master Fund (Affiliated Investment Company).
**Net of foreign capital gain taxes withheld of $--, $--, $--, $-- and $--,
respectively.
See accompanying Notes to Financial Statements.
96
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Enhanced U.S. Large U.S. Large Cap U.S. Large Cap Value
Company Portfolio Equity Portfolio Portfolio
-------------------- -------------------- ------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- -------- ----------- -------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)................. $ 564 $ 1,136 $ 4,028 $ 3,451 $ 153,369 $ 238,575
Net Realized Gain (Loss) on:
Investment Securities Sold.................. 1,844 643 1,661 563 404,525 600,495
Futures..................................... 11,422 31,175 367 -- (67) --
Foreign Currency Transactions............... 629 (151) -- -- -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency................................... (1,612) 332 13,344 24,836 12,679 1,088,709
Futures..................................... (3,469) (852) -- -- 4 --
Translation of Foreign Currency
Denominated Amounts........................ (191) 408 -- -- -- --
-------- -------- -------- -------- ----------- -----------
Net Increase (Decrease) in Net Assets
Resulting from Operations................ 9,187 32,691 19,400 28,850 570,510 1,927,779
-------- -------- -------- -------- ----------- -----------
Distributions From:
Net Investment Income:
Institutional Class Shares.................. (572) (903) (3,235) (3,170) (150,922) (230,364)
Net Short-Term Gains:
Institutional Class Shares.................. (10,591) -- (285) (40) -- --
Net Long-Term Gains:
Institutional Class Shares.................. (16,610) -- (266) -- (86,223) --
-------- -------- -------- -------- ----------- -----------
Total Distributions....................... (27,773) (903) (3,786) (3,210) (237,145) (230,364)
-------- -------- -------- -------- ----------- -----------
Capital Share Transactions (1):
Shares Issued................................ 25,900 36,703 311,765 134,371 1,936,199 3,477,302
Shares Issued in Lieu of Cash Distributions.. 24,218 757 3,649 3,180 217,906 209,934
Shares Redeemed.............................. (32,680) (65,369) (58,892) (23,643) (1,876,152) (2,200,742)
-------- -------- -------- -------- ----------- -----------
Net Increase (Decrease) from Capital
Share Transactions....................... 17,438 (27,909) 256,522 113,908 277,953 1,486,494
-------- -------- -------- -------- ----------- -----------
Total Increase (Decrease) in Net
Assets................................... (1,148) 3,879 272,136 139,548 611,318 3,183,909
Net Assets
Beginning of Period.......................... 216,719 212,840 274,955 135,407 15,146,981 11,963,072
-------- -------- -------- -------- ----------- -----------
End of Period................................ $215,571 $216,719 $547,091 $274,955 $15,758,299 $15,146,981
======== ======== ======== ======== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued................................ 1,994 2,890 24,322 11,205 57,146 108,157
Shares Issued in Lieu of Cash Distributions.. 2,070 60 290 265 6,679 6,479
Shares Redeemed.............................. (2,641) (5,263) (4,522) (1,962) (55,447) (68,360)
-------- -------- -------- -------- ----------- -----------
Net Increase (Decrease) from Shares
Issued and Redeemed...................... 1,423 (2,313) 20,090 9,508 8,378 46,276
======== ======== ======== ======== =========== ===========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income)....................................... $ 141 $ 149 $ 1,295 $ 502 $ 35,109 $ 32,662
----------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
97
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
U.S. Targeted Value U.S. Small Cap Value
Portfolio Portfolio U.S. Core Equity 1 Portfolio
---------------------- ------------------------ ---------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ---------- ----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)................. $ 40,167 $ 44,264 $ 67,179 $ 70,490 $ 104,349 $ 146,885
Net Realized Gain (Loss) on:
Investment Securities Sold.................. 101,300 262,739 449,654 462,894 86,839 51,551
Futures..................................... (1,061) -- (2,510) (12,757) -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities....................... 64,839 116,751 (162,368) 404,462 346,056 1,034,068
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets
Resulting from Operations................ 205,245 423,754 351,955 925,089 537,244 1,232,504
---------- ---------- ----------- ----------- ----------- -----------
Distributions From:
Net Investment Income:
Class R1 Shares............................. (160) (80) -- -- -- --
Class R2 Shares............................. (401) (330) -- -- -- --
Institutional Class Shares.................. (33,047) (37,254) (49,002) (63,952) (98,354) (135,714)
Net Short-Term Gains:
Class R1 Shares............................. (49) (32) -- -- -- --
Class R2 Shares............................. (144) (84) -- -- -- --
Institutional Class Shares.................. (9,156) (13,954) -- (2,510) -- --
Net Long-Term Gains:
Class R1 Shares............................. (1,235) (544) -- -- -- --
Class R2 Shares............................. (3,653) (1,417) -- -- -- --
Institutional Class Shares.................. (233,022) (235,328) (427,115) (443,795) (49,469) (34,892)
---------- ---------- ----------- ----------- ----------- -----------
Total Distributions....................... (280,867) (289,023) (476,117) (510,257) (147,823) (170,606)
---------- ---------- ----------- ----------- ----------- -----------
Capital Share Transactions (1):
Shares Issued................................ 1,187,607 1,893,177 1,371,502 2,936,905 2,059,434 3,297,271
Shares Issued in Lieu of Cash Distributions.. 267,131 271,172 428,990 463,121 140,798 161,062
Shares Redeemed.............................. (564,385) (921,922) (946,674) (1,829,533) (806,541) (1,305,580)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) from Capital
Share Transactions....................... 890,353 1,242,427 853,818 1,570,493 1,393,691 2,152,753
---------- ---------- ----------- ----------- ----------- -----------
Total Increase (Decrease) in Net
Assets................................... 814,731 1,377,158 729,656 1,985,325 1,783,112 3,214,651
Net Assets
Beginning of Period.......................... 5,590,907 4,213,749 11,512,306 9,526,981 10,780,830 7,566,179
---------- ---------- ----------- ----------- ----------- -----------
End of Period................................ $6,405,638 $5,590,907 $12,241,962 $11,512,306 $12,563,942 $10,780,830
========== ========== =========== =========== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued................................ 52,690 83,026 39,093 83,520 114,197 195,985
Shares Issued in Lieu of Cash Distributions.. 12,769 12,467 13,072 13,724 8,067 9,673
Shares Redeemed.............................. (25,253) (40,542) (27,125) (52,171) (44,733) (77,540)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) from Shares
Issued and Redeemed...................... 40,206 54,951 25,040 45,073 77,531 128,118
========== ========== =========== =========== =========== ===========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income)....................................... $ 12,678 $ 6,119 $ 22,137 $ 3,960 $ 25,698 $ 19,703
See accompanying Notes to Financial Statements.
98
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
U.S. Core Equity 2 Portfolio U.S. Vector Equity Portfolio U.S. Small Cap Portfolio
--------------------------- --------------------------- ------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ----------- ----------- ---------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)............ $ 119,148 $ 177,308 $ 28,066 $ 40,510 $ 61,595 $ 72,117
Net Realized Gain (Loss) on:
Investment Securities Sold............ 119,176 91,185 52,746 115,011 262,832 281,378
Futures............................... 1,793 -- (811) -- -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities................. 369,254 1,187,562 49,804 197,283 86,745 332,001
----------- ----------- ---------- ---------- ----------- -----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations.......................... 609,371 1,456,055 129,805 352,804 411,172 685,496
----------- ----------- ---------- ---------- ----------- -----------
Distributions From:
Net Investment Income:
Institutional Class Shares............ (111,046) (165,687) (25,546) (37,709) (53,935) (65,689)
Net Short-Term Gains:
Institutional Class Shares............ -- (4,518) -- (1,492) -- (19,821)
Net Long-Term Gains:
Institutional Class Shares............ (89,857) (98,745) (109,045) (38,966) (268,312) (218,795)
----------- ----------- ---------- ---------- ----------- -----------
Total Distributions.................. (200,903) (268,950) (134,591) (78,167) (322,247) (304,305)
----------- ----------- ---------- ---------- ----------- -----------
Capital Share Transactions (1):
Shares Issued........................... 1,966,628 2,965,961 441,647 798,485 1,586,732 2,450,541
Shares Issued in Lieu of Cash
Distributions.......................... 198,218 265,683 133,755 77,784 303,116 285,840
Shares Redeemed......................... (994,899) (1,489,137) (320,001) (543,429) (810,067) (1,316,683)
----------- ----------- ---------- ---------- ----------- -----------
Net Increase (Decrease) from
Capital Share Transactions.......... 1,169,947 1,742,507 255,401 332,840 1,079,781 1,419,698
----------- ----------- ---------- ---------- ----------- -----------
Total Increase (Decrease) in Net
Assets.............................. 1,578,415 2,929,612 250,615 607,477 1,168,706 1,800,889
Net Assets
Beginning of Period..................... 12,919,176 9,989,564 3,501,319 2,893,842 9,247,716 7,446,827
----------- ----------- ---------- ---------- ----------- -----------
End of Period........................... $14,497,591 $12,919,176 $3,751,934 $3,501,319 $10,416,422 $ 9,247,716
=========== =========== ========== ========== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued........................... 111,535 178,876 26,261 48,426 50,701 80,252
Shares Issued in Lieu of Cash
Distributions.......................... 11,709 16,353 8,439 4,849 10,250 9,623
Shares Redeemed......................... (56,509) (89,926) (19,188) (33,059) (25,809) (43,155)
----------- ----------- ---------- ---------- ----------- -----------
Net Increase (Decrease) from
Shares Issued and
Redeemed............................ 66,735 105,303 15,512 20,216 35,142 46,720
=========== =========== ========== ========== =========== ===========
Undistributed Net Investment Income
(Distributions in Excess of Net
Investment Income)....................... $ 30,115 $ 22,013 $ 7,019 $ 4,499 $ 13,541 $ 5,881
See accompanying Notes to Financial Statements.
99
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA Real Estate Securities Large Cap International
U.S. Micro Cap Portfolio Portfolio Portfolio
---------------------- ------------------------- ----------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ---------- ----------- ---------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)................. $ 24,825 $ 33,465 $ 130,300 $ 135,078 $ 43,274 $ 100,146
Net Realized Gain (Loss) on:
Investment Securities Sold*................ 186,042 293,787 (4,684) 51,264 (20,004) (5,883)
Futures.................................... (2,258) (692) -- (553) 769 --
Foreign Currency Transactions.............. -- -- -- -- (569) (1,034)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency.................................. (25,992) 40,078 35,996 857,969 148,032 (85,773)
Translation of Foreign Currency
Denominated Amounts....................... -- -- -- -- 317 (232)
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease) in Net Assets
Resulting from Operations................ 182,617 366,638 161,612 1,043,758 171,819 7,224
---------- ---------- ---------- ---------- ---------- ----------
Distributions From:
Net Investment Income:
Institutional Class Shares................. (20,379) (30,943) (148,932) (156,934) (23,892) (98,177)
Net Short-Term Gains:
Institutional Class Shares................. -- (12,783) -- -- -- --
Net Long-Term Gains:
Institutional Class Shares................. (278,652) (200,738) -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions....................... (299,031) (244,464) (148,932) (156,934) (23,892) (98,177)
---------- ---------- ---------- ---------- ---------- ----------
Capital Share Transactions (1):
Shares Issued................................ 344,949 732,739 656,000 1,531,390 521,800 711,014
Shares Issued in Lieu of Cash
Distributions............................... 277,905 228,631 146,486 154,320 21,728 89,712
Shares Redeemed.............................. (383,403) (750,348) (625,239) (642,193) (470,912) (337,040)
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease) from Capital
Share Transactions....................... 239,451 211,022 177,247 1,043,517 72,616 463,686
---------- ---------- ---------- ---------- ---------- ----------
Total Increase (Decrease) in Net
Assets................................... 123,037 333,196 189,927 1,930,341 220,543 372,733
Net Assets
Beginning of Period.......................... 5,029,027 4,695,831 6,607,759 4,677,418 3,127,847 2,755,114
---------- ---------- ---------- ---------- ---------- ----------
End of Period................................ $5,152,064 $5,029,027 $6,797,686 $6,607,759 $3,348,390 $3,127,847
========== ========== ========== ========== ========== ==========
(1) Shares Issued and Redeemed:
Shares Issued................................ 17,744 37,333 19,260 53,449 24,469 31,887
Shares Issued in Lieu of Cash
Distributions............................... 15,215 11,975 4,518 5,604 1,063 3,956
Shares Redeemed.............................. (19,846) (38,226) (18,462) (22,496) (21,806) (15,048)
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease) from Shares
Issued and Redeemed...................... 13,113 11,082 5,316 36,557 3,726 20,795
========== ========== ========== ========== ========== ==========
Undistributed Net Investment Income
(Distributions in Excess of Net
Investment Income)............................ $ 6,987 $ 2,541 $ 4,909 $ 23,541 $ 26,965 $ 7,583
----------
* Net of foreign capital gain taxes withheld of $--, $--, $--, $--, $-- and
$--, respectively.
See accompanying Notes to Financial Statements.
100
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
International Core Equity International Small Japanese Small Company
Portfolio Company Portfolio Portfolio
------------------------ ------------------------ --------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ----------- ----------- ----------- ----------- --------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)................ $ 166,883 $ 335,306 $ 97,223 $ 194,864 $ 3,831 $ 5,501
Net Realized Gain (Loss) on:
Investment Securities Sold................ 138,114 (183,788) 317,803 303,846 8,141 9,738
Futures................................... -- -- (4,583) (945) -- --
Foreign Currency Transactions............. (1,812) (1,661) (2,994) (909) 3 (118)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency................................. 502,048 (293,395) 228,991 (612,635) 21,325 (8,349)
Futures................................... -- -- (5) -- -- --
Translation of Foreign Currency
Denominated Amounts...................... 1,140 (699) 775 (606) 79 (112)
----------- ----------- ----------- ----------- -------- --------
Net Increase (Decrease) in Net
Assets Resulting from
Operations.............................. 806,373 (144,237) 637,210 (116,385) 33,379 6,660
----------- ----------- ----------- ----------- -------- --------
Distributions From:
Net Investment Income:
Institutional Class Shares................ (94,872) (320,068) (126,663) (190,299) (7,758) (11,539)
Net Short-Term Gains:
Institutional Class Shares................ -- -- (27,069) (27,834) -- --
Net Long-Term Gains:
Institutional Class Shares................ -- -- (250,320) (211,626) -- --
----------- ----------- ----------- ----------- -------- --------
Total Distributions...................... (94,872) (320,068) (404,052) (429,759) (7,758) (11,539)
----------- ----------- ----------- ----------- -------- --------
Capital Share Transactions (1):
Shares Issued............................... 2,756,427 4,323,558 927,051 1,513,008 6,650 176,108
Shares Issued in Lieu of Cash
Distributions.............................. 90,916 309,979 393,836 418,230 7,251 10,648
Shares Redeemed............................. (1,670,322) (1,383,156) (1,087,304) (1,061,294) (52,149) (87,819)
----------- ----------- ----------- ----------- -------- --------
Net Increase (Decrease) from Capital
Share Transactions...................... 1,177,021 3,250,381 233,583 869,944 (38,248) 98,937
----------- ----------- ----------- ----------- -------- --------
Total Increase (Decrease) in Net
Assets.................................. 1,888,522 2,786,076 466,741 323,800 (12,627) 94,058
Net Assets
Beginning of Period......................... 12,294,542 9,508,466 8,844,517 8,520,717 508,190 414,132
----------- ----------- ----------- ----------- -------- --------
End of Period............................... $14,183,064 $12,294,542 $ 9,311,258 $ 8,844,517 $495,563 $508,190
=========== =========== =========== =========== ======== ========
(1) Shares Issued and Redeemed:
Shares Issued............................... 229,580 340,141 53,097 78,077 353 9,215
Shares Issued in Lieu of Cash
Distributions.............................. 7,933 23,911 23,782 22,420 406 579
Shares Redeemed............................. (138,744) (108,799) (61,818) (54,917) (2,777) (4,681)
----------- ----------- ----------- ----------- -------- --------
Net Increase (Decrease) from Shares
Issued and Redeemed..................... 98,769 255,253 15,061 45,580 (2,018) 5,113
=========== =========== =========== =========== ======== ========
Undistributed Net Investment Income
(Distributions in Excess of Net
Investment Income)........................... $ 112,724 $ 40,713 $ 6,786 $ 36,226 $ (1,404) $ 2,523
See accompanying Notes to Financial Statements.
101
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Asia Pacific Small Company United Kingdom Small Continental Small Company
Portfolio Company Portfolio Portfolio
------------------------- ------------------- ------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- -------- ----------- -------- ----------- --------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)................. $ 4,611 $ 13,132 $ 517 $ 952 $ 1,913 $ 3,584
Net Realized Gain (Loss) on:
Investment Securities Sold*................ (2,001) 227 1,823 2,353 7,640 5,664
Futures.................................... -- -- -- -- (267) (53)
Foreign Currency Transactions.............. (163) -- (11) (4) (56) (20)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency.................................. (4,918) (25,748) 432 (2,920) 15,005 (13,937)
Futures.................................... -- -- -- -- 4 --
Translation of Foreign Currency
Denominated Amounts....................... 1 (4) 5 (1) 10 (9)
--------- -------- ------- ------- -------- --------
Net Increase (Decrease) in Net Assets
Resulting from Operations................ (2,470) (12,393) 2,766 380 24,249 (4,771)
--------- -------- ------- ------- -------- --------
Distributions From:
Net Investment Income:
Institutional Class Shares................. (16,487) (12,860) (554) (919) (354) (3,660)
Net Short-Term Gains:
Institutional Class Shares................. -- -- (57) -- -- --
Net Long-Term Gains:
Institutional Class Shares................. -- -- (2,151) (406) -- --
--------- -------- ------- ------- -------- --------
Total Distributions....................... (16,487) (12,860) (2,762) (1,325) (354) (3,660)
--------- -------- ------- ------- -------- --------
Capital Share Transactions (1):
Shares Issued................................ 7,626 80,887 2,896 5,784 68,682 23,560
Shares Issued in Lieu of Cash Distributions.. 15,524 12,189 2,149 1,013 294 3,003
Shares Redeemed.............................. (101,326) (34,872) (3,386) (7,898) (14,006) (19,977)
--------- -------- ------- ------- -------- --------
Net Increase (Decrease) from Capital
Share Transactions....................... (78,176) 58,204 1,659 (1,101) 54,970 6,586
--------- -------- ------- ------- -------- --------
Total Increase (Decrease) in Net
Assets................................... (97,133) 32,951 1,663 (2,046) 78,865 (1,845)
Net Assets
Beginning of Period.......................... 364,117 331,166 35,050 37,096 168,961 170,806
--------- -------- ------- ------- -------- --------
End of Period................................ $ 266,984 $364,117 $36,713 $35,050 $247,826 $168,961
========= ======== ======= ======= ======== ========
(1) Shares Issued and Redeemed:
Shares Issued................................ 367 3,484 86 151 3,444 1,098
Shares Issued in Lieu of Cash Distributions.. 792 549 68 27 16 133
Shares Redeemed.............................. (4,968) (1,459) (100) (206) (698) (926)
--------- -------- ------- ------- -------- --------
Net Increase (Decrease) from Shares
Issued and Redeemed...................... (3,809) 2,574 54 (28) 2,762 305
========= ======== ======= ======= ======== ========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income)....................................... $ (4,831) $ 7,045 $ 69 $ 106 $ 1,678 $ 119
----------
* Net of foreign capital gain taxes withheld of $--, $--, $--, $--, $-- and $1,
respectively.
See accompanying Notes to Financial Statements.
102
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA International Real DFA Global Real Estate DFA International Small
Estate Securities Portfolio Securities Portfolio Cap Value Portfolio
-------------------------- ---------------------- ------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ---------- ----------- ---------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)............ $ 59,700 $ 105,809 $ 122,167 $ 82,794 $ 123,654 $ 213,214
Net Realized Gain (Loss) on:
Investment Securities Sold............ (17,397) 3,629 80 (2,790) 156,150 220,979
Futures............................... -- -- -- -- (5,555) --
Foreign Currency Transactions......... (852) (581) -- -- (3,205) (2,193)
In-Kind Redemptions................... -- -- -- -- 148,970 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................. 80,713 99,706 (32,470) 305,008 520,445 (457,867)
Translation of Foreign Currency
Denominated Amounts.................. 422 (267) -- -- 1,436 (878)
---------- ---------- ---------- ---------- ----------- -----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations.......................... 122,586 208,296 89,777 385,012 941,895 (26,745)
---------- ---------- ---------- ---------- ----------- -----------
Distributions From:
Net Investment Income:
Institutional Class Shares............ (182,724) (106,263) (124,281) (72,036) (140,423) (201,006)
Net Short-Term Gains:
Institutional Class Shares............ -- -- -- -- -- (38,805)
Net Long-Term Gains:
Institutional Class Shares............ -- -- -- -- (207,080) (127,501)
---------- ---------- ---------- ---------- ----------- -----------
Total Distributions.................. (182,724) (106,263) (124,281) (72,036) (347,503) (367,312)
---------- ---------- ---------- ---------- ----------- -----------
Capital Share Transactions (1):
Shares Issued........................... 480,363 1,020,832 721,079 1,203,232 1,532,705 2,122,914
Shares Issued in Lieu of Cash
Distributions.......................... 181,249 105,300 121,908 70,668 316,064 335,987
Shares Redeemed......................... (231,208) (298,766) (367,181) (364,111) (1,204,579) (1,528,972)
---------- ---------- ---------- ---------- ----------- -----------
Net Increase (Decrease) from
Capital Share Transactions.......... 430,404 827,366 475,806 909,789 644,190 929,929
---------- ---------- ---------- ---------- ----------- -----------
Total Increase (Decrease) in Net
Assets.............................. 370,266 929,399 441,302 1,222,765 1,238,582 535,872
Net Assets
Beginning of Period..................... 3,088,376 2,158,977 3,305,472 2,082,707 11,684,771 11,148,899
---------- ---------- ---------- ---------- ----------- -----------
End of Period........................... $3,458,642 $3,088,376 $3,746,774 $3,305,472 $12,923,353 $11,684,771
========== ========== ========== ========== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued........................... 88,117 190,067 66,604 123,414 79,884 102,419
Shares Issued in Lieu of Cash
Distributions.......................... 34,991 21,490 11,884 8,208 17,549 16,875
Shares Redeemed......................... (42,844) (56,784) (34,108) (37,911) (63,085) (74,184)
---------- ---------- ---------- ---------- ----------- -----------
Net Increase (Decrease) from
Shares Issued and
Redeemed............................ 80,264 154,773 44,380 93,711 34,348 45,110
========== ========== ========== ========== =========== ===========
Undistributed Net Investment
Income (Distributions in Excess of
Net Investment Income)................... $ (276,194) $ (153,170) $ 19,670 $ 21,784 $ 3,808 $ 20,577
See accompanying Notes to Financial Statements.
103
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
International Vector Equity World ex U.S. Value World ex U.S. Targeted
Portfolio Portfolio Value Portfolio
-------------------------- -------------------- --------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ---------- ----------- -------- ----------- --------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)...................... $ 17,274 $ 32,958 $ 1,394 $ 4,175 $ 1,570 $ 2,577
Capital Gain Distributions Received from
Affiliated Investment Companies.................. -- -- 169 157 1,932 983
Net Realized Gain (Loss) on:
Investment Securities Sold*..................... 3,397 14,492 669 1,007 (2,005) (2,175)
Futures......................................... -- -- -- 1 -- 1
Foreign Currency Transactions................... (372) (376) (42) (40) (6) (9)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency....................................... 75,678 (66,559) 4,015 (6,120) 12,608 (4,735)
Futures......................................... -- -- -- 1 -- --
Translation of Foreign Currency Denominated
Amounts........................................ 111 (93) 9 (12) -- --
---------- ---------- -------- -------- -------- --------
Net Increase (Decrease) in Net Assets
Resulting from Operations..................... 96,088 (19,578) 6,214 (831) 14,099 (3,358)
---------- ---------- -------- -------- -------- --------
Distributions From:
Net Investment Income:
Institutional Class Shares...................... (8,980) (31,342) (944) (4,113) (1,813) (2,482)
Net Short-Term Gains:
Institutional Class Shares...................... (1,236) (571) -- -- -- (48)
Net Long-Term Gains:
Institutional Class Shares...................... (10,949) (7,322) -- -- (408) (1,147)
---------- ---------- -------- -------- -------- --------
Total Distributions............................ (21,165) (39,235) (944) (4,113) (2,221) (3,677)
---------- ---------- -------- -------- -------- --------
Capital Share Transactions (1):
Shares Issued..................................... 394,644 399,996 12,133 10,506 105,252 99,296
Shares Issued in Lieu of Cash Distributions....... 20,977 38,822 944 4,102 2,222 3,678
Shares Redeemed................................... (129,258) (165,226) (6,443) (13,300) (43,417) (40,853)
---------- ---------- -------- -------- -------- --------
Net Increase (Decrease) from Capital Share
Transactions.................................. 286,363 273,592 6,634 1,308 64,057 62,121
---------- ---------- -------- -------- -------- --------
Total Increase (Decrease) in Net Assets........ 361,286 214,779 11,904 (3,636) 75,935 55,086
Net Assets
Beginning of Period............................... 1,305,553 1,090,774 113,951 117,587 151,096 96,010
---------- ---------- -------- -------- -------- --------
End of Period..................................... $1,666,839 $1,305,553 $125,855 $113,951 $227,031 $151,096
========== ========== ======== ======== ======== ========
(1) Shares Issued and Redeemed:
Shares Issued..................................... 35,485 33,823 1,077 889 8,977 7,921
Shares Issued in Lieu of Cash Distributions....... 2,013 3,246 89 340 199 299
Shares Redeemed................................... (11,793) (13,983) (582) (1,114) (3,751) (3,412)
---------- ---------- -------- -------- -------- --------
Net Increase (Decrease) from Shares
Issued and Redeemed........................... 25,705 23,086 584 115 5,425 4,808
========== ========== ======== ======== ======== ========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment
Income)............................................ $ 12,974 $ 4,680 $ 793 $ 343 $ (25) $ 218
----------
See page 1 for the Definitions of Abbreviations and Footnotes.
* Net of foreign capital gain taxes withheld of $--, $--, $--, $--, $-- and $3,
respectively.
See accompanying Notes to Financial Statements.
104
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
World ex U.S. Core World Core Equity Selectively Hedged
Equity Portfolio Portfolio Global Equity Portfolio
-------------------- ------------------- ----------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- -------- ----------- -------- ----------- --------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).......... $ 6,876 $ 6,084 $ 704 $ 341 $ 1,115 $ 2,127
Capital Gain Distributions Received
from Affiliated Investment
Companies............................ -- -- 171 3 469 342
Net Realized Gain (Loss) on:
Investment Securities Sold*.......... (9,726) (107) (285) 247 (251) 1,409
Futures.............................. (69) -- -- -- 248 572
Foreign Currency Transactions........ (253) -- -- -- 2,652 1,469
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................ 52,042 (13,820) 6,310 (2,851) 7,197 1,003
Futures.............................. -- -- -- -- (49) (82)
Translation of Foreign Currency
Denominated Amounts................. 23 -- -- -- (818) 610
-------- -------- -------- ------- -------- --------
Net Increase (Decrease) in Net
Assets Resulting from
Operations......................... 48,893 (7,843) 6,900 (2,260) 10,563 7,450
-------- -------- -------- ------- -------- --------
Distributions From:
Net Investment Income:
Institutional Class Shares........... (1,911) (6,099) (706) (348) (4,603) (1,858)
Net Short-Term Gains:
Institutional Class Shares........... -- (64) (12) (10) (365) (281)
Net Long-Term Gains:
Institutional Class Shares........... -- -- (232) (14) (1,915) (539)
-------- -------- -------- ------- -------- --------
Total Distributions................. (1,911) (6,163) (950) (372) (6,883) (2,678)
-------- -------- -------- ------- -------- --------
Capital Share Transactions (1):
Shares Issued......................... 433,526 312,847 62,450 79,069 56,248 71,131
Shares Issued in Lieu of Cash
Distributions........................ 1,905 6,153 950 372 6,883 2,678
Shares Redeemed....................... (48,016) (28,066) (3,664) (2,830) (13,430) (22,653)
-------- -------- -------- ------- -------- --------
Net Increase (Decrease) from
Capital Share Transactions......... 387,415 290,934 59,736 76,611 49,701 51,156
-------- -------- -------- ------- -------- --------
Total Increase (Decrease) in Net
Assets............................. 434,397 276,928 65,686 73,979 53,381 55,928
Net Assets
Beginning of Period................... 406,648 129,720 75,707 1,728 147,276 91,348
-------- -------- -------- ------- -------- --------
End of Period......................... $841,045 $406,648 $141,393 $75,707 $200,657 $147,276
======== ======== ======== ======= ======== ========
(1) Shares Issued and Redeemed:
Shares Issued......................... 41,687 28,743 4,730 5,733 4,036 5,123
Shares Issued in Lieu of Cash
Distributions........................ 189 556 74 27 532 205
Shares Redeemed....................... (4,643) (2,595) (274) (216) (982) (1,662)
-------- -------- -------- ------- -------- --------
Net Increase (Decrease) from
Shares Issued and
Redeemed........................... 37,233 26,704 4,530 5,544 3,586 3,666
======== ======== ======== ======= ======== ========
Undistributed Net Investment Income
(Distributions in Excess of Net
Investment Income)..................... $ 4,963 $ (2) $ (2) $ -- $ (457) $ 3,031
Emerging Markets
Portfolio
----------------------
Six Months Year
Ended Ended
April 30, Oct. 31,
2015 2014
----------- ----------
(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).......... $ 22,108 $ 81,253
Capital Gain Distributions Received
from Affiliated Investment
Companies............................ -- --
Net Realized Gain (Loss) on:
Investment Securities Sold*.......... (7,562) (24,604)
Futures.............................. 2,301 --
Foreign Currency Transactions........ (1,089) (658)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................ 85,333 12,634
Futures.............................. 4 --
Translation of Foreign Currency
Denominated Amounts................. 30 (12)
---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations......................... 101,125 68,613
---------- ----------
Distributions From:
Net Investment Income:
Institutional Class Shares........... (20,540) (77,881)
Net Short-Term Gains:
Institutional Class Shares........... -- --
Net Long-Term Gains:
Institutional Class Shares........... -- (21,358)
---------- ----------
Total Distributions................. (20,540) (99,239)
---------- ----------
Capital Share Transactions (1):
Shares Issued......................... 754,222 1,057,534
Shares Issued in Lieu of Cash
Distributions........................ 19,042 92,820
Shares Redeemed....................... (643,425) (701,770)
---------- ----------
Net Increase (Decrease) from
Capital Share Transactions......... 129,839 448,584
---------- ----------
Total Increase (Decrease) in Net
Assets............................. 210,424 417,958
Net Assets
Beginning of Period................... 4,073,698 3,655,740
---------- ----------
End of Period......................... $4,284,122 $4,073,698
========== ==========
(1) Shares Issued and Redeemed:
Shares Issued......................... 29,560 40,611
Shares Issued in Lieu of Cash
Distributions........................ 794 3,453
Shares Redeemed....................... (25,226) (26,688)
---------- ----------
Net Increase (Decrease) from
Shares Issued and
Redeemed........................... 5,128 17,376
========== ==========
Undistributed Net Investment Income
(Distributions in Excess of Net
Investment Income)..................... $ 8,221 $ 6,653
----------
See page 1 for the Definitions of Abbreviations and Footnotes.
* Net of foreign capital gain taxes withheld of $--, $--, $--, $--, $--, $--,
$-- and $--, respectively.
See accompanying Notes to Financial Statements.
105
DFA INVESTMENT DIMENSIONS GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Emerging Markets Small Emerging Markets Value Emerging Markets Core
Cap Portfolio Portfolio Equity Portfolio
---------------------- ------------------------ ------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
---------- ---------- ----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)................ $ 31,045 $ 89,085 $ 76,879 $ 447,291 $ 92,618 $ 302,880
Net Realized Gain (Loss) on:
Investment Securities Sold*................ 130,012 98,856 (349,708) (519,942) (7,484) (111,516)
Futures.................................... -- -- -- 499 -- --
Foreign Currency Transactions.............. (1,036) (968) (2,551) (4,493) (1,464) (2,722)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency.................................. 165,394 21,383 822,207 (179,006) 501,108 123,834
Futures.................................... -- (4) -- -- -- --
Translation of Foreign Currency
Denominated Amounts....................... 145 (137) 59 (29) 50 (212)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets
Resulting from Operations................ 325,560 208,215 546,886 (255,680) 584,828 312,264
---------- ---------- ----------- ----------- ----------- -----------
Distributions From:
Net Investment Income:
Class R2 Shares............................ -- -- (1,052) (1,989) -- --
Institutional Class Shares................. (49,507) (83,100) (206,913) (405,752) (88,437) (287,956)
Net Short-Term Gains:
Class R2 Shares............................ -- -- -- (62) -- --
Institutional Class Shares................. (3,364) -- -- (11,122) -- --
Net Long-Term Gains:
Class R2 Shares............................ -- -- -- (1,472) -- --
Institutional Class Shares................. (88,636) (63,095) -- (262,348) -- --
---------- ---------- ----------- ----------- ----------- -----------
Total Distributions....................... (141,507) (146,195) (207,965) (682,745) (88,437) (287,956)
---------- ---------- ----------- ----------- ----------- -----------
Capital Share Transactions (1):
Shares Issued............................... 784,163 1,042,130 2,036,192 3,257,115 2,842,178 4,643,693
Shares Issued in Lieu of Cash Distributions. 132,937 135,989 196,000 647,473 82,549 266,070
Shares Redeemed............................. (324,712) (421,399) (2,161,892) (3,488,728) (1,663,086) (2,227,486)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) from Capital
Share Transactions....................... 592,388 756,720 70,300 415,860 1,261,641 2,682,277
---------- ---------- ----------- ----------- ----------- -----------
Total Increase (Decrease) in Net Assets... 776,441 818,740 409,221 (522,565) 1,758,032 2,706,585
Net Assets
Beginning of Period......................... 4,860,603 4,041,863 18,746,342 19,268,907 15,727,547 13,020,962
---------- ---------- ----------- ----------- ----------- -----------
End of Period............................... $5,637,044 $4,860,603 $19,155,563 $18,746,342 $17,485,579 $15,727,547
========== ========== =========== =========== =========== ===========
(1) Shares Issued and Redeemed:
Shares Issued............................... 38,020 49,106 77,815 116,998 146,720 235,819
Shares Issued in Lieu of Cash Distributions. 6,902 6,569 7,939 23,036 4,508 12,932
Shares Redeemed............................. (15,992) (20,277) (81,835) (124,198) (86,503) (113,406)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) from Shares
Issued and Redeemed...................... 28,930 35,398 3,919 15,836 64,725 135,345
========== ========== =========== =========== =========== ===========
Undistributed Net Investment Income
(Distributions in Excess of Net
Investment Income)........................... $ (10,897) $ 7,565 $ (93,643) $ 37,443 $ 32,711 $ 28,530
----------
* Net of foreign capital gain taxes withheld of $--, $1,357, $--, $--, $-- and
$960, respectively.
See accompanying Notes to Financial Statements.
106
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Enhanced U.S. Large Company Portfolio
--------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
-----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period........................ $ 13.65 $ 11.70 $ 9.29 $ 8.15 $ 7.53 $ 6.48
-------- -------- -------- -------- -------- --------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.03 0.07 0.07 0.07 0.07 0.07
Net Gains (Losses) on Securities (Realized and Unrealized). 0.47 1.94 2.42 1.20 0.56 1.05
-------- -------- -------- -------- -------- --------
Total from Investment Operations......................... 0.50 2.01 2.49 1.27 0.63 1.12
-----------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.03) (0.06) (0.08) (0.13) (0.01) (0.07)
Net Realized Gains......................................... (1.66) -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions...................................... (1.69) (0.06) (0.08) (0.13) (0.01) (0.07)
-----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 12.46 $ 13.65 $ 11.70 $ 9.29 $ 8.15 $ 7.53
=========================================================== =========== ======== ======== ======== ======== ========
Total Return................................................ 4.47%(D) 17.18% 26.99% 15.84% 8.41% 17.40%
-----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $215,571 $216,719 $212,840 $190,011 $171,128 $157,730
Ratio of Expenses to Average Net Assets..................... 0.23%(E) 0.23% 0.24% 0.25% 0.26% 0.26%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor and Fees Paid Indirectly)........ 0.23%(E) 0.23% 0.24% 0.25% 0.26% 0.26%
Ratio of Net Investment Income to Average Net Assets........ 0.52%(E) 0.55% 0.63% 0.80% 0.86% 0.98%
Portfolio Turnover Rate..................................... 108%(D) 202% 139% 76% 140% 78%
-----------------------------------------------------------------------------------------------------------------------------
U.S. Large Cap Equity Portfolio
---------------------------------
Period
Six Months Year June 25,
Ended Ended 2013(a) to
April 30, Oct. 31, Oct. 31,
2015 2014 2013
-----------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period........................ $ 12.65 $ 11.07 $ 10.00
-------- -------- --------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.12 0.21 0.06
Net Gains (Losses) on Securities (Realized and Unrealized). 0.43 1.57 1.04
-------- -------- --------
Total from Investment Operations......................... 0.55 1.78 1.10
-----------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.10) (0.20) (0.03)
Net Realized Gains......................................... (0.02) -- --
-------- -------- --------
Total Distributions...................................... (0.12) (0.20) (0.03)
-----------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 13.08 $ 12.65 $ 11.07
=========================================================== =========== ======== ==========
Total Return................................................ 4.37%(D) 16.19% 11.01%(D)
-----------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $547,091 $274,955 $135,407
Ratio of Expenses to Average Net Assets..................... 0.19%(E) 0.19% 0.19%(C)(E)
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor and Fees Paid Indirectly)........ 0.18%(E) 0.20% 0.25%(C)(E)
Ratio of Net Investment Income to Average Net Assets........ 1.80%(E) 1.75% 1.58%(C)(E)
Portfolio Turnover Rate..................................... 5%(D) 1% 0%(D)
-----------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
107
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Large Cap Value Portfolio
-----------------------------------------------------------------------------
Six Months Year Year Year Year
Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.............. $ 33.75 $ 29.72 $ 22.34 $ 19.29 $ 18.58
----------- ----------- ----------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)................. 0.33 0.56 0.47 0.41 0.33
Net Gains (Losses) on Securities (Realized and
Unrealized).................................... 0.91 4.02 7.38 3.04 0.70
----------- ----------- ----------- ---------- ----------
Total from Investment Operations............... 1.24 4.58 7.85 3.45 1.03
---------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............................ (0.33) (0.55) (0.47) (0.40) (0.32)
Net Realized Gains............................... (0.19) -- -- -- --
----------- ----------- ----------- ---------- ----------
Total Distributions............................ (0.52) (0.55) (0.47) (0.40) (0.32)
---------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.................... $ 34.47 $ 33.75 $ 29.72 $ 22.34 $ 19.29
================================================= =========== =========== =========== ========== ==========
Total Return...................................... 3.76%(D) 15.49% 35.52% 18.14% 5.53%
---------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)............. $15,758,299 $15,146,981 $11,963,072 $8,334,585 $7,340,344
Ratio of Expenses to Average Net Assets........... 0.27%(E) 0.27%(B) 0.27%(B) 0.27%(B) 0.28%(B)
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses Reimbursed),
and/or Previously Waived Fees Recovered by
Advisor and Fees Paid Indirectly)................ 0.27%(E) 0.27%(B) 0.27%(B) 0.27%(B) 0.28%(B)
Ratio of Net Investment Income to Average Net
Assets........................................... 1.98%(E) 1.75% 1.82% 1.99% 1.63%
---------------------------------------------------------------------------------------------------------------------------------
-----------
Year
Ended
Oct. 31,
2010
-----------------------------------------------------------------
Net Asset Value, Beginning of Period.............. $ 15.81
----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)................. 0.33
Net Gains (Losses) on Securities (Realized and
Unrealized).................................... 2.76
----------
Total from Investment Operations............... 3.09
-----------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............................ (0.32)
Net Realized Gains............................... --
----------
Total Distributions............................ (0.32)
-----------------------------------------------------------------
Net Asset Value, End of Period.................... $ 18.58
================================================= ==========
Total Return...................................... 19.72%
-----------------------------------------------------------------
Net Assets, End of Period (thousands)............. $6,921,036
Ratio of Expenses to Average Net Assets........... 0.28%(B)
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses Reimbursed),
and/or Previously Waived Fees Recovered by
Advisor and Fees Paid Indirectly)................ 0.28%(B)
Ratio of Net Investment Income to Average Net
Assets........................................... 1.86%
-----------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
108
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Targeted Value Portfolio-Class R1 Shares+
---------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
-------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period......................... $ 23.19 $ 22.63 $17.28 $ 15.32 $ 14.75 $ 11.73
------- ------- ------ ------- ------- -------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.14 0.18 0.27 0.15 0.10 0.07
Net Gains (Losses) on Securities (Realized and Unrealized). 0.57 1.86 6.28 2.06 0.60 3.07
------- ------- ------ ------- ------- -------
Total from Investment Operations.......................... 0.71 2.04 6.55 2.21 0.70 3.14
-------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.12) (0.16) (0.22) (0.13) (0.10) (0.12)
Net Realized Gains......................................... (1.01) (1.32) (0.98) (0.12) (0.03) --
------- ------- ------ ------- ------- -------
Total Distributions....................................... (1.13) (1.48) (1.20) (0.25) (0.13) (0.12)
-------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period............................... $ 22.77 $ 23.19 $22.63 $ 17.28 $ 15.32 $ 14.75
============================================================= =========== ======== ======== ======== ======== ========
Total Return................................................. 3.50%(D) 9.47% 40.39% 14.67% 4.69% 26.93%
-------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)........................ $31,180 $16,971 $9,470 $49,423 $45,132 $41,316
Ratio of Expenses to Average Net Assets...................... 0.47%(E) 0.47% 0.47% 0.48% 0.48% 0.49%
Ratio of Net Investment Income to Average Net Assets......... 1.24%(E) 0.79% 1.42% 0.93% 0.61% 0.59%
Portfolio Turnover Rate...................................... 5%(D) 10% 16% 20% 23% 20%
-------------------------------------------------------------------------------------------------------------------------
U.S. Targeted Value Portfolio-Class R2 Shares+
---------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period......................... $ 23.12 $ 22.57 $ 17.26 $ 15.31 $ 14.76 $11.74
-------- ------- ------- ------- ------- ------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.13 0.15 0.19 0.13 0.07 0.05
Net Gains (Losses) on Securities (Realized and Unrealized). 0.56 1.84 6.31 2.05 0.60 3.07
-------- ------- ------- ------- ------- ------
Total from Investment Operations.......................... 0.69 1.99 6.50 2.18 0.67 3.12
------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.10) (0.12) (0.21) (0.11) (0.09) (0.10)
Net Realized Gains......................................... (1.01) (1.32) (0.98) (0.12) (0.03) --
-------- ------- ------- ------- ------- ------
Total Distributions....................................... (1.11) (1.44) (1.19) (0.23) (0.12) (0.10)
------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period............................... $ 22.70 $ 23.12 $ 22.57 $ 17.26 $ 15.31 $14.76
============================================================= =========== ======== ======== ======== ======== ========
Total Return................................................. 3.42%(D) 9.30% 40.10% 14.46% 4.50% 26.66%
------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)........................ $119,006 $82,977 $23,305 $12,754 $10,918 $5,967
Ratio of Expenses to Average Net Assets...................... 0.62%(E) 0.62% 0.62% 0.63% 0.63% 0.64%
Ratio of Net Investment Income to Average Net Assets......... 1.12%(E) 0.64% 0.95% 0.78% 0.42% 0.44%
Portfolio Turnover Rate...................................... 5%(D) 10% 16% 20% 23% 20%
------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
+ All per share amounts and net assets values prior to November 19, 2010 have
been adjusted as a result of the reverse stock split on November 19, 2010.
(Note G)
See accompanying Notes to Financial Statements.
109
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Targeted Value Portfolio-Institutional Class Shares
------------------------------------------------------------------------- ---------------
Six Months Year Year Year Year Year Six Months
Ended Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, April 30,
2015 2014 2013 2012 2011 2010 2015
-----------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
Net Asset Value, Beginning
of Period................. $ 23.16 $ 22.60 $ 17.28 $ 15.32 $ 14.76 $ 11.70 $ 35.82
---------- ---------- ---------- ---------- ---------- ---------- -----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A).............. 0.15 0.21 0.24 0.17 0.12 0.09 0.20
Net Gains (Losses) on
Securities (Realized
and Unrealized)......... 0.58 1.85 6.31 2.06 0.59 3.06 0.80
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total from Investment
Operations............. 0.73 2.06 6.55 2.23 0.71 3.15 1.00
-----------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment
Income.................. (0.13) (0.18) (0.25) (0.15) (0.12) (0.09) (0.15)
Net Realized Gains....... (1.01) (1.32) (0.98) (0.12) (0.03) -- (1.33)
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total Distributions..... (1.14) (1.50) (1.23) (0.27) (0.15) (0.09) (1.48)
-----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period.................... $ 22.75 $ 23.16 $ 22.60 $ 17.28 $ 15.32 $ 14.76 $ 35.34
=========================== =========== ========== ========== ========== ========== ========== ===========
Total Return............... 3.60%(D) 9.58% 40.40% 14.78% 4.76% 27.02% 3.10%(D)
-----------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)............... $6,255,452 $5,490,959 $4,180,974 $2,989,632 $2,487,929 $2,223,982 $12,241,962
Ratio of Expenses to
Average Net Assets........ 0.37%(E) 0.37% 0.37% 0.38% 0.38% 0.38% 0.52%(E)
Ratio of Net Investment
Income to Average Net
Assets.................... 1.38%(E) 0.90% 1.25% 1.03% 0.71% 0.69% 1.15%(E)
Portfolio Turnover Rate.... 5%(D) 10% 16% 20% 23% 20% 8%(D)
-----------------------------------------------------------------------------------------------------------------------
U.S. Small Cap Value Portfolio
------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011 2010
----------------------------------------------------------------------------------------
Net Asset Value, Beginning
of Period................. $ 34.48 $ 26.57 $ 23.50 $ 22.49 $ 17.69
----------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A).............. 0.23 0.39 0.20 0.16 0.09
Net Gains (Losses) on
Securities (Realized
and Unrealized)......... 2.93 9.41 3.38 1.00 4.79
----------- ---------- ---------- ---------- ----------
Total from Investment
Operations............. 3.16 9.80 3.58 1.16 4.88
----------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment
Income.................. (0.22) (0.37) (0.18) (0.15) (0.08)
Net Realized Gains....... (1.60) (1.52) (0.33) -- --
----------- ---------- ---------- ---------- ----------
Total Distributions..... (1.82) (1.89) (0.51) (0.15) (0.08)
----------------------------------------------------------------------------------------
Net Asset Value, End of
Period.................... $ 35.82 $ 34.48 $ 26.57 $ 23.50 $ 22.49
=========================== =========== ========== ========== ========== ==========
Total Return............... 9.49% 39.35% 15.60% 5.13% 27.69%
----------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)............... $11,512,306 $9,526,981 $7,088,470 $6,540,863 $6,555,277
Ratio of Expenses to
Average Net Assets........ 0.52% 0.52% 0.52% 0.52% 0.52%
Ratio of Net Investment
Income to Average Net
Assets.................... 0.66% 1.28% 0.78% 0.62% 0.43%
Portfolio Turnover Rate.... 9% 14% 15% 14% 19%
----------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
110
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Core Equity 1 Portfolio
--------------------------------------------------------------------------- ---------------
Six Months Year Year Year Year Year Six Months
Ended Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, April 30,
2015 2014 2013 2012 2011 2010 2015
------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
Net Asset Value,
Beginning of Period...... $ 17.71 $ 15.74 $ 12.11 $ 10.78 $ 10.18 $ 8.54 $ 17.34
----------- ----------- ---------- ---------- ---------- ---------- -----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.16 0.27 0.25 0.21 0.17 0.15 0.15
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 0.67 2.02 3.62 1.32 0.59 1.61 0.64
----------- ----------- ---------- ---------- ---------- ---------- -----------
Total from
Investment
Operations............ 0.83 2.29 3.87 1.53 0.76 1.76 0.79
------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment
Income................. (0.15) (0.25) (0.24) (0.20) (0.16) (0.12) (0.15)
Net Realized Gains...... (0.08) (0.07) -- -- -- -- (0.12)
----------- ----------- ---------- ---------- ---------- ---------- -----------
Total Distributions.... (0.23) (0.32) (0.24) (0.20) (0.16) (0.12) (0.27)
------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period................... $ 18.31 $ 17.71 $ 15.74 $ 12.11 $ 10.78 $ 10.18 $ 17.86
========================== =========== =========== ========== ========== ========== ========== ===========
Total Return.............. 4.77%(D) 14.72% 32.32% 14.29% 7.47% 20.80% 4.61%(D)
------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands).............. $12,563,942 $10,780,830 $7,566,179 $4,876,973 $3,731,411 $2,897,409 $14,497,591
Ratio of Expenses to
Average Net Assets....... 0.18%(E) 0.19% 0.19% 0.19% 0.20% 0.20% 0.21%(E)
Ratio of Net Investment
Income to Average Net
Assets................... 1.79%(E) 1.61% 1.79% 1.79% 1.49% 1.53% 1.76%(E)
Portfolio Turnover Rate... 1%(D) 5% 1% 3% 5% 4% 2%(D)
------------------------------------------------------------------------------------------------------------------------
U.S. Core Equity 2 Portfolio
------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011 2010
---------------------------------------------------------------------------------------
Net Asset Value,
Beginning of Period...... $ 15.62 $ 11.99 $ 10.61 $ 10.06 $ 8.39
----------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)............. 0.26 0.24 0.20 0.16 0.14
Net Gains (Losses) on
Securities (Realized
and Unrealized)........ 1.86 3.73 1.36 0.54 1.64
----------- ---------- ---------- ---------- ----------
Total from
Investment
Operations............ 2.12 3.97 1.56 0.70 1.78
---------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment
Income................. (0.24) (0.24) (0.18) (0.15) (0.11)
Net Realized Gains...... (0.16) (0.10) -- -- --
----------- ---------- ---------- ---------- ----------
Total Distributions.... (0.40) (0.34) (0.18) (0.15) (0.11)
---------------------------------------------------------------------------------------
Net Asset Value, End of
Period................... $ 17.34 $ 15.62 $ 11.99 $ 10.61 $ 10.06
========================== =========== ========== ========== ========== ==========
Total Return.............. 13.78% 33.66% 14.81% 6.98% 21.41%
---------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands).............. $12,919,176 $9,989,564 $6,923,984 $5,819,906 $4,990,367
Ratio of Expenses to
Average Net Assets....... 0.22% 0.22% 0.22% 0.22% 0.23%
Ratio of Net Investment
Income to Average Net
Assets................... 1.55% 1.74% 1.74% 1.42% 1.47%
Portfolio Turnover Rate... 6% 3% 5% 9% 7%
---------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
111
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Vector Equity Portfolio
--------------------------------------------------------------
Six Months Year Year Year Year
Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period........................ $ 17.04 $ 15.62 $ 11.61 $ 10.28 $ 9.82
---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.13 0.21 0.20 0.16 0.12
Net Gains (Losses) on Securities (Realized and Unrealized). 0.45 1.62 4.03 1.32 0.46
---------- ---------- ---------- ---------- ----------
Total from Investment Operations......................... 0.58 1.83 4.23 1.48 0.58
----------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.12) (0.19) (0.20) (0.15) (0.12)
Net Realized Gains......................................... (0.53) (0.22) (0.02) -- --
---------- ---------- ---------- ---------- ----------
Total Distributions...................................... (0.65) (0.41) (0.22) (0.15) (0.12)
----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 16.97 $ 17.04 $ 15.62 $ 11.61 $ 10.28
=========================================================== =========== ========== ========== ========== ==========
Total Return................................................ 3.69%(D) 11.91% 36.80% 14.55% 5.86%
----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $3,751,934 $3,501,319 $2,893,842 $2,009,177 $1,851,895
Ratio of Expenses to Average Net Assets..................... 0.32%(E) 0.32% 0.32% 0.32% 0.33%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor)................................. 0.32%(E) 0.32% 0.32% 0.32% 0.33%
Ratio of Net Investment Income to Average Net Assets........ 1.58%(E) 1.26% 1.50% 1.45% 1.11%
Portfolio Turnover Rate..................................... 2%(D) 10% 3% 9% 10%
----------------------------------------------------------------------------------------------------------------------------
-----------
Year
Ended
Oct. 31,
2010
------------------------------------------------------------------------
Net Asset Value, Beginning of Period........................ $ 8.03
----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.10
Net Gains (Losses) on Securities (Realized and Unrealized). 1.79
----------
Total from Investment Operations......................... 1.89
------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.10)
Net Realized Gains......................................... --
----------
Total Distributions...................................... (0.10)
------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 9.82
=========================================================== ==========
Total Return................................................ 23.65%
------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $1,558,423
Ratio of Expenses to Average Net Assets..................... 0.33%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor)................................. 0.33%
Ratio of Net Investment Income to Average Net Assets........ 1.13%
Portfolio Turnover Rate..................................... 11%
------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
112
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Small Cap Portfolio
-------------------------------------------------------------------------- --------------
Six Months Year Year Year Year Year Six Months
Ended Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, April 30,
2015 2014 2013 2012 2011 2010 2015
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
Net Asset Value, Beginning of
Period............................. $ 31.38 $ 30.03 $ 23.11 $ 20.55 $ 19.06 $ 14.89 $ 20.10
----------- ---------- ---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A).. 0.20 0.26 0.35 0.25 0.18 0.13 0.10
Net Gains (Losses) on Securities
(Realized and Unrealized)........ 1.06 2.27 8.13 2.53 1.49 4.17 0.57
----------- ---------- ---------- ---------- ---------- ---------- ----------
Total from Investment
Operations...................... 1.26 2.53 8.48 2.78 1.67 4.30 0.67
--------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............. (0.17) (0.24) (0.36) (0.22) (0.18) (0.13) (0.08)
Net Realized Gains................ (0.89) (0.94) (1.20) -- -- -- (1.12)
----------- ---------- ---------- ---------- ---------- ---------- ----------
Total Distributions.............. (1.06) (1.18) (1.56) (0.22) (0.18) (0.13) (1.20)
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period...... $ 31.58 $ 31.38 $ 30.03 $ 23.11 $ 20.55 $ 19.06 $ 19.57
=================================== =========== ========== ========== ========== ========== ========== ===========
Total Return........................ 4.28%(D) 8.67% 39.03% 13.61% 8.76% 28.99% 3.74%(D)
--------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)........................ $10,416,422 $9,247,716 $7,446,827 $4,563,345 $3,770,323 $3,391,457 $5,152,064
Ratio of Expenses to Average Net
Assets............................. 0.37%(E) 0.37% 0.37% 0.37% 0.37% 0.37% 0.52%(E)
Ratio of Net Investment Income to
Average Net Assets................. 1.25%(E) 0.86% 1.33% 1.14% 0.84% 0.76% 0.98%(E)
Portfolio Turnover Rate............. 5%(D) 9% 10% 16% 23% 19% 8%(D)
--------------------------------------------------------------------------------------------------------------------------------
U.S. Micro Cap Portfolio
-----------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011 2010
------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of
Period............................. $ 19.64 $ 14.84 $ 13.24 $ 12.25 $ 9.57
---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A).. 0.14 0.19 0.14 0.09 0.06
Net Gains (Losses) on Securities
(Realized and Unrealized)........ 1.35 5.57 1.59 0.99 2.68
---------- ---------- ---------- ---------- ----------
Total from Investment
Operations...................... 1.49 5.76 1.73 1.08 2.74
------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............. (0.13) (0.20) (0.13) (0.09) (0.06)
Net Realized Gains................ (0.90) (0.76) -- -- --
---------- ---------- ---------- ---------- ----------
Total Distributions.............. (1.03) (0.96) (0.13) (0.09) (0.06)
------------------------------------------------------------------------------------------------
Net Asset Value, End of Period...... $ 20.10 $ 19.64 $ 14.84 $ 13.24 $ 12.25
=================================== ========== ========== ========== ========== ==========
Total Return........................ 7.88% 41.34% 13.13% 8.85% 28.77%
------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)........................ $5,029,027 $4,695,831 $3,437,958 $3,257,719 $3,178,286
Ratio of Expenses to Average Net
Assets............................. 0.52% 0.52% 0.52% 0.52% 0.52%
Ratio of Net Investment Income to
Average Net Assets................. 0.69% 1.16% 0.99% 0.69% 0.58%
Portfolio Turnover Rate............. 12% 11% 15% 14% 9%
------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
113
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA Real Estate Securities Portfolio
------------------------------------------------------------------------- --------------
Six Months Year Year Year Year Year Six Months
Ended Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, April 30,
2015 2014 2013 2012 2011 2010 2015
-------------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
Net Asset Value, Beginning of
Period............................. $ 32.24 $ 27.77 $ 25.83 $ 23.25 $ 21.24 $ 15.29 $ 21.59
---------- ---------- ---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A).. 0.63 0.72 0.67 0.57 0.40 0.58 0.29
Net Gains (Losses) on Securities
(Realized and Unrealized)........ 0.17 4.62 1.95 2.74 1.93 5.92 0.81
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total from Investment
Operations...................... 0.80 5.34 2.62 3.31 2.33 6.50 1.10
-------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............. (0.72) (0.87) (0.68) (0.73) (0.32) (0.55) (0.16)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Distributions.............. (0.72) (0.87) (0.68) (0.73) (0.32) (0.55) (0.16)
-------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period...... $ 32.32 $ 32.24 $ 27.77 $ 25.83 $ 23.25 $ 21.24 $ 22.53
=================================== =========== ========== ========== ========== ========== ========== ===========
Total Return........................ 2.48%(D) 19.80% 10.28% 14.45% 11.09% 43.21% 5.18%(D)
-------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)........................ $6,797,686 $6,607,759 $4,677,418 $3,716,389 $3,098,647 $2,689,552 $3,348,390
Ratio of Expenses to Average Net
Assets............................. 0.18%(E) 0.18% 0.18% 0.22% 0.32% 0.33% 0.28%(E)
Ratio of Expenses to Average Net
Assets (Excluding Fees (Waived),
(Expenses Reimbursed), and/or
Previously Waived Fees Recovered
by Advisor and Fees Paid
Indirectly)........................ 0.19%(E) 0.19% 0.19% 0.23% 0.32% 0.33% 0.28%(E)
Ratio of Net Investment Income to
Average Net Assets................. 3.73%(E) 2.48% 2.42% 2.29% 1.76% 3.13% 2.74%(E)
Portfolio Turnover Rate............. 1%(D) 0% 1% 0% 3% 2% 5%(D)
-------------------------------------------------------------------------------------------------------------------------------
Large Cap International Portfolio
------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011 2010
-------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of
Period............................. $ 22.20 $ 18.33 $ 17.91 $ 19.42 $ 18.02
---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A).. 0.75 0.58 0.60 0.63 0.48
Net Gains (Losses) on Securities
(Realized and Unrealized)........ (0.62) 3.90 0.40 (1.53) 1.43
---------- ---------- ---------- ---------- ----------
Total from Investment
Operations...................... 0.13 4.48 1.00 (0.90) 1.91
-------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............. (0.74) (0.61) (0.58) (0.61) (0.51)
---------- ---------- ---------- ---------- ----------
Total Distributions.............. (0.74) (0.61) (0.58) (0.61) (0.51)
-------------------------------------------------------------------------------------------------
Net Asset Value, End of Period...... $ 21.59 $ 22.20 $ 18.33 $ 17.91 $ 19.42
=================================== ========== ========== ========== ========== ==========
Total Return........................ 0.47% 24.85% 5.89% (4.86)% 10.99%
-------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)........................ $3,127,847 $2,755,114 $2,055,759 $1,704,149 $1,616,686
Ratio of Expenses to Average Net
Assets............................. 0.28% 0.29% 0.30% 0.30% 0.30%
Ratio of Expenses to Average Net
Assets (Excluding Fees (Waived),
(Expenses Reimbursed), and/or
Previously Waived Fees Recovered
by Advisor and Fees Paid
Indirectly)........................ 0.28% 0.29% 0.30% 0.30% 0.30%
Ratio of Net Investment Income to
Average Net Assets................. 3.35% 2.90% 3.38% 3.19% 2.65%
Portfolio Turnover Rate............. 4% 5% 4% 3% 7%
-------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
114
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
International Core Equity Portfolio
------------------------------------------------------------------
Six Months Year Year Year Year
Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period........................ $ 12.15 $ 12.57 $ 10.10 $ 9.89 $ 10.78
----------- ----------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.16 0.38 0.31 0.31 0.33
Net Gains (Losses) on Securities (Realized and Unrealized). 0.55 (0.43) 2.47 0.20 (0.89)
----------- ----------- ---------- ---------- ----------
Total from Investment Operations......................... 0.71 (0.05) 2.78 0.51 (0.56)
--------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.09) (0.37) (0.31) (0.30) (0.33)
----------- ----------- ---------- ---------- ----------
Total Distributions...................................... (0.09) (0.37) (0.31) (0.30) (0.33)
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 12.77 $ 12.15 $ 12.57 $ 10.10 $ 9.89
=========================================================== =========== =========== ========== ========== ==========
Total Return................................................ 5.96%(D) (0.55)% 27.98% 5.49% (5.49)%
--------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $14,183,064 $12,294,542 $9,508,466 $6,482,738 $5,395,884
Ratio of Expenses to Average Net Assets..................... 0.38%(E) 0.38% 0.39% 0.40% 0.40%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor and Fees Paid Indirectly)........ 0.38%(E) 0.38% 0.39% 0.40% 0.40%
Ratio of Net Investment Income to Average Net Assets........ 2.64%(E) 3.01% 2.80% 3.18% 2.96%
Portfolio Turnover Rate..................................... 3%(D) 7% 3% 5% 3%
--------------------------------------------------------------------------------------------------------------------------------
-----------
Year
Ended
Oct. 31,
2010
------------------------------------------------------------------------
Net Asset Value, Beginning of Period........................ $ 9.79
----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.23
Net Gains (Losses) on Securities (Realized and Unrealized). 0.96
----------
Total from Investment Operations......................... 1.19
------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.20)
----------
Total Distributions...................................... (0.20)
------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 10.78
=========================================================== ==========
Total Return................................................ 12.48%
------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $4,866,989
Ratio of Expenses to Average Net Assets..................... 0.40%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor and Fees Paid Indirectly)........ 0.40%
Ratio of Net Investment Income to Average Net Assets........ 2.31%
Portfolio Turnover Rate..................................... 2%
------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
115
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
International Small Company Portfolio
---------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.......... $ 18.24 $ 19.40 $ 15.28 $ 15.21 $ 16.14 $ 13.99
---------- ---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)............ 0.19 0.42 0.42 0.38 0.40 0.28
Net Gains (Losses) on Securities (Realized
and Unrealized)............................ 1.03 (0.62) 4.16 0.39 (0.83) 2.13
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment Operations........... 1.22 (0.20) 4.58 0.77 (0.43) 2.41
----------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income....................... (0.26) (0.42) (0.37) (0.42) (0.50) (0.26)
Net Realized Gains.......................... (0.57) (0.54) (0.09) (0.28) -- --
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions........................ (0.83) (0.96) (0.46) (0.70) (0.50) (0.26)
----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period................ $ 18.63 $ 18.24 $ 19.40 $ 15.28 $ 15.21 $ 16.14
============================================== =========== ========== ========== ========== ========== ==========
Total Return.................................. 7.27%(D) (1.09)% 30.66% 5.63% (2.92)% 17.61%
----------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)......... $9,311,258 $8,844,517 $8,520,717 $6,423,160 $5,834,015 $5,511,594
Ratio of Expenses to Average Net Assets (B)... 0.53%(E) 0.53% 0.54% 0.56% 0.55% 0.56%
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses
Reimbursed), and/or Previously Waived Fees
Recovered by Advisor) (B).................... 0.53%(E) 0.53% 0.54% 0.56% 0.55% 0.56%
Ratio of Net Investment Income to Average Net
Assets....................................... 2.22%(E) 2.15% 2.47% 2.58% 2.37% 1.94%
----------------------------------------------------------------------------------------------------------------------------
Japanese Small Company Portfolio
--------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
--------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.......... $ 19.15 $ 19.33 $ 14.99 $ 15.24 $ 14.13 $ 14.32
-------- -------- -------- -------- -------- --------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)............ 0.15 0.24 0.26 0.29 0.27 0.22
Net Gains (Losses) on Securities (Realized
and Unrealized)............................ 1.21 0.13 4.21 (0.26) 1.08 (0.18)
-------- -------- -------- -------- -------- --------
Total from Investment Operations........... 1.36 0.37 4.47 0.03 1.35 0.04
--------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income....................... (0.30) (0.55) (0.13) (0.28) (0.24) (0.23)
Net Realized Gains.......................... -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions........................ (0.30) (0.55) (0.13) (0.28) (0.24) (0.23)
--------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period................ $ 20.21 $ 19.15 $ 19.33 $ 14.99 $ 15.24 $ 14.13
============================================== =========== ======== ======== ======== ======== ========
Total Return.................................. 7.29%(D) 2.00% 30.06% 0.20% 9.57% 0.33%
--------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)......... $495,563 $508,190 $414,132 $293,968 $163,120 $114,933
Ratio of Expenses to Average Net Assets (B)... 0.54%(E) 0.55% 0.56% 0.57% 0.56% 0.57%
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses
Reimbursed), and/or Previously Waived Fees
Recovered by Advisor) (B).................... 0.54%(E) 0.55% 0.56% 0.57% 0.56% 0.57%
Ratio of Net Investment Income to Average Net
Assets....................................... 1.60%(E) 1.25% 1.51% 1.88% 1.74% 1.52%
--------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
116
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Asia Pacific Small Company Portfolio
----------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period....................... $ 22.88 $ 24.82 $ 23.22 $ 23.04 $ 25.64 $ 20.59
-------- -------- -------- -------- -------- --------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)......................... 0.33 0.83 1.01 0.87 0.85 0.69
Net Gains (Losses) on Securities (Realized and
Unrealized)............................................. (0.10) (1.81) 1.37 0.58 (2.16) 4.99
-------- -------- -------- -------- -------- --------
Total from Investment Operations........................ 0.23 (0.98) 2.38 1.45 (1.31) 5.68
------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.................................... (1.06) (0.96) (0.78) (1.27) (1.29) (0.63)
Net Realized Gains....................................... -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions..................................... (1.06) (0.96) (0.78) (1.27) (1.29) (0.63)
------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period............................. $ 22.05 $ 22.88 $ 24.82 $ 23.22 $ 23.04 $ 25.64
=========================================================== =========== ======== ======== ======== ======== ========
Total Return............................................... 1.59%(D) (3.84)% 10.46% 7.09% (5.59)% 28.36%
------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)...................... $266,984 $364,117 $331,166 $238,191 $139,262 $131,511
Ratio of Expenses to Average Net Assets (B)................ 0.55%(E) 0.55% 0.57% 0.59% 0.60% 0.63%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor) (B)............................ 0.55%(E) 0.55% 0.57% 0.59% 0.60% 0.61%
Ratio of Net Investment Income to Average Net Assets....... 3.21%(E) 3.53% 4.26% 3.91% 3.34% 3.14%
------------------------------------------------------------------------------------------------------------------------------
United Kingdom Small Company Portfolio
----------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
-----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period....................... $ 35.92 $ 36.96 $ 27.81 $ 23.44 $ 24.24 $ 19.83
------- ------- ------- ------- ------- -------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)......................... 0.52 0.95 0.88 0.69 0.82 0.50
Net Gains (Losses) on Securities (Realized and
Unrealized)............................................. 2.18 (0.65) 9.17 4.47 (0.85) 4.41
------- ------- ------- ------- ------- -------
Total from Investment Operations........................ 2.70 0.30 10.05 5.16 (0.03) 4.91
-----------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.................................... (0.60) (0.93) (0.90) (0.79) (0.77) (0.50)
Net Realized Gains....................................... (2.38) (0.41) -- -- -- --
------- ------- ------- ------- ------- -------
Total Distributions..................................... (2.98) (1.34) (0.90) (0.79) (0.77) (0.50)
-----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period............................. $ 35.64 $ 35.92 $ 36.96 $ 27.81 $ 23.44 $ 24.24
=========================================================== =========== ======== ======== ======== ======== ========
Total Return............................................... 8.49%(D) 0.73% 36.81% 22.82% (0.28)% 25.37%
-----------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)...................... $36,713 $35,050 $37,096 $31,316 $33,869 $33,751
Ratio of Expenses to Average Net Assets (B)................ 0.58%(E) 0.58% 0.59% 0.60% 0.60% 0.60%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor) (B)............................ 0.59%(E) 0.62% 0.63% 0.63% 0.62% 0.64%
Ratio of Net Investment Income to Average Net Assets....... 3.08%(E) 2.50% 2.79% 2.83% 3.26% 2.39%
-----------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
117
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Continental Small Company Portfolio
-----------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
---------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of
Period........................... $ 19.34 $ 20.26 $ 14.51 $ 14.66 $ 16.93 $ 15.02
-------- -------- -------- -------- -------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)..................... 0.19 0.42 0.37 0.39 0.39 0.27
Net Gains (Losses) on
Securities (Realized and
Unrealized).................... 2.07 (0.90) 5.78 (0.17) (2.20) 1.89
-------- -------- -------- -------- -------- --------
Total from Investment
Operations.................... 2.26 (0.48) 6.15 0.22 (1.81) 2.16
---------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income........... (0.04) (0.44) (0.40) (0.37) (0.46) (0.25)
-------- -------- -------- -------- -------- --------
Total Distributions............ (0.04) (0.44) (0.40) (0.37) (0.46) (0.25)
---------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.... $ 21.56 $ 19.34 $ 20.26 $ 14.51 $ 14.66 $ 16.93
================================== =========== ======== ======== ======== ======== ========
Total Return...................... 11.72%(D) (2.68)% 42.99% 1.85% (11.09)% 14.85%
---------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)...................... $247,826 $168,961 $170,806 $106,316 $117,452 $128,106
Ratio of Expenses to Average Net
Assets........................... 0.55%(B)(E) 0.56%(B) 0.58%(B) 0.59%(B) 0.58%(B) 0.59%(B)
Ratio of Expenses to Average Net
Assets (Excluding Fees
(Waived), (Expenses
Reimbursed), and/or Previously
Waived Fees Recovered by
Advisor and Fees Paid
Indirectly)...................... 0.55%(B)(E) 0.56%(B) 0.58%(B) 0.59%(B) 0.58%(B) 0.59%(B)
Ratio of Net Investment Income to
Average Net Assets............... 1.95%(E) 1.97% 2.16% 2.78% 2.25% 1.78%
Portfolio Turnover Rate........... N/A N/A N/A N/A N/A N/A
---------------------------------------------------------------------------------------------------------------------
DFA International Real Estate Securities Portfolio
------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of
Period........................... $ 5.63 $ 5.48 $ 5.67 $ 4.90 $ 5.58 $ 5.24
---------- ---------- ---------- ---------- ---------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)..................... 0.10 0.22 0.22 0.27 0.30 0.31
Net Gains (Losses) on
Securities (Realized and
Unrealized).................... 0.10 0.19 0.25 0.75 (0.33) 0.58
---------- ---------- ---------- ---------- ---------- --------
Total from Investment
Operations.................... 0.20 0.41 0.47 1.02 (0.03) 0.89
------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income........... (0.33) (0.26) (0.66) (0.25) (0.65) (0.55)
---------- ---------- ---------- ---------- ---------- --------
Total Distributions............ (0.33) (0.26) (0.66) (0.25) (0.65) (0.55)
------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.... $ 5.50 $ 5.63 $ 5.48 $ 5.67 $ 4.90 $ 5.58
================================== =========== ========== ========== ========== ========== ========
Total Return...................... 3.98%(D) 8.21% 9.24% 22.34% (0.43)% 18.96%
------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)...................... $3,458,642 $3,088,376 $2,158,977 $1,531,708 $1,060,156 $958,554
Ratio of Expenses to Average Net
Assets........................... 0.34%(E) 0.38% 0.39% 0.41% 0.42% 0.41%
Ratio of Expenses to Average Net
Assets (Excluding Fees
(Waived), (Expenses
Reimbursed), and/or Previously
Waived Fees Recovered by
Advisor and Fees Paid
Indirectly)...................... 0.34%(E) 0.38% 0.39% 0.41% 0.42% 0.41%
Ratio of Net Investment Income to
Average Net Assets............... 3.76%(E) 4.14% 4.07% 5.45% 5.73% 6.42%
Portfolio Turnover Rate........... 2%(D) 1% 5% 3% 7% 6%
------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
118
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA Global Real Estate Securities Portfolio
------------------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
---------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning
of Period................. $ 10.63 $ 9.59 $ 9.33 $ 8.21 $ 8.28 $ 6.75
---------- ---------- ---------- ---------- -------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A).............. 0.36 0.31 0.49 0.29 0.41 0.40
Net Gains (Losses) on
Securities (Realized
and Unrealized)......... (0.05) 1.05 0.37 1.07 0.06 1.60
---------- ---------- ---------- ---------- -------- --------
Total from Investment
Operations............. 0.31 1.36 0.86 1.36 0.47 2.00
---------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment
Income.................. (0.39) (0.32) (0.60) (0.24) (0.54) (0.47)
Net Realized Gains....... -- -- -- -- -- --
---------- ---------- ---------- ---------- -------- --------
Total Distributions..... (0.39) (0.32) (0.60) (0.24) (0.54) (0.47)
---------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period.................... $ 10.55 $ 10.63 $ 9.59 $ 9.33 $ 8.21 $ 8.28
=========================== =========== ========== ========== ========== ======== ========
Total Return............... 3.05%(D) 14.98% 9.74% 17.33% 6.17% 31.38%
---------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)............... $3,746,774 $3,305,472 $2,082,707 $1,315,547 $869,348 $695,461
Ratio of Expenses to
Average Net Assets........ 0.29%(B)(E) 0.32%(B) 0.32%(B) 0.34%(B) 0.41%(B) 0.41%(B)
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly)............... 0.49%(B)(E) 0.55%(B) 0.55%(B) 0.60%(B) 0.73%(B) 0.73%(B)
Ratio of Net Investment
Income to Average Net
Assets.................... 6.80%(E) 3.21% 5.18% 3.38% 5.01% 5.59%
Portfolio Turnover Rate.... 0%(D) N/A N/A N/A N/A N/A
---------------------------------------------------------------------------------------------------------------------
DFA International Small Cap Value Portfolio
-----------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
----------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning
of Period................. $ 19.55 $ 20.17 $ 15.16 $ 14.85 $ 16.16 $ 14.92
----------- ----------- ----------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A).............. 0.20 0.37 0.37 0.34 0.34 0.24
Net Gains (Losses) on
Securities (Realized
and Unrealized)......... 1.27 (0.34) 5.21 0.61 (0.98) 1.22
----------- ----------- ----------- ---------- ---------- ----------
Total from Investment
Operations............. 1.47 0.03 5.58 0.95 (0.64) 1.46
----------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment
Income.................. (0.23) (0.35) (0.36) (0.36) (0.38) (0.22)
Net Realized Gains....... (0.34) (0.30) (0.21) (0.28) (0.29) --
----------- ----------- ----------- ---------- ---------- ----------
Total Distributions..... (0.57) (0.65) (0.57) (0.64) (0.67) (0.22)
----------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period.................... $ 20.45 $ 19.55 $ 20.17 $ 15.16 $ 14.85 $ 16.16
=========================== =========== =========== =========== ========== ========== ==========
Total Return............... 7.96%(D) 0.13% 37.79% 6.92% (4.39)% 10.01%
----------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)............... $12,923,353 $11,684,771 $11,148,899 $8,266,610 $7,459,144 $7,655,318
Ratio of Expenses to
Average Net Assets........ 0.68%(E) 0.68% 0.69% 0.71% 0.70% 0.70%
Ratio of Expenses to
Average Net Assets
(Excluding Fees
(Waived), (Expenses
Reimbursed), and/or
Previously Waived Fees
Recovered by Advisor
and Fees Paid
Indirectly)............... 0.68%(E) 0.68% 0.69% 0.71% 0.70% 0.70%
Ratio of Net Investment
Income to Average Net
Assets.................... 2.09%(E) 1.78% 2.16% 2.30% 2.05% 1.57%
Portfolio Turnover Rate.... 9%(D) 8% 9% 18% 16% 18%
----------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
119
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
International Vector Equity Portfolio
--------------------------------------------------------------------- ----------------
Six Months Year Year Year Year Year Six Months
Ended Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, April 30,
2015 2014 2013 2012 2011 2010 2015
----------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
Net Asset Value, Beginning
of Period................... $ 11.26 $ 11.75 $ 9.33 $ 9.34 $ 10.28 $ 9.22 $ 11.43
---------- ---------- ---------- -------- -------- -------- --------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)................ 0.14 0.32 0.26 0.27 0.29 0.18 0.14
Net Gains (Losses) on
Securities (Realized and
Unrealized)............... 0.55 (0.43) 2.44 0.14 (0.87) 1.05 0.45
---------- ---------- ---------- -------- -------- -------- --------
Total from Investment
Operations............... 0.69 (0.11) 2.70 0.41 (0.58) 1.23 0.59
----------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...... (0.08) (0.30) (0.25) (0.27) (0.29) (0.17) (0.09)
Net Realized Gains......... (0.10) (0.08) (0.03) (0.15) (0.07) -- --
---------- ---------- ---------- -------- -------- -------- --------
Total Distributions....... (0.18) (0.38) (0.28) (0.42) (0.36) (0.17) (0.09)
----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period...................... $ 11.77 $ 11.26 $ 11.75 $ 9.33 $ 9.34 $ 10.28 $ 11.93
============================ =========== ========== ========== ======== ======== ======== ===========
Total Return................. 6.31%(D) (1.05)% 29.52% 4.90% (5.99)% 13.62% 5.29%(D)
----------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)................. $1,666,839 $1,305,553 $1,090,774 $561,399 $410,580 $363,123 $125,855
Ratio of Expenses to
Average Net Assets.......... 0.49%(E) 0.49% 0.51% 0.54% 0.54% 0.54% 0.53%(B)(E)
Ratio of Expenses to
Average Net Assets
(Excluding Fees (Waived),
(Expenses Reimbursed),
and/or Previously Waived
Fees Recovered by
Advisor and Fees Paid
Indirectly)................. 0.49%(E) 0.49% 0.51% 0.54% 0.54% 0.53% 0.75%(B)(E)
Ratio of Net Investment
Income to Average Net
Assets...................... 2.48%(E) 2.64% 2.51% 2.94% 2.73% 1.91% 2.43%(E)
Portfolio Turnover Rate...... 1%(D) 8% 2% 5% 10% 5% N/A
----------------------------------------------------------------------------------------------------------------------
World ex U.S. Value Portfolio
-------------------------------------------------------------
Period
Year Year Year Year Aug. 23,
Ended Ended Ended Ended 2010(a) to
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011 2010
----------------------------------------------------------------------------------------------------
Net Asset Value, Beginning
of Period................... $ 11.93 $ 9.94 $ 9.96 $ 11.35 $ 10.00
-------- -------- ------- ------- -------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)................ 0.42 0.29 0.29 0.30 0.02
Net Gains (Losses) on
Securities (Realized and
Unrealized)............... (0.50) 2.02 (0.05) (1.35) 1.33
-------- -------- ------- ------- -------
Total from Investment
Operations............... (0.08) 2.31 0.24 (1.05) 1.35
----------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...... (0.42) (0.32) (0.26) (0.26) --
Net Realized Gains......... -- -- -- (0.08) --
-------- -------- ------- ------- -------
Total Distributions....... (0.42) (0.32) (0.26) (0.34) --
----------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period...................... $ 11.43 $ 11.93 $ 9.94 $ 9.96 $ 11.35
============================ ======== ======== ======== ======== ==========
Total Return................. (0.81)% 23.61% 2.70% (9.59)% 13.50%(D)
----------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)................. $113,951 $117,587 $57,197 $47,165 $29,616
Ratio of Expenses to
Average Net Assets.......... 0.57%(B) 0.60%(B) 0.60%(B) 0.60%(B) 0.90%(B)(C)(E)
Ratio of Expenses to
Average Net Assets
(Excluding Fees (Waived),
(Expenses Reimbursed),
and/or Previously Waived
Fees Recovered by
Advisor and Fees Paid
Indirectly)................. 0.76%(B) 0.76%(B) 0.84%(B) 0.91%(B) 1.37%(B)(C)(E)
Ratio of Net Investment
Income to Average Net
Assets...................... 3.54% 2.61% 2.97% 2.64% 0.76%(C)(E)
Portfolio Turnover Rate...... N/A N/A N/A N/A N/A
----------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
120
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
World ex U.S. Targeted Value Portfolio
--------------------------------
Period
Six Months Year Nov. 1,
Ended Ended 2012(a) to
April 30, Oct. 31, Oct. 31,
2015 2014 2013
-------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.............. $ 12.08 $ 12.46 $ 10.00
-------- -------- -------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)................. 0.10 0.23 0.20
Net Gains (Losses) on Securities (Realized and
Unrealized).................................... 0.65 (0.22) 2.46
-------- -------- -------
Total from Investment Operations............... 0.75 0.01 2.66
-------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............................ (0.14) (0.24) (0.20)
Net Realized Gains............................... (0.03) (0.15) --
-------- -------- -------
Total Distributions............................ (0.17) (0.39) (0.20)
-------------------------------------------------------------------------------------------
Net Asset Value, End of Period.................... $ 12.66 $ 12.08 $ 12.46
================================================= =========== ======== ==========
Total Return...................................... 6.40%(D) 0.06% 26.90%(D)
-------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)............. $227,031 $151,096 $96,010
Ratio of Expenses to Average Net Assets (B)....... 0.66%(E) 0.69% 0.79%(C)(E)
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses Reimbursed),
and/or Previously Waived Fees Recovered by
Advisor) (B)..................................... 1.13%(E) 1.17% 1.27%(C)(E)
Ratio of Net Investment Income to Average Net
Assets........................................... 1.73%(E) 1.84% 1.78%(C)(E)
Portfolio Turnover Rate........................... N/A N/A N/A
-------------------------------------------------------------------------------------------
World ex U.S. Core Equity Portfolio
----------------------------------
Period
Six Months Year April 9,
Ended Ended 2013(a) to
April 30, Oct. 31, Oct. 31,
2015 2014 2013
--------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.............. $ 10.49 $ 10.77 $ 10.00
-------- -------- --------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)................. 0.13 0.28 0.18
Net Gains (Losses) on Securities (Realized and
Unrealized).................................... 0.49 (0.27) 0.77
-------- -------- --------
Total from Investment Operations............... 0.62 0.01 0.95
--------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............................ (0.04) (0.28) (0.18)
Net Realized Gains............................... -- (0.01) --
-------- -------- --------
Total Distributions............................ (0.04) (0.29) (0.18)
--------------------------------------------------------------------------------------------
Net Asset Value, End of Period.................... $ 11.07 $ 10.49 $ 10.77
================================================= =========== ======== ==========
Total Return...................................... 5.93%(D) (0.04)% 9.62%(D)
--------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)............. $841,045 $406,648 $129,720
Ratio of Expenses to Average Net Assets (B)....... 0.47%(E) 0.47% 0.47%(C)(E)
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses Reimbursed),
and/or Previously Waived Fees Recovered by
Advisor) (B)..................................... 0.57%(E) 0.88% 0.97%(C)(E)
Ratio of Net Investment Income to Average Net
Assets........................................... 2.41%(E) 2.59% 3.12%(C)(E)
Portfolio Turnover Rate........................... 0%(D) N/A N/A
--------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
121
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
World Core Equity Portfolio
----------------------------------------
Period
Six Months Year Year March 7,
Ended Ended Ended 2012(a) to
April 30, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012
----------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period........................ $ 13.33 $ 12.71 $10.24 $10.00
-------- ------- ------ ------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.08 0.17 0.23 0.16
Net Gains (Losses) on Securities (Realized and Unrealized). 0.58 0.87 2.47 0.19
-------- ------- ------ ------
Total from Investment Operations......................... 0.66 1.04 2.70 0.35
----------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.10) (0.24) (0.23) (0.11)
Net Realized Gains......................................... (0.04) (0.18) -- (0.00)
-------- ------- ------ ------
Total Distributions...................................... (0.14) (0.42) (0.23) (0.11)
----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 13.85 $ 13.33 $12.71 $10.24
=========================================================== =========== ======== ======== ==========
Total Return................................................ 5.07%(D) 8.36% 26.77% 3.54%(D)
----------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $141,393 $75,707 $1,728 $ 191
Ratio of Expenses to Average Net Assets (B)................. 0.35%(E) 0.35% 0.40% 0.40%(B)(C)(E)
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor) (B)............................. 0.66%(E) 0.97% 5.71% 52.27%(B)(C)(E)
Ratio of Net Investment Income to Average Net Assets........ 1.25%(E) 1.27% 2.01% 2.40%(C)(E)
----------------------------------------------------------------------------------------------------------------
Selectively Hedged Global Equity Portfolio
-------------------------------------------
Period
Six Months Year Year Nov. 14,
Ended Ended Ended 2011(a) to
April 30, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012
---------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period........................ $ 14.20 $ 13.63 $ 10.87 $ 10.00
-------- -------- ------- -------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.09 0.27 0.24 0.22
Net Gains (Losses) on Securities (Realized and Unrealized). 0.72 0.76 2.65 0.87
-------- -------- ------- -------
Total from Investment Operations......................... 0.81 1.03 2.89 1.09
---------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.42) (0.32) (0.10) (0.22)
Net Realized Gains......................................... (0.21) (0.14) (0.03) --
-------- -------- ------- -------
Total Distributions...................................... (0.63) (0.46) (0.13) (0.22)
---------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 14.38 $ 14.20 $ 13.63 $ 10.87
=========================================================== =========== ======== ======== ==========
Total Return................................................ 6.16%(D) 7.83% 26.86% 11.11%(D)
---------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $200,657 $147,276 $91,348 $34,950
Ratio of Expenses to Average Net Assets (B)................. 0.40%(E) 0.40% 0.40% 0.40%(C)(E)
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor) (B)............................. 0.65%(E) 0.69% 0.72% 1.00%(C)(E)
Ratio of Net Investment Income to Average Net Assets........ 1.32%(E) 1.94% 1.93% 2.13%(C)(E)
---------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
122
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Portfolio
-------------------------------------------------------------------------- --------------
Six Months Year Year Year Year Year Six Months
Ended Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, April 30,
2015 2014 2013 2012 2011 2010 2015
--------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
Net Asset Value, Beginning of
Period....................... $ 26.64 $ 26.97 $ 26.06 $ 26.68 $ 30.90 $ 25.23 $ 21.42
---------- ---------- ---------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)................. 0.14 0.56 0.52 0.55 0.61 0.48 0.13
Net Gains (Losses) on
Securities (Realized and
Unrealized)................ 0.45 (0.20) 1.17 0.37 (2.53) 6.07 1.09
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total from Investment
Operations................ 0.59 0.36 1.69 0.92 (1.92) 6.55 1.22
--------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income....... (0.13) (0.53) (0.50) (0.50) (0.53) (0.46) (0.21)
Net Realized Gains.......... -- (0.16) (0.28) (1.04) (1.77) (0.42) (0.40)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Distributions........ (0.13) (0.69) (0.78) (1.54) (2.30) (0.88) (0.61)
--------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of
Period....................... $ 27.10 $ 26.64 $ 26.97 $ 26.06 $ 26.68 $ 30.90 $ 22.03
============================== =========== ========== ========== ========== ========== ========== ===========
Total Return.................. 2.28%(D) 1.33% 6.58% 4.08% (6.82)% 26.53% 6.09%(D)
--------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands).................. $4,284,122 $4,073,698 $3,655,740 $2,797,177 $2,313,035 $2,372,498 $5,637,044
Ratio of Expenses to Average
Net Assets (B)............... 0.56%(E) 0.56% 0.57% 0.61% 0.61% 0.60% 0.72%(E)
Ratio of Net Investment
Income to Average Net
Assets....................... 1.09%(E) 2.11% 1.97% 2.14% 2.07% 1.76% 1.25%(E)
--------------------------------------------------------------------------------------------------------------------------
Emerging Markets Small Cap Portfolio
------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2014 2013 2012 2011 2010
-------------------------------------------------------------------------------------------
Net Asset Value, Beginning of
Period....................... $ 21.10 $ 20.33 $ 19.85 $ 24.26 $ 17.45
---------- ---------- ---------- ---------- ----------
Income from Investment
Operations
----------------------
Net Investment Income
(Loss) (A)................. 0.43 0.40 0.40 0.42 0.34
Net Gains (Losses) on
Securities (Realized and
Unrealized)................ 0.62 1.37 0.83 (3.67) 6.79
---------- ---------- ---------- ---------- ----------
Total from Investment
Operations................ 1.05 1.77 1.23 (3.25) 7.13
-------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income....... (0.40) (0.39) (0.35) (0.40) (0.32)
Net Realized Gains.......... (0.33) (0.61) (0.40) (0.76) --
---------- ---------- ---------- ---------- ----------
Total Distributions........ (0.73) (1.00) (0.75) (1.16) (0.32)
-------------------------------------------------------------------------------------------
Net Asset Value, End of
Period....................... $ 21.42 $ 21.10 $ 20.33 $ 19.85 $ 24.26
============================== ========== ========== ========== ========== ==========
Total Return.................. 5.12% 8.92% 6.71% (14.03)% 41.33%
-------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands).................. $4,860,603 $4,041,863 $2,907,673 $1,832,745 $1,833,038
Ratio of Expenses to Average
Net Assets (B)............... 0.72% 0.75% 0.82% 0.79% 0.78%
Ratio of Net Investment
Income to Average Net
Assets....................... 2.02% 1.91% 2.01% 1.86% 1.70%
-------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
123
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Value Portfolio-Class R2 Shares+
------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
---------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of
Period............................. $ 27.79 $ 29.27 $ 28.21 $ 29.02 $ 36.35 $ 46.84
-------- ------- -------- ------- ------- -------
Income from Investment Operations
---------------------------------
Net Investment Income
(Loss) (A)....................... 0.08 0.59 0.47 0.50 0.20 0.56
Net Gains (Losses) on Securities
(Realized and Unrealized)........ 0.64 (1.10) 1.68 (0.45) (5.45) 9.18
-------- ------- -------- ------- ------- -------
Total from Investment
Operations...................... 0.72 (0.51) 2.15 0.05 (5.25) 9.74
---------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............. (0.29) (0.55) (0.50) (0.47) (0.45) (7.12)
Net Realized Gains................ -- (0.42) (0.59) (0.39) (1.63) (13.11)
-------- ------- -------- ------- ------- -------
Total Distributions.............. (0.29) (0.97) (1.09) (0.86) (2.08) (20.23)
---------------------------------------------------------------------------------------------------
Net Asset Value, End of Period...... $ 28.22 $ 27.79 $ 29.27 $ 28.21 $ 29.02 $ 36.35
=================================== =========== ======== ======== ======== ======== ========
Total Return........................ 2.75%(D) (1.75)% 7.75% 0.43% (15.24)% 29.71%
---------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)........................ $106,479 $99,066 $106,070 $99,111 $78,157 $39,668
Ratio of Expenses to Average Net
Assets (B)......................... 0.81%(E) 0.80% 0.82% 0.86% 0.86% 0.86%
Ratio of Net Investment Income to
Average Net Assets................. 0.63%(E) 2.09% 1.65% 1.78% 1.56% 1.39%
---------------------------------------------------------------------------------------------------
Emerging Markets Value Portfolio-Institutional Class Shares
---------------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
-----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of
Period............................. $ 27.81 $ 29.28 $ 28.22 $ 29.02 $ 36.27 $ 28.90
----------- ----------- ----------- ----------- ----------- -----------
Income from Investment Operations
---------------------------------
Net Investment Income
(Loss) (A)....................... 0.11 0.66 0.55 0.57 0.64 0.45
Net Gains (Losses) on Securities
(Realized and Unrealized)........ 0.65 (1.10) 1.67 (0.44) (5.72) 8.01
----------- ----------- ----------- ----------- ----------- -----------
Total from Investment
Operations...................... 0.76 (0.44) 2.22 0.13 (5.08) 8.46
-----------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............. (0.31) (0.61) (0.57) (0.54) (0.54) (0.39)
Net Realized Gains................ -- (0.42) (0.59) (0.39) (1.63) (0.70)
----------- ----------- ----------- ----------- ----------- -----------
Total Distributions.............. (0.31) (1.03) (1.16) (0.93) (2.17) (1.09)
-----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period...... $ 28.26 $ 27.81 $ 29.28 $ 28.22 $ 29.02 $ 36.27
=================================== =========== =========== =========== =========== =========== ===========
Total Return........................ 2.88%(D) (1.51)% 8.01% 0.70% (14.84)% 30.04%
-----------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(thousands)........................ $19,049,084 $18,647,276 $19,162,837 $16,589,619 $13,730,213 $11,542,870
Ratio of Expenses to Average Net
Assets (B)......................... 0.56%(E) 0.55% 0.57% 0.61% 0.61% 0.60%
Ratio of Net Investment Income to
Average Net Assets................. 0.87%(E) 2.35% 1.91% 2.03% 1.88% 1.40%
-----------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
+ At the close of business on December 3, 2010, Class R2 Shares were converted
to Class R2A Shares. Effective February 28, 2011, Class R2A Shares were
renamed to Class R2 Shares. All per share amounts and net assets values have
been adjusted as a result of the conversion. (Note G)
See accompanying Notes to Financial Statements.
124
DFA INVESTMENT DIMENSIONS GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
Emerging Markets Core Equity Portfolio
------------------------------------------------------------------
Six Months Year Year Year Year
Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period........................ $ 20.08 $ 20.09 $ 19.00 $ 18.73 $ 21.31
----------- ----------- ----------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.11 0.42 0.39 0.41 0.43
Net Gains (Losses) on Securities (Realized and Unrealized). 0.54 (0.03) 1.07 0.23 (2.65)
----------- ----------- ----------- ---------- ----------
Total from Investment Operations......................... 0.65 0.39 1.46 0.64 (2.22)
--------------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.11) (0.40) (0.37) (0.37) (0.36)
----------- ----------- ----------- ---------- ----------
Total Distributions...................................... (0.11) (0.40) (0.37) (0.37) (0.36)
--------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 20.62 $ 20.08 $ 20.09 $ 19.00 $ 18.73
=========================================================== =========== =========== =========== ========== ==========
Total Return................................................ 3.31%(D) 1.89% 7.75% 3.55% (10.59)%
--------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $17,485,579 $15,727,547 $13,020,962 $8,594,707 $5,367,473
Ratio of Expenses to Average Net Assets..................... 0.61%(E) 0.61% 0.63% 0.68% 0.67%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor and Fees Paid Indirectly)........ 0.61%(E) 0.61% 0.63% 0.68% 0.68%
Ratio of Net Investment Income to Average Net Assets........ 1.18%(E) 2.10% 1.97% 2.18% 2.04%
Portfolio Turnover Rate..................................... 1%(D) 2% 1% 1% 1%
--------------------------------------------------------------------------------------------------------------------------------
-----------
Year
Ended
Oct. 31,
2010
------------------------------------------------------------------------
Net Asset Value, Beginning of Period........................ $ 16.49
----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)........................... 0.30
Net Gains (Losses) on Securities (Realized and Unrealized). 4.81
----------
Total from Investment Operations......................... 5.11
------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income...................................... (0.29)
----------
Total Distributions...................................... (0.29)
------------------------------------------------------------------------
Net Asset Value, End of Period.............................. $ 21.31
=========================================================== ==========
Total Return................................................ 31.30%
------------------------------------------------------------------------
Net Assets, End of Period (thousands)....................... $4,179,882
Ratio of Expenses to Average Net Assets..................... 0.65%
Ratio of Expenses to Average Net Assets (Excluding Fees
(Waived), (Expenses Reimbursed), and/or Previously Waived
Fees Recovered by Advisor and Fees Paid Indirectly)........ 0.65%
Ratio of Net Investment Income to Average Net Assets........ 1.63%
Portfolio Turnover Rate..................................... 4%
------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
125
DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
A. Organization:
DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, whose
shares are generally offered to institutional investors, retirement plans and
clients of registered investment advisors. The Fund consists of seventy-eight
operational portfolios, of which thirty-one (the "Portfolios") are included in
this section of the report. The remaining operational portfolios are presented
in separate reports.
Of the Portfolios, seven invest all of their assets in a corresponding
series of The DFA Investment Trust Company ("DFAITC") and one invests in the
Dimensional Emerging Markets Value Fund ("DEM"). International Small Company
Portfolio invests in five portfolios within DFAITC. DFA Global Real Estate
Securities Portfolio invests primarily in two portfolios within the Fund and
World ex U.S. Value Portfolio invests in three portfolios within the Fund,
DFAITC, and DEM. World ex U.S. Targeted Value Portfolio invests in four
portfolios within the Fund, DFAITC, and DEM. World Core Equity Portfolio
invests in three portfolios within the Fund. Selectively Hedged Global Equity
Portfolio invests in three portfolios within the Fund.
Percentage
Ownership
Feeder Funds Master Funds at 04/30/15
------------ ------------ -----------
U.S. Large Cap Value Portfolio The U.S. Large Cap Value Series 83%
Japanese Small Company Portfolio The Japanese Small Company Series 19%
Asia Pacific Small Company Portfolio The Asia Pacific Small Company Series 19%
United Kingdom Small Company Portfolio The United Kingdom Small Company Series 2%
Continental Small Company Portfolio The Continental Small Company Series 7%
Emerging Markets Portfolio The Emerging Markets Series 98%
Emerging Markets Small Cap Portfolio The Emerging Markets Small Cap Series 99%
Emerging Markets Value Portfolio Dimensional Emerging Markets Value Fund 99%
Fund of Funds
-------------
International Small Company Portfolio The Continental Small Company Series 93%
The Japanese Small Company Series 82%
The United Kingdom Small Company Series 98%
The Asia Pacific Small Company Series 82%
The Canadian Small Company Series 98%
DFA Global Real Estate Securities Portfolio** DFA Real Estate Securities Portfolio 32%
DFA International Real Estate Securities Portfolio 41%
World ex U.S. Value Portfolio Dimensional Emerging Markets Value Fund --*
DFA International Small Cap Value Portfolio --*
The DFA International Value Series 1%
World ex U.S. Targeted Value Portfolio DFA International Small Cap Value Portfolio 1%
Dimensional Emerging Markets Value Fund --*
International Vector Equity Portfolio 1%
The Emerging Markets Small Cap Series --*
World Core Equity Portfolio U.S. Core Equity 1 Portfolio 1%
International Core Equity Portfolio --*
Emerging Markets Core Equity Portfolio --*
Selectively Hedged Global Equity Portfolio U.S. Core Equity 2 Portfolio 1%
International Core Equity Portfolio 1%
Emerging Markets Core Equity Portfolio --*
* Amounts designated as -- are less than 1%.
**DFA Global Real Estate Securities Portfolio invests in two Master Funds as
indicated and securities listed on the Summary Schedule of Investments.
126
Each feeder fund and fund of funds (collectively, "Feeder Funds") invests
primarily in a corresponding master fund(s) ("Master Fund") as indicated.
International Small Company Portfolio, DFA Global Real Estate Securities
Portfolio, World ex U.S. Value Portfolio, World ex U.S. Targeted Value
Portfolio, World Core Equity Portfolio, and Selectively Hedged Global Equity
Portfolio also invest in short-term temporary cash investments. In addition,
World ex U.S. Targeted Value Portfolio and Selectively Hedged Global Equity
Portfolio engage in futures and forward currency contracts.
The financial statements of the Master Funds are included elsewhere in this
report and should be read in conjunction with the financial statements of the
Feeder Funds.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Portfolios utilize a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Portfolios' own
assumptions in determining the fair value of investments)
Securities held by Enhanced U.S. Large Company Portfolio, U.S. Large Cap
Equity Portfolio, U.S. Targeted Value Portfolio, U.S. Small Cap Value
Portfolio, U.S. Core Equity 1 Portfolio, U.S. Core Equity 2 Portfolio, U.S.
Vector Equity Portfolio, U.S. Small Cap Portfolio, U.S. Micro Cap Portfolio and
DFA Real Estate Securities Portfolio (the "Domestic Equity Portfolios") and
Large Cap International Portfolio, International Core Equity Portfolio, DFA
International Real Estate Securities Portfolio, DFA International Small Cap
Value Portfolio, International Vector Equity Portfolio, World ex U.S. Core
Equity Portfolio and Emerging Markets Core Equity Portfolio (the "International
Equity Portfolios"), including over-the-counter securities, are valued at the
last quoted sale price at the close of the exchanges on which they are
principally traded (official closing price). International equity securities
are subject to a fair value factor, as described later in this note. Securities
held by the Domestic Equity Portfolios and the International Equity Portfolios
that are listed on Nasdaq are valued at the Nasdaq Official Closing Price
("NOCP"). If there is no last reported sale price or NOCP for the day, the
Domestic Equity Portfolios and the International Equity Portfolios value the
securities at the mean of the most recent quoted bid and asked prices. Price
information on listed securities is taken from the exchange where the security
is primarily traded. Generally, securities issued by open-end investment
companies are valued using their respective net asset values or public offering
prices, as appropriate, for purchase orders placed at the close of the New York
Stock Exchange (NYSE). These securities are generally categorized as Level 1 in
the hierarchy.
Securities for which no market quotations are readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. Fair value pricing may also be used if events
that have a significant effect on the value of an investment (as determined in
the discretion of Dimensional Fund Advisors LP) occur before the net asset
value is calculated. When fair value pricing is used, the prices of securities
used by the Domestic Equity Portfolios and the International Equity Portfolios
may differ from the quoted or published prices for the same securities on their
primary markets or exchanges. These securities are generally categorized as
Level 2 in the hierarchy.
127
The International Equity Portfolios will also apply a fair value price in
the circumstances described below. Generally, trading in foreign securities
markets is completed each day at various times prior to the close of the NYSE.
For example, trading in the Japanese securities markets is completed each day
at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is
fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the
time that the net asset values of the International Equity Portfolios are
computed. Due to the time differences between the closings of the relevant
foreign securities exchanges and the time the International Equity Portfolios
price their shares at the close of the NYSE, the International Equity
Portfolios will fair value their foreign investments when it is determined that
the market quotations for the foreign investments are either unreliable or not
readily available. The fair value prices will attempt to reflect the impact of
the U.S. financial markets' perceptions and trading activities on the
International Equity Portfolios' foreign investments since the last closing
prices of the foreign investments were calculated on their primary foreign
securities markets or exchanges. For these purposes, the Board of
Directors/Trustees of the Fund have determined that movements in relevant
indices or other appropriate market indicators, after the close of the Tokyo
Stock Exchange or the London Stock Exchange, demonstrate that market quotations
may be unreliable. Fair valuation of portfolio securities may occur on a daily
basis. The fair value pricing by the International Equity Portfolios utilizes
data furnished by an independent pricing service (and that data draws upon,
among other information, the market values of foreign investments). When an
International Equity Portfolio uses fair value pricing, the values assigned to
the International Equity Portfolio's foreign investments may not be the quoted
or published prices of the investments on their primary markets or exchanges.
These securities are generally categorized as Level 2 in the hierarchy.
Debt securities held by Enhanced U.S. Large Company Portfolio (the "Fixed
Income Portfolio") and International Equity Portfolios are valued on the basis
of evaluated prices provided by one or more pricing services or other
reasonably reliable sources including broker/dealers that typically handle the
purchase and sale of such securities. Securities which are traded
over-the-counter and on a stock exchange generally will be valued according to
the broadest and most representative market, and it is expected that for bonds
and other fixed income securities, this ordinarily will be the over-the-counter
market. Securities for which quotations are not readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. These valuations are generally categorized as
Level 2 in the hierarchy.
Listed derivatives, such as futures, that are actively traded are valued
based on quoted prices from the exchange and are categorized as Level 1 in the
hierarchy. Over-the-counter derivative contracts, which include forward
currency contracts, do not require material subjectivity as pricing inputs are
observed from quoted markets and are categorized as Level 2 in the hierarchy.
Shares held by the DFA Global Real Estate Securities Portfolio, World ex
U.S. Value Portfolio (except shares of The DFA International Value Series and
DEM), World ex U.S. Targeted Value Portfolio (except shares of The Emerging
Markets Small Cap Series and DEM), World Core Equity Portfolio (except shares
of The Emerging Markets Series), and Selectively Hedged Global Equity Portfolio
of the Master Funds, which are treated as regulated investment companies, and
the shares held by the Portfolios in other investment companies, are valued at
their respective daily net asset values as reported by their administrator. The
Feeder Funds, International Small Company Portfolio, World ex U.S. Value
Portfolio, World ex U.S. Targeted Value Portfolio and World Core Equity
Portfolio's investments in Series of DFAITC or DEM reflect their proportionate
interest in the net assets of such corresponding Master Fund. These valuations
are classified as Level 1 in the hierarchy.
Transfers between investment levels may occur as the markets fluctuate
and/or the availability of data used in an investment's valuation changes. The
Portfolios recognize transfers between the levels as of the end of the period.
As of April 30, 2015, Emerging Markets Core Equity Portfolio had significant
transfers of securities with a total value of $1,184,228 (in thousands) that
transferred from Level 2 to Level 1 because fair value procedures were no
longer applied. At October 31, 2014, the fair market values of certain
securities were adjusted due to developments which occurred between the time of
the close of the foreign markets on which they trade and the close of business
on the NYSE which resulted in their Level 2 classification.
2. Foreign Currency Translation: Securities and other assets and
liabilities of the Fixed Income Portfolio, the International Equity Portfolios
and Selectively Hedged Global Equity Portfolio whose values are initially
128
expressed in foreign currencies are translated to U.S. dollars using the mean
between the most recent bid and asked prices for the U.S. dollar as quoted by
generally recognized reliable sources. Dividend and interest income and certain
expenses are translated to U.S. dollars at the rate of exchange on their
respective accrual dates. Receivables and payables denominated in foreign
currencies are marked-to-market daily based on daily exchange rates and
exchange gains or losses are realized upon ultimate receipt or disbursement.
The Fixed Income Portfolio and Selectively Hedged Global Equity Portfolio also
enter into forward currency contracts solely for the purpose of hedging against
fluctuations in currency exchange rates. These contracts are marked-to-market
daily based on daily forward exchange rates.
The International Equity Portfolios do not isolate the effect of
fluctuations in foreign exchange rates from the effect of fluctuations in the
market prices of securities whether realized or unrealized. However, the Fixed
Income Portfolio and Selectively Hedged Global Equity Portfolio do isolate the
effect of fluctuations in foreign currency rates when determining the realized
gain or loss upon the sale or maturity of foreign currency denominated debt
obligations pursuant to U.S. Federal income tax regulations; such amounts are
categorized as foreign exchange gain or loss for income tax reporting purposes.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and any foreign withholding taxes recorded on the books of the
International Equity Portfolios, Fixed Income Portfolio and Selectively Hedged
Global Equity Portfolio and the U.S. dollar equivalent amounts actually
received or paid.
3. Deferred Compensation Plan: Each eligible Director/Trustee of the Fund
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value
Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio;
Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses.
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of April 30, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
4. Other: Security transactions are accounted for as of the trade date.
Costs used in determining realized gains and losses on the sale of investment
securities/affiliated investment companies and foreign currency are on the
basis of identified cost. Dividend income and distributions to shareholders are
recorded on the ex-dividend date. Distributions received on securities and from
the investment in affiliated investment companies that represent a return of
capital or capital gains are recorded as a reduction of cost of investments or
as a realized gain, respectively. The Portfolios estimate the character of
distributions received that may be considered return of capital distributions.
Interest income is recorded on an accrual basis. Discount and premium on debt
securities purchased are amortized over the lives of the respective securities,
utilizing the effective interest method. Expenses directly attributable to a
Portfolio are directly charged. Common expenses of the Fund or Portfolios are
allocated using methods approved by the Board, generally based on average net
assets.
129
Class R1 Shares, Class R2 Shares and Institutional Class Shares have equal
rights to assets and earnings of a Portfolio. Income, gains and losses, and
common expenses of a Portfolio are allocated to each class of shares based on
its relative net assets. Each class will bear its own class-specific expenses,
if any.
U.S. Large Cap Value Portfolio, International Small Company Portfolio,
Japanese Small Company Portfolio, Asia Pacific Small Company Portfolio, United
Kingdom Small Company Portfolio, Continental Small Company Portfolio, Emerging
Markets Portfolio, Emerging Markets Small Cap Portfolio, Emerging Markets Value
Portfolio, World ex U.S. Value Portfolio and World ex U.S. Targeted Value
Portfolio each recognize their pro-rata share of net investment income and
realized and unrealized gains/losses on a daily basis from their respective
Master Fund within DFAITC or DEM, which are treated as partnerships for federal
income tax purposes.
The Portfolios may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolios
accrue such taxes when the related income or capital gains are earned or
throughout the holding period. Some countries require governmental approval for
the repatriation of investment income, capital or the proceeds of sales earned
by 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 capital remittances abroad.
Emerging Markets Portfolio, Emerging Markets Small Cap Portfolio, Emerging
Markets Value Portfolio, Emerging Markets Core Equity Portfolio and World ex
U.S. Core Equity Portfolio are subject to a 15% tax on short-term capital gains
for investments in India. Such taxes are due upon sale of individual
securities. The capital gains taxes are recognized when the capital gains are
earned.
C. Investment Advisor and Administrator:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to all Portfolios. The Advisor receives no additional compensation for
the investment advisory services it provides to the Feeder Funds. The Advisor
provides administrative services to the Feeder Funds and International Small
Company Portfolio, including supervision of services provided by others,
providing information to shareholders and the Board, and other administrative
services. The Advisor also provides administrative services to the Enhanced
U.S. Large Company Portfolio, U.S. Targeted Value Portfolio, U.S. Small Cap
Value Portfolio, U.S. Small Cap Portfolio and U.S. Micro Cap Portfolio pursuant
to an investment management agreement that provides for an investment
management fee payable to the Advisor for both investment advisory services and
the administrative services described above.
For the six months ended April 30, 2015, the Portfolios' investment advisory
services/management fees were accrued daily and paid monthly to the Advisor
based on the following effective annual rates of average daily net assets:
Enhanced U.S. Large Company Portfolio............... 0.20%
U.S. Large Cap Equity Portfolio..................... 0.15%
U.S. Targeted Value Portfolio....................... 0.35%
U.S. Small Cap Value Portfolio...................... 0.50%
U.S. Core Equity 1 Portfolio........................ 0.17%
U.S. Core Equity 2 Portfolio........................ 0.20%
U.S. Vector Equity Portfolio........................ 0.30%
U.S. Small Cap Portfolio............................ 0.35%
U.S. Micro Cap Portfolio............................ 0.50%
DFA Real Estate Securities Portfolio................ 0.17%
Large Cap International Portfolio................... 0.25%
International Core Equity Portfolio................. 0.35%
DFA International Real Estate Securities Portfolio*. 0.31%
DFA Global Real Estate Securities Portfolio*........ 0.25%
DFA International Small Cap Value Portfolio......... 0.65%
130
International Vector Equity Portfolio...... 0.45%
World ex U.S. Value Portfolio.............. 0.47%
World ex U.S. Targeted Value Portfolio..... 0.58%
World ex U.S. Core Equity Portfolio........ 0.40%
World Core Equity Portfolio................ 0.30%
Selectively Hedged Global Equity Portfolio. 0.30%
Emerging Markets Core Equity Portfolio..... 0.55%
* The investment advisory services fees have been adjusted to reflect the
actual fees paid by the Portfolios for the six months ended April 30, 2015.
The investment advisory services fee payable by the DFA International Real
Estate Securities Portfolio was decreased from 0.35% to 0.25% effective
February 28, 2015. The investment advisory services fee payable by the DFA
Global Real Estate Securities Portfolio was decreased from 0.27% to 0.20%
effective February 28, 2015.
For the six months ended April 30, 2015, the Feeder Funds' and International
Small Company Portfolio's administrative services fees were accrued daily and
paid monthly to the Advisor based on the following effective annual rates of
average daily net assets:
U.S. Large Cap Value Portfolio......... 0.15%
International Small Company Portfolio.. 0.40%
Japanese Small Company Portfolio....... 0.40%
Asia Pacific Small Company Portfolio... 0.40%
United Kingdom Small Company Portfolio. 0.40%
Continental Small Company Portfolio.... 0.40%
Emerging Markets Portfolio............. 0.40%
Emerging Markets Small Cap Portfolio... 0.45%
Emerging Markets Value Portfolio....... 0.40%
Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption
Agreement (the "Fee Waiver Agreement"), the Advisor has contractually agreed to
waive certain fees, including administration/advisory fees, and in certain
instances, assume certain expenses of the Portfolios, as described in the notes
below. The Fee Waiver Agreement for the Portfolios below will remain in effect
through February 28, 2016, and may only be terminated by the Fund's Board of
Directors prior to that date. The Fee Waiver Agreement shall continue in effect
from year to year thereafter unless terminated by the Fund or the Advisor. For
the six months ended April 30, 2015, the Portfolios had expense limits based on
a percentage of average net assets on an annualized basis, and the Advisor
recovered previously waived fees and/or expenses assumed as listed below
(amounts in thousands). Previously waived fees subject to future recovery by
the Advisor are also reflected below (amounts in thousands). The Fund, on
behalf of the Portfolios, is not obligated to reimburse the Advisor for fees
previously waived or expenses previously assumed by the Advisor more than
thirty-six months before the date of recovery.
Previously
Recovery Waived Fees/
Expense of Previously Expenses Assumed
Limitation Waived Fees/ Subject to Future
Institutional Class Shares Amount Expenses Assumed Recovery
-------------------------- ---------- ---------------- -----------------
U.S. Large Cap Equity Portfolio (1)........ 0.19% $35 $ 25
U.S. Targeted Value Portfolio (2).......... 0.50% -- --
U.S. Core Equity 1 Portfolio (1)........... 0.23% -- --
U.S. Core Equity 2 Portfolio (1)........... 0.26% -- --
U.S. Vector Equity Portfolio (1)........... 0.36% -- --
DFA Real Estate Securities Portfolio (1)... 0.18% -- 1,361
International Core Equity Portfolio (1).... 0.49% -- --
International Small Company Portfolio (3).. 0.45% -- --
Japanese Small Company Portfolio (4)....... 0.47% -- --
Asia Pacific Small Company Portfolio (4)... 0.47% -- --
United Kingdom Small Company Portfolio (4). 0.47% 1 29
Continental Small Company Portfolio (4).... 0.47% -- --
131
Previously
Recovery Waived Fees/
Expense of Previously Expenses Assumed
Limitation Waived Fees/ Subject to Future
Institutional Class Shares Amount Expenses Assumed Recovery
-------------------------- ---------- ---------------- -----------------
DFA International Real Estate Securities Portfolio (5). 0.29% -- --
DFA Global Real Estate Securities Portfolio (6)........ 0.24% $61 $14,635
International Vector Equity Portfolio (1).............. 0.60% -- --
World ex U.S. Value Portfolio (7)...................... 0.60% -- 619
World ex U.S. Targeted Value Portfolio (8)............. 0.80% -- 1,371
World ex U.S. Core Equity Portfolio (9)................ 0.47% 31 1,405
World Core Equity Portfolio (10)....................... 0.35% -- 139
Selectively Hedged Global Equity Portfolio (11)........ 0.40% 9 799
Emerging Markets Core Equity Portfolio (1)............. 0.85% -- --
Class R1 Shares
---------------
U.S. Targeted Value Portfolio (12)..................... 0.62% -- --
Class R2 Shares
---------------
U.S. Targeted Value Portfolio (12)..................... 0.77% -- --
Emerging Markets Value Portfolio (13).................. 0.96% -- --
(1) The Advisor has contractually agreed to waive all or a portion of its
advisory fee and assume each Portfolio's ordinary operating expenses (excluding
the expenses a Portfolio incurs indirectly through investment in other
investment companies) ("Portfolio Expenses") to the extent necessary to limit
the Portfolio Expenses of each Portfolio to the rates listed above as a
percentage of average net assets on an annualized basis (the "Expense
Limitation Amount"). At any time that the Portfolio Expenses of a Portfolio are
less than the Expense Limitation Amount listed above for such Portfolio, the
Advisor retains the right to recover any fees previously waived and/or expenses
previously assumed to the extent that such recovery will not cause the
Portfolio's annualized Portfolio Expenses to exceed the Expense Limitation
Amount, as listed above.
(2) The Advisor has contractually agreed to waive its management fee and to
assume the Portfolio's expenses (excluding the expenses the Portfolio incurs
indirectly through investment in other investment companies) ("Portfolio
Expenses") to the extent necessary to limit the Portfolio Expenses of a class
of shares of the Portfolio to the rate listed above for such class of shares as
a percentage of average net assets on an annualized basis (the "Expense
Limitation Amount"). At any time that the Portfolio Expenses of a class of
shares of the Portfolio are less than the Expense Limitation Amount listed
above for such class of shares, the Advisor retains the right to recover any
fees previously waived and/or expenses previously assumed to the extent that
such recovery will not cause the Portfolio's annualized Portfolio Expenses for
such class of shares to exceed the Expense Limitation Amount, as listed above.
(3) The Advisor has contractually agreed to waive its administration fee and
to assume the other direct expenses of the Portfolio (excluding expenses
incurred through its investment in other investment companies) ("Portfolio
Expenses") to the extent necessary to limit the Portfolio Expenses of the
Portfolio, on an annualized basis, to the rate listed above as a percentage of
average net assets (the "Expense Limitation Amount"). At any time that the
Portfolio Expenses of the Portfolio are less than the Expense Limitation Amount
listed above, the Advisor retains the right to seek reimbursement for any fees
previously waived and/or expenses previously assumed to the extent that the
amount of such reimbursement will not cause the annualized Portfolio Expenses
of the Portfolio to exceed the applicable Expense Limitation Amount, as listed
above.
(4) The Advisor has contractually agreed to waive its administration fee and
to assume each Portfolio's other direct expenses to the extent necessary to
limit the direct expenses of each Portfolio to the rates listed above as a
percentage of average net assets on an annualized basis (the "Expense
Limitation Amount"). The Fee Waiver Agreement does not include the indirect
expenses each Portfolio bears as a shareholder of its Master Fund. At any time
that the direct expenses of a Portfolio are less than the Expense Limitation
Amount listed above, the Advisor retains the right to recover any fees
previously waived and/or expenses previously assumed to the extent that such
recovery will not cause the Portfolio's direct expenses to exceed the Expense
Limitation Amount, as listed above.
132
(5) Effective February 28, 2015, the Advisor has contractually agreed to
waive all or a portion of its advisory fee and to assume the Portfolio's
ordinary operating expenses (excluding the expenses the Portfolio incurs
indirectly through investment in other investment companies) ("Portfolio
Expenses") to the extent necessary to limit the Portfolio Expenses of the
Portfolio to the rate listed above as a percentage of the Portfolio's average
net assets on an annualized basis (the "Expense Limitation Amount"). At any
time that the Portfolio Expenses of the Portfolio are less than the Expense
Limitation Amount listed above, the Advisor retains the right to recover any
fees previously waived and/or expenses previously assumed to the extent that
such recovery will not cause the Portfolio's annualized Portfolio Expenses to
exceed the Expense Limitation Amount.
Prior to February 28, 2015, the Advisor had contractually agreed to waive
all or a portion of its advisory fee and to assume the Portfolio Expenses of
the Portfolio to the extent necessary to limit the Portfolio Expenses to 0.65%
of the Portfolio's average net assets on an annualized basis.
(6) Effective February 28, 2015, the Advisor has contractually agreed to
waive all or a portion of its advisory fee and to assume the expenses of the
Portfolio (including the expenses that the Portfolio bears as a shareholder of
its Master Funds but excluding the expenses that the Portfolio incurs
indirectly through its investment in unaffiliated investment companies)
("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses
of the Portfolio to the rate listed above as a percentage of the Portfolio's
average net assets on an annualized basis (the "Expense Limitation Amount"). At
any time that the Portfolio Expenses of the Portfolio are less than the Expense
Limitation Amount listed above, the Advisor retains the right to recover any
fees previously waived and/or expenses previously assumed to the extent that
such recovery will not cause the Portfolio's annualized Portfolio Expenses to
exceed the Expense Limitation Amount.
Prior to February 28, 2015, the Advisor had contractually agreed to waive
all or a portion of its advisory fee and to assume the Portfolio Expenses of
the Portfolio to the extent necessary to limit the Portfolio Expenses to 0.32%
of the Portfolio's average net assets on an annualized basis.
(7) The Advisor has contractually agreed to waive up to the full amount of
the Portfolio's advisory fee of 0.47% to the extent necessary to offset the
proportionate share of the advisory fees paid by the Portfolio through its
investment in its Master Funds. In addition, under the Fee Waiver Agreement,
the Advisor also has agreed to waive all or a portion of the advisory fee that
remains payable by the Portfolio (i.e., the advisory fee remaining after the
proportionate share of the Master Funds' advisory services fees have been
offset (the "Remaining Management Fee")) to the extent necessary to reduce the
Portfolio's ordinary operating expenses (including expenses incurred through
its investment in other investment companies) ("Portfolio Expenses") to the
rate listed above as a percentage of average net assets on an annualized basis
(the "Expense Limitation Amount"). The maximum amount that may be waived to
limit Portfolio Expenses is the amount of the Remaining Management Fee.
Further, at any time that the Portfolio Expenses of the Portfolio are less than
the Portfolio's Expense Limitation Amount listed above, the Advisor retains the
right to seek reimbursement for any fees previously waived and/or expenses
previously assumed to the extent that such reimbursement will not cause the
Portfolio's annualized Portfolio Expenses to exceed the Portfolio's Expense
Limitation Amount, as listed above.
(8) The Advisor has contractually agreed to waive up to the full amount of
the Portfolio's advisory fee of 0.58% to the extent necessary to offset the
proportionate share of the advisory fees paid by the Portfolio through its
investment in its Master Funds. In addition, under the Fee Waiver Agreement,
the Advisor has also agreed to waive all or a portion of the advisory fee and
to assume the ordinary operating expenses of a class of the Portfolio
(including expenses incurred through its investment in other investment
companies) ("Portfolio Expenses") to the extent necessary to limit the
Portfolio Expenses of a class of the Portfolio to the rate listed above as a
percentage of the average net assets of a class of the Portfolio on an
annualized basis (the "Expense Limitation Amount"). At any time that the
Portfolio Expenses of a class of the Portfolio are less than the Expense
Limitation Amount for such class of the Portfolio, the Advisor retains the
right to seek reimbursement for any fees previously waived and/or expenses
previously assumed to the extent that such reimbursement will not cause the
annualized Portfolio Expenses for such class of shares of the Portfolio to
exceed the Expense Limitation Amount, as listed above.
(9) The Advisor has contractually agreed to waive all or a portion of its
advisory fee and to assume the expenses of a class of the Portfolio (including
the expenses that the Portfolio bears as a shareholder of its Master Funds but
excluding the expenses that the Portfolio incurs indirectly through its
investment in unaffiliated
133
investment companies) ("Portfolio Expenses") to the extent necessary to limit
the Portfolio Expenses of a class of the Portfolio to the rate listed above as
a percentage of average net assets of a class of the Portfolio on an annualized
basis (the "Expense Limitation Amount"). At any time that the Portfolio
Expenses of a class of the Portfolio are less than the Expense Limitation
Amount for such class of the Portfolio, the Advisor retains the right to seek
reimbursement for any fees previously waived and/or expenses previously assumed
to the extent that such reimbursement will not cause the annualized Portfolio
Expenses for such class of shares of the Portfolio to exceed the Expense
Limitation Amount, as listed above.
(10) Effective June 27, 2014, the Advisor has contractually agreed to waive
up to the full amount of the Portfolio's management fee of 0.30% to the extent
necessary to offset the proportionate share of the management fees paid by the
Portfolio through its investment in its Master Funds (including the Portfolio's
proportionate share of any management fees that a Master Fund paid through its
investment in an affiliated cash management fund). In addition, under the Fee
Waiver Agreement, the Advisor has also agreed to assume the expenses of a class
of the Portfolio to the extent necessary to reduce the ordinary operating
expenses (including expenses incurred through its investment in other
investment companies) ("Portfolio Expenses") of a class of the Portfolio so
that such Portfolio Expenses do not exceed the rate listed above as a
percentage of the average net assets of a class of the Portfolio on an
annualized basis (the "Expense Limitation Amount"). At any time that the
Portfolio Expenses of a class of the Portfolio are less than the Expense
Limitation Amount for such class of shares of the Portfolio, the Advisor
retains the right to recover any fees previously waived and/or expenses
previously assumed to the extent that such recovery will not cause the
annualized Portfolio Expenses for such class of shares of the Portfolio to
exceed the applicable Expense Limitation Amount.
Prior to June 27, 2014, the Advisor contractually agreed to waive up to the
full amount of the Portfolio's management fee of 0.30% to the extent necessary
to offset the proportionate share of the management fees paid by the Portfolio
through its investment in its Master Funds (including the Portfolio's
proportionate share of any management fees that a Master Fund paid through its
investment in an affiliated cash management fund). In addition, under the Fee
Waiver Agreement, the Advisor also agreed to assume the expenses of a class of
the Portfolio to the extent necessary to reduce the ordinary operating expenses
(including expenses incurred through its investment in other investment
companies) ("Portfolio Expenses") of such class of the Portfolio so that the
Portfolio Expenses did not exceed 0.40% of the average net assets of such class
of the Portfolio on an annualized basis.
(11) The Advisor has contractually agreed to waive up to the full amount of
the Portfolio's management fee of 0.30% to the extent necessary to offset the
proportionate share of the management fees paid by the Portfolio through its
investment in its Master Funds. In addition, under the Fee Waiver Agreement,
the Advisor has also agreed to waive all or a portion of the management fee and
to assume the expenses of a class of the Portfolio to the extent necessary to
reduce the ordinary operating expenses (including expenses incurred through its
investment in other investment companies) ("Portfolio Expenses") of the
Portfolio to the rate listed above as a percentage of average net assets of a
class of the Portfolio on an annualized basis (the "Expense Limitation
Amount"). At any time that the Portfolio Expenses of a class of the Portfolio
are less than the Expense Limitation Amount for such class of the Portfolio
listed above, the Advisor retains the right to seek reimbursement for any fees
previously waived and/or expenses previously assumed to the extent that such
reimbursement will not cause the annualized Portfolio Expenses for such class
of shares of the Portfolio to exceed the Expense Limitation Amount, as listed
above.
(12) The Advisor has contractually agreed to reduce all or a portion of its
management fee and to assume the direct and indirect expenses of the Class R1
shares and Class R2 shares of the Portfolio (excluding the expenses the
Portfolio incurs indirectly through investment in other investment companies)
("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses
of the Class R1 shares and Class R2 shares of the Portfolio to the rate listed
above for such class of shares as a percentage of average net assets (the
"Expense Limitation Amount"). At any time that the Portfolio Expenses of the
Class R1 shares or Class R2 shares of the Portfolio are less than the Expense
Limitation Amount listed above for such class of shares, the Advisor retains
the right to recover any fees previously waived and/or expenses previously
assumed to the extent that such recovery will not cause the Portfolio's
annualized Portfolio Expenses for such class of shares to exceed the Expense
Limitation Amount, as listed above.
134
(13) The Advisor has contractually agreed to assume the direct expenses of
the Class R2 shares of the Portfolio (excluding management fees and custodian
fees) to the extent necessary to limit the annualized expenses of the Class R2
shares of the Portfolio (excluding the expenses the Portfolio incurs indirectly
through investment in other investment companies) ("Portfolio Expenses") to the
rate listed above as a percentage of average net assets (the "Expense
Limitation Amount"). At any time that the Portfolio Expenses of the Class R2
shares of the Portfolio are less than the Expense Limitation Amount listed
above, the Advisor retains the right to recover any fees previously waived
and/or expenses previously assumed to the extent that such recovery will not
cause the annualized Portfolio Expenses of the Class R2 shares of the Portfolio
to exceed the Expense Limitation Amount, as listed above.
Earned Income Credit:
In addition, the Portfolios have entered into arrangements with their
custodian whereby net interest earned on uninvested cash balances was used to
reduce a portion of the Portfolios' custody expenses. Custody expense in the
accompanying financial statements is presented before reduction for credits.
During the six months ended April 30, 2015, expenses reduced were as follows
(amounts in thousands):
Fees Paid
Indirectly
----------
Enhanced U.S. Large Company Portfolio.............. $ 1
Large Cap International Portfolio.................. 7
International Core Equity Portfolio................ 23
DFA International Real Estate Securities Portfolio. 8
DFA International Small Cap Value Portfolio........ 22
International Vector Equity Portfolio.............. 3
World ex U.S. Targeted Value Portfolio............. --
World ex U.S. Core Equity Portfolio................ 5
Emerging Markets Core Equity Portfolio............. 47
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Fund; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Fund. For the six months ended April 30, 2015, the total
related amounts paid by the Fund to the CCO were $136 (in thousands). The total
related amounts paid by each of the Portfolios are included in Other Expenses
on the Statement of Operations.
D. Deferred Compensation:
At April 30, 2015, the total liability for deferred compensation to
Directors/Trustees is included in Accrued Expenses and Other Liabilities on the
Statement of Assets and Liabilities as follows (amounts in thousands):
Enhanced U.S. Large Company Portfolio. $ 8
U.S. Large Cap Equity Portfolio....... 2
U.S. Large Cap Value Portfolio........ 343
U.S. Targeted Value Portfolio......... 103
U.S. Small Cap Value Portfolio........ 310
U.S. Core Equity 1 Portfolio.......... 164
U.S. Core Equity 2 Portfolio.......... 246
U.S. Vector Equity Portfolio.......... 74
U.S. Small Cap Portfolio.............. 173
U.S. Micro Cap Portfolio.............. 152
DFA Real Estate Securities Portfolio.. 127
Large Cap International Portfolio..... 78
International Core Equity Portfolio... 231
135
International Small Company Portfolio.............. $234
Japanese Small Company Portfolio................... 9
Asia Pacific Small Company Portfolio............... 7
United Kingdom Small Company Portfolio............. 1
Continental Small Company Portfolio................ 5
DFA International Real Estate Securities Portfolio. 48
DFA Global Real Estate Securities Portfolio........ 38
DFA International Small Cap Value Portfolio........ 343
International Vector Equity Portfolio.............. 20
World ex U.S. Value Portfolio...................... 1
World ex U.S. Targeted Value Portfolio............. 1
World ex U.S. Core Equity Portfolio................ 2
World Core Equity Portfolio........................ --
Selectively Hedged Global Equity Portfolio......... 1
Emerging Markets Portfolio......................... 106
Emerging Markets Small Cap Portfolio............... 84
Emerging Markets Value Portfolio................... 456
Emerging Markets Core Equity Portfolio............. 235
E. Purchases and Sales of Securities:
For the six months ended April 30, 2015, the Portfolios made the following
purchases and sales of investment securities, other than short-term securities
(amounts in thousands):
Purchases Sales
---------- ----------
Enhanced U.S. Large Company Portfolio.............. $ 240,069 $ 234,807
U.S. Large Cap Equity Portfolio.................... 291,172 21,093
U.S. Targeted Value Portfolio...................... 1,023,284 304,790
U.S. Small Cap Value Portfolio..................... 1,655,305 996,858
U.S. Core Equity 1 Portfolio....................... 1,583,153 136,096
U.S. Core Equity 2 Portfolio....................... 1,435,792 235,449
U.S. Vector Equity Portfolio....................... 279,783 87,430
U.S. Small Cap Portfolio........................... 1,471,043 518,578
U.S. Micro Cap Portfolio........................... 388,255 383,274
DFA Real Estate Securities Portfolio............... 243,635 43,656
Large Cap International Portfolio.................. 252,102 163,955
International Core Equity Portfolio................ 1,616,647 360,049
DFA International Real Estate Securities Portfolio. 334,303 62,018
DFA Global Real Estate Securities Portfolio........ 142,484 --
DFA International Small Cap Value Portfolio........ 1,458,234 1,079,083
International Vector Equity Portfolio.............. 295,656 18,501
World ex U.S. Core Equity Portfolio................ 419,271 1,099
Emerging Markets Core Equity Portfolio............. 1,385,259 178,246
For the six months ended April 30, 2015, the Fund of Funds made the
following purchases and sales of Affiliated Investment Companies (amounts in
thousands):
DFA Global Real Estate Securities Portfolio
----------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 4/30/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- ------ -------- ----------------
DFA Real Estate Securities
Portfolio..................... $2,044,932 $2,202,350 $166,836 $6,500 $ 47,003 --
DFA International Real Estate
Securities Portfolio.......... 1,255,234 1,407,163 174,337 -- 75,369 --
---------- ---------- -------- ------ -------- ------
Total........................... $3,300,166 $3,609,513 $341,173 $6,500 $122,372 --
========== ========== ======== ====== ======== ======
136
World ex U.S. Value Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 4/30/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
DFA International Small Cap Value
Portfolio........................... $ 9,588 $ 10,239 $ 1,097 $ 876 $ 115 $ 169
World ex U.S. Targeted Value Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 4/30/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
DFA International Small Cap Value
Portfolio........................... $ 93,592 $140,571 $49,822 $ 9,745 $1,219 $1,797
International Vector Equity Portfolio. 13,571 20,354 7,137 1,300 99 135
-------- -------- ------- -------- ------ ------
Total................................. $107,163 $160,925 $56,959 $ 11,045 $1,318 $1,932
======== ======== ======= ======== ====== ======
World ex U.S. Core Equity Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 4/30/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
International Core Equity Portfolio... $312,519 -- $ 4,047 $313,486 $ 7 --
Emerging Markets Core Equity
Portfolio........................... 93,258 -- 44,501 133,044 596 --
-------- -------- ------- -------- ------ ------
Total................................. $405,777 -- $48,548 $446,530 $ 603 --
======== ======== ======= ======== ====== ======
World Core Equity Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 4/30/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
U.S. Core Equity 1 Portfolio.......... $ 38,342 $ 71,333 $32,574 $ 1,401 $ 417 $ 171
International Core Equity Portfolio... 29,208 53,360 23,726 3,047 262 --
Emerging Markets Core Equity
Portfolio........................... 8,097 14,814 6,453 470 48 --
-------- -------- ------- -------- ------ ------
Total................................. $ 75,647 $139,507 $62,753 $ 4,918 $ 727 $ 171
======== ======== ======= ======== ====== ======
Selectively Hedged Global Equity Portfolio
------------------------------------------------------------------
Balance at Balance at Dividend Distributions of
Affiliated Investment Companies 10/31/2014 4/30/2015 Purchases Sales Income Realized Gains
------------------------------- ---------- ---------- --------- -------- -------- ----------------
U.S. Core Equity 2 Portfolio.......... $ 64,220 $ 89,653 $23,863 $ 667 $ 603 $ 469
International Core Equity Portfolio... 53,147 71,291 15,535 978 431 --
Emerging Markets Core Equity
Portfolio........................... 23,899 31,501 7,501 1,022 142 --
-------- -------- ------- -------- ------ ------
Total................................. $141,266 $192,445 $46,899 $ 2,667 $1,176 $ 469
======== ======== ======= ======== ====== ======
F. Federal Income Taxes:
Each Portfolio has qualified and intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code
for federal income tax purposes and to distribute substantially all of its
taxable income and net capital gains to its shareholders. Accordingly, no
provision has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are
determined in accordance with U.S. federal income tax regulations, which may
differ from those amounts determined under accounting principles generally
accepted in the United States of America. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in capital, undistributed net
investment income or accumulated net realized gains or losses, as appropriate,
in the period that the differences arise. Accordingly, the following permanent
differences as of October 31, 2014, primarily
137
attributable to realized gains on securities considered to be "passive foreign
investment companies", non-deductible expenses, realized foreign capital gains
tax, tax-equalization, non-deductible 90 day stock issuance cost, net foreign
currency gains/losses, distributions received from real estate investment
trusts and distribution redesignations, were reclassified to the following
accounts. These reclassifications had no effect on net assets or net asset
value per share (amounts in thousands):
Increase Increase
(Decrease) (Decrease)
Increase Undistributed Accumulated
(Decrease) Net Investment Net Realized
Paid-In Capital Income Gains (Losses)
--------------- -------------- --------------
Enhanced U.S. Large Company Portfolio.............. $ 2,841 $ (284) $ (2,557)
U.S. Large Cap Equity Portfolio.................... 69 (60) (9)
U.S. Large Cap Value Portfolio..................... 5,129 (3,752) (1,377)
U.S. Targeted Value Portfolio...................... 16,408 (965) (15,443)
U.S. Small Cap Value Portfolio..................... 27,492 (3,944) (23,548)
U.S. Core Equity 1 Portfolio....................... 7,962 (5,946) (2,016)
U.S. Core Equity 2 Portfolio....................... 5,976 (4,163) (1,813)
U.S. Vector Equity Portfolio....................... 7,287 (1,398) (5,889)
U.S. Small Cap Portfolio........................... 17,302 (3,711) (13,591)
U.S. Micro Cap Portfolio........................... 15,490 (1,637) (13,853)
DFA Real Estate Securities Portfolio............... 5,762 13,007 (18,769)
Large Cap International Portfolio.................. -- (965) 965
International Core Equity Portfolio................ 7,711 (1,854) (5,857)
International Small Company Portfolio.............. 19,380 4,578 (23,958)
Japanese Small Company Portfolio................... -- 2,383 (2,383)
Asia Pacific Small Company Portfolio............... -- 355 (355)
United Kingdom Small Company Portfolio............. 196 (56) (140)
Continental Small Company Portfolio................ -- 103 (103)
DFA International Real Estate Securities Portfolio. 5,952 (4,743) (1,209)
DFA Global Real Estate Securities Portfolio........ 598 (598) --
DFA International Small Cap Value Portfolio........ 18,832 (7,087) (11,745)
International Vector Equity Portfolio.............. 1,317 578 (1,895)
World ex U.S. Value Portfolio...................... -- 94 (94)
World ex U.S. Targeted Value Portfolio............. 128 108 (236)
World ex U.S. Core Equity Portfolio................ 34 14 (48)
World Core Equity Portfolio........................ -- 7 (7)
Selectively Hedged Global Equity Portfolio......... 174 1,372 (1,546)
Emerging Markets Portfolio......................... 2,916 (3,574) 658
Emerging Markets Small Cap Portfolio............... 11,484 (6,760) (4,724)
Emerging Markets Value Portfolio................... 22,724 (16,924) (5,800)
Emerging Markets Core Equity Portfolio............. 15,015 (17,749) 2,734
The tax character of dividends and distributions declared and paid during
the years ended October 31, 2013 and October 31, 2014 were as follows (amounts
in thousands):
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- ------
Enhanced U.S. Large Company Portfolio
2013.................................. $1,597 -- $1,597
2014.................................. 903 -- 903
U.S. Large Cap Equity Portfolio
2013.................................. 321 -- 321
2014.................................. 3,209 -- 3,209
138
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- --------
U.S. Large Cap Value Portfolio
2013................................... $180,943 -- $180,943
2014................................... 230,364 -- 230,364
U.S. Targeted Value Portfolio
2013................................... 55,372 $162,209 217,581
2014................................... 51,735 237,290 289,025
U.S. Small Cap Value Portfolio
2013................................... 112,970 380,218 493,188
2014................................... 66,463 443,795 510,258
U.S. Core Equity 1 Portfolio
2013................................... 105,633 -- 105,633
2014................................... 135,714 34,892 170,606
U.S. Core Equity 2 Portfolio
2013................................... 143,640 55,772 199,412
2014................................... 170,204 98,745 268,949
U.S. Vector Equity Portfolio
2013................................... 34,959 3,507 38,466
2014................................... 39,201 38,966 78,167
U.S. Small Cap Portfolio
2013................................... 83,270 228,671 311,941
2014................................... 85,510 218,795 304,305
U.S. Micro Cap Portfolio
2013................................... 46,915 176,365 223,280
2014................................... 43,726 200,738 244,464
DFA Real Estate Securities Portfolio
2013................................... 102,731 -- 102,731
2014................................... 156,934 -- 156,934
Large Cap International Portfolio
2013................................... 70,787 -- 70,787
2014................................... 98,177 -- 98,177
International Core Equity Portfolio
2013................................... 214,687 -- 214,687
2014................................... 320,068 -- 320,068
International Small Company Portfolio
2013................................... 159,066 39,012 198,078
2014................................... 218,133 211,626 429,759
Japanese Small Company Portfolio
2013................................... 2,836 -- 2,836
2014................................... 11,539 -- 11,539
Asia Pacific Small Company Portfolio
2013................................... 7,603 -- 7,603
2014................................... 12,860 -- 12,860
United Kingdom Small Company Portfolio
2013................................... 953 -- 953
2014................................... 919 406 1,325
Continental Small Company Portfolio
2013................................... 2,834 -- 2,834
2014................................... 3,660 -- 3,660
139
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- --------
DFA International Real Estate Securities Portfolio
2013............................................... $181,848 -- $181,848
2014............................................... 106,263 -- 106,263
DFA Global Real Estate Securities Portfolio
2013............................................... 84,341 -- 84,341
2014............................................... 72,036 -- 72,036
DFA International Small Cap Value Portfolio
2013............................................... 198,381 $117,102 315,483
2014............................................... 239,810 127,501 367,311
International Vector Equity Portfolio
2013............................................... 17,456 2,044 19,500
2014............................................... 31,913 7,322 39,235
World ex U.S. Value Portfolio
2013............................................... 2,334 -- 2,334
2014............................................... 4,113 -- 4,113
World ex U.S. Targeted Value Portfolio
2013............................................... 993 -- 993
2014............................................... 2,537 1,141 3,678
World ex U.S. Core Equity Portfolio
2013............................................... 1,171 -- 1,171
2014............................................... 6,163 -- 6,163
World Core Equity Portfolio
2013............................................... 24 -- 24
2014............................................... 358 14 372
Selectively Hedged Global Equity Portfolio
2013............................................... 373 56 429
2014............................................... 2,139 539 2,678
Emerging Markets Portfolio
2013............................................... 59,866 30,527 90,393
2014............................................... 78,253 20,987 99,240
Emerging Markets Small Cap Portfolio
2013............................................... 71,149 92,100 163,249
2014............................................... 83,100 63,095 146,195
Emerging Markets Value Portfolio
2013............................................... 357,501 344,531 702,032
2014............................................... 418,693 264,053 682,746
Emerging Markets Core Equity Portfolio
2013............................................... 205,400 -- 205,400
2014............................................... 287,956 -- 287,956
At October 31, 2014, the following net investment income and short-term
capital gains and long-term capital gains distributions designated for federal
income tax purposes are due to the utilization of accumulated earnings and
profits distributed to shareholders upon redemption of shares (amounts in
thousands):
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- ------
Enhanced U.S. Large Company Portfolio. $1,183 $1,658 $2,841
U.S. Large Cap Equity Portfolio....... 60 4 64
U.S. Large Cap Value Portfolio........ 3,752 1,377 5,129
140
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- -------
U.S. Targeted Value Portfolio............... $ 2,906 $13,502 $16,408
U.S. Small Cap Value Portfolio.............. 3,731 23,761 27,492
U.S. Core Equity 1 Portfolio................ 2,994 1,051 4,045
U.S. Core Equity 2 Portfolio................ 3,939 2,037 5,976
U.S. Vector Equity Portfolio................ 1,899 5,388 7,287
U.S. Small Cap Portfolio.................... 3,514 13,788 17,302
U.S. Micro Cap Portfolio.................... 1,587 13,903 15,490
DFA Real Estate Securities Portfolio........ 1,721 -- 1,721
International Core Equity Portfolio......... 3,892 -- 3,892
International Small Company Portfolio....... 9,273 10,107 19,380
United Kingdom Small Company Portfolio...... 60 136 196
DFA Global Real Estate Securities Portfolio. 395 -- 395
DFA International Small Cap Value Portfolio. 9,738 9,094 18,832
International Vector Equity Portfolio....... 991 326 1,317
World ex U.S. Targeted Value Portfolio...... 112 16 128
World ex U.S. Core Equity Portfolio......... 23 -- 23
Selectively Hedged Global Equity Portfolio.. 122 52 174
Emerging Markets Portfolio.................. 2,916 -- 2,916
Emerging Markets Small Cap Portfolio........ 2,631 2,358 4,989
Emerging Markets Value Portfolio............ 22,724 -- 22,724
Emerging Markets Core Equity Portfolio...... 8,118 -- 8,118
At October 31, 2014, the components of distributable earnings (accumulated
losses) were as follows (amounts in thousands):
Undistributed Total Net
Net Investment Distributable
Income and Undistributed Unrealized Earnings
Short-Term Long-Term Capital Loss Appreciation (Accumulated
Capital Gains Capital Gains Carryforward (Depreciation) Losses)
-------------- ------------- ------------ -------------- -------------
Enhanced U.S. Large Company
Portfolio........................... $ 10,953 $ 16,610 -- $ 4,258 $ 31,821
U.S. Large Cap Equity Portfolio....... 789 266 -- 35,396 36,451
U.S. Large Cap Value Portfolio........ 33,189 86,219 -- 5,314,609 5,434,017
U.S. Targeted Value Portfolio......... 16,494 237,909 -- 1,448,620 1,703,023
U.S. Small Cap Value Portfolio........ 19,593 427,114 -- 3,253,670 3,700,377
U.S. Core Equity 1 Portfolio.......... 20,278 49,463 -- 3,332,295 3,402,036
U.S. Core Equity 2 Portfolio.......... 23,510 89,850 -- 4,352,855 4,466,215
U.S. Vector Equity Portfolio.......... 4,696 109,043 -- 1,124,422 1,238,161
U.S. Small Cap Portfolio.............. 8,376 268,311 -- 2,513,699 2,790,386
U.S. Micro Cap Portfolio.............. 5,283 278,651 -- 1,651,592 1,935,526
DFA Real Estate Securities Portfolio.. 23,652 -- $(135,249) 2,132,640 2,021,043
Large Cap International Portfolio..... 10,646 -- (217,917) 525,987 318,716
International Core Equity Portfolio... 51,510 -- (301,210) 1,144,778 895,078
International Small Company Portfolio. 131,822 250,319 -- 948,743 1,330,884
Japanese Small Company Portfolio...... 7,630 -- (59,307) 8,436 (43,241)
Asia Pacific Small Company Portfolio.. 14,404 -- (26,743) (3,568) (15,907)
United Kingdom Small Company
Portfolio........................... 481 2,151 -- 10,875 13,507
Continental Small Company Portfolio... 310 -- (21,040) 24,524 3,794
141
Undistributed Total Net
Net Investment Distributable
Income and Undistributed Unrealized Earnings
Short-Term Long-Term Capital Loss Appreciation (Accumulated
Capital Gains Capital Gains Carry forward (Depreciation) Losses)
-------------- ------------- ------------- -------------- -------------
DFA International Real Estate Securities
Portfolio.............................. $141,014 -- $(206,244) $ 40,344 $ (24,886)
DFA Global Real Estate Securities
Portfolio.............................. 21,815 -- (774) 635,235 656,276
DFA International Small Cap Value
Portfolio.............................. 127,903 $207,078 -- 1,447,990 1,782,971
International Vector Equity Portfolio.... 7,404 10,948 -- 153,470 171,822
World ex U.S. Value Portfolio............ 632 -- (1,648) 8,666 7,650
World ex U.S. Targeted Value
Portfolio.............................. 425 410 -- 4,762 5,597
World ex U.S. Core Equity Portfolio...... -- -- -- (2,352) (2,352)
World Core Equity Portfolio.............. 12 232 -- (2,611) (2,367)
Selectively Hedged Global Equity
Portfolio.............................. 4,023 1,915 -- 15,899 21,837
Emerging Markets Portfolio............... 17,907 -- (24,940) 1,131,763 1,124,730
Emerging Markets Small Cap
Portfolio.............................. 43,338 88,624 -- 432,216 564,178
Emerging Markets Value Portfolio......... 193,147 -- (527,781) 64,633 (270,001)
Emerging Markets Core Equity
Portfolio.............................. 73,738 -- (161,804) 1,299,327 1,211,261
For federal income tax purposes, the Fund measures its capital loss
carryforwards annually at October 31, its fiscal year end. Capital loss
carryforwards may be carried forward and applied against future capital gains.
Under the Regulated Investment Company Modernization Act of 2010, capital
losses incurred by these Portfolios after October 31, 2011 will not be subject
to expiration and will retain their character as either short-term or long-term
capital losses. In addition, such losses must be utilized prior to the losses
incurred in the years preceding enactment. As of October 31, 2014, the
Portfolios had the following capital loss carryforwards available to offset
future realized capital gains through the indicated expiration dates (amounts
in thousands):
Expires on October 31,
-------------------------------------
2015 2016 2017 2018 2019 Unlimited Total
---- ------- -------- ------- ------- --------- --------
Enhanced U.S. Large Company
Portfolio......................... -- -- -- -- -- -- --
U.S. Large Cap Equity Portfolio..... -- -- -- -- -- -- --
U.S. Large Cap Value Portfolio...... -- -- -- -- -- -- --
U.S. Targeted Value Portfolio....... -- -- -- -- -- -- --
U.S. Small Cap Value Portfolio...... -- -- -- -- -- -- --
U.S. Core Equity 1 Portfolio........ -- -- -- -- -- -- --
U.S. Core Equity 2 Portfolio........ -- -- -- -- -- -- --
U.S. Vector Equity Portfolio........ -- -- -- -- -- -- --
U.S. Small Cap Portfolio............ -- -- -- -- -- -- --
U.S. Micro Cap Portfolio............ -- -- -- -- -- -- --
DFA Real Estate Securities
Portfolio......................... -- $ 1,368 $ 62,969 $44,388 $26,523 -- $135,248
Large Cap International Portfolio... -- 19,004 135,392 14,311 12,549 $ 36,660 217,916
International Core Equity Portfolio. -- -- 53,176 -- -- 248,034 301,210
International Small Company
Portfolio......................... -- -- -- -- -- -- --
142
Expires on October 31,
--------------------------------------
2015 2016 2017 2018 2019 Unlimited Total
------ ------- ------- ------- ------- --------- --------
Japanese Small Company
Portfolio....................... $4,547 $23,057 $13,952 $12,208 $ 5,543 -- $ 59,307
Asia Pacific Small Company
Portfolio....................... -- 16,317 8,261 -- -- $ 2,165 26,743
United Kingdom Small Company
Portfolio....................... -- -- -- -- -- -- --
Continental Small Company
Portfolio....................... -- 8,564 7,224 5,252 -- -- 21,040
DFA International Real Estate
Securities Portfolio............ 46 13,446 34,576 38,689 69,466 50,022 206,245
DFA Global Real Estate Securities
Portfolio....................... -- -- -- 774 -- -- 774
DFA International Small Cap Value
Portfolio....................... -- -- -- -- -- -- --
International Vector Equity
Portfolio....................... -- -- -- -- -- -- --
World ex U.S. Value Portfolio..... -- -- -- -- 1,648 -- 1,648
World ex U.S. Targeted Value
Portfolio....................... -- -- -- -- -- -- --
World ex U.S. Core Equity
Portfolio....................... -- -- -- -- -- -- --
World Core Equity Portfolio....... -- -- -- -- -- -- --
Selectively Hedged Global Equity
Portfolio....................... -- -- -- -- -- -- --
Emerging Markets Portfolio........ -- -- -- -- -- 24,940 24,940
Emerging Markets Small Cap
Portfolio....................... -- -- -- -- -- -- --
Emerging Markets Value Portfolio.. -- -- -- -- -- 527,781 527,781
Emerging Markets Core Equity
Portfolio....................... -- 7,080 26,444 -- -- 128,280 161,804
During the year ended October 31, 2014, the Portfolios utilized the
following capital loss carryforwards to offset realized capital gains for
federal income tax purposes (amounts in thousands):
Enhanced U.S. Large Company Portfolio.............. $ 1,059
U.S. Large Cap Value Portfolio..................... 512,898
DFA Real Estate Securities Portfolio............... 39,893
Japanese Small Company Portfolio................... 7,238
Continental Small Company Portfolio................ 5,494
DFA International Real Estate Securities Portfolio. 453
DFA Global Real Estate Securities Portfolio........ 34
World ex U.S. Value Portfolio...................... 1,066
At April 30, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net
Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
-------- ------------ ------------ --------------
Enhanced U.S. Large Company Portfolio. $213,791 $ 2,741 $ (80) $ 2,661
U.S. Large Cap Equity Portfolio....... 513,287 65,645 (7,605) 58,040
143
Net
Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
----------- ------------ ------------ --------------
U.S. Large Cap Value Portfolio..................... $10,500,550 $5,327,292 -- $5,327,292
U.S. Targeted Value Portfolio...................... 5,986,042 1,817,120 $ (303,662) 1,513,458
U.S. Small Cap Value Portfolio..................... 11,110,361 3,865,248 (773,945) 3,091,303
U.S. Core Equity 1 Portfolio....................... 10,238,677 3,890,760 (212,409) 3,678,351
U.S. Core Equity 2 Portfolio....................... 11,368,794 5,050,103 (327,994) 4,722,109
U.S. Vector Equity Portfolio....................... 3,100,448 1,325,227 (151,000) 1,174,227
U.S. Small Cap Portfolio........................... 10,207,115 3,085,211 (484,768) 2,600,443
U.S. Micro Cap Portfolio........................... 4,429,963 2,012,898 (387,299) 1,625,599
DFA Real Estate Securities Portfolio............... 4,920,093 2,192,215 (80,410) 2,111,805
Large Cap International Portfolio.................. 2,985,077 874,584 (200,498) 674,086
International Core Equity Portfolio................ 14,144,367 2,740,964 (1,093,873) 1,647,091
International Small Company Portfolio.............. 8,116,393 1,373,778 (195,461) 1,178,317
Japanese Small Company Portfolio................... 465,869 29,885 -- 29,885
Asia Pacific Small Company Portfolio............... 275,568 -- (8,485) (8,485)
United Kingdom Small Company Portfolio............. 25,424 11,304 -- 11,304
Continental Small Company Portfolio................ 208,122 39,413 -- 39,413
DFA International Real Estate Securities Portfolio. 3,476,006 197,529 (76,501) 121,028
DFA Global Real Estate Securities Portfolio........ 3,160,571 610,167 (7,402) 602,765
DFA International Small Cap Value Portfolio........ 12,145,037 3,625,381 (1,657,147) 1,968,234
International Vector Equity Portfolio.............. 1,623,431 334,535 (105,334) 229,201
World ex U.S. Value Portfolio...................... 113,218 12,725 -- 12,725
World ex U.S. Targeted Value Portfolio............. 209,034 18,032 (662) 17,370
World ex U.S. Core Equity Portfolio................ 860,336 66,572 (16,887) 49,685
World Core Equity Portfolio........................ 135,846 3,700 -- 3,700
Selectively Hedged Global Equity Portfolio......... 169,363 23,082 -- 23,082
Emerging Markets Portfolio......................... 3,064,013 1,217,151 -- 1,217,151
Emerging Markets Small Cap Portfolio............... 5,040,747 597,833 -- 597,833
Emerging Markets Value Portfolio................... 18,298,500 886,782 -- 886,782
Emerging Markets Core Equity Portfolio............. 16,839,575 3,843,763 (2,043,648) 1,800,115
The difference between book basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales and investments in passive foreign investment companies.
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed each Portfolio's
tax positions and has concluded that no additional provision for income tax is
required in any Portfolio's financial statements. No Portfolio is aware of any
tax positions for which it is more likely than not that the total amounts of
unrecognized tax benefits will significantly change in the next twelve months.
Each Portfolio's federal tax returns for the prior three fiscal years remain
subject to examination by the Internal Revenue Service.
G. Capital Share Transactions:
The capital share transactions by class were as follows (amounts in
thousands):
Six Months Ended Year Ended
April 30, 2015 Oct. 31, 2014
-------------- --------------
(Unaudited)
Amount Shares Amount Shares
------- ------ ------- ------
U.S. Targeted Value Portfolio
Class R1 Shares
Shares Issued............................... $16,068 704 $ 9,171 406
Shares Issued in Lieu of Cash Distributions. 1,444 69 657 30
Shares Redeemed............................. (3,043) (136) (2,817) (123)
------- ---- ------- ----
Net Increase (Decrease) -- Class R1 Shares... $14,469 637 $ 7,011 313
======= ==== ======= ====
144
Six Months Ended Year Ended
April 30, 2015 Oct. 31, 2014
-------------------- ---------------------
(Unaudited)
Amount Shares Amount Shares
----------- ------- ----------- --------
Class R2 Shares
Shares Issued........................................ $ 46,156 2,017 $ 77,620 3,429
Shares Issued in Lieu of Cash Distributions.......... 4,197 201 1,832 84
Shares Redeemed...................................... (12,709) (565) (21,767) (957)
----------- ------- ----------- --------
Net Increase (Decrease) -- Class R2 Shares............ $ 37,644 1,653 $ 57,685 2,556
=========== ======= =========== ========
Institutional Class Shares
Shares Issued........................................ $ 1,125,383 49,969 $ 1,806,386 79,191
Shares Issued in Lieu of Cash Distributions.......... 261,490 12,499 268,683 12,353
Shares Redeemed...................................... (548,633) (24,552) (897,338) (39,462)
----------- ------- ----------- --------
Net Increase (Decrease) -- Institutional Class Shares. $ 838,240 37,916 $ 1,177,731 52,082
=========== ======= =========== ========
Emerging Markets Value Portfolio
Class R2 Shares
Shares Issued........................................ $ 16,629 628 $ 38,565 1,378
Shares Issued in Lieu of Cash Distributions.......... 1,052 43 3,524 126
Shares Redeemed...................................... (12,151) (463) (43,702) (1,563)
----------- ------- ----------- --------
Net Increase (Decrease) -- Class R2 Shares............ $ 5,530 208 $ (1,613) (59)
=========== ======= =========== ========
Institutional Class Shares
Shares Issued........................................ $ 2,019,563 77,187 $ 3,218,550 115,620
Shares Issued in Lieu of Cash Distributions.......... 194,948 7,896 643,949 22,910
Shares Redeemed...................................... (2,149,741) (81,372) (3,445,026) (122,635)
----------- ------- ----------- --------
Net Increase (Decrease) -- Institutional Class Shares. $ 64,770 3,711 $ 417,473 15,895
=========== ======= =========== ========
On October 29, 2010, the Board of Directors of the Fund adopted a Plan of
Recapitalization of U.S. Targeted Value Portfolio's Class R1 and Class R2
Shares. On November 19, 2010, a reverse stock split was executed whereby each
shareholder of Class R1 Shares received one share for every 1.469 shares held
and each shareholder of Class R2 Shares received one share for every 1.394
shares held. The purpose of the reverse split was to reduce the number of Class
R1 Shares and Class R2 Shares, thereby increasing the net asset value of each
Class R1 Share and Class R2 Share outstanding in order to more closely align
the net asset values with the net asset value of U.S. Targeted Value
Portfolio's Institutional Class Shares. The per share data in the financial
highlights, capital share activity in the statements of changes in net assets
and the outstanding shares and net asset value as of October 31, 2010 in the
Statement of Assets and Liabilities have been adjusted retroactively to reflect
the reverse stock splits for the respective Class R1 and Class R2 Shares.
The Board of Directors of the Fund authorized the conversion of the Class R2
Shares of Emerging Markets Value Portfolio to the Class R2A Shares. The Class
R2 Shares of Emerging Markets Value Portfolio ceased to be offered and
available for purchase upon the close of business on December 3, 2010.
Following the conversion, shareholders and investors purchased and redeemed
Class R2A Shares of the Portfolio. The value of a shareholder's investment in
the Portfolio was not impacted by the conversion, however, a shareholder
received fewer Class R2A Shares than the number of Class R2 Shares held at the
time of the conversion because the Class R2A Shares had a higher net asset
value per share. Effective February 28, 2011, Class R2A Shares were renamed to
Class R2 Shares.
The per share data in the financial highlights prior to the year ended
October 31, 2011 have been retroactively restated to reflect the conversion.
145
H. Financial Instruments:
In accordance with the Portfolios' investment objectives and policies, the
Portfolios may invest, either directly or indirectly through their investment
in a corresponding Master Fund, in certain financial instruments that have
off-balance sheet risk in excess of the amounts recognized in the financial
statements and concentrations of credit and market risk. These instruments and
their significant corresponding risks are described below:
1. Foreign Market Risks: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States of America, including the possibility of future political and
economic developments and the level of foreign governmental supervision and
regulation of foreign securities markets. These markets are generally smaller,
less liquid and more volatile than the major securities markets in the United
States of America. Consequently, acquisition and disposition of international
securities held by the Portfolios may be inhibited.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by
the Portfolios.
2. Forward Currency Contracts: The Enhanced U.S. Large Company Portfolio,
International Equity Portfolios and Selectively Hedged Global Equity Portfolio
may enter into forward currency contracts to hedge against adverse changes in
the relationship of the U.S. dollar to foreign currencies (foreign exchange
rate risk). The Enhanced U.S. Large Company Portfolio may also enter into
forward currency contracts to transfer balances from one currency to another
currency. The Selectively Hedged Global Equity Portfolio may hedge some or all
of the currency exposure of its foreign securities by entering into forward
currency contracts. The decision to hedge a Portfolio's currency exposure with
respect to a foreign market will be based primarily on the Portfolio's existing
exposure to a given foreign currency. Each contract is valued daily and the
change in value is recorded by the Portfolio as an unrealized gain or loss,
which is presented in the Statements of Operations as the change in unrealized
appreciation or depreciation from translation of foreign currency denominated
amounts. When the contract is closed or offset with the same counterparty, the
Portfolio records a realized gain or loss equal to the change in the value of
the contract when it was opened and the value at the time it was closed or
offset. This is presented in the Statements of Operations as a net realized
gain or loss on foreign currency transactions. At April 30, 2015, Selectively
Hedged Global Equity Portfolio had entered into the following contracts and the
net unrealized foreign exchange gain (loss) is reflected in the accompanying
financial statements (amounts in thousands):
Selectively Hedged Global Equity Portfolio*
Unrealized
Foreign
Settlement Currency Contract Value at Exchange
Date Amount** Currency Counterparty Amount April 30, 2015 Gain (Loss)
---------- ---------- ------------- --------------------------- -------- -------------- -----------
05/21/15 (6,707) Denmark Krone JP Morgan $ (952) $ (1,009) $ (57)
05/22/15 (818) Euro Citibank, N.A. (868) (918) (50)
05/22/15 (941) Euro Citibank, N.A. (998) (1,056) (58)
05/22/15 (13,701) Euro Bank of America Corp. (15,559) (15,387) 172
05/28/15 (1,672,966) Japanese Yen State Street Bank and Trust (13,974) (14,014) (40)
06/10/15 (249) Swedish Krona Citibank, N.A. (29) (31) (2)
06/10/15 (1,095) Swedish Krona Citibank, N.A. (125) (132) (7)
06/10/15 (15,118) Swedish Krona Bank of America Corp. (1,772) (1,815) (43)
05/26/15 (232) Swiss Franc UBS AG (233) (250) (17)
05/26/15 (267) Swiss Franc State Street Bank and Trust (273) (286) (13)
05/26/15 (3,753) Swiss Franc UBS AG (3,960) (4,025) (65)
-------- -------- -----
$(38,743) $(38,923) $(180)
======== ======== =====
146
* During the six months ended April 30, 2015, Selectively Hedged Global Equity
Portfolio's average contract amount of forward currency contracts was $35,288
(in thousands).
**Positive Currency Amount represents a purchase contract and a Currency Amount
in parentheses represents a sale contract.
Risks may arise upon entering into these contracts from the potential
inability of counterparties to meet the terms of their contracts and from
unanticipated movements in the value of foreign currency relative to the U.S.
dollar.
3. Futures Contracts: The Portfolios may enter into futures contracts and
options on futures contracts to adjust market exposure based on actual or
expected cash inflows to or outflows from the Portfolios. Additionally,
Enhanced U.S. Large Company Portfolio may also use stock index futures to hedge
against changes in equity securities' prices and to gain exposure to the S&P
500 Index(R) in the normal course of pursuing its investment objective. The
Selectively Hedged Global Equity Portfolio may also use futures contracts to
hedge some or all of the currency exposure of its foreign securities. Upon
entering into a futures contract, the Portfolios deposit cash or pledge U.S.
Government securities to a broker, equal to the minimum "initial margin"
requirements of the exchange on which the contract is traded. Subsequent
payments are received from or paid to the broker each day, based on the daily
fluctuation in the market value of the contract. These receipts or payments are
known as "variation margin" and are recorded daily by the Portfolios as
unrealized gains or losses until the contracts are closed. When the contracts
are closed, the Portfolios record a realized gain or loss, which is presented
in the Statements of Operations as a net realized gain or loss on futures,
equal to the difference between the value of the contract at the time it was
opened and the value at the time it was closed.
Risks may arise upon entering into futures contracts from potential
imperfect price correlations between the futures contracts and the underlying
securities, from the possibility of an illiquid secondary market for these
instruments and from the possibility that the Portfolios could lose more than
the initial margin requirements. The Portfolios entering into stock index
futures are subject to equity price risk from those futures contracts.
Counterparty credit risk related to exchange-traded futures is minimal because
the exchange's clearinghouse, as counterparty to all exchange-traded futures,
guarantees the futures against default.
At April 30, 2015, the following Portfolios had outstanding futures
contracts (dollar amounts in thousands):
Approximate
Expiration Number of Contract Unrealized Cash
Description Date Contracts* Value Gain (Loss) Collateral
----------------------- ---------- ---------- -------- ----------- -----------
Enhanced U.S. Large
Company Portfolio....... S&P 500 Index(R) 06/18/15 406 $211,008 $3,593 --
Selectively Hedged Global
Equity Portfolio........ S&P 500 Emini Index(R) 06/19/15 74 7,692 2 $340
-------- ------ ----
$218,700 $3,595 $340
======== ====== ====
Securities have been segregated as collateral for open futures contracts.
* During the six months ended April 30, 2015, Enhanced U.S. Large Company
Portfolio's and Selectively Hedged Global Equity Portfolio's average notional
contract amount of outstanding futures contracts were $206,917 and $6,442 (in
thousands), respectively.
The following is a summary of the location of derivatives on the Portfolios'
Statements of Assets and Liabilities as of April 30, 2015:
Location on the Statements of Assets and
Liabilities
---------------------------------------------------
Derivative Type Asset Derivatives Liability Derivatives
--------------- ------------------------ ------------------------
Foreign exchange Unrealized Gain on Unrealized Loss on
contracts Forward Currency Forward Currency
Contracts Contracts
Equity contracts Receivables: Futures
Margin Variation
147
The following is a summary of the Portfolios' derivative instrument holdings
categorized by primary risk exposure as of April 30, 2015 (amounts in
thousands):
Asset Derivatives Value
---------------------------------
Total Value Foreign
at Exchange Equity
April 30, 2015 Contracts Contracts
- -------------- --------- ---------
Enhanced U.S. Large Company Portfolio...... $3,593 -- $3,593*
Selectively Hedged Global Equity Portfolio. 174 $ 172 2*
Liability Derivatives Value
- ---------------------------------
Total Value Foreign
at Exchange Equity
April 30, 2015 Contracts Contracts
- -------------- --------- ---------
Selectively Hedged Global Equity Portfolio. $ (352) $(352) --
* Includes cumulative appreciation (depreciation) of futures contracts. Only
current day's margin variation is reporting within the Statements of Assets
and Liabilities.
The following is a summary of the location on the Portfolios' Statements of
Operations of realized and change in unrealized gains and losses from the
Portfolios' derivative instrument holdings through the six months ended
April 30, 2015 (amounts in thousands):
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income
--------------- -----------------------------------------------------------
Foreign exchange contracts Net Realized Gain (Loss) on: Foreign Currency Transactions
Change in Unrealized Appreciation (Depreciation) of:
Translation of Foreign Currency Denominated Amounts
Equity contracts Net Realized Gain (Loss) on: Futures
Change in Unrealized Appreciation (Depreciation) of:
Futures
The following is a summary of the realized and change in unrealized gains
and losses from the Portfolios' derivative instrument holdings categorized by
primary risk exposure through the six months ended April 30, 2015 (amounts in
thousands):
Realized Gain (Loss) on
Derivatives Recognized in Income
-------------------------------
Foreign
Exchange Equity
Total Contracts Contracts
------- --------- ---------
Enhanced U.S. Large Company Portfolio....... $12,038 $ 616 $11,422
U.S. Large Cap Equity Portfolio............. 367 -- 367
U.S. Targeted Value Portfolio............... (1,061) -- (1,061)
U.S. Small Cap Value Portfolio.............. (2,510) -- (2,510)
U.S. Core Equity 2 Portfolio................ 1,793 -- 1,793
U.S. Vector Equity Portfolio................ (811) -- (811)
U.S. Micro Cap Portfolio.................... (2,258) -- (2,258)
Large Cap International Portfolio........... 769 -- 769
DFA International Small Cap Value Portfolio. (5,555) -- (5,555)
World ex U.S. Core Equity Portfolio......... (68) 1 (69)
Selectively Hedged Global Equity Portfolio.. 2,900 2,652 248
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
-------------------------------
Foreign
Exchange Equity
Total Contracts Contracts
------- --------- ---------
Enhanced U.S. Large Company Portfolio....... $(3,674) $ (205) $ (3469)
Selectively Hedged Global Equity Portfolio.. (867) (818) (49)
148
Offsetting of Derivative Assets and Derivative Liabilities
The following tables present the Portfolios' gross and net amount of assets and
liabilities available for offset under netting arrangements as well as any
related collateral received or pledged by the Portfolios as of April 30, 2015
(Amounts in thousands):
Gross Amounts Not Gross Amounts Not
Offset in the Offset in the
Statements of Assets Statements of Assets
Gross and Liabilities Gross and Liabilities
Amounts of ---------------------- Amounts of ----------------------
Recognized Financial Cash Net Recognized Financial Cash Net
Assets Instruments Collateral Amount Liabilities Instruments Collateral Amount
Description (a) (b) Received (c) (a) (d) Pledged (e)
----------- ---------- ----------- ---------- ------ ----------- ----------- ---------- ------
Assets Liabilities
- ---------------------------------------- -----------------------------------------
Selectively Hedged
Global Equity Portfolio
Forward Currency
Contracts............... $173 $(43) -- $130 $352 $(43) -- $309
(a)No amounts have been netted against the gross amounts recognized in the
Statements of Assets and Liabilities.
(b)Represents the amount of assets that could be offset by liabilities with the
same counterparty under master netting or similar agreements that management
elects not to offset on the Statements of Assets and Liabilities.
(c)Represents the net amount due from counterparties in the event of default.
(d)Represents the amount of liabilities that could be offset by assets with the
same counterparty under master netting or similar agreements that management
elects not to offset on the Statements of Assets and Liabilities.
(e)Represents the net amount due to counterparties in the event of default.
Note J contains information regarding securities lending amounts that are
subject to netting arrangements.
I. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Borrowings under the line of credit are
charged interest at rates agreed upon by the parties at the time of borrowing.
Each portfolio is individually, and not jointly, liable for its particular
advances under the line of credit. There is no commitment fee on the unused
portion of the line of credit. The agreement for the discretionary line of
credit may be terminated by either party at any time. The agreement for the
line of credit expires on March 30, 2016.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank. Each portfolio is permitted to borrow, subject to
its investment limitations, up to a maximum of $500 million, as long as total
borrowings under the line of credit do not exceed $500 million in the
aggregate. Each portfolio is individually, and not jointly, liable for its
particular advances under the line of credit. Borrowings under the line of
credit are charged interest at rates agreed upon by the parties at the time of
borrowing. There is no commitment fee on the unused portion of the line of
credit. The line of credit agreement expires on January 8, 2016.
For the six months ended April 30, 2015, borrowings by the Portfolios under
the lines of credit were as follows (amounts in thousands, except percentages
and days):
Weighted Weighted Number of Interest Maximum Amount
Average Average Days Expense Borrowed During
Interest Rate Loan Balance Outstanding* Incurred the Period
------------- ------------ ------------ -------- ---------------
U.S. Large Cap Equity Portfolio. 0.86% $ 1,990 17 $ 1 $11,995
U.S. Targeted Value Portfolio... 0.87% 5,932 5 1 6,465
U.S. Vector Equity Portfolio.... 0.86% 1,876 3 -- 3,279
U.S. Small Cap Portfolio........ 0.88% 15,926 4 2 29,254
U.S. Micro Cap Portfolio........ 0.88% 3,465 26 2 16,624
149
Weighted Weighted Number of Interest Maximum Amount
Average Average Days Expense Borrowed During
Interest Rate Loan Balance Outstanding* Incurred the Period
------------- ------------ ------------ -------- ---------------
DFA Real Estate Securities Portfolio..... 0.88% $8,276 29 $ 6 $23,734
Large Cap International Portfolio........ 0.87% 5,236 3 -- 7,666
DFA International Real Estate Securities
Portfolio.............................. 0.87% 9,037 7 2 37,185
DFA Global Real Estate Securities
Portfolio.............................. 0.87% 6,020 1 -- 6,020
DFA International Small Cap Value
Portfolio.............................. 0.86% 9,977 1 -- 9,977
International Vector Equity Portfolio.... 0.87% 806 6 -- 1,869
World ex U.S. Value Portfolio............ 0.87% 209 30 -- 575
World ex U.S. Targeted Value Portfolio... 0.87% 1,397 17 1 8,041
World ex U.S. Core Equity Portfolio...... 0.87% 1,613 2 -- 1,614
World Core Equity Portfolio.............. 0.88% 142 14 -- 883
* Number of Days Outstanding represents the total of single or consecutive days
during the six months ended April 30, 2015, that each Portfolio's available
line of credit was utilized.
At April 30, 2015, World ex U.S. Value Portfolio had loans outstanding in
the amount of $50 (in thousands).
Pursuant to a recently obtained exemptive order issued by the SEC (the
"Order"), the Portfolios may participate in an interfund lending program among
certain portfolios managed by the Advisor (portfolios that operate as feeder
funds do not participate in the program). The program allows the participating
portfolios to borrow money from and loan money to each other for temporary or
emergency purposes, subject to the conditions in the Order. A loan can only be
made through the program if the interfund loan rate on that day is more
favorable to both the borrowing and lending portfolios as compared to rates
available through short-term bank loans or investments in overnight repurchase
agreements and money market funds, respectively, as detailed in the Order.
Further, a portfolio may participate in the program only if and to the extent
that such participation is consistent with its investment objectives and
limitations. Interfund loans have a maximum duration of seven days and may be
called on one business day's notice. The Portfolios had no interfund loans
through the program during the period and there were no outstanding loans as of
April 30, 2015.
J. Securities Lending:
As of April 30, 2015, some of the Portfolios had securities on loan to
brokers/dealers, for which each such Portfolio received cash collateral. In
addition, the following Portfolios received non-cash collateral consisting of
short and/or long term U.S. Treasury securities (amounts in thousands):
Market
Value
--------
U.S. Large Cap Equity Portfolio.................... $ 3,750
U.S. Targeted Value Portfolio...................... 86,810
U.S. Small Cap Value Portfolio..................... 170,787
U.S. Core Equity 1 Portfolio....................... 364,214
U.S. Core Equity 2 Portfolio....................... 416,976
U.S. Vector Equity Portfolio....................... 109,070
U.S. Small Cap Portfolio........................... 132,673
U.S. Micro Cap Portfolio........................... 28,064
DFA Real Estate Securities Portfolio............... 164,818
Large Cap International Portfolio.................. 22,849
International Core Equity Portfolio................ 85,210
DFA International Real Estate Securities Portfolio. 6,893
DFA Global Real Estate Securities Portfolio........ 3,284
DFA International Small Cap Value Portfolio........ 9,406
150
Market
Value
--------
International Vector Equity Portfolio.. $ 4,235
World Core Equity Portfolio............ 2,157
Emerging Markets Core Equity Portfolio. 678,004
Each Portfolio invests the cash collateral, as described below, and records
a liability for the return of the collateral, during the period the securities
are on loan. Loans of securities are expected at all times to be secured by
collateral equal to at least (i) 100% of the current market value of the loaned
securities with respect to securities of the U.S. government or its agencies,
(ii) 102% of the current market value of the loaned securities with respect to
U.S. securities, and (iii) 105% of the current market value of the loaned
securities with respect to foreign securities. However, daily market
fluctuations could cause the Portfolio's collateral to be lower or higher than
the expected thresholds. If this were to occur, the collateral would be
adjusted the next business day to ensure adequate collateralization. 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. If 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 Portfolio or, at the option of the lending agent, to replace
the securities. In the event of the bankruptcy of the borrower, a Portfolio
could experience delay in recovering the loaned securities or only recover cash
or a security of equivalent value.
Subject to their stated investment policies, each Portfolio will generally
invest the cash collateral received for the loaned securities in The DFA Short
Term Investment Fund (the "Money Market Series"), an affiliated registered
money market fund advised by the Advisor for which the Advisor receives a
management fee of 0.05% of the average daily net assets of the Money Market
Series. Each Portfolio also may invest the cash collateral received for the
loaned securities in securities of the U.S. government or its agencies,
repurchase agreements collateralized by securities of the U.S. government or
its agencies, and affiliated and unaffiliated registered and unregistered money
market funds. For purposes of this paragraph, agencies include both agency
debentures and agency mortgage-backed securities. In addition, each Portfolio
will be able to terminate the loan at any time and will receive reasonable
interest on the loan, as well as amounts equal to any dividends, interest or
other distributions on the loaned securities. However, dividend income received
from loaned securities may not be eligible to be taxed at qualified dividend
income rates.
K. Shareholder Servicing Fees:
The Class R1 Shares pay a shareholder servicing fee in an amount up to 0.10%
and Class R2 Shares pay a shareholder servicing fee in an amount up to 0.25% of
their annual average net assets to compensate service agents that provide
shareholder servicing, record keeping, account maintenance and other services
to investors in U.S. Targeted Value Portfolio Class R1 and Class R2 Shares and
Emerging Markets Value Portfolio Class R2 Shares.
L. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund.
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
and/or its affiliates that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.
M. In-Kind Redemptions:
In accordance with guidelines described in the Portfolios' prospectus, the
Portfolios may distribute portfolio securities rather than cash as payment for
a redemption of fund shares (in-kind redemption). For financial reporting
purposes, a Portfolio recognizes a gain on in-kind redemptions to the extent
the value of the distributed securities
151
on the date of redemption exceeds the cost of those securities and a loss on
in-kind redemptions to the extent the cost of the distributed securities on the
date of redemption exceeds the value of those securities. Gains and losses
realized on in-kind redemptions are not recognized for tax purposes and are
reclassified from undistributed realized gain (loss) to paid-in capital.
During the six months ended April 30, 2015, DFA International Small Cap
Value Portfolio realized net gains of in-kind redemptions in the amount of
$148,970 (amount in thousands).
N. Other:
At April 30, 2015, the following number of shareholders held the following
approximate percentages of the stated Fund's outstanding shares. One or more of
the shareholders may be omnibus accounts, which typically hold shares for the
benefit of several other underlying investors.
Approximate
Percentage
Number of of Outstanding
Shareholders Shares
------------ --------------
Enhanced U.S. Large Company Portfolio -- Institutional Class
Shares............................................................ 5 77%
U.S. Large Cap Equity Portfolio -- Institutional Class Shares....... 4 93%
U.S. Large Cap Value Portfolio -- Institutional Class Shares........ 3 72%
U.S. Targeted Value Portfolio -- Class R1 Shares.................... 4 92%
U.S. Targeted Value Portfolio -- Class R2 Shares.................... 6 83%
U.S. Targeted Value Portfolio -- Institutional Class Shares......... 3 56%
U.S. Small Cap Value Portfolio -- Institutional Class Shares........ 3 57%
U.S. Core Equity 1 Portfolio -- Institutional Class Shares.......... 5 77%
U.S. Core Equity 2 Portfolio -- Institutional Class Shares.......... 6 83%
U.S. Vector Equity Portfolio -- Institutional Class Shares.......... 5 93%
U.S. Small Cap Portfolio -- Institutional Class Shares.............. 3 49%
U.S. Micro Cap Portfolio -- Institutional Class Shares.............. 5 76%
DFA Real Estate Securities Portfolio -- Institutional Class
Shares............................................................ 4 85%
Large Cap International Portfolio -- Institutional Class Shares..... 3 65%
International Core Equity Portfolio................................. 4 73%
Japanese Small Company Portfolio -- Institutional Class Shares...... 4 87%
Asia Pacific Small Company Portfolio -- Institutional Class
Shares............................................................ 3 87%
United Kingdom Small Company Portfolio -- Institutional Class
Shares............................................................ 4 91%
Continental Small Company Portfolio -- Institutional Class
Shares............................................................ 5 96%
DFA International Real Estate Securities Portfolio -- Institutional
Class Shares...................................................... 4 93%
DFA Global Real Estate Securities Portfolio -- Institutional Class
Shares............................................................ 3 79%
DFA International Small Cap Value Portfolio -- Institutional Class
Shares............................................................ 3 60%
International Vector Equity Portfolio -- Institutional Class
Shares............................................................ 4 88%
World ex U.S. Value Portfolio -- Institutional Class Shares......... 6 86%
World ex U.S. Targeted Value Portfolio -- Institutional Class
Shares............................................................ 3 99%
152
Approximate
Percentage
Number of of Outstanding
Shareholders Shares
------------ --------------
World ex U.S. Core Equity Portfolio -- Institutional Class Shares. 3 93%
Selectively Hedged Global Equity Portfolio -- Institutional Class
Shares.......................................................... 4 96%
Emerging Markets Portfolio -- Institutional Class Shares.......... 4 64%
Emerging Markets Small Cap Portfolio -- Institutional Class
Shares.......................................................... 4 56%
Emerging Markets Value Portfolio -- Class R2 Shares............... 3 83%
Emerging Markets Value Portfolio -- Institutional Class Shares.... 2 31%
Emerging Markets Core Equity Portfolio -- Institutional Class
Shares.......................................................... 3 60%
The Portfolios are subject to claims and suits that arise from time to time
in the ordinary course of business (for example, in The Tribune Company
Bankruptcy, described below, certain creditors have filed actions against all
shareholders of The Tribune Company who tendered shares when the Tribune
Company went private in 2007 in a leveraged buyout transaction, seeking the
return of proceeds received by the shareholders). Although management currently
believes that resolving claims against us, individually or in aggregate, will
not have a material adverse impact on our financial position, our results of
operations, or our cash flows, these matters are subject to inherent
uncertainties and management's view of these matters may change in the future.
The U.S. Large Cap Value Series has been named as a defendant in a
multi-district litigation pending in the United States District Court for the
Southern District of New York (the "Court"), captioned In re Tribune Company
Fraudulent Conveyance Litigation, No. 11-MD-2296-RJS (the "Tribune MDL"). The
Tribune MDL arises from the 2007 leveraged buyout of The Tribune Company
("Tribune") (the "LBO") and Tribune's subsequent bankruptcy and reorganization.
In connection with the LBO, thousands of Tribune shareholders, including the
U.S. Large Cap Value Series, sold Tribune shares back to Tribune for $34 per
share. The Tribune MDL includes a series of lawsuits brought by individual
creditors of Tribune (the "Individual Creditor Actions") and a lawsuit brought
by a court-appointed trustee on behalf of the committee of unsecured creditors
of Tribune (the "Committee Action," and with the Individual Creditor Actions,
collectively referred to as the "Lawsuits"). The Lawsuits seek to unwind the
LBO stock repurchases as fraudulent transfers and recover the stock repurchase
proceeds paid to the Tribune shareholders who participated in the LBO. On
September 23, 2013, the Court entered an order dismissing the Individual
Creditor Actions in their entirety on the grounds that the individual creditor
plaintiffs lack standing to pursue their claims. The Court's dismissal order is
on appeal to the Second Circuit. Oral argument on the appeal was held on
November 5, 2014, and the parties await the Second Circuit's ruling. The
Committee Action remains pending, and a motion to dismiss on behalf of all
shareholder defendants in the Committee Action was filed on May 23, 2014. The
motion to dismiss is fully-briefed, and the parties await the scheduling of
oral argument on the motion. The Committee Action is stayed pending the
disposition of the motion to dismiss.
Litigation counsel to The U.S. Large Cap Value Series in the Lawsuits has
advised management that it does not believe that it is possible, at this early
stage in the proceedings, to predict with any reasonable certainty the probable
outcome of the Lawsuits or quantify the ultimate exposure to The U.S. Large Cap
Value Series arising from the Lawsuits. Until The U.S. Large Cap Value Series
can do so, no reduction of the net asset value of The U.S. Large Cap Value
Series will be made relating to the Lawsuits. However, even if the plaintiffs
in the Lawsuits were to obtain the full recovery the plaintiffs seek, the
amount would be less than 1% of The U.S. Large Cap Value Series' net asset
value at this time.
The U.S. Large Cap Value Series also cannot quantify the cost of the
Lawsuits that could potentially be deducted from its net asset value.
Therefore, at this time, those investors buying or redeeming shares of The U.S.
Large Cap Value Series will pay or receive, as the case may be, a price based
on the net asset value of The U.S. Large Cap Value Series, with no adjustment
relating to the Lawsuits. The attorneys' fees and costs relating to the
Lawsuits will be taken as expenses by The U.S. Large Cap Value Series as
incurred and in a manner similar to any other expense incurred by The U.S.
Large Cap Value Series.
153
O. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the
Portfolios and has determined that there are no subsequent events requiring
recognition or disclosure in the financial statements.
154
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Table is shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Table below illustrates your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended April 30, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
DFA Commodity Strategy Portfolio
--------------------------------
Actual Fund Return............... $1,000.00 $ 884.60 0.33% $1.54
Hypothetical 5% Annual Return.... $1,000.00 $1,023.16 0.33% $1.66
----------
* DFA Commodity Strategy Portfolio wholly owns Dimensional Cayman Commodity
Fund I, LTD. The expenses shown reflect the combined expenses of Dimensional
Cayman Commodity Fund I, LTD. and DFA Commodity Strategy Portfolio. Expenses
are equal to the fund's annualized expense ratio for the six-month period,
multiplied by the average account value over the period, multiplied by the
number of days in the most recent six-month period (181), then divided by the
number of days in the year (365) to reflect the six-month period.
155
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For DFA
Investment Dimensions Group Inc., this would be for the fiscal quarters ending
January 31 and July 31. The Form N-Q filing must be made within 60 days of the
end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent
Form N-Q with the SEC on March 31, 2015. They are available upon request,
without charge, by calling collect: (512) 306-7400 or by mailing a request to
Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas
78746, or by visiting the SEC's website at http://www.sec.gov, or they may be
reviewed and copied at the SEC's Public Reference Room in Washington, D.C.
(call 1-800-732-0330 for information on the operation of the Public Reference
Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement. The categories shown below
represent broad industry sectors. Each industry sector consists of one or more
specific industry classifications.
DFA Commodity Strategy Portfolio
Corporate.................................... 48.5%
Foreign Corporate............................ 21.0%
Foreign Government........................... 10.9%
Government................................... 19.1%
Supranational................................ 0.5%
-----
100.0%
156
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Face
Amount^ Value+
------- ------
(000)
BONDS -- (73.0%)
AUSTRALIA -- (6.4%)
Australia & New Zealand Banking Group, Ltd.
1.250%, 01/10/17............................. 12,000 $12,043,332
1.250%, 06/13/17............................. 10,000 10,034,940
BHP Billiton Finance USA, Ltd.
1.625%, 02/24/17............................. 5,000 5,059,120
Commonwealth Bank of Australia
1.125%, 03/13/17............................. 8,737 8,764,784
1.900%, 09/18/17............................. 7,000 7,115,479
National Australia Bank, Ltd.
0.900%, 01/20/16............................. 5,000 5,016,250
1.300%, 07/25/16............................. 7,000 7,044,177
Westpac Banking Corp.
3.000%, 12/09/15............................. 8,025 8,148,408
1.200%, 05/19/17............................. 10,000 10,025,820
2.000%, 08/14/17............................. 3,000 3,050,859
-----------
TOTAL AUSTRALIA.................................. 76,303,169
-----------
CANADA -- (5.1%)
Bank of Nova Scotia (The)
2.550%, 01/12/17............................. 5,000 5,131,635
Canadian National Railway Co.
1.450%, 12/15/16............................. 4,275 4,319,960
Ontario, Province of Canada
1.100%, 10/25/17............................. 10,000 10,018,310
1.200%, 02/14/18............................. 15,000 15,025,455
Potash Corp. of Saskatchewan, Inc.
3.750%, 09/30/15............................. 1,830 1,851,638
Royal Bank of Canada
1.200%, 01/23/17............................. 7,000 7,037,870
1.500%, 01/16/18............................. 6,180 6,206,277
Thomson Reuters Corp.
1.650%, 09/29/17............................. 5,092 5,102,561
Toronto-Dominion Bank (The)
2.500%, 07/14/16............................. 2,500 2,554,453
TransCanada PipeLines, Ltd.
3.400%, 06/01/15............................. 3,106 3,112,007
-----------
TOTAL CANADA..................................... 60,360,166
-----------
FINLAND -- (1.3%)
Municipality Finance P.L.C.
2.375%, 05/16/16............................. 15,000 15,289,470
-----------
FRANCE -- (1.9%)
Agence Francaise de Developpement
2.500%, 07/15/15............................. 3,000 3,012,900
BNP Paribas SA
2.375%, 09/14/17............................. 4,300 4,394,716
Face
Amount^ Value+
------- ------
(000)
FRANCE -- (Continued)
Orange SA
2.125%, 09/16/15............................. 500 $ 502,559
2.750%, 09/14/16............................. 4,000 4,096,284
Societe Generale SA
2.750%, 10/12/17............................. 7,000 7,198,219
Total Capital International SA
1.550%, 06/28/17............................. 3,040 3,078,796
-----------
TOTAL FRANCE..................................... 22,283,474
-----------
GERMANY -- (1.1%)
Deutsche Bank AG
6.000%, 09/01/17............................. 3,000 3,293,757
Landeskreditbank Baden- Wuerttemberg Foerderbank
2.250%, 07/15/16............................. 10,000 10,202,590
-----------
TOTAL GERMANY.................................... 13,496,347
-----------
ITALY -- (0.1%)
Intesa Sanpaolo SpA
# 3.875%, 01/16/18............................. 1,500 1,568,302
-----------
JAPAN -- (2.6%)
Japan Bank for International Cooperation
1.125%, 07/19/17............................. 15,000 15,047,160
Japan Finance Organization for Municipalities
1.500%, 09/12/17............................. 13,000 13,074,022
Nomura Holdings, Inc.
2.000%, 09/13/16............................. 1,000 1,009,887
Sumitomo Mitsui Banking Corp.
1.300%, 01/10/17............................. 1,000 1,000,616
-----------
TOTAL JAPAN...................................... 30,131,685
-----------
NETHERLANDS -- (2.4%)
Aegon NV
4.625%, 12/01/15............................. 2,149 2,196,877
Bank Nederlandse Gemeenten NV
1.375%, 09/27/17............................. 10,000 10,083,980
Deutsche Telekom International Finance BV
5.750%, 03/23/16............................. 880 917,703
Koninklijke Philips NV
5.750%, 03/11/18............................. 6,000 6,672,570
Shell International Finance BV
1.125%, 08/21/17............................. 8,000 8,031,392
-----------
TOTAL NETHERLANDS................................ 27,902,522
-----------
157
DFA COMMODITY STRATEGY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
SUPRANATIONAL ORGANIZATION OBLIGATIONS -- (0.4%)
European Bank for Reconstruction & Development
0.750%, 09/01/17............................. 5,000 $ 4,986,830
-----------
SWEDEN -- (1.6%)
Kommuninvest I Sverige AB
1.625%, 02/13/17............................. 4,500 4,569,111
Svensk Exportkredit AB
2.125%, 07/13/16............................. 5,000 5,092,785
Svenska Handelsbanken AB
3.125%, 07/12/16............................. 9,250 9,502,488
-----------
TOTAL SWEDEN..................................... 19,164,384
-----------
SWITZERLAND -- (0.9%)
Credit Suisse New York
1.375%, 05/26/17............................. 4,000 4,002,696
UBS AG
5.875%, 12/20/17............................. 6,104 6,766,791
-----------
TOTAL SWITZERLAND 10,769,487
-----------
UNITED KINGDOM -- (3.4%)
Barclays Bank P.L.C.
5.000%, 09/22/16............................. $1,700 1,792,222
BP Capital Markets P.L.C.
2.248%, 11/01/16............................. 6,500 6,632,541
British Telecommunications P.L.C.
2.000%, 06/22/15............................. 3,100 3,105,800
1.250%, 02/14/17............................. 1,200 1,201,433
Diageo Capital P.L.C.
5.500%, 09/30/16............................. 2,000 2,129,056
1.500%, 05/11/17............................. 6,500 6,561,913
GlaxoSmithKline Capital P.L.C.
1.500%, 05/08/17............................. 5,000 5,057,415
Rio Tinto Finance USA P.L.C.
1.625%, 08/21/17............................. 1,525 1,532,657
Royal Bank of Scotland Group P.L.C.
2.550%, 09/18/15............................. 6,300 6,336,666
Vodafone Group P.L.C.
1.625%, 03/20/17............................. 4,951 4,994,331
1.625%, 03/20/17............................. 1,000 1,008,446
-----------
TOTAL UNITED KINGDOM............................. 40,352,480
-----------
UNITED STATES -- (45.8%)
AbbVie, Inc.
1.200%, 11/06/15............................. 4,000 4,010,280
ACE INA Holdings, Inc.
2.600%, 11/23/15............................. 3,295 3,329,133
Actavis, Inc.
1.875%, 10/01/17............................. 7,500 7,519,905
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Air Products & Chemicals, Inc.
2.000%, 08/02/16............................. $ 3,615 $ 3,674,868
Altria Group, Inc.
4.125%, 09/11/15............................. 2,170 2,197,190
American Express Co.
7.000%, 03/19/18............................. 6,799 7,814,505
American Express Credit Corp.
1.750%, 06/12/15............................. 625 625,909
2.750%, 09/15/15............................. 2,250 2,267,303
American Honda Finance Corp.
1.550%, 12/11/17............................. 7,605 7,672,601
American International Group, Inc.
5.850%, 01/16/18............................. 7,500 8,349,990
Ameriprise Financial, Inc.
5.650%, 11/15/15............................. 813 832,631
Amgen, Inc.
2.125%, 05/15/17............................. 2,500 2,545,095
Anadarko Petroleum Corp.
5.950%, 09/15/16............................. 6,000 6,381,696
Anheuser-Busch Cos., LLC
5.600%, 03/01/17............................. 5,000 5,428,320
Anheuser-Busch InBev Worldwide, Inc.
1.375%, 07/15/17............................. 1,000 1,007,972
Anthem, Inc.
5.875%, 06/15/17............................. 3,100 3,386,065
Apache Corp.
5.625%, 01/15/17............................. 1,500 1,606,860
Apple, Inc.
1.050%, 05/05/17............................. 22,000 22,134,464
AT&T, Inc.
2.500%, 08/15/15............................. 1,076 1,081,246
2.400%, 08/15/16............................. 1,000 1,016,358
1.600%, 02/15/17............................. 3,255 3,271,994
1.400%, 12/01/17............................. 3,400 3,397,287
AutoZone, Inc.
6.950%, 06/15/16............................. 3,000 3,196,128
Bank of America Corp.
1.500%, 10/09/15............................. 5,000 5,015,920
3.750%, 07/12/16............................. 1,500 1,546,758
3.875%, 03/22/17............................. 3,600 3,759,854
2.000%, 01/11/18............................. 1,000 1,006,831
BB&T Corp.
1.450%, 01/12/18............................. 1,250 1,252,131
Becton Dickinson and Co.
1.750%, 11/08/16............................. 1,500 1,515,636
1.450%, 05/15/17............................. 5,000 5,013,800
1.800%, 12/15/17............................. 6,340 6,398,804
Branch Banking & Trust Co.
1.000%, 04/03/17............................. 4,400 4,399,446
Cardinal Health, Inc.
# 1.900%, 06/15/17............................. 5,000 5,061,035
158
DFA COMMODITY STRATEGY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Caterpillar Financial Services Corp.
1.350%, 09/06/16............................. $1,000 $1,009,407
CenterPoint Energy Resources Corp.
6.150%, 05/01/16............................. 5,000 5,251,660
Citigroup, Inc.
1.350%, 03/10/17............................. 2,000 1,997,752
6.000%, 08/15/17............................. 6,860 7,525,571
Colgate-Palmolive Co.
1.300%, 01/15/17............................. 9,723 9,821,066
Comcast Corp.
4.950%, 06/15/16............................. 3,500 3,668,669
Comerica, Inc.
3.000%, 09/16/15............................. 2,277 2,293,633
Computer Sciences Corp.
2.500%, 09/15/15............................. 3,558 3,579,334
ConAgra Foods, Inc.
5.819%, 06/15/17............................. 7,147 7,758,419
Coventry Health Care, Inc.
5.950%, 03/15/17............................. 1,159 1,260,497
CSX Corp.
6.250%, 03/15/18............................. 2,000 2,267,872
CVS Health Corp.
3.250%, 05/18/15............................. 1,000 1,001,457
5.750%, 06/01/17............................. 3,000 3,284,250
Daimler Finance North America LLC
1.650%, 03/02/18............................. 2,800 2,818,298
DIRECTV Holdings LLC / DIRECTV Financing Co.,
Inc.
3.500%, 03/01/16............................. 5,000 5,103,735
DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc.
2.400%, 03/15/17............................. 6,044 6,152,188
Dominion Resources, Inc.
2.250%, 09/01/15............................. 5,000 5,026,970
Dow Chemical Co. (The)
2.500%, 02/15/16............................. 6,000 6,080,208
Duke Energy Corp.
1.625%, 08/15/17............................. 1,019 1,030,039
Eastman Chemical Co.
3.000%, 12/15/15............................. 1,000 1,013,103
2.400%, 06/01/17............................. 3,000 3,064,044
eBay, Inc.
1.350%, 07/15/17............................. 8,000 7,987,624
Ecolab, Inc.
# 1.000%, 08/09/15............................. 2,000 2,002,756
EOG Resources, Inc.
2.950%, 06/01/15............................. 2,440 2,444,377
2.500%, 02/01/16............................. 6,000 6,078,984
Exelon Corp.
4.900%, 06/15/15............................. 500 502,380
Express Scripts Holding Co.
3.125%, 05/15/16............................. 1,975 2,020,881
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Exxon Mobil Corp.
1.305%, 03/06/18............................. $20,000 $20,123,620
Fifth Third Bancorp
3.625%, 01/25/16............................. 1,000 1,020,540
Fifth Third Bank
0.900%, 02/26/16............................. 2,000 2,000,502
1.450%, 02/28/18............................. 8,000 7,981,736
Ford Motor Credit Co. LLC
12.000%, 05/15/15............................ 3,500 3,510,063
General Mills, Inc.
5.700%, 02/15/17............................. 8,250 8,911,633
Goldman Sachs Group, Inc. (The)
3.300%, 05/03/15............................. 600 600,000
3.625%, 02/07/16............................. 1,000 1,020,549
6.250%, 09/01/17............................. 3,000 3,315,474
5.950%, 01/18/18............................. 3,000 3,327,501
Hess Corp.
1.300%, 06/15/17............................. 5,625 5,567,940
Hewlett-Packard Co.
3.000%, 09/15/16............................. 1,000 1,026,392
2.600%, 09/15/17............................. 5,852 5,996,386
Hillshire Brands Co. (The)
2.750%, 09/15/15............................. 1,666 1,675,611
HSBC USA, Inc.
1.625%, 01/16/18............................. 3,350 3,364,281
Intel Corp.
1.350%, 12/15/17............................. 7,000 7,039,207
John Deere Capital Corp.
2.000%, 01/13/17............................. 1,500 1,531,617
1.200%, 10/10/17............................. 398 398,841
Johnson Controls, Inc.
5.500%, 01/15/16............................. 1,282 1,324,714
2.600%, 12/01/16............................. 3,475 3,562,792
JPMorgan Chase & Co.
3.400%, 06/24/15............................. 1,000 1,004,297
2.000%, 08/15/17............................. 7,750 7,875,411
Kellogg Co.
1.875%, 11/17/16............................. 1,000 1,015,403
1.750%, 05/17/17............................. 3,000 3,026,301
KeyBank NA
1.100%, 11/25/16............................. 6,000 6,007,734
KeyCorp
3.750%, 08/13/15............................. 3,000 3,025,134
Kinder Morgan Energy Partners L.P.
6.000%, 02/01/17............................. 830 891,442
Kraft Foods Group, Inc.
2.250%, 06/05/17............................. 5,102 5,192,127
Kroger Co. (The)
2.200%, 01/15/17............................. 1,000 1,016,858
Laboratory Corp. of America Holdings
2.200%, 08/23/17............................. 6,000 6,100,476
159
DFA COMMODITY STRATEGY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Lorillard Tobacco Co.
3.500%, 08/04/16............................. $4,000 $4,108,384
Lowe's Cos., Inc.
5.000%, 10/15/15............................. 1,050 1,072,242
Marathon Oil Corp.
0.900%, 11/01/15............................. 1,140 1,142,943
Marsh & McLennan Cos., Inc.
2.300%, 04/01/17............................. 680 692,186
McDonald's Corp.
5.800%, 10/15/17............................. 900 997,549
McKesson Corp.
1.400%, 03/15/18............................. 6,000 5,987,748
MetLife, Inc.
5.000%, 06/15/15............................. 500 502,586
Mondelez International, Inc.
4.125%, 02/09/16............................. 3,716 3,810,576
Morgan Stanley
3.800%, 04/29/16............................. 6,000 6,175,362
4.750%, 03/22/17............................. 3,430 3,641,717
MUFG Union Bank NA
3.000%, 06/06/16............................. 1,000 1,022,679
Mylan, Inc.
1.350%, 11/29/16............................. 7,038 7,020,440
NYSE Euronext
2.000%, 10/05/17............................. 1,730 1,754,921
Occidental Petroleum Corp.
1.750%, 02/15/17............................. 2,722 2,760,209
Omnicom Group, Inc.
5.900%, 04/15/16............................. 1,750 1,831,253
ONEOK Partners L.P.
2.000%, 10/01/17............................. 2,820 2,823,082
Oracle Corp.
1.200%, 10/15/17............................. 5,000 5,013,035
Panhandle Eastern Pipe Line Co. L.P.
# 6.200%, 11/01/17............................. 3,550 3,942,147
PepsiCo, Inc.
0.700%, 08/13/15............................. 5,045 5,049,636
Philip Morris International, Inc.
2.500%, 05/16/16............................. 1,222 1,246,200
Phillips 66
2.950%, 05/01/17............................. 5,000 5,171,295
Pioneer Natural Resources Co.
6.650%, 03/15/17............................. 3,450 3,771,364
Plains All American Pipeline L.P. / PAA Finance
Corp.
3.950%, 09/15/15............................. 2,830 2,861,804
PNC Bank NA
1.500%, 02/23/18............................. 7,560 7,603,651
PNC Funding Corp.
4.250%, 09/21/15............................. 600 608,398
PPG Industries, Inc.
1.900%, 01/15/16............................. 2,050 2,065,568
Face
Amount^ Value+
------- ------
(000)
UNITED STATES -- (Continued)
Progress Energy, Inc.
5.625%, 01/15/16............................. $ 2,000 $ 2,067,322
Prudential Financial, Inc.
6.000%, 12/01/17............................. 950 1,057,037
Reynolds American, Inc.
1.050%, 10/30/15............................. 4,000 4,000,232
6.750%, 06/15/17............................. 4,500 4,973,976
Scripps Networks Interactive, Inc.
2.700%, 12/15/16............................. 5,000 5,132,920
Southern Co. (The)
1.300%, 08/15/17............................. 3,000 3,005,256
Southern Power Co.
4.875%, 07/15/15............................. 2,860 2,884,636
Starbucks Corp.
0.875%, 12/05/16............................. 1,000 1,002,174
SunTrust Banks, Inc.
3.600%, 04/15/16............................. 4,000 4,093,820
Symantec Corp.
2.750%, 06/15/17............................. 7,278 7,407,527
Sysco Corp.
1.450%, 10/02/17............................. 5,000 5,036,570
Thermo Fisher Scientific, Inc.
3.200%, 05/01/15............................. 1,500 1,500,000
2.250%, 08/15/16............................. 2,953 2,998,535
Time Warner Cable, Inc.
5.850%, 05/01/17............................. 1,000 1,072,436
Time Warner, Inc.
5.875%, 11/15/16............................. 1,000 1,073,226
Toyota Motor Credit Corp.
2.000%, 09/15/16............................. 12,867 13,112,271
UnitedHealth Group, Inc.
1.875%, 11/15/16............................. 1,000 1,016,879
1.400%, 12/15/17............................. 5,000 5,041,985
US Bancorp
1.650%, 05/15/17............................. 4,250 4,312,003
US Bank NA
1.100%, 01/30/17............................. 6,000 6,022,434
Verizon Communications, Inc.
0.700%, 11/02/15............................. 2,370 2,369,682
Walt Disney Co. (The)
1.125%, 02/15/17............................. 2,000 2,013,868
Wells Fargo & Co.
2.625%, 12/15/16............................. 6,000 6,161,094
Western Union Co. (The)
5.930%, 10/01/16............................. 2,348 2,497,819
Whirlpool Corp.
1.350%, 03/01/17............................. 2,000 2,006,046
Whirpool Corp.
1.650%, 11/01/17............................. 8,000 8,046,480
Yum! Brands, Inc.
4.250%, 09/15/15............................. 2,485 2,515,280
------------
TOTAL UNITED STATES.............................. 543,316,254
------------
TOTAL BONDS...................................... 865,924,570
------------
160
DFA COMMODITY STRATEGY PORTFOLIO
CONTINUED
Face
Amount^ Value+
------- ------
(000)
AGENCY OBLIGATIONS -- (1.7%)
Federal Home Loan Bank
2.250%, 09/08/17............................. $ 10,000 $ 10,325,780
Federal Home Loan Mortgage Corporation
# 1.000%, 07/28/17............................. 10,000 10,055,100
------------
TOTAL AGENCY OBLIGATIONS........................... 20,380,880
------------
U.S. TREASURY OBLIGATIONS -- (24.3%)
U.S. Treasury Notes
0.750%, 01/15/17............................. 35,000 35,136,710
++^^ 0.500%, 07/31/17............................. 254,000 252,908,562
------------
TOTAL U.S. TREASURY OBLIGATIONS.................... 288,045,272
------------
Shares/
Face
Amount^ Value+
------- ------
(000)
SECURITIES LENDING COLLATERAL -- (1.0%)
(S)@ DFA Short Term Investment Fund............... 1,046,792 $ 12,111,380
--------------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,183,397,330)............................ $1,186,462,102
==============
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------
Level 1 Level 2 Level 3 Total
-------- -------------- ------- --------------
Bonds
Australia.............................. -- $ 76,303,169 -- $ 76,303,169
Canada................................. -- 60,360,166 -- 60,360,166
Finland................................ -- 15,289,470 -- 15,289,470
France................................. -- 22,283,474 -- 22,283,474
Germany................................ -- 13,496,347 -- 13,496,347
Italy.................................. -- 1,568,302 -- 1,568,302
Japan.................................. -- 30,131,685 -- 30,131,685
Netherlands............................ -- 27,902,522 -- 27,902,522
Supranational Organization Obligations. -- 4,986,830 -- 4,986,830
Sweden................................. -- 19,164,384 -- 19,164,384
Switzerland............................ -- 10,769,487 -- 10,769,487
United Kingdom......................... -- 40,352,480 -- 40,352,480
United States.......................... -- 543,316,254 -- 543,316,254
Agency Obligations....................... -- 20,380,880 -- 20,380,880
U.S. Treasury Obligations................ -- 288,045,272 -- 288,045,272
Securities Lending Collateral............ -- 12,111,380 -- 12,111,380
Swap Agreements**........................ -- 19,330,443 -- 19,330,443
Futures Contracts**...................... $732,769 -- -- 732,769
-------- -------------- -- --------------
TOTAL.................................... $732,769 $1,205,792,545 -- $1,206,525,314
======== ============== == ==============
**Not reflected in the Schedule of Investments, valued at the unrealized
appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
161
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
ASSETS:
Investments at Value (including $11,856 of securities on loan)......................... $ 1,174,351
Temporary Cash......................................................................... 41,529
Collateral from Securities on Loan Invested in Affiliate at Value & Cost............... 12,111
Foreign Currencies at Value............................................................ 4
Cash................................................................................... 42,976
Receivables:
Interest............................................................................. 6,478
Fund Shares Sold..................................................................... 2,301
Futures Margin Variation............................................................. 207
Unrealized Gain on Swap Contracts...................................................... 21,999
Prepaid Expenses and Other Assets...................................................... 69
------------
Total Assets...................................................................... 1,302,025
------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned..................................................... 12,111
Fund Shares Redeemed................................................................. 775
Due to Advisor....................................................................... 304
Unrealized Loss on Swap Contracts...................................................... 2,669
Accrued Expenses and Other Liabilities................................................. 47
Total Liabilities................................................................. 15,906
------------
NET ASSETS............................................................................. $ 1,286,119
============
SHARES OUTSTANDING, $0.01 PAR VALUE (1)................................................ 183,558,641
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE............................... $ 7.01
============
Investments at Cost.................................................................... $ 1,171,286
============
Foreign Currencies at Cost............................................................. $ 4
============
NET ASSETS CONSIST OF:
Paid-In Capital........................................................................ $ 1,437,815
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income). 1,165
Accumulated Net Realized Gain (Loss)................................................... (175,988)
Net Unrealized Appreciation (Depreciation)............................................. 23,127
------------
NET ASSETS............................................................................. $ 1,286,119
============
(1) NUMBER OF SHARES AUTHORIZED........................................................ 300,000,000
============
See accompanying Notes to Financial Statements.
162
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
Investment Income
Interest.......................................................................................... $ 6,170
Income from Securities Lending.................................................................... 13
---------
Total Investment Income........................................................................ 6,183
---------
Expenses
Investment Advisory Services Fees................................................................. 2,112
Accounting & Transfer Agent Fees.................................................................. 36
Custodian Fees.................................................................................... 26
Filing Fees....................................................................................... 43
Shareholders' Reports............................................................................. 26
Directors'/Trustees' Fees & Expenses.............................................................. 4
Professional Fees................................................................................. 12
Other............................................................................................. 16
---------
Total Expenses................................................................................. 2,275
---------
Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees Recovered by Advisor (Note D). (382)
Fees Paid Indirectly (Note C)..................................................................... (7)
---------
Net Expenses...................................................................................... 1,886
---------
Net Investment Income (Loss)...................................................................... 4,297
---------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold...................................................................... (9,763)
Futures......................................................................................... (5,821)
Swap Contracts.................................................................................. (166,203)
Foreign Currency Transactions................................................................... 5,799
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency...................................................... 8,187
Futures......................................................................................... 1,950
Swap Contracts.................................................................................. 31,829
Translation of Foreign Currency Denominated Amounts............................................. (1,816)
---------
Net Realized and Unrealized Gain (Loss)........................................................... (135,838)
---------
Net Increase (Decrease) in Net Assets Resulting from Operations..................................... $(131,541)
=========
See accompanying Notes to Financial Statements.
163
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA Commodity Strategy
Portfolio
----------------------
Six Months Year
Ended Ended
April 30, Oct. 31,
2015 2014
----------- ----------
(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)......................................................... $ 4,297 $ 6,522
Net Realized Gain (Loss) on:
Investment Securities Sold......................................................... (9,763) 2,967
Futures............................................................................ (5,821) (2,034)
Swap Contracts..................................................................... (166,203) (49,078)
Foreign Currency Transactions...................................................... 5,799 2,905
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency......................................... 8,187 (7,904)
Futures............................................................................ 1,950 (649)
Swap Contracts..................................................................... 31,829 (6,914)
Translation of Foreign Currency Denominated Amounts................................ (1,816) 2,590
---------- ----------
Net Increase (Decrease) in Net Assets Resulting from Operations................... (131,541) (51,595)
---------- ----------
Distributions From:
Net Investment Income:
Institutional Class Shares......................................................... (9,071) (4,154)
Net Short-Term Gains:
Institutional Class Shares......................................................... (14) (379)
Net Long-Term Gains:
Institutional Class Shares......................................................... (889) (474)
---------- ----------
Total Distributions............................................................... (9,974) (5,007)
---------- ----------
Capital Share Transactions (1):
Shares Issued........................................................................ 683,775 761,756
Shares Issued in Lieu of Cash Distributions.......................................... 9,738 4,915
---------- ----------
Shares Redeemed...................................................................... (460,070) (302,192)
---------- ----------
Net Increase (Decrease) from Capital Share Transactions........................... 233,443 464,479
---------- ----------
Total Increase (Decrease) in Net Assets........................................... 91,928 407,877
Net Assets
Beginning of Period.................................................................. 1,194,191 786,314
---------- ----------
End of Period........................................................................ $1,286,119 $1,194,191
========== ==========
(1) Shares Issued and Redeemed:
Shares Issued........................................................................ 96,734 90,096
Shares Issued in Lieu of Cash Distributions.......................................... 1,339 566
Shares Redeemed...................................................................... (63,832) (36,041)
---------- ----------
Net Increase (Decrease) from Shares Issued and Redeemed........................... 34,241 54,621
========== ==========
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income). $ 1,165 $ 5,939
See accompanying Notes to Financial Statements.
164
DFA INVESTMENT DIMENSIONS GROUP INC.
DFA COMMODITY STRATEGY PORTFOLIO
CONSOLIDATED FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA Commodity Strategy Portfolio
------------------------------------------------------------
Period
Six Months Year Year Year Nov. 9,
Ended Ended Ended Ended 2010(a) to
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011
----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.............. $ 8.00 $ 8.30 $ 9.40 $ 9.77 $ 10.00
---------- ---------- -------- -------- --------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)................. 0.03 0.06 0.06 0.07 0.07
Net Gains (Losses) on Securities (Realized and
Unrealized).................................... (0.95) (0.31) (1.10) (0.37) (0.27)
---------- ---------- -------- -------- --------
Total from Investment Operations............... (0.92) (0.25) (1.04) (0.30) (0.20)
----------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income............................ (0.06) (0.04) (0.04) (0.06) (0.03)
Net Realized Gains............................... (0.01) (0.01) (0.02) (0.01) --
---------- ---------- -------- -------- --------
Total Distributions............................ (0.07) (0.05) (0.06) (0.07) (0.03)
----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.................... $ 7.01 $ 8.00 $ 8.30 $ 9.40 $ 9.77
================================================= =========== ========== ======== ======== ==========
Total Return...................................... (11.54)%(D) (3.08)% (11.15)% (3.08)% (2.02)%(D)
----------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)............. $1,286,119 $1,194,191 $786,314 $458,079 $230,781
Ratio of Expenses to Average Net Assets........... 0.33%(E) 0.33% 0.34% 0.35% 0.47%(C)(E)
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses Reimbursed),
and/or Previously Waived Fees Recovered by
Advisor and Fees Paid Indirectly)................ 0.39%(E) 0.39% 0.40% 0.41% 0.53%(C)(E)
Ratio of Net Investment Income to Average Net
Assets........................................... 0.74%(E) 0.65% 0.66% 0.79% 0.64%(C)(E)
Portfolio Turnover Rate........................... 86%(D) 104% 64% 69% 50%(D)
----------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
165
DFA INVESTMENT DIMENSIONS GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
A. Organization:
DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), whose shares are generally offered, without a sales
charge, to institutional investors, retirement plans and clients of registered
investment advisors. The Fund consists of seventy-eight operational portfolios,
one of which, DFA Commodity Strategy Portfolio (the "Portfolio"), is included
in this section of the report. The remaining operational portfolios are
presented in separate reports.
The Portfolio wholly owns and controls Dimensional Cayman Commodity Fund I,
LTD. (the "Subsidiary"), a company organized under the laws of the Cayman
Islands. The Subsidiary is not registered as an investment company under the
1940 Act.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Portfolio utilizes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Portfolio's own
assumptions in determining the fair value of investments)
Debt securities held by the Portfolio are valued on the basis of evaluated
prices provided by one or more pricing services or other reasonably reliable
sources including broker/dealers that typically handle the purchase and sale of
such securities. Securities which are traded over-the-counter and on a stock
exchange generally will be valued according to the broadest and most
representative market, and it is expected that for bonds and other fixed income
securities, this ordinarily will be the over-the-counter market. Securities for
which quotations are not readily available (including restricted securities),
or for which market quotations have become unreliable, are valued in good faith
at fair value in accordance with procedures adopted by the Board of
Directors/Trustees. Fair value pricing may also be used if events that have a
significant effect on the value of an investment (as determined in the
discretion of Dimensional Fund Advisors LP) occur before the net asset value is
calculated. When fair value pricing is used, the prices of securities used by
the Portfolio may differ from the quoted or published prices for the same
securities on their primary markets or exchanges. These securities are
generally categorized as Level 2 in the hierarchy.
Futures contracts held by the Portfolio are valued using the settlement
price established each day on the exchange on which they are traded. These
valuations are generally categorized as Level 1 in the hierarchy. Swap
agreements will be valued at the price provided by an independent third-party
pricing service or source. If a price is
166
not available from an independent third-party pricing service or source, the
swap agreement will be valued in good faith at fair value in accordance with
procedures adopted by the Board. These securities are generally categorized as
Level 2 in the hierarchy.
Over-the-counter derivative contracts, which include forward currency
contracts, do not require material subjectivity as pricing inputs are observed
from quoted markets and are categorized as Level 2 in the hierarchy.
A summary of the inputs used to value the Portfolio's investments by each
major security type, industry and/or country is disclosed previously in this
note. A valuation hierarchy table has been included at the end of the Schedule
of Investments. The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those
securities.
For the six months ended April 30, 2015, there were no significant transfers
between Level 1 and Level 2 and no significant Level 3 investments held by the
Portfolio.
2. Deferred Compensation Plan: Each eligible Director/Trustee of the Fund
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value
Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio;
Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses.
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of April 30, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
3. Other: Security transactions are accounted for as of the trade date.
Costs used in determining realized gains and losses on the sale of investment
securities and foreign currency are on the basis of identified cost. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
Distributions received on securities that represent a return of capital or
capital gains are recorded as a reduction of cost of investments or as a
realized gain, respectively. The Portfolio estimates the character of
distributions received that may be considered return of capital distributions.
Interest income is recorded on an accrual basis. Discount and premium on debt
securities purchased are amortized over the lives of the respective securities,
utilizing the effective interest method. Expenses directly attributable to the
Portfolio are directly charged. Common expenses of the Fund or its Portfolios
are allocated using methods approved by the Board, generally based on average
net assets.
C. Basis for Consolidation:
The Subsidiary commenced operations on November 9, 2010. The Portfolio
commenced reporting on a consolidated basis as of such commencement date in
accordance with the accounting principles relating to reporting of a
wholly-owned subsidiary. The Portfolio will seek to gain exposure to
commodities, commodities-related instruments, derivatives and other investments
by directly investing in those instruments or through investments in the
Subsidiary. The Subsidiary participates in the same investment goal as the
Portfolio. The Subsidiary pursues its investment goal by investing in
commodities, commodities-related instruments, derivatives
167
and other investments. The Subsidiary (unlike the Portfolio) may invest without
limitation in these instruments. However, the Subsidiary is otherwise subject
to the same fundamental, non-fundamental and certain other investment
restrictions as the Portfolio. The portion of the Portfolio's or Subsidiary's
assets exposed to any particular commodity, derivative or other investment will
vary based on market conditions, but from time to time some exposure could be
substantial.
To the extent of the Portfolio's investment through the Subsidiary, it will
be subject to the risks associated with the commodities, derivatives and other
instruments in which the Subsidiary invests. By investing in the Subsidiary,
the Portfolio is indirectly exposed to the risks associated with the
Subsidiary's investments. The derivatives and other investments held by the
Subsidiary are generally similar to those that are permitted to be held by the
Portfolio and are subject to the same risks that apply to similar investments
if held directly by the Portfolio.
The Subsidiary is classified as a controlled foreign corporation under
Subchapter N of the Internal Revenue Code. Therefore, the Portfolio is required
to increase its taxable income by its share of the Subsidiary's income. Net
investment losses of the Subsidiary cannot be deducted by the Portfolio in the
current period nor carried forward to offset taxable income in future periods.
As of April 30, 2015, the Portfolio held a $302,461,182 investment in the
Subsidiary, representing 23.23% of the Portfolio's total assets. The
accompanying consolidated financial statements include all assets, liabilities,
revenues and expenses of the Portfolio and its wholly-owned Subsidiary.
Intercompany balances and transactions have been eliminated in consolidation.
D. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to the Portfolio. For the six months ended April 30, 2015, the
investment advisory services fees were accrued daily and paid monthly to the
Advisor based on an effective annual rate of 0.30% of the Portfolio's average
daily net assets.
Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption
Agreement (the "Fee Waiver Agreement"), the Advisor has contractually agreed to
waive all or a portion of the management fee and to assume the expenses of the
Portfolio (including the expenses that the Portfolio bears as a shareholder of
other funds managed by the Advisor but excluding the expenses that the
Portfolio incurs indirectly through its investment in unaffiliated investment
companies) ("Portfolio Expenses") to the extent necessary to limit the
Portfolio Expenses to no more than 0.55% of the Portfolio's average net assets
on an annualized basis (the "Expense Limitation Amount"). At any time that the
Portfolio Expenses of the Portfolio are less than the Expense Limitation
Amount, the Advisor retains the right to seek reimbursement for any fees
previously waived and/or expenses previously assumed to the extent that the
amount of such reimbursement will not cause the annualized Portfolio Expenses
of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not
obligated to reimburse the Advisor for fees previously waived or expenses
previously assumed by the Advisor more than thirty-six months before the date
of such reimbursement. The Fee Waiver Agreement for the Portfolio will remain
in effect through February 28, 2016, and may only be terminated by the Fund's
Board of Directors prior to that date. The Fee Waiver Agreement will continue
in effect from year to year thereafter unless terminated by the Fund or the
Advisor. At April 30, 2015, there were no previously waived fees subject to
future recovery by the Advisor.
The Subsidiary has entered into a separate contract with the Advisor whereby
the Advisor or its affiliates provide investment advisory and other services to
the Subsidiary. For the investment advisory services it provides, the Advisor
is entitled to a fee from the Subsidiary equal to 0.30% of the Subsidiary's
average net assets on an annualized basis; however, pursuant to a contractual
agreement, the Advisor has agreed to waive the management fee of the Subsidiary.
For the six months ended April 30, 2015, approximately $382 (in thousands)
of the Subsidiary's management fees were waived pursuant to the Subsidiary fee
waiver agreement.
Earned Income Credit:
In addition, the Portfolio has entered into an arrangement with its
custodian whereby net interest earned on uninvested cash balances was used to
reduce a portion of the Portfolio's custody expenses. Custody expense in
168
the accompanying financial statements is presented before reduction for
credits. During the six months ended April 30, 2015, expenses reduced were as
follows (amounts in thousands):
Fees Paid
Indirectly
----------
DFA Commodity Strategy Portfolio. $7
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Fund; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Fund. For the six months ended April 30, 2015, the total
related amounts paid by the Fund to the CCO were $136 (in thousands). The total
related amounts paid by the Portfolio are included in Other Expenses on the
Statement of Operations.
E. Deferred Compensation:
At April 30, 2015, the total liability for deferred compensation to
Directors/Trustees is included in Accrued Expenses and Other Liabilities on the
Statement of Assets and Liabilities as follows (amount in thousands):
DFA Commodity Strategy Portfolio. $10
F. Purchases and Sales of Securities:
For the six months ended April 30, 2015, the Portfolio made the following
purchases and sales of investment securities, other than short-term securities
(amounts in thousands):
U.S. Government Other Investment
Securities Securities
------------------ ------------------
Purchases Sales Purchases Sales
--------- -------- --------- --------
DFA Commodity Strategy Portfolio. $705,868 $638,359 $321,589 $360,360
G. Federal Income Taxes:
The Portfolio has qualified and intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code
for federal income tax purposes and to distribute substantially all of its
taxable income and net capital gains to shareholders. Accordingly, no provision
has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are
determined in accordance with U.S. federal income tax regulations, which may
differ from those amounts determined under accounting principles generally
accepted in the United States of America. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in capital, undistributed net
investment income or accumulated net realized gains or losses, as appropriate,
in the period that the differences arise. Accordingly, the following permanent
differences as of October 31, 2014, primarily attributable to adjustments
between financial and tax reporting related to the Subsidiary, the utilization
of accumulated earnings and profits distributed to shareholders on redemptions
of shares as part of the dividends paid deduction for tax purposes, reversal of
book income/loss from controlled foreign corporation and net foreign currency
gains/losses, were reclassified to the following accounts. These
reclassifications had no effect on net assets or net asset value per share
(amounts in thousands):
Increase Increase
(Decrease) (Decrease)
Increase Undistributed Accumulated
(Decrease) Net Investment Net Realized
Paid-In Capital Income Gains (Losses)
--------------- -------------- --------------
DFA Commodity Strategy Portfolio. $(48,297) $2,071 $46,226
169
The tax character of dividends and distributions declared and paid during
the years ended October 31, 2013 and October 31, 2014 were as follows (amounts
in thousands):
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- ------
DFA Commodity Strategy Portfolio
2013............................. $2,965 $472 $3,437
2014............................. 4,533 474 5,007
At October 31, 2014, the following net investment income and short-term
capital gains and long-term capital gains distributions designated for federal
income tax purposes are due to the utilization of accumulated earnings and
profits distributed to shareholders upon redemption of shares (amounts in
thousands):
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- -----
DFA Commodity Strategy Portfolio. $705 $57 $762
At October 31, 2014, the components of distributable earnings (accumulated
losses) were as follows (amounts in thousands):
Undistributed Total Net
Net Investment Distributable
Income and Undistributed Unrealized Earnings
Short-Term Long-Term Capital Loss Appreciation (Accumulated
Capital Gains Capital Gains Carryforward (Depreciation) Losses)
-------------- ------------- ------------ -------------- -------------
DFA Commodity Strategy Portfolio. $7,964 $889 -- $(18,924) $(10,071)
For federal income tax purposes, the Fund measures its capital loss
carryforwards annually at October 31, its fiscal year end. Capital loss
carryforwards may be carried forward and applied against future capital gains.
Under the Regulated Investment Company Modernization Act of 2010, capital
losses incurred by the Portfolio after October 31, 2011 will not be subject to
expiration and will retain their character as either short-term or long-term
capital losses. In addition, such losses must be utilized prior to the losses
incurred in the years preceding enactment. As of October 31, 2014, the
Portfolio did not have any capital loss carryforwards.
At April 30, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net
Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
---------- ------------ ------------ --------------
DFA Commodity Strategy Portfolio. $1,212,592 -- $(26,130) (26,130)
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed the Portfolio's
tax positions and has concluded that no additional provision for income tax is
required in the Portfolio's financial statements. The Portfolio is not aware of
any tax positions for which it is more likely than not that the total amounts
of unrecognized tax benefits will significantly change in the next twelve
months. The Portfolio's federal tax returns for the prior three fiscal years
remain subject to examination by the Internal Revenue Service.
170
H. Financial Instruments:
In accordance with the Portfolio's investment objective and policies, the
Portfolio may invest in certain financial instruments that have off-balance
sheet risk in excess of the amounts recognized in the financial statements and
concentrations of credit and market risk. These instruments and their
significant corresponding risks are described below:
1. Foreign Market Risks: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States of America, including the possibility of future political and
economic developments and the level of foreign governmental supervision and
regulation of foreign securities markets. These markets are generally smaller,
less liquid and more volatile than the major securities markets in the United
States of America. Consequently, acquisition and disposition of international
securities held by the Portfolio may be inhibited.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by
the Portfolio. The Portfolio may gain exposure to commodity markets by
investing up to 25% of the Portfolio's total assets in the Subsidiary. The
Subsidiary may invest without limitation in commodity-linked notes, swap
agreements and other commodity-linked derivative instruments, including futures
contracts on individual commodities or a subset of commodities and options on
commodities. The accompanying consolidated schedule of investments includes
investments of the Portfolio and its wholly-owned Subsidiary.
2. Forward Currency Contracts: The Portfolio may enter into forward
currency contracts to hedge against adverse changes in the relationship of the
U.S. dollar to foreign currencies (foreign exchange rate risk). The decision to
hedge the Portfolio's currency exposure with respect to a foreign market will
be based primarily on the Portfolio's existing exposure to a given foreign
currency. Each contract is valued daily and the change in value is recorded by
the Portfolio as an unrealized gain or loss, which is presented in the
Statement of Operations as the change in unrealized appreciation or
depreciation from translation of foreign currency denominated amounts. When the
contract is closed or offset with the same counterparty, the Portfolio records
a realized gain or loss equal to the change in the value of the contract when
it was opened and the value at the time it was closed or offset. This is
presented in the Statement of Operations as a net realized gain or loss on
foreign currency transactions.
3. Commodity-Linked Derivatives: The Portfolio and the Subsidiary invest
in commodity-linked derivative instruments, such as swap agreements, commodity
options, futures, options on futures, and structured notes. The prices of
commodity-linked derivative instruments may move in different directions than
investments in traditional equity securities, fixed income securities and
commodity spot prices.
4. Swap Agreements: The Portfolio may enter into swap agreements with
respect to commodities, interest rates and indexes of commodities or
securities, specific securities and commodities, and mortgage, credit and
event-linked swaps, and to the extent the Portfolio may invest in foreign
currency-denominated securities, may enter into swap agreements with respect to
foreign currencies.
The Portfolio may enter into swap transactions for any legal purpose
consistent with its investment objective and policies, such as for the purpose
of attempting to obtain or preserve a particular return or spread at a lower
cost than obtaining a return or spread through purchases and/or sales of
instruments in other markets, to seek to increase total return (speculation),
to protect against currency fluctuations, as a duration management technique,
to protect against any increase in the price of securities the Portfolio
anticipates purchasing at a later date, or to gain exposure to certain markets
in the most economical way possible.
A swap agreement may be negotiated bilaterally and traded over-the-counter
between the two parties (for an uncleared swap), while other swaps must be
transacted through a futures commission merchant ("FCM") and cleared through a
clearinghouse that serves as a central counterparty (for a cleared swap), and
may be traded on swap execution facilities. Swap agreements are contracts
entered into primarily by institutional investors for periods ranging from a
few weeks to more than one year. In a standard "swap" transaction, two parties
agree to exchange the returns (or differentials in rates of return) earned or
realized on particular predetermined investments or instruments, which may be
adjusted for an interest factor. In an uncleared swap, the swap counterparty is
typically
171
a brokerage firm, bank or other financial institution. In a cleared swap, the
Portfolio's ultimate counterparty is a central clearinghouse rather than a
brokerage firm, bank or other financial institution.
An investment in a commodity swap agreement may involve the exchange of
floating-rate interest payments for the total return on a commodity index. In a
total return commodity swap, the Portfolio will receive the price appreciation
of a commodity index, a portion of the index, or a single commodity in exchange
for paying an agreed-upon fee. The Portfolio may also enter into credit default
swap agreements. The "buyer" in a credit default contract is obligated to pay
the "seller" a periodic stream of payments over the term of the contract
provided that no event of default on an underlying reference obligation has
occurred. If an event of default occurs, the seller must pay the buyer the full
notional value, or "par value," of the reference obligation in exchange for the
reference obligation. The Portfolio may be either the buyer or seller in a
credit default swap transaction. Credit default swap transactions involve
greater risks than if the Portfolio had invested in the reference obligation
directly.
Most swap agreements entered into by the Portfolio will calculate the
obligations of the parties to the agreement on a "net" basis, which means that
the two payment streams are netted out, with the Portfolio receiving or paying,
as the case may be, only the net amount of the two payments. The Portfolio's
current obligations under a swap agreement will be accrued daily (offset
against any amounts owed to the Portfolio) and any accrued but unpaid net
amounts owed to a swap counterparty will be covered by the segregation of
assets determined to be liquid to avoid any potential leveraging of the
Portfolio's portfolio.
Uncleared swaps are typically executed bilaterally with a swap dealer rather
than traded on exchanges. Parties to uncleared swaps face greater counterparty
credit risk than those engaging in cleared swaps since performance of uncleared
swap obligations is the responsibility only of the swap counterparty rather
than a clearinghouse, as is the case with cleared swaps. As a result, the
Portfolio bears the risk of loss of the amount expected to be received under a
swap agreement in the event of the default, insolvency or bankruptcy of a swap
agreement counterparty beyond any collateral received. In such an event, the
Portfolio will have contractual remedies pursuant to the swap agreements, but
bankruptcy and insolvency laws could affect the Portfolio's rights as a
creditor. The Portfolio will enter into swap agreements only with
counterparties that meet certain standards of creditworthiness as determined by
the Advisor's Investment Committee. To the extent that the Portfolio cannot
dispose of a swap in the ordinary course of business within seven days at
approximately the value at which the Portfolio has valued the swap, the
Portfolio will treat the swap as illiquid and subject to its overall limit on
illiquid investments of 15% of the Portfolio's net assets.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and
implementing rules adopted by the Commodity Futures Trading Commission
currently require the clearing and exchange-trading of the most common types of
credit default index swaps and interest rate swaps, and it is expected that
additional categories of swaps will in the future be designated as subject to
mandatory clearing and trade execution requirements. Central clearing is
intended to reduce counterparty credit risk and increase liquidity, but central
clearing does not eliminate these risks completely. There is also a risk of
loss by the Portfolio of the initial and variation margin deposits in the event
of bankruptcy of the FCM with which the Portfolio has an open position, or the
central counterparty in a swap contract. The assets of the Portfolio may not be
fully protected in the event of the bankruptcy of the FCM or central
counterparty because the Portfolio might be limited to recovering only a pro
rata share of all available funds and margin segregated on behalf of an FCM's
customers.
Futures Activities:
The Portfolio may enter into commodity, foreign currency, interest rate and
commodity or securities index futures contracts and purchase and write (sell)
related options traded on exchanges designated by the Commodity Futures Trading
Commission ("CFTC") or, consistent with CFTC regulations, on foreign exchanges.
5. Futures Contracts: A commodity futures contract provides for the future
sale by one party and the future purchase by the other party of a specified
amount of a commodity, such as an energy, agricultural or metal commodity, at a
specified price, date, time and place. A foreign currency futures contract
provides for the future sale by one party and the future purchase by the other
party of a certain amount of a specified non-U.S. currency at a specified
price, date, time and place. An interest rate futures contract provides for the
future sale by one party and the purchase by the other party of a certain
amount of a specific interest rate sensitive financial instrument
172
(debt security) at a specified price, date, time and place. Securities and
commodities indexes are typically capitalization or production weighted,
respectively. A securities index or commodities index futures contract is an
agreement to be settled by delivery of an amount of cash equal to a specified
multiplier times the difference between the value of the index at the close of
the last trading day on the contract and the price at which the agreement is
made. The clearing house of the exchange on which a futures contract is entered
into becomes the counterparty to each purchaser and seller of the futures
contract.
Payments, known as "variation margin," to and from the broker, will be made
daily as the currency, financial instrument or index underlying the futures
contract fluctuates, making the long and short positions in the futures
contract more or less valuable, a process known as "marking-to-market." As a
result of the small margin deposit that is required, a small change in the
market price of a futures contract can produce major losses.
At any time prior to the expiration of a futures contract, the Portfolio may
elect to close the position by taking an opposite position, which will operate
to terminate the Portfolio's existing position in the contract. Positions in
futures contracts and options on futures contracts (described below) may be
closed out only on the exchange on which they were entered into (or through a
linked exchange). However, there is no assurance that an active market will
exist at any particular time. Once the daily fluctuation limit has been reached
in a particular contract, most futures exchanges restrict trades at a price
beyond that limit or trading may be suspended for specified periods during the
day. Such restrictions prevent prompt liquidation of futures positions at an
advantageous price, potentially subjecting the Portfolio to substantial losses.
In such event, and in the event of adverse price movements, the Portfolio would
be required to make daily cash payments of variation margin. Losses incurred in
futures transactions and the costs of these transactions will affect the
Portfolio's performance.
The price volatility of commodity futures contracts has been historically
greater than that for traditional securities, such as stocks and bonds, and
there are a variety of factors associated with commodity futures contracts
which may subject the Portfolio's investments in the contracts to greater
volatility than investments in traditional securities.
6. Options on Futures Contracts: The Portfolio may purchase and write put
and call options on foreign currency, interest rate and stock and commodity
index futures contracts and may enter into closing transactions with respect to
such options to terminate existing positions. There is no guarantee that such
closing transactions can be effected; the ability to establish and close out
positions on such options will be subject to the existence of a liquid market.
An option on a currency, interest rate or commodity or securities index
futures contract, as contrasted with the direct investment in such a contract,
gives the purchaser the right, in return for the premium paid, to assume a
position in a futures contract at a specified exercise price at any time prior
to the expiration date of the option. The writer of the option is required upon
exercise to assume an offsetting futures position (a short position if the
option is a call and a long position if the option is a put). Upon exercise of
an option, the delivery of the futures position by the writer of the option to
the holder of the option will be accompanied by delivery of the accumulated
balance in the writer's futures margin account, which represents the amount by
which the market price of the futures contract exceeds, in the case of a call,
or is less than, in the case of a put, the exercise price of the option on the
futures contract. The potential loss related to the purchase of an option on a
futures contract is limited to the premium paid for the option (plus
transaction costs). The value of the option changes daily, and that change
would be reflected in the net asset value of the Portfolio.
The Portfolio may enter into options and futures transactions for several
purposes, including generating current income to offset expenses or increase
return, and as hedges to reduce investment risk, generally by making an
investment expected to move in the opposite direction of a portfolio position.
A hedge is designed to offset a loss in a portfolio position with a gain in the
hedged position; at the same time, however, a properly correlated hedge will
result in a gain in the portfolio position being offset by a loss in the hedged
position.
At April 30, 2015, the Subsidiary had the following outstanding
commodity-linked futures contracts (dollar amounts in thousands):
Expiration Number of Contract Unrealized
Description Date Contracts* Amount Gain (Loss)
----------- ---------- ---------- -------- -----------
Brent Crude Oil Futures. 08/14/15 70 $4,793 $106
Coffee 'C' Futures...... 07/21/15 19 979 (21)
173
Expiration Number of Contract Unrealized
Description Date Contracts* Amount Gain (Loss)
----------- ---------- ---------- -------- -----------
Copper Futures............. 07/29/15 61 $ 4,402 $ 207
Corn Futures............... 07/14/15 203 3,717 (171)
Cotton No. 2 Futures....... 07/09/15 28 950 52
Gasoline RBOB Futures...... 06/30/15 35 2,983 282
Gold 100 oz Futures........ 08/27/15 50 5,918 (155)
KCB Wheat Futures.......... 07/14/15 21 524 (52)
LME Nickel Futures......... 05/18/15 28 2,338 (86)
LME Nickel Futures......... 07/13/15 13 1,088 93
LME Nickel Futures......... 05/18/15 (28) (2,338) (139)
LME Prime Aluminum Futures. 05/18/15 129 6,174 298
LME Prime Aluminum Futures. 07/13/15 57 2,749 182
LME Prime Aluminum Futures. 05/18/15 (129) (6,173) (457)
LME Zinc Futures........... 05/18/15 56 3,296 371
LME Zinc Futures........... 07/13/15 25 1,469 122
LME Zinc Futures........... 05/18/15 (56) (3,296) (388)
Lean Hogs Futures.......... 07/15/15 31 1,023 16
Live Cattle Futures........ 08/31/15 26 1,540 (11)
NY Harbor ULSD Futures..... 06/30/15 30 2,502 214
Natural Gas Futures........ 06/26/15 169 4,735 180
Silver Futures............. 07/29/15 29 2,342 (88)
Soybean Futures............ 07/14/15 60 2,928 (18)
Soybean Meal Futures....... 07/14/15 43 1,359 (20)
Soybean Oil Futures........ 07/14/15 78 1,481 6
Sugar #11 Futures.......... 06/30/15 134 1,978 71
WTI Crude Futures.......... 06/22/15 51 3,096 255
Wheat Futures.............. 07/14/15 64 1,517 (116)
------- -----
$54,074 $ 733
======= =====
The Subsidiary's securities have been segregated as collateral for open
futures contracts.
* During the six months ended April 30, 2015 the Subsidiary's average notional
contract amount of outstanding futures contracts was $80,948 (in thousands).
At April 30, 2015, the Subsidiary had the following outstanding commodity
total return swaps, which are typically on custom commodity indices that
include exposure to various precious metal, energy and agricultural commodities
(dollar amounts in thousands):
Unrealized
Commodity Expiration Notional Appreciation
Counterparty Exposure Date Currency Amount* (Depreciation)
------------ --------- ---------- -------- ----------- --------------
Bank of America Corp............ Index** 06/30/15 USD $ (215,555) $ 3,511
Citibank, N.A................... Index** 06/30/15 USD (211,655) 3,595
Credit Suisse................... Index** 05/29/15 USD (253,982) 3,884
Deutsche Bank AG, London Branch. Index** 05/29/15 USD (294,624) 4,941
Deutsche Bank AG, London Branch. Oil 06/26/15 USD 40,705 (1,004)
Deutsche Bank AG, London Branch. Oil 06/26/15 USD 38,587 (1,665)
Deutsche Bank AG, London Branch. Oil 08/26/15 USD (39,541) 1,419
Deutsche Bank AG, London Branch. Oil 08/26/15 USD (41,694) 748
UBS AG.......................... Index** 07/31/15 USD (232,661) 3,900
----------- -------
$(1,210,420) $19,329
=========== =======
* During the six months ended April 30, 2015 the Subsidiary's average notional
value of outstanding swap contracts was $1,181,930 (in thousands).
**Swap is exposed to the 22 commodities in the Bloomberg Commodity Index Total
Return.
174
The following is a summary of the location of derivatives on the Portfolio's
Statement of Assets and Liabilities as of April 30, 2015:
Location on the Statement of Assets and Liabilities
---------------------------------------------------
Derivative Type Asset Derivatives Liability Derivatives
--------------- ------------------------ ------------------------
Commodity Futures Payables: Futures Margin
Contracts Variation
Commodity Swap Contracts Unrealized Loss on Swap
Contracts
The following is a summary of the Portfolio's derivative instrument holdings
categorized by primary risk exposure as of April 30, 2015 (amounts in
thousands):
Asset Derivatives Value
----------------------------------
Total Value Commodity Commodity
at Futures Swap
April 30, 2015 Contracts Contracts
- -------------- --------- ---------
Dimensional Cayman Commodity Fund I, LTD.. $24,454 $ 2,455* $21,999
Liability Derivatives Value
----------------------------------
Total Value Commodity Commodity
at Futures Swap
April 30, 2015 Contracts Contracts
- -------------- --------- ---------
Dimensional Cayman Commodity Fund I, LTD.. $(4,391) $(1,722)* $(2,669)
* Includes cumulative appreciation (depreciation) of futures contracts. Only
current day's margin variation is reporting within the Statements of Assets
and Liabilities.
The following is a summary of the location on the Portfolio's Statement of
Operations of realized and change in unrealized gains and losses from the
Portfolio's derivative instrument holdings for the six months ended April 30,
2015:
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income
--------------- -----------------------------------------------------------
Commodity Futures Contracts Net Realized Gain (Loss) on: Futures Change in Unrealized
Appreciation (Depreciation) of:
Futures
Foreign Exchange Contracts Net Realized Gain (Loss) on: Foreign Currency Transactions
Change in Unrealized Appreciation (Depreciation) of:
Translation of Foreign Currency Denominated Amounts
Commodity Swap Contracts Net Realized Gain (Loss) on: Swap Contracts Change in
Unrealized Appreciation (Depreciation) of:
Swap Contracts
The following is a summary of the realized and change in unrealized gains
and losses from the Portfolio's derivative instrument holdings categorized by
primary risk exposure through the six months ended April 30, 2015 (amounts in
thousands):
Realized Gain (Loss) on
Derivatives Recognized in Income
----------------------------------------
Foreign Commodity Commodity
Exchange Futures Swap
Total Contracts Contracts Contracts
--------- --------- --------- ---------
Dimensional Cayman Commodity Fund I, LTD.. $(166,253) $5,771 $(5,821) $(166,203)
175
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
-------------------------------------
Foreign Commodity Commodity
Exchange Futures Swap
Total Contracts Contracts Contracts
------- --------- --------- ---------
Dimensional Cayman Commodity Fund I, LTD.. $31,867 $(1,912) $1,950 $31,829
Offsetting of Derivative Assets and Derivative Liabilities
The following table presents the Portfolio's gross and net amount of assets
and liabilities available for offset under netting arrangements as well as any
related collateral received or pledged by the Portfolio as of April 30, 2015
(Amounts in thousands):
Gross Amounts Not Gross Amounts Not
Offset in the Offset in the
Consolidated Consolidated
Statements of Assets Statements of Assets
Gross and Liabilities Gross and Liabilities
Amounts of ---------------------- Amounts of ------------------------
Recognized Financial Cash Net Recognized Financial Cash Net
Assets Instruments Collateral Amount Liabilities Instruments Collateral Amount
Description (a) (b) Received (c) (a) (d) Pledged (e)
----------- ---------- ----------- ---------- ------- ----------- ----------- ---------- ------
Assets Liabilities
----------------------------------------- -------------------------------------------
DFA Commodity Strategy
Portfolio
Swap Contracts......... $21,998 $(2,669) -- $19,329 $2,669 $(2,669)(f) -- --
(a)No amounts have been netted against the gross amounts recognized in the
Consolidated Statements of Assets and Liabilities.
(b)Represents the amount of assets that could be offset by liabilities with the
same counterparty under master netting or similar agreements that management
elects not to offset on the Consolidated Statements of Assets and
Liabilities.
(c)Represents the net amount due from counterparties in the event of default.
(d)Represents the amount of liabilities that could be offset by assets with the
same counterparty under master netting or similar agreements that management
elects not to offset on the Consolidated Statements of Assets and
Liabilities.
(e)Represents the net amount due to counterparties in the event of default.
(f)The actual collateral received is greater than the amount shown here due to
overcollateralization.
I. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Borrowings under the line of credit are
charged interest at rates agreed upon by the parties at the time of borrowing.
Each portfolio is individually, and not jointly, liable for its particular
advances under the line of credit. There is no commitment fee on the unused
portion of the line of credit. The agreement for the discretionary line of
credit may be terminated by either party at any time. The agreement for the
line of credit expires on March 30, 2016.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank. Each portfolio is permitted to borrow, subject to
its investment limitations, up to a maximum of $500 million, as long as total
borrowings under the line of credit do not exceed $500 million in the
aggregate. Each portfolio is individually, and not jointly, liable for its
particular advances under the line of credit. Borrowings under the line of
credit are charged interest at rates agreed upon by the parties at the time of
borrowing. There is no commitment fee on the unused portion of the line of
credit. The line of credit agreement expires on January 8, 2016.
There were no borrowings by the Portfolio under the lines of credit during
the six months ended April 30, 2015.
Pursuant to a recently obtained exemptive order issued by the SEC (the
"Order"), the Portfolio may participate in an interfund lending program among
certain portfolios managed by the Advisor (portfolios that operate as feeder
funds do not participate in the program). The program allows the participating
portfolios to borrow money from and
176
loan money to each other for temporary or emergency purposes, subject to the
conditions in the Order. A loan can only be made through the program if the
interfund loan rate on that day is more favorable to both the borrowing and
lending portfolios as compared to rates available through short-term bank loans
or investments in overnight repurchase agreements and money market funds,
respectively, as detailed in the Order. Further, a portfolio may participate in
the program only if and to the extent that such participation is consistent
with its investment objectives and limitations. Interfund loans have a maximum
duration of seven days and may be called on one business day's notice. The
Portfolio had no interfund loans through the program during the period and
there were no outstanding loans as of April 30, 2015.
J. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund.
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
and/or its affiliates that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.
K. Other:
At April 30, 2015, three shareholders held 85% of outstanding shares of the
Portfolio. One or more of the shareholders may be omnibus accounts, which
typically hold shares for the benefit of several other underlying investors.
L. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the
Portfolio and has determined that there are no subsequent events requiring
recognition or disclosure in the financial statements.
177
DIMENSIONAL INVESTMENT GROUP INC.
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Tables below illustrate your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended April 30, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
DFA International Value Portfolio**
-----------------------------------
Actual Fund Return
Class R2 Shares.................... $1,000.00 $1,056.50 0.68% $3.47
Institutional Class Shares......... $1,000.00 $1,057.40 0.43% $2.19
Hypothetical 5% Annual Return
Class R2 Shares.................... $1,000.00 $1,021.42 0.68% $3.41
Institutional Class Shares......... $1,000.00 $1,022.66 0.43% $2.16
178
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
U.S. Large Company Portfolio
----------------------------
Actual Fund Return............ $1,000.00 $1,043.10 0.08% $0.41
Hypothetical 5% Annual Return. $1,000.00 $1,024.40 0.08% $0.40
----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent six-month period (181), then divided
by the number of days in the year (365) to reflect the six-month period.
**The Portfolio is a Feeder Fund. The expenses shown reflect the direct
expenses of the Feeder Fund and the indirect payment of the Feeder Fund's
portion of the expenses of its Master Fund (Affiliated Investment Company).
179
DIMENSIONAL INVESTMENT GROUP INC.
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For Dimensional
Investment Group Inc., this would be for the fiscal quarters ending January 31
and July 31. The Form N-Q filing must be made within 60 days of the end of the
quarter. Dimensional Investment Group Inc. filed its most recent Form N-Q with
the SEC on March 31, 2015. They are available upon request, without charge, by
calling collect: (512) 306-7400 or by mailing a request to Dimensional Fund
Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by
visiting the SEC's website at http://www.sec.gov, or they may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. (call
1-800-732-0330 for information on the operation of the Public Reference Room).
SEC regulations permit a fund to include in its reports to shareholders a
"Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of
Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50
largest holdings in unaffiliated issuers and any investments that exceed one
percent of the fund's net assets at the end of the reporting period. The
amendments also require that the Summary Schedule of Portfolio Holdings
identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC
on Form N-CSR within ten days after mailing the annual and semi-annual reports
to shareholders. It will be available upon request, without charge, by calling
collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors
LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the
SEC's website at http://www.sec.gov, or they may be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for
information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement.
The categories of industry classification for the Affiliated Investment
Company are represented in its Disclosure of Portfolio Holdings, which is
included elsewhere within the report. Refer to the Summary Schedule of
Portfolio Holdings for the underlying Affiliated Investment Company's holdings
which reflect the investments by category.
FEEDER FUND
Affiliated Investment Company
-----------------------------
DFA International Value Portfolio. 100.0%
DOMESTIC EQUITY PORTFOLIO
U.S. Large Company Portfolio
Consumer Discretionary....................... 12.5%
Consumer Staples............................. 9.5%
Energy....................................... 8.5%
Financials................................... 13.7%
Health Care.................................. 14.6%
Industrials.................................. 10.3%
Information Technology....................... 19.9%
Materials.................................... 3.2%
Real Estate Investment Trusts................ 2.5%
Telecommunication Services................... 2.3%
Utilities.................................... 3.0%
-----
100.0%
180
DFA International Value Portfolio
SCHEDULE OF INVESTMENTS
April 30, 2015
(Unaudited)
Value+
--------------
AFFILIATED INVESTMENT COMPANY -- (100.0%)
Investment in The DFA International Value Series of The DFA
Investment Trust Company.................................. $7,428,517,006
--------------
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost
$6,474,630,609)........................................ $7,428,517,006
==============
Summary of the Portfolio's Master Fund's investments as of April 30, 2015,
based on their valuation inputs, is located within this report (See Master
Fund's Security Valuation Note).
See accompanying Notes to Financial Statements.
181
U.S. LARGE COMPANY PORTFOLIO
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (96.6%)
Consumer Discretionary -- (12.0%)
* Amazon.com, Inc................... 119,213 $ 50,281,659 0.9%
Comcast Corp. Class A............. 795,516 45,949,004 0.8%
Home Depot, Inc. (The)............ 412,564 44,136,097 0.8%
McDonald's Corp................... 300,891 29,051,026 0.5%
Walt Disney Co. (The)............. 489,506 53,219,092 0.9%
Other Securities.................. 498,422,307 8.6%
------------ -----
Total Consumer Discretionary.......... 721,059,185 12.5%
------------ -----
Consumer Staples -- (9.2%)
Altria Group, Inc................. 616,522 30,856,926 0.5%
Coca-Cola Co. (The)............... 1,230,221 49,897,764 0.8%
CVS Health Corp................... 352,276 34,977,484 0.6%
PepsiCo, Inc...................... 464,076 44,142,909 0.7%
Philip Morris International, Inc.. 484,288 40,423,519 0.7%
Procter & Gamble Co. (The)........ 845,431 67,220,219 1.1%
Wal-Mart Stores, Inc.............. 494,441 38,591,120 0.7%
Other Securities.................. 243,810,830 4.4%
------------ -----
Total Consumer Staples................ 549,920,771 9.5%
------------ -----
Energy -- (8.2%)
Chevron Corp...................... 588,616 65,371,693 1.1%
Exxon Mobil Corp.................. 1,313,205 114,734,721 2.0%
Schlumberger, Ltd................. 399,254 37,773,421 0.7%
Other Securities.................. 273,192,627 4.7%
------------ -----
Total Energy.......................... 491,072,462 8.5%
------------ -----
Financials -- (13.2%)
Bank of America Corp.............. 3,293,294 52,462,173 0.9%
* Berkshire Hathaway, Inc. Class B.. 570,930 80,621,025 1.4%
Citigroup, Inc.................... 949,788 50,642,696 0.9%
JPMorgan Chase & Co............... 1,167,199 73,837,009 1.3%
Wells Fargo & Co.................. 1,467,823 80,877,047 1.4%
Other Securities.................. 452,665,389 7.8%
------------ -----
Total Financials...................... 791,105,339 13.7%
------------ -----
Health Care -- (14.1%)
AbbVie, Inc....................... 498,988 32,264,564 0.5%
* Actavis P.L.C..................... 122,246 34,578,504 0.6%
Amgen, Inc........................ 237,572 37,514,994 0.6%
* Biogen, Inc....................... 73,449 27,464,785 0.5%
Bristol-Myers Squibb Co........... 520,349 33,161,842 0.6%
* Gilead Sciences, Inc.............. 466,278 46,865,602 0.8%
Johnson & Johnson................. 870,470 86,350,624 1.5%
Medtronic P.L.C................... 446,137 33,214,900 0.6%
Merck & Co., Inc.................. 888,535 52,921,145 0.9%
Pfizer, Inc....................... 1,918,722 65,102,237 1.1%
UnitedHealth Group, Inc........... 298,567 33,260,364 0.6%
Other Securities.................. 361,242,960 6.3%
------------ -----
Total Health Care..................... 843,942,521 14.6%
------------ -----
Industrials -- (9.9%)
3M Co............................. 198,717 31,077,352 0.5%
Boeing Co. (The).................. 205,082 29,396,454 0.5%
182
U.S. LARGE COMPANY PORTFOLIO
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Industrials -- (Continued)
General Electric Co................................ 3,150,957 $ 85,327,915 1.5%
Union Pacific Corp................................. 275,898 29,308,644 0.5%
United Technologies Corp........................... 258,704 29,427,580 0.5%
Other Securities................................... 389,255,599 6.8%
-------------- ------
Total Industrials........................................ 593,793,544 10.3%
-------------- ------
Information Technology -- (19.3%)
Apple, Inc......................................... 1,823,517 228,213,153 3.9%
Cisco Systems, Inc................................. 1,598,108 46,073,454 0.8%
* Facebook, Inc. Class A............................. 657,199 51,767,565 0.9%
* Google, Inc. Class A............................... 89,400 49,060,038 0.8%
* Google, Inc. Class C............................... 89,832 48,270,281 0.8%
Intel Corp......................................... 1,482,669 48,260,876 0.8%
International Business Machines Corp............... 287,779 49,293,665 0.8%
MasterCard, Inc. Class A........................... 305,608 27,568,898 0.5%
Microsoft Corp..................................... 2,568,307 124,922,452 2.2%
Oracle Corp........................................ 1,003,587 43,776,465 0.7%
QUALCOMM, Inc...................................... 516,417 35,116,356 0.6%
Visa, Inc. Class A................................. 607,321 40,113,552 0.7%
Other Securities................................... 360,891,469 6.4%
-------------- ------
Total Information Technology............................. 1,153,328,224 19.9%
-------------- ------
Materials -- (3.1%)
Other Securities................................... 186,444,724 3.2%
-------------- ------
Real Estate Investment Trusts -- (2.4%)
Other Securities................................... 141,777,494 2.4%
-------------- ------
Telecommunication Services -- (2.3%)
# AT&T, Inc.......................................... 1,624,853 56,284,908 1.0%
Verizon Communications, Inc........................ 1,300,907 65,617,749 1.1%
Other Securities................................... 13,550,722 0.2%
-------------- ------
Total Telecommunication Services......................... 135,453,379 2.3%
-------------- ------
Utilities -- (2.9%)
Other Securities................................... 173,351,078 3.0%
-------------- ------
TOTAL COMMON STOCKS...................................... 5,781,248,721 99.9%
-------------- ------
TEMPORARY CASH INVESTMENTS -- (0.0%)
State Street Institutional Liquid Reserves, 0.098%. 545,860 545,860 0.0%
-------------- ------
SECURITIES LENDING COLLATERAL -- (3.4%)
(S)@ DFA Short Term Investment Fund..................... 17,378,805 201,072,771 3.5%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,008,262,737)................................ $5,982,867,352 103.4%
============== ======
183
U.S. LARGE COMPANY PORTFOLIO
CONTINUED
Summary of the Portfolio's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
---------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- ------------ ------- --------------
Common Stocks
Consumer Discretionary........ $ 721,059,185 -- -- $ 721,059,185
Consumer Staples.............. 549,920,771 -- -- 549,920,771
Energy........................ 491,072,462 -- -- 491,072,462
Financials.................... 791,105,339 -- -- 791,105,339
Health Care................... 843,942,521 -- -- 843,942,521
Industrials................... 593,793,544 -- -- 593,793,544
Information Technology........ 1,153,328,224 -- -- 1,153,328,224
Materials..................... 186,444,724 -- -- 186,444,724
Real Estate Investment Trusts. 141,777,494 -- -- 141,777,494
Telecommunication Services.... 135,453,379 -- -- 135,453,379
Utilities..................... 173,351,078 -- -- 173,351,078
Temporary Cash Investments...... 545,860 -- -- 545,860
Securities Lending Collateral... -- $201,072,771 -- 201,072,771
Futures Contracts**............. (52,554) -- -- (52,554)
-------------- ------------ -- --------------
TOTAL........................... $5,781,742,027 $201,072,771 -- $5,982,814,798
============== ============ == ==============
**Not reflected in the Summary Schedule of Portfolio Holdings, valued at the
unrealized appreciation/(depreciation) on the investment. (Note H)
See accompanying Notes to Financial Statements.
184
DIMENSIONAL INVESTMENT GROUP INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands, except share and per share amounts)
DFA U.S. Large
International Company
Value Portfolio Portfolio*
--------------- ------------
ASSETS:
Investments in Affiliated Investment Company at Value................................ $ 7,428,517 --
Investments at Value (including $0 and $377,047 of securities on loan, respectively). -- $ 5,781,248
Temporary Cash Investments at Value & Cost........................................... -- 546
Collateral from Securities on Loan Invested in Affiliate at Value & Cost............. -- 201,073
Segregated Cash for Futures Contracts................................................ -- 285
Receivables:
Dividends and Tax Reclaims......................................................... -- 5,336
Securities Lending Income.......................................................... -- 56
Fund Shares Sold................................................................... 4,507 1,845
Prepaid Expenses and Other Assets.................................................... 76 72
-------------- ------------
Total Assets.................................................................... 7,433,100 5,990,461
-------------- ------------
LIABILITIES:
Payables:
Upon Return of Securities Loaned................................................... -- 201,073
Fund Shares Redeemed............................................................... 30,256 1,548
Due to Advisor..................................................................... 1,207 217
Futures Margin Variation........................................................... -- 55
Accrued Expenses and Other Liabilities............................................... 316 529
-------------- ------------
Total Liabilities............................................................... 31,779 203,422
-------------- ------------
NET ASSETS........................................................................... $ 7,401,321 $ 5,787,039
============== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Class R2 Shares -- based on net assets of $10,464 and $0 and shares outstanding of
539,583 and 0, respectively......................................................... $ 19.39 N/A
============== ============
NUMBER OF SHARES AUTHORIZED.......................................................... 100,000,000 N/A
============== ============
Institutional Class Shares -- based on net assets of $7,390,857 and $5,787,039 and
shares outstanding of 381,139,815 and 351,501,365, respectively..................... $ 19.39 $ 16.46
============== ============
NUMBER OF SHARES AUTHORIZED.......................................................... 1,500,000,000 900,000,000
============== ============
Investments in Affiliated Investment Companies at Cost............................... $ 6,474,631 $ --
============== ============
Investments at Cost.................................................................. $ -- $ 2,806,644
============== ============
NET ASSETS CONSIST OF:
Paid-In Capital...................................................................... $ 6,749,573 $ 2,924,721
Undistributed Net Investment Income (Distributions in Excess of Net
Investment Income).................................................................. 76,591 11,966
Accumulated Net Realized Gain (Loss)................................................. (378,826) (124,199)
Net Unrealized Foreign Exchange Gain (Loss).......................................... 97 --
Net Unrealized Appreciation (Depreciation)........................................... 953,886 2,974,551
-------------- ------------
NET ASSETS........................................................................... $ 7,401,321 $ 5,787,039
============== ============
----------
* See Note J in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
185
DIMENSIONAL INVESTMENT GROUP INC.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
DFA
International U.S. Large
Value Company
Portfolio* Portfolio
------------- ----------
Investment Income
Net Investment Income Allocated from Affiliated Investment Companies:
Dividends (Net of Taxes Withheld of $9,535 and $0, respectively)................ $116,963 --
Income from Securities Lending.................................................. 3,201 --
Expenses Allocated from Affiliated Investment Company........................... (7,640) --
-------- --------
Total Net Investment Income Received from Affiliated Investment Companies.... 112,524 --
-------- --------
Fund Investment Income
Dividends (Net of Taxes Withheld of $0 and $4, respectively).................... -- $ 60,503
Interest........................................................................ -- 4
Income from Securities Lending.................................................. -- 286
-------- --------
Total Investment Income...................................................... -- 60,793
-------- --------
Expenses
Investment Advisory Services Fees............................................... -- 1,713
Administrative Services Fees.................................................... 7,010 --
Accounting & Transfer Agent Fees................................................ 24 163
S&P 500(R) Fees................................................................. -- 50
Custodian Fees.................................................................. -- 35
Shareholder Servicing Fees --
Class R2 Shares............................................................... 14 --
Filing Fees..................................................................... 56 37
Shareholders' Reports........................................................... 99 46
Directors'/Trustees' Fees & Expenses............................................ 26 21
Professional Fees............................................................... 12 155
Other........................................................................... 94 80
-------- --------
Total Expenses............................................................... 7,335 2,300
-------- --------
Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees
Recovered by Advisor (Note C).................................................. -- (16)
-------- --------
Net Expenses.................................................................... 7,335 2,284
-------- --------
Net Investment Income (Loss).................................................... 105,189 58,509
-------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold.................................................... 112,124 169,805
Futures....................................................................... -- 2,952
Foreign Currency Transactions................................................. (3,395) --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.................................... 203,424 15,857
Futures....................................................................... -- (2,664)
Translation of Foreign Currency Denominated Amounts........................... 780 --
-------- --------
Net Realized and Unrealized Gain (Loss)......................................... 312,933 185,950
-------- --------
Net Increase (Decrease) in Net Assets Resulting from Operations................... $418,122 $244,459
======== ========
----------
* Investment Income and Realized and Unrealized Gain (Loss) were allocated from
the Portfolio's Master Fund (Affiliated Investment Company).
See accompanying Notes to Financial Statements.
186
DIMENSIONAL INVESTMENT GROUP INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
DFA International Value U.S. Large Company
Portfolio Portfolio
----------------------- ----------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014
----------- ----------- ----------- ----------
(Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).................................. $ 105,189 $ 299,034 $ 58,509 $ 103,372
Net Realized Gain (Loss) on:
Investment Securities Sold.................................. 112,124 130,787 169,805 90,274
Futures..................................................... -- -- 2,952 12,101
Foreign Currency Transactions............................... (3,395) (1,306) -- --
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.................. 203,424 (506,381) 15,857 634,795
Futures..................................................... -- (25) (2,664) 345
Translation of Foreign Currency Denominated Amounts......... 780 (1,031) -- --
---------- ----------- ---------- ----------
Net Increase (Decrease) in Net Assets Resulting from
Operations................................................ 418,122 (78,922) 244,459 840,887
---------- ----------- ---------- ----------
Distributions From:
Net Investment Income:
Class R2 Shares............................................. (72) (347) -- --
Institutional Class Shares.................................. (50,981) (295,058) (56,835) (102,736)
---------- ----------- ---------- ----------
Total Distributions........................................ (51,053) (295,405) (56,835) (102,736)
---------- ----------- ---------- ----------
Capital Share Transactions (1):
Shares Issued................................................. 908,708 1,652,421 466,730 787,937
Shares Issued in Lieu of Cash Distributions................... 49,538 286,790 49,003 89,598
Shares Redeemed............................................... (926,408) (1,090,342) (584,692) (864,648)
---------- ----------- ---------- ----------
Net Increase (Decrease) from Capital Share Transactions.... 31,838 848,869 (68,959) 12,887
---------- ----------- ---------- ----------
Total Increase (Decrease) in Net Assets.................... 398,907 474,542 118,665 751,038
Net Assets
Beginning of Period........................................... 7,002,414 6,527,872 5,668,374 4,917,336
---------- ----------- ---------- ----------
End of Period................................................. $7,401,321 $ 7,002,414 $5,787,039 $5,668,374
========== =========== ========== ==========
(1) Shares Issued and Redeemed:
Shares Issued................................................. 50,235 84,840 28,678 52,855
Shares Issued in Lieu of Cash Distributions................... 2,870 14,488 3,072 6,016
Shares Redeemed............................................... (50,447) (55,963) (35,910) (57,748)
---------- ----------- ---------- ----------
Net Increase (Decrease) from Shares Issued and
Redeemed.................................................. 2,658 43,365 (4,160) 1,123
========== =========== ========== ==========
Undistributed Net Investment Income
(Distributions in Excess of Net Investment Income)............. $ 76,591 $ 22,455 $ 11,966 $ 10,292
See accompanying Notes to Financial Statements.
187
DIMENSIONAL INVESTMENT GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
DFA International Value Portfolio-Class R2 Shares+
-----------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.......... $ 18.48 $ 19.46 $15.72 $15.83 $17.82 $17.13
------- ------- ------ ------ ------ ------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)............ 0.25 0.74 0.49 0.51 0.53 0.37
Net Gains (Losses) on Securities (Realized
and Unrealized)............................ 0.78 (0.93) 3.77 (0.13) (2.00) 1.29
------- ------- ------ ------ ------ ------
Total from Investment Operations........... 1.03 (0.19) 4.26 0.38 (1.47) 1.66
------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income....................... (0.12) (0.79) (0.52) (0.49) (0.52) (0.97)
------- ------- ------ ------ ------ ------
Total Distributions........................ (0.12) (0.79) (0.52) (0.49) (0.52) (0.97)
------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period................ $ 19.39 $ 18.48 $19.46 $15.72 $15.83 $17.82
============================================== =========== ======== ======== ======== ======== ========
Total Return.................................. 5.65%(D) (1.21)% 27.61% 2.70% (8.53)% 10.60%
------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)......... $10,464 $11,200 $5,517 $6,407 $6,102 $4,952
Ratio of Expenses to Average Net Assets (B)... 0.68%(E) 0.68% 0.69% 0.71% 0.71% 0.72%
Ratio of Net Investment Income to Average Net
Assets....................................... 2.73%(E) 3.79% 2.84% 3.33% 2.97% 2.11%
------------------------------------------------------------------------------------------------------------
DFA International Value Portfolio-Institutional Class Shares
---------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
---------------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.......... $ 18.47 $ 19.45 $ 15.72 $ 15.83 $ 17.81 $ 16.46
---------- ---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)............ 0.27 0.84 0.52 0.54 0.58 0.39
Net Gains (Losses) on Securities (Realized
and Unrealized)............................ 0.78 (0.98) 3.78 (0.12) (1.99) 1.34
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment Operations........... 1.05 (0.14) 4.30 0.42 (1.41) 1.73
---------------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income....................... (0.13) (0.84) (0.57) (0.53) (0.57) (0.38)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions........................ (0.13) (0.84) (0.57) (0.53) (0.57) (0.38)
---------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period................ $ 19.39 $ 18.47 $ 19.45 $ 15.72 $ 15.83 $ 17.81
============================================== =========== ========== ========== ========== ========== ==========
Total Return.................................. 5.74%(D) (0.97)% 27.90% 2.98% (8.26)% 10.94%
---------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)......... $7,390,857 $6,991,214 $6,522,355 $5,480,888 $5,287,323 $5,157,857
Ratio of Expenses to Average Net Assets (B)... 0.43%(E) 0.43% 0.43% 0.45% 0.45% 0.45%
Ratio of Net Investment Income to Average Net
Assets....................................... 3.00%(E) 4.29% 3.00% 3.54% 3.26% 2.34%
---------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
+ All per share amounts and net assets values prior to November 19, 2010 have
been adjusted as a result of the reverse stock split on November 19, 2010.
(Note G)
See accompanying Notes to Financial Statements.
188
DIMENSIONAL INVESTMENT GROUP INC.
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
U.S. Large Company Portfolio
-------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
----------------------------------------------------------------------------------------------------------------------
(Unaudited)
Net Asset Value, Beginning of Period.... $ 15.94 $ 13.87 $ 11.15 $ 9.90 $ 9.34 $ 8.16
---------- ---------- ---------- ---------- ---------- ----------
Income from Investment Operations
---------------------------------
Net Investment Income (Loss) (A)....... 0.17 0.29 0.27 0.22 0.19 0.18
Net Gains (Losses) on Securities
(Realized and Unrealized)............ 0.51 2.07 2.71 1.25 0.56 1.15
---------- ---------- ---------- ---------- ---------- ----------
Total from Investment Operations..... 0.68 2.36 2.98 1.47 0.75 1.33
----------------------------------------------------------------------------------------------------------------------
Less Distributions
------------------
Net Investment Income.................. (0.16) (0.29) (0.26) (0.22) (0.19) (0.15)
---------- ---------- ---------- ---------- ---------- ----------
Total Distributions.................. (0.16) (0.29) (0.26) (0.22) (0.19) (0.15)
----------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period.......... $ 16.46 $ 15.94 $ 13.87 $ 11.15 $ 9.90 $ 9.34
======================================= =========== ========== ========== ========== ========== ==========
Total Return............................ 4.31%(D) 17.17% 27.10% 15.02% 8.09% 16.47%
----------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)... $5,787,039 $5,668,374 $4,917,336 $4,037,336 $3,762,013 $3,712,973
Ratio of Expenses to Average Net Assets. 0.08%(E) 0.08% 0.09% 0.10% 0.10% 0.10% **
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses
Reimbursed), and/or Previously Waived
Fees Recovered by Advisor)............. 0.08%(E) 0.08% 0.10% 0.10% 0.10% 0.11% **
Ratio of Net Investment Income to
Average Net Assets..................... 2.05%(E) 1.95% 2.13% 2.10% 1.95% 1.99%
Portfolio Turnover Rate................. 3%(D) 3% 3% 4% 4% 1% *
----------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
* For the period September 10, 2010 through October 31, 2010. Effective
September 10, 2010, the Portfolio directly invests in securities rather than
through The U.S. Large Company Series.
** Represents the combined ratios for the portfolio and, for the period
November 1, 2009 through September 9, 2010, its respective pro-rata share of
The U.S. Large Company Series.
See accompanying Notes to Financial Statements.
189
DIMENSIONAL INVESTMENT GROUP INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
A. Organization:
Dimensional Investment Group, Inc. (the "Fund") is an open-end management
investment company registered under the Investment Company Act of 1940, whose
shares are generally offered to institutional investors, retirement plans and
clients of registered investment advisors. The Fund consists of fifteen
portfolios, two of which, DFA International Value Portfolio and U.S. Large
Company Portfolio (the "Portfolios"), are presented in this section of the
report. The remaining operational portfolios are presented in separate reports.
DFA International Value Portfolio (the "Feeder Fund") primarily invests its
assets in The DFA International Value Series (the "Series"), a corresponding
series of The DFA Investment Trust Company. At April 30, 2015, the Feeder Fund
owned 75% of the Series. The financial statements of the Series are included
elsewhere in this report and should be read in conjunction with the financial
statements of the Feeder Fund.
On March 1, 2010, the Board of Directors of DFA Investment Dimensions Group
Inc. and the Fund approved an Agreement and Plan of Reorganization (the "Plan")
which provided that (i) U.S. Large Company Institutional Index Portfolio (the
"Acquiring Fund"), a portfolio of the Fund would acquire substantially all of
the assets of U.S. Large Company Portfolio (the "Target Fund"), a portfolio of
DFA Investment Dimensions Group Inc. in exchange solely for shares of capital
stock of the Acquiring Fund; (ii) the shares of the Acquiring Fund would be
distributed to the shareholders of the Target Fund according to their
respective interests in the Target Fund; and (iii) the Target Fund would be
liquidated and dissolved (the "Reorganization"). In conjunction with completing
the Reorganization, the Acquiring Fund would change its name to "U.S. Large
Company Portfolio." The Reorganization took place on May 7, 2010 and the
Acquiring Fund changed its name to U.S. Large Company Portfolio effective
May 8, 2010.
The purpose of the transaction was to lower fees for the shareholders of the
Target Fund and create operating efficiencies from economies of scale.
The Reorganization was accomplished by a tax-free exchange of the following
shares on May 7, 2010:
Value
Target Fund Shares Acquiring Fund Shares (in thousands)
----------- ---------- --------------------------------- ----------- --------------
U.S. Large Company Institutional
U.S. Large Company Portfolio. 83,482,168 Index Portfolio 311,973,980 $2,731,987
The net assets, including net unrealized appreciation (depreciation) of the
Target Fund, immediately before the acquisition were as follows (in thousands):
Unrealized Appreciation
Target Fund Net Assets (Depreciation) Acquiring Fund Net Assets
----------- ---------- ----------------------- -------------------------------- ----------
U.S. Large Company U.S. Large Company
Portfolio........ $2,731,987 $315,984 Institutional Index Portfolio $870,696
Prior to September 10, 2010, U.S. Large Company Portfolio invested
substantially all of its assets in shares of The U.S. Large Company Series. At
the close of business on September 9, 2010, U.S. Large Company Portfolio
received its pro-rata share of cash and securities from The U.S. Large Company
Series in a complete liquidation of its interest in the Series. Effective
September 10, 2010, U.S. Large Company Portfolio invests directly in securities
rather than through the Series and maintains the same investment objective.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
190
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Portfolios utilize a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Portfolios' own
assumptions in determining the fair value of investments)
The Feeder Fund's investment reflects its proportionate interest in the net
assets of the Series. This valuation is classified as Level 1 in the hierarchy.
Securities held by U.S. Large Company Portfolio, including over-the-counter
securities, are valued at the last quoted sale price at the close of the
exchanges on which they are principally traded (official closing price).
Securities held by the Portfolio that are listed on Nasdaq are valued at the
Nasdaq Official Closing Price ("NOCP"). If there is no last reported sale price
or NOCP for the day, the Portfolio values the securities at the mean of the
most recent quoted bid and asked prices. Price information on listed securities
is taken from the exchange where the security is primarily traded. Generally,
securities issued by open-end investment companies are valued using their
respective net asset values or public offering prices, as appropriate, for
purchase orders placed at the close of the New York Stock Exchange (NYSE).
These securities are generally categorized as Level 1 in the hierarchy.
Securities for which no market quotations are readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. Fair value pricing may also be used if events
that have a significant effect on the value of an investment (as determined in
the discretion of Dimensional Fund Advisors LP) occur before the net asset
value is calculated. When fair value pricing is used, the prices of securities
used by the Portfolio may differ from the quoted or published prices for the
same securities on their primary markets or exchanges. These securities are
generally categorized as Level 2 in the hierarchy.
Futures contracts held by U.S. Large Company Portfolio are valued using the
settlement price established each day on the exchange on which they are traded.
These valuations are generally categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Portfolios' investments by each
major security type, industry and/or country is disclosed previously in this
note. A valuation hierarchy table has been included at the end of the Summary
Schedule of Portfolio Holdings/Schedule of Investments. The inputs or
methodology used for valuing securities are not necessarily an indication of
the risk associated with investing in those securities.
For the six months ended April 30, 2015, there were no significant transfers
between Level 1 and Level 2 and no significant Level 3 investments held by the
Portfolios.
2. Deferred Compensation Plan: Each eligible Director/Trustee of the Fund
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value
Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio;
Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses.
191
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of April 30, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
3. Other: The Feeder Fund recognizes its pro-rata share, on a daily basis,
of net investment income and realized and unrealized gains and losses of
investment securities from the Series, which is treated as a partnership for
federal income tax purposes. Dividend income and distributions to shareholders
are recorded on the ex-dividend date. Distributions received on securities that
represent a return of capital or capital gains are recorded as a reduction of
cost of investments or as a realized gain, respectively. The Portfolios
estimate the character of distributions received that may be considered return
of capital distributions. Expenses directly attributable to a Portfolio are
directly charged. Common expenses of the Fund or Portfolios are allocated using
methods approved by the Board of Directors/Trustees, generally based on average
net assets.
Class R2 Shares and Institutional Class Shares have equal rights to assets
and earnings of the Feeder Fund. Income, gains and losses, and common expenses
of the Feeder Fund are allocated to each class of shares based on its relative
net assets. Each class will bear its own class-specific expenses, if any.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides administrative services
to the Portfolios, including supervision of services provided by others,
providing information to shareholders and the Board, and other administrative
services. The Advisor provides investment advisory services to the U.S. Large
Company Portfolio and the Series. The Advisor receives no additional
compensation for the investment advisory services it provides to the Feeder
Fund. For the six months ended April 30, 2015, the Feeder Fund's administrative
services fees were accrued daily and paid monthly to the Advisor based on the
following effective annual rate of average daily net assets:
DFA International Value Portfolio. 0.20%
For the six months ended April 30, 2015, the U.S. Large Company Portfolio's
investment management fees for both investment advisory services and the
administrative services described above were accrued daily and paid monthly to
the Advisor based on the following effective annual rate of average daily net
assets:
U.S. Large Company Portfolio. 0.06%
Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption
Agreement (the "Fee Waiver Agreement"), the Advisor has contractually agreed to
waive certain fees, including administration/advisory fees, and in certain
instances, assume certain expenses of the Portfolios, as described in the notes
below. The Fee Waiver Agreement for the Portfolios will remain in effect
through February 28, 2016, and may only be terminated by the Fund's Board of
Directors prior to that date. The Fee Waiver Agreement shall continue in effect
from year to year thereafter unless terminated by the Fund or the Advisor. For
the six months ended April 30, 2015, the Portfolios had expense limits based on
a percentage of average net assets on an annualized basis, and the Advisor
recovered previously waived fees and/or expenses assumed as listed below
(amounts in thousands). The Portfolios are not obligated to reimburse the
Advisor for fees previously waived or expenses previously assumed by the
Advisor more than thirty-six months before the date of recovery.
192
Previously
Recovery Waived Fees/
Expense of Previously Expenses Assumed
Limitation Waived Fees/ Subject to Future
Amount Expenses Assumed Recovery
---------- ---------------- -----------------
Institutional Class Shares
U.S. Large Company Portfolio (1)...... 0.08% $57 $414
Class R2 Shares
DFA International Value Portfolio (2). 0.79% -- --
(1) Effective August 1, 2013, the Advisor has contractually agreed to waive
all or a portion of its management fee to the extent necessary to reduce the
ordinary operating expenses (excluding expenses incurred through investment in
other investment companies) ("Portfolio Expenses") of the Portfolio so that the
Portfolio Expenses, on an annualized basis, do not exceed the rate listed above
as a percentage of the Portfolio's average net assets (the "Expense Limitation
Amount"). At any time that the annualized Portfolio Expenses of the Portfolio
are less than the Expense Limitation Amount listed above for the Portfolio, the
Advisor retains the right to recover any fees previously waived and/or expenses
previously assumed to the extent that the amount of such recovery will not
cause the annualized Portfolio Expenses of the Portfolio to exceed the Expense
Limitation Amount, as listed above.
Prior to August 1, 2013, the Advisor contractually agreed to waive all or a
portion of its administration fee to the extent necessary to reduce the
ordinary operating expenses (excluding expenses incurred through investment in
other investment companies) ("Portfolio Expenses") of the Portfolio so that
such Portfolio Expenses did not exceed 0.10% of the Portfolio's average net
assets on an annualized basis (the "Previous Expense Limitation Amount"). At
any time that the Portfolio Expenses of the Portfolio were less than the
Previous Expense Limitation Amount, the Advisor retained the right to recover
any fees previously waived and/or expenses previously assumed to the extent
that such recovery did not cause the Portfolio's annualized Portfolio Expenses
to exceed the Previous Expense Limitation Amount.
(2) The Advisor has contractually agreed to assume the direct expenses of
the Class R2 shares of the Portfolio (excluding management fees and custodian
fees) to the extent necessary to limit the annualized expenses of the Class R2
shares of the Portfolio (excluding the expenses the Portfolio incurs indirectly
through investment in other investment companies) to the rate listed above as a
percentage of average net assets (the "Expense Limitation Amount"). At any time
that the annualized expenses of the Class R2 shares of the Portfolio are less
than the Expense Limitation Amount listed above for such class of shares, the
Advisor retains the right to recover any fees previously waived and/or expenses
previously assumed to the extent that such recovery will not cause the
annualized expenses of the Class R2 shares of the Portfolio to exceed the
Expense Limitation Amount, as listed above.
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Fund; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Fund. For the six months ended April 30, 2015, the total
related amounts paid by the Fund to the CCO were $15 (in thousands). The total
related amounts paid by each Portfolio are included in Other Expenses on the
Statement of Operations.
D. Deferred Compensation:
At April 30, 2015, the total liability for deferred compensation to
Directors/Trustees is included in Accrued Expenses and Other Liabilities on the
Statement of Assets and Liabilities as follows (amounts in thousands):
DFA International Value Portfolio. $219
U.S. Large Company Portfolio...... 270
193
E. Purchases and Sales of Securities:
For the six months ended April 30, 2015, U.S. Large Company Portfolio made
the following purchases and sales of investment securities, other than
short-term securities and U.S. government securities (amounts in thousands):
Purchases Sales
--------- --------
U.S. Large Company Portfolio. $172,687 $217,384
There were no purchases or sales of long-term U.S. government securities.
F. Federal Income Taxes:
Each Portfolio has qualified and intends to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code
for federal income tax purposes and to distribute substantially all of its
taxable income and net capital gains to its shareholders. Accordingly, no
provision has been made for federal income taxes.
Distributions from net investment income and net realized capital gains are
determined in accordance with U.S. federal income tax regulations, which may
differ from those amounts determined under accounting principles generally
accepted in the United States of America. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are
permanent, they are charged or credited to paid-in capital, undistributed net
investment income, accumulated net realized gains or losses, or unrealized
appreciation, as appropriate, in the period that the differences arise.
Accordingly, the following permanent differences as of October 31, 2014,
primarily attributable to net foreign currency gains/losses, foreign capital
gains tax reclass and realized gains on securities considered to be "passive
foreign investment companies", were reclassified to the following accounts.
These reclassifications had no effect on net assets or net asset value per
share (amounts in thousands):
Increase Increase
(Decrease) (Decrease)
Increase Undistributed Accumulated
(Decrease) Net Investment Net Realized
Paid-In Capital Income Gains (Losses)
--------------- -------------- --------------
DFA International Value Portfolio. -- $ 4,404 $(4,404)
U.S. Large Company Portfolio...... $3,023 (3,023) --
The tax character of dividends and distributions declared and paid during
the years ended October 31, 2013 and October 31, 2014 were as follows (amounts
in thousands):
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- --------
DFA International Value Portfolio
2013.............................. $189,258 -- $189,258
2014.............................. 295,405 -- 295,405
U.S. Large Company Portfolio
2013.............................. 94,840 -- 94,840
2014.............................. 102,736 -- 102,736
At October 31, 2014, the following net investment income and short-term
capital gains and long-term capital gains distributions designated for federal
income tax purposes are due to the utilization of accumulated earnings and
profits distributed to shareholders upon redemption of shares (amounts in
thousands):
Net Investment
Income and
Short-Term Long-Term
Capital Gains Capital Gains Total
-------------- ------------- ------
U.S. Large Company Portfolio. $3,023 -- $3,023
194
At October 31, 2014, the components of distributable earnings (accumulated
losses) were as follows (amounts in thousands):
Undistributed Total Net
Net Investment Distributable
Income and Undistributed Unrealized Earnings
Short-Term Long-Term Capital Loss Appreciation (Accumulated
Capital Gains Capital Gains Carryforward (Depreciation) Losses)
-------------- ------------- ------------ -------------- -------------
DFA International Value Portfolio. $31,792 -- $(485,409) $ 738,630 $ 285,013
U.S. Large Company Portfolio...... 10,550 -- (109,001) 2,773,405 2,674,954
For federal income tax purposes, the Fund measures its capital loss
carryforwards annually at October 31, its fiscal year end. Capital loss
carryforwards may be carried forward and applied against future capital gains.
Under the Regulated Investment Company Modernization Act of 2010, capital
losses incurred by these Portfolios after October 31, 2011 will not be subject
to expiration and will retain their character as either short-term or long-term
capital losses. In addition, such losses must be utilized prior to the losses
incurred in the years preceding enactment. As of October 31, 2014, the
Portfolios had the following capital loss carryforwards available to offset
future realized capital gains through the indicated expiration dates (amounts
in thousands):
Expires on October 31,
------------------------
2016 2017 2018 Total
-------- ------- ------- --------
DFA International Value Portfolio. $485,409 -- -- $485,409
U.S. Large Company Portfolio...... -- $65,329 $43,672 109,001
During the year ended October 31, 2014, the Portfolios utilized the
following capital loss carryforwards to offset realized capital gains for
federal income tax purposes (amounts in thousands):
DFA International Value Portfolio. $126,405
U.S. Large Company Portfolio...... 76,220
At April 30, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net
Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
---------- ------------ ------------ --------------
DFA International Value Portfolio. $6,485,780 $ 942,737 -- $ 942,737
U.S. Large Company Portfolio...... 3,193,605 2,861,297 $(72,035) 2,789,262
The difference between book basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales and investments in passive foreign investment companies.
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed the Portfolios'
tax positions and has concluded that no additional provision for income tax is
required in the Portfolios' financial statements. The Portfolios are not aware
of any tax positions for which it is more likely than not that the total
amounts of unrecognized tax benefits will significantly change in the next
twelve months. The Portfolios' federal tax returns for the prior three fiscal
years remain subject to examination by the Internal Revenue Service.
195
G. Capital Share Transactions:
The capital share transactions by class were as follows (amounts in
thousands):
Six Months Ended Year Ended
April 30, 2015 Oct. 31, 2014
------------------ --------------------
(Unaudited)
Amount Shares Amount Shares
--------- ------- ----------- -------
DFA International Value Portfolio
Class R2 Shares
Shares Issued........................................ $ 1,639 90 $ 11,741 598
Shares Issued in Lieu of Cash Distributions.......... 72 4 347 17
Shares Redeemed...................................... (2,994) (160) (5,810) (293)
--------- ------- ----------- -------
Net Increase (Decrease) -- Class R2 Shares............ $ (1,283) (66) $ 6,278 322
========= ======= =========== =======
Institutional Class Shares
Shares Issued........................................ $ 907,069 50,145 $ 1,640,680 84,242
Shares Issued in Lieu of Cash Distributions.......... 49,466 2,866 286,443 14,471
Shares Redeemed...................................... (923,414) (50,287) (1,084,532) (55,670)
--------- ------- ----------- -------
Net Increase (Decrease) -- Institutional Class Shares. $ 33,121 2,724 $ 842,591 43,043
========= ======= =========== =======
On October 29, 2010, the Board of Directors/Trustees adopted a Plan of
Recapitalization of the Feeder Fund's Class R2 Shares. On November 19, 2010, a
reverse stock split was executed whereby each shareholder of Class R2 Shares
received one share for every 2.631 shares held. The purpose of the reverse
split was to reduce the number of Class R2 Shares, thereby increasing the net
asset value of each Class R2 Share outstanding in order to more closely align
the net asset value with the net asset value of the Feeder Fund's Institutional
Class Shares. The per share data in the financial highlights for the year ended
October 31, 2010 has been adjusted retroactively to reflect the reverse stock
splits for the respective Class R2 Shares.
H. Financial Instruments:
In accordance with the Portfolios' investment objectives and policies, the
Portfolios may invest in certain financial instruments that have off-balance
sheet risk in excess of the amounts recognized in the financial statements and
concentrations of credit and market risk. These instruments and their
significant corresponding risks are described below:
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by
the Portfolios.
1. Futures Contracts: The Portfolios may enter into futures contracts and
options on futures contracts to adjust market exposure based on actual or
expected cash inflows to or outflows from the Portfolios. Upon entering into a
futures contract, the Portfolios deposit cash or pledge U.S. Government
securities to a broker, equal to the minimum "initial margin" requirements of
the exchange on which the contract is traded. Subsequent payments are received
from or paid to the broker each day, based on the daily fluctuation in the
market value of the contract. These receipts or payments are known as
"variation margin" and are recorded daily by the Portfolios as unrealized gains
or losses until the contracts are closed. When the contracts are closed, the
Portfolios record a realized gain or loss, which is presented in the Statements
of Operations as a net realized gain or loss on futures, equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed.
Risks may arise upon entering into futures contracts from potential
imperfect price correlations between the futures contracts and the underlying
securities, from the possibility of an illiquid secondary market for these
instruments and from the possibility that the Portfolios could lose more than
the initial margin requirements. Entering into stock index futures subjects the
Portfolios to equity price risk from those futures contracts. Counterparty
credit risk related to exchange-traded futures is minimal because the
exchange's clearinghouse, as counterparty to all exchange-traded futures,
guarantees the futures against default.
196
At April 30, 2015, the U.S. Large Company Portfolio had outstanding futures
contracts (dollar amounts in thousands):
Approximate
Expiration Number of Contract Unrealized Cash
Description Date Contracts* Value Gain (Loss) Collateral
------------------- ---------- ---------- -------- ----------- -----------
U.S. Large Company
Portfolio........ S&P 500 Emini Index(R) 06/19/15 51 $5,301 $(53) $285
------ ---- ----
$5,301 $(53) $285
====== ==== ====
* During the six months ended April 30, 2015, U.S. Large Company Portfolio's
average notional contract amount of outstanding futures contracts was $14,165
(in thousands).
The following is a summary of the location of derivatives on the U.S. Large
Company Portfolio's Statement of Assets and Liabilities as of April 30, 2015:
Location on the Statements of Assets and
Liabilities
---------------------------------------------------
Derivative Type Asset Derivatives Liability Derivatives
--------------- ------------------------ ------------------------
Equity contracts Payable: Futures
Margin Variation
The following is a summary of the U.S. Large Company Portfolio's derivative
instrument holdings categorized by primary risk exposure as of April 30, 2015
(amounts in thousands):
Liability Derivatives Value
- -------------------------
Total Value
at Equity
April 30, 2015 Contracts
-------------- ---------
U.S. Large Company Portfolio. $(53) $(53)*
* Includes cumulative appreciation (depreciation) of futures contracts. Only
current day's margin variation is reporting within the Statements of Assets
and Liabilities.
The following is a summary of the location of realized and change in
unrealized gains and losses on the U.S. Large Company Portfolio's Statement of
Operations for the Portfolio's derivative instrument holdings for the six
months ended April 30, 2015:
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income
--------------- -----------------------------------------------------------
Equity contracts Net Realized Gain (Loss) on: Futures
Change in Unrealized Appreciation (Depreciation) of:
Futures
The following is a summary of the realized and change in unrealized gains
and losses from the U.S. Large Company Portfolio's direct investment in
derivative instrument holdings categorized by primary risk exposure through the
six months ended April 30, 2015 (amounts in thousands):
Realized Gain (Loss) on
Derivatives Recognized in Income
-------------------------------
Equity
Total Contracts
------- ---------
U.S. Large Company Portfolio. $ 2,952 $ 2,952
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
-------------------------------
Equity
Total Contracts
------- ---------
U.S. Large Company Portfolio. $(2,664) $(2,664)
197
I. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Borrowings under the line of credit are
charged interest at rates agreed upon by the parties at the time of borrowing.
Each portfolio is individually, and not jointly, liable for its particular
advances under the line of credit. There is no commitment fee on the unused
portion of the line of credit. The agreement for the discretionary line of
credit may be terminated by either party at any time. The agreement for the
line of credit expires on March 30, 2016.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank. Each portfolio is permitted to borrow, subject to
its investment limitations, up to a maximum of $500 million, as long as total
borrowings under the line of credit do not exceed $500 million in the
aggregate. Each portfolio is individually, and not jointly, liable for its
particular advances under the line of credit. Borrowings under the line of
credit are charged interest at rates agreed upon by the parties at the time of
borrowing. There is no commitment fee on the unused portion of the line of
credit. The line of credit agreement expires on January 8, 2016.
Weighted Weighted Number of Interest Maximum Amount
Average Average Days Expense Borrowed During
Interest Rate Loan Balance Outstanding* Incurred the Period
------------- ------------ ------------ -------- ---------------
U.S. Large Company Portfolio. 0.88% $18,790 16 $7 $73,868
There were no outstanding borrowings by the Portfolios under the lines of
credit as of April 30, 2015.
Pursuant to a recently obtained exemptive order issued by the SEC (the
"Order"), the U.S. Large Company Portfolio may participate in an interfund
lending program among certain portfolios managed by the Advisor (portfolios
that operate as feeder funds do not participate in the program). The program
allows the participating portfolios to borrow money from and loan money to each
other for temporary or emergency purposes, subject to the conditions in the
Order. A loan can only be made through the program if the interfund loan rate
on that day is more favorable to both the borrowing and lending portfolios as
compared to rates available through short-term bank loans or investments in
overnight repurchase agreements and money market funds, respectively, as
detailed in the Order. Further, a portfolio may participate in the program only
if and to the extent that such participation is consistent with its investment
objectives and limitations. Interfund loans have a maximum duration of seven
days and may be called on one business day's notice. The U.S. Large Company
Portfolio had no interfund loans through the program during the period and
there were no outstanding loans as of April 30, 2015.
J. Securities Lending:
As of April 30, 2015, U.S. Large Company Portfolio had securities on loan to
brokers/dealers, for which the Portfolio received cash collateral. In addition,
U.S. Large Company Portfolio received non-cash collateral consisting of short
and/or long term U.S. Treasury securities with a market value of $185,824
(amounts in thousands). The Portfolio invests the cash collateral, as described
below, and records a liability for the return of the collateral, during the
period the securities are on loan. Loans of securities are expected at all
times to be secured by collateral equal to at least (i) 100% of the current
market value of the loaned securities with respect to securities of the U.S.
government or its agencies, (ii) 102% of the current market value of the loaned
securities with respect to U.S. securities, and (iii) 105% of the current
market value of the loaned securities with respect to foreign securities.
However, daily market fluctuations could cause the Portfolio's collateral to be
lower or higher than the expected thresholds. If this were to occur, the
collateral would be adjusted the next business day to ensure adequate
collateralization. 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. If 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 Portfolio or, at the option of the lending agent, to
replace the securities. In the event of the bankruptcy of the borrower, a
Portfolio could experience delay in recovering the loaned securities or only
recover cash or a security of equivalent value.
198
Subject to its stated investment policies, the Portfolio will generally
invest the cash collateral received for the loaned securities in The DFA Short
Term Investment Fund (the "Money Market Series"), an affiliated registered
money market fund advised by the Advisor for which the Advisor receives a
management fee of 0.05% of the average daily net assets of the Money Market
Series. The Portfolio also may invest the cash collateral received for the
loaned securities in securities of the U.S. government or its agencies,
repurchase agreements collateralized by securities of the U.S. government or
its agencies, and affiliated and unaffiliated registered and unregistered money
market funds. For purposes of this paragraph, agencies include both agency
debentures and agency mortgage-backed securities. In addition, the Portfolio
will be able to terminate the loan at any time and will receive reasonable
interest on the loan, as well as amounts equal to any dividends, interest or
other distributions on the loaned securities. However, dividend income received
from loaned securities may not be eligible to be taxed at qualified dividend
income rates.
K. Shareholder Servicing Fees:
The Class R2 Shares pay a shareholder servicing fee in the amount of 0.25%
of their annual average net assets to compensate service agents that provide
shareholder servicing, record keeping, account maintenance and other services
to investors in the DFA International Value Portfolio's Class R2 Shares.
L. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund.
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
and/or its affiliates that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.
M. Other:
At April 30, 2015, the following number of shareholders held the following
approximate percentages of the stated portfolios' outstanding shares. One or
more of the shareholders may be omnibus accounts, which typically hold shares
for the benefit of several other underlying investors.
Approximate
Percentage
Number of of Outstanding
Shareholders Shares
------------ --------------
DFA International Value Portfolio -- Class R2 Shares............ 2 90%
DFA International Value Portfolio -- Institutional Class Shares. 3 71%
U.S. Large Company Portfolio.................................... 4 79%
N. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the
Portfolios and has determined that there are no other subsequent events
requiring recognition or disclosure in the financial statements.
199
THE DFA INVESTMENT TRUST COMPANY
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Tables below illustrate your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended April 30, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
The U.S. Large Cap Value Series
-------------------------------
Actual Fund Return................. $1,000.00 $1,038.30 0.11% $0.56
Hypothetical 5% Annual Return...... $1,000.00 $1,024.25 0.11% $0.55
The DFA International Value Series
----------------------------------
Actual Fund Return................. $1,000.00 $1,058.90 0.22% $1.12
Hypothetical 5% Annual Return...... $1,000.00 $1,023.70 0.22% $1.10
200
DISCLOSURE OF FUND EXPENSES
CONTINUED
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
The Japanese Small Company Series
---------------------------------
Actual Fund Return...................... $1,000.00 $1,075.20 0.13% $0.67
Hypothetical 5% Annual Return........... $1,000.00 $1,024.15 0.13% $0.65
The Asia Pacific Small Company Series
-------------------------------------
Actual Fund Return...................... $1,000.00 $1,018.30 0.14% $0.70
Hypothetical 5% Annual Return........... $1,000.00 $1,024.10 0.14% $0.70
The United Kingdom Small Company Series
---------------------------------------
Actual Fund Return...................... $1,000.00 $1,087.30 0.11% $0.57
Hypothetical 5% Annual Return........... $1,000.00 $1,024.25 0.11% $0.55
The Continental Small Company Series
------------------------------------
Actual Fund Return...................... $1,000.00 $1,119.00 0.12% $0.63
Hypothetical 5% Annual Return........... $1,000.00 $1,024.20 0.12% $0.60
The Canadian Small Company Series
---------------------------------
Actual Fund Return...................... $1,000.00 $ 960.10 0.12% $0.58
Hypothetical 5% Annual Return........... $1,000.00 $1,024.20 0.12% $0.60
The Emerging Markets Series
---------------------------
Actual Fund Return...................... $1,000.00 $1,025.10 0.15% $0.75
Hypothetical 5% Annual Return........... $1,000.00 $1,024.05 0.15% $0.75
The Emerging Markets Small Cap Series
-------------------------------------
Actual Fund Return...................... $1,000.00 $1,063.40 0.27% $1.38
Hypothetical 5% Annual Return........... $1,000.00 $1,023.46 0.27% $1.35
----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent six-month period (181), then divided
by the number of days in the year (365) to reflect the six-month period.
201
THE DFA INVESTMENT TRUST COMPANY
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For The DFA
Investment Trust Company, this would be for the fiscal quarters ending
January 31 and July 31. The Form N-Q filing must be made within 60 days of the
end of the quarter. The DFA Investment Trust Company filed its most recent Form
N-Q with the SEC on March 30, 2015. They are available upon request, without
charge, by calling collect: (512) 306-7400 or by mailing a request to
Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas
78746, or by visiting the SEC's website at http://www.sec.gov, or they may be
reviewed and copied at the SEC's Public Reference Room in Washington, D.C.
(call 1-800-732-0330 for information on the operation of the Public Reference
Room).
SEC regulations permit a fund to include in its reports to shareholders a
"Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of
Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50
largest holdings in unaffiliated issuers and any investments that exceed one
percent of the fund's net assets at the end of the reporting period. The
amendments also require that the Summary Schedule of Portfolio Holdings
identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC
on Form N-CSR within ten days after mailing the annual and semi-annual reports
to shareholders. It will be available upon request, without charge, by calling
collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors
LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the
SEC's website at http://www.sec.gov, or they may be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for
information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement. The categories shown below
represent broad industry sectors. Each industry sector consists of one or more
specific industry classifications.
DOMESTIC AND INTERNATIONAL EQUITY PORTFOLIOS
The U.S. Large Cap Value Series
Consumer Discretionary....................... 12.9%
Consumer Staples............................. 5.7%
Energy....................................... 17.9%
Financials................................... 20.7%
Health Care.................................. 11.5%
Industrials.................................. 12.9%
Information Technology....................... 9.7%
Materials.................................... 3.8%
Real Estate Investment Trusts................ --
Telecommunication Services................... 4.5%
Utilities.................................... 0.4%
-----
100.0%
The DFA International Value Series
Consumer Discretionary....................... 12.8%
Consumer Staples............................. 3.9%
Energy....................................... 13.4%
Financials................................... 35.6%
Health Care.................................. 2.5%
Industrials.................................. 9.4%
Information Technology....................... 2.9%
Materials.................................... 12.4%
Telecommunication Services................... 4.4%
Utilities.................................... 2.7%
-----
100.0%
The Japanese Small Company Series
Consumer Discretionary....................... 20.3%
Consumer Staples............................. 9.1%
Energy....................................... 1.0%
Financials................................... 11.8%
Health Care.................................. 4.7%
Industrials.................................. 29.2%
Information Technology....................... 11.7%
Materials.................................... 11.4%
Telecommunication Services................... 0.2%
Utilities.................................... 0.6%
-----
100.0%
202
DISCLOSURE OF PORTFOLIO HOLDINGS
CONTINUED
The Asia Pacific Small Company Series
Consumer Discretionary....................... 28.9%
Consumer Staples............................. 4.4%
Energy....................................... 3.8%
Financials................................... 16.0%
Health Care.................................. 7.1%
Industrials.................................. 16.6%
Information Technology....................... 5.7%
Materials.................................... 10.6%
Other........................................ --
Telecommunication Services................... 4.3%
Utilities.................................... 2.6%
-----
100.0%
The United Kingdom Small Company Series
Consumer Discretionary....................... 25.6%
Consumer Staples............................. 5.1%
Energy....................................... 4.4%
Financials................................... 15.5%
Health Care.................................. 3.4%
Industrials.................................. 23.6%
Information Technology....................... 9.1%
Materials.................................... 7.9%
Telecommunication Services................... 3.4%
Utilities.................................... 2.0%
-----
100.0%
The Continental Small Company Series
Consumer Discretionary....................... 14.3%
Consumer Staples............................. 5.8%
Energy....................................... 3.3%
Financials................................... 17.2%
Health Care.................................. 9.4%
Industrials.................................. 27.8%
Information Technology....................... 9.4%
Materials.................................... 8.3%
Other........................................ --
Telecommunication Services................... 2.2%
Utilities.................................... 2.3%
-----
100.0%
The Canadian Small Company Series
Consumer Discretionary....................... 11.4%
Consumer Staples............................. 4.0%
Energy....................................... 25.9%
Financials................................... 7.9%
Health Care.................................. 1.3%
Industrials.................................. 13.3%
Information Technology....................... 6.0%
Materials.................................... 23.3%
Telecommunication Services................... 0.5%
Utilities.................................... 6.4%
-----
100.0%
The Emerging Markets Series
Consumer Discretionary....................... 9.6%
Consumer Staples............................. 8.4%
Energy....................................... 7.7%
Financials................................... 26.3%
Health Care.................................. 2.5%
Industrials.................................. 8.1%
Information Technology....................... 17.9%
Materials.................................... 8.9%
Other........................................ --
Telecommunication Services................... 7.0%
Utilities.................................... 3.6%
-----
100.0%
The Emerging Markets Small Cap Series
Consumer Discretionary....................... 16.9%
Consumer Staples............................. 8.7%
Energy....................................... 2.0%
Financials................................... 16.4%
Health Care.................................. 5.7%
Industrials.................................. 16.6%
Information Technology....................... 14.9%
Materials.................................... 13.4%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 1.2%
Utilities.................................... 4.2%
-----
100.0%
203
THE U.S. LARGE CAP VALUE SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
COMMON STOCKS -- (93.9%)
Consumer Discretionary -- (12.1%)
Comcast Corp. Class A................ 9,482,510 $ 547,709,778 2.9%
# Comcast Corp. Special Class A........ 3,105,444 178,842,520 0.9%
# Ford Motor Co........................ 10,847,219 171,386,060 0.9%
General Motors Co.................... 4,177,298 146,456,068 0.8%
Time Warner Cable, Inc............... 1,876,119 291,774,027 1.5%
Time Warner, Inc..................... 4,397,226 371,169,847 1.9%
Other Securities..................... 760,878,419 4.0%
-------------- -----
Total Consumer Discretionary............. 2,468,216,719 12.9%
-------------- -----
Consumer Staples -- (5.4%)
Archer-Daniels-Midland Co............ 2,748,548 134,349,026 0.7%
CVS Health Corp...................... 4,790,425 475,641,298 2.5%
Mondelez International, Inc. Class A. 4,399,456 168,807,127 0.9%
Other Securities..................... 317,415,718 1.6%
-------------- -----
Total Consumer Staples................... 1,096,213,169 5.7%
-------------- -----
Energy -- (16.8%)
Anadarko Petroleum Corp.............. 2,605,027 245,133,041 1.3%
Apache Corp.......................... 1,732,984 118,536,106 0.6%
Baker Hughes, Inc.................... 1,938,026 132,677,260 0.7%
Chevron Corp......................... 5,878,293 652,843,221 3.4%
ConocoPhillips....................... 6,333,402 430,164,664 2.2%
Devon Energy Corp.................... 1,695,428 115,645,144 0.6%
Exxon Mobil Corp..................... 5,368,279 469,026,536 2.4%
Marathon Petroleum Corp.............. 1,339,624 132,046,738 0.7%
Occidental Petroleum Corp............ 2,221,423 177,935,982 0.9%
Phillips 66.......................... 1,670,790 132,510,355 0.7%
Valero Energy Corp................... 2,806,975 159,716,877 0.8%
Other Securities..................... 644,777,263 3.5%
-------------- -----
Total Energy............................. 3,411,013,187 17.8%
-------------- -----
Financials -- (19.5%)
American International Group, Inc.... 2,903,721 163,450,455 0.9%
Bank of America Corp................. 15,546,531 247,656,239 1.3%
Bank of New York Mellon Corp. (The).. 2,970,420 125,767,583 0.7%
Capital One Financial Corp........... 2,044,209 165,274,298 0.9%
Citigroup, Inc....................... 4,980,715 265,571,724 1.4%
# CME Group, Inc....................... 1,222,099 111,101,020 0.6%
Goldman Sachs Group, Inc. (The)...... 1,243,356 244,219,985 1.3%
JPMorgan Chase & Co.................. 10,421,544 659,266,873 3.4%
MetLife, Inc......................... 2,189,692 112,309,303 0.6%
Morgan Stanley....................... 3,805,140 141,969,773 0.7%
Wells Fargo & Co..................... 4,175,882 230,091,098 1.2%
Other Securities..................... 1,489,067,659 7.7%
-------------- -----
Total Financials......................... 3,955,746,010 20.7%
-------------- -----
Health Care -- (10.8%)
Aetna, Inc........................... 2,009,110 214,713,586 1.1%
Anthem, Inc.......................... 1,674,297 252,701,646 1.3%
* Boston Scientific Corp............... 6,573,232 117,134,994 0.6%
#* Express Scripts Holding Co........... 2,947,224 254,640,154 1.3%
Humana, Inc.......................... 707,042 117,086,155 0.6%
# Pfizer, Inc.......................... 19,796,068 671,680,587 3.5%
204
THE U.S. LARGE CAP VALUE SERIES
CONTINUED
Percentage
Shares Value+ of Net Assets**
------ ------ ---------------
Health Care -- (Continued)
Thermo Fisher Scientific, Inc... 1,315,969 $ 165,390,984 0.9%
Other Securities................ 400,048,103 2.2%
--------------- ------
Total Health Care...................... 2,193,396,209 11.5%
--------------- ------
Industrials -- (12.1%)
CSX Corp........................ 5,382,618 194,258,684 1.0%
FedEx Corp...................... 843,839 143,089,779 0.8%
General Electric Co............. 28,575,994 773,837,918 4.1%
# Norfolk Southern Corp........... 1,611,307 162,500,311 0.9%
Northrop Grumman Corp........... 1,364,645 210,209,916 1.1%
# Southwest Airlines Co........... 3,905,821 158,420,100 0.8%
Union Pacific Corp.............. 1,765,010 187,497,012 1.0%
Other Securities................ 630,374,695 3.2%
--------------- ------
Total Industrials...................... 2,460,188,415 12.9%
--------------- ------
Information Technology -- (9.1%)
Cisco Systems, Inc.............. 12,332,314 355,540,613 1.9%
EMC Corp........................ 4,399,598 118,393,182 0.6%
Hewlett-Packard Co.............. 9,619,949 317,169,719 1.7%
Intel Corp...................... 8,749,317 284,790,268 1.5%
Other Securities................ 770,628,639 4.0%
--------------- ------
Total Information Technology........... 1,846,522,421 9.7%
--------------- ------
Materials -- (3.6%)
Other Securities................ 729,423,962 3.8%
--------------- ------
Real Estate Investment Trusts -- (0.0%)
Other Securities................ 3,010,581 0.0%
--------------- ------
Telecommunication Services -- (4.2%)
# AT&T, Inc....................... 20,643,229 715,081,453 3.7%
Other Securities................ 144,466,196 0.8%
--------------- ------
Total Telecommunication Services....... 859,547,649 4.5%
--------------- ------
Utilities -- (0.3%)
Other Securities................ 68,980,718 0.4%
--------------- ------
TOTAL COMMON STOCKS.................... 19,092,259,040 99.9%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
Other Securities................ 208,566 0.0%
--------------- ------
SECURITIES LENDING COLLATERAL -- (6.1%)
(S)@ DFA Short Term Investment Fund.. 107,345,414 1,241,986,437 6.5%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $13,673,864,902)............. $20,334,454,043 106.4%
=============== ======
205
THE U.S. LARGE CAP VALUE SERIES
CONTINUED
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------- -------------- ------- ---------------
Common Stocks
Consumer Discretionary........ $ 2,468,216,719 -- -- $ 2,468,216,719
Consumer Staples.............. 1,096,213,169 -- -- 1,096,213,169
Energy........................ 3,411,013,187 -- -- 3,411,013,187
Financials.................... 3,955,746,010 -- -- 3,955,746,010
Health Care................... 2,193,396,209 -- -- 2,193,396,209
Industrials................... 2,460,188,415 -- -- 2,460,188,415
Information Technology........ 1,846,522,421 -- -- 1,846,522,421
Materials..................... 729,423,962 -- -- 729,423,962
Real Estate Investment Trusts. 3,010,581 -- -- 3,010,581
Telecommunication Services.... 859,547,649 -- -- 859,547,649
Utilities..................... 68,980,718 -- -- 68,980,718
Rights/Warrants................. -- $ 208,566 -- 208,566
Securities Lending Collateral... -- 1,241,986,437 -- 1,241,986,437
--------------- -------------- -- ---------------
TOTAL........................... $19,092,259,040 $1,242,195,003 -- $20,334,454,043
=============== ============== == ===============
See accompanying Notes to Financial Statements.
206
THE DFA INTERNATIONAL VALUE SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (89.0%)
AUSTRALIA -- (5.8%)
Macquarie Group, Ltd.......................... 1,166,354 $ 71,465,422 0.7%
National Australia Bank, Ltd.................. 2,095,885 60,687,121 0.6%
Wesfarmers, Ltd............................... 2,171,552 74,851,884 0.8%
Other Securities.............................. 440,514,946 4.4%
------------ ----
TOTAL AUSTRALIA................................... 647,519,373 6.5%
------------ ----
AUSTRIA -- (0.1%)
Other Securities.............................. 14,194,786 0.1%
------------ ----
BELGIUM -- (1.2%)
Other Securities.............................. 127,207,184 1.3%
------------ ----
CANADA -- (7.7%)
Bank of Montreal.............................. 860,326 56,179,288 0.6%
Canadian Natural Resources, Ltd............... 1,849,320 61,449,846 0.6%
# Manulife Financial Corp....................... 3,287,435 59,835,949 0.6%
Suncor Energy, Inc............................ 3,750,370 122,131,817 1.2%
Other Securities.............................. 548,076,239 5.5%
------------ ----
TOTAL CANADA...................................... 847,673,139 8.5%
------------ ----
DENMARK -- (1.3%)
Other Securities.............................. 143,350,002 1.4%
------------ ----
FINLAND -- (0.7%)
Other Securities.............................. 77,102,984 0.8%
------------ ----
FRANCE -- (7.9%)
# AXA SA........................................ 4,004,754 101,263,553 1.0%
BNP Paribas SA................................ 1,173,096 74,082,501 0.7%
Cie de Saint-Gobain........................... 1,565,233 71,135,279 0.7%
# GDF Suez...................................... 3,247,971 66,084,477 0.7%
Orange SA..................................... 3,989,277 65,708,630 0.7%
# Renault SA.................................... 759,515 79,914,398 0.8%
Societe Generale SA........................... 1,435,323 71,758,485 0.7%
Other Securities.............................. 343,321,863 3.4%
------------ ----
TOTAL FRANCE...................................... 873,269,186 8.7%
------------ ----
GERMANY -- (6.9%)
# Allianz SE.................................... 768,935 130,883,988 1.3%
Bayerische Motoren Werke AG................... 829,743 97,880,295 1.0%
Daimler AG.................................... 2,214,556 212,922,187 2.1%
# Muenchener Rueckversicherungs-Gesellschaft AG. 273,971 53,478,460 0.5%
Other Securities.............................. 266,936,885 2.7%
------------ ----
TOTAL GERMANY..................................... 762,101,815 7.6%
------------ ----
HONG KONG -- (2.7%)
Hutchison Whampoa, Ltd........................ 5,076,000 74,495,202 0.7%
Other Securities.............................. 227,312,335 2.3%
------------ ----
TOTAL HONG KONG................................... 301,807,537 3.0%
------------ ----
IRELAND -- (0.2%)
Other Securities.............................. 26,121,781 0.3%
------------ ----
207
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
ISRAEL -- (0.3%)
Other Securities........................ $ 35,130,239 0.4%
-------------- -----
ITALY -- (1.3%)
UniCredit SpA........................... 6,940,290 49,818,281 0.5%
Other Securities........................ 96,542,603 1.0%
-------------- -----
TOTAL ITALY................................. 146,360,884 1.5%
-------------- -----
JAPAN -- (19.9%)
Honda Motor Co., Ltd.................... 2,839,900 95,208,668 1.0%
Mitsubishi UFJ Financial Group, Inc..... 21,459,506 152,455,840 1.5%
Mizuho Financial Group, Inc............. 51,633,200 98,427,317 1.0%
Nippon Steel & Sumitomo Metal Corp...... 19,063,940 49,589,428 0.5%
Nissan Motor Co., Ltd................... 5,844,900 60,674,102 0.6%
NTT DOCOMO, Inc......................... 3,018,500 53,465,121 0.5%
Sumitomo Mitsui Financial Group, Inc.... 2,728,500 119,138,825 1.2%
Other Securities........................ 1,581,800,898 15.8%
-------------- -----
TOTAL JAPAN................................. 2,210,760,199 22.1%
-------------- -----
NETHERLANDS -- (2.7%)
* ING Groep NV............................ 6,479,202 99,400,933 1.0%
Other Securities........................ 194,499,001 1.9%
-------------- -----
TOTAL NETHERLANDS........................... 293,899,934 2.9%
-------------- -----
NEW ZEALAND -- (0.1%)
Other Securities........................ 10,828,730 0.1%
-------------- -----
NORWAY -- (0.6%)
Other Securities........................ 69,461,065 0.7%
-------------- -----
PORTUGAL -- (0.0%)
Other Securities........................ 4,432,720 0.0%
-------------- -----
SINGAPORE -- (1.1%)
Other Securities........................ 120,212,021 1.2%
-------------- -----
SPAIN -- (2.3%)
Iberdrola SA............................ 14,302,198 95,728,713 0.9%
Other Securities........................ 154,532,682 1.6%
-------------- -----
TOTAL SPAIN................................. 250,261,395 2.5%
-------------- -----
SWEDEN -- (2.8%)
Svenska Cellulosa AB SCA Class B........ 2,234,256 56,515,429 0.6%
Telefonaktiebolaget LM Ericsson Class B. 4,879,427 53,365,201 0.5%
Other Securities........................ 205,131,159 2.0%
-------------- -----
TOTAL SWEDEN................................ 315,011,789 3.1%
-------------- -----
SWITZERLAND -- (7.7%)
ABB, Ltd................................ 3,506,609 76,838,333 0.8%
Cie Financiere Richemont SA............. 591,731 52,742,706 0.5%
Holcim, Ltd............................. 887,877 71,323,585 0.7%
Novartis AG............................. 1,236,600 126,222,379 1.3%
Swiss Re AG............................. 1,037,390 92,024,136 0.9%
UBS Group AG............................ 2,463,478 49,213,708 0.5%
208
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (Continued)
Zurich Insurance Group AG............... 333,311 $ 102,877,494 1.0%
Other Securities........................ 280,890,571 2.8%
--------------- ------
TOTAL SWITZERLAND............................. 852,132,912 8.5%
--------------- ------
UNITED KINGDOM -- (15.7%)
Anglo American P.L.C.................... 3,418,604 57,919,731 0.6%
# Barclays P.L.C. Sponsored ADR........... 5,577,889 87,795,973 0.9%
BP P.L.C. Sponsored ADR................. 8,279,050 357,323,797 3.6%
HSBC Holdings P.L.C..................... 11,244,488 112,326,785 1.1%
HSBC Holdings P.L.C. Sponsored ADR...... 2,250,217 111,678,269 1.1%
Lloyds Banking Group P.L.C.............. 80,211,445 94,992,545 1.0%
# Royal Dutch Shell P.L.C. ADR(B03MM73)... 3,323,210 214,646,134 2.1%
Royal Dutch Shell P.L.C. ADR(780259206). 812,214 51,518,734 0.5%
Standard Chartered P.L.C................ 4,120,837 67,467,164 0.7%
Vodafone Group P.L.C.................... 34,880,956 122,892,797 1.2%
Vodafone Group P.L.C. Sponsored ADR..... 2,686,108 94,551,011 0.9%
Other Securities........................ 365,006,280 3.6%
--------------- ------
TOTAL UNITED KINGDOM.......................... 1,738,119,220 17.3%
--------------- ------
TOTAL COMMON STOCKS........................... 9,866,958,895 98.5%
--------------- ------
PREFERRED STOCKS -- (0.7%)
GERMANY -- (0.7%)
# Volkswagen AG........................... 213,701 55,016,390 0.6%
Other Securities........................ 23,508,685 0.2%
--------------- ------
TOTAL GERMANY................................. 78,525,075 0.8%
--------------- ------
TOTAL PREFERRED STOCKS........................ 78,525,075 0.8%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
SPAIN -- (0.0%)
Other Securities........................ 655,774 0.0%
--------------- ------
TOTAL RIGHTS/WARRANTS......................... 655,774 0.0%
--------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (10.3%)
(S)@ DFA Short Term Investment Fund.......... 98,338,208 1,137,773,070 11.3%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $9,751,627,190)..................... $11,083,912,814 110.6%
=============== ======
209
THE DFA INTERNATIONAL VALUE SERIES
CONTINUED
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-----------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- -------------- ------- ---------------
Common Stocks
Australia................... $ 41,710,367 $ 605,809,006 -- $ 647,519,373
Austria..................... -- 14,194,786 -- 14,194,786
Belgium..................... 4,236,232 122,970,952 -- 127,207,184
Canada...................... 847,673,139 -- -- 847,673,139
Denmark..................... -- 143,350,002 -- 143,350,002
Finland..................... 2,202,162 74,900,822 -- 77,102,984
France...................... 4,519,004 868,750,182 -- 873,269,186
Germany..................... 65,809,417 696,292,398 -- 762,101,815
Hong Kong................... -- 301,807,537 -- 301,807,537
Ireland..................... 6,015,287 20,106,494 -- 26,121,781
Israel...................... 851,655 34,278,584 -- 35,130,239
Italy....................... 22,010,100 124,350,784 -- 146,360,884
Japan....................... 74,705,620 2,136,054,579 -- 2,210,760,199
Netherlands................. 28,799,869 265,100,065 -- 293,899,934
New Zealand................. -- 10,828,730 -- 10,828,730
Norway...................... 15,808,360 53,652,705 -- 69,461,065
Portugal.................... -- 4,432,720 -- 4,432,720
Singapore................... -- 120,212,021 -- 120,212,021
Spain....................... 5,718,148 244,543,247 -- 250,261,395
Sweden...................... 9,733,859 305,277,930 -- 315,011,789
Switzerland................. 62,334,340 789,798,572 -- 852,132,912
United Kingdom.............. 959,953,493 778,165,727 -- 1,738,119,220
Preferred Stocks
Germany..................... -- 78,525,075 -- 78,525,075
Rights/Warrants
Spain....................... -- 655,774 -- 655,774
Securities Lending Collateral. -- 1,137,773,070 -- 1,137,773,070
-------------- -------------- -- ---------------
TOTAL......................... $2,152,081,052 $8,931,831,762 -- $11,083,912,814
============== ============== == ===============
See accompanying Notes to Financial Statements.
210
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.6%)
Consumer Discretionary -- (18.4%)
Aoyama Trading Co., Ltd..................... 307,000 $ 10,618,562 0.4%
Calsonic Kansei Corp........................ 994,000 7,245,934 0.3%
Nifco, Inc.................................. 287,200 10,171,536 0.4%
Shimachu Co., Ltd........................... 297,200 7,692,370 0.3%
Wacoal Holdings Corp........................ 675,000 7,501,637 0.3%
Other Securities............................ 483,586,928 18.4%
------------ -----
Total Consumer Discretionary.................... 526,816,967 20.1%
------------ -----
Consumer Staples -- (8.2%)
# Lion Corp................................... 1,217,000 7,459,102 0.3%
Matsumotokiyoshi Holdings Co., Ltd.......... 223,800 8,148,780 0.3%
Nichirei Corp............................... 1,501,000 7,922,948 0.3%
Sapporo Holdings, Ltd....................... 1,981,000 7,775,899 0.3%
Takara Holdings, Inc........................ 980,300 7,304,188 0.3%
UNY Group Holdings Co., Ltd................. 1,468,300 8,302,458 0.3%
Other Securities............................ 189,537,445 7.2%
------------ -----
Total Consumer Staples.......................... 236,450,820 9.0%
------------ -----
Energy -- (0.9%)
Other Securities............................ 26,354,717 1.0%
------------ -----
Financials -- (10.7%)
Daishi Bank, Ltd. (The)..................... 2,003,000 7,553,870 0.3%
# Higo Bank, Ltd. (The)....................... 1,124,000 7,224,269 0.3%
Hyakugo Bank, Ltd. (The).................... 1,491,609 7,332,639 0.3%
Juroku Bank, Ltd. (The)..................... 2,002,000 7,970,217 0.3%
Keiyo Bank, Ltd. (The)...................... 1,418,000 8,393,655 0.3%
* Leopalace21 Corp............................ 1,511,300 8,716,353 0.3%
Musashino Bank, Ltd. (The).................. 198,700 7,194,014 0.3%
North Pacific Bank, Ltd..................... 2,025,300 7,998,094 0.3%
San-In Godo Bank, Ltd. (The)................ 957,000 9,158,311 0.4%
Other Securities............................ 235,193,147 8.9%
------------ -----
Total Financials................................ 306,734,569 11.7%
------------ -----
Health Care -- (4.3%)
Asahi Intecc Co., Ltd....................... 123,000 7,574,735 0.3%
Rohto Pharmaceutical Co., Ltd............... 499,200 7,127,079 0.3%
# Tsumura & Co................................ 348,700 8,171,178 0.3%
Other Securities............................ 99,298,754 3.7%
------------ -----
Total Health Care............................... 122,171,746 4.6%
------------ -----
Industrials -- (26.4%)
Aica Kogyo Co., Ltd......................... 314,300 7,218,341 0.3%
Daifuku Co., Ltd............................ 579,400 7,718,800 0.3%
DMG Mori Seiki Co., Ltd..................... 486,500 7,934,353 0.3%
Fujikura, Ltd............................... 1,984,000 9,449,502 0.4%
# Furukawa Electric Co., Ltd.................. 4,806,000 8,808,884 0.3%
Glory, Ltd.................................. 266,700 7,381,541 0.3%
# Iwatani Corp................................ 1,087,000 7,351,887 0.3%
# Japan Steel Works, Ltd. (The)............... 1,992,000 9,192,882 0.4%
Mitsui Engineering & Shipbuilding Co., Ltd.. 5,109,000 9,174,203 0.4%
Nishi-Nippon Railroad Co., Ltd.............. 1,834,000 8,042,265 0.3%
Nisshinbo Holdings, Inc..................... 903,000 9,353,261 0.4%
211
THE JAPANESE SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
Industrials -- (Continued)
OKUMA Corp......................... 844,000 $ 9,144,517 0.4%
OSG Corp........................... 444,300 9,237,823 0.4%
Sankyu, Inc........................ 1,540,000 7,222,498 0.3%
Sanwa Holdings Corp................ 1,232,600 9,302,894 0.4%
Other Securities................... 632,476,310 23.7%
-------------- ------
Total Industrials........................ 759,009,961 28.9%
-------------- ------
Information Technology -- (10.7%)
Horiba, Ltd........................ 212,650 7,985,273 0.3%
IT Holdings Corp................... 505,101 9,946,402 0.4%
Oki Electric Industry Co., Ltd..... 4,751,000 9,732,972 0.4%
SCREEN Holdings Co., Ltd........... 1,231,000 8,356,784 0.3%
Taiyo Yuden Co., Ltd............... 642,700 9,501,859 0.4%
Other Securities................... 260,157,452 9.8%
-------------- ------
Total Information Technology............. 305,680,742 11.6%
-------------- ------
Materials -- (10.3%)
ADEKA Corp......................... 523,000 7,376,790 0.3%
Lintec Corp........................ 303,800 7,452,101 0.3%
Mitsui Mining & Smelting Co., Ltd.. 3,568,000 8,477,444 0.3%
Nisshin Steel Co., Ltd............. 582,592 7,764,699 0.3%
Sumitomo Osaka Cement Co., Ltd..... 2,652,000 8,637,435 0.3%
Toyobo Co., Ltd.................... 5,776,000 8,805,372 0.3%
Ube Industries, Ltd................ 5,257,000 8,721,582 0.3%
Other Securities................... 239,767,743 9.2%
-------------- ------
Total Materials.......................... 297,003,166 11.3%
-------------- ------
Telecommunication Services -- (0.1%)
Other Securities................... 4,125,906 0.2%
-------------- ------
Utilities -- (0.6%)
Other Securities................... 15,927,333 0.6%
-------------- ------
TOTAL COMMON STOCKS...................... 2,600,275,927 99.0%
-------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (9.4%)
(S)@ DFA Short Term Investment Fund..... 23,434,297 271,134,819 10.3%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $2,654,997,422)................ $2,871,410,746 109.3%
============== ======
212
THE JAPANESE SMALL COMPANY SERIES
CONTINUED
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------
Level 1 Level 2 Level 3 Total
---------- -------------- ------- --------------
Common Stocks
Consumer Discretionary...... -- $ 526,816,967 -- $ 526,816,967
Consumer Staples............ $2,148,538 234,302,282 -- 236,450,820
Energy...................... -- 26,354,717 -- 26,354,717
Financials.................. -- 306,734,569 -- 306,734,569
Health Care................. -- 122,171,746 -- 122,171,746
Industrials................. -- 759,009,961 -- 759,009,961
Information Technology...... 2,517,578 303,163,164 -- 305,680,742
Materials................... -- 297,003,166 -- 297,003,166
Telecommunication Services.. -- 4,125,906 -- 4,125,906
Utilities................... -- 15,927,333 -- 15,927,333
Securities Lending Collateral. -- 271,134,819 -- 271,134,819
---------- -------------- -- --------------
TOTAL......................... $4,666,116 $2,866,744,630 -- $2,871,410,746
========== ============== == ==============
See accompanying Notes to Financial Statements.
213
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (80.7%)
AUSTRALIA -- (40.1%)
Adelaide Brighton, Ltd................ 3,668,074 $ 13,067,350 0.9%
Ansell, Ltd........................... 528,919 10,885,246 0.8%
Aristocrat Leisure, Ltd............... 2,821,383 18,441,478 1.3%
# Beach Energy, Ltd..................... 9,180,505 8,007,797 0.6%
# carsales.com, Ltd..................... 1,702,940 12,721,551 0.9%
CSR, Ltd.............................. 3,271,166 9,401,454 0.7%
Domino's Pizza Enterprises, Ltd....... 286,872 8,256,380 0.6%
Downer EDI, Ltd....................... 2,903,995 10,098,121 0.7%
DuluxGroup, Ltd....................... 3,101,823 15,470,828 1.1%
Echo Entertainment Group, Ltd......... 4,207,608 15,023,498 1.1%
Fairfax Media, Ltd.................... 14,257,034 11,730,892 0.8%
# GrainCorp, Ltd. Class A............... 1,217,507 9,491,039 0.7%
# iiNET, Ltd............................ 1,121,222 8,769,726 0.6%
Independence Group NL................. 1,789,170 8,348,729 0.6%
# Invocare, Ltd......................... 901,024 9,521,924 0.7%
# IOOF Holdings, Ltd.................... 1,900,338 15,077,021 1.1%
# Iress, Ltd............................ 1,073,207 8,801,370 0.6%
# JB Hi-Fi, Ltd......................... 836,109 12,915,393 0.9%
# M2 Group, Ltd......................... 1,270,931 10,998,394 0.8%
# Magellan Financial Group, Ltd......... 466,192 7,316,634 0.5%
# NIB Holdings, Ltd..................... 2,713,689 7,824,164 0.6%
# Northern Star Resources, Ltd.......... 4,806,957 8,548,706 0.6%
# OZ Minerals, Ltd...................... 2,198,276 8,092,692 0.6%
Perpetual, Ltd........................ 356,426 15,178,883 1.1%
# Primary Health Care, Ltd.............. 3,204,222 12,541,277 0.9%
* Qantas Airways, Ltd................... 4,774,293 12,761,394 0.9%
# Sims Metal Management, Ltd............ 1,382,214 11,780,563 0.8%
# Sirtex Medical, Ltd................... 412,322 6,890,108 0.5%
# Slater & Gordon, Ltd.................. 1,962,864 9,828,927 0.7%
# Spark Infrastructure Group............ 10,385,907 15,971,391 1.1%
# Super Retail Group, Ltd............... 1,280,749 9,969,898 0.7%
Tabcorp Holdings, Ltd................. 2,628,740 10,098,762 0.7%
Other Securities...................... 341,600,806 24.0%
------------ -----
TOTAL AUSTRALIA........................... 695,432,396 49.2%
------------ -----
CHINA -- (0.5%)
Other Securities...................... 9,561,281 0.7%
------------ -----
HONG KONG -- (24.0%)
Cafe de Coral Holdings, Ltd........... 1,930,000 7,186,820 0.5%
Dah Sing Banking Group, Ltd........... 3,457,116 7,481,915 0.5%
Dah Sing Financial Holdings, Ltd...... 1,184,544 8,293,334 0.6%
# Esprit Holdings, Ltd.................. 13,802,950 13,041,225 0.9%
Hopewell Holdings, Ltd................ 2,920,000 11,211,143 0.8%
Luk Fook Holdings International, Ltd.. 2,862,000 8,930,396 0.6%
Man Wah Holdings, Ltd................. 5,694,800 7,374,189 0.5%
Television Broadcasts, Ltd............ 1,481,300 9,679,009 0.7%
Value Partners Group, Ltd............. 5,396,000 10,018,069 0.7%
Vitasoy International Holdings, Ltd... 4,703,000 8,598,433 0.6%
Xinyi Glass Holdings, Ltd............. 16,280,000 10,806,910 0.8%
Other Securities...................... 314,218,905 22.3%
------------ -----
TOTAL HONG KONG........................... 416,840,348 29.5%
------------ -----
214
THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
NEW ZEALAND -- (8.0%)
Air New Zealand, Ltd................... 3,693,701 $ 7,590,684 0.5%
# Fisher & Paykel Healthcare Corp., Ltd.. 4,190,065 20,750,948 1.5%
# Infratil, Ltd.......................... 3,201,309 7,620,110 0.5%
# Ryman Healthcare, Ltd.................. 2,338,582 14,523,565 1.0%
# Sky Network Television, Ltd............ 2,080,268 9,965,124 0.7%
SKYCITY Entertainment Group, Ltd....... 4,352,955 13,944,040 1.0%
Other Securities....................... 63,839,094 4.6%
-------------- ------
TOTAL NEW ZEALAND............................ 138,233,565 9.8%
-------------- ------
SINGAPORE -- (8.1%)
Venture Corp., Ltd..................... 1,654,300 10,550,481 0.8%
Other Securities....................... 130,430,824 9.2%
-------------- ------
TOTAL SINGAPORE.............................. 140,981,305 10.0%
-------------- ------
TOTAL COMMON STOCKS.......................... 1,401,048,895 99.2%
-------------- ------
RIGHTS/WARRANTS -- (0.2%)
AUSTRALIA -- (0.0%)
Other Securities....................... -- 0.0%
-------------- ------
HONG KONG -- (0.2%)
Other Securities....................... 3,109,064 0.2%
-------------- ------
SINGAPORE -- (0.0%)
Other Securities....................... 314 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS........................ 3,109,378 0.2%
-------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (19.1%)
(S)@ DFA Short Term Investment Fund......... 28,646,913 331,444,781 23.5%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,730,770,323).................... $1,735,603,054 122.9%
============== ======
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
-------------------------------------------------
Level 1 Level 2 Level 3 Total
----------- -------------- ------- --------------
Common Stocks
Australia................... $12,722,887 $ 682,709,509 -- $ 695,432,396
China....................... -- 9,561,281 -- 9,561,281
Hong Kong................... 2,126,793 414,713,555 -- 416,840,348
New Zealand................. -- 138,233,565 -- 138,233,565
Singapore................... 1,369,138 139,612,167 -- 140,981,305
Rights/Warrants...............
Australia................... -- -- -- --
Hong Kong................... -- 3,109,064 -- 3,109,064
Singapore................... -- 314 -- 314
Securities Lending Collateral. -- 331,444,781 -- 331,444,781
----------- -------------- -- --------------
TOTAL......................... $16,218,818 $1,719,384,236 -- $1,735,603,054
=========== ============== == ==============
See accompanying Notes to Financial Statements.
215
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (95.6%)
Consumer Discretionary -- (24.5%)
Barratt Developments P.L.C........ 2,727,034 $ 21,634,491 1.0%
Bellway P.L.C..................... 634,613 19,293,629 0.9%
Berkeley Group Holdings P.L.C..... 664,403 25,581,278 1.2%
Daily Mail & General Trust P.L.C.. 1,421,265 19,537,514 0.9%
# Greene King P.L.C................. 1,372,727 17,452,683 0.8%
Howden Joinery Group P.L.C........ 3,359,489 23,915,571 1.1%
Inchcape P.L.C.................... 2,259,473 28,740,630 1.4%
Informa P.L.C..................... 3,220,526 27,427,802 1.3%
Rightmove P.L.C................... 477,301 23,105,850 1.1%
Taylor Wimpey P.L.C............... 8,920,064 22,649,656 1.1%
* Thomas Cook Group P.L.C........... 7,316,715 16,048,409 0.8%
UBM P.L.C......................... 2,263,037 19,535,822 0.9%
WH Smith P.L.C.................... 687,058 15,074,108 0.7%
William Hill P.L.C................ 4,471,540 24,705,783 1.2%
Other Securities.................. 227,514,808 11.0%
------------ -----
Total Consumer Discretionary.......... 532,218,034 25.4%
------------ -----
Consumer Staples -- (4.8%)
Booker Group P.L.C................ 7,254,558 16,060,425 0.8%
Britvic P.L.C..................... 1,233,710 13,701,051 0.7%
Tate & Lyle P.L.C................. 2,371,143 21,601,188 1.0%
Other Securities.................. 54,058,011 2.5%
------------ -----
Total Consumer Staples................ 105,420,675 5.0%
------------ -----
Energy -- (4.2%)
Amec Foster Wheeler P.L.C......... 1,360,198 19,044,378 0.9%
John Wood Group P.L.C............. 1,909,170 20,115,851 1.0%
Other Securities.................. 52,050,786 2.5%
------------ -----
Total Energy.......................... 91,211,015 4.4%
------------ -----
Financials -- (14.8%)
Amlin P.L.C....................... 2,600,313 18,223,007 0.9%
Catlin Group, Ltd................. 1,899,020 20,460,348 1.0%
Close Brothers Group P.L.C........ 765,620 17,896,704 0.9%
Henderson Group P.L.C............. 5,607,542 23,927,378 1.1%
Hiscox, Ltd....................... 1,449,723 18,265,611 0.9%
ICAP P.L.C........................ 2,839,958 24,144,556 1.2%
IG Group Holdings P.L.C........... 1,890,472 21,315,332 1.0%
Man Group P.L.C................... 9,464,717 27,906,812 1.3%
Other Securities.................. 150,151,792 7.1%
------------ -----
Total Financials...................... 322,291,540 15.4%
------------ -----
Health Care -- (3.2%)
* BTG P.L.C......................... 1,345,513 14,846,477 0.7%
Other Securities.................. 54,751,032 2.6%
------------ -----
Total Health Care..................... 69,597,509 3.3%
------------ -----
Industrials -- (22.6%)
Balfour Beatty P.L.C.............. 3,473,566 12,856,619 0.6%
BBA Aviation P.L.C................ 2,696,604 14,188,979 0.7%
Berendsen P.L.C................... 875,545 13,919,012 0.7%
216
THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
Industrials -- (Continued)
Bodycote P.L.C......................... 1,210,345 $ 12,746,902 0.6%
Cobham P.L.C........................... 5,783,297 26,235,319 1.3%
DCC P.L.C.............................. 441,845 28,107,328 1.3%
Hays P.L.C............................. 7,231,761 16,997,190 0.8%
Melrose Industries P.L.C............... 5,230,962 21,227,179 1.0%
Rentokil Initial P.L.C................. 9,327,890 19,184,899 0.9%
Rotork P.L.C........................... 438,584 15,826,476 0.8%
Spirax-Sarco Engineering P.L.C......... 388,975 20,134,516 1.0%
Other Securities....................... 289,571,713 13.7%
-------------- ------
Total Industrials............................ 490,996,132 23.4%
-------------- ------
Information Technology -- (8.7%)
Halma P.L.C............................ 1,965,372 21,404,612 1.0%
Micro Focus International P.L.C........ 671,015 12,915,112 0.6%
Spectris P.L.C......................... 615,718 20,235,948 1.0%
# Telecity Group P.L.C................... 1,011,062 13,714,491 0.6%
Other Securities....................... 121,369,971 5.8%
-------------- ------
Total Information Technology................. 189,640,134 9.0%
-------------- ------
Materials -- (7.6%)
Croda International P.L.C.............. 447,752 19,430,956 0.9%
DS Smith P.L.C......................... 4,938,232 26,404,486 1.3%
Essentra P.L.C......................... 1,327,499 19,486,754 0.9%
Other Securities....................... 99,063,084 4.7%
-------------- ------
Total Materials.............................. 164,385,280 7.8%
-------------- ------
Telecommunication Services -- (3.3%)
Cable & Wireless Communications P.L.C.. 13,842,085 14,268,864 0.7%
Inmarsat P.L.C......................... 2,217,438 34,145,358 1.6%
# TalkTalk Telecom Group P.L.C........... 2,611,397 14,598,487 0.7%
Other Securities....................... 7,715,677 0.4%
-------------- ------
Total Telecommunication Services............. 70,728,386 3.4%
-------------- ------
Utilities -- (1.9%)
Pennon Group P.L.C..................... 2,002,765 26,285,374 1.3%
Other Securities....................... 15,102,636 0.7%
-------------- ------
Total Utilities.............................. 41,388,010 2.0%
-------------- ------
TOTAL COMMON STOCKS.......................... 2,077,876,715 99.1%
-------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (4.4%)
(S)@ DFA Short Term Investment Fund......... 8,175,108 94,585,996 4.5%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,615,524,137).................... $2,172,462,711 103.6%
============== ======
217
THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------
Level 1 Level 2 Level 3 Total
-------- -------------- ------- --------------
Common Stocks
Consumer Discretionary...... -- $ 532,218,034 -- $ 532,218,034
Consumer Staples............ -- 105,420,675 -- 105,420,675
Energy...................... -- 91,211,015 -- 91,211,015
Financials.................. -- 322,291,540 -- 322,291,540
Health Care................. $554,268 69,043,241 -- 69,597,509
Industrials................. -- 490,996,132 -- 490,996,132
Information Technology...... -- 189,640,134 -- 189,640,134
Materials................... -- 164,385,280 -- 164,385,280
Telecommunication Services.. -- 70,728,386 -- 70,728,386
Utilities................... -- 41,388,010 -- 41,388,010
Securities Lending Collateral. -- 94,585,996 -- 94,585,996
-------- -------------- -- --------------
TOTAL......................... $554,268 $2,171,908,443 -- $2,172,462,711
======== ============== == ==============
See accompanying Notes to Financial Statements.
218
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (86.4%)
AUSTRALIA -- (0.0%)
Other Securities............ $ 141,148 0.0%
------------ -----
AUSTRIA -- (2.1%)
Other Securities............ 85,070,661 2.4%
------------ -----
BELGIUM -- (3.1%)
Ackermans & van Haaren NV... 134,383 16,423,619 0.5%
Other Securities............ 107,867,580 3.1%
------------ -----
TOTAL BELGIUM................... 124,291,199 3.6%
------------ -----
DENMARK -- (4.2%)
* Genmab A.S.................. 217,338 16,735,281 0.5%
GN Store Nord A.S........... 826,732 17,848,732 0.5%
Sydbank A.S................. 351,217 13,184,016 0.4%
* Topdanmark A.S.............. 491,266 14,734,245 0.4%
Other Securities............ 105,998,129 3.0%
------------ -----
TOTAL DENMARK................... 168,500,403 4.8%
------------ -----
FINLAND -- (6.3%)
Amer Sports Oyj............. 641,324 16,049,773 0.5%
Elisa Oyj................... 734,075 22,488,593 0.7%
# Huhtamaki Oyj............... 457,047 14,610,757 0.4%
Kesko Oyj Class B........... 335,156 13,694,069 0.4%
# Nokian Renkaat Oyj.......... 613,904 19,949,439 0.6%
Orion Oyj Class B........... 409,240 13,381,757 0.4%
Other Securities............ 152,351,594 4.3%
------------ -----
TOTAL FINLAND................... 252,525,982 7.3%
------------ -----
FRANCE -- (10.4%)
Eurofins Scientific SE...... 46,767 13,173,549 0.4%
Faurecia.................... 275,868 13,076,913 0.4%
Lagardere SCA............... 610,002 19,581,595 0.6%
Orpea....................... 195,864 12,901,987 0.4%
Teleperformance............. 300,192 22,533,655 0.7%
Other Securities............ 331,430,602 9.4%
------------ -----
TOTAL FRANCE.................... 412,698,301 11.9%
------------ -----
GERMANY -- (12.9%)
Aareal Bank AG.............. 409,233 17,601,805 0.5%
Deutsche Wohnen AG.......... 607,513 15,934,853 0.5%
* Dialog Semiconductor P.L.C.. 338,103 15,244,681 0.4%
Duerr AG.................... 126,478 12,945,994 0.4%
Freenet AG.................. 638,935 20,695,198 0.6%
LANXESS AG.................. 291,702 15,569,479 0.5%
MTU Aero Engines AG......... 239,900 23,583,738 0.7%
Other Securities............ 390,855,910 11.2%
------------ -----
TOTAL GERMANY................... 512,431,658 14.8%
------------ -----
GREECE -- (0.0%)
Other Securities............ 758 0.0%
------------ -----
219
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
IRELAND -- (2.1%)
Glanbia P.L.C......................... 700,613 $ 13,037,498 0.4%
Paddy Power P.L.C..................... 175,221 15,624,789 0.5%
Smurfit Kappa Group P.L.C............. 546,377 16,728,135 0.5%
Other Securities...................... 36,834,337 1.0%
------------ -----
TOTAL IRELAND............................. 82,224,759 2.4%
------------ -----
ISRAEL -- (2.0%)
Other Securities...................... 81,404,420 2.3%
------------ -----
ITALY -- (9.1%)
Azimut Holding SpA.................... 509,670 14,960,192 0.4%
* Banca Popolare dell'Emilia Romagna SC. 2,429,723 19,986,485 0.6%
* Banca Popolare di Milano Scarl........ 21,133,583 21,776,614 0.6%
* Finmeccanica SpA...................... 1,780,003 22,710,893 0.7%
* Mediaset SpA.......................... 2,550,189 13,106,979 0.4%
Prysmian SpA.......................... 991,595 20,221,631 0.6%
Other Securities...................... 248,713,043 7.1%
------------ -----
TOTAL ITALY............................... 361,475,837 10.4%
------------ -----
NETHERLANDS -- (5.1%)
Aalberts Industries NV................ 551,102 17,085,640 0.5%
# ASM International NV.................. 290,828 14,120,267 0.4%
Delta Lloyd NV........................ 1,039,486 19,657,852 0.6%
# TNT Express NV........................ 2,208,848 18,854,878 0.5%
Other Securities...................... 135,380,354 3.9%
------------ -----
TOTAL NETHERLANDS......................... 205,098,991 5.9%
------------ -----
NORWAY -- (2.4%)
Other Securities...................... 93,897,505 2.7%
------------ -----
PORTUGAL -- (1.2%)
Other Securities...................... 48,444,829 1.4%
------------ -----
SPAIN -- (5.5%)
Bolsas y Mercados Espanoles SHMSF SA.. 400,008 17,895,102 0.5%
* Gamesa Corp. Tecnologica SA........... 1,193,955 15,966,033 0.5%
* Jazztel P.L.C......................... 1,097,205 15,841,804 0.5%
Viscofan SA........................... 223,870 14,229,050 0.4%
Other Securities...................... 155,185,966 4.4%
------------ -----
TOTAL SPAIN............................... 219,117,955 6.3%
------------ -----
SWEDEN -- (8.1%)
Other Securities...................... 323,047,176 9.3%
------------ -----
SWITZERLAND -- (11.9%)
ams AG................................ 372,640 20,259,450 0.6%
#* Dufry AG.............................. 115,350 16,960,705 0.5%
Flughafen Zuerich AG.................. 21,722 16,916,800 0.5%
GAM Holding AG........................ 914,388 20,629,496 0.6%
Georg Fischer AG...................... 21,948 15,523,924 0.5%
Helvetia Holding AG................... 35,100 19,941,831 0.6%
Logitech International SA............. 848,062 12,731,375 0.4%
PSP Swiss Property AG................. 143,462 13,381,066 0.4%
Straumann Holding AG.................. 54,567 15,438,935 0.4%
# Sulzer AG............................. 122,816 13,704,806 0.4%
220
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SWITZERLAND -- (Continued)
Other Securities................ $ 309,157,594 8.8%
-------------- ------
TOTAL SWITZERLAND....................... 474,645,982 13.7%
-------------- ------
UNITED STATES -- (0.0%)
Other Securities................ 1,277,266 0.0%
-------------- ------
TOTAL COMMON STOCKS..................... 3,446,294,830 99.2%
-------------- ------
PREFERRED STOCKS -- (0.3%)
GERMANY -- (0.3%)
Other Securities................ 9,326,137 0.3%
-------------- ------
TOTAL PREFERRED STOCKS.................. 9,326,137 0.3%
-------------- ------
RIGHTS/WARRANTS -- (0.0%)
AUSTRIA -- (0.0%)
Other Securities................ -- 0.0%
-------------- ------
BELGIUM -- (0.0%)
Other Securities................ 102,201 0.0%
-------------- ------
FRANCE -- (0.0%)
Other Securities................ 772 0.0%
-------------- ------
ITALY -- (0.0%)
Other Securities................ -- 0.0%
-------------- ------
TOTAL RIGHTS/WARRANTS................... 102,973 0.0%
-------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (13.3%)
(S)@ DFA Short Term Investment Fund.. 45,989,940 532,103,609 15.3%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,280,238,899)............... $3,987,827,549 114.8%
============== ======
221
THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------
Level 1 Level 2 Level 3 Total
---------- -------------- ------- --------------
Common Stocks
Australia................... -- $ 141,148 -- $ 141,148
Austria..................... -- 85,070,661 -- 85,070,661
Belgium..................... -- 124,291,199 -- 124,291,199
Denmark..................... -- 168,500,403 -- 168,500,403
Finland..................... -- 252,525,982 -- 252,525,982
France...................... $ 680,068 412,018,233 -- 412,698,301
Germany..................... -- 512,431,658 -- 512,431,658
Greece...................... -- 758 -- 758
Ireland..................... -- 82,224,759 -- 82,224,759
Israel...................... -- 81,404,420 -- 81,404,420
Italy....................... -- 361,475,837 -- 361,475,837
Netherlands................. -- 205,098,991 -- 205,098,991
Norway...................... 920,889 92,976,616 -- 93,897,505
Portugal.................... -- 48,444,829 -- 48,444,829
Spain....................... -- 219,117,955 -- 219,117,955
Sweden...................... -- 323,047,176 -- 323,047,176
Switzerland................. 91,157 474,554,825 -- 474,645,982
United States............... 1,277,266 -- -- 1,277,266
Preferred Stocks
Germany..................... -- 9,326,137 -- 9,326,137
Rights/Warrants
Austria..................... -- -- -- --
Belgium..................... -- 102,201 -- 102,201
France...................... -- 772 -- 772
Italy....................... -- -- -- --
Securities Lending Collateral. -- 532,103,609 -- 532,103,609
---------- -------------- -- --------------
TOTAL......................... $2,969,380 $3,984,858,169 -- $3,987,827,549
========== ============== == ==============
See accompanying Notes to Financial Statements.
222
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (76.2%)
Consumer Discretionary -- (8.7%)
# Cineplex, Inc........................ 280,635 $ 11,234,704 1.4%
# Corus Entertainment, Inc. Class B.... 466,216 7,168,095 0.9%
# EnerCare, Inc........................ 409,600 5,010,937 0.6%
* Great Canadian Gaming Corp........... 295,000 5,782,636 0.7%
* IMAX Corp............................ 259,917 9,710,499 1.2%
RONA, Inc............................ 670,345 8,823,107 1.1%
Other Securities..................... 42,592,078 5.5%
------------ -----
Total Consumer Discretionary............. 90,322,056 11.4%
------------ -----
Consumer Staples -- (3.0%)
Maple Leaf Foods, Inc................ 314,364 6,031,933 0.8%
Other Securities..................... 25,248,604 3.1%
------------ -----
Total Consumer Staples................... 31,280,537 3.9%
------------ -----
Energy -- (19.7%)
* Advantage Oil & Gas, Ltd............. 1,100,531 6,813,897 0.9%
# Bonavista Energy Corp................ 1,017,776 7,010,127 0.9%
# Bonterra Energy Corp................. 168,095 5,373,746 0.7%
# Enbridge Income Fund Holdings, Inc... 238,555 7,685,564 1.0%
Enerflex, Ltd........................ 433,563 5,814,380 0.7%
Ensign Energy Services, Inc.......... 758,725 6,049,676 0.8%
* Gran Tierra Energy, Inc.............. 1,395,612 5,216,917 0.7%
# Mullen Group, Ltd.................... 531,825 9,221,533 1.2%
* NuVista Energy, Ltd.................. 700,569 5,191,120 0.7%
# Parkland Fuel Corp................... 402,377 8,784,592 1.1%
Pason Systems, Inc................... 356,252 6,413,422 0.8%
# Pengrowth Energy Corp................ 2,253,523 7,564,665 1.0%
Precision Drilling Corp.............. 1,706,781 12,420,669 1.6%
Secure Energy Services, Inc.......... 577,554 8,166,657 1.0%
ShawCor, Ltd......................... 196,296 6,646,242 0.8%
Other Securities..................... 96,364,193 11.9%
------------ -----
Total Energy............................. 204,737,400 25.8%
------------ -----
Financials -- (6.0%)
# Canadian Western Bank................ 436,532 11,350,194 1.4%
FirstService Corp.................... 150,648 9,861,731 1.2%
Laurentian Bank of Canada............ 185,720 7,433,418 0.9%
Other Securities..................... 33,494,826 4.3%
------------ -----
Total Financials......................... 62,140,169 7.8%
------------ -----
Health Care -- (1.0%)
Other Securities..................... 10,130,560 1.3%
------------ -----
Industrials -- (10.1%)
* ATS Automation Tooling Systems, Inc.. 517,130 5,704,932 0.7%
# Badger Daylighting, Ltd.............. 209,081 5,188,467 0.7%
# Russel Metals, Inc................... 350,655 8,021,615 1.0%
Stantec, Inc......................... 441,170 11,916,892 1.5%
Toromont Industries, Ltd............. 368,725 9,599,380 1.2%
Transcontinental, Inc. Class A....... 359,276 5,532,821 0.7%
TransForce, Inc...................... 427,809 9,662,491 1.2%
# Westshore Terminals Investment Corp.. 314,149 8,308,740 1.0%
Other Securities..................... 40,790,277 5.2%
------------ -----
Total Industrials........................ 104,725,615 13.2%
------------ -----
223
THE CANADIAN SMALL COMPANY SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
Information Technology -- (4.6%)
* Celestica, Inc.................... 917,607 $ 11,202,943 1.4%
#* Sierra Wireless, Inc.............. 159,192 5,593,161 0.7%
Other Securities.................. 30,715,927 3.9%
-------------- ------
Total Information Technology............ 47,512,031 6.0%
-------------- ------
Materials -- (17.8%)
# Alamos Gold, Inc.................. 730,480 5,049,485 0.6%
AuRico Gold, Inc.................. 1,603,169 5,594,150 0.7%
#* B2Gold Corp....................... 4,190,189 6,563,993 0.8%
# Dominion Diamond Corp............. 479,301 9,446,977 1.2%
HudBay Minerals, Inc.............. 1,368,604 13,532,901 1.7%
#* IAMGOLD Corp...................... 2,443,241 5,467,676 0.7%
* Interfor Corp..................... 379,331 5,429,794 0.7%
* New Gold, Inc..................... 1,955,326 6,563,672 0.8%
# Norbord, Inc...................... 249,680 5,037,060 0.6%
Pan American Silver Corp.......... 938,273 8,982,224 1.1%
Stella-Jones, Inc................. 177,300 6,391,029 0.8%
Other Securities.................. 106,003,992 13.5%
-------------- ------
Total Materials......................... 184,062,953 23.2%
-------------- ------
Telecommunication Services -- (0.4%)
Other Securities.................. 3,965,101 0.5%
-------------- ------
Utilities -- (4.9%)
# Algonquin Power & Utilities Corp.. 1,037,615 8,454,004 1.1%
Capital Power Corp................ 511,209 10,529,253 1.3%
# Northland Power, Inc.............. 500,596 7,157,299 0.9%
# Superior Plus Corp................ 646,343 7,430,400 0.9%
Other Securities.................. 17,168,333 2.2%
-------------- ------
Total Utilities......................... 50,739,289 6.4%
-------------- ------
TOTAL COMMON STOCKS..................... 789,615,711 99.5%
-------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (23.8%)
(S)@ DFA Short Term Investment Fund.... 21,347,533 246,990,957 31.1%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $1,242,975,777)............... $1,036,606,668 130.6%
============== ======
224
THE CANADIAN SMALL COMPANY SERIES
CONTINUED
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ ------------ ------- --------------
Common Stocks
Consumer Discretionary...... $ 80,611,557 $ 9,710,499 -- $ 90,322,056
Consumer Staples............ 31,280,537 -- -- 31,280,537
Energy...................... 204,706,342 31,058 -- 204,737,400
Financials.................. 62,140,169 -- -- 62,140,169
Health Care................. 10,123,053 7,507 -- 10,130,560
Industrials................. 104,725,615 -- -- 104,725,615
Information Technology...... 47,512,031 -- -- 47,512,031
Materials................... 184,056,930 6,023 -- 184,062,953
Telecommunication Services.. 3,965,101 -- -- 3,965,101
Utilities................... 50,739,289 -- -- 50,739,289
Securities Lending Collateral. -- 246,990,957 -- 246,990,957
------------ ------------ -- --------------
TOTAL......................... $779,860,624 $256,746,044 -- $1,036,606,668
============ ============ == ==============
See accompanying Notes to Financial Statements.
225
THE EMERGING MARKETS SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (92.7%)
BRAZIL -- (5.6%)
AMBEV SA ADR........................................ 4,741,571 $ 30,014,144 0.7%
Cielo SA............................................ 1,033,020 14,379,553 0.3%
Other Securities.................................... 208,131,208 4.8%
------------ -----
TOTAL BRAZIL............................................ 252,524,905 5.8%
------------ -----
CANADA -- (0.0%)
Other Securities.................................... 423,433 0.0%
------------ -----
CHILE -- (1.6%)
Other Securities.................................... 72,741,820 1.7%
------------ -----
CHINA -- (16.3%)
Bank of China, Ltd. Class H......................... 56,936,100 39,012,786 0.9%
China Construction Bank Corp. Class H............... 61,526,590 59,725,981 1.4%
China Life Insurance Co., Ltd. ADR.................. 308,012 22,383,232 0.5%
China Mobile, Ltd................................... 918,661 65,619,955 1.5%
China Overseas Land & Investment, Ltd............... 3,276,000 13,624,759 0.3%
# CNOOC, Ltd. ADR..................................... 127,716 21,871,365 0.5%
Industrial & Commercial Bank of China, Ltd. Class H. 64,483,185 56,102,613 1.3%
# PetroChina Co., Ltd. ADR............................ 125,562 16,187,453 0.4%
Ping An Insurance Group Co. of China, Ltd. Class H.. 1,337,500 19,196,585 0.4%
Tencent Holdings, Ltd............................... 3,916,400 80,830,072 1.8%
Other Securities.................................... 347,929,096 7.9%
------------ -----
TOTAL CHINA............................................. 742,483,897 16.9%
------------ -----
COLOMBIA -- (0.6%)
Other Securities.................................... 26,230,019 0.6%
------------ -----
CZECH REPUBLIC -- (0.2%)
Other Securities.................................... 8,815,968 0.2%
------------ -----
EGYPT -- (0.1%)
Other Securities.................................... 5,532,068 0.1%
------------ -----
GREECE -- (0.4%)
Other Securities.................................... 19,149,070 0.4%
------------ -----
HUNGARY -- (0.3%)
Other Securities.................................... 11,506,605 0.3%
------------ -----
INDIA -- (8.6%)
HDFC Bank, Ltd...................................... 1,530,953 23,924,123 0.6%
Infosys, Ltd........................................ 440,014 13,439,946 0.3%
Reliance Industries, Ltd............................ 1,163,780 15,832,506 0.4%
Tata Consultancy Services, Ltd...................... 534,716 20,809,187 0.5%
Other Securities.................................... 319,057,572 7.2%
------------ -----
TOTAL INDIA............................................. 393,063,334 9.0%
------------ -----
INDONESIA -- (2.8%)
Other Securities.................................... 129,377,156 3.0%
------------ -----
226
THE EMERGING MARKETS SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
MALAYSIA -- (4.1%)
# Public Bank Bhd........................... 2,808,914 $ 15,356,169 0.4%
Other Securities.......................... 173,015,140 3.9%
------------ -----
TOTAL MALAYSIA................................ 188,371,309 4.3%
------------ -----
MEXICO -- (4.9%)
America Movil S.A.B. de C.V. Series L..... 39,883,990 41,802,539 1.0%
* Cemex S.A.B. de C.V. Sponsored ADR........ 1,626,890 15,650,679 0.4%
* Fomento Economico Mexicano S.A.B. de C.V.. 1,793,669 16,229,770 0.4%
Grupo Mexico S.A.B. de C.V. Series B...... 4,297,411 13,279,902 0.3%
#* Grupo Televisa S.A.B. Series CPO.......... 2,556,698 18,614,468 0.4%
Wal-Mart de Mexico S.A.B. de C.V.......... 5,695,705 13,402,096 0.3%
Other Securities.......................... 104,209,021 2.3%
------------ -----
TOTAL MEXICO.................................. 223,188,475 5.1%
------------ -----
PERU -- (0.3%)
Other Securities.......................... 13,386,411 0.3%
------------ -----
PHILIPPINES -- (1.5%)
Other Securities.......................... 69,001,020 1.6%
------------ -----
POLAND -- (1.8%)
KGHM Polska Miedz SA...................... 376,746 13,209,656 0.3%
Other Securities.......................... 70,291,015 1.6%
------------ -----
TOTAL POLAND.................................. 83,500,671 1.9%
------------ -----
RUSSIA -- (2.2%)
Gazprom OAO Sponsored ADR................. 5,965,736 34,952,937 0.8%
Lukoil OAO Sponsored ADR.................. 266,454 13,630,589 0.3%
Other Securities.......................... 49,127,790 1.1%
------------ -----
TOTAL RUSSIA.................................. 97,711,316 2.2%
------------ -----
SOUTH AFRICA -- (8.4%)
Bidvest Group, Ltd. (The)................. 576,359 15,621,670 0.4%
FirstRand, Ltd............................ 3,475,911 16,604,749 0.4%
MTN Group, Ltd............................ 1,959,760 39,349,851 0.9%
Naspers, Ltd. Class N..................... 330,032 51,777,327 1.2%
Sanlam, Ltd............................... 2,058,901 13,316,179 0.3%
Sasol, Ltd. Sponsored ADR................. 609,116 24,516,919 0.6%
Standard Bank Group, Ltd.................. 1,306,010 19,143,405 0.4%
# Steinhoff International Holdings, Ltd..... 3,065,957 19,454,345 0.4%
Other Securities.......................... 181,871,563 4.1%
------------ -----
TOTAL SOUTH AFRICA............................ 381,656,008 8.7%
------------ -----
SOUTH KOREA -- (14.5%)
Hana Financial Group, Inc................. 460,897 13,566,907 0.3%
Hyundai Motor Co.......................... 164,981 25,892,299 0.6%
# NAVER Corp................................ 31,665 19,147,137 0.4%
Samsung Electronics Co., Ltd.............. 82,708 108,500,799 2.5%
Samsung Electronics Co., Ltd. GDR......... 49,372 32,377,547 0.7%
# Shinhan Financial Group Co., Ltd.......... 344,099 14,241,620 0.3%
SK Holdings Co., Ltd...................... 78,528 13,521,610 0.3%
SK Hynix, Inc............................. 658,214 28,161,721 0.6%
Other Securities.......................... 404,262,086 9.3%
------------ -----
TOTAL SOUTH KOREA............................. 659,671,726 15.0%
------------ -----
227
THE EMERGING MARKETS SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
SPAIN -- (0.0%)
Other Securities............................. $ 1,780,222 0.0%
-------------- ------
TAIWAN -- (14.5%)
Fubon Financial Holding Co., Ltd............. 7,334,233 15,772,672 0.4%
Hon Hai Precision Industry Co., Ltd.......... 12,085,302 36,212,960 0.8%
# MediaTek, Inc................................ 1,088,995 13,998,148 0.3%
Taiwan Semiconductor Manufacturing Co., Ltd.. 25,188,808 121,265,763 2.8%
Other Securities............................. 471,057,849 10.7%
-------------- ------
TOTAL TAIWAN....................................... 658,307,392 15.0%
-------------- ------
THAILAND -- (2.5%)
PTT PCL...................................... 1,294,700 13,981,896 0.3%
Other Securities............................. 97,793,372 2.3%
-------------- ------
TOTAL THAILAND..................................... 111,775,268 2.6%
-------------- ------
TURKEY -- (1.5%)
Other Securities............................. 67,078,294 1.5%
-------------- ------
TOTAL COMMON STOCKS................................ 4,217,276,387 96.2%
-------------- ------
PREFERRED STOCKS -- (3.1%)
BRAZIL -- (3.0%)
Banco Bradesco SA............................ 2,812,914 30,024,831 0.7%
Itau Unibanco Holding SA..................... 3,144,864 40,216,934 0.9%
* Petroleo Brasileiro SA Sponsored ADR......... 1,791,306 15,548,536 0.4%
Other Securities............................. 49,759,590 1.1%
-------------- ------
TOTAL BRAZIL....................................... 135,549,891 3.1%
-------------- ------
CHILE -- (0.0%)
Other Securities............................. 319,799 0.0%
-------------- ------
COLOMBIA -- (0.1%)
Other Securities............................. 4,736,975 0.1%
-------------- ------
TOTAL PREFERRED STOCKS............................. 140,606,665 3.2%
-------------- ------
BONDS -- (0.0%)
INDIA -- (0.0%)
Other Securities............................. 39,220 0.0%
-------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (4.2%)
(S)@ DFA Short Term Investment Fund............... 16,320,475 188,827,897 4.3%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $3,236,138,647).......................... $4,546,750,169 103.7%
============== ======
228
THE EMERGING MARKETS SERIES
CONTINUED
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
----------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- -------------- ------- --------------
Common Stocks
Brazil...................... $ 252,524,905 -- -- $ 252,524,905
Canada...................... 423,433 -- -- 423,433
Chile....................... 72,741,820 -- -- 72,741,820
China....................... 158,844,860 $ 583,639,037 -- 742,483,897
Colombia.................... 26,230,019 -- -- 26,230,019
Czech Republic.............. -- 8,815,968 -- 8,815,968
Egypt....................... 1,123,619 4,408,449 -- 5,532,068
Greece...................... 1,737,439 17,411,631 -- 19,149,070
Hungary..................... -- 11,506,605 -- 11,506,605
India....................... 39,689,917 353,373,417 -- 393,063,334
Indonesia................... 2,487,008 126,890,148 -- 129,377,156
Malaysia.................... -- 188,371,309 -- 188,371,309
Mexico...................... 223,188,475 -- -- 223,188,475
Peru........................ 13,386,411 -- -- 13,386,411
Philippines................. 2,988,792 66,012,228 -- 69,001,020
Poland...................... -- 83,500,671 -- 83,500,671
Russia...................... 1,835,385 95,875,931 -- 97,711,316
South Africa................ 44,509,358 337,146,650 -- 381,656,008
South Korea................. 19,907,899 639,763,827 -- 659,671,726
Spain....................... 1,780,222 -- -- 1,780,222
Taiwan...................... 17,765,252 640,542,140 -- 658,307,392
Thailand.................... 111,775,268 -- -- 111,775,268
Turkey...................... 816,648 66,261,646 -- 67,078,294
Preferred Stocks
Brazil...................... 135,549,891 -- -- 135,549,891
Chile....................... 319,799 -- -- 319,799
Colombia.................... 4,736,975 -- -- 4,736,975
Bonds
India....................... -- 39,220 -- 39,220
Securities Lending Collateral. -- 188,827,897 -- 188,827,897
-------------- -------------- -- --------------
TOTAL......................... $1,134,363,395 $3,412,386,774 -- $4,546,750,169
============== ============== == ==============
See accompanying Notes to Financial Statements.
229
THE EMERGING MARKETS SMALL CAP SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (88.0%)
ARGENTINA -- (0.0%)
Other Securities........................................ $ 1 0.0%
------------ -----
BRAZIL -- (5.1%)
Cia Hering.............................................. 1,918,199 11,147,767 0.2%
Cyrela Brazil Realty SA Empreendimentos e Participacoes. 2,884,798 11,231,079 0.2%
EDP -- Energias do Brasil SA............................ 3,487,995 13,255,296 0.2%
Equatorial Energia SA................................... 2,072,194 22,022,155 0.4%
Estacio Participacoes SA................................ 2,091,084 12,631,384 0.2%
MRV Engenharia e Participacoes SA....................... 4,092,858 11,206,983 0.2%
Odontoprev SA........................................... 3,083,796 10,746,895 0.2%
Totvs SA................................................ 1,381,462 15,960,667 0.3%
Other Securities........................................ 213,916,905 3.7%
------------ -----
TOTAL BRAZIL................................................ 322,119,131 5.6%
------------ -----
CHILE -- (1.1%)
Parque Arauco SA........................................ 6,438,922 12,106,205 0.2%
Vina Concha y Toro SA................................... 5,108,739 10,403,736 0.2%
Other Securities........................................ 50,104,244 0.9%
------------ -----
TOTAL CHILE................................................. 72,614,185 1.3%
------------ -----
CHINA -- (15.1%)
# AviChina Industry & Technology Co., Ltd. Class H........ 11,250,788 12,847,748 0.2%
China Everbright, Ltd................................... 3,262,000 10,741,781 0.2%
# China Power International Development, Ltd.............. 17,297,000 11,039,494 0.2%
#* GCL-Poly Energy Holdings, Ltd........................... 36,271,000 10,922,833 0.2%
# Geely Automobile Holdings, Ltd.......................... 28,845,000 16,264,076 0.3%
# GOME Electrical Appliances Holding, Ltd................. 57,831,000 14,814,624 0.3%
# Hanergy Thin Film Power Group, Ltd...................... 20,252,000 18,821,317 0.3%
Huabao International Holdings, Ltd...................... 10,704,014 12,023,205 0.2%
KWG Property Holding, Ltd............................... 10,280,950 10,427,425 0.2%
#* Semiconductor Manufacturing International Corp.......... 123,898,000 13,654,349 0.2%
Shenzhen International Holdings, Ltd.................... 5,663,251 10,644,831 0.2%
Sunac China Holdings, Ltd............................... 11,569,000 15,272,123 0.3%
Yuexiu Property Co., Ltd................................ 47,444,284 11,601,135 0.2%
Other Securities........................................ 791,869,574 13.8%
------------ -----
TOTAL CHINA................................................. 960,944,515 16.8%
------------ -----
COLOMBIA -- (0.1%)
Other Securities........................................ 3,550,424 0.1%
------------ -----
GREECE -- (0.4%)
Other Securities........................................ 25,310,772 0.4%
------------ -----
HONG KONG -- (0.0%)
Other Securities........................................ 284,020 0.0%
------------ -----
HUNGARY -- (0.0%)
Other Securities........................................ 557,616 0.0%
------------ -----
INDIA -- (11.9%)
Aurobindo Pharma, Ltd................................... 564,009 11,403,870 0.2%
UPL, Ltd................................................ 2,016,992 15,608,778 0.3%
230
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
INDIA -- (Continued)
Other Securities........................................ $733,657,080 12.8%
------------ -----
TOTAL INDIA................................................. 760,669,728 13.3%
------------ -----
INDONESIA -- (2.6%)
Other Securities........................................ 164,093,368 2.9%
------------ -----
ISRAEL -- (0.0%)
Other Securities........................................ 2 0.0%
------------ -----
MALAYSIA -- (4.2%)
Other Securities........................................ 264,308,633 4.6%
------------ -----
MEXICO -- (3.4%)
#* Alsea S.A.B. de C.V..................................... 6,827,551 20,515,585 0.4%
#* Banregio Grupo Financiero S.A.B. de C.V................. 1,872,632 10,741,208 0.2%
Gruma S.A.B. de C.V. Class B............................ 1,044,764 12,585,926 0.2%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class B. 2,116,469 15,040,973 0.3%
* Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR...... 83,510 12,073,041 0.2%
* Promotora y Operadora de Infraestructura S.A.B. de C.V.. 1,105,467 12,681,671 0.2%
Other Securities........................................ 134,043,780 2.3%
------------ -----
TOTAL MEXICO................................................ 217,682,184 3.8%
------------ -----
PHILIPPINES -- (1.5%)
Other Securities........................................ 96,518,288 1.7%
------------ -----
POLAND -- (1.8%)
Asseco Poland SA........................................ 656,782 11,064,590 0.2%
Other Securities........................................ 100,664,386 1.8%
------------ -----
TOTAL POLAND................................................ 111,728,976 2.0%
------------ -----
SOUTH AFRICA -- (7.8%)
Aeci, Ltd............................................... 979,021 10,669,446 0.2%
AVI, Ltd................................................ 3,387,560 23,213,772 0.4%
Barloworld, Ltd......................................... 1,788,330 14,266,381 0.3%
# Clicks Group, Ltd....................................... 2,945,417 22,572,685 0.4%
DataTec, Ltd............................................ 2,032,779 10,557,557 0.2%
EOH Holdings, Ltd....................................... 1,023,222 13,884,127 0.2%
Foschini Group, Ltd. (The).............................. 1,310,636 19,405,896 0.3%
Nampak, Ltd............................................. 3,972,148 14,225,647 0.3%
* Northam Platinum, Ltd................................... 3,323,252 13,660,213 0.2%
Pioneer Foods, Ltd...................................... 694,897 10,857,399 0.2%
PSG Group, Ltd.......................................... 893,140 14,664,344 0.3%
* Sappi, Ltd.............................................. 5,674,304 23,312,735 0.4%
Sibanye Gold, Ltd....................................... 5,551,739 13,175,949 0.2%
Spar Group, Ltd. (The).................................. 1,684,649 26,983,203 0.5%
Sun International, Ltd.................................. 1,095,261 12,176,813 0.2%
* Telkom SA SOC, Ltd...................................... 2,122,029 14,587,340 0.3%
Other Securities........................................ 237,823,780 4.1%
------------ -----
TOTAL SOUTH AFRICA.......................................... 496,037,287 8.7%
------------ -----
SOUTH KOREA -- (13.9%)
DGB Financial Group, Inc................................ 1,001,145 11,301,148 0.2%
#* Hanmi Pharm Co., Ltd.................................... 35,574 12,439,158 0.2%
Other Securities........................................ 859,874,371 15.1%
------------ -----
TOTAL SOUTH KOREA........................................... 883,614,677 15.5%
------------ -----
231
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Percentage
Value++ of Net Assets**
- ------- ---------------
TAIWAN -- (13.3%)
Other Securities.... $ 849,922,462 14.9%
-------------- -----
THAILAND -- (3.8%)
Other Securities.... 242,671,910 4.2%
-------------- -----
TURKEY -- (2.0%)
Other Securities.... 128,638,540 2.3%
-------------- -----
TOTAL COMMON STOCKS......... 5,601,266,719 98.1%
-------------- -----
PREFERRED STOCKS -- (0.9%)
BRAZIL -- (0.8%)
Other Securities.... 56,395,954 1.0%
-------------- -----
CHILE -- (0.0%)
Other Securities.... 29,425 0.0%
-------------- -----
COLOMBIA -- (0.1%)
Other Securities.... 3,718,338 0.1%
-------------- -----
TOTAL PREFERRED STOCKS...... 60,143,717 1.1%
-------------- -----
RIGHTS/WARRANTS -- (0.0%)
BRAZIL -- (0.0%)
Other Securities.... 327,285 0.0%
-------------- -----
CHINA -- (0.0%)
Other Securities.... 77,211 0.0%
-------------- -----
INDONESIA -- (0.0%)
Other Securities.... 1,864 0.0%
-------------- -----
MALAYSIA -- (0.0%)
Other Securities.... 214,045 0.0%
-------------- -----
POLAND -- (0.0%)
Other Securities.... -- 0.0%
-------------- -----
SOUTH AFRICA -- (0.0%)
Other Securities.... 16,404 0.0%
-------------- -----
SOUTH KOREA -- (0.0%)
Other Securities.... 99,945 0.0%
-------------- -----
TAIWAN -- (0.0%)
Other Securities.... 92,328 0.0%
-------------- -----
THAILAND -- (0.0%)
Other Securities.... 197,559 0.0%
-------------- -----
TOTAL RIGHTS/WARRANTS....... 1,026,641 0.0%
-------------- -----
232
THE EMERGING MARKETS SMALL CAP SERIES
CONTINUED
Shares/
Face Percentage
Amount Value+ of Net Assets**
------- ------ ---------------
(000)
SECURITIES LENDING COLLATERAL -- (11.1%)
(S)@ DFA Short Term Investment Fund.. 60,848,054 $ 704,011,988 12.4%
-------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $5,717,151,356)............... $6,366,449,065 111.6%
============== ======
Summary of the Series' investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
--------------------------------------------------
Level 1 Level 2 Level 3 Total
------------ -------------- ------- --------------
Common Stocks
Argentina................... $ 1 -- -- $ 1
Brazil...................... 322,119,131 -- -- 322,119,131
Chile....................... 72,614,185 -- -- 72,614,185
China....................... 2,731,019 $ 958,213,496 -- 960,944,515
Colombia.................... 3,550,424 -- -- 3,550,424
Greece...................... 3,492,669 21,818,103 -- 25,310,772
Hong Kong................... -- 284,020 -- 284,020
Hungary..................... -- 557,616 -- 557,616
India....................... 1,224,511 759,445,217 -- 760,669,728
Indonesia................... 1,620,388 162,472,980 -- 164,093,368
Israel...................... -- 2 -- 2
Malaysia.................... -- 264,308,633 -- 264,308,633
Mexico...................... 217,628,844 53,340 -- 217,682,184
Philippines................. -- 96,518,288 -- 96,518,288
Poland...................... -- 111,728,976 -- 111,728,976
South Africa................ 12,583,204 483,454,083 -- 496,037,287
South Korea................. 3,423,242 880,191,435 -- 883,614,677
Taiwan...................... 6,471 849,915,991 -- 849,922,462
Thailand.................... 242,328,057 343,853 -- 242,671,910
Turkey...................... 1,043,585 127,594,955 -- 128,638,540
Preferred Stocks
Brazil...................... 56,395,954 -- -- 56,395,954
Chile....................... 29,425 -- -- 29,425
Colombia.................... 3,718,338 -- -- 3,718,338
Rights/Warrants
Brazil...................... -- 327,285 -- 327,285
China....................... -- 77,211 -- 77,211
Indonesia................... -- 1,864 -- 1,864
Malaysia.................... -- 214,045 -- 214,045
Poland...................... -- -- -- --
South Africa................ -- 16,404 -- 16,404
South Korea................. -- 99,945 -- 99,945
Taiwan...................... -- 92,328 -- 92,328
Thailand.................... -- 197,559 -- 197,559
Securities Lending Collateral. -- 704,011,988 -- 704,011,988
------------ -------------- -- --------------
TOTAL......................... $944,509,448 $5,421,939,617 -- $6,366,449,065
============ ============== == ==============
See accompanying Notes to Financial Statements.
233
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
The Japanese The Asia
The U.S. Large The DFA Small Pacific Small
Cap Value International Company Company
Series* Value Series* Series Series*
-------------- ------------- ------------ -------------
ASSETS:
Investments at Value (including $1,522,511, $1,157,398,
$256,936 and $318,273 of securities on loan,
respectively).............................................. $19,092,468 $ 9,946,140 $2,600,276 $1,404,158
Collateral from Securities on Loan Invested in Affiliate at
Value & Cost............................................... 1,241,986 1,137,773 271,135 331,445
Foreign Currencies at Value................................. -- 15,194 2,111 4,354
Cash........................................................ -- 12,303 1,794 392
Receivables:
Investment Securities Sold................................ 33,393 14,241 1,201 1,617
Dividends and Tax Reclaims................................ 19,016 38,821 21,740 2,026
Securities Lending Income................................. 503 1,830 416 337
Unrealized Gain on Foreign Currency Contracts............... -- -- -- 8
Prepaid Expenses and Other Assets........................... 34 19 5 4
----------- ----------- ---------- ----------
Total Assets........................................... 20,387,400 11,166,321 2,898,678 1,744,341
----------- ----------- ---------- ----------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......................... 1,241,986 1,137,773 271,135 331,445
Investment Securities Purchased........................... 29,995 7,672 774 933
Due to Advisor............................................ 1,575 1,624 216 112
Line of Credit............................................ 1,888 -- -- --
Unrealized Loss on Foreign Currency Contracts............... -- 67 2 12
Accrued Expenses and Other Liabilities...................... 753 558 209 109
----------- ----------- ---------- ----------
Total Liabilities...................................... 1,276,197 1,147,694 272,336 332,611
----------- ----------- ---------- ----------
NET ASSETS.................................................. $19,111,203 $10,018,627 $2,626,342 $1,411,730
=========== =========== ========== ==========
Investments at Cost......................................... $12,431,879 $ 8,613,854 $2,383,863 $1,399,326
=========== =========== ========== ==========
Foreign Currencies at Cost.................................. $ -- $ 14,837 $ 2,114 $ 4,298
=========== =========== ========== ==========
----------
* See Note I in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
234
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
The
The United Continental The Canadian
Kingdom Small Small Small The Emerging
Company Company Company The Emerging Markets Small
Series Series Series* Markets Series* Cap Series*
------------- ----------- ------------ --------------- -------------
ASSETS:
Investments at Value (including $87,976,
$499,796, $243,646, $282,593 and
$981,433 of securities on loan,
respectively).............................. $2,077,877 $3,455,724 $ 789,616 $4,357,922 $5,662,437
Collateral from Securities on Loan Invested
in Affiliate at Value & Cost............... 94,586 532,104 246,991 188,828 704,012
Foreign Currencies at Value................. 3,758 7,637 2,644 14,796 33,241
Cash........................................ 785 2,805 1,601 12,047 22,910
Receivables:
Investment Securities Sold................ 2,025 5,284 1,166 664 10,393
Dividends and Tax Reclaims................ 14,399 5,412 792 5,098 8,616
Securities Lending Income................. 155 1,191 211 531 3,029
Unrealized Gain on Foreign Currency
Contracts.................................. -- 2 -- 19 6
Prepaid Expenses and Other Assets........... 4 3 3 10 13
---------- ---------- ---------- ---------- ----------
Total Assets........................... 2,193,589 4,010,162 1,043,024 4,579,915 6,444,657
---------- ---------- ---------- ---------- ----------
LIABILITIES:
Payables:
Upon Return of Securities Loaned.......... 94,586 532,104 246,991 188,828 704,012
Investment Securities Purchased........... 1,541 4,768 2,160 5,035 32,484
Due to Advisor............................ 168 279 62 353 916
Unrealized Loss on Foreign Currency
Contracts.................................. 3 10 -- 4 19
Accrued Expenses and Other Liabilities...... 102 147 46 315 495
---------- ---------- ---------- ---------- ----------
Total Liabilities...................... 96,400 537,308 249,259 194,535 737,926
---------- ---------- ---------- ---------- ----------
NET ASSETS.................................. $2,097,189 $3,472,854 $ 793,765 $4,385,380 $5,706,731
========== ========== ========== ========== ==========
Investments at Cost......................... $1,520,938 $2,748,135 $ 995,985 $3,047,311 $5,013,139
========== ========== ========== ========== ==========
Foreign Currencies at Cost.................. $ 3,747 $ 7,502 $ 2,650 $ 14,615 $ 33,152
========== ========== ========== ========== ==========
----------
* See Note I in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
235
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
The Japanese The Asia
The U.S. The DFA Small Pacific Small
Large Cap International Company Company
Value Series Value Series Series Series
------------ ------------- ------------ -------------
Investment Income
Dividends (Net of Taxes Withheld of $3, $12,775, $2,741 and
$517, respectively)......................................... $208,039 $156,645 $ 24,716 $ 23,251
Income from Securities Lending............................... 2,096 4,292 2,321 1,937
-------- -------- -------- --------
Total Investment Income................................... 210,135 160,937 27,037 25,188
-------- -------- -------- --------
Expenses
Investment Advisory Services Fees............................ 9,339 9,382 1,241 672
Accounting & Transfer Agent Fees............................. 473 243 65 39
Custodian Fees............................................... 94 439 257 168
Shareholders' Reports........................................ 17 10 3 1
Directors'/Trustees' Fees & Expenses......................... 69 35 9 5
Professional Fees............................................ 174 90 23 13
Other........................................................ 67 47 12 11
-------- -------- -------- --------
Total Expenses............................................ 10,233 10,246 1,610 909
-------- -------- -------- --------
Fees Paid Indirectly (Note C)................................ -- (9) (2) (1)
-------- -------- -------- --------
Net Expenses................................................. 10,233 10,237 1,608 908
-------- -------- -------- --------
Net Investment Income (Loss)................................. 199,902 150,700 25,429 24,280
-------- -------- -------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold................................. 507,551 148,593 42,603 (19,288)
Futures.................................................... (43) -- -- --
Foreign Currency Transactions.............................. -- (4,540) (1,039) (650)
In-Kind Redemptions........................................ -- -- 27,130 18,027
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency................. (5,160) 275,751 91,794 (355)
Translation of Foreign Currency Denominated Amounts........ -- 1,045 403 9
-------- -------- -------- --------
Net Realized and Unrealized Gain (Loss)...................... 502,348 420,849 160,891 (2,257)
-------- -------- -------- --------
Net Increase (Decrease) in Net Assets Resulting from
Operations.................................................... $702,250 $571,549 $186,320 $ 22,023
======== ======== ======== ========
See accompanying Notes to Financial Statements.
236
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
The United The
Kingdom Continental The Canadian The Emerging
Small Small Small The Emerging Markets
Company Company Company Markets Small Cap
Series Series Series Series Series
---------- ----------- ------------ ------------ ------------
Investment Income
Dividends (Net of Taxes Withheld of $119,
$4,657, $1,638, $4,395 and $3,746,
respectively)................................... $ 35,515 $ 31,425 $ 9,329 $ 31,791 $ 34,315
Interest......................................... -- -- -- 6 --
Income from Securities Lending................... 417 4,586 1,349 2,529 15,318
-------- -------- -------- -------- --------
Total Investment Income....................... 35,932 36,011 10,678 34,326 49,633
-------- -------- -------- -------- --------
Expenses
Investment Advisory Services Fees................ 996 1,594 386 2,076 5,035
Accounting & Transfer Agent Fees................. 53 86 20 111 133
Custodian Fees................................... 51 249 33 893 1,404
Shareholders' Reports............................ 2 4 1 4 5
Directors'/Trustees' Fees & Expenses............. 7 12 3 15 18
Professional Fees................................ 20 32 8 64 86
Other............................................ 11 20 3 19 22
-------- -------- -------- -------- --------
Total Expenses................................ 1,140 1,997 454 3,182 6,703
-------- -------- -------- -------- --------
Fees Paid Indirectly (Note C).................... (1) (5) (1) (11) (12)
-------- -------- -------- -------- --------
Net Expenses..................................... 1,139 1,992 453 3,171 6,691
-------- -------- -------- -------- --------
Net Investment Income (Loss)..................... 34,793 34,019 10,225 31,155 42,942
-------- -------- -------- -------- --------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold*.................... 43,859 99,487 13,617 (7,327) 132,652
Futures........................................ -- (4,875) -- 2,468 --
Foreign Currency Transactions.................. (522) (870) (151) (1,048) (1,041)
In-Kind Redemptions............................ 42,293 58,734 8,042 -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency...................................... 52,439 185,597 (67,248) 86,790 166,350
Translation of Foreign Currency Denominated
Amounts....................................... 314 133 17 30 146
-------- -------- -------- -------- --------
Net Realized and Unrealized Gain (Loss).......... 138,383 338,206 (45,723) 80,913 298,107
-------- -------- -------- -------- --------
Net Increase (Decrease) in Net Assets
Resulting from Operations......................... $173,176 $372,225 $(35,498) $112,068 $341,049
======== ======== ======== ======== ========
----------
* Net of foreign capital gain taxes withheld of $--, $--, $--, $-- and $--,
respectively.
See accompanying Notes to Financial Statements.
237
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The U.S. Large Cap Value The DFA International The Japanese Small
Series Value Series Company Series
------------------------ ----------------------- ----------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ----------- ----------- ---------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).......... $ 199,902 $ 318,905 $ 150,700 $ 419,781 $ 25,429 $ 40,128
Net Realized Gain (Loss) on:
Investment Securities Sold.......... 507,551 755,725 148,593 173,096 42,603 97,004
Futures............................. (43) -- -- -- -- --
Foreign Currency
Transactions....................... -- -- (4,540) (1,763) (1,039) (567)
In-Kind Redemptions................. -- -- -- -- 27,130 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and
Foreign Currency................... (5,160) 1,319,300 275,751 (672,491) 91,794 (82,784)
Translation of Foreign Currency
Denominated Amounts................ -- -- 1,045 (1,379) 403 (535)
----------- ----------- ----------- ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations........................ 702,250 2,393,930 571,549 (82,756) 186,320 53,246
----------- ----------- ----------- ---------- ---------- ----------
Transactions in Interest:
Contributions......................... 903,568 1,721,914 472,098 1,022,273 81,258 296,221
Withdrawals........................... (871,297) (578,150) (368,686) (387,981) (146,645) (125,682)
----------- ----------- ----------- ---------- ---------- ----------
Net Increase (Decrease) from
Transactions in Interest.......... 32,271 1,143,764 103,412 634,292 (65,387) 170,539
----------- ----------- ----------- ---------- ---------- ----------
Total Increase (Decrease)
in Net Assets..................... 734,521 3,537,694 674,961 551,536 120,933 223,785
Net Assets
Beginning of Period................... 18,376,682 14,838,988 9,343,666 8,792,130 2,505,409 2,281,624
----------- ----------- ----------- ---------- ---------- ----------
End of Period......................... $19,111,203 $18,376,682 $10,018,627 $9,343,666 $2,626,342 $2,505,409
=========== =========== =========== ========== ========== ==========
See accompanying Notes to Financial Statements.
238
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Asia Pacific Small The United Kingdom Small The Continental Small
Company Series Company Series Company Series
---------------------- ---------------------- ----------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- ---------- ----------- ---------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)........... $ 24,280 $ 55,094 $ 34,793 $ 62,544 $ 34,019 $ 81,827
Net Realized Gain (Loss) on:
Investment Securities Sold........... (19,288) 882 43,859 111,297 99,487 116,406
Futures.............................. -- -- -- -- (4,875) (1,000)
Foreign Currency Transactions........ (650) (18) (522) (238) (870) (321)
In-Kind Redemptions.................. 18,027 -- 42,293 -- 58,734 --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................ (355) (101,865) 52,439 (148,584) 185,597 (269,561)
Translation of Foreign Currency
Denominated Amounts................. 9 (11) 314 (41) 133 (151)
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations......................... 22,023 (45,918) 173,176 24,978 372,225 (72,800)
---------- ---------- ---------- ---------- ---------- ----------
Transactions in Interest:
Contributions.......................... 74,303 315,024 12,033 17,172 194,991 106,051
Withdrawals............................ (138,382) (80,818) (83,918) (34,539) (246,639) (98,740)
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease) from
Transactions in Interest........... (64,079) 234,206 (71,885) (17,367) (51,648) 7,311
---------- ---------- ---------- ---------- ---------- ----------
Total Increase (Decrease) in
Net Assets......................... (42,056) 188,288 101,291 7,611 320,577 (65,489)
Net Assets
Beginning of Period.................... 1,453,786 1,265,498 1,995,898 1,988,287 3,152,277 3,217,766
---------- ---------- ---------- ---------- ---------- ----------
End of Period.......................... $1,411,730 $1,453,786 $2,097,189 $1,995,898 $3,472,854 $3,152,277
========== ========== ========== ========== ========== ==========
See accompanying Notes to Financial Statements.
239
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Canadian Small The Emerging Markets The Emerging Markets
Company Series Series Small Cap Series
-------------------- ---------------------- ----------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31,
2015 2014 2015 2014 2015 2014
----------- -------- ----------- ---------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)........... $ 10,225 $ 20,745 $ 31,155 $ 99,780 $ 42,942 $ 110,728
Net Realized Gain (Loss) on:
Investment Securities Sold*.......... 13,617 (2,865) (7,327) (24,811) 132,652 101,054
Futures.............................. -- -- 2,468 -- -- --
Foreign Currency Transactions........ (151) 86 (1,048) (653) (1,041) (980)
In-Kind Redemptions.................. 8,042 -- -- -- -- --
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign
Currency............................ (67,248) (64,673) 86,790 12,344 166,350 20,955
Translation of Foreign Currency
Denominated Amounts................. 17 5 30 (12) 146 (139)
-------- -------- ---------- ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations......................... (35,498) (46,702) 112,068 86,648 341,049 231,618
-------- -------- ---------- ---------- ---------- ----------
Transactions in Interest:
Contributions.......................... 15,605 159,436 428,908 527,157 577,542 773,201
Withdrawals............................ (35,771) (4,509) (341,047) (194,514) (133,298) (174,904)
-------- -------- ---------- ---------- ---------- ----------
Net Increase (Decrease) from
Transactions in Interest........... (20,166) 154,927 87,861 332,643 444,244 598,297
-------- -------- ---------- ---------- ---------- ----------
Total Increase (Decrease) in
Net Assets......................... (55,664) 108,225 199,929 419,291 785,293 829,915
Net Assets
Beginning of Period.................... 849,429 741,204 4,185,451 3,766,160 4,921,438 4,091,523
-------- -------- ---------- ---------- ---------- ----------
End of Period.......................... $793,765 $849,429 $4,385,380 $4,185,451 $5,706,731 $4,921,438
======== ======== ========== ========== ========== ==========
----------
* Net of foreign capital gain taxes withheld of $--, $--, $--, $--, $-- and
$1,375, respectively.
See accompanying Notes to Financial Statements.
240
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The U.S. Large Cap Value Series
-----------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
------------------------------------------------------------------------------
(Unaudited)
-------------------------------------------------------------------------------------------------------------------------
Total Return.............................. 3.83%(D) 15.67% 35.68% 18.31% 5.69% 19.96%
-------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)..... $19,111,203 $18,376,682 $14,838,988 $10,589,152 $9,335,107 $8,816,400
Ratio of Expenses to Average Net Assets... 0.11%(E) 0.11% 0.11% 0.12% 0.12% 0.12%
Ratio of Net Investment Income to Average
Net Assets............................... 2.14%(E) 1.90% 1.98% 2.15% 1.79% 2.02%
Portfolio Turnover Rate................... 8%(D) 15% 15% 10% 14% 28%
-------------------------------------------------------------------------------------------------------------------------
The DFA International Value Series
----------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
-----------------------------------------------------------------------------
(Unaudited)
------------------------------------------------------------------------------------------------------------------------
Total Return.............................. 5.89%(D) (0.72)% 28.18% 3.17% (8.04)% 11.13%
------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)..... $10,018,627 $9,343,666 $8,792,130 $7,238,249 $6,955,907 $6,919,633
Ratio of Expenses to Average Net Assets... 0.22%(E) 0.22% 0.22% 0.24% 0.23% 0.24%
Ratio of Expenses to Average Net Assets
(Excluding Fees Paid Indirectly)......... 0.22%(E) 0.22% 0.22% 0.24% 0.23% 0.24%
Ratio of Net Investment Income to Average
Net Assets............................... 3.21%(E) 4.50% 3.20% 3.75% 3.47% 2.55%
Portfolio Turnover Rate................... 9%(D) 17% 15% 14% 9% 20%
------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
241
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Japanese Small Company Series
-------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
--------------------------------------------------------------------------
(Unaudited)
------------------------------------------------------------------------------------------------------------------------------
Total Return....................................... 7.52%(D) 2.46% 30.62% 0.54% 10.07% 0.72%
------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands).............. $2,626,342 $2,505,409 $2,281,624 $1,686,731 $1,502,815 $1,211,600
Ratio of Expenses to Average Net Assets............ 0.13%(E) 0.13% 0.14% 0.15% 0.14% 0.14%
Ratio of Expenses to Average Net Assets (Excluding
Fees Paid Indirectly)............................. 0.13%(E) 0.13% 0.14% 0.15% 0.14% 0.14%
Ratio of Net Investment Income to Average
Net Assets........................................ 2.05%(E) 1.71% 1.87% 2.17% 2.07% 1.95%
Portfolio Turnover Rate............................ 4%(D) 9% 16% 7% 5% 10%
------------------------------------------------------------------------------------------------------------------------------
The Asia Pacific Small Company Series
-----------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
------------------------------------------------------------------------
(Unaudited)
---------------------------------------------------------------------------------------------------------------------------------
Total Return............................................ 1.83%(D) (3.46)% 10.97% 7.48% (5.15)% 28.91%
---------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)................... $1,411,730 $1,453,786 $1,265,498 $1,003,860 $906,734 $935,138
Ratio of Expenses to Average Net Assets................. 0.14%(E) 0.13% 0.15% 0.16% 0.16% 0.17%
Ratio of Expenses to Average Net Assets (Excluding Fees
Paid Indirectly)....................................... 0.14%(E) 0.13% 0.15% 0.16% 0.16% 0.17%
Ratio of Net Investment Income to Average Net Assets.... 3.61%(E) 3.96% 4.64% 4.26% 3.78% 3.64%
Portfolio Turnover Rate................................. 4%(D) 7% 9% 18% 17% 18%
---------------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
242
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The United Kingdom Small Company Series
-------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
--------------------------------------------------------------------------
(Unaudited)
------------------------------------------------------------------------------------------------------------------------------
Total Return....................................... 8.73%(D) 1.22% 37.42% 23.41% 0.20% 25.94%
------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands).............. $2,097,189 $1,995,898 $1,988,287 $1,464,838 $1,133,845 $1,036,694
Ratio of Expenses to Average Net Assets............ 0.11%(E) 0.11% 0.12% 0.13% 0.13% 0.13%
Ratio of Expenses to Average Net Assets (Excluding
Fees Paid Indirectly)............................. 0.11%(E) 0.11% 0.12% 0.13% 0.13% 0.13%
Ratio of Net Investment Income to Average
Net Assets........................................ 3.49%(E) 2.98% 3.29% 3.37% 3.76% 2.86%
Portfolio Turnover Rate............................ 5%(D) 8% 17% 6% 7% 15%
------------------------------------------------------------------------------------------------------------------------------
The Continental Small Company Series
---------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
----------------------------------------------------------------------------
(Unaudited)
--------------------------------------------------------------------------------------------------------------------------------
Total Return....................................... 11.90%(D) (2.25)% 43.67% 2.29% (10.75)% 15.37%
--------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands).............. $3,472,854 $3,152,277 $3,217,766 $2,245,179 $2,001,763 $2,072,484
Ratio of Expenses to Average Net Assets............ 0.12%(E) 0.13% 0.14% 0.16% 0.15% 0.15%
Ratio of Expenses to Average Net Assets (Excluding
Fees Paid Indirectly)............................. 0.13%(E) 0.13% 0.14% 0.16% 0.15% 0.15%
Ratio of Net Investment Income to Average
Net Assets........................................ 2.13%(E) 2.40% 2.67% 3.15% 2.72% 2.24%
Portfolio Turnover Rate............................ 8%(D) 13% 13% 9% 10% 12%
--------------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
243
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Canadian Small Company Series
----------------------------------------------------------------
Six
Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
-----------------------------------------------------------------
(Unaudited)
-------------------------------------------------------------------------------------------------------------------------------
Total Return................................................. (3.99)%(D) (3.83)% 5.71% (2.51)% 0.27% 43.17%
-------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)........................ $793,765 $849,429 $741,204 $689,086 $736,262 $663,722
Ratio of Expenses to Average Net Assets...................... 0.12%(E) 0.12% 0.13% 0.15% 0.14% 0.15%
Ratio of Expenses to Average Net Assets (Excluding Fees Paid
Indirectly)................................................. 0.12%(E) 0.12% 0.13% 0.15% 0.14% 0.15%
Ratio of Net Investment Income to Average Net Assets......... 2.65%(E) 2.42% 2.99% 2.29% 1.72% 1.05%
Portfolio Turnover Rate...................................... 14%(D) 5% 14% 22% 24% 10%
-------------------------------------------------------------------------------------------------------------------------------
The Emerging Markets Series
--------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
---------------------------------------------------------------------------
(Unaudited)
-------------------------------------------------------------------------------------------------------------------------------
Total Return....................................... 2.51%(D) 1.74% 6.99% 4.55% (6.44)% 27.04%
-------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands).............. $4,385,380 $4,185,451 $3,766,160 $2,913,307 $2,439,981 $2,529,493
Ratio of Expenses to Average Net Assets............ 0.15%(E) 0.15% 0.16% 0.20% 0.20% 0.19%
Ratio of Expenses to Average Net Assets (Excluding
Fees Paid Indirectly)............................. 0.15%(E) 0.15% 0.16% 0.20% 0.20% 0.19%
Ratio of Net Investment Income to Average
Net Assets........................................ 1.50%(E) 2.51% 2.38% 2.55% 2.48% 2.18%
Portfolio Turnover Rate............................ 5%(D) 5% 4% 5% 16% 12%
-------------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
244
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
The Emerging Markets Small Cap Series
--------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
---------------------------------------------------------------------------
(Unaudited)
-------------------------------------------------------------------------------------------------------------------------------
Total Return....................................... 6.34%(D) 5.60% 9.41% 7.19% (12.94)% 41.96%
-------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands).............. $5,706,731 $4,921,438 $4,091,523 $2,953,350 $1,874,926 $1,881,356
Ratio of Expenses to Average Net Assets............ 0.27%(E) 0.26% 0.29% 0.36% 0.33% 0.32%
Ratio of Expenses to Average Net Assets (Excluding
Fees Paid Indirectly)............................. 0.27%(E) 0.26% 0.29% 0.36% 0.33% 0.32%
Ratio of Net Investment Income to Average
Net Assets........................................ 1.71%(E) 2.48% 2.37% 2.48% 2.32% 2.16%
Portfolio Turnover Rate............................ 7%(D) 9% 11% 13% 18% 15%
-------------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
245
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 consists of eleven portfolios, nine of which are included in this section
of the report (collectively, the "Series"). The remaining operational
portfolios are presented in separate reports.
Domestic Equity Portfolio International Equity Portfolios
------------------------- -------------------------------
The U.S. Large Cap Value Series The DFA International Value Series
The Japanese Small Company Series
The Asia Pacific Small Company Series
The United Kingdom Small Company Series
The Continental Small Company Series
The Canadian Small Company Series
The Emerging Markets Series
The Emerging Markets Small Cap Series
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Trust in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Series utilize a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Series' own
assumptions in determining the fair value of investments)
Securities held by the Domestic Equity Portfolio and the International
Equity Portfolios, including over-the-counter securities, are valued at the
last quoted sale price at the close of the exchanges on which they are
principally traded (official closing price). International equity securities
are subject to a fair value factor, as described later in this note. Securities
held by the Domestic Equity Portfolio and the International Equity Portfolios
that are listed on Nasdaq are valued at the Nasdaq Official Closing Price
("NOCP"). If there is no last reported sale price or NOCP for the day, the
Domestic Equity Portfolio and the International Equity Portfolios value the
securities at the mean of the most recent quoted bid and asked prices. Price
information on listed securities is taken from the exchange where the security
is primarily traded. Generally, securities issued by open-end investment
companies are valued using their respective net asset values or public offering
prices, as appropriate, for purchase orders placed at the close of the New York
Stock Exchange (NYSE). These securities are generally categorized as Level 1 in
the hierarchy.
246
Securities for which no market quotations are readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. Fair value pricing may also be used if events
that have a significant effect on the value of an investment (as determined in
the discretion of Dimensional Fund Advisors LP) occur before the net asset
value is calculated. When fair value pricing is used, the prices of securities
used by the Domestic Equity Portfolio and the International Equity Portfolios
may differ from the quoted or published prices for the same securities on their
primary markets or exchanges. These securities are generally categorized as
Level 2 in the hierarchy.
The International Equity Portfolios will also apply a fair value price in
the circumstances described below. Generally, trading in foreign securities
markets is completed each day at various times prior to the close of the NYSE.
For example, trading in the Japanese securities markets is completed each day
at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is
fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the
time that the net asset values of the International Equity Portfolios are
computed. Due to the time differences between the closings of the relevant
foreign securities exchanges and the time the International Equity Portfolios
price their shares at the close of the NYSE, the International Equity
Portfolios will fair value their foreign investments when it is determined that
the market quotations for the foreign investments are either unreliable or not
readily available. The fair value prices will attempt to reflect the impact of
the U.S. financial markets' perceptions and trading activities on the
International Equity Portfolios' foreign investments since the last closing
prices of the foreign investments were calculated on their primary foreign
securities markets or exchanges. For these purposes, the Board of
Directors/Trustees of the International Equity Portfolios have determined that
movements in relevant indices or other appropriate market indicators, after the
close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate
that market quotations may be unreliable. Fair valuation of portfolio
securities may occur on a daily basis. The fair value pricing by the
International Equity Portfolios utilizes data furnished by an independent
pricing service (and that data draws upon, among other information, the market
values of foreign investments). When an International Equity Portfolio uses
fair value pricing, the values assigned to the International Equity Portfolio's
foreign investments may not be the quoted or published prices of the
investments on their primary markets or exchanges. These securities are
generally categorized as Level 2 in the hierarchy.
Futures contracts held by the Series are valued using the settlement price
established each day on the exchange on which they are traded. These valuations
are generally categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Series' investments by each major
security type, industry and/or country is disclosed previously in this note.
Valuation hierarchy tables have been included at the end of the Summary
Schedules of Portfolio Holdings. The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with
investing in those securities.
Transfers between investment levels may occur as the markets fluctuate
and/or the availability of data used in an investment's valuation changes. The
Series recognize transfers between the levels as of the end of the period. As
of April 30, 2015, The Asia Pacific Small Company Series and The Canadian Small
Company Series had significant transfers of securities with a total value of
$15,202 and $9,741 (in thousands), respectively, that transferred from Level 1
to Level 2 because the fair market values of certain securities were adjusted
due to developments which occurred between the time of the close of the foreign
markets on which they trade and the close of business on the NYSE, which
resulted in their Level 2 classification. The Emerging Markets Series and The
Emerging Markets Small Cap Series had significant transfers of securities with
a total value of $308,851 and $436,039 (in thousands), respectively, that
transferred from Level 2 to Level 1 because fair value procedures were no
longer applied. At October 31, 2014, the fair market values of certain
securities were adjusted due to developments which occurred between the time of
the close of the foreign markets on which they trade and the close of business
on the NYSE which resulted in their Level 2 classification.
2. Foreign Currency Translation: Securities and other assets and
liabilities of the International Equity Portfolios, whose values are initially
expressed in foreign currencies are translated to U.S. dollars using the mean
between the most recent bid and asked prices for the U.S. dollar as quoted by
generally recognized reliable sources. Dividend and interest income and certain
expenses are translated to U.S. dollars at the rate of exchange on their
respective accrual dates. Receivables and payables denominated in foreign
currencies are marked-to-market daily based on daily exchange rates and
exchange gains or losses are realized upon ultimate receipt or disbursement.
247
The International Equity Portfolios do not isolate the effect of
fluctuations in foreign currency rates when determining the realized gain or
loss upon the sale or maturity of foreign currency denominated debt obligations
pursuant to U.S. Federal income tax regulations; such amounts are categorized
as foreign exchange gain or loss for income tax reporting purposes.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and any foreign withholding taxes recorded on the books of the
International Equity Portfolios and the U.S. dollar equivalent amounts actually
received or paid.
3. Deferred Compensation Plan: Each eligible Director/Trustee of the Trust
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value
Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio;
Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses.
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of April 30, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
4. Other: Security transactions are accounted for as of the trade date.
Costs used in determining realized gains and losses on the sale of investment
securities and foreign currency are on the basis of identified cost. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
Distributions received on securities that represent a return of capital or
capital gains are recorded as a reduction of cost of investments or as a
realized gain, respectively. The Series estimate the character of distributions
received that may be considered return of capital distributions. Interest
income is recorded on an accrual basis. Discount and premium on securities
purchased are amortized over the lives of the respective securities, utilizing
the effective interest method. Expenses directly attributable to a Series are
directly charged. Common expenses of the Trust or Series are allocated using
methods approved by the Board of Directors/Trustees, generally based on average
net assets.
The International Equity Portfolios may be subject to taxes imposed by
countries in which they invest, with respect to their investments in issuers
existing or operating in such countries. Such taxes are generally based on
income earned or repatriated and capital gains realized on the sale of such
investments. The Series accrue such taxes when the related income or capital
gains are earned or throughout the holding period. Some countries require
governmental approval for the repatriation of investment income, capital or the
proceeds of sales earned by 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 capital remittances abroad.
The Emerging Markets Series and The Emerging Markets Small Cap Series are
subject to a 15% tax on short-term capital gains for investments in India. Such
taxes are due upon sale of individual securities. The capital gains taxes are
recognized when the capital gains are earned.
248
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to the Trust. For the six months ended April 30, 2015, the Series'
investment advisory services fees were accrued daily and paid monthly to the
Advisor based on the following effective annual rates of average daily net
assets:
The U.S. Large Cap Value Series......... 0.10%
The DFA International Value Series...... 0.20%
The Japanese Small Company Series....... 0.10%
The Asia Pacific Small Company Series... 0.10%
The United Kingdom Small Company Series. 0.10%
The Continental Small Company Series.... 0.10%
The Canadian Small Company Series....... 0.10%
The Emerging Markets Series............. 0.10%
The Emerging Markets Small Cap Series... 0.20%
Earned Income Credit:
In addition, the Series have entered into arrangements with their custodian
whereby net interest earned on uninvested cash balances was used to reduce a
portion of each Series' custody expenses. Custody expense in the accompanying
financial statements is presented before reduction for credits. During the six
months ended April 30, 2015, expenses reduced were as follows (amounts in
thousands):
Fees Paid
Indirectly
----------
The DFA International Value Series...... $ 9
The Japanese Small Company Series....... 2
The Asia Pacific Small Company Series... 1
The United Kingdom Small Company Series. 1
The Continental Small Company Series.... 5
The Canadian Small Company Series....... 1
The Emerging Markets Series............. 11
The Emerging Markets Small Cap Series... 12
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Trust; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Trust. For the six months ended April 30, 2015, the total
related amounts paid by the Trust to the CCO were $42 (in thousands). The total
related amounts paid by each of the Series are included in Other Expenses on
the Statement of Operations.
D. Deferred Compensation:
At April 30, 2015, the total liability for deferred compensation to
Directors/Trustees is included in Accrued Expenses and Other Liabilities on the
Statement of Assets and Liabilities as follows (amounts in thousands):
The U.S. Large Cap Value Series......... $433
The DFA International Value Series...... 301
The Japanese Small Company Series....... 69
The Asia Pacific Small Company Series... 36
The United Kingdom Small Company Series. 47
The Continental Small Company Series.... 85
The Canadian Small Company Series....... 21
The Emerging Markets Series............. 112
The Emerging Markets Small Cap Series... 86
249
E. Purchases and Sales of Securities:
For the six months ended April 30, 2015, the Series made the following
purchases and sales of investment securities, other than short-term securities
and U.S. government securities (amounts in thousands):
Purchases Sales
---------- ----------
The U.S. Large Cap Value Series......... $1,876,981 $1,547,472
The DFA International Value Series...... 1,099,991 865,669
The Japanese Small Company Series....... 128,743 106,644
The Asia Pacific Small Company Series... 56,115 61,192
The United Kingdom Small Company Series. 120,380 90,137
The Continental Small Company Series.... 369,817 266,352
The Canadian Small Company Series....... 119,860 105,224
The Emerging Markets Series............. 334,449 221,180
The Emerging Markets Small Cap Series... 826,271 357,066
There were no purchases or sales of long-term U.S. government securities.
F. Federal Income Taxes:
No provision for federal income taxes is required since the Series are
treated as partnerships for federal income tax purposes. Any net investment
income and realized and unrealized gains and losses have been deemed to have
been "passed down" to their respective partners.
At April 30, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
----------- ------------ ------------ --------------
The U.S. Large Cap Value Series......... $13,674,059 $6,899,359 $(238,964) $6,660,395
The DFA International Value Series...... 9,766,477 1,937,162 (619,726) 1,317,436
The Japanese Small Company Series....... 2,684,771 443,575 (256,935) 186,640
The Asia Pacific Small Company Series... 1,764,558 325,578 (354,533) (28,955)
The United Kingdom Small Company Series. 1,635,780 689,235 (152,552) 536,683
The Continental Small Company Series.... 3,286,528 1,092,949 (391,649) 701,300
The Canadian Small Company Series....... 1,245,574 96,115 (305,082) (208,967)
The Emerging Markets Series............. 3,250,119 1,627,866 (331,235) 1,296,631
The Emerging Markets Small Cap Series... 5,761,467 1,384,708 (779,726) 604,982
The difference between book basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales and investments in passive foreign investment companies.
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed each Series' tax
positions and has concluded that no additional provision for income tax is
required in any Series' financial statements. No Series is aware of any tax
positions for which it is more likely than not that the total amounts of
unrecognized tax benefits will significantly change in the next twelve months.
Each Series' federal tax returns for the prior three fiscal years remain
subject to examination by the Internal Revenue Service.
250
G. Financial Instruments:
In accordance with the Series' investment objectives and policies, the
Series may invest in certain financial instruments that have off-balance sheet
risk in excess of the amounts recognized in the financial statements and
concentrations of credit and market risk. These instruments and their
significant corresponding risks are described below:
1. Foreign Market Risks: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States of America, including the possibility of future political and
economic developments and the level of foreign governmental supervision and
regulation of foreign securities markets. These markets are generally smaller,
less liquid and more volatile than the major securities markets in the United
States of America. Consequently, acquisition and disposition of international
securities held by the Series may be inhibited.
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by
the Series.
2. Futures Contracts: The Series may enter into futures contracts and
options on futures contracts to adjust market exposure based on actual or
expected cash inflows to or outflows from the Series. Upon entering into a
futures contract, the Series deposit cash or pledge U.S. Government securities
to a broker, equal to the minimum "initial margin" requirements of the exchange
on which the contract is traded. Subsequent payments are received from or paid
to the broker each day, based on the daily fluctuation in the market value of
the contract. These receipts or payments are known as "variation margin" and
are recorded daily by the Series as unrealized gains or losses until the
contracts are closed. When the contracts are closed, the Series record a
realized gain or loss, which is presented in the Statements of Operations as a
net realized gain or loss on futures, equal to the difference between the value
of the contract at the time it was opened and the value at the time it was
closed.
Risks may arise upon entering into futures contracts from potential
imperfect price correlations between the futures contracts and the underlying
securities or indices, from the possibility of an illiquid secondary market for
these instruments and from the possibility that the Series could lose more than
the initial margin requirements. The Series entering into stock index futures
are subject to equity price risk from those futures contracts. Counterparty
credit risk related to exchange-traded futures is minimal because the
exchange's clearinghouse, as counterparty to all exchange-traded futures,
guarantees the futures against default.
The following is a summary of the location and value of derivative
instrument holdings on the Series' Statements of Operations categorized by
primary risk exposure for the six months ended April 30, 2015 (amounts in
thousands):
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income
--------------- -----------------------------------------------------------
Equity contracts Net Realized Gain (Loss) on: Futures
Realized Gain (Loss) on
Derivatives Recognized in Income
-------------------------------
Equity
Total Contracts
--------- -------------
The U.S. Large Cap Value Series*...... $ (43) $ (43)
The Continental Small Company Series*. (4,875) (4,875)
The Emerging Markets Series*.......... 2,468 2,468
* As of April 30, 2015, there were no futures contracts outstanding. During the
six months ended April 30, 2015, the Series had limited activity in futures
contracts.
H. Line of Credit and Interfund Lending Program:
The Trust, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total
251
borrowings under the line of credit do not exceed $500 million in the
aggregate. Borrowings under the line of credit are charged interest at rates
agreed upon by the parties at the time of borrowing. Each portfolio is
individually, and not jointly, liable for its particular advances under the
line of credit. There is no commitment fee on the unused portion of the line of
credit. The agreement for the discretionary line of credit may be terminated by
either party at any time. The agreement for the line of credit expires on
March 30, 2016.
The Trust, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank. Each portfolio is permitted to borrow, subject to
its investment limitations, up to a maximum of $500 million, as long as total
borrowings under the line of credit do not exceed $500 million in the
aggregate. Each portfolio is individually, and not jointly, liable for its
particular advances under the line of credit. Borrowings under the line of
credit are charged interest at rates agreed upon by the parties at the time of
borrowing. There is no commitment fee on the unused portion of the line of
credit. The line of credit agreement expires on January 8, 2016.
For the six months ended April 30, 2015, borrowings by the Series under the
lines of credit were as follows (amounts in thousands, except percentages and
days):
Weighted Weighted Number of Interest Maximum Amount
Average Average Days Expense Borrowed During
Interest Rate Loan Balance Outstanding* Incurred the Period
------------- ------------ ------------ -------- ---------------
The U.S. Large Cap Value Series....... 0.90% $30,227 39 $29 $162,215
The DFA International Value Series.... 0.87% 4,061 12 1 18,742
The Japanese Small Company Series..... 0.87% 10,743 5 1 17,597
The Asia Pacific Small Company Series. 0.86% 2,828 24 2 10,948
The United Kingdom Small Company
Series.............................. 0.84% 277 6 -- 903
The Continental Small Company Series.. 0.86% 247 7 -- 630
The Emerging Markets Series........... 0.86% 13,853 9 3 73,594
The Emerging Markets Small Cap Series. 0.85% 6,081 10 1 21,081
* Number of Days Outstanding represents the total of single or consecutive days
during the six months ended April 30, 2015, that each Series' available line
of credit was utilized.
At April 30, 2015, The U.S. Large Cap Value Series had loans outstanding in
the amount of $1,884 (in thousands).
Pursuant to a recently obtained exemptive order issued by the SEC (the
"Order"), the Series may participate in an interfund lending program among
certain portfolios managed by the Advisor (portfolios that operate as feeder
funds do not participate in the program). The program allows the participating
portfolios to borrow money from and loan money to each other for temporary or
emergency purposes, subject to the conditions in the Order. A loan can only be
made through the program if the interfund loan rate on that day is more
favorable to both the borrowing and lending portfolios as compared to rates
available through short-term bank loans or investments in overnight repurchase
agreements and money market funds, respectively, as detailed in the Order.
Further, a portfolio may participate in the program only if and to the extent
that such participation is consistent with its investment objectives and
limitations. Interfund loans have a maximum duration of seven days and may be
called on one business day's notice. The Series had no interfund loans through
the program during the period and there were no outstanding loans as of April
30, 2015.
I. Securities Lending:
As of April 30, 2015, each Series had securities on loan to brokers/dealers,
for which each such Series received cash collateral. In addition, the following
Series received non-cash collateral consisting of short and/or long term U.S.
Treasury securities (amounts in thousands):
Market
Value
--------
The U.S. Large Cap Value Series.... $311,578
The DFA International Value Series. 71,641
252
Market
Value
--------
The Asia Pacific Small Company Series. $ 16,071
The Canadian Small Company Series..... 11,323
The Emerging Markets Series........... 114,557
The Emerging Markets Small Cap Series. 353,905
Each Series invests the cash collateral, as described below, and records a
liability for the return of the collateral, during the period the securities
are on loan. Loans of securities are expected at all times to be secured by
collateral equal to at least (i) 100% of the current market value of the loaned
securities with respect to securities of the U.S. government or its agencies,
(ii) 102% of the current market value of the loaned securities with respect to
U.S. securities, and (iii) 105% of the current market value of the loaned
securities with respect to foreign securities. However, daily market
fluctuations could cause the Series' collateral to be lower or higher than the
expected thresholds. If this were to occur, the collateral would be adjusted
the next business day to ensure adequate collateralization. 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. If the
borrower fails to return loaned securities, and cash collateral being
maintained by the borrower is insufficient to cover the value of loaned
securities and provided such collateral insufficiency is not the result of
investment losses, the lending agent has agreed to pay the amount of the
shortfall to the Series or, at the option of the lending agent, to replace the
securities. In the event of the bankruptcy of the borrower, a Series could
experience delay in recovering the loaned securities or only recover cash or a
security of equivalent value.
Subject to their stated investment policies, each Series will generally
invest the cash collateral received for the loaned securities in The DFA Short
Term Investment Fund (the "Money Market Series"), an affiliated registered
money market fund advised by the Advisor for which the Advisor receives a
management fee of 0.05% of the average daily net assets of the Money Market
Series. Such Series also may invest the cash collateral received for the loaned
securities in securities of the U.S. government or its agencies, repurchase
agreements collateralized by securities of the U.S. government or its agencies,
and affiliated and unaffiliated registered and unregistered money market funds.
For purposes of this paragraph, agencies include both agency debentures and
agency mortgage-backed securities. In addition, each Series will be able to
terminate the loan at any time and will receive reasonable interest on the
loan, as well as amounts equal to any dividends, interest or other
distributions on the loaned securities. However, dividend income received from
loaned securities may not be eligible to be taxed at qualified dividend income
rates.
J. Indemnitees; Contractual Obligations:
Under the Trust's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust.
In the normal course of business, the Trust enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Trust's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Trust
and/or its affiliates that have not yet occurred. However, based on experience,
the Trust expects the risk of loss to be remote.
K. In-Kind Redemptions:
In accordance with guidelines described in the Series' registration
statement, the Series may distribute portfolio securities rather than cash as
payment for a redemption of fund shares (in-kind redemption). For financial
reporting purposes, a Series recognizes a gain on in-kind redemptions to the
extent the value of the distributed securities on the date of redemption
exceeds the cost of those securities and a loss on in-kind redemptions to the
extent the cost of the distributed securities on the date of redemption exceeds
the value of those securities. Gains and losses realized on in-kind redemptions
are not recognized for tax purposes and are reclassified from undistributed
realized gain (loss) to paid-in capital.
253
During the six months ended April 30, 2015, the Series realized net gains
(losses) of in-kind redemptions as follows:
The Japanese Small Company Series....... $27,130
The Asia Pacific Small Company Series... 18,027
The United Kingdom Small Company Series. 42,293
The Continental Small Company Series.... 58,734
The Canadian Small Company Series....... 8,042
L. Other:
The Series are subject to claims and suits that arise from time to time in
the ordinary course of business (for example, in The Tribune Company
Bankruptcy, described below, certain creditors have filed actions against all
shareholders of The Tribune Company who tendered shares when the Tribune
Company went private in 2007 in a leveraged buyout transaction, seeking the
return of proceeds received by the shareholders). Although management currently
believes that resolving claims against us, individually or in aggregate, will
not have a material adverse impact on our financial position, our results of
operations, or our cash flows, these matters are subject to inherent
uncertainties and management's view of these matters may change in the future.
The U.S. Large Cap Value Series has been named as a defendant in a
multi-district litigation pending in the United States District Court for the
Southern District of New York (the "Court"), captioned In re Tribune Company
Fraudulent Conveyance Litigation, No. 11-MD-2296-RJS (the "Tribune MDL"). The
Tribune MDL arises from the 2007 leveraged buyout of The Tribune Company
("Tribune") (the "LBO") and Tribune's subsequent bankruptcy and reorganization.
In connection with the LBO, thousands of Tribune shareholders, including the
U.S. Large Cap Value Series, sold Tribune shares back to Tribune for $34 per
share. The Tribune MDL includes a series of lawsuits brought by individual
creditors of Tribune (the "Individual Creditor Actions") and a lawsuit brought
by a court-appointed trustee on behalf of the committee of unsecured creditors
of Tribune (the "Committee Action," and with the Individual Creditor Actions,
collectively referred to as the "Lawsuits"). The Lawsuits seek to unwind the
LBO stock repurchases as fraudulent transfers and recover the stock repurchase
proceeds paid to the Tribune shareholders who participated in the LBO. On
September 23, 2013, the Court entered an order dismissing the Individual
Creditor Actions in their entirety on the grounds that the individual creditor
plaintiffs lack standing to pursue their claims. The Court's dismissal order is
on appeal to the Second Circuit. Oral argument on the appeal was held on
November 5, 2014, and the parties await the Second Circuit's ruling. The
Committee Action remains pending, and a motion to dismiss on behalf of all
shareholder defendants in the Committee Action was filed on May 23, 2014. The
motion to dismiss is fully-briefed, and the parties await the scheduling of
oral argument on the motion. The Committee Action is stayed pending the
disposition of the motion to dismiss.
Litigation counsel to The U.S. Large Cap Value Series in the Lawsuits has
advised management that it does not believe that it is possible, at this early
stage in the proceedings, to predict with any reasonable certainty the probable
outcome of the Lawsuits or quantify the ultimate exposure to The U.S. Large Cap
Value Series arising from the Lawsuits. Until The U.S. Large Cap Value Series
can do so, no reduction of the net asset value of The U.S. Large Cap Value
Series will be made relating to the Lawsuits. However, even if the plaintiffs
in the Lawsuits were to obtain the full recovery they seek, the amount would be
less than 1% of The U.S. Large Cap Value Series' net asset value at this time.
The U.S. Large Cap Value Series also cannot quantify the cost of the
Lawsuits that could potentially be deducted from its net asset value.
Therefore, at this time, those buying or redeeming shares of The U.S. Large Cap
Value Series will pay or receive, as the case may be, a price based on net
asset value of The U.S. Large Cap Value Series, with no adjustment relating to
the Lawsuits. The attorneys' fees and costs relating to the Lawsuits will be
taken as expenses by The U.S. Large Cap Value Series as incurred and in a
manner similar to any other expense incurred by The U.S. Large Cap Value Series.
M. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the Series
and has determined that there are no subsequent events requiring recognition or
disclosure in the financial statements.
254
DIMENSIONAL EMERGING MARKETS VALUE FUND
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Tables are shown so that you can understand the impact
of fees on your investment. All mutual funds have operating expenses. As a
shareholder of the fund, you incur ongoing costs, which include costs for
portfolio management, administrative services, and shareholder reports, among
others. Operating expenses, legal and audit services, which are deducted from a
fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs, in dollars, of investing in the fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period shown and held
for the entire period.
The Expense Tables below illustrate your fund's costs in two ways.
Actual Fund Return
This section helps you to estimate the actual expenses after fee waivers
that you paid over the period. The "Ending Account Value" shown is derived
from the fund's actual return and "Expenses Paid During Period" reflect
the dollar amount that would have been paid by an investor who started
with $1,000 in the fund. You may use the information here, together with
the amount you invested, to estimate the expenses that you paid over the
period.
To do so, simply divide your account value by $1,000 (for example, a
$7,500 account value divided by $1,000 = 7.5), then multiply the result by
the number given for your fund under the heading "Expenses Paid During
Period."
Hypothetical Example for Comparison Purposes
This section is intended to help you compare your fund's costs with those
of other mutual funds. The hypothetical "Ending Account Value" and
"Expenses Paid During Period" are derived from the fund's actual expense
ratio and an assumed 5% annual return before expenses. In this case,
because the return used is not the fund's actual return, the results do
not apply to your investment. The example is useful in making comparisons
because the SEC requires all mutual funds to calculate expenses based on a
5% annual return. You can assess your fund's costs by comparing this
hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight and
help you compare ongoing costs only and do not reflect any transactional costs,
if applicable. The "Annualized Expense Ratio" represents the actual expenses
for the six-month period indicated.
Six Months Ended April 30, 2015
EXPENSE TABLES
Beginning Ending Expenses
Account Account Annualized Paid
Value Value Expense During
11/01/14 04/30/15 Ratio* Period*
--------- --------- ---------- --------
Dimensional Emerging Markets Value Fund
---------------------------------------
Actual Fund Return $1,000.00 $1,030.70 0.16% $0.81
Hypothetical 5% Annual Return $1,000.00 $1,024.00 0.16% $0.80
----------
* Expenses are equal to the fund's annualized expense ratio for the six-month
period, multiplied by the average account value over the period, multiplied
by the number of days in the most recent six-month period (181), then divided
by the number of days in the year (365) to reflect the six-month period.
255
DIMENSIONAL EMERGING MARKETS VALUE FUND
DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)
The SEC requires that all funds file a complete Schedule of Investments with
the SEC for their first and third fiscal quarters on Form N-Q. For the
Dimensional Emerging Markets Value Fund, this would be for the fiscal quarters
ending January 31 and July 31. The Form N-Q filing must be made within 60 days
of the end of the quarter. Dimensional Emerging Markets Value Fund filed its
most recent Form N-Q with the SEC on March 30, 2015. They are available upon
request, without charge, by calling collect: (512) 306-7400 or by mailing a
request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One,
Austin, Texas 78746, or by visiting the SEC's website at http://www.sec.gov, or
they may be reviewed and copied at the SEC's Public Reference Room in
Washington, D.C. (call 1-800-732-0330 for information on the operation of the
Public Reference Room).
SEC regulations permit a fund to include in its reports to shareholders a
"Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of
Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50
largest holdings in unaffiliated issuers and any investments that exceed one
percent of the fund's net assets at the end of the reporting period. The
amendments also require that the Summary Schedule of Portfolio Holdings
identify each category of investments that are held.
A fund is required to file a complete Schedule of Investments with the SEC
on Form N-CSR within ten days after mailing the annual and semi-annual reports
to shareholders. It will be available upon request, without charge, by calling
collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors
LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the
SEC's website at http://www.sec.gov, or they may be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. (call 1-800-732-0330 for
information on the operation of the Public Reference Room).
PORTFOLIO HOLDINGS
The SEC requires that all funds present their categories of portfolio
holdings in a table, chart or graph format in their annual and semi-annual
shareholder reports, whether or not a Schedule of Investments is utilized. The
following table, which presents portfolio holdings as a percent of total
investments before short-term investments and collateral for loaned securities,
is provided in compliance with such requirement.
The categories shown below represent broad industry sectors. Each industry
sector consists of one or more specific industry classifications.
Dimensional Emerging Markets Value Fund
Consumer Discretionary....................... 7.5%
Consumer Staples............................. 5.0%
Energy....................................... 11.3%
Financials................................... 35.2%
Health Care.................................. 0.3%
Industrials.................................. 11.8%
Information Technology....................... 7.9%
Materials.................................... 17.2%
Other........................................ --
Real Estate Investment Trusts................ --
Telecommunication Services................... 1.5%
Utilities.................................... 2.3%
-----
100.0%
256
DIMENSIONAL EMERGING MARKETS VALUE FUND
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
April 30, 2015
(Unaudited)
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
COMMON STOCKS -- (90.0%)
BRAZIL -- (5.3%)
Banco do Brasil SA.................................. 10,290,573 $ 90,919,216 0.5%
BM&FBovespa SA...................................... 27,909,603 114,956,496 0.6%
JBS SA.............................................. 20,523,530 105,854,945 0.6%
#* Petroleo Brasileiro SA ADR.......................... 18,793,125 178,534,687 0.9%
# Vale SA Sponsored ADR............................... 21,211,590 162,905,011 0.9%
Other Securities.................................... 452,518,870 2.2%
-------------- -----
TOTAL BRAZIL............................................ 1,105,689,225 5.7%
-------------- -----
CHILE -- (1.5%)
Enersis SA Sponsored ADR............................ 5,733,186 101,878,715 0.5%
Other Securities.................................... 210,606,403 1.1%
-------------- -----
TOTAL CHILE............................................. 312,485,118 1.6%
-------------- -----
CHINA -- (16.2%)
Agricultural Bank of China, Ltd. Class H............ 213,701,000 120,584,047 0.6%
Bank of China, Ltd. Class H......................... 645,684,898 442,425,220 2.3%
China Construction Bank Corp. Class H............... 542,030,940 526,168,114 2.7%
# China Petroleum & Chemical Corp. ADR................ 1,111,578 105,010,755 0.6%
# China Unicom Hong Kong, Ltd......................... 7,257,121 136,361,303 0.7%
Industrial & Commercial Bank of China, Ltd. Class H. 302,174,996 262,902,754 1.4%
Other Securities.................................... 1,774,823,930 9.1%
-------------- -----
TOTAL CHINA............................................. 3,368,276,123 17.4%
-------------- -----
COLOMBIA -- (0.2%)
Other Securities.................................... 33,660,713 0.2%
-------------- -----
CZECH REPUBLIC -- (0.2%)
Other Securities.................................... 49,374,494 0.3%
-------------- -----
GREECE -- (0.1%)
Other Securities.................................... 14,646,197 0.1%
-------------- -----
HUNGARY -- (0.4%)
OTP Bank P.L.C...................................... 3,610,341 79,832,596 0.4%
Other Securities.................................... 10,561,825 0.1%
-------------- -----
TOTAL HUNGARY........................................... 90,394,421 0.5%
-------------- -----
INDIA -- (8.1%)
ICICI Bank, Ltd. Sponsored ADR...................... 16,722,630 182,778,346 1.0%
Reliance Industries, Ltd............................ 21,052,676 286,408,617 1.5%
State Bank of India................................. 19,322,648 81,886,575 0.4%
Other Securities.................................... 1,141,919,240 5.8%
-------------- -----
TOTAL INDIA............................................. 1,692,992,778 8.7%
-------------- -----
INDONESIA -- (2.5%)
Other Securities.................................... 508,991,313 2.6%
-------------- -----
ISRAEL -- (0.0%)
Other Securities.................................... 2,636 0.0%
-------------- -----
MALAYSIA -- (3.6%)
Other Securities.................................... 748,363,794 3.9%
-------------- -----
MEXICO -- (5.6%)
Alfa S.A.B. de C.V. Class A......................... 43,462,954 88,246,058 0.5%
257
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
MEXICO -- (Continued)
#* Cemex S.A.B. de C.V. Sponsored ADR.................. 16,004,718 $ 153,965,388 0.8%
* Fomento Economico Mexicano S.A.B. de C.V. Sponsored
ADR................................................ 2,578,915 233,366,018 1.2%
Grupo Financiero Banorte S.A.B. de C.V.............. 21,988,996 124,736,170 0.7%
Other Securities.................................... 566,930,266 2.8%
-------------- -----
TOTAL MEXICO............................................ 1,167,243,900 6.0%
-------------- -----
PHILIPPINES -- (1.2%)
Other Securities.................................... 238,593,563 1.2%
-------------- -----
POLAND -- (2.0%)
KGHM Polska Miedz SA................................ 2,431,526 85,255,376 0.4%
PGE Polska Grupa Energetyczna SA.................... 14,474,839 83,290,331 0.4%
# Polski Koncern Naftowy Orlen SA..................... 5,251,604 99,736,203 0.5%
Other Securities.................................... 148,523,633 0.8%
-------------- -----
TOTAL POLAND............................................ 416,805,543 2.1%
-------------- -----
RUSSIA -- (2.1%)
Gazprom OAO Sponsored ADR........................... 67,242,144 393,968,225 2.0%
Other Securities.................................... 43,876,294 0.3%
-------------- -----
TOTAL RUSSIA............................................ 437,844,519 2.3%
-------------- -----
SOUTH AFRICA -- (7.6%)
Barclays Africa Group, Ltd.......................... 6,116,376 97,972,476 0.5%
Nedbank Group, Ltd.................................. 3,679,693 79,479,057 0.4%
Sanlam, Ltd......................................... 17,786,335 115,035,169 0.6%
Standard Bank Group, Ltd............................ 17,954,574 263,176,913 1.4%
# Steinhoff International Holdings, Ltd............... 28,369,200 180,010,416 0.9%
Other Securities.................................... 846,801,265 4.4%
-------------- -----
TOTAL SOUTH AFRICA...................................... 1,582,475,296 8.2%
-------------- -----
SOUTH KOREA -- (14.2%)
Hana Financial Group, Inc........................... 3,443,534 101,363,428 0.5%
Hyundai Motor Co.................................... 961,377 150,879,557 0.8%
Hyundai Steel Co.................................... 1,080,925 79,006,693 0.4%
# KB Financial Group, Inc............................. 1,995,076 76,080,838 0.4%
KB Financial Group, Inc. ADR........................ 3,089,746 117,812,015 0.6%
# LG Electronics, Inc................................. 1,776,548 99,900,359 0.5%
POSCO............................................... 644,929 151,921,785 0.8%
# POSCO ADR........................................... 1,589,142 93,886,509 0.5%
# Shinhan Financial Group Co., Ltd.................... 4,170,227 172,597,964 0.9%
SK Holdings Co., Ltd................................ 494,231 85,100,845 0.5%
Other Securities.................................... 1,822,659,100 9.3%
-------------- -----
TOTAL SOUTH KOREA....................................... 2,951,209,093 15.2%
-------------- -----
SPAIN -- (0.0%)
Other Securities.................................... 7,894,495 0.0%
-------------- -----
TAIWAN -- (14.7%)
# First Financial Holding Co., Ltd.................... 123,940,630 77,919,215 0.4%
Fubon Financial Holding Co., Ltd.................... 90,414,471 194,441,297 1.0%
# Mega Financial Holding Co., Ltd..................... 126,853,915 112,831,567 0.6%
# Pegatron Corp....................................... 27,193,998 80,560,869 0.4%
258
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Percentage
Shares Value++ of Net Assets**
------ ------- ---------------
TAIWAN -- (Continued)
# United Microelectronics Corp......... 213,043,681 $ 102,073,154 0.5%
Yuanta Financial Holding Co., Ltd.... 137,814,770 80,102,245 0.4%
Other Securities..................... 2,406,064,857 12.4%
--------------- ------
TOTAL TAIWAN............................... 3,053,993,204 15.7%
--------------- ------
THAILAND -- (2.8%)
PTT PCL.............................. 17,737,200 191,549,923 1.0%
Other Securities..................... 384,439,370 2.0%
--------------- ------
TOTAL THAILAND............................. 575,989,293 3.0%
--------------- ------
TURKEY -- (1.7%)
Other Securities..................... 354,921,470 1.8%
--------------- ------
TOTAL COMMON STOCKS........................ 18,711,847,188 96.5%
--------------- ------
PREFERRED STOCKS -- (3.1%)
BRAZIL -- (3.0%)
* Petroleo Brasileiro SA............... 19,497,904 84,451,334 0.4%
* Petroleo Brasileiro SA Sponsored ADR. 21,247,784 184,430,765 1.0%
Vale SA.............................. 29,350,500 176,807,307 0.9%
# Vale SA Sponsored ADR................ 14,557,802 88,074,702 0.5%
Other Securities..................... 102,454,963 0.4%
--------------- ------
TOTAL BRAZIL............................... 636,219,071 3.2%
--------------- ------
COLOMBIA -- (0.1%)
Other Securities..................... 13,404,081 0.1%
--------------- ------
TOTAL PREFERRED STOCKS..................... 649,623,152 3.3%
--------------- ------
RIGHTS/WARRANTS -- (0.0%)
BRAZIL -- (0.0%)
Other Securities..................... 397,773 0.0%
--------------- ------
CHINA -- (0.0%)
Other Securities..................... 129,259 0.0%
--------------- ------
INDONESIA -- (0.0%)
Other Securities..................... 823 0.0%
--------------- ------
MALAYSIA -- (0.0%)
Other Securities..................... 391,707 0.0%
--------------- ------
SOUTH AFRICA -- (0.0%)
Other Securities..................... 13,986 0.0%
--------------- ------
SOUTH KOREA -- (0.0%)
Other Securities..................... 74,142 0.0%
--------------- ------
THAILAND -- (0.0%)
Other Securities..................... 102,421 0.0%
--------------- ------
TOTAL RIGHTS/WARRANTS...................... 1,110,111 0.0%
--------------- ------
Value+
------
SECURITIES LENDING COLLATERAL -- (6.9%)
(S)@ DFA Short Term Investment Fund....... 123,477,584 1,428,635,642 7.4%
--------------- ------
TOTAL INVESTMENTS -- (100.0%)
(Cost $19,660,936,590)................. $20,791,216,093 107.2%
=============== ======
259
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Summary of the Fund's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value)
------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------- --------------- ------- ---------------
Common Stocks
Brazil...................... $1,105,689,225 -- -- $ 1,105,689,225
Chile....................... 312,485,118 -- -- 312,485,118
China....................... 268,610,292 $ 3,099,665,831 -- 3,368,276,123
Colombia.................... 33,660,713 -- -- 33,660,713
Czech Republic.............. -- 49,374,494 -- 49,374,494
Greece...................... -- 14,646,197 -- 14,646,197
Hungary..................... -- 90,394,421 -- 90,394,421
India....................... 211,860,211 1,481,132,567 -- 1,692,992,778
Indonesia................... 5,095,600 503,895,713 -- 508,991,313
Israel...................... -- 2,636 -- 2,636
Malaysia.................... -- 748,363,794 -- 748,363,794
Mexico...................... 1,167,059,786 184,114 -- 1,167,243,900
Philippines................. -- 238,593,563 -- 238,593,563
Poland...................... -- 416,805,543 -- 416,805,543
Russia...................... 598,052 437,246,467 -- 437,844,519
South Africa................ 198,279,924 1,384,195,372 -- 1,582,475,296
South Korea................. 333,553,733 2,617,655,360 -- 2,951,209,093
Spain....................... 7,894,495 -- -- 7,894,495
Taiwan...................... 46,897,764 3,007,095,440 -- 3,053,993,204
Thailand.................... 575,989,293 -- -- 575,989,293
Turkey...................... -- 354,921,470 -- 354,921,470
Preferred Stocks
Brazil...................... 636,219,071 -- -- 636,219,071
Colombia.................... 13,404,081 -- -- 13,404,081
Rights/Warrants
Brazil...................... -- 397,773 -- 397,773
China....................... -- 129,259 -- 129,259
Indonesia................... -- 823 -- 823
Malaysia.................... -- 391,707 -- 391,707
South Africa................ -- 13,986 -- 13,986
South Korea................. -- 74,142 -- 74,142
Thailand.................... -- 102,421 -- 102,421
Securities Lending Collateral -- 1,428,635,642 -- 1,428,635,642
-------------- --------------- -- ---------------
TOTAL......................... $4,917,297,358 $15,873,918,735 -- $20,791,216,093
============== =============== == ===============
See accompanying Notes to Financial Statements.
260
DIMENSIONAL EMERGING MARKETS VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
ASSETS:
Investments at Value (including $1,806,702 of securities on loan)*....... $19,362,580
Collateral from Securities on Loan Invested in Affiliate at Value & Cost. 1,428,636
Foreign Currencies at Value.............................................. 19,501
Receivables:
Investment Securities Sold............................................. 12,215
Dividends and Tax Reclaims............................................. 12,630
Securities Lending Income.............................................. 3,257
Unrealized Gain on Foreign Currency Contracts............................ 104
Prepaid Expenses and Other Assets........................................ 47
-----------
Total Assets........................................................ 20,838,970
-----------
LIABILITIES:
Payables:
Due to Custodian....................................................... 2,878
Upon Return of Securities Loaned....................................... 1,428,636
Investment Securities Purchased........................................ 4,560
Due to Advisor......................................................... 1,556
Line of Credit......................................................... 8,438
Unrealized Loss on Foreign Currency Contracts............................ 3
Accrued Expenses and Other Liabilities................................... 1,908
-----------
Total Liabilities................................................... 1,447,979
-----------
NET ASSETS............................................................... $19,390,991
===========
Investments at Cost...................................................... $18,232,301
===========
Foreign Currencies at Cost............................................... $ 19,613
===========
----------
* See Note H in the Notes to Financial Statements for additional securities
lending collateral.
See accompanying Notes to Financial Statements.
261
DIMENSIONAL EMERGING MARKETS VALUE FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2015
(Unaudited)
(Amounts in thousands)
Investment Income
Dividends (Net of Taxes Withheld of $17,478).................. $ 114,510
Interest...................................................... 3
Income from Securities Lending................................ 13,680
---------
Total Investment Income.................................... 128,193
---------
Expenses
Investment Advisory Services Fees............................. 8,927
Accounting & Transfer Agent Fees.............................. 474
Custodian Fees................................................ 4,265
Shareholders' Reports......................................... 22
Directors'/Trustees' Fees & Expenses.......................... 66
Professional Fees............................................. 250
Other......................................................... 122
---------
Total Expenses............................................. 14,126
---------
Fees Paid Indirectly (Note C)................................. (33)
---------
Net Expenses.................................................. 14,093
---------
Net Investment Income (Loss).................................. 114,100
---------
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold*................................. (353,324)
Foreign Currency Transactions............................... (2,577)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.................. 831,490
Translation of Foreign Currency Denominated Amounts......... 60
---------
Net Realized and Unrealized Gain (Loss)....................... 475,649
---------
Net Increase (Decrease) in Net Assets Resulting from Operations. $ 589,749
=========
----------
* Net of foreign capital gain taxes withheld of $ .
See accompanying Notes to Financial Statements.
262
DIMENSIONAL EMERGING MARKETS VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Six Months Year
Ended Ended
April 30, Oct. 31,
2015 2014
- ----------- -----------
(Unaudited)
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss).......................................... $ 114,100 $ 529,667
Net Realized Gain (Loss) on:
Investment Securities Sold*......................................... (353,324) (524,001)
Futures............................................................. -- 504
Foreign Currency Transactions....................................... (2,577) (4,551)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency.......................... 831,490 (181,244)
Translation of Foreign Currency Denominated Amounts................. 60 (31)
----------- -----------
Net Increase (Decrease) in Net Assets Resulting from Operations.... 589,749 (179,656)
----------- -----------
Transactions in Interest:
Contributions......................................................... 1,084,136 1,596,852
Withdrawals........................................................... (1,210,411) (1,916,965)
----------- -----------
Net Increase (Decrease) from Transactions in Interest.............. (126,275) (320,113)
----------- -----------
Total Increase (Decrease) in Net Assets............................ 463,474 (499,769)
Net Assets
Beginning of Period................................................... 18,927,517 19,427,286
----------- -----------
End of Period......................................................... $19,390,991 $18,927,517
=========== ===========
----------
* Net of foreign capital gain taxes withheld of $0 and $0, respectively.
See accompanying Notes to Financial Statements.
263
DIMENSIONAL EMERGING MARKETS VALUE FUND+
FINANCIAL HIGHLIGHTS
Dimensional Emerging Markets Value Fund
---------------------------------------------------------------------------------
Six Months Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31,
2015 2014 2013 2012 2011 2010
----------------------------------------------------------------------------------
(Unaudited)
---------------------------------------------------------------------------------------------------------------------------
Total Return............................ 3.07%(D) (1.09)% 8.43% 1.10% (14.47)% 30.55%
---------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Period (thousands)... $19,390,991 $18,927,517 $19,427,286 $16,884,322 $14,003,579 $11,917,955
Ratio of Expenses to Average Net Assets. 0.16%(E) 0.15% 0.16% 0.20% 0.20% 0.19%
Ratio of Expenses to Average Net Assets
(Excluding Fees Paid Indirectly)....... 0.16%(E) 0.15% 0.16% 0.20% 0.20% 0.19%
Ratio of Net Investment Income to
Average Net Assets..................... 1.28%(E) 2.76% 2.32% 2.43% 2.29% 1.81%
Portfolio Turnover Rate................. 7%(D) 12% 6% 8% 5% 15%
---------------------------------------------------------------------------------------------------------------------------
+ See Note A in the Notes to Financial Statements.
See accompanying Notes to Financial Statements.
264
DIMENSIONAL EMERGING MARKETS VALUE FUND
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
A. Organization:
Dimensional Emerging Markets Value Fund Inc. ("DEM I") was organized as a
closed-end management investment company registered under the Investment
Company Act of 1940, as amended. Effective November 21, 1997, DEM I was
reorganized as an open-end management investment company. On October 27, 2009,
the Board of Directors and shareholders of DEM I approved an Agreement and Plan
of Reorganization that provided for the reorganization of DEM I from a Maryland
corporation to a Delaware statutory trust. Effective October 30, 2009, DEM I
transferred all of its assets and liabilities to Dimensional Emerging Markets
Value Fund ("DEM II" or the "Fund"), a Delaware statutory trust, in a tax-free
exchange under Internal Revenue Code (the "IRC") (S)368(a)(1)(F).
Effective November 1, 2009, the Fund, a master fund in a master-feeder
structure, elected with the consent of its holder(s) to change its U.S. federal
income tax classification from that of an association taxable as a corporation
to a partnership pursuant to Treasury Regulation (S)301.7701-3. The Fund
maintains its books and records and present its financial statements in
accordance with generally accepted accounting principles for investment
partnerships.
B. Significant Accounting Policies:
The following significant accounting policies are in conformity with
accounting principles generally accepted in the United States of America. Such
policies are consistently followed by the Fund in preparation of its financial
statements. The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the fair
value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates and those differences could be material.
1. Security Valuation: The Fund utilizes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels described below:
. Level 1 - inputs are quoted prices in active markets for identical
securities (including equity securities, open-end investment companies,
futures contracts)
. Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
. Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
Securities held by the Fund, including over-the-counter securities, are
valued at the last quoted sale price at the close of the exchanges on which
they are principally traded (official closing price). International equity
securities are subject to a fair value factor, as described later in this note.
Securities held by the Fund that are listed on Nasdaq are valued at the Nasdaq
Official Closing Price ("NOCP"). If there is no last reported sale price or
NOCP for the day, the Fund values the securities at the mean of the most recent
quoted bid and asked prices. Price information on listed securities is taken
from the exchange where the security is primarily traded. Generally, securities
issued by open-end investment companies are valued using their respective net
asset values or public offering prices, as appropriate, for purchase orders
placed at the close of the New York Stock Exchange (NYSE). These securities are
generally categorized as Level 1 in the hierarchy.
Securities for which no market quotations are readily available (including
restricted securities), or for which market quotations have become unreliable,
are valued in good faith at fair value in accordance with procedures adopted by
the Board of Directors/Trustees. Fair value pricing may also be used if events
that have a significant effect on the value of an investment (as determined in
the discretion of Dimensional Fund Advisors LP) occur
265
before the net asset value is calculated. When fair value pricing is used, the
prices of securities used by the Fund may differ from the quoted or published
prices for the same securities on their primary markets or exchanges. These
securities are generally categorized as Level 2 in the hierarchy.
The Fund will also apply a fair value price in the circumstances described
below. Generally, trading in foreign securities markets is completed each day
at various times prior to the close of the NYSE. For example, trading in the
Japanese securities markets is completed each day at the close of the Tokyo
Stock Exchange (normally, 2:00 a.m. ET), which is fourteen hours before the
close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset
value of the Fund is computed. Due to the time differences between the closings
of the relevant foreign securities exchanges and the time the Fund prices its
shares at the close of the NYSE, the Fund will fair value its foreign
investments when it is determined that the market quotations for the foreign
investments are either unreliable or not readily available. The fair value
prices will attempt to reflect the impact of the U.S. financial markets'
perceptions and trading activities on the Fund's foreign investments since the
last closing prices of the foreign investments were calculated on their primary
foreign securities markets or exchanges. For these purposes, the Board of
Directors/Trustees of the Fund have determined that movements in relevant
indices or other appropriate market indicators, after the close of the Tokyo
Stock Exchange or the London Stock Exchange, demonstrate that market quotations
may be unreliable. Fair valuation of portfolio securities may occur on a daily
basis. The fair value pricing by the Fund utilizes data furnished by an
independent pricing service (and that data draws upon, among other information,
the market values of foreign investments). When the Fund uses fair value
pricing, the values assigned to the foreign investments may not be the quoted
or published prices of the investments on their primary markets or exchanges.
These securities are generally categorized as Level 2 in the hierarchy.
A summary of the inputs used to value the Fund's investments by each major
security type, industry and/or country is disclosed previously in this note. A
valuation hierarchy table has been included at the end of the Summary Schedule
of Portfolio Holdings. The inputs or methodology used for valuing securities
are not necessarily an indication of the risk associated with investing in
those securities.
Transfers between investment levels may occur as the markets fluctuate
and/or the availability of data used in an investment's valuation changes. The
Fund recognizes transfers between the levels as of the end of the period. As of
April 30, 2015, Dimensional Emerging Markets Value Fund had significant
transfers of securities with a total value of $1,118,549 (in thousands) that
transferred from Level 2 to Level 1 because fair value procedures were no
longer applied. At October 31, 2014, the fair market value of certain
securities were adjusted due to developments which occurred between the time of
the close of the foreign markets on which they trade and the close of business
on the NYSE which resulted in their Level 2 classification.
2. Foreign Currency Translation: Securities and other assets and
liabilities of the Fund whose values are initially expressed in foreign
currencies are translated to U.S. dollars using the mean between the most
recent bid and asked prices for the U.S. dollar as quoted by generally
recognized reliable sources. Dividend and interest income and certain expenses
are translated to U.S. dollars at the rate of exchange on their respective
accrual dates. Receivables and payables denominated in foreign currencies are
marked-to-market daily based on daily exchange rates and exchange gains or
losses are realized upon ultimate receipt or disbursement.
The Fund does not isolate the effect of fluctuations in foreign exchange
rates from the effect of fluctuations in the market prices of securities
whether realized or unrealized.
Realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from the disposition of foreign currencies,
currency gains or losses realized between the trade and settlement dates on
securities transactions, and the difference between amounts of interest,
dividends and any foreign withholding taxes recorded on the books of the Fund
and the U.S. dollar equivalent amounts actually received or paid.
3. Deferred Compensation Plan: Each eligible Director/Trustee of the Fund
may elect participation in The Fee Deferral Plan for Independent Directors and
Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such
Directors/Trustees may defer payment of all or a portion of their total fees
earned as a Director/Trustee. These deferred amounts may be treated as though
such amounts had been invested in shares of the following funds: U.S. Large Cap
Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio;
U.S. Vector Equity
266
Portfolio; U.S. Micro Cap Portfolio; DFA International Value Portfolio;
International Core Equity Portfolio; Emerging Markets Portfolio; Emerging
Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income
Portfolio. Contributions made under the Plan and the change in unrealized
appreciation (depreciation) and income are included in Directors'/Trustees'
Fees & Expenses. At April 30, 2015, the total liability for deferred
compensation to Directors is included in Accrued Expenses and Other Liabilities
on the Statement of Assets and Liabilities in the amount of $473 (in thousands).
Each Director/Trustee has the option to receive their distribution of
proceeds in one of the following methods: lump sum; annual installments over a
period of agreed upon years; or quarterly installments over a period of agreed
upon years. Each Director/Trustee shall have the right in a notice of election
(the "Notice") to defer the receipt of the Director's/Trustee's deferred
compensation until a date specified by such Director/Trustee in the Notice,
which date may not be sooner than the earlier of: (i) the first business day of
January following the year in which such Director/Trustee ceases to be a member
of the Board; and (ii) five years following the effective date of the
Director's/Trustee's first deferral election. If a Director/Trustee who elects
to defer fees fails to designate in the Notice a time or date as of which
payment of the Director's/Trustee's deferred fee account shall commence,
payment of such amount shall commence as of the first business day of January
following the year in which the Director/Trustee ceases to be a member of the
Board (unless the Director/Trustee files an amended Notice selecting a
different distribution date). As of April 30, 2015, none of the
Directors/Trustees have requested or received a distribution of proceeds of a
deferred fee account.
4. Other: Security transactions are accounted for as of the trade date.
Costs used in determining realized gains and losses on the sale of investment
securities and foreign currency are on the basis of identified cost. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
Distributions received on securities that represent a return of capital or
capital gains are recorded as a reduction of cost of investments or as a
realized gain, respectively. The Fund estimates the character of distributions
received that may be considered return of capital distributions. Interest
income is recorded on an accrual basis. Expenses directly attributable to the
Fund are directly charged.
The Fund 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 or throughout the
holding period. Some countries require governmental approval for the
repatriation of investment income, capital or the proceeds of sales earned by
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 capital remittances abroad.
The Fund's investments in Chile are subject to governmental taxes on
investment income. Such taxes are due when currencies are repatriated from the
country. The Fund accrues for taxes on income as the income is earned.
The Fund is subject to a 15% tax on short-term capital gains for investments
in India. Such taxes are due upon sale of individual securities. The capital
gains taxes are recognized when the capital gains are earned.
C. Investment Advisor:
The Advisor, Dimensional Fund Advisors LP, provides investment advisory
services to the Fund. For the six months ended April 30, 2015, the Fund's
investment advisory services fees were accrued daily and paid monthly to the
Advisor based on an effective annual rate of 0.10% of average daily net assets.
Earned Income Credit:
In addition, the Fund has entered into an arrangement with its custodian
whereby net interest earned on uninvested cash balances was used to reduce a
portion of the Fund's custody expense. Custody expense in the accompanying
financial statements is presented before reduction for credits. During the six
months ended April 30, 2015, expenses reduced were $33 (amount in thousands).
267
Fees Paid to Officers and Directors/Trustees:
Certain Officers and Directors/Trustees of the Advisor are also Officers and
Directors/Trustees of the Fund; however, such Officers and Directors/Trustees
(with the exception of the Chief Compliance Officer ("CCO")) receive no
compensation from the Fund. For the six months ended April 30, 2015, the total
related amounts paid by the Fund to the CCO were $10 (in thousands). The total
related amounts paid by the Fund are included in Other Expenses on the
Statement of Operations.
D. Purchases and Sales of Securities:
For the six months ended April 30, 2015, the Fund made the following
purchases and sales of investment securities, other than short-term securities
and U.S. government securities (amounts in thousands):
Purchases Sales
---------- ----------
Dimensional Emerging Markets Value Fund. $1,396,528 $1,318,110
There were no purchases or sales of long-term U.S. government securities.
E. Federal Income Taxes:
No provision for federal income taxes is required since the Fund is treated
as a partnership for federal income tax purposes. Any net investment income and
realized and unrealized gains and losses have been deemed to have been "passed
down" to their respective partners.
At April 30, 2015, the total cost and aggregate gross unrealized
appreciation (depreciation) of securities for federal income tax purposes were
different from amounts reported for financial reporting purposes, as follows
(amounts in thousands):
Net
Unrealized
Federal Unrealized Unrealized Appreciation
Tax Cost Appreciation Depreciation (Depreciation)
----------- ------------ ------------ --------------
Dimensional Emerging Markets Value Fund. $19,834,614 $4,193,084 $(3,236,482) $956,602
The difference between book basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales and investments in passive foreign investment companies.
Accounting for Uncertainty in Income Taxes sets forth a minimum threshold
for financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has analyzed the Fund's tax
positions and has concluded that no additional provision for income tax is
required in the Fund's financial statements. The Fund is not aware of any tax
positions for which it is more likely than not that the total amounts of
unrecognized tax benefits will significantly change in the next twelve months.
The Fund's federal tax returns for the prior three fiscal years remain subject
to examination by the Internal Revenue Service.
F. Financial Instruments:
In accordance with the Fund's investment objective and policies, the Fund
may invest in certain financial instruments that have off-balance sheet risk in
excess of the amounts recognized in the financial statements and concentrations
of credit and market risk. These instruments and their significant
corresponding risks are described below:
1. Foreign Market Risks: Investments in foreign markets may involve
certain considerations and risks not typically associated with investments in
the United States of America, including the possibility of future political and
economic developments and the level of foreign governmental supervision and
regulation of foreign securities markets. These markets are generally smaller,
less liquid and more volatile than the major securities markets in the United
States of America. Consequently, acquisition and disposition of securities held
by the Fund may be inhibited.
268
G. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered
into a $500 million uncommitted, unsecured discretionary line of credit
effective April 1, 2015 with its domestic custodian bank. Each portfolio is
permitted to borrow, subject to its investment limitations, up to a maximum of
$500 million, as long as total borrowings under the line of credit do not
exceed $500 million in the aggregate. Borrowings under the line of credit are
charged interest at rates agreed upon by the parties at the time of borrowing.
Each portfolio is individually, and not jointly, liable for its particular
advances under the line of credit. There is no commitment fee on the unused
portion of the line of credit. The agreement for the discretionary line of
credit may be terminated by either party at any time. The agreement for the
line of credit expires on March 30, 2016.
The Fund, together with other Dimensional-advised portfolios, has also
entered into an additional $500 million unsecured line of credit with its
international custodian bank. Each portfolio is permitted to borrow, subject to
its investment limitations, up to a maximum of $500 million, as long as total
borrowings under the line of credit do not exceed $500 million in the
aggregate. Each portfolio is individually, and not jointly, liable for its
particular advances under the line of credit. Borrowings under the line of
credit are charged interest at rates agreed upon by the parties at the time of
borrowing. There is no commitment fee on the unused portion of the line of
credit. The line of credit agreement expires on January 8, 2016.
For the six months ended April 30, 2015, borrowings by the Fund under the
lines of credit were as follows (amounts in thousands, except percentages and
days):
Weighted Weighted Number of Interest Maximum Amount
Average Average Days Expense Borrowed During
Interest Rate Loan Balance Outstanding* Incurred the Period
------------- ------------ ------------ -------- ---------------
Dimensional Emerging Markets Value
Fund............................. 0.87% $19,936 30 $14 $49,874
* Number of Days Outstanding represents the total of single or consecutive days
during the six months ended April 30, 2015, that the Fund's available line of
credit was utilized.
At April 30, 2015, Dimensional Emerging Markets Value Fund had loans
outstanding in the amount of $8,438 (in thousands).
Pursuant to a recently obtained exemptive order issued by the SEC (the
"Order"), the Fund may participate in an interfund lending program among
certain portfolios managed by the Advisor (portfolios that operate as feeder
funds do not participate in the program). The program allows the participating
portfolios to borrow money from and loan money to each other for temporary or
emergency purposes, subject to the conditions in the Order. A loan can only be
made through the program if the interfund loan rate on that day is more
favorable to both the borrowing and lending portfolios as compared to rates
available through short-term bank loans or investments in overnight repurchase
agreements and money market funds, respectively, as detailed in the Order.
Further, a portfolio may participate in the program only if and to the extent
that such participation is consistent with its investment objectives and
limitations. Interfund loans have a maximum duration of seven days and may be
called on one business day's notice. The Fund had no interfund loans through
the program during the period and there were no outstanding loans as of April
30, 2015.
H. Securities Lending:
As of April 30, 2015, the Fund had securities on loan to brokers/dealers,
for which the Fund received cash collateral. In addition, the Fund received
non-cash collateral consisting of short and/or long term U.S. Treasury
securities with a market value of $533,516 (in thousands). The Fund invests the
cash collateral, as described below, and records a liability for the return of
the collateral, during the period the securities are on loan. Loans of
securities are expected at all times to be secured by collateral equal to at
least (i) 100% of the current market value of the loaned securities with
respect to securities of the U.S. government or its agencies, (ii) 102% of the
current market value of the loaned securities with respect to U.S. securities,
and (iii) 105% of the current market value of the loaned securities with
respect to foreign securities. However, daily market fluctuations could cause
the Fund's collateral to be lower or higher than the expected thresholds. If
this were to occur, the collateral would be adjusted the next business day to
ensure adequate collateralization. In the event of default or bankruptcy by the
other party
269
to the agreement, realization and/or retention of the collateral may be subject
to legal proceedings. If 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 Fund or, at the option of the lending agent, to replace
the securities. In the event of the bankruptcy of the borrower, the Fund could
experience delay in recovering the loaned securities or only recover cash or a
security of equivalent value.
Subject to its stated investment policy, the Fund will generally invest the
cash collateral received for the loaned securities in The DFA Short Term
Investment Fund (the "Money Market Series"), an affiliated registered money
market fund advised by the Advisor for which the Advisor receives a management
fee of 0.05% of the average daily net assets of the Money Market Series. The
Fund also may invest the cash collateral received for the loaned securities in
securities of the U.S. government or its agencies, repurchase agreements
collateralized by securities of the U.S. government or its agencies, and
affiliated and unaffiliated registered and unregistered money market funds. For
purposes of this paragraph, agencies include both agency debentures and agency
mortgage-backed securities. In addition, the Fund will be able to terminate the
loan at any time and will receive reasonable interest on the loan, as well as
amounts equal to any dividends, interest or other distributions on the loaned
securities. However, dividend income received from loaned securities may not be
eligible to be taxed at qualified dividend income rates.
I. Indemnitees; Contractual Obligations:
Under the Fund's organizational documents, its officers and directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Fund.
In the normal course of business, the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnification. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Fund
and/or its affiliates that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.
J. Subsequent Event Evaluations:
Management has evaluated the impact of all subsequent events on the Fund and
has determined that there are no subsequent events requiring recognition or
disclosure in the financial statements.
270
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Fund uses in voting
proxies relating to securities held in the portfolio is available (1) without
charge, upon request, by calling collect: (512) 306-7400; (2) from the
Advisor's website at http://us.dimensional.com; and (3) on the SEC's website at
http://www.sec.gov. Information regarding how the Advisor votes these proxies
is available from the EDGAR database on the SEC's website at http://www.sec.gov
and from the Advisor's website at http://us.dimensional.com and reflects the
twelve-month period beginning July 1st and ending June 30th.
271
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
At the Board meeting held on December 11-12, 2014 (the "Meeting"), the
Boards of Directors of DFA Investment Dimensions Group Inc. and Dimensional
Investment Group Inc., and the Boards of Trustees of The DFA Investment Trust
Company and Dimensional Emerging Markets Value Fund (together, the "Board")
considered the continuation of the existing investment advisory/management
agreements for each portfolio or series (collectively, the "Funds") and, if
applicable, a Fund's sub-advisory agreements. For certain Funds, Dimensional
Fund Advisors Ltd. or DFA Australia Limited serves as a sub-advisor. (The
existing investment advisory/management agreements and the sub-advisory
agreements are referred to as the "Current Advisory Agreements," and the
Advisor and sub-advisors are referred to as the "Advisor.")
Prior to the Meeting, independent counsel to the Independent Board Members
sent to the Advisor a request for information, which identified the information
that the Independent Board Members wished to receive in order to consider the
continuation of the Current Advisory Agreements. The Independent Board Members
met with their independent counsel in advance of the Meeting to discuss the
materials provided by the Advisor, the independent reports prepared by
Morningstar Associates, LLC (the "Morningstar Reports"), and issues related to
the continuation of the Current Advisory Agreements. Also in advance of the
Meeting, management provided additional materials to address and respond to
questions that the Independent Board Members posed after their review and
analysis of materials provided by the Advisor and the Morningstar Reports.
At the Meeting, the Board considered a number of factors when considering
the continuation of each Current Advisory Agreement for a Fund, including:
(i) the nature, extent and quality of services provided by the Advisor to each
Fund; (ii) the performance of each Fund and the Advisor; (iii) the fees and
expenses borne by each Fund; (iv) the profitability realized by the Advisor
from the relationship with each Fund; and (v) whether economies of scale are
realized by the Advisor with respect to each Fund as it grows larger, and the
extent to which this is reflected in the level of the advisory fee charged.
When considering the nature and quality of the services provided by the
Advisor to a Fund, the Board reviewed: (a) the scope and depth of the Advisor's
organization; (b) the experience and expertise of its investment professionals
currently providing management services to the Fund; and (c) the Advisor's
investment advisory capabilities. The Board evaluated the Advisor's portfolio
management process and discussed the unique features of the Advisor's
investment approach. The Board also considered the nature and character of
non-investment management services provided by the Advisor. After analyzing the
caliber of services provided by the Advisor to each Fund, both quantitatively
and qualitatively, including the impact of these services on investment
performance, the Board concluded that the nature, extent and quality of
services provided to each Fund were consistent with the operational
requirements of the Fund and met the needs of the shareholders of the Fund.
In considering the performance of each Fund, the Board analyzed the
Morningstar Reports, which compared the performance of each Fund with other
funds in its respective peer group and investment category. The Board also
reviewed the performance analysis prepared by the Advisor, which presented the
performance of each Fund and its benchmark index, over multiple performance
periods, along with the Advisor's explanation of the performance. The Board
concluded that the Advisor's explanations provided a sound basis for
understanding the comparative performance of the Funds. The Board determined,
among other things, that after considering each Fund's investment strategies
and the expectations of its shareholder base, the performance of each Fund was
reasonable as compared with relevant performance standards and appropriate
market indexes.
When considering the fees and expenses borne by each Fund, and considering
the reasonableness of the management fees paid to the Advisor in light of the
services provided to the Fund and any additional benefits received by the
Advisor in connection with providing such services, the Board compared the fees
charged by the Advisor to the Fund to the fees charged to the funds in its peer
group for comparable services as provided in the Morningstar Reports. The Board
concluded that the advisory fees and total expenses of each Fund over various
periods were favorable in relation to those of its peer funds, and that the
advisory fees were fair, both on an absolute basis and in comparison with the
fees of other funds identified in the peer groups and the industry at large.
272
The Board considered the profitability of each Fund to the Advisor by
reviewing the profitability analysis provided by the Advisor, including
information about its fee revenues and income. The Board reviewed the overall
profitability of the Advisor, and the compensation that it received for
providing services to each Fund, including administrative fees paid by the
Feeder Funds. The Board considered the profitability to the Advisor of managing
and servicing the Funds and the Advisor's unregistered clients, such as
collective trusts, group trusts and separate accounts. Upon closely examining
the Advisor's profitability, the Board concluded, among other things, that it
was reasonable.
The Board also discussed whether economies of scale are realized by the
Advisor with respect to each Fund as it grows larger, and the extent to which
this is reflected in the level of advisory fees charged. For several reasons,
the Board concluded that economies of scale and the reflection of such
economies of scale in the level of advisory fees charged were inapplicable to
each Fund at the present time, due to the current level of fees and expenses
and the profitability of the Fund.
After full consideration of the factors discussed above, with no single
factor identified as being of paramount importance, the Board, including the
Independent Board Members, with the assistance of independent counsel,
concluded that the continuation of the Current Advisory Agreement for each Fund
was in the best interests of the Fund and its shareholders.
In addition, at the Meeting, the Board considered the approval of updated
Investment Management Agreements (the "Updated Investment Management
Agreements") with Dimensional Fund Advisors LP for each Fund (including the
non-Feeder Funds, Feeder Funds, and Master Funds) and the replacement of such
Funds' Current Advisory Agreements with Dimensional Fund Advisors LP, as
applicable with the Updated Investment Management Agreements.
Prior to the Meeting, the Updated Investment Management Agreements, and
matters relating to the possible replacement of the Current Advisory Agreements
by the Updated Investment Management Agreements were discussed at regularly
scheduled Board meetings held on September 29-30, 2014 (the "September
Meeting") and on November 3, 2014 (the "November Meeting"). In connection with
these discussions, independent counsel to the Independent Board Members sent to
the Advisor a request for information that would be relevant to the Board's
consideration of the Updated Investment Management Agreements. The Independent
Board Members met with their independent counsel in advance of each Board
meeting to discuss the materials provided by the Advisor which included, in the
case of the November and December Board Meetings, Morningstar Reports and
matters related to the replacement of the Current Advisory Agreements by the
Updated Investment Management Agreements. Also, in advance of the Meeting,
management provided additional materials to the Independent Board Members that
were intended to address and respond to questions that the Independent Board
Members had posed after their review and analysis of materials provided by the
Advisor and the Morningstar Reports.
At the Meeting, the Board evaluated a variety of factors when considering
the approval of the Updated Investment Management Agreement for each Fund,
including: (i) the Advisor's rationale for recommending the approval of the
Updated Investment Management Agreement for the Fund; (ii) the nature, extent
and quality of services to be provided by the Advisor to the Fund, including
the resources of the Advisor to be dedicated to the Fund; (iii) the performance
of the Fund and the Advisor; (iv) the fees and expenses to be borne by the
Fund; (v) the profitability realized by the Advisor from its relationship with
the Fund; (vi) whether economies of scale will be realized by the Advisor with
respect to the Fund as the Fund grows larger, and the extent to which the
economies of scale are reflected in the level of the advisory fees charged;
(vii) comparisons of amounts to be paid under other advisory contracts; and
(viii) any benefits to be derived by the Advisor from its relationship with the
Fund.
When considering the nature, extent and quality of the services to be
provided by the Advisor to each Fund and the resources of the Advisor to be
dedicated to the Fund, the Board reviewed: (i) the Advisor's rationale in
proposing the implementation of the Updated Investment Management Agreement for
the Fund; (ii) the scope and depth of the Advisor's organization; (iii) the
experience and expertise of the Advisor's investment professionals that would
be providing services under the Updated Investment Management Agreement for the
Fund; and (iv) the Advisor's investment advisory capabilities. The Board
evaluated the Advisor's portfolio management and trading processes, and
discussed the experience of the Advisor in providing the services under the
Current Advisory
273
Agreement. The Board discussed the unique features of the Advisor's investment
approach. The Board also considered the nature and character of non-investment
management services provided by the Advisor.
With respect to the nature of both the investment management and
non-investment management services provided by the Advisor, the Board
considered the Advisor's belief that the Updated Investment Management
Agreements are more transparent and better reflect the current relationship
between the Advisor and each Fund than the Current Advisory Agreements, by
providing a more complete list of services associated with the investment
management relationship with the Advisor. The Board considered the Advisor's
explanation that the Current Advisory Agreements were comparatively older
contracts, and as a result, in some cases, did not address significant
developments and trends in the investment company industry. The Board noted
that the Updated Investment Management Agreements, unlike the Current Advisory
Agreements and administration agreements (if applicable), contain a uniform
description of the full complement of both investment advisory and
non-investment advisory services (e.g., administration services) that the
Advisor will provide to each Fund. The Board also noted that, in addition to
expressly detailing all of the services that the Advisor provides to a Fund,
the Updated Investment Management Agreements, unlike the Current Advisory
Agreements, include a provision that explicitly lists the expenses that the
Fund is responsible for paying, and that some of these expenses, like trade
administration oversight services, had not been previously allocated to the
Funds. The Board further noted that while the Updated Investment Management
Agreements provided that the costs of additional services provided to the Funds
by the Advisor could be allocated to the Funds on a case by case basis, such an
allocation was subject to Board approval. The Board also considered that, in
connection with a proposal to allocate the cost of additional services to the
Funds, and on at least a yearly basis, the Advisor will prepare for the
Independent Board Members, a cost and expense allocation analysis.
With regard to the Feeder Funds' Updated Investment Management Agreements
and the related changes that will allow the Advisor to purchase securities
directly for a Feeder Fund instead of, or in addition to, the Feeder Fund
investing its assets in the shares of a corresponding Master Fund, the Board
considered the Advisor's desire to modernize the structure of the Feeder Funds
by adopting a structure that allows the Advisor to manage the Feeder Funds'
holdings through direct investment in portfolio securities and/or through
investment in underlying Funds, such as the Master Funds, and the Advisor's
belief that the ability to invest in securities directly and/or through
investment in one or more underlying Funds will (i) provide greater investment
flexibility and (ii) allow the Advisor to determine the most efficient means to
meet a Feeder Fund's investment objective. The Board also noted that for any
period when a Feeder Fund is invested both directly in securities and in the
Feeder Fund's Master Fund or any other underlying fund, the Feeder Fund will be
subject to direct investment management fees and to indirect investment
management fees through its investment in any underlying Funds. The Board
further noted that the Advisor had committed to waive the Feeder Fund's direct
investment management fee to the extent necessary to offset the proportionate
share of any underlying Fund's investment management fee paid by the Feeder
Fund through its investment in such underlying Fund in order to prevent the
Feeder Fund from being subject to a higher level of investment management fees.
After analyzing the caliber of services proposed to be provided by the
Advisor to each Fund, both quantitatively and qualitatively, the Board
concluded that the nature, extent, and quality of services to be provided to
each Fund were consistent with the operational requirements of the Fund and met
the needs of the shareholders of the Fund.
In considering the performance of each Fund, the Board analyzed the
Morningstar Reports, which compared the performance of each Fund with other
funds in its respective peer group and investment category. The Board also
reviewed the performance analysis prepared by the Advisor, which presented the
performance of each Fund and its benchmark index, over multiple performance
periods, along with the Advisor's explanation of the performance. The Board
concluded that the Advisor's explanations provided a sound basis for
understanding the comparative performance of each Fund. The Board determined,
among other things, that after considering each Fund's investment strategies
and the expectations of its shareholder base, the performance of the Fund was
reasonable as compared with relevant performance standards and appropriate
market indices.
When considering the fees and expenses borne by each Fund, and considering
the reasonableness of the management fees paid to the Advisor in light of the
services provided to the Fund and any additional benefits received by the
Advisor in connection with providing such services, the Board compared the fees
charged by the
274
Advisor to the Fund to the fees charged to the mutual funds in the Fund's peer
group for comparable services as provided in the Morningstar Reports. The Board
also considered comparisons provided by the Advisor of amounts to be paid under
other advisory contracts. The Board concluded that the advisory fees and total
expenses of each Fund over various periods were favorable in relation to those
of the Fund's peer funds, and that the advisory fees were fair, both on an
absolute basis and in comparison with the fees of other funds identified in the
peer groups and the industry at large.
The Board further noted that the fees and expenses of each Fund would not
materially change as a result of the approval and implementation of the Updated
Investment Management Agreement for the Fund. In particular, the Board noted
that the rate charged under the Updated Investment Management Agreement for
investment management services to each non-Feeder Fund is equal to the rate
charged under each non-Feeder Fund's Current Advisory Agreement with the
Advisor. The Board further noted that it is expected that the assumption of any
new additional expenses allocated to a Fund as a result of the approval of an
Updated Investment Management Agreement was not expected to increase the total
annual operating expense ratio of the Fund, based on a comparison of the Fund's
historical total annual operating expense ratio to the estimated total annual
operating expense ratio of the Fund assuming the Updated Investment Management
Agreement had been in effect during the same period, i.e. the last fiscal year.
Similarly, the Board noted that, with respect to each Feeder Fund, the total
aggregate management fees paid by the Feeder Fund will not increase with the
approval of the Updated Investment Management Agreement so long as the fee
waiver, discussed above, is in place. As noted previously, the Advisor has
committed to making such fee waiver permanent for any Feeder Fund that adopts
the Updated Investment Management Agreement. The Board did note, however, that
a Feeder Funds may see a slight increase in its total annual operating expenses
when the Feeder Fund begins to invest in securities directly due to the
expenses associated with the custody of the Feeder Fund's securities.
The Board considered the profitability of each Fund to the Advisor by
reviewing the profitability analysis provided by the Advisor, including
information about its fee revenues and income. The Board reviewed the overall
profitability of the Advisor, and the compensation that it received for
providing both investment advisory and where applicable, administrative
services to each Fund. The Board considered the profitability to the Advisor of
managing and servicing the Funds and the Advisor's unregistered clients, such
as collective trusts, group trusts and separate accounts. Upon closely
examining the Advisor's profitability, the Board concluded, among other things,
that it was reasonable.
The Board also discussed whether economies of scale are realized by the
Advisor with respect to each Fund as it grows larger, and the extent to which
this is reflected in the level of advisory fees charged. For several reasons,
the Board concluded that economies of scale and the reflection of such
economies of scale in the level of advisory fees charged were inapplicable to
each Fund at the present time, due to the current level of fees and expenses
and the profitability of the Fund.
After full consideration of the factors discussed above, with no single
factor identified as being determinative, the Board, including the Independent
Board Members, with the assistance of independent counsel, concluded that the
approval of the Updated Investment Management Agreement for each Fund was in
the best interests of the Fund and its shareholders. The Updated Investment
Management Agreements were submitted for approval at a shareholder meeting.
275
DFA043015-001S
[LOGO] 00147356
ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
This item is not applicable to the Registrant because it is not a listed issuer.
ITEM 6. INVESTMENTS.
(a) The Registrant's schedule of investments is provided below.
DIMENSIONAL EMERGING MARKETS VALUE FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2015
(UNAUDITED)
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
COMMON STOCKS -- (90.0%)
BRAZIL -- (5.3%)
Aliansce Shopping Centers SA............................................... 186,500 $ 1,053,529 0.0%
Banco Alfa de Investimento SA.............................................. 76,600 156,355 0.0%
Banco do Brasil SA......................................................... 10,290,573 90,919,216 0.5%
Bematech SA................................................................ 885,700 2,866,153 0.0%
* BHG SA - Brazil Hospitality Group.......................................... 231,914 1,462,476 0.0%
BM&FBovespa SA............................................................. 27,909,603 114,956,496 0.6%
Brasil Brokers Participacoes SA............................................ 1,034,500 944,216 0.0%
* BrasilAgro - Co. Brasileira de Propriedades Agricolas...................... 14,300 44,519 0.0%
# Braskem SA Sponsored ADR................................................... 611,420 5,074,786 0.0%
Cia de Locacao das Americas................................................ 42,900 52,540 0.0%
* Cia Providencia Industria e Comercio SA.................................... 359,200 1,019,320 0.0%
Cia Siderurgica Nacional SA................................................ 5,153,829 13,804,212 0.1%
Contax Participacoes SA.................................................... 47,200 122,976 0.0%
Cosan SA Industria e Comercio.............................................. 1,694,051 16,586,569 0.1%
CR2 Empreendimentos Imobiliarios SA........................................ 91,200 72,344 0.0%
Cyrela Brazil Realty SA Empreendimentos e Participacoes.................... 3,517,767 13,695,351 0.1%
Direcional Engenharia SA................................................... 1,352,661 2,864,295 0.0%
Duratex SA................................................................. 2,071,160 5,836,190 0.0%
Embraer SA................................................................. 89,400 697,290 0.0%
Eternit SA................................................................. 184,902 196,381 0.0%
Even Construtora e Incorporadora SA........................................ 6,365,639 10,479,288 0.1%
Ez Tec Empreendimentos e Participacoes SA.................................. 696,412 4,426,323 0.0%
* Fertilizantes Heringer SA.................................................. 153,013 182,826 0.0%
* Fibria Celulose SA......................................................... 2,698,405 37,839,198 0.2%
#* Fibria Celulose SA Sponsored ADR........................................... 3,998,279 56,015,889 0.3%
* Forjas Taurus SA........................................................... 26,164 31,305 0.0%
# Gafisa SA ADR.............................................................. 2,278,791 4,010,672 0.0%
* General Shopping Brasil SA................................................. 27,230 48,351 0.0%
Gerdau SA.................................................................. 2,011,163 5,206,549 0.0%
Gerdau SA Sponsored ADR.................................................... 13,931,516 46,809,894 0.3%
Guararapes Confeccoes SA................................................... 37,900 1,025,191 0.0%
Helbor Empreendimentos SA.................................................. 1,106,289 1,167,626 0.0%
* Hypermarcas SA............................................................. 3,024,666 19,957,304 0.1%
Industrias Romi SA......................................................... 513,100 408,716 0.0%
International Meal Co. Alimentacao SA...................................... 204,600 509,302 0.0%
Iochpe-Maxion SA........................................................... 694,758 2,536,497 0.0%
JBS SA..................................................................... 20,523,530 105,854,945 0.6%
JHSF Participacoes SA...................................................... 1,117,774 697,461 0.0%
Kepler Weber SA............................................................ 10,600 114,727 0.0%
Klabin SA.................................................................. 2,345,749 14,387,707 0.1%
Kroton Educacional SA...................................................... 4,963,220 18,120,254 0.1%
* Log-in Logistica Intermodal SA............................................. 775,000 763,952 0.0%
LPS Brasil Consultoria de Imoveis SA....................................... 90,400 169,822 0.0%
Magnesita Refratarios SA................................................... 3,289,766 3,221,032 0.0%
Mahle-Metal Leve SA........................................................ 48,900 329,468 0.0%
* Marfrig Global Foods SA.................................................... 6,354,144 8,941,924 0.1%
Mills Estruturas e Servicos de Engenharia SA............................... 264,546 646,230 0.0%
MRV Engenharia e Participacoes SA.......................................... 7,220,624 19,771,370 0.1%
* Paranapanema SA............................................................ 3,970,243 5,073,246 0.0%
* PDG Realty SA Empreendimentos e Participacoes.............................. 15,506,519 2,676,244 0.0%
* Petroleo Brasileiro SA..................................................... 5,699,908 26,958,193 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
------------- -------------- ---------------
BRAZIL -- (Continued)
#* Petroleo Brasileiro SA ADR................................................. 18,793,125 $ 178,534,687 0.9%
Porto Seguro SA............................................................ 655,804 8,203,672 0.1%
Profarma Distribuidora de Produtos Farmaceuticos SA........................ 109,425 290,183 0.0%
QGEP Participacoes SA...................................................... 1,260,766 3,037,940 0.0%
Rodobens Negocios Imobiliarios SA.......................................... 333,416 829,957 0.0%
* Rossi Residencial SA....................................................... 1,000,537 763,782 0.0%
* Rumo Logistica Operadora Multimodal SA..................................... 4,304,691 1,857,348 0.0%
Santos Brasil Participacoes SA............................................. 107,900 403,602 0.0%
Sao Carlos Empreendimentos e Participacoes SA.............................. 39,000 420,037 0.0%
Sao Martinho SA............................................................ 464,063 5,903,694 0.0%
SLC Agricola SA............................................................ 1,121,491 6,495,301 0.0%
* Springs Global Participacoes SA............................................ 945,200 282,341 0.0%
Sul America SA............................................................. 1,204,435 5,676,489 0.0%
Technos SA................................................................. 39,400 75,846 0.0%
Tecnisa SA................................................................. 2,410,157 3,119,737 0.0%
Tereos Internacional SA.................................................... 595,672 193,750 0.0%
TPI--Triunfo Participacoes e Investimentos SA.............................. 445,500 597,361 0.0%
Trisul SA.................................................................. 89,661 90,466 0.0%
Usinas Siderurgicas de Minas Gerais SA..................................... 524,300 2,921,720 0.0%
Vale SA.................................................................... 6,794,801 51,080,251 0.3%
# Vale SA Sponsored ADR...................................................... 21,211,590 162,905,011 0.9%
* Vanguarda Agro SA.......................................................... 2,955,979 892,793 0.0%
Via Varejo SA.............................................................. 167,924 306,537 0.0%
-------------- ---
TOTAL BRAZIL................................................................... 1,105,689,225 5.7%
-------------- ---
CHILE -- (1.5%)
Bupa Chile SA.............................................................. 168,414 145,244 0.0%
CAP SA..................................................................... 360,247 1,281,199 0.0%
Cementos BIO BIO SA........................................................ 665,307 538,424 0.0%
Cencosud SA................................................................ 6,843,514 17,733,949 0.1%
Cencosud SA ADR............................................................ 56,591 434,053 0.0%
* Cia Sud Americana de Vapores SA............................................ 93,640,541 3,559,458 0.0%
Cintac SA.................................................................. 155,202 22,837 0.0%
Corpbanca SA............................................................... 1,137,122,867 12,881,753 0.1%
Cristalerias de Chile SA................................................... 264,624 1,925,246 0.0%
Embotelladora Andina SA Class A ADR........................................ 15,478 229,694 0.0%
Empresas CMPC SA........................................................... 20,430,130 58,048,758 0.3%
Empresas COPEC SA.......................................................... 2,120,394 24,415,818 0.1%
Empresas Hites SA.......................................................... 1,794,180 821,336 0.0%
Empresas Iansa SA.......................................................... 49,008,058 1,262,760 0.0%
Enersis SA................................................................. 82,558,367 28,749,991 0.2%
Enersis SA Sponsored ADR................................................... 5,733,186 101,878,715 0.5%
ENTEL Chile SA............................................................. 15,218 171,549 0.0%
Gasco SA................................................................... 161,080 1,218,009 0.0%
Grupo Security SA.......................................................... 1,143,589 370,196 0.0%
Inversiones Aguas Metropolitanas SA........................................ 6,124,238 9,982,613 0.1%
* Latam Airlines Group SA.................................................... 1,625,551 15,624,318 0.1%
#* Latam Airlines Group SA Sponsored ADR...................................... 1,089,273 10,424,343 0.1%
Masisa SA.................................................................. 43,593,930 1,532,362 0.0%
PAZ Corp. SA............................................................... 2,201,345 1,403,621 0.0%
Ripley Corp. SA............................................................ 12,526,065 6,655,720 0.0%
Salfacorp SA............................................................... 2,599,267 2,124,799 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
CHILE -- (Continued)
Sigdo Koppers SA........................................................... 76,067 $ 113,930 0.0%
* Sociedad Matriz SAAM SA.................................................... 52,439,424 4,629,656 0.0%
Sociedad Quimica y Minera de Chile SA Class A.............................. 4,125 107,224 0.0%
Socovesa SA................................................................ 5,773,726 1,356,469 0.0%
* Tech Pack SA............................................................... 626,034 267,117 0.0%
Vina Concha y Toro SA...................................................... 1,155,777 2,353,692 0.0%
Vina San Pedro Tarapaca SA................................................. 28,185,164 220,265 0.0%
------------ ---
TOTAL CHILE................................................................................ 312,485,118 1.6%
------------ ---
CHINA -- (16.2%)
361 Degrees International, Ltd............................................. 7,995,000 3,097,920 0.0%
# Agile Property Holdings, Ltd............................................... 22,418,999 18,751,363 0.1%
Agricultural Bank of China, Ltd. Class H................................... 213,701,000 120,584,047 0.6%
Air China, Ltd. Class H.................................................... 11,298,000 13,583,041 0.1%
#* Aluminum Corp. of China, Ltd. ADR.......................................... 230,562 3,709,743 0.0%
#* Aluminum Corp. of China, Ltd. Class H...................................... 16,442,000 10,502,368 0.1%
AMVIG Holdings, Ltd........................................................ 5,353,100 2,935,779 0.0%
# Angang Steel Co., Ltd. Class H............................................. 9,606,640 7,983,281 0.1%
Anhui Tianda Oil Pipe Co., Ltd............................................. 2,305,412 514,742 0.0%
# Anxin-China Holdings, Ltd.................................................. 6,152,000 305,594 0.0%
# Asia Cement China Holdings Corp............................................ 7,381,000 4,277,947 0.0%
#* Asian Citrus Holdings, Ltd................................................. 7,229,000 831,493 0.0%
#* AVIC International Holdings, Ltd........................................... 2,674,000 2,981,094 0.0%
Bank of China, Ltd. Class H................................................ 645,684,898 442,425,220 2.3%
Bank of Communications Co., Ltd. Class H................................... 60,023,574 61,604,994 0.3%
# Baoye Group Co., Ltd. Class H.............................................. 2,861,120 2,378,975 0.0%
# BBMG Corp. Class H......................................................... 7,294,000 9,027,291 0.1%
Beijing Capital International Airport Co., Ltd. Class H.................... 22,279,599 23,651,807 0.1%
Beijing Capital Land, Ltd. Class H......................................... 16,569,060 13,711,495 0.1%
Beijing Enterprises Holdings, Ltd.......................................... 2,102,000 19,277,207 0.1%
# Beijing North Star Co., Ltd. Class H....................................... 8,784,000 4,081,771 0.0%
# BYD Electronic International Co., Ltd...................................... 5,098,636 7,640,632 0.1%
C C Land Holdings, Ltd..................................................... 18,735,286 4,735,698 0.0%
Carrianna Group Holdings Co., Ltd.......................................... 3,880,391 554,999 0.0%
# Central China Real Estate, Ltd............................................. 8,450,350 2,498,465 0.0%
#* Chaoda Modern Agriculture Holdings, Ltd.................................... 14,331,412 1,072,468 0.0%
* Chigo Holding, Ltd......................................................... 40,554,000 954,280 0.0%
China Aerospace International Holdings, Ltd................................ 27,534,000 5,520,385 0.0%
# China Agri-Industries Holdings, Ltd........................................ 15,915,500 9,047,531 0.1%
# China Aoyuan Property Group, Ltd........................................... 15,566,000 3,485,159 0.0%
* China Automation Group, Ltd................................................ 5,551,000 985,381 0.0%
China BlueChemical, Ltd.................................................... 4,940,878 2,206,900 0.0%
China CITIC Bank Corp., Ltd. Class H....................................... 61,548,716 55,736,357 0.3%
# China Coal Energy Co., Ltd. Class H........................................ 35,376,000 23,117,351 0.1%
China Communications Construction Co., Ltd. Class H........................ 36,447,327 66,292,358 0.4%
China Communications Services Corp., Ltd. Class H.......................... 31,219,071 17,673,703 0.1%
China Construction Bank Corp. Class H...................................... 542,030,940 526,168,114 2.7%
#* China COSCO Holdings Co., Ltd. Class H..................................... 18,371,500 16,796,475 0.1%
#* China Culiangwang Beverages Holdings, Ltd.................................. 3,418,200 268,705 0.0%
#* China Dredging Environment Protection Holdings, Ltd........................ 974,000 238,316 0.0%
China Everbright, Ltd...................................................... 11,255,869 37,065,627 0.2%
China Glass Holdings, Ltd.................................................. 10,028,000 1,419,301 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
CHINA -- (Continued)
* China High Precision Automation Group, Ltd................................. 429,000 $ 12,661 0.0%
* China High Speed Transmission Equipment Group Co., Ltd..................... 14,895,000 13,414,790 0.1%
China Hongqiao Group, Ltd.................................................. 3,551,000 3,301,419 0.0%
#* China Huarong Energy Co., Ltd.............................................. 8,963,500 1,214,323 0.0%
* China Huiyuan Juice Group, Ltd............................................. 503,983 196,500 0.0%
China ITS Holdings Co., Ltd................................................ 5,486,147 862,548 0.0%
#* China Lumena New Materials Corp............................................ 52,602,000 1,590,843 0.0%
China Merchants Bank Co., Ltd. Class H..................................... 9,951,596 30,062,193 0.2%
China Merchants Holdings International Co., Ltd............................ 4,242,049 19,299,358 0.1%
# China Merchants Land, Ltd.................................................. 9,568,000 3,063,033 0.0%
* China Metal Recycling Holdings, Ltd........................................ 3,259,800 743,602 0.0%
China Minsheng Banking Corp., Ltd. Class H................................. 48,306,500 70,783,303 0.4%
China National Building Material Co., Ltd. Class H......................... 37,738,000 45,579,945 0.2%
China National Materials Co., Ltd.......................................... 14,826,000 5,445,651 0.0%
* China New Town Development Co., Ltd........................................ 11,778,022 660,170 0.0%
* China Oriental Group Co., Ltd.............................................. 26,000 730 0.0%
# China Overseas Grand Oceans Group, Ltd..................................... 923,000 549,497 0.0%
# China Petroleum & Chemical Corp. ADR....................................... 1,111,578 105,010,755 0.6%
China Petroleum & Chemical Corp. Class H................................... 56,635,575 53,745,210 0.3%
#* China Precious Metal Resources Holdings Co., Ltd........................... 24,410,000 2,081,156 0.0%
* China Properties Group, Ltd................................................ 5,717,000 1,633,448 0.0%
* China Qinfa Group, Ltd..................................................... 348,000 21,649 0.0%
China Railway Construction Corp., Ltd. Class H............................. 14,503,514 29,071,552 0.2%
China Railway Group, Ltd. Class H.......................................... 21,796,000 30,755,573 0.2%
#* China Rare Earth Holdings, Ltd............................................. 10,359,000 2,346,625 0.0%
China Resources Enterprise, Ltd............................................ 674,000 2,064,704 0.0%
# China Sanjiang Fine Chemicals Co., Ltd..................................... 377,000 162,857 0.0%
#* China SCE Property Holdings, Ltd........................................... 6,192,000 1,293,374 0.0%
# China Shanshui Cement Group, Ltd........................................... 19,122,000 15,518,561 0.1%
China Shenhua Energy Co., Ltd. Class H..................................... 864,000 2,238,287 0.0%
* China Shipping Container Lines Co., Ltd. Class H........................... 19,056,700 10,747,022 0.1%
China Southern Airlines Co., Ltd. Class H.................................. 9,876,000 9,794,800 0.1%
China Starch Holdings, Ltd................................................. 18,995,000 552,044 0.0%
* China Taifeng Beddings Holdings, Ltd....................................... 640,000 89,181 0.0%
* China Tianyi Holdings, Ltd................................................. 2,828,000 353,788 0.0%
* China Tontine Wines Group, Ltd............................................. 236,000 11,111 0.0%
China Travel International Investment Hong Kong, Ltd....................... 47,061,631 20,904,283 0.1%
China Unicom Hong Kong, Ltd.(6263830)...................................... 1,616,000 3,035,057 0.0%
# China Unicom Hong Kong, Ltd.(2603496)...................................... 7,257,121 136,361,303 0.7%
China Vanadium Titano--Magnetite Mining Co., Ltd........................... 13,437,000 1,452,062 0.0%
#* China Yurun Food Group, Ltd................................................ 6,972,000 2,404,138 0.0%
China ZhengTong Auto Services Holdings, Ltd................................ 2,001,500 1,365,391 0.0%
# China Zhongwang Holdings, Ltd.............................................. 21,978,954 13,341,994 0.1%
Chongqing Machinery & Electric Co., Ltd. Class H........................... 14,606,000 3,224,435 0.0%
Chongqing Rural Commercial Bank Co., Ltd. Class H.......................... 16,384,000 14,720,009 0.1%
* Chu Kong Petroleum & Natural Gas Steel Pipe Holdings, Ltd.................. 1,188,000 358,281 0.0%
#* CITIC Resources Holdings, Ltd.............................................. 25,964,000 4,649,300 0.0%
CITIC, Ltd................................................................. 6,448,483 12,900,123 0.1%
# Citychamp Watch & Jewellery Group, Ltd..................................... 22,943,108 2,866,341 0.0%
Clear Media, Ltd........................................................... 391,000 458,672 0.0%
#* Comtec Solar Systems Group, Ltd............................................ 8,800,000 1,470,422 0.0%
Cosco International Holdings, Ltd.......................................... 7,302,000 4,274,849 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
CHINA -- (Continued)
COSCO Pacific, Ltd......................................................... 19,102,963 $ 30,104,227 0.2%
* Coslight Technology International Group Co., Ltd........................... 20,000 11,934 0.0%
Country Garden Holdings Co., Ltd........................................... 3,984,800 2,146,211 0.0%
* DaChan Food Asia, Ltd...................................................... 3,195,000 366,456 0.0%
# Dah Chong Hong Holdings, Ltd............................................... 1,051,000 656,008 0.0%
# Dalian Port PDA Co., Ltd. Class H.......................................... 6,098,000 3,320,087 0.0%
Dongyue Group, Ltd......................................................... 2,297,000 975,836 0.0%
#* Dynasty Fine Wines Group, Ltd.............................................. 9,228,600 321,490 0.0%
Embry Holdings, Ltd........................................................ 544,000 305,920 0.0%
# Evergrande Real Estate Group, Ltd.......................................... 78,124,000 74,074,248 0.4%
Evergreen International Holdings, Ltd...................................... 1,628,000 247,383 0.0%
Fantasia Holdings Group Co., Ltd........................................... 22,225,015 3,602,993 0.0%
# Fosun International, Ltd................................................... 9,294,244 23,165,626 0.1%
# Franshion Properties China, Ltd............................................ 48,888,580 19,689,081 0.1%
# Fufeng Group, Ltd.......................................................... 2,670,000 2,089,753 0.0%
* Global Bio-Chem Technology Group Co., Ltd.................................. 16,488,360 1,027,594 0.0%
* Global Sweeteners Holdings, Ltd............................................ 2,710,350 173,305 0.0%
#* Glorious Property Holdings, Ltd............................................ 34,684,000 5,325,191 0.0%
Golden Meditech Holdings, Ltd.............................................. 9,303,112 2,038,344 0.0%
Goldlion Holdings, Ltd..................................................... 1,572,000 735,373 0.0%
# GOME Electrical Appliances Holding, Ltd.................................... 77,549,000 19,865,803 0.1%
# Greenland Hong Kong Holdings, Ltd.......................................... 2,784,575 2,850,734 0.0%
# Greentown China Holdings, Ltd.............................................. 9,566,591 11,856,070 0.1%
# Guangshen Railway Co., Ltd. Sponsored ADR.................................. 412,125 13,604,246 0.1%
Guangzhou Automobile Group Co., Ltd. Class H............................... 5,351,572 5,768,592 0.0%
# Guangzhou R&F Properties Co., Ltd.......................................... 13,975,514 17,825,068 0.1%
# Guodian Technology & Environment Group Corp., Ltd. Class H................. 4,021,000 691,506 0.0%
# Hanergy Thin Film Power Group, Ltd......................................... 17,364,000 16,137,337 0.1%
Harbin Electric Co., Ltd. Class H.......................................... 10,245,474 8,403,858 0.1%
* Heng Tai Consumables Group, Ltd............................................ 12,672,581 231,735 0.0%
Hengdeli Holdings, Ltd..................................................... 2,048,000 459,401 0.0%
#* Hidili Industry International Development, Ltd............................. 10,208,000 1,063,389 0.0%
* HKC Holdings, Ltd.......................................................... 19,260,878 767,016 0.0%
HNA Infrastructure Co., Ltd. Class H....................................... 1,912,000 2,000,678 0.0%
# Honghua Group, Ltd......................................................... 1,636,000 225,152 0.0%
Hopefluent Group Holdings, Ltd............................................. 796,000 289,526 0.0%
#* Hopson Development Holdings, Ltd........................................... 10,764,000 12,618,654 0.1%
Industrial & Commercial Bank of China, Ltd. Class H........................ 302,174,996 262,902,754 1.4%
Inspur International, Ltd.................................................. 345,343 97,439 0.0%
Jiangxi Copper Co., Ltd. Class H........................................... 9,933,000 20,498,626 0.1%
Jingwei Textile Machinery Class H.......................................... 50,000 76,750 0.0%
# Ju Teng International Holdings, Ltd........................................ 11,786,249 7,361,491 0.1%
* Kai Yuan Holdings, Ltd..................................................... 46,420,000 924,866 0.0%
# Kaisa Group Holdings, Ltd.................................................. 22,755,632 4,580,163 0.0%
Kasen International Holdings, Ltd.......................................... 1,885,000 241,784 0.0%
# Kingboard Chemical Holdings, Ltd........................................... 9,345,345 17,008,570 0.1%
Kingboard Laminates Holdings, Ltd.......................................... 9,655,000 4,950,269 0.0%
KWG Property Holding, Ltd.................................................. 16,659,000 16,896,345 0.1%
#* Labixiaoxin Snacks Group, Ltd.............................................. 2,491,000 288,167 0.0%
Lai Fung Holdings, Ltd..................................................... 51,485,839 1,266,727 0.0%
# Lee & Man Paper Manufacturing, Ltd......................................... 4,045,000 2,296,844 0.0%
* Leoch International Technology, Ltd........................................ 190,000 28,378 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
CHINA -- (Continued)
* Lingbao Gold Co., Ltd. Class H............................................. 1,372,000 $ 317,411 0.0%
Longfor Properties Co., Ltd................................................ 200,000 344,044 0.0%
Lonking Holdings, Ltd...................................................... 24,606,000 6,102,744 0.0%
* Loudong General Nice Resources China Holdings, Ltd......................... 19,159,800 3,217,916 0.0%
# Maoye International Holdings, Ltd.......................................... 11,540,000 2,556,804 0.0%
Metallurgical Corp. of China, Ltd. Class H................................. 23,466,659 13,908,725 0.1%
MIE Holdings Corp.......................................................... 4,808,000 588,071 0.0%
MIN XIN Holdings, Ltd...................................................... 906,418 858,635 0.0%
* Mingfa Group International Co., Ltd........................................ 552,000 196,089 0.0%
# Minmetals Land, Ltd........................................................ 16,575,205 2,558,339 0.0%
Minth Group, Ltd........................................................... 682,000 1,703,907 0.0%
MMG, Ltd................................................................... 12,452,000 5,347,085 0.0%
Nature Home Holding Co., Ltd............................................... 154,000 23,297 0.0%
New World China Land, Ltd.................................................. 23,584,600 15,904,408 0.1%
New World Department Store China, Ltd...................................... 1,026,000 294,841 0.0%
Nine Dragons Paper Holdings, Ltd........................................... 21,314,000 17,401,107 0.1%
* O-Net Communications Group, Ltd............................................ 2,746,000 753,822 0.0%
Overseas Chinese Town Asia Holdings, Ltd................................... 332,000 216,648 0.0%
# Parkson Retail Group, Ltd.................................................. 7,457,000 1,898,915 0.0%
Peak Sport Products Co., Ltd............................................... 9,136,000 3,109,215 0.0%
# Poly Property Group Co., Ltd............................................... 28,173,488 18,050,956 0.1%
#* Pou Sheng International Holdings, Ltd...................................... 11,183,529 910,816 0.0%
* Powerlong Real Estate Holdings, Ltd........................................ 12,936,000 2,800,088 0.0%
* Prosperity International Holdings HK, Ltd.................................. 17,540,000 667,604 0.0%
Qingling Motors Co., Ltd. Class H.......................................... 11,844,000 4,777,176 0.0%
* Qunxing Paper Holdings Co., Ltd............................................ 5,020,071 244,833 0.0%
* Real Gold Mining, Ltd...................................................... 3,137,500 106,465 0.0%
Real Nutriceutical Group, Ltd.............................................. 11,046,000 3,482,756 0.0%
#* Renhe Commercial Holdings Co., Ltd......................................... 44,367,000 2,496,569 0.0%
REXLot Holdings, Ltd....................................................... 37,241,621 2,773,646 0.0%
Samson Holding, Ltd........................................................ 7,661,452 1,114,546 0.0%
#* Sany Heavy Equipment International Holdings Co., Ltd....................... 5,202,000 1,465,093 0.0%
Scud Group, Ltd............................................................ 3,368,000 451,932 0.0%
#* Semiconductor Manufacturing International Corp............................. 128,002,000 14,106,636 0.1%
#* Semiconductor Manufacturing International Corp. ADR........................ 1,305,426 7,140,680 0.0%
# Shandong Chenming Paper Holdings, Ltd. Class H............................. 4,297,818 3,253,003 0.0%
Shanghai Industrial Holdings, Ltd.......................................... 7,770,918 30,982,503 0.2%
* Shanghai Industrial Urban Development Group, Ltd........................... 5,086,000 1,458,828 0.0%
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H............ 4,844,000 2,463,545 0.0%
Shanghai Prime Machinery Co., Ltd. Class H................................. 7,036,000 1,958,785 0.0%
Shenzhen International Holdings, Ltd....................................... 6,958,117 13,078,703 0.1%
Shenzhen Investment, Ltd................................................... 34,572,440 19,030,439 0.1%
Shimao Property Holdings, Ltd.............................................. 20,486,035 48,125,299 0.3%
* Shougang Concord International Enterprises Co., Ltd........................ 58,414,208 4,124,421 0.0%
# Shougang Fushan Resources Group, Ltd....................................... 39,398,594 10,113,130 0.1%
# Shui On Land, Ltd.......................................................... 50,737,803 16,463,059 0.1%
* Sijia Group Co............................................................. 1,152,649 38,221 0.0%
Silver Grant International Industries, Ltd................................. 16,146,804 3,469,731 0.0%
* SIM Technology Group, Ltd.................................................. 8,253,000 509,011 0.0%
Sino-Ocean Land Holdings, Ltd.............................................. 38,310,602 31,968,804 0.2%
* Sinofert Holdings, Ltd..................................................... 1,990,000 544,496 0.0%
* Sinolink Worldwide Holdings, Ltd........................................... 11,170,508 1,537,139 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- -------------- ---------------
CHINA -- (Continued)
#* Sinotrans Shipping, Ltd.................................................... 9,619,416 $ 2,684,195 0.0%
Sinotrans, Ltd. Class H.................................................... 120,000 91,838 0.0%
Sinotruk Hong Kong, Ltd.................................................... 9,252,835 6,611,408 0.0%
Skyworth Digital Holdings, Ltd............................................. 26,279,176 23,342,970 0.1%
SMI Holdings Group, Ltd.................................................... 18,960,000 2,101,492 0.0%
SOHO China, Ltd............................................................ 25,337,388 19,254,061 0.1%
SRE Group, Ltd............................................................. 22,884,285 1,136,752 0.0%
Sunac China Holdings, Ltd.................................................. 383,000 505,595 0.0%
TCC International Holdings, Ltd............................................ 14,035,056 5,885,961 0.0%
# Tian An China Investment Co., Ltd.......................................... 6,692,000 4,406,120 0.0%
# Tiangong International Co., Ltd............................................ 16,005,944 3,165,522 0.0%
Tianjin Port Development Holdings, Ltd..................................... 20,369,657 6,551,644 0.0%
# Tianneng Power International, Ltd.......................................... 8,152,280 3,984,400 0.0%
Tomson Group, Ltd.......................................................... 1,424,772 419,335 0.0%
Tonly Electronics Holdings, Ltd............................................ 204,330 176,377 0.0%
Top Spring International Holdings, Ltd..................................... 11,500 4,925 0.0%
TPV Technology, Ltd........................................................ 7,700,496 1,877,656 0.0%
Travelsky Technology, Ltd. Class H......................................... 8,144,500 15,855,214 0.1%
* Trony Solar Holdings Co., Ltd.............................................. 8,775,000 133,597 0.0%
Wasion Group Holdings, Ltd................................................. 331,291 521,558 0.0%
Weiqiao Textile Co. Class H................................................ 7,099,500 5,289,306 0.0%
West China Cement, Ltd..................................................... 31,342,000 5,315,537 0.0%
# Xiamen International Port Co., Ltd. Class H................................ 14,676,000 8,094,323 0.1%
Xingda International Holdings, Ltd......................................... 11,322,000 3,677,415 0.0%
# Xinhua Winshare Publishing and Media Co., Ltd. Class H..................... 4,837,000 6,034,415 0.0%
* Xinjiang Xinxin Mining Industry Co., Ltd. Class H.......................... 2,500,000 560,780 0.0%
Xiwang Special Steel Co., Ltd.............................................. 5,905,000 987,508 0.0%
XTEP International Holdings, Ltd........................................... 697,500 252,826 0.0%
#* Yanchang Petroleum International, Ltd...................................... 20,420,000 931,571 0.0%
# Yanzhou Coal Mining Co., Ltd. Class H...................................... 13,168,000 13,184,266 0.1%
# Yanzhou Coal Mining Co., Ltd. Sponsored ADR................................ 49,927 496,774 0.0%
Yip's Chemical Holdings, Ltd............................................... 752,000 456,927 0.0%
Youyuan International Holdings, Ltd........................................ 630,229 150,527 0.0%
Yuanda China Holdings, Ltd................................................. 292,000 25,193 0.0%
Yuexiu Property Co., Ltd................................................... 95,784,786 23,421,413 0.1%
# Yuzhou Properties Co., Ltd................................................. 9,816,960 2,849,096 0.0%
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H.................... 424,600 333,194 0.0%
Zhong An Real Estate, Ltd.................................................. 7,219,800 1,025,128 0.0%
# Zoomlion Heavy Industry Science and Technology Co., Ltd.................... 10,478,800 7,259,070 0.1%
-------------- ----
TOTAL CHINA.................................................................... 3,368,276,123 17.4%
-------------- ----
COLOMBIA -- (0.2%)
Almacenes Exito SA......................................................... 11,156 119,709 0.0%
Cementos Argos SA.......................................................... 526,344 2,236,189 0.0%
Constructora Conconcreto SA................................................ 86,988 42,818 0.0%
Ecopetrol SA............................................................... 1,316,157 1,121,662 0.0%
# Ecopetrol SA Sponsored ADR................................................. 343,881 5,887,243 0.1%
* Fabricato SA............................................................... 2,440,238 16,186 0.0%
Grupo Argos SA............................................................. 437,833 3,437,228 0.0%
Grupo de Inversiones Suramericana SA....................................... 969,427 15,929,208 0.1%
Grupo Nutresa SA........................................................... 463,927 4,822,348 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
COLOMBIA -- (Continued)
Mineros SA................................................................. 65,037 $ 48,122 0.0%
----------- ---
TOTAL COLOMBIA................................................................. 33,660,713 0.2%
----------- ---
CZECH REPUBLIC -- (0.2%)
CEZ A.S.................................................................... 1,272,500 33,059,773 0.2%
# O2 Czech Republic A.S...................................................... 416,822 3,421,836 0.0%
Pegas Nonwovens SA......................................................... 134,543 4,009,223 0.0%
* Unipetrol A.S.............................................................. 1,413,020 8,883,662 0.1%
----------- ---
TOTAL CZECH REPUBLIC 49,374,494 0.3%
----------- ---
GREECE -- (0.1%)
* Alpha Bank AE.............................................................. 6,054,491 2,121,527 0.0%
Bank of Greece............................................................. 26,513 283,215 0.0%
* Ellaktor SA................................................................ 1,053,403 2,364,808 0.0%
Elval - Hellenic Aluminium Industry SA..................................... 8,595 12,308 0.0%
* GEK Terna Holding Real Estate Construction SA.............................. 826,303 1,642,940 0.0%
Hellenic Petroleum SA...................................................... 426,008 2,124,404 0.0%
* Intracom Holdings SA....................................................... 1,511,057 775,920 0.0%
* Intralot SA-Integrated Lottery Systems & Services.......................... 76,173 139,409 0.0%
* Marfin Investment Group Holdings SA........................................ 74,389 12,747 0.0%
* Mytilineos Holdings SA..................................................... 523,731 3,612,020 0.1%
* Piraeus Bank SA............................................................ 3,363,961 1,501,329 0.0%
Terna Energy SA............................................................ 18,509 55,570 0.0%
----------- ---
TOTAL GREECE................................................................... 14,646,197 0.1%
----------- ---
HUNGARY -- (0.4%)
* Danubius Hotel and Spa P.L.C............................................... 92,164 1,913,595 0.0%
* FHB Mortgage Bank P.L.C.................................................... 3,954 11,396 0.0%
MOL Hungarian Oil & Gas P.L.C.............................................. 155,263 8,636,834 0.1%
OTP Bank P.L.C............................................................. 3,610,341 79,832,596 0.4%
----------- ---
TOTAL HUNGARY.................................................................. 90,394,421 0.5%
----------- ---
INDIA -- (8.1%)
Aarti Industries........................................................... 54,210 268,212 0.0%
Aban Offshore, Ltd......................................................... 387,730 2,388,652 0.0%
* ABG Shipyard, Ltd.......................................................... 91,428 290,067 0.0%
ACC, Ltd................................................................... 96,614 2,186,654 0.0%
Adani Enterprises, Ltd..................................................... 3,476,678 36,960,878 0.2%
* Adani Power, Ltd........................................................... 4,425,445 2,999,908 0.0%
Aditya Birla Nuvo, Ltd..................................................... 822,177 20,401,983 0.1%
Aegis Logistics, Ltd....................................................... 2,377 25,793 0.0%
Ahmednagar Forgings, Ltd................................................... 193,498 694,038 0.0%
Alembic, Ltd............................................................... 184,399 105,475 0.0%
* Allahabad Bank............................................................. 2,114,906 3,417,590 0.0%
Allcargo Logistics, Ltd.................................................... 41,156 212,979 0.0%
* Alok Industries, Ltd....................................................... 12,334,560 1,318,246 0.0%
Ambuja Cements, Ltd........................................................ 77,816 284,698 0.0%
Amtek Auto, Ltd............................................................ 1,580,229 3,964,653 0.0%
Amtek India, Ltd........................................................... 1,123,675 1,861,071 0.0%
Anant Raj, Ltd............................................................. 657,518 403,104 0.0%
* Andhra Bank................................................................ 2,676,709 3,221,490 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
INDIA -- (Continued)
Apar Industries, Ltd....................................................... 116,469 $ 659,666 0.0%
Apollo Tyres, Ltd.......................................................... 5,231,494 14,280,640 0.1%
Arvind, Ltd................................................................ 3,748,555 15,026,299 0.1%
Atul, Ltd.................................................................. 15,776 287,313 0.0%
Axis Bank, Ltd............................................................. 1,222,500 10,955,265 0.1%
Bajaj Finance, Ltd......................................................... 60,850 3,840,751 0.0%
Bajaj Finserv, Ltd......................................................... 166,827 3,729,588 0.0%
Bajaj Holdings & Investment, Ltd........................................... 395,402 8,047,597 0.1%
Balkrishna Industries, Ltd................................................. 37,930 460,035 0.0%
Ballarpur Industries, Ltd.................................................. 4,422,774 960,628 0.0%
Balmer Lawrie & Co., Ltd................................................... 195,774 1,762,099 0.0%
* Balrampur Chini Mills, Ltd................................................. 2,698,189 1,938,592 0.0%
Bank of Baroda............................................................. 6,161,280 16,330,596 0.1%
* Bank of India.............................................................. 1,708,464 5,840,067 0.1%
* Bank Of Maharashtra........................................................ 1,447,428 846,826 0.0%
BGR Energy Systems, Ltd.................................................... 169,812 321,891 0.0%
Bharat Electronics, Ltd.................................................... 10,591 516,232 0.0%
Bharat Heavy Electricals, Ltd.............................................. 10,947,650 41,416,576 0.2%
Bharti Airtel, Ltd......................................................... 4,511,256 27,076,848 0.2%
Bhushan Steel, Ltd......................................................... 876,363 846,817 0.0%
Biocon, Ltd................................................................ 425,811 3,048,393 0.0%
Birla Corp., Ltd........................................................... 158,469 1,074,682 0.0%
Bombay Dyeing & Manufacturing Co., Ltd..................................... 1,567,477 1,587,034 0.0%
Brigade Enterprises, Ltd................................................... 118,286 285,109 0.0%
Cairn India, Ltd........................................................... 8,707,814 29,354,941 0.2%
Canara Bank................................................................ 1,234,090 7,342,626 0.1%
Ceat, Ltd.................................................................. 292,764 3,519,481 0.0%
* Central Bank Of India...................................................... 1,393,413 2,280,377 0.0%
Century Textiles & Industries, Ltd......................................... 706,453 8,203,919 0.1%
Chambal Fertilizers & Chemicals, Ltd....................................... 2,759,047 2,862,891 0.0%
City Union Bank, Ltd....................................................... 1,450,289 2,140,260 0.0%
* Claris Lifesciences, Ltd................................................... 74,868 288,504 0.0%
Coromandel International, Ltd.............................................. 59,763 216,978 0.0%
Corp. Bank................................................................. 1,894,271 1,692,632 0.0%
Cox & Kings, Ltd........................................................... 888,241 4,292,443 0.0%
* Cranes Software International, Ltd......................................... 114,443 5,097 0.0%
Crompton Greaves, Ltd...................................................... 265,376 701,324 0.0%
Cyient, Ltd................................................................ 33,551 256,769 0.0%
Dalmia Bharat, Ltd......................................................... 167,168 1,151,065 0.0%
*.. DB Realty, Ltd............................................................. 1,101,045 1,112,753 0.0%
* DCB Bank, Ltd.............................................................. 2,874,325 5,504,845 0.0%
DCM Shriram, Ltd........................................................... 357,564 668,587 0.0%
Deepak Fertilisers & Petrochemicals Corp., Ltd............................. 598,326 1,248,797 0.0%
* DEN Networks, Ltd.......................................................... 332,727 679,504 0.0%
Dena Bank.................................................................. 1,201,043 924,965 0.0%
Dewan Housing Finance Corp., Ltd........................................... 115,020 807,015 0.0%
Dishman Pharmaceuticals & Chemicals, Ltd................................... 796,742 1,973,775 0.0%
DLF, Ltd................................................................... 7,092,382 15,272,378 0.1%
Dredging Corp. Of India, Ltd............................................... 11,794 66,576 0.0%
Edelweiss Financial Services, Ltd.......................................... 2,087,595 2,037,254 0.0%
Eicher Motors, Ltd......................................................... 3,085 742,939 0.0%
EID Parry India, Ltd....................................................... 1,052,022 2,700,462 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
INDIA -- (Continued)
EIH, Ltd................................................................... 955,122 $ 1,589,163 0.0%
Electrosteel Castings, Ltd................................................. 894,946 252,131 0.0%
Engineers India, Ltd....................................................... 37,572 107,927 0.0%
* Eros International Media, Ltd.............................................. 505,740 3,280,803 0.0%
Escorts, Ltd............................................................... 900,499 1,764,898 0.0%
* Ess Dee Aluminium, Ltd..................................................... 25,260 92,702 0.0%
* Essar Oil, Ltd............................................................. 963,947 1,650,414 0.0%
Essar Ports, Ltd........................................................... 721,223 1,332,438 0.0%
Essel Propack, Ltd......................................................... 822,581 1,636,658 0.0%
Eveready Industries India, Ltd............................................. 120,051 521,821 0.0%
FDC, Ltd................................................................... 19,655 47,417 0.0%
Federal Bank, Ltd.......................................................... 8,414,667 17,359,499 0.1%
Financial Technologies India, Ltd.......................................... 252,944 687,766 0.0%
Finolex Cables, Ltd........................................................ 688,924 2,918,024 0.0%
Finolex Industries, Ltd.................................................... 482,398 2,076,939 0.0%
* Firstsource Solutions, Ltd................................................. 4,632,859 2,158,199 0.0%
* Fortis Healthcare, Ltd..................................................... 832,604 2,046,723 0.0%
Future Retail, Ltd......................................................... 1,019,218 1,843,238 0.0%
Gabriel India, Ltd......................................................... 60,232 76,783 0.0%
GAIL India, Ltd............................................................ 4,425,599 25,138,092 0.1%
Gateway Distriparks, Ltd................................................... 113,322 628,988 0.0%
Gati, Ltd.................................................................. 322,735 1,019,375 0.0%
Geometric, Ltd............................................................. 125,451 265,153 0.0%
Global Offshore Services, Ltd.............................................. 16,148 133,543 0.0%
Godrej Properties, Ltd..................................................... 89,893 346,194 0.0%
Graphite India, Ltd........................................................ 725,730 968,286 0.0%
Grasim Industries, Ltd..................................................... 15,142 854,305 0.0%
Great Eastern Shipping Co., Ltd. (The)..................................... 1,033,168 5,471,314 0.0%
Greaves Cotton, Ltd........................................................ 9,635 20,787 0.0%
* GTL Infrastructure, Ltd.................................................... 338,316 11,932 0.0%
Gujarat Alkalies & Chemicals, Ltd.......................................... 467,952 1,244,822 0.0%
Gujarat Fluorochemicals, Ltd............................................... 341,769 3,333,965 0.0%
Gujarat Mineral Development Corp., Ltd..................................... 1,310,807 2,078,852 0.0%
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd........................ 729,530 803,234 0.0%
* Gujarat NRE Coke, Ltd...................................................... 412,745 30,404 0.0%
Gujarat State Fertilisers & Chemicals, Ltd................................. 2,186,080 2,615,057 0.0%
Gujarat State Petronet, Ltd................................................ 2,784,319 5,267,249 0.0%
Gulf Oil Corp., Ltd........................................................ 76,678 195,072 0.0%
Gulf Oil Lubricants India, Ltd............................................. 113,892 803,615 0.0%
HBL Power Systems, Ltd..................................................... 74,867 59,304 0.0%
* HCL Infosystems, Ltd....................................................... 462,162 315,819 0.0%
HEG, Ltd................................................................... 176,205 590,730 0.0%
* HeidelbergCement India, Ltd................................................ 203,465 224,688 0.0%
* Hexa Tradex, Ltd........................................................... 97,410 34,169 0.0%
Hikal, Ltd................................................................. 11,455 25,015 0.0%
* Himachal Futuristic Communications, Ltd.................................... 1,652,688 349,716 0.0%
Hindalco Industries, Ltd................................................... 20,390,690 41,160,396 0.2%
Hinduja Global Solutions, Ltd.............................................. 60,085 513,977 0.0%
* Hindustan Construction Co., Ltd............................................ 5,073,959 2,507,723 0.0%
* Hotel Leela Venture, Ltd................................................... 466,035 132,169 0.0%
HSIL, Ltd.................................................................. 277,269 1,675,588 0.0%
HT Media, Ltd.............................................................. 378,534 648,921 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
INDIA -- (Continued)
Huhtamaki PPL, Ltd......................................................... 3,997 $ 14,075 0.0%
ICICI Bank, Ltd............................................................ 3,153,270 16,545,901 0.1%
ICICI Bank, Ltd. Sponsored ADR............................................. 16,722,630 182,778,346 1.0%
IDBI Bank, Ltd............................................................. 4,225,680 4,978,936 0.0%
Idea Cellular, Ltd......................................................... 3,481,659 9,599,447 0.1%
IDFC, Ltd.................................................................. 6,072,777 16,043,862 0.1%
IFCI, Ltd.................................................................. 6,602,323 3,515,313 0.0%
IIFL Holdings, Ltd......................................................... 2,873,541 7,912,468 0.1%
IL&FS Transportation Networks, Ltd......................................... 228,248 606,174 0.0%
* India Cements, Ltd. (The).................................................. 4,831,660 6,974,976 0.1%
Indiabulls Housing Finance, Ltd............................................ 1,795,884 16,667,350 0.1%
Indian Bank................................................................ 1,326,290 2,937,488 0.0%
* Indian Hotels Co., Ltd..................................................... 4,834,889 8,325,674 0.1%
Indian Overseas Bank....................................................... 1,328,115 924,178 0.0%
* Intellect Design Arena, Ltd................................................ 969,923 1,751,365 0.0%
J Kumar Infraprojects, Ltd................................................. 12,695 122,748 0.0%
Jain Irrigation Systems, Ltd............................................... 6,349,703 5,724,856 0.0%
* Jaiprakash Associates, Ltd................................................. 17,658,065 5,796,090 0.1%
Jammu & Kashmir Bank, Ltd. (The)........................................... 3,271,950 4,975,743 0.0%
* Jaypee Infratech, Ltd...................................................... 7,061,764 1,852,286 0.0%
JB Chemicals & Pharmaceuticals, Ltd........................................ 403,426 1,373,803 0.0%
JBF Industries, Ltd........................................................ 216,190 788,086 0.0%
Jindal Poly Films, Ltd..................................................... 219,686 764,729 0.0%
Jindal Saw, Ltd............................................................ 2,724,705 2,940,586 0.0%
Jindal Steel & Power, Ltd.................................................. 5,396,598 11,778,940 0.1%
JK Cement, Ltd............................................................. 239,439 2,378,432 0.0%
JK Lakshmi Cement, Ltd..................................................... 457,907 2,577,749 0.0%
JK Tyre & Industries, Ltd.................................................. 1,468,135 2,751,612 0.0%
JM Financial, Ltd.......................................................... 4,580,382 3,380,401 0.0%
JSW Energy, Ltd............................................................ 8,016,110 14,359,614 0.1%
JSW Steel, Ltd............................................................. 1,942,271 28,421,585 0.2%
Jubilant Life Sciences, Ltd................................................ 976,309 2,337,594 0.0%
* Kakinada Fertilizers, Ltd.................................................. 2,082,494 68,919 0.0%
Kalpataru Power Transmission, Ltd.......................................... 687,809 2,476,347 0.0%
Karnataka Bank, Ltd. (The)................................................. 2,195,065 4,350,938 0.0%
Karur Vysya Bank, Ltd. (The)............................................... 387,245 2,928,678 0.0%
KEC International, Ltd..................................................... 1,261,720 1,951,994 0.0%
* Kesoram Industries, Ltd.................................................... 873,786 1,716,221 0.0%
Kirloskar Brothers, Ltd.................................................... 2,141 6,750 0.0%
Kirloskar Oil Engines, Ltd................................................. 293,581 1,253,972 0.0%
Kolte-Patil Developers, Ltd................................................ 244,584 823,818 0.0%
Kotak Mahindra Bank, Ltd................................................... 192,559 4,033,393 0.0%
KPIT Technologies, Ltd..................................................... 639,564 1,060,029 0.0%
KRBL, Ltd.................................................................. 498,103 1,232,437 0.0%
Lakshmi Vilas Bank, Ltd. (The)............................................. 95,255 153,830 0.0%
Maharashtra Seamless, Ltd.................................................. 95,955 318,157 0.0%
Mahindra & Mahindra, Ltd................................................... 298,361 5,394,711 0.0%
Mahindra Holidays & Resorts India, Ltd..................................... 9,675 39,267 0.0%
Mahindra Lifespace Developers, Ltd......................................... 171,385 1,248,087 0.0%
* Manaksia Aluminum Co., Ltd................................................. 1,986 278 0.0%
* Manaksia Coated Metals & Industries, Ltd................................... 1,986 214 0.0%
* Manaksia Industries, Ltd................................................... 1,986 295 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
INDIA -- (Continued)
* Manaksia Steels, Ltd....................................................... 1,986 $ 371 0.0%
MAX India, Ltd............................................................. 30,211 202,599 0.0%
McLeod Russel India, Ltd................................................... 764,461 2,901,566 0.0%
Mercator, Ltd.............................................................. 1,722,789 453,545 0.0%
Merck, Ltd................................................................. 46,901 616,853 0.0%
MOIL, Ltd.................................................................. 4,675 18,607 0.0%
Motilal Oswal Financial Services, Ltd...................................... 4,955 23,248 0.0%
Mphasis, Ltd............................................................... 190,837 1,176,558 0.0%
MRF, Ltd................................................................... 10,202 5,913,126 0.1%
National Aluminium Co., Ltd................................................ 3,839,430 2,863,735 0.0%
Nava Bharat Ventures, Ltd.................................................. 68,819 177,295 0.0%
NCC, Ltd................................................................... 5,680,101 8,123,805 0.1%
NIIT Technologies, Ltd..................................................... 560,222 3,089,710 0.0%
NIIT, Ltd.................................................................. 195,137 110,821 0.0%
* Nirvikara Paper Mills, Ltd................................................. 3,846 2,888 0.0%
Noida Toll Bridge Co., Ltd................................................. 155,450 82,421 0.0%
Oberoi Realty, Ltd......................................................... 352,333 1,483,766 0.0%
OCL India, Ltd............................................................. 96,127 606,099 0.0%
OMAXE, Ltd................................................................. 684,458 1,429,133 0.0%
Orient Cement, Ltd......................................................... 567,622 1,516,395 0.0%
Oriental Bank of Commerce.................................................. 1,205,589 3,868,201 0.0%
* Oswal Chemicals & Fertilizers, Ltd......................................... 91,231 28,852 0.0%
* Parsvnath Developers, Ltd.................................................. 1,080,235 360,545 0.0%
PC Jeweller, Ltd........................................................... 492,576 2,674,675 0.0%
Peninsula Land, Ltd........................................................ 31,142 13,682 0.0%
Petronet LNG, Ltd.......................................................... 1,379,034 3,770,454 0.0%
* Pipavav Defence & Offshore Engineering Co., Ltd............................ 22,287 20,096 0.0%
Piramal Enterprises, Ltd................................................... 729,407 10,929,904 0.1%
* Plethico Pharmaceuticals, Ltd.............................................. 106,535 49,037 0.0%
Polaris Consulting & Services, Ltd......................................... 1,116,280 2,731,302 0.0%
Power Finance Corp., Ltd................................................... 16,793 70,455 0.0%
Praj Industries, Ltd....................................................... 1,042,540 991,734 0.0%
Prakash Industries, Ltd.................................................... 165,631 104,096 0.0%
* Prism Cement, Ltd.......................................................... 252,722 416,876 0.0%
PTC India Financial Services, Ltd.......................................... 3,529,487 2,954,112 0.0%
PTC India, Ltd............................................................. 4,429,663 4,956,285 0.0%
* Punj Lloyd, Ltd............................................................ 1,476,964 667,880 0.0%
Puravankara Projects, Ltd.................................................. 447,783 465,852 0.0%
Radico Khaitan, Ltd........................................................ 661,819 942,596 0.0%
Rain Industries, Ltd....................................................... 1,842,652 1,280,616 0.0%
Rajesh Exports, Ltd........................................................ 287,502 1,047,946 0.0%
Ramco Cements, Ltd. (The).................................................. 399,005 1,936,752 0.0%
Ratnamani Metals & Tubes, Ltd.............................................. 1,406 14,994 0.0%
* RattanIndia Infrastructure, Ltd............................................ 6,821,915 225,177 0.0%
Raymond, Ltd............................................................... 653,848 4,581,798 0.0%
Redington India, Ltd....................................................... 1,205,129 2,258,466 0.0%
* REI Agro, Ltd.............................................................. 4,019,258 47,462 0.0%
Reliance Capital, Ltd...................................................... 1,319,922 8,377,773 0.1%
* Reliance Communications, Ltd............................................... 10,875,991 10,380,275 0.1%
Reliance Industries, Ltd................................................... 21,052,676 286,408,617 1.5%
Reliance Industries, Ltd. GDR.............................................. 96,093 2,574,363 0.0%
* Reliance Power, Ltd........................................................ 8,995,421 8,006,401 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
INDIA -- (Continued)
Rolta India, Ltd........................................................... 1,722,163 $ 3,133,722 0.0%
Ruchi Soya Industries, Ltd................................................. 2,042,966 1,309,697 0.0%
Rural Electrification Corp., Ltd........................................... 2,768,400 13,546,068 0.1%
Sesa Sterlite, Ltd......................................................... 17,206,632 56,458,908 0.3%
Sesa Sterlite, Ltd. ADR.................................................... 1,671,290 21,960,756 0.1%
* Shipping Corp. of India, Ltd............................................... 2,574,028 1,900,401 0.0%
* Shree Renuka Sugars, Ltd................................................... 4,436,177 868,828 0.0%
Simplex Infrastructures, Ltd............................................... 43,941 293,890 0.0%
Sintex Industries, Ltd..................................................... 5,212,867 9,109,941 0.1%
Sobha, Ltd................................................................. 785,634 4,842,242 0.0%
South Indian Bank, Ltd. (The).............................................. 9,724,062 3,715,402 0.0%
SREI Infrastructure Finance, Ltd........................................... 1,470,670 916,365 0.0%
SRF, Ltd................................................................... 361,208 5,626,563 0.0%
State Bank of Bikaner & Jaipur............................................. 50,954 444,627 0.0%
State Bank of India........................................................ 19,322,648 81,886,575 0.4%
State Bank of Travancore................................................... 1,903 13,146 0.0%
Sterlite Technologies, Ltd................................................. 2,179,770 2,063,758 0.0%
Styrolution ABS India, Ltd................................................. 28,114 282,698 0.0%
Sundram Fasteners, Ltd..................................................... 37,667 105,590 0.0%
Syndicate Bank............................................................. 2,880,564 4,505,965 0.0%
TAKE Solutions, Ltd........................................................ 142,490 232,668 0.0%
Tamil Nadu Newsprint & Papers, Ltd......................................... 77,579 163,128 0.0%
Tata Chemicals, Ltd........................................................ 1,201,925 8,064,266 0.1%
Tata Global Beverages, Ltd................................................. 6,044,315 13,574,534 0.1%
Tata Motors, Ltd.(B611LV1)................................................. 5,632,436 45,264,412 0.3%
* Tata Motors, Ltd.()........................................................ 288,893 2,311,735 0.0%
# Tata Motors, Ltd. Sponsored ADR............................................ 172,249 7,094,936 0.1%
Tata Steel, Ltd............................................................ 7,493,237 42,651,956 0.2%
Techno Electric & Engineering Co., Ltd..................................... 25,024 153,957 0.0%
* Teledata Marine Solutions, Ltd............................................. 267,258 -- 0.0%
Time Technoplast, Ltd...................................................... 1,003,390 727,453 0.0%
Transport Corp. of India, Ltd.............................................. 10,982 43,672 0.0%
Tube Investments of India, Ltd............................................. 540,432 3,102,280 0.0%
* TV18 Broadcast, Ltd........................................................ 6,105,867 3,331,838 0.0%
UCO Bank................................................................... 4,999,693 4,968,970 0.0%
Uflex, Ltd................................................................. 391,028 734,542 0.0%
Unichem Laboratories, Ltd.................................................. 275,214 881,252 0.0%
Union Bank of India........................................................ 1,648,312 3,741,792 0.0%
* Unitech, Ltd............................................................... 32,654,501 7,910,040 0.1%
UPL, Ltd................................................................... 4,646,896 35,960,662 0.2%
* Usha Martin, Ltd........................................................... 1,811,897 596,123 0.0%
* Uttam Galva Steels, Ltd.................................................... 112,549 85,333 0.0%
VA Tech Wabag, Ltd......................................................... 2,562 28,252 0.0%
Vardhman Textiles, Ltd..................................................... 233,016 2,383,025 0.0%
* Videocon Industries, Ltd................................................... 769,833 1,800,320 0.0%
Vijaya Bank................................................................ 2,884,524 2,064,274 0.0%
Welspun Corp., Ltd......................................................... 1,885,967 2,512,264 0.0%
* Welspun Enterprises, Ltd................................................... 81,588 557,173 0.0%
Welspun India, Ltd......................................................... 127,227 959,011 0.0%
Wipro, Ltd................................................................. 39,025 329,959 0.0%
Wockhardt, Ltd............................................................. 509,935 10,337,506 0.1%
Zensar Technologies, Ltd................................................... 104,765 1,151,393 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
------------- -------------- ---------------
INDIA -- (Continued)
Zuari Agro Chemicals, Ltd.................................................. 85,795 $ 274,164 0.0%
-------------- ---
TOTAL INDIA.................................................................... 1,692,992,778 8.7%
-------------- ---
INDONESIA -- (2.5%)
Adaro Energy Tbk PT........................................................ 305,013,500 20,536,562 0.1%
Agung Podomoro Land Tbk PT................................................. 134,253,600 4,314,287 0.0%
Alam Sutera Realty Tbk PT.................................................. 248,306,800 11,706,114 0.1%
Aneka Tambang Persero Tbk PT............................................... 83,551,300 5,107,575 0.0%
Asahimas Flat Glass Tbk PT................................................. 5,270,200 2,795,918 0.0%
Astra Graphia Tbk PT....................................................... 436,900 74,804 0.0%
* Bakrie and Brothers Tbk PT................................................. 1,020,225,850 708,354 0.0%
* Bakrie Sumatera Plantations Tbk PT......................................... 111,992,900 432,042 0.0%
* Bakrie Telecom Tbk PT...................................................... 260,426,500 1,004,538 0.0%
* Bakrieland Development Tbk PT.............................................. 532,272,646 2,053,125 0.0%
Bank Bukopin Tbk PT........................................................ 63,324,333 3,389,031 0.0%
Bank Danamon Indonesia Tbk PT.............................................. 36,234,654 11,083,435 0.1%
Bank Mandiri Persero Tbk PT................................................ 75,216,231 61,868,408 0.3%
Bank Negara Indonesia Persero Tbk PT....................................... 106,889,241 52,751,639 0.3%
* Bank Pan Indonesia Tbk PT.................................................. 143,785,801 14,383,636 0.1%
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT....................... 34,447,300 2,319,477 0.0%
Bank Permata Tbk PT........................................................ 220,272 27,345 0.0%
Bank Tabungan Negara Persero Tbk PT........................................ 73,017,727 6,256,146 0.0%
* Barito Pacific Tbk PT...................................................... 15,599,000 321,509 0.0%
Benakat Integra Tbk PT..................................................... 142,047,100 994,391 0.0%
* Berlian Laju Tanker Tbk PT................................................. 128,161,466 -- 0.0%
BISI International Tbk PT.................................................. 15,161,500 1,633,457 0.0%
* Budi Starch & Sweetener Tbk PT............................................. 9,238,200 62,976 0.0%
* Bumi Resources Tbk PT...................................................... 86,715,500 479,656 0.0%
Bumi Serpong Damai Tbk PT.................................................. 73,687,600 10,558,430 0.1%
* Central Proteinaprima Tbk PT............................................... 42,539,300 179,849 0.0%
Charoen Pokphand Indonesia Tbk PT.......................................... 28,580,830 6,232,161 0.0%
Ciputra Development Tbk PT................................................. 138,401,100 14,591,769 0.1%
Ciputra Property Tbk PT.................................................... 44,581,000 2,329,211 0.0%
Ciputra Surya Tbk PT....................................................... 17,290,100 3,921,444 0.0%
* Clipan Finance Indonesia Tbk PT............................................ 2,995,500 92,377 0.0%
* Darma Henwa Tbk PT......................................................... 246,575,442 951,111 0.0%
* Davomas Abadi Tbk PT....................................................... 54,906,800 4,236 0.0%
* Delta Dunia Makmur Tbk PT.................................................. 59,445,700 386,306 0.0%
Eagle High Plantations Tbk PT.............................................. 8,183,700 159,195 0.0%
Elnusa Tbk PT.............................................................. 87,344,800 3,987,182 0.0%
* Energi Mega Persada Tbk PT................................................. 573,813,078 3,531,758 0.0%
* Erajaya Swasembada Tbk PT.................................................. 31,012,300 1,966,824 0.0%
* Ever Shine Textile Tbk PT.................................................. 19,342,215 295,449 0.0%
* Exploitasi Energi Indonesia Tbk PT......................................... 744,100 4,111 0.0%
Express Transindo Utama Tbk PT............................................. 8,132,300 688,426 0.0%
Gajah Tunggal Tbk PT....................................................... 37,543,200 3,177,668 0.0%
* Garuda Indonesia Persero Tbk PT............................................ 34,591,781 1,584,121 0.0%
Global Mediacom Tbk PT..................................................... 97,069,800 11,587,329 0.1%
* Great River International Tbk PT........................................... 1,788,000 -- 0.0%
Gudang Garam Tbk PT........................................................ 1,543,600 5,932,640 0.0%
Harum Energy Tbk PT........................................................ 17,327,300 1,590,717 0.0%
Hexindo Adiperkasa Tbk PT.................................................. 1,364,644 308,575 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
INDONESIA -- (Continued)
Holcim Indonesia Tbk PT.................................................... 25,281,300 $ 3,018,316 0.0%
Indah Kiat Pulp & Paper Corp. Tbk PT....................................... 39,421,700 3,391,834 0.0%
* Indika Energy Tbk PT....................................................... 28,170,800 629,733 0.0%
Indo Tambangraya Megah Tbk PT.............................................. 2,164,600 2,101,775 0.0%
* Indo-Rama Synthetics Tbk PT................................................ 41,500 2,641 0.0%
Indofood Sukses Makmur Tbk PT.............................................. 75,153,700 39,006,953 0.2%
Intiland Development Tbk PT................................................ 120,666,700 6,027,427 0.0%
Japfa Comfeed Indonesia Tbk PT............................................. 30,371,750 1,282,305 0.0%
Jaya Real Property Tbk PT.................................................. 121,526,000 10,256,204 0.1%
Kawasan Industri Jababeka Tbk PT........................................... 337,026,120 7,360,218 0.1%
* Lippo Cikarang Tbk PT...................................................... 679,700 625,958 0.0%
Lippo Karawaci Tbk PT...................................................... 319,975,249 29,193,231 0.2%
Malindo Feedmill Tbk PT.................................................... 226,700 25,196 0.0%
Matahari Putra Prima Tbk PT................................................ 15,892,400 4,846,097 0.0%
Mayora Indah Tbk PT........................................................ 3,381,300 6,647,326 0.1%
Medco Energi Internasional Tbk PT.......................................... 27,980,500 6,894,164 0.1%
Metrodata Electronics Tbk PT............................................... 1,455,100 80,712 0.0%
* Mitra Pinasthika Mustika Tbk PT............................................ 1,984,700 103,501 0.0%
MNC Investama Tbk PT....................................................... 319,030,200 6,614,710 0.1%
Modernland Realty Tbk PT................................................... 82,207,600 3,289,678 0.0%
Multipolar Tbk PT.......................................................... 63,216,500 3,914,241 0.0%
* Nusantara Infrastructure Tbk PT............................................ 163,217,600 2,211,924 0.0%
Pabrik Kertas Tjiwi Kimia Tbk PT........................................... 929,000 57,612 0.0%
Pan Brothers Tbk PT........................................................ 34,153,450 1,216,642 0.0%
* Panin Financial Tbk PT..................................................... 172,344,300 4,337,503 0.0%
* Paninvest Tbk PT........................................................... 30,871,000 1,854,864 0.0%
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT...................... 68,949,184 7,538,530 0.1%
Petrosea Tbk PT............................................................ 2,720,400 144,761 0.0%
Ramayana Lestari Sentosa Tbk PT............................................ 53,760,900 3,207,213 0.0%
Salim Ivomas Pratama Tbk PT................................................ 40,864,300 2,010,223 0.0%
Sampoerna Agro PT.......................................................... 11,712,641 1,634,554 0.0%
Samudera Indonesia Tbk PT.................................................. 6,100 4,923 0.0%
Selamat Sempurna Tbk PT.................................................... 11,436,500 4,149,198 0.0%
Semen Baturaja Persero Tbk PT.............................................. 18,499,500 455,626 0.0%
* Sentul City Tbk PT......................................................... 80,474,100 598,273 0.0%
* Sigmagold Inti Perkasa Tbk PT.............................................. 30,290,700 1,055,862 0.0%
Sinar Mas Agro Resources & Technology Tbk PT............................... 7,806,900 3,317,967 0.0%
Sinar Mas Multiartha Tbk PT................................................ 2,000 617 0.0%
Sri Rejeki Isman Tbk PT.................................................... 138,088,400 2,885,750 0.0%
* Surya Dumai Industri Tbk................................................... 5,145,000 -- 0.0%
Surya Semesta Internusa Tbk PT............................................. 61,003,700 5,532,381 0.0%
Surya Toto Indonesia Tbk PT................................................ 592,000 171,919 0.0%
* Suryainti Permata Tbk PT................................................... 17,378,000 -- 0.0%
Tiga Pilar Sejahtera Food Tbk.............................................. 27,944,322 3,782,509 0.0%
Timah Persero Tbk PT....................................................... 67,654,660 4,228,609 0.0%
Trias Sentosa Tbk PT....................................................... 336,500 8,083 0.0%
* Trimegah Securities Tbk PT................................................. 7,903,000 37,282 0.0%
* Truba Alam Manunggal Engineering PT........................................ 129,244,500 79,765 0.0%
Tunas Baru Lampung Tbk PT.................................................. 20,427,800 865,597 0.0%
Tunas Ridean Tbk PT........................................................ 42,848,500 2,360,269 0.0%
Ultrajaya Milk Industry & Trading Co. Tbk PT............................... 8,688,600 2,644,681 0.0%
Unggul Indah Cahaya Tbk PT................................................. 319,635 39,561 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
INDONESIA -- (Continued)
United Tractors Tbk PT..................................................... 17,177,700 $ 28,244,967 0.2%
Vale Indonesia Tbk PT...................................................... 45,987,600 9,880,121 0.1%
* Visi Media Asia Tbk PT..................................................... 15,238,600 544,815 0.0%
Wintermar Offshore Marine Tbk PT........................................... 4,975,398 153,203 0.0%
XL Axiata Tbk PT........................................................... 186,800 57,975 0.0%
------------ ---
TOTAL INDONESIA................................................................ 508,991,313 2.6%
------------ ---
ISRAEL -- (0.0%)
* Knafaim Holdings, Ltd...................................................... 1 1 0.0%
* Liberty Properties, Ltd.................................................... 2,467 2,635 0.0%
------------ ---
TOTAL ISRAEL................................................................... 2,636 0.0%
------------ ---
MALAYSIA -- (3.6%)
* Adventa Bhd................................................................ 62,000 15,767 0.0%
# Affin Holdings Bhd......................................................... 12,197,150 9,961,895 0.1%
* Ahmad Zaki Resources Bhd................................................... 164,200 32,361 0.0%
# AirAsia Bhd................................................................ 28,498,900 18,142,417 0.1%
#* Alam Maritim Resources Bhd................................................. 9,910,300 1,869,467 0.0%
Alliance Financial Group Bhd............................................... 15,907,300 21,114,429 0.1%
Allianz Malaysia Bhd....................................................... 28,800 103,488 0.0%
AMMB Holdings Bhd.......................................................... 23,966,062 43,526,756 0.2%
Ann Joo Resources Bhd...................................................... 2,973,600 861,593 0.0%
APM Automotive Holdings Bhd................................................ 745,300 1,076,635 0.0%
Batu Kawan Bhd............................................................. 2,084,450 10,628,038 0.1%
Benalec Holdings Bhd....................................................... 10,115,100 2,190,283 0.0%
Berjaya Assets Bhd......................................................... 355,600 85,755 0.0%
# Berjaya Corp. Bhd.......................................................... 49,746,980 6,057,063 0.1%
Berjaya Land Bhd........................................................... 13,220,000 2,736,958 0.0%
# BIMB Holdings Bhd.......................................................... 3,660,207 4,109,072 0.0%
BLD Plantation Bhd......................................................... 6,600 14,725 0.0%
# Boustead Holdings Bhd...................................................... 7,060,098 9,147,147 0.1%
Boustead Plantations Bhd................................................... 1,491,900 577,492 0.0%
#* Bumi Armada Bhd............................................................ 9,352,000 3,116,431 0.0%
Cahya Mata Sarawak Bhd..................................................... 6,216,100 8,843,666 0.1%
Can-One Bhd................................................................ 401,400 305,409 0.0%
CB Industrial Product Holding Bhd.......................................... 1,722,100 979,934 0.0%
Chin Teck Plantations Bhd.................................................. 309,100 803,975 0.0%
# Coastal Contracts Bhd...................................................... 3,151,100 2,662,921 0.0%
Crescendo Corp. Bhd........................................................ 259,800 173,725 0.0%
CSC Steel Holdings Bhd..................................................... 1,921,456 545,679 0.0%
* Datuk Keramik Holdings Bhd................................................. 127,000 -- 0.0%
* Daya Materials Bhd......................................................... 14,638,800 532,653 0.0%
DRB-Hicom Bhd.............................................................. 19,764,500 10,415,672 0.1%
# Eastern & Oriental Bhd..................................................... 14,923,716 8,159,638 0.1%
* ECM Libra Financial Group Bhd.............................................. 2,242,050 635,076 0.0%
* Evergreen Fibreboard Bhd................................................... 1,695,226 517,156 0.0%
FAR East Holdings Bhd...................................................... 403,800 929,982 0.0%
* Fountain View Development Bhd.............................................. 2,573,200 -- 0.0%
# Genting Bhd................................................................ 11,032,200 27,081,389 0.2%
# Genting Malaysia Bhd....................................................... 35,897,900 43,269,090 0.2%
* Global Oriental Bhd........................................................ 1,283,100 191,997 0.0%
Glomac Bhd................................................................. 7,416,300 1,998,382 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
MALAYSIA -- (Continued)
* Goldis Bhd................................................................. 3,227,495 $ 2,085,138 0.0%
GuocoLand Malaysia Bhd..................................................... 2,804,100 949,290 0.0%
# HAP Seng Consolidated Bhd.................................................. 13,941,700 18,068,983 0.1%
Hap Seng Plantations Holdings Bhd.......................................... 3,806,300 2,774,882 0.0%
Hiap Teck Venture Bhd...................................................... 1,476,900 212,668 0.0%
# Hong Leong Financial Group Bhd............................................. 2,590,151 11,746,615 0.1%
Hong Leong Industries Bhd.................................................. 1,257,300 1,755,981 0.0%
Hua Yang Bhd............................................................... 1,663,233 978,093 0.0%
* Hume Industries Bhd........................................................ 1,070,484 1,089,322 0.0%
Hwang Capital Malaysia Bhd................................................. 330,400 179,778 0.0%
IJM Corp. Bhd.............................................................. 30,631,509 63,076,018 0.3%
IJM Plantations Bhd........................................................ 201,100 196,168 0.0%
# Insas Bhd.................................................................. 5,061,000 1,309,380 0.0%
#* Iris Corp. Bhd............................................................. 23,048,600 1,898,288 0.0%
* Iskandar Waterfront City Bhd............................................... 1,432,000 524,682 0.0%
* JAKS Resources Bhd......................................................... 9,634,600 1,833,006 0.0%
# Jaya Tiasa Holdings Bhd.................................................... 6,023,133 2,734,690 0.0%
# JCY International Bhd...................................................... 11,630,100 2,491,437 0.0%
* K&N Kenanga Holdings Bhd................................................... 2,020,487 396,340 0.0%
* Karambunai Corp. Bhd....................................................... 12,486,600 243,351 0.0%
Keck Seng Malaysia Bhd..................................................... 2,515,500 3,894,908 0.0%
Kian JOO CAN Factory Bhd................................................... 4,777,380 4,102,732 0.0%
* KIG Glass Industrial Bhd................................................... 260,000 -- 0.0%
Kim Loong Resources Bhd.................................................... 522,800 411,219 0.0%
Kimlun Corp. Bhd........................................................... 815,300 289,599 0.0%
KLCCP Stapled Group........................................................ 3,635,100 7,199,621 0.1%
#* KNM Group Bhd.............................................................. 36,272,790 6,488,710 0.1%
* Kretam Holdings Bhd........................................................ 4,212,000 532,113 0.0%
# KSL Holdings Bhd........................................................... 8,085,451 4,341,010 0.0%
* KUB Malaysia Bhd........................................................... 5,684,400 650,748 0.0%
# Kulim Malaysia Bhd......................................................... 8,730,200 6,374,730 0.1%
Kumpulan Fima Bhd.......................................................... 2,385,600 1,356,918 0.0%
Kumpulan Perangsang Selangor Bhd........................................... 4,705,600 1,949,747 0.0%
Kwantas Corp. Bhd.......................................................... 288,400 154,241 0.0%
Land & General BHD......................................................... 14,701,000 2,094,819 0.0%
* Landmarks Bhd.............................................................. 2,119,208 771,050 0.0%
LBS Bina Group Bhd......................................................... 3,436,600 1,504,126 0.0%
* Lion Industries Corp. Bhd.................................................. 5,795,181 723,142 0.0%
Magnum Bhd................................................................. 5,218,900 3,996,627 0.0%
Mah Sing Group Bhd......................................................... 10,100,530 5,970,779 0.1%
Malayan Banking Bhd........................................................ 63,200 163,315 0.0%
Malayan Flour Mills Bhd.................................................... 3,117,950 1,326,723 0.0%
# Malaysia Airports Holdings Bhd............................................. 4,226,446 7,643,463 0.1%
# Malaysia Marine and Heavy Engineering Holdings Bhd......................... 2,669,700 912,516 0.0%
Malaysian Bulk Carriers Bhd................................................ 4,604,925 1,547,782 0.0%
Malaysian Pacific Industries Bhd........................................... 1,429,475 2,663,879 0.0%
# Malaysian Resources Corp. Bhd.............................................. 17,812,000 6,579,107 0.1%
Malton Bhd................................................................. 4,414,700 1,112,387 0.0%
# MBM Resources Bhd.......................................................... 2,727,403 2,597,524 0.0%
Media Prima Bhd............................................................ 5,040,500 2,371,141 0.0%
Mega First Corp. Bhd....................................................... 1,381,900 948,477 0.0%
MISC Bhd................................................................... 14,071,804 36,007,275 0.2%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
MALAYSIA -- (Continued)
MK Land Holdings Bhd....................................................... 9,948,400 $ 1,169,537 0.0%
MKH Bhd.................................................................... 2,994,970 2,177,166 0.0%
MMC Corp. Bhd.............................................................. 15,882,080 11,992,609 0.1%
MNRB Holdings Bhd.......................................................... 1,754,000 1,837,811 0.0%
Muda Holdings Bhd.......................................................... 148,500 67,105 0.0%
# Mudajaya Group Bhd......................................................... 4,318,700 1,706,738 0.0%
Muhibbah Engineering M Bhd................................................. 3,866,300 2,711,058 0.0%
* Mulpha International Bhd................................................... 24,881,500 2,683,283 0.0%
Naim Holdings Bhd.......................................................... 3,319,000 2,575,749 0.0%
NCB Holdings Bhd........................................................... 2,445,700 1,970,181 0.0%
Negri Sembilan Oil Palms Bhd............................................... 167,600 234,289 0.0%
Oriental Holdings Bhd...................................................... 3,638,979 7,976,256 0.1%
# OSK Holdings Bhd........................................................... 7,175,471 4,222,273 0.0%
Pacific & Orient Bhd....................................................... 334,330 137,733 0.0%
Panasonic Manufacturing Malaysia Bhd....................................... 382,080 2,467,297 0.0%
Pantech Group Holdings Bhd................................................. 3,565,100 735,087 0.0%
* Paracorp Bhd............................................................... 252,000 -- 0.0%
Paramount Corp. Bhd........................................................ 1,660,525 767,929 0.0%
#* Parkson Holdings Bhd....................................................... 6,813,940 4,104,146 0.0%
# Perdana Petroleum Bhd...................................................... 4,705,380 1,789,130 0.0%
Pie Industrial Bhd......................................................... 388,320 738,189 0.0%
PJ Development Holdings Bhd................................................ 4,756,000 1,969,963 0.0%
Pos Malaysia Bhd........................................................... 589,717 840,680 0.0%
# PPB Group Bhd.............................................................. 8,460,566 36,394,374 0.2%
Press Metal Bhd............................................................ 6,455,362 5,104,204 0.0%
* Prime Utilities Bhd........................................................ 39,000 -- 0.0%
Protasco Bhd............................................................... 3,636,100 1,932,531 0.0%
RCE Capital Bhd............................................................ 3,918,000 362,315 0.0%
# RHB Capital Bhd............................................................ 11,346,746 25,121,906 0.1%
* Rimbunan Sawit Bhd......................................................... 6,486,500 1,010,129 0.0%
Salcon Bhd................................................................. 794,800 190,146 0.0%
# Sapurakencana Petroleum Bhd................................................ 6,420,700 4,781,082 0.0%
Sarawak Oil Palms Bhd...................................................... 455,720 631,155 0.0%
Sarawak Plantation Bhd..................................................... 99,200 60,847 0.0%
* Scomi Energy Services Bhd.................................................. 241,800 30,379 0.0%
* Scomi Group Bhd............................................................ 27,417,400 1,838,548 0.0%
* Seal, Inc. Bhd............................................................. 586,800 106,535 0.0%
Selangor Dredging Bhd...................................................... 1,352,800 386,918 0.0%
Selangor Properties Bhd.................................................... 75,300 115,956 0.0%
Shangri-La Hotels Malaysia Bhd............................................. 734,700 1,310,289 0.0%
* Shell Refining Co. Federation of Malaya Bhd................................ 170,900 230,833 0.0%
SHL Consolidated Bhd....................................................... 693,700 636,902 0.0%
# SP Setia Bhd Group......................................................... 4,485,366 4,288,253 0.0%
# Star Publications Malaysia Bhd............................................. 1,739,200 1,214,514 0.0%
Subur Tiasa Holdings Bhd................................................... 38,830 19,862 0.0%
# Sunway Bhd................................................................. 13,818,226 14,678,782 0.1%
# Supermax Corp. Bhd......................................................... 8,768,400 4,969,323 0.0%
Suria Capital Holdings Bhd................................................. 824,400 572,709 0.0%
Symphony Life Bhd.......................................................... 2,082,010 489,860 0.0%
Ta Ann Holdings Bhd........................................................ 1,903,322 2,001,426 0.0%
TA Enterprise Bhd.......................................................... 21,118,100 4,197,708 0.0%
TA Global Bhd.............................................................. 15,532,980 1,392,024 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
MALAYSIA -- (Continued)
TAHPS Group Bhd............................................................ 27,000 $ 52,366 0.0%
* Talam Transform Bhd........................................................ 3,183,850 70,736 0.0%
Taliworks Corp. Bhd........................................................ 130,800 81,814 0.0%
TAN Chong Motor Holdings Bhd............................................... 4,711,900 3,967,720 0.0%
* Tanjung Offshore Bhd....................................................... 4,056,100 492,906 0.0%
TDM Bhd.................................................................... 14,635,000 3,201,541 0.0%
# TH Plantations Bhd......................................................... 900,500 396,523 0.0%
# Time dotCom Bhd............................................................ 5,476,280 9,366,805 0.1%
Tiong NAM Logistics Holdings............................................... 595,500 210,279 0.0%
# Tropicana Corp. Bhd........................................................ 7,756,400 2,367,480 0.0%
UEM Edgenta Bhd............................................................ 3,339,500 3,387,907 0.0%
# UEM Sunrise Bhd............................................................ 12,156,045 4,388,375 0.0%
UMW Oil & Gas Corp. Bhd.................................................... 151,400 92,959 0.0%
Unisem M Bhd............................................................... 10,298,500 6,895,293 0.1%
United Malacca Bhd......................................................... 960,500 1,719,311 0.0%
United Plantations Bhd..................................................... 393,300 2,866,043 0.0%
United U-Li Corp. Bhd...................................................... 303,100 254,409 0.0%
# UOA Development Bhd........................................................ 5,846,300 3,713,371 0.0%
VS Industry Bhd............................................................ 1,982,393 2,186,125 0.0%
Wah Seong Corp. Bhd........................................................ 5,944,183 2,195,636 0.0%
# WCT Holdings Bhd........................................................... 14,111,105 7,220,936 0.1%
Wing Tai Malaysia Bhd...................................................... 1,952,900 948,145 0.0%
WTK Holdings Bhd........................................................... 6,626,550 2,133,654 0.0%
# YNH Property Bhd........................................................... 5,488,966 2,952,649 0.0%
# YTL Corp. Bhd.............................................................. 91,402,050 42,828,052 0.2%
* YTL Land & Development Bhd................................................. 3,544,900 790,386 0.0%
------------ ---
TOTAL MALAYSIA................................................................. 748,363,794 3.9%
------------ ---
MEXICO -- (5.6%)
Alfa S.A.B. de C.V. Class A................................................ 43,462,954 88,246,058 0.5%
# Alpek S.A.B. de C.V........................................................ 2,555,824 3,468,404 0.0%
Arca Continental S.A.B. de C.V............................................. 2,661,434 16,325,613 0.1%
#* Axtel S.A.B. de C.V........................................................ 12,529,535 3,634,235 0.0%
* Bio Pappel S.A.B. de C.V................................................... 451,188 686,399 0.0%
#* Cemex S.A.B. de C.V. Sponsored ADR......................................... 16,004,718 153,965,388 0.8%
* Cia Minera Autlan S.A.B. de C.V. Series B.................................. 1,212,118 1,042,886 0.0%
Coca-Cola Femsa S.A.B. de C.V. Series L.................................... 775,635 6,202,754 0.1%
# Coca-Cola Femsa S.A.B. de C.V. Sponsored ADR............................... 101,754 8,130,145 0.1%
#* Consorcio ARA S.A.B. de C.V. Series *...................................... 10,446,707 4,405,566 0.0%
Controladora Comercial Mexicana S.A.B. de C.V.............................. 6,506,622 20,976,243 0.1%
* Corp. Actinver S.A.B. de C.V............................................... 105,133 107,175 0.0%
#* Corp. GEO S.A.B. de C.V. Series B.......................................... 9,461,653 70,962 0.0%
* Corp. Interamericana de Entretenimiento S.A.B. de C.V. Class B............. 1,560,786 1,414,087 0.0%
#* Desarrolladora Homex S.A.B. de C.V......................................... 3,011,482 110,421 0.0%
* Dine S.A.B. de C.V......................................................... 1,027,267 583,538 0.0%
* El Puerto de Liverpool S.A.B. de C.V. Series 1............................. 8,486 95,275 0.0%
* Empaques Ponderosa S.A. de C.V............................................. 90,000 -- 0.0%
#* Empresas ICA S.A.B. de C.V................................................. 2,228,245 1,975,240 0.0%
#* Empresas ICA S.A.B. de C.V. Sponsored ADR.................................. 791,670 2,818,345 0.0%
* Fomento Economico Mexicano S.A.B. de C.V................................... 2,517,554 22,779,745 0.1%
* Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR.................... 2,578,915 233,366,018 1.2%
#* Genomma Lab Internacional S.A.B. de C.V. Class B........................... 567,557 666,626 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- -------------- ---------------
MEXICO -- (Continued)
Gruma S.A.B. de C.V. Class B............................................... 2,626,232 $ 31,637,348 0.2%
Gruma S.A.B. de C.V. Sponsored ADR......................................... 4,316 208,204 0.0%
#* Grupo Aeromexico S.A.B. de C.V............................................. 1,190,253 2,102,454 0.0%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V......................... 728,438 3,636,967 0.0%
# Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR.................... 27,297 1,090,242 0.0%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR........................ 585,943 41,631,250 0.2%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class B.................... 694,395 4,934,812 0.0%
* Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR......................... 271,607 39,266,224 0.2%
# Grupo Aeroportuario del Sureste S.A.B. de C.V. Class B..................... 1,203,482 17,026,972 0.1%
Grupo Carso S.A.B. de C.V. Series A1....................................... 9,643,854 40,217,298 0.2%
Grupo Cementos de Chihuahua S.A.B. de C.V.................................. 2,786,917 7,629,417 0.1%
# Grupo Comercial Chedraui S.A. de C.V....................................... 2,005,043 6,016,959 0.0%
# Grupo Elektra S.A.B. de C.V................................................ 159,712 4,120,324 0.0%
#* Grupo Famsa S.A.B. de C.V. Class A......................................... 2,957,704 2,236,303 0.0%
Grupo Financiero Banorte S.A.B. de C.V..................................... 21,988,996 124,736,170 0.7%
# Grupo Financiero Inbursa S.A.B. de C.V..................................... 17,266,812 41,248,120 0.2%
Grupo Financiero Interacciones S.A. de C.V................................. 463,991 2,918,468 0.0%
Grupo Financiero Santander Mexico S.A.B. de C.V. Class B................... 2,550,559 5,195,214 0.0%
Grupo Financiero Santander Mexico S.A.B. de C.V. Class B ADR............... 1,699,969 17,288,685 0.1%
* Grupo Gigante S.A.B. de C.V. Series *...................................... 471,076 1,340,426 0.0%
#* Grupo Herdez S.A.B. de C.V. Series *....................................... 402,289 1,093,695 0.0%
Grupo Industrial Maseca S.A.B. de C.V. Class B............................. 2,756,800 3,737,547 0.0%
# Grupo Industrial Saltillo S.A.B. de C.V.................................... 1,347,879 2,718,249 0.0%
Grupo KUO S.A.B. de C.V. Series B.......................................... 2,086,651 3,672,245 0.0%
Grupo Mexico S.A.B. de C.V. Series B....................................... 24,506,741 75,730,973 0.4%
* Grupo Pochteca S.A.B. de C.V............................................... 67,810 61,525 0.0%
* Grupo Posadas S.A.B. de C.V................................................ 355,600 667,532 0.0%
* Grupo Qumma S.A. de C.V. Series B.......................................... 5,301 -- 0.0%
# Grupo Sanborns S.A.B. de C.V............................................... 864,233 1,298,434 0.0%
#* Grupo Simec S.A.B. de C.V. Series B........................................ 1,392,459 3,749,347 0.0%
#* Grupo Sports World S.A.B. de C.V........................................... 217,114 240,294 0.0%
* Industrias Bachoco S.A.B. de C.V. ADR...................................... 37,137 1,997,599 0.0%
* Industrias Bachoco S.A.B. de C.V. Series B................................. 1,489,992 6,635,136 0.1%
#* Industrias CH S.A.B. de C.V. Series B...................................... 3,103,568 12,657,427 0.1%
Industrias Penoles S.A.B. de C.V........................................... 110,157 1,866,824 0.0%
Medica Sur S.A.B. de C.V. Series B......................................... 1,000 3,687 0.0%
#* Megacable Holdings S.A.B. de C.V........................................... 136,044 565,742 0.0%
# Mexichem S.A.B. de C.V..................................................... 4,831,336 13,821,362 0.1%
#* Minera Frisco S.A.B. de C.V................................................ 7,355,007 6,088,423 0.0%
* OHL Mexico S.A.B. de C.V................................................... 9,459,840 19,114,525 0.1%
# Organizacion Cultiba S.A.B. de C.V......................................... 116,984 157,077 0.0%
# Organizacion Soriana S.A.B. de C.V. Class B................................ 14,807,103 36,231,172 0.2%
#* Qualitas Controladora S.A.B. de C.V........................................ 1,652,078 3,101,281 0.0%
* Rassini S.A.B. de C.V...................................................... 10,800 44,525 0.0%
* Savia SA Class A........................................................... 3,457,285 -- 0.0%
* TV Azteca S.A.B. de C.V.................................................... 10,047,408 3,064,911 0.0%
#* Urbi Desarrollos Urbanos S.A.B. de C.V..................................... 9,102,158 2,731 0.0%
#* Vitro S.A.B. de C.V. Series A.............................................. 1,544,127 3,368,657 0.0%
-------------- ---
TOTAL MEXICO................................................................... 1,167,243,900 6.0%
-------------- ---
PHILIPPINES -- (1.2%)
A Soriano Corp............................................................. 17,932,400 2,840,868 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
PHILIPPINES -- (Continued)
Alliance Global Group, Inc................................................. 21,697,206 $ 12,330,597 0.1%
Alsons Consolidated Resources, Inc......................................... 21,091,000 974,688 0.0%
Atlas Consolidated Mining & Development Corp............................... 5,351,500 959,896 0.0%
BDO Unibank, Inc........................................................... 11,071,205 27,074,217 0.1%
Cebu Air, Inc.............................................................. 1,723,390 3,288,450 0.0%
Cebu Holdings, Inc......................................................... 3,792,150 442,550 0.0%
Century Properties Group, Inc.............................................. 28,957,400 592,721 0.0%
China Banking Corp......................................................... 426,616 437,677 0.0%
Cosco Capital, Inc......................................................... 4,548,900 837,369 0.0%
EEI Corp................................................................... 1,019,100 225,354 0.0%
* Empire East Land Holdings, Inc............................................. 24,178,000 477,142 0.0%
* Export & Industry Bank, Inc. Class A....................................... 14,950 -- 0.0%
Filinvest Development Corp................................................. 142,800 14,130 0.0%
Filinvest Land, Inc........................................................ 203,299,031 8,657,663 0.0%
First Philippine Holdings Corp............................................. 4,604,260 9,587,855 0.1%
* Fwbc Holdings, Inc......................................................... 5,471,786 -- 0.0%
Integrated Micro-Electronics, Inc.......................................... 248,900 35,323 0.0%
JG Summit Holdings, Inc.................................................... 6,802,090 10,895,855 0.1%
Lopez Holdings Corp........................................................ 34,515,100 6,690,073 0.0%
LT Group, Inc.............................................................. 9,986,000 3,333,856 0.0%
Megaworld Corp............................................................. 185,762,100 22,022,942 0.1%
Metropolitan Bank & Trust Co............................................... 9,344,050 19,478,619 0.1%
* Mondragon International Philippines, Inc................................... 2,464,000 -- 0.0%
* Pepsi-Cola Products Philippines, Inc....................................... 709,000 69,270 0.0%
Petron Corp................................................................ 9,892,100 2,184,943 0.0%
* Philippine National Bank................................................... 4,995,673 8,678,528 0.1%
* Philippine National Construction Corp...................................... 398,900 8,232 0.0%
Philippine Savings Bank.................................................... 1,232,313 2,603,362 0.0%
* Philippine Townships, Inc.................................................. 226,200 -- 0.0%
* Philtown Properties, Inc................................................... 6,701 -- 0.0%
Phinma Corp................................................................ 1,340,598 345,778 0.0%
Phoenix Petroleum Philippines, Inc......................................... 507,600 45,093 0.0%
RFM Corp................................................................... 185,000 21,341 0.0%
Rizal Commercial Banking Corp.............................................. 4,764,548 4,884,037 0.0%
Robinsons Land Corp........................................................ 30,313,050 20,354,381 0.1%
San Miguel Corp............................................................ 6,452,716 9,915,569 0.1%
San Miguel Pure Foods Co., Inc............................................. 63,140 277,737 0.0%
Security Bank Corp......................................................... 1,566,924 5,904,263 0.0%
* Top Frontier Investment Holdings, Inc...................................... 628,532 1,400,533 0.0%
Trans-Asia Oil & Energy Development Corp................................... 26,631,000 1,313,262 0.0%
Union Bank of the Philippines.............................................. 4,413,459 6,533,898 0.0%
Universal Robina Corp...................................................... 6,278,855 30,619,416 0.2%
Vista Land & Lifescapes, Inc............................................... 72,744,368 12,236,075 0.1%
------------ ---
TOTAL PHILIPPINES.............................................................. 238,593,563 1.2%
------------ ---
POLAND -- (2.0%)
* Agora SA................................................................... 569,215 1,768,150 0.0%
Asseco Poland SA........................................................... 1,339,607 22,567,918 0.1%
Bank Millennium SA......................................................... 4,567,380 9,275,611 0.1%
Ciech SA................................................................... 533,502 8,689,117 0.1%
ComArch SA................................................................. 2,787 103,705 0.0%
Dom Development SA......................................................... 17,406 248,949 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
POLAND -- (Continued)
Enea SA.................................................................... 2,407,934 $ 10,892,708 0.1%
Firma Oponiarska Debica SA................................................. 102,634 2,218,648 0.0%
* Getin Holding SA........................................................... 3,221,895 1,920,463 0.0%
#* Getin Noble Bank SA........................................................ 3,420,648 1,698,310 0.0%
# Grupa Azoty SA............................................................. 162,793 3,711,028 0.0%
Grupa Kety SA.............................................................. 112,990 9,924,276 0.1%
* Grupa Lotos SA............................................................. 1,780,554 15,206,366 0.1%
* Hawe SA.................................................................... 952,876 597,307 0.0%
* Impexmetal SA.............................................................. 5,371,047 4,931,562 0.0%
#* Jastrzebska Spolka Weglowa SA.............................................. 252,276 1,005,105 0.0%
Kernel Holding SA.......................................................... 328,610 3,170,176 0.0%
KGHM Polska Miedz SA....................................................... 2,431,526 85,255,376 0.4%
* Kopex SA................................................................... 555,501 1,550,529 0.0%
* LC Corp. SA................................................................ 1,199,107 653,062 0.0%
Lentex SA.................................................................. 15,056 36,814 0.0%
# Lubelski Wegiel Bogdanka SA................................................ 39,884 972,582 0.0%
Netia SA................................................................... 4,449,611 7,280,405 0.0%
# Orbis SA................................................................... 538,910 8,238,909 0.1%
Pelion SA.................................................................. 10,134 242,008 0.0%
PGE Polska Grupa Energetyczna SA........................................... 14,474,839 83,290,331 0.4%
* Polski Koncern Miesny Duda SA.............................................. 56,943 103,260 0.0%
# Polski Koncern Naftowy Orlen SA............................................ 5,251,604 99,736,203 0.5%
* Sygnity SA................................................................. 194,766 697,896 0.0%
# Synthos SA................................................................. 2,953,305 3,867,989 0.0%
Tauron Polska Energia SA................................................... 18,743,009 25,068,497 0.1%
#* Trakcja SA................................................................. 685,253 1,882,283 0.0%
------------ ---
TOTAL POLAND................................................................... 416,805,543 2.1%
------------ ---
RUSSIA -- (2.1%)
* AFI Development P.L.C. GDR................................................. 31,828 8,464 0.0%
Gazprom OAO Sponsored ADR.................................................. 67,242,144 393,968,225 2.0%
Lukoil OAO Sponsored ADR................................................... 475,571 24,328,076 0.1%
Magnitogorsk Iron & Steel Works OJSC GDR................................... 1,929,398 7,167,434 0.1%
* Mechel Sponsored ADR....................................................... 427,180 598,052 0.0%
RusHydro JSC ADR........................................................... 8,655,901 10,414,944 0.1%
VTB Bank OJSC GDR.......................................................... 549,593 1,359,324 0.0%
------------ ---
TOTAL RUSSIA................................................................... 437,844,519 2.3%
------------ ---
SOUTH AFRICA -- (7.6%)
Adcorp Holdings, Ltd....................................................... 697,212 1,826,471 0.0%
Aeci, Ltd.................................................................. 1,160,854 12,651,076 0.1%
#* African Bank Investments, Ltd.............................................. 9,264,952 90,537 0.0%
African Oxygen, Ltd........................................................ 45,466 53,088 0.0%
African Rainbow Minerals, Ltd.............................................. 2,030,940 18,530,029 0.1%
Allied Electronics Corp., Ltd.............................................. 563,821 639,876 0.0%
* Anglo American Platinum, Ltd............................................... 332,933 9,195,536 0.1%
* AngloGold Ashanti, Ltd..................................................... 1,716,050 19,488,196 0.1%
#* AngloGold Ashanti, Ltd. Sponsored ADR...................................... 5,405,959 61,249,515 0.3%
* ArcelorMittal South Africa, Ltd............................................ 2,437,523 4,066,937 0.0%
Astral Foods, Ltd.......................................................... 498 7,559 0.0%
* Aveng, Ltd................................................................. 8,076,763 7,249,493 0.0%
Barclays Africa Group, Ltd................................................. 6,116,376 97,972,476 0.5%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
SOUTH AFRICA -- (Continued)
Barloworld, Ltd............................................................ 4,324,393 $34,497,793 0.2%
* Basil Read Holdings, Ltd................................................... 44,371 10,093 0.0%
* Bell Equipment, Ltd........................................................ 5,589 4,552 0.0%
Blue Label Telecoms, Ltd................................................... 4,802,245 3,240,056 0.0%
* Brait SE................................................................... 1,699,653 12,929,841 0.1%
Business Connexion Group, Ltd.............................................. 1,823,337 960,932 0.0%
Caxton and CTP Publishers and Printers, Ltd................................ 3,124,128 4,908,447 0.0%
Clover Industries, Ltd..................................................... 1,028,593 1,605,556 0.0%
* Consolidated Infrastructure Group, Ltd..................................... 209,575 502,822 0.0%
* Corpgro, Ltd............................................................... 579,166 -- 0.0%
# DataTec, Ltd............................................................... 3,291,292 17,093,842 0.1%
Distell Group, Ltd......................................................... 155,945 2,107,977 0.0%
Distribution and Warehousing Network, Ltd.................................. 250,120 132,874 0.0%
# DRDGOLD, Ltd............................................................... 6,389,615 1,198,141 0.0%
DRDGOLD, Ltd. Sponsored ADR................................................ 13,664 24,049 0.0%
* Eqstra Holdings, Ltd....................................................... 2,522,899 801,457 0.0%
* Evraz Highveld Steel and Vanadium, Ltd..................................... 120,337 16,691 0.0%
# Exxaro Resources, Ltd...................................................... 1,657,073 13,564,968 0.1%
Gold Fields, Ltd........................................................... 2,728,058 12,595,212 0.1%
# Gold Fields, Ltd. Sponsored ADR............................................ 12,391,918 56,631,065 0.3%
Grindrod, Ltd.............................................................. 8,073,302 11,042,815 0.1%
Group Five, Ltd............................................................ 1,544,584 3,557,249 0.0%
* Harmony Gold Mining Co., Ltd............................................... 1,648,314 3,172,665 0.0%
#* Harmony Gold Mining Co., Ltd. Sponsored ADR................................ 463,646 899,473 0.0%
Holdsport, Ltd............................................................. 12,408 57,045 0.0%
Hudaco Industries, Ltd..................................................... 98,000 1,024,163 0.0%
# Hulamin, Ltd............................................................... 1,733,614 1,005,997 0.0%
Iliad Africa, Ltd.......................................................... 206,803 141,838 0.0%
Illovo Sugar, Ltd.......................................................... 958,810 1,732,572 0.0%
* Impala Platinum Holdings, Ltd.............................................. 7,077,046 39,387,249 0.2%
Imperial Holdings, Ltd..................................................... 599,182 10,034,098 0.1%
Investec, Ltd.............................................................. 4,535,507 43,126,151 0.2%
* JCI, Ltd................................................................... 10,677,339 -- 0.0%
#* JD Group, Ltd.............................................................. 2,681,862 7,552,532 0.0%
KAP Industrial Holdings, Ltd............................................... 275,932 127,616 0.0%
Kumba Iron Ore, Ltd........................................................ 79,944 1,078,273 0.0%
# Lewis Group, Ltd........................................................... 1,998,539 14,523,215 0.1%
Liberty Holdings, Ltd...................................................... 1,817,218 25,342,392 0.1%
Mediclinic International, Ltd.............................................. 163,701 1,733,492 0.0%
Merafe Resources, Ltd...................................................... 21,718,286 1,588,432 0.0%
Metair Investments, Ltd.................................................... 1,079,085 3,323,338 0.0%
MMI Holdings, Ltd.......................................................... 19,554,889 55,637,592 0.3%
Mondi, Ltd................................................................. 1,809,963 36,497,196 0.2%
Mpact, Ltd................................................................. 2,337,295 8,485,484 0.1%
Murray & Roberts Holdings, Ltd............................................. 6,044,934 6,687,277 0.0%
Mustek, Ltd................................................................ 48,438 35,598 0.0%
Nedbank Group, Ltd......................................................... 3,679,693 79,479,057 0.4%
* Northam Platinum, Ltd...................................................... 2,807,684 11,540,973 0.1%
Omnia Holdings, Ltd........................................................ 413,698 5,706,425 0.0%
Peregrine Holdings, Ltd.................................................... 1,700,309 3,981,807 0.0%
Petmin, Ltd................................................................ 1,417,358 157,257 0.0%
* Pinnacle Holdings, Ltd..................................................... 454,811 431,537 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- -------------- ---------------
SOUTH AFRICA -- (Continued)
PSG Group, Ltd............................................................. 499,930 $ 8,208,282 0.1%
Raubex Group, Ltd.......................................................... 1,580,974 2,377,952 0.0%
RCL Foods, Ltd............................................................. 71,855 105,990 0.0%
Reunert, Ltd............................................................... 262,718 1,339,962 0.0%
* Royal Bafokeng Platinum, Ltd............................................... 444,270 1,932,015 0.0%
Sanlam, Ltd................................................................ 17,786,335 115,035,169 0.6%
* Sappi, Ltd................................................................. 9,300,302 38,210,057 0.2%
#* Sappi, Ltd. Sponsored ADR.................................................. 695,410 2,819,888 0.0%
Sasol, Ltd................................................................. 1,124,860 45,290,768 0.2%
Sasol, Ltd. Sponsored ADR.................................................. 1,088,775 43,823,194 0.2%
Sibanye Gold, Ltd.......................................................... 1,784,250 4,234,563 0.0%
# Sibanye Gold, Ltd. Sponsored ADR........................................... 3,474,364 32,832,740 0.2%
Standard Bank Group, Ltd................................................... 17,954,574 263,176,913 1.4%
* Stefanutti Stocks Holdings, Ltd............................................ 526,548 255,430 0.0%
# Steinhoff International Holdings, Ltd...................................... 28,369,200 180,010,416 0.9%
* Super Group, Ltd........................................................... 3,607,639 10,934,105 0.1%
* Telkom SA SOC, Ltd......................................................... 5,147,675 35,386,362 0.2%
Times Media Group, Ltd..................................................... 253,556 467,901 0.0%
Tongaat Hulett, Ltd........................................................ 893,746 9,897,152 0.1%
Trencor, Ltd............................................................... 1,354,075 7,476,974 0.0%
Value Group, Ltd........................................................... 134,228 43,396 0.0%
Wilson Bayly Holmes-Ovcon, Ltd............................................. 238,380 2,233,532 0.0%
Zeder Investments, Ltd..................................................... 1,938,581 1,444,570 0.0%
-------------- ---
TOTAL SOUTH AFRICA............................................................. 1,582,475,296 8.2%
-------------- ---
SOUTH KOREA -- (14.2%)
Aekyung Petrochemical Co., Ltd............................................. 2,970 202,330 0.0%
#* Agabang&Company............................................................ 19,244 233,166 0.0%
#* ALUKO Co., Ltd............................................................. 252,195 1,362,283 0.0%
#* Amotech Co., Ltd........................................................... 28,966 431,012 0.0%
# Asia Cement Co., Ltd....................................................... 6,306 713,688 0.0%
# ASIA Holdings Co., Ltd..................................................... 29,713 4,369,447 0.0%
# Asia Paper Manufacturing Co., Ltd.......................................... 63,134 1,851,132 0.0%
AtlasBX Co., Ltd........................................................... 10,504 394,594 0.0%
#* AUK Corp................................................................... 548,008 1,337,608 0.0%
BNK Financial Group, Inc................................................... 2,042,369 30,532,664 0.2%
Bookook Securities Co., Ltd................................................ 28,655 507,007 0.0%
BYC Co., Ltd............................................................... 810 285,805 0.0%
Byucksan Corp.............................................................. 10,100 59,001 0.0%
* CammSys Corp............................................................... 13,509 23,648 0.0%
#* Capro Corp................................................................. 79,730 316,251 0.0%
#* Celltrion Pharm, Inc....................................................... 10,662 185,310 0.0%
* Chemtronics Co., Ltd....................................................... 2,389 21,018 0.0%
#* China Great Star International, Ltd........................................ 526,968 1,224,075 0.0%
#* China Ocean Resources Co., Ltd............................................. 1,088,323 3,786,796 0.0%
Chokwang Paint, Ltd........................................................ 4,194 57,376 0.0%
Chosun Refractories Co., Ltd............................................... 9,716 1,081,719 0.0%
CJ Corp.................................................................... 43,680 7,765,587 0.1%
* CJ E&M Corp................................................................ 1,964 107,335 0.0%
#* CJ Korea Express Co., Ltd.................................................. 53,260 10,159,966 0.1%
# CKD Bio Corp............................................................... 20,570 495,323 0.0%
#* Cosmochemical Co., Ltd..................................................... 115,498 578,963 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ----------- ---------------
SOUTH KOREA -- (Continued)
# Dae Dong Industrial Co., Ltd............................................... 145,130 $ 1,490,473 0.0%
Dae Han Flour Mills Co., Ltd............................................... 14,630 2,741,898 0.0%
# Dae Won Kang Up Co., Ltd................................................... 245,096 1,490,447 0.0%
#* Dae Young Packaging Co., Ltd............................................... 1,121,470 1,151,576 0.0%
#* Dae-Il Corp................................................................ 128,871 682,007 0.0%
#* Daechang Co., Ltd.......................................................... 526,706 511,764 0.0%
Daeduck Electronics Co..................................................... 107,940 955,967 0.0%
# Daeduck GDS Co., Ltd....................................................... 281,480 3,204,667 0.0%
Daegu Department Store..................................................... 71,060 1,126,745 0.0%
# Daehan Steel Co., Ltd...................................................... 188,726 1,221,500 0.0%
Daekyo Co., Ltd............................................................ 521,770 4,232,774 0.0%
# Daelim Industrial Co., Ltd................................................. 355,955 27,413,136 0.2%
# Daesang Holdings Co., Ltd.................................................. 55,690 1,441,294 0.0%
# Daesung Holdings Co., Ltd.................................................. 42,463 456,352 0.0%
Daewon San Up Co., Ltd..................................................... 1,435 11,231 0.0%
#* Daewoo Engineering & Construction Co., Ltd................................. 994,082 6,581,410 0.0%
# Daewoo Securities Co., Ltd................................................. 2,049,224 31,984,168 0.2%
# Daewoo Shipbuilding & Marine Engineering Co., Ltd.......................... 1,139,732 19,158,237 0.1%
Daewoong Co., Ltd.......................................................... 3,244 147,474 0.0%
* Dahaam E-Tec Co., Ltd...................................................... 3,535 11,129 0.0%
Daishin Securities Co., Ltd................................................ 611,785 8,030,071 0.1%
# Daou Data Corp............................................................. 138,807 2,037,058 0.0%
# Daou Technology, Inc....................................................... 396,164 6,909,669 0.1%
#* Dasan Networks, Inc........................................................ 193,542 1,331,352 0.0%
DGB Financial Group, Inc................................................... 1,686,932 19,042,464 0.1%
Dong Ah Tire & Rubber Co., Ltd............................................. 89,616 1,784,587 0.0%
Dong-Ah Geological Engineering Co., Ltd.................................... 45,500 352,096 0.0%
Dong-Il Corp............................................................... 19,095 1,585,959 0.0%
# Dongbang Transport Logistics Co., Ltd...................................... 244,640 869,901 0.0%
#* Dongbu HiTek Co., Ltd...................................................... 329,584 2,521,858 0.0%
Dongbu Securities Co., Ltd................................................. 411,768 2,523,028 0.0%
#* Dongbu Steel Co., Ltd...................................................... 81,663 417,557 0.0%
# Dongil Industries Co., Ltd................................................. 18,961 1,388,856 0.0%
#* Dongkook Industrial Co., Ltd............................................... 298,412 763,596 0.0%
Dongkuk Industries Co., Ltd................................................ 43,358 161,575 0.0%
#* Dongkuk Steel Mill Co., Ltd................................................ 991,515 5,888,646 0.0%
# Dongkuk Structure & Construction Co., Ltd.................................. 185,052 625,624 0.0%
# Dongwha Pharm Co., Ltd..................................................... 298,830 2,317,855 0.0%
Dongwon F&B Co., Ltd....................................................... 4,695 1,545,133 0.0%
* Dongwoo Co., Ltd........................................................... 19,336 103,564 0.0%
Dongyang E&P, Inc.......................................................... 29,698 353,918 0.0%
# Doosan Corp................................................................ 123,828 14,342,559 0.1%
#* Doosan Engine Co., Ltd..................................................... 112,890 731,886 0.0%
# Doosan Engineering & Construction Co., Ltd................................. 36,428 345,603 0.0%
# Doosan Heavy Industries & Construction Co., Ltd............................ 504,593 14,316,283 0.1%
#* Doosan Infracore Co., Ltd.................................................. 1,383,405 15,289,212 0.1%
# DRB Holding Co., Ltd....................................................... 179,795 2,633,718 0.0%
DY Corp.................................................................... 144,520 1,126,993 0.0%
* DY POWER Corp.............................................................. 77,375 930,122 0.0%
# e-LITECOM Co., Ltd......................................................... 64,046 1,383,424 0.0%
E-Mart Co., Ltd............................................................ 90,445 18,633,031 0.1%
# Eagon Industries Co., Ltd.................................................. 18,903 405,468 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ------------ ---------------
SOUTH KOREA -- (Continued)
ENF Technology Co., Ltd.................................................... 2,393 $ 31,186 0.0%
# Eugene Corp................................................................ 552,081 3,731,099 0.0%
#* Eugene Investment & Securities Co., Ltd.................................... 1,182,833 4,738,075 0.0%
#* Eusu Holdings Co., Ltd..................................................... 65,810 666,081 0.0%
EVERDIGM Corp.............................................................. 19,016 115,758 0.0%
#* Flexcom, Inc............................................................... 29,124 144,538 0.0%
Fursys, Inc................................................................ 28,479 892,376 0.0%
# Gaon Cable Co., Ltd........................................................ 25,249 626,511 0.0%
Global & Yuasa Battery Co., Ltd............................................ 48,413 2,484,760 0.0%
# Global Display Co., Ltd.................................................... 32,534 189,315 0.0%
#* GNCO Co., Ltd.............................................................. 357,625 452,395 0.0%
Green Cross Holdings Corp.................................................. 9,405 255,866 0.0%
#* GS Engineering & Construction Corp......................................... 659,307 19,694,431 0.1%
# GS Global Corp............................................................. 51,757 398,294 0.0%
# GS Holdings Corp........................................................... 650,112 30,326,561 0.2%
GS retail Co., Ltd......................................................... 3,605 130,364 0.0%
# Gwangju Shinsegae Co., Ltd................................................. 5,985 1,752,503 0.0%
#* Halla Corp................................................................. 75,864 452,290 0.0%
# Halla Holdings Corp........................................................ 25,374 1,634,241 0.0%
Han Kuk Carbon Co., Ltd.................................................... 19,931 123,353 0.0%
Hana Financial Group, Inc.................................................. 3,443,534 101,363,428 0.5%
Handok, Inc................................................................ 12,706 380,735 0.0%
# Handsome Co., Ltd.......................................................... 214,790 7,088,155 0.1%
Hanil Cement Co., Ltd...................................................... 52,145 7,314,316 0.1%
#* Hanjin Heavy Industries & Construction Co., Ltd............................ 571,915 3,308,917 0.0%
# Hanjin Heavy Industries & Construction Holdings Co., Ltd................... 206,286 1,646,909 0.0%
# Hanjin Kal Corp............................................................ 138,504 4,240,951 0.0%
#* Hanjin Shipping Co., Ltd................................................... 161,920 1,139,084 0.0%
# Hanjin Transportation Co., Ltd............................................. 140,220 7,940,006 0.1%
Hankuk Glass Industries, Inc............................................... 17,640 590,405 0.0%
Hankuk Paper Manufacturing Co., Ltd........................................ 33,223 1,063,102 0.0%
#* Hansol Holdings Co., Ltd................................................... 401,896 3,013,853 0.0%
#* Hansol HomeDeco Co., Ltd................................................... 321,490 505,251 0.0%
#* Hansol Paper Co., Ltd...................................................... 245,346 5,503,506 0.0%
# Hanwha Chemical Corp....................................................... 1,184,522 18,887,443 0.1%
# Hanwha Corp................................................................ 725,934 28,506,824 0.2%
# Hanwha Galleria Timeworld Co., Ltd......................................... 10,902 598,877 0.0%
* Hanwha General Insurance Co., Ltd.......................................... 60,784 278,088 0.0%
Hanwha Investment & Securities Co., Ltd.................................... 633,215 3,725,439 0.0%
Hanwha Life Insurance Co., Ltd............................................. 2,125,000 15,709,578 0.1%
Hanyang Eng Co., Ltd....................................................... 35,004 310,653 0.0%
Hanyang Securities Co., Ltd................................................ 92,428 797,738 0.0%
# Heung-A Shipping Co., Ltd.................................................. 751,463 2,382,890 0.0%
# Hitejinro Holdings Co., Ltd................................................ 116,051 1,500,698 0.0%
# HMC Investment Securities Co., Ltd......................................... 259,785 3,292,479 0.0%
# HS R&A Co., Ltd............................................................ 46,106 1,371,987 0.0%
Humax Co., Ltd............................................................. 186,827 3,231,102 0.0%
Husteel Co., Ltd........................................................... 59,490 1,121,879 0.0%
# Huvis Corp................................................................. 21,080 206,886 0.0%
# Hwa Shin Co., Ltd.......................................................... 78,244 553,355 0.0%
# Hwacheon Machine Tool Co., Ltd............................................. 14,227 976,796 0.0%
HwaSung Industrial Co., Ltd................................................ 22,931 413,247 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ------------ ---------------
SOUTH KOREA -- (Continued)
Hyosung Corp............................................................... 392,954 $ 43,463,965 0.2%
# Hyundai BNG Steel Co., Ltd................................................. 140,250 2,136,147 0.0%
Hyundai Department Store Co., Ltd.......................................... 49,426 6,709,258 0.0%
# Hyundai Development Co..................................................... 642,502 34,200,375 0.2%
Hyundai Engineering & Construction Co., Ltd................................ 193,553 9,312,086 0.1%
#* Hyundai Heavy Industries Co., Ltd.......................................... 400,311 52,012,065 0.3%
Hyundai Hy Communications & Networks Co., Ltd.............................. 256,523 1,269,675 0.0%
Hyundai Marine & Fire Insurance Co., Ltd................................... 52,438 1,397,730 0.0%
#* Hyundai Mipo Dockyard Co., Ltd............................................. 77,140 6,413,032 0.0%
Hyundai Motor Co........................................................... 961,377 150,879,557 0.8%
Hyundai Securities Co., Ltd................................................ 1,476,331 15,286,810 0.1%
Hyundai Steel Co........................................................... 1,080,925 79,006,693 0.4%
#* Hyunjin Materials Co., Ltd................................................. 41,159 130,104 0.0%
# Il Dong Pharmaceutical Co., Ltd............................................ 133,130 2,382,413 0.0%
# Iljin Electric Co., Ltd.................................................... 285,940 1,863,484 0.0%
# Ilshin Spinning Co., Ltd................................................... 16,453 2,999,260 0.0%
# Ilsung Pharmaceuticals Co., Ltd............................................ 9,407 1,137,540 0.0%
Industrial Bank of Korea................................................... 2,385,570 32,777,514 0.2%
* InnoWireless, Inc.......................................................... 1,805 21,481 0.0%
Intelligent Digital Integrated Securities Co., Ltd......................... 3,114 48,946 0.0%
#* Interflex Co., Ltd......................................................... 59,269 796,289 0.0%
Intergis Co., Ltd.......................................................... 24,590 195,665 0.0%
INTOPS Co., Ltd............................................................ 76,807 1,486,102 0.0%
Inzi Controls Co., Ltd..................................................... 89,540 497,844 0.0%
# INZI Display Co., Ltd...................................................... 244,705 521,425 0.0%
# IS Dongseo Co., Ltd........................................................ 76,265 5,797,235 0.0%
# ISU Chemical Co., Ltd...................................................... 90,616 991,267 0.0%
# IsuPetasys Co., Ltd........................................................ 71,858 410,003 0.0%
# Jahwa Electronics Co., Ltd................................................. 31,585 379,040 0.0%
# JB Financial Group Co., Ltd................................................ 1,014,448 6,547,928 0.0%
# Jeil Pharmaceutical Co..................................................... 46,646 1,466,264 0.0%
# JW Pharmaceutical Corp..................................................... 87,616 2,271,647 0.0%
# KB Capital Co., Ltd........................................................ 93,191 1,942,626 0.0%
# KB Financial Group, Inc.................................................... 1,995,076 76,080,838 0.4%
KB Financial Group, Inc. ADR............................................... 3,089,746 117,812,015 0.6%
# KC Tech Co., Ltd........................................................... 273,465 2,387,628 0.0%
# KCC Corp................................................................... 52,120 26,714,438 0.2%
#* KEC Corp................................................................... 44,448 58,546 0.0%
# Keyang Electric Machinery Co., Ltd......................................... 393,920 1,560,444 0.0%
# KG Chemical Corp........................................................... 57,540 940,089 0.0%
# Kia Motors Corp............................................................ 798,988 36,818,787 0.2%
KISCO Corp................................................................. 55,441 1,832,462 0.0%
# KISCO Holdings Co., Ltd.................................................... 11,673 595,277 0.0%
# Kishin Corp................................................................ 109,475 793,140 0.0%
# KISWIRE, Ltd............................................................... 90,481 5,878,762 0.0%
# Kolon Corp................................................................. 87,886 3,652,010 0.0%
* Kolon Global Corp.......................................................... 21,575 347,453 0.0%
# Kolon Industries, Inc...................................................... 228,890 13,761,641 0.1%
# Kook Soon Dang Brewery Co., Ltd............................................ 125,249 890,715 0.0%
Korea Airport Service Co., Ltd............................................. 238 9,874 0.0%
Korea Alcohol Industrial Co., Ltd.......................................... 28,767 176,203 0.0%
# Korea Cast Iron Pipe Industries Co., Ltd................................... 7,358 110,830 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ----------- ---------------
SOUTH KOREA -- (Continued)
# Korea Circuit Co., Ltd..................................................... 146,339 $ 1,593,429 0.0%
Korea Electric Terminal Co., Ltd........................................... 80,014 5,456,655 0.0%
# Korea Export Packaging Industrial Co., Ltd................................. 5,290 126,176 0.0%
# Korea Flange Co., Ltd...................................................... 66,724 1,053,251 0.0%
Korea Investment Holdings Co., Ltd......................................... 519,442 33,258,402 0.2%
# Korea Petro Chemical Ind................................................... 45,171 7,292,473 0.1%
# Korean Reinsurance Co...................................................... 655,050 7,263,058 0.1%
Kortek Corp................................................................ 3,923 54,369 0.0%
KPF........................................................................ 3,109 12,096 0.0%
KPX Chemical Co., Ltd...................................................... 12,852 732,216 0.0%
#* KTB Investment & Securities Co., Ltd....................................... 630,604 2,153,942 0.0%
# Kukdo Chemical Co., Ltd.................................................... 53,490 3,336,266 0.0%
#* Kumho Electric Co., Ltd.................................................... 44,161 820,805 0.0%
# Kunsul Chemical Industrial Co., Ltd........................................ 34,025 1,625,117 0.0%
#* Kwangju Bank............................................................... 247,383 1,843,681 0.0%
#* Kyeryong Construction Industrial Co., Ltd.................................. 38,242 432,672 0.0%
Kyobo Securities Co., Ltd.................................................. 211,890 2,396,491 0.0%
* Kyongnam Bank.............................................................. 305,182 2,882,135 0.0%
# Kyung-In Synthetic Corp.................................................... 27,261 133,208 0.0%
# Kyungbang, Ltd............................................................. 11,137 2,721,569 0.0%
* LB Semicon, Inc............................................................ 66,800 105,387 0.0%
# LF Corp.................................................................... 91,282 3,001,452 0.0%
LG Corp.................................................................... 1,052,153 65,285,284 0.4%
# LG Display Co., Ltd........................................................ 1,420,066 39,326,011 0.2%
# LG Display Co., Ltd. ADR................................................... 3,996,524 55,231,962 0.3%
# LG Electronics, Inc........................................................ 1,776,548 99,900,359 0.5%
# LG International Corp...................................................... 237,695 9,095,675 0.1%
LG Uplus Corp.............................................................. 1,928,918 19,297,144 0.1%
LIG Insurance Co., Ltd..................................................... 127,995 2,961,758 0.0%
# Lotte Chemical Corp........................................................ 162,183 37,625,484 0.2%
# Lotte Chilsung Beverage Co., Ltd........................................... 9,769 21,611,785 0.1%
# Lotte Confectionery Co., Ltd............................................... 9,240 16,072,774 0.1%
# LOTTE Himart Co., Ltd...................................................... 12,087 802,368 0.0%
#* Lotte Non-Life Insurance Co., Ltd.......................................... 96,618 252,342 0.0%
Lotte Shopping Co., Ltd.................................................... 157,401 37,960,051 0.2%
LS Corp.................................................................... 58,123 2,921,984 0.0%
MegaStudy Co., Ltd......................................................... 6,751 425,716 0.0%
#* Melfas, Inc................................................................ 118,811 571,900 0.0%
# Meritz Finance Group, Inc.................................................. 77,813 996,892 0.0%
Meritz Securities Co., Ltd................................................. 1,605,968 9,387,599 0.1%
Mi Chang Oil Industrial Co., Ltd........................................... 4,691 353,322 0.0%
Mirae Asset Securities Co., Ltd............................................ 409,555 22,589,190 0.1%
# MK Electron Co., Ltd....................................................... 127,552 848,901 0.0%
#* MNTech Co., Ltd............................................................ 38,064 225,999 0.0%
Moorim P&P Co., Ltd........................................................ 406,838 1,892,700 0.0%
#* Moorim Paper Co., Ltd...................................................... 210,130 685,764 0.0%
# Motonic Corp............................................................... 75,294 892,808 0.0%
# Namyang Dairy Products Co., Ltd............................................ 2,910 1,998,444 0.0%
#* NEOWIZ HOLDINGS Corp....................................................... 69,796 1,261,645 0.0%
#* NEPES Corp................................................................. 18,806 148,989 0.0%
Nexen Corp................................................................. 17,164 1,453,820 0.0%
NH Investment & Securities Co., Ltd........................................ 1,484,967 20,558,706 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ------------ ---------------
SOUTH KOREA -- (Continued)
# NK Co., Ltd................................................................ 217,496 $ 852,655 0.0%
Nong Shim Holdings Co., Ltd................................................ 25,921 2,666,616 0.0%
# NongShim Co., Ltd.......................................................... 38,707 8,836,799 0.1%
NOROO Paint & Coatings Co., Ltd............................................ 11,400 117,870 0.0%
# NPC........................................................................ 134,561 844,218 0.0%
# OCI Co., Ltd............................................................... 79,101 7,290,485 0.1%
#* OPTRON-TEC, Inc............................................................ 7,768 42,337 0.0%
#* Osung LST Co., Ltd......................................................... 36,975 15,085 0.0%
#* Paik Kwang Industrial Co., Ltd............................................. 128,617 244,589 0.0%
#* Pan Ocean Co., Ltd......................................................... 47,845 138,426 0.0%
Pang Rim Co., Ltd.......................................................... 3,201 97,614 0.0%
#* PaperCorea, Inc............................................................ 261,826 269,845 0.0%
# Poongsan Corp.............................................................. 397,200 10,700,997 0.1%
# Poongsan Holdings Corp..................................................... 55,898 2,285,123 0.0%
POSCO...................................................................... 644,929 151,921,785 0.8%
# POSCO ADR.................................................................. 1,589,142 93,886,509 0.5%
* POSCO Coated & Color Steel Co., Ltd........................................ 3,820 64,063 0.0%
* Power Logics Co., Ltd...................................................... 8,791 32,015 0.0%
# Pyeong Hwa Automotive Co., Ltd............................................. 36,548 604,255 0.0%
RFTech Co., Ltd............................................................ 10,917 73,881 0.0%
#* S&C Engine Group, Ltd...................................................... 79,220 154,942 0.0%
# S&T Dynamics Co., Ltd...................................................... 380,544 4,870,819 0.0%
# S&T Holdings Co., Ltd...................................................... 90,519 2,405,508 0.0%
S&T Motiv Co., Ltd......................................................... 124,000 7,312,139 0.1%
# S-Energy Co., Ltd.......................................................... 31,635 248,991 0.0%
#* S-MAC Co., Ltd............................................................. 111,701 676,051 0.0%
# S-Oil Corp................................................................. 36,698 2,500,388 0.0%
#* Sajo Industries Co., Ltd................................................... 28,966 2,978,482 0.0%
Sam Young Electronics Co., Ltd............................................. 159,570 2,256,623 0.0%
# SAMHWA Paints Industrial Co., Ltd.......................................... 2,030 29,828 0.0%
# Samick Musical Instruments Co., Ltd........................................ 732,490 3,281,915 0.0%
Samsung C&T Corp........................................................... 1,281,445 68,053,493 0.4%
# Samsung Electro-Mechanics Co., Ltd......................................... 67,855 4,258,295 0.0%
Samsung Fine Chemicals Co., Ltd............................................ 5,006 202,578 0.0%
# Samsung Heavy Industries Co., Ltd.......................................... 435,431 7,334,250 0.1%
Samsung Life Insurance Co., Ltd............................................ 97,012 9,488,967 0.1%
# Samsung SDI Co., Ltd....................................................... 422,727 47,062,859 0.3%
# Samsung Securities Co., Ltd................................................ 86,604 5,262,444 0.0%
#* Samsung Techwin Co., Ltd................................................... 122,060 3,135,074 0.0%
# Samyang Genex Co., Ltd..................................................... 11,337 1,848,975 0.0%
Samyang Holdings Corp...................................................... 86,744 8,244,391 0.1%
# Samyang Tongsang Co., Ltd.................................................. 4,344 450,404 0.0%
#* Samyoung Chemical Co., Ltd................................................. 258,455 474,760 0.0%
Savezone I&C Corp.......................................................... 42,314 261,554 0.0%
# SBS Media Holdings Co., Ltd................................................ 159,380 788,462 0.0%
Seah Besteel Corp.......................................................... 210,316 7,199,896 0.1%
SeAH Holdings Corp......................................................... 13,089 2,253,786 0.0%
# SeAH Steel Corp............................................................ 44,576 3,383,154 0.0%
# Sebang Co., Ltd............................................................ 138,126 2,794,458 0.0%
Sejong Industrial Co., Ltd................................................. 146,295 1,830,805 0.0%
# Sempio Foods Co............................................................ 3,110 110,701 0.0%
#* Seohee Construction Co., Ltd............................................... 2,008,971 2,708,229 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
--------- ------------ ---------------
SOUTH KOREA -- (Continued)
* Seowon Co., Ltd............................................................ 86,070 $ 124,891 0.0%
Sewon Precision Industry Co., Ltd.......................................... 2,175 61,988 0.0%
#* SG Corp.................................................................... 1,865,628 1,244,184 0.0%
# Shin Poong Pharmaceutical Co., Ltd......................................... 141,786 690,634 0.0%
# Shinhan Financial Group Co., Ltd........................................... 4,170,227 172,597,964 0.9%
Shinhan Financial Group Co., Ltd. ADR...................................... 1,566,340 65,723,626 0.4%
Shinsegae Co., Ltd......................................................... 76,372 14,329,546 0.1%
Shinsegae Information & Communication Co., Ltd............................. 6,307 631,671 0.0%
#* Shinsung Solar Energy Co., Ltd............................................. 765,627 1,018,185 0.0%
#* Shinsung Tongsang Co., Ltd................................................. 1,244,597 2,484,162 0.0%
#* Shinwha Intertek Corp...................................................... 34,265 119,981 0.0%
* Shinwon Corp............................................................... 82,700 187,272 0.0%
Shinyoung Securities Co., Ltd.............................................. 35,820 2,058,789 0.0%
* Signetics Corp............................................................. 500,396 825,266 0.0%
# Silla Co., Ltd............................................................. 64,953 1,301,567 0.0%
#* Simm Tech Co., Ltd......................................................... 10,189 87,979 0.0%
SIMPAC, Inc................................................................ 11,538 81,244 0.0%
Sindoh Co., Ltd............................................................ 43,098 2,797,174 0.0%
SJM Co., Ltd............................................................... 11,075 80,132 0.0%
* SK Broadband Co., Ltd...................................................... 86,418 386,308 0.0%
# SK Chemicals Co., Ltd...................................................... 197,961 12,857,155 0.1%
# SK Gas, Ltd................................................................ 55,589 4,977,221 0.0%
SK Holdings Co., Ltd....................................................... 494,231 85,100,845 0.5%
#* SK Innovation Co., Ltd..................................................... 690,901 75,622,504 0.4%
# SK Networks Co., Ltd....................................................... 1,531,162 11,317,160 0.1%
#* SK Securities Co., Ltd..................................................... 2,856,758 4,520,209 0.0%
SKC Co., Ltd............................................................... 153,098 6,026,291 0.0%
SL Corp.................................................................... 165,623 2,890,693 0.0%
* Solborn, Inc............................................................... 5,346 22,307 0.0%
# Songwon Industrial Co., Ltd................................................ 230,947 1,982,290 0.0%
* Ssangyong Cement Industrial Co., Ltd....................................... 289,296 4,540,934 0.0%
#* STS Semiconductor & Telecommunications..................................... 188,965 838,241 0.0%
#* STX Engine Co., Ltd........................................................ 36,709 187,880 0.0%
Sun Kwang Co., Ltd......................................................... 20,098 441,490 0.0%
Sunchang Corp.............................................................. 2,276 23,299 0.0%
# Sung Kwang Bend Co., Ltd................................................... 80,803 1,180,121 0.0%
#* Sungchang Enterprise Holdings, Ltd......................................... 20,048 602,107 0.0%
#* Sungshin Cement Co., Ltd................................................... 237,806 2,640,628 0.0%
Sungwoo Hitech Co., Ltd.................................................... 335,773 3,526,780 0.0%
#* Synopex, Inc............................................................... 130,699 215,244 0.0%
# Tae Kyung Industrial Co., Ltd.............................................. 120,772 704,217 0.0%
Taekwang Industrial Co., Ltd............................................... 4,983 5,576,038 0.0%
#* Taewoong Co., Ltd.......................................................... 64,031 979,333 0.0%
#* Taeyoung Engineering & Construction Co., Ltd............................... 574,534 3,213,936 0.0%
# Tailim Packaging Industrial Co., Ltd....................................... 424,907 1,370,567 0.0%
#* TK Chemical Corp........................................................... 554,448 1,191,982 0.0%
* Tong Kook Corp............................................................. 607 -- 0.0%
# Tong Yang Moolsan Co., Ltd................................................. 72,180 535,904 0.0%
Tongyang Life Insurance.................................................... 419,573 5,769,614 0.0%
* Top Engineering Co., Ltd................................................... 49,113 252,564 0.0%
# TS Corp.................................................................... 78,247 1,911,701 0.0%
# Ubiquoss, Inc.............................................................. 30,085 330,428 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- -------------- ---------------
SOUTH KOREA -- (Continued)
Uju Electronics Co., Ltd................................................... 40,526 $ 593,858 0.0%
# Unid Co., Ltd.............................................................. 49,107 2,956,190 0.0%
# WillBes & Co. (The)........................................................ 688,308 1,214,646 0.0%
Wiscom Co., Ltd............................................................ 32,980 179,560 0.0%
* Woongjin Co., Ltd.......................................................... 6,485 14,305 0.0%
#* Woongjin Energy Co., Ltd................................................... 564,742 798,702 0.0%
* Woongjin Thinkbig Co., Ltd................................................. 196,422 1,858,325 0.0%
# Wooree ETI Co., Ltd........................................................ 74,334 211,301 0.0%
Woori Bank................................................................. 2,544,339 25,417,102 0.1%
# Woori Bank Sponsored ADR................................................... 7,135 211,695 0.0%
# WooSung Feed Co., Ltd...................................................... 284,940 900,356 0.0%
YESCO Co., Ltd............................................................. 30,550 1,042,968 0.0%
# Yoosung Enterprise Co., Ltd................................................ 159,554 822,788 0.0%
# Youlchon Chemical Co., Ltd................................................. 159,540 1,813,202 0.0%
# Young Poong Corp........................................................... 4,609 5,669,848 0.0%
* Young Poong Mining & Construction Corp..................................... 18,030 -- 0.0%
# Young Poong Precision Corp................................................. 126,084 1,268,800 0.0%
Youngone Holdings Co., Ltd................................................. 1,148 110,339 0.0%
#* Yuanta Securities Korea Co., Ltd........................................... 298,286 1,962,379 0.0%
YuHwa Securities Co., Ltd.................................................. 28,274 410,809 0.0%
* Zinus, Inc................................................................. 1,866 21,845 0.0%
-------------- ----
TOTAL SOUTH KOREA.............................................................. 2,951,209,093 15.2%
-------------- ----
SPAIN -- (0.0%)
Banco Santander SA Sponsored ADR........................................... 1,049,800 7,894,495 0.0%
TAIWAN -- (14.7%)
# Ability Enterprise Co., Ltd................................................ 3,942,000 2,249,202 0.0%
# Accton Technology Corp..................................................... 8,825,156 4,581,928 0.0%
#* Acer, Inc.................................................................. 42,657,109 27,893,948 0.2%
ACES Electronic Co., Ltd................................................... 1,261,000 1,292,033 0.0%
# ACHEM Technology Corp...................................................... 3,422,318 2,074,858 0.0%
Acter Co., Ltd............................................................. 4,000 9,709 0.0%
* Action Electronics Co., Ltd................................................ 2,355,084 463,063 0.0%
#* Advanced Connectek, Inc.................................................... 1,938,000 700,192 0.0%
Advanced International Multitech Co., Ltd.................................. 256,000 199,878 0.0%
#* Advanced Wireless Semiconductor Co......................................... 145,000 303,036 0.0%
#* AGV Products Corp.......................................................... 7,525,701 2,007,445 0.0%
# AimCore Technology Co., Ltd................................................ 841,797 601,618 0.0%
Alcor Micro Corp........................................................... 542,000 440,522 0.0%
# Allis Electric Co., Ltd.................................................... 1,250,000 407,654 0.0%
# Alpha Networks, Inc........................................................ 5,949,237 4,456,254 0.0%
# Altek Corp................................................................. 4,392,365 4,814,637 0.0%
# Ambassador Hotel (The)..................................................... 1,179,000 1,095,837 0.0%
# AMPOC Far-East Co., Ltd.................................................... 1,772,000 1,846,959 0.0%
AmTRAN Technology Co., Ltd................................................. 12,719,956 7,282,012 0.1%
APCB, Inc.................................................................. 2,454,000 1,606,403 0.0%
Apex Science & Engineering................................................. 203,400 95,283 0.0%
# Arcadyan Technology Corp................................................... 1,627,675 2,264,346 0.0%
Ardentec Corp.............................................................. 4,910,080 4,596,292 0.0%
* Arima Communications Corp.................................................. 86,000 31,571 0.0%
# Asia Cement Corp........................................................... 25,106,589 31,747,292 0.2%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
#* Asia Optical Co., Inc...................................................... 4,215,290 $ 5,210,837 0.0%
# Asia Plastic Recycling Holding, Ltd........................................ 563,000 540,319 0.0%
# Asia Polymer Corp.......................................................... 4,756,478 3,510,347 0.0%
# Asia Vital Components Co., Ltd............................................. 5,003,984 4,365,351 0.0%
Asustek Computer, Inc...................................................... 730,000 7,733,877 0.1%
# AU Optronics Corp.......................................................... 57,378,812 28,795,356 0.2%
# AU Optronics Corp. Sponsored ADR........................................... 9,342,184 46,897,764 0.3%
Audix Corp................................................................. 1,451,332 1,907,365 0.0%
# Avermedia Technologies..................................................... 2,557,000 1,032,329 0.0%
#* Avision, Inc............................................................... 1,540,555 443,206 0.0%
# AVY Precision Technology, Inc.............................................. 352,000 861,045 0.0%
Bank of Kaohsiung Co., Ltd................................................. 5,929,211 1,943,567 0.0%
# BES Engineering Corp....................................................... 25,179,443 6,190,133 0.1%
# Biostar Microtech International Corp....................................... 2,636,055 811,078 0.0%
Bright Led Electronics Corp................................................ 1,832,000 921,744 0.0%
# C Sun Manufacturing, Ltd................................................... 2,535,837 1,790,596 0.0%
# Cameo Communications, Inc.................................................. 2,551,197 536,986 0.0%
Capital Securities Corp.................................................... 27,539,447 10,188,078 0.1%
# Career Technology MFG. Co., Ltd............................................ 1,872,000 1,859,157 0.0%
Carnival Industrial Corp................................................... 5,119,000 1,473,115 0.0%
# Cathay Chemical Works...................................................... 959,000 525,023 0.0%
# Cathay Real Estate Development Co., Ltd.................................... 14,314,421 8,979,518 0.1%
# Celxpert Energy Corp....................................................... 262,000 178,940 0.0%
Central Reinsurance Co., Ltd............................................... 2,562,016 1,488,480 0.0%
# ChainQui Construction Development Co., Ltd................................. 1,382,173 1,115,571 0.0%
# Champion Building Materials Co., Ltd....................................... 6,381,828 1,915,225 0.0%
# Chang Hwa Commercial Bank.................................................. 80,279,745 49,051,551 0.3%
# Chang Wah Electromaterials, Inc............................................ 23,000 69,026 0.0%
# Channel Well Technology Co., Ltd........................................... 2,024,000 1,490,336 0.0%
# Charoen Pokphand Enterprise................................................ 3,207,750 2,967,172 0.0%
Chen Full International Co., Ltd........................................... 827,000 985,809 0.0%
# Cheng Loong Corp........................................................... 13,917,659 6,038,724 0.1%
# Cheng Uei Precision Industry Co., Ltd...................................... 6,647,635 13,072,290 0.1%
# Chia Chang Co., Ltd........................................................ 1,589,000 1,621,849 0.0%
# Chia Hsin Cement Corp...................................................... 7,374,191 3,416,257 0.0%
# Chien Kuo Construction Co., Ltd............................................ 4,979,247 1,958,255 0.0%
# Chilisin Electronics Corp.................................................. 1,515,452 3,027,340 0.0%
# Chimei Materials Technology Corp........................................... 172,000 184,895 0.0%
Chin-Poon Industrial Co., Ltd.............................................. 6,084,815 11,697,360 0.1%
* China Airlines, Ltd........................................................ 46,539,353 24,749,039 0.1%
# China Chemical & Pharmaceutical Co., Ltd................................... 4,286,264 2,881,140 0.0%
China Development Financial Holding Corp................................... 172,437,734 71,842,849 0.4%
* China Electric Manufacturing Corp.......................................... 4,016,200 1,546,017 0.0%
# China General Plastics Corp................................................ 6,832,030 3,090,419 0.0%
# China Glaze Co., Ltd....................................................... 2,312,363 1,097,518 0.0%
China Life Insurance Co., Ltd.............................................. 17,601,958 18,632,620 0.1%
#* China Man-Made Fiber Corp.................................................. 12,796,813 4,586,301 0.0%
China Metal Products....................................................... 4,051,969 4,228,773 0.0%
# China Motor Corp........................................................... 10,672,749 9,051,726 0.1%
#* China Petrochemical Development Corp....................................... 30,268,397 11,365,390 0.1%
# China Steel Corp........................................................... 10,710,320 8,996,212 0.1%
China Steel Structure Co., Ltd............................................. 1,435,219 1,269,709 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ----------- ---------------
TAIWAN -- (Continued)
China Synthetic Rubber Corp................................................ 8,076,711 $ 8,613,267 0.1%
* China United Trust & Investment Corp....................................... 493,999 -- 0.0%
* China Wire & Cable Co., Ltd................................................ 2,900,000 1,190,998 0.0%
Chinese Maritime Transport, Ltd............................................ 1,551,000 1,643,070 0.0%
Chipbond Technology Corp................................................... 642,000 1,387,357 0.0%
Chun YU Works & Co., Ltd................................................... 3,273,000 1,742,528 0.0%
Chun Yuan Steel............................................................ 6,454,287 2,453,634 0.0%
Chung Hsin Electric & Machinery Manufacturing Corp......................... 5,843,250 4,193,338 0.0%
* Chung Hung Steel Corp...................................................... 13,465,046 3,083,275 0.0%
#* Chung Hwa Pulp Corp........................................................ 6,701,011 2,409,330 0.0%
* Chung Shing Textile Co., Ltd............................................... 600 -- 0.0%
* Chunghwa Picture Tubes, Ltd................................................ 55,899,412 2,350,845 0.0%
# Clevo Co................................................................... 307,000 483,922 0.0%
#* CMC Magnetics Corp......................................................... 52,168,830 6,477,977 0.1%
#* CoAsia Microelectronics Corp............................................... 428,350 333,294 0.0%
# Collins Co., Ltd........................................................... 2,349,224 1,140,234 0.0%
# Compal Electronics, Inc.................................................... 71,122,332 64,751,428 0.4%
# Compeq Manufacturing Co., Ltd.............................................. 20,781,000 13,153,914 0.1%
* Compex International Co., Ltd.............................................. 46,400 -- 0.0%
#* Concord Securities Corp.................................................... 1,603,000 435,437 0.0%
# Continental Holdings Corp.................................................. 7,782,540 2,830,018 0.0%
# Coretronic Corp............................................................ 8,152,250 11,069,038 0.1%
# Coxon Precise Industrial Co., Ltd.......................................... 2,028,000 4,995,421 0.0%
# Creative Sensor, Inc....................................................... 359,000 302,504 0.0%
* Crystalwise Technology, Inc................................................ 16,000 12,257 0.0%
# CSBC Corp. Taiwan.......................................................... 6,245,654 3,403,444 0.0%
CTBC Financial Holding Co., Ltd............................................ 93,669,136 72,909,543 0.4%
# D-Link Corp................................................................ 11,514,717 5,961,947 0.0%
DA CIN Construction Co., Ltd............................................... 2,422,579 1,608,999 0.0%
# Darfon Electronics Corp.................................................... 5,758,950 3,549,505 0.0%
#* Darwin Precisions Corp..................................................... 6,064,635 3,543,747 0.0%
#* Delpha Construction Co., Ltd............................................... 3,043,016 1,884,892 0.0%
* Der Pao Construction Co., Ltd.............................................. 1,139,000 -- 0.0%
# DFI, Inc................................................................... 404,280 591,634 0.0%
#* Dynamic Electronics Co., Ltd............................................... 4,558,324 1,853,851 0.0%
#* E Ink Holdings, Inc........................................................ 7,434,000 3,367,488 0.0%
#* E-Ton Solar Tech Co., Ltd.................................................. 3,730,443 1,950,385 0.0%
E.Sun Financial Holding Co., Ltd........................................... 85,388,657 58,468,339 0.3%
# Edimax Technology Co., Ltd................................................. 3,295,902 1,255,708 0.0%
# Edison Opto Corp........................................................... 1,325,000 1,273,610 0.0%
# Edom Technology Co., Ltd................................................... 243,580 224,867 0.0%
# Elite Material Co., Ltd.................................................... 4,332,905 7,223,246 0.1%
# Elitegroup Computer Systems Co., Ltd....................................... 6,358,395 6,353,953 0.1%
* Emerging Display Technologies Corp......................................... 45,000 11,221 0.0%
# ENG Electric Co., Ltd...................................................... 1,185,000 896,155 0.0%
# EnTie Commercial Bank Co., Ltd............................................. 2,271,232 1,240,186 0.0%
* Entire Technology Co., Ltd................................................. 31,000 21,740 0.0%
* Episil Holdings, Inc....................................................... 2,006,500 904,626 0.0%
# Epistar Corp............................................................... 16,021,869 25,026,710 0.1%
Eternal Materials Co., Ltd................................................. 1,678,900 1,915,837 0.0%
#* Etron Technology, Inc...................................................... 663,000 384,479 0.0%
* Eva Airways Corp........................................................... 7,531,999 5,937,425 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
TAIWAN -- (Continued)
* Ever Fortune Industrial Co., Ltd........................................... 409,000 $ -- 0.0%
# Everest Textile Co., Ltd................................................... 3,936,002 2,299,676 0.0%
Evergreen International Storage & Transport Corp........................... 9,778,000 5,709,845 0.0%
* Evergreen Marine Corp. Taiwan, Ltd......................................... 23,360,998 15,891,417 0.1%
Excelsior Medical Co., Ltd................................................. 1,431,200 2,405,555 0.0%
# Far Eastern Department Stores, Ltd......................................... 7,117,445 5,720,231 0.0%
# Far Eastern International Bank............................................. 28,354,052 10,459,140 0.1%
Far Eastern New Century Corp............................................... 3,586,440 3,939,382 0.0%
* Farglory F T Z Investment Holding Co., Ltd................................. 1,314,000 786,523 0.0%
# Farglory Land Development Co., Ltd......................................... 1,389,264 1,658,687 0.0%
# Federal Corp............................................................... 7,536,979 4,447,120 0.0%
Feng Hsin Iron & Steel Co.................................................. 175,000 238,070 0.0%
First Copper Technology Co., Ltd........................................... 3,499,750 1,147,075 0.0%
# First Financial Holding Co., Ltd........................................... 123,940,630 77,919,215 0.4%
# First Hotel................................................................ 1,387,585 1,020,568 0.0%
# First Insurance Co, Ltd. (The)............................................. 4,017,064 2,006,387 0.0%
#* First Steamship Co., Ltd................................................... 5,504,173 3,064,918 0.0%
# Formosa Advanced Technologies Co., Ltd..................................... 2,107,000 1,698,503 0.0%
Formosa Chemicals & Fibre Corp............................................. 198,000 504,536 0.0%
# Formosa Oilseed Processing Co., Ltd........................................ 834,977 546,229 0.0%
Formosa Taffeta Co., Ltd................................................... 10,729,511 12,763,892 0.1%
Formosan Rubber Group, Inc................................................. 8,194,000 8,790,412 0.1%
# Formosan Union Chemical.................................................... 2,853,034 1,248,577 0.0%
Fortune Electric Co., Ltd.................................................. 436,000 243,664 0.0%
Founding Construction & Development Co., Ltd............................... 3,247,097 2,235,723 0.0%
Foxconn Technology Co., Ltd................................................ 3,345,900 9,535,943 0.1%
# Foxlink Image Technology Co., Ltd.......................................... 1,582,000 1,136,503 0.0%
#* Froch Enterprise Co., Ltd.................................................. 2,542,000 1,154,791 0.0%
FSP Technology, Inc........................................................ 2,483,283 2,077,964 0.0%
Fubon Financial Holding Co., Ltd........................................... 90,414,471 194,441,297 1.0%
Fullerton Technology Co., Ltd.............................................. 1,663,200 1,454,581 0.0%
# Fulltech Fiber Glass Corp.................................................. 5,082,690 2,265,489 0.0%
Fwusow Industry Co., Ltd................................................... 2,776,995 1,409,856 0.0%
# G Shank Enterprise Co., Ltd................................................ 2,168,902 1,972,924 0.0%
#* G Tech Optoelectronics Corp................................................ 476,000 415,850 0.0%
# Gallant Precision Machining Co., Ltd....................................... 658,000 278,755 0.0%
# Gemtek Technology Corp..................................................... 6,366,962 4,707,662 0.0%
#* Genesis Photonics, Inc..................................................... 3,811,810 1,832,674 0.0%
#* Genius Electronic Optical Co., Ltd......................................... 860,000 2,450,585 0.0%
Getac Technology Corp...................................................... 8,342,065 5,122,434 0.0%
#* Giantplus Technology Co., Ltd.............................................. 2,198,100 771,365 0.0%
# Giga Solution Tech Co., Ltd................................................ 1,216,000 882,460 0.0%
# Gigabyte Technology Co., Ltd............................................... 9,308,287 11,294,684 0.1%
#* Gigastorage Corp........................................................... 3,936,600 3,436,332 0.0%
#* Gintech Energy Corp........................................................ 7,056,942 4,506,418 0.0%
#* Global Brands Manufacture, Ltd............................................. 5,083,951 1,563,192 0.0%
# Global Lighting Technologies, Inc.......................................... 1,001,000 1,455,774 0.0%
* Globalwafers Co., Ltd...................................................... 363,582 1,126,737 0.0%
Globe Union Industrial Corp................................................ 2,999,625 1,509,251 0.0%
# Gloria Material Technology Corp............................................ 6,256,150 4,662,997 0.0%
#* Gold Circuit Electronics, Ltd.............................................. 8,144,965 4,077,018 0.0%
#* Goldsun Development & Construction Co., Ltd................................ 23,939,261 8,164,319 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
Good Will Instrument Co., Ltd.............................................. 501,358 $ 333,421 0.0%
# Grand Pacific Petrochemical................................................ 17,166,000 11,005,868 0.1%
Great China Metal Industry................................................. 884,000 969,044 0.0%
# Great Wall Enterprise Co., Ltd............................................. 7,920,597 6,460,824 0.1%
#* Green Energy Technology, Inc............................................... 4,747,880 3,033,717 0.0%
#* GTM Holdings Corp.......................................................... 2,132,000 1,246,724 0.0%
#* Hannstar Board Corp........................................................ 5,082,635 2,217,606 0.0%
# HannStar Display Corp...................................................... 55,492,435 11,205,922 0.1%
* HannsTouch Solution, Inc................................................... 1,163,000 236,565 0.0%
# Harvatek Corp.............................................................. 3,454,459 1,980,165 0.0%
* Helix Technology, Inc...................................................... 29,585 -- 0.0%
# Hey Song Corp.............................................................. 2,933,500 3,690,806 0.0%
* HiTi Digital, Inc.......................................................... 128,000 58,261 0.0%
# Hitron Technology, Inc..................................................... 3,677,525 1,905,409 0.0%
#* Ho Tung Chemical Corp...................................................... 14,069,004 4,066,306 0.0%
# Hocheng Corp............................................................... 4,577,300 1,551,954 0.0%
* Hold-Key Electric Wire & Cable Co., Ltd.................................... 118,124 34,003 0.0%
Holy Stone Enterprise Co., Ltd............................................. 3,208,650 4,573,217 0.0%
# Hong TAI Electric Industrial............................................... 3,503,000 1,216,320 0.0%
# Horizon Securities Co., Ltd................................................ 5,996,000 1,820,382 0.0%
# Hsin Kuang Steel Co., Ltd.................................................. 4,316,124 2,600,466 0.0%
Hsing TA Cement Co......................................................... 2,071,980 939,764 0.0%
#* HTC Corp................................................................... 1,703,000 7,011,651 0.1%
HUA ENG Wire & Cable....................................................... 7,339,035 2,394,549 0.0%
Hua Nan Financial Holdings Co., Ltd........................................ 53,408,002 32,807,074 0.2%
* Hualon Corp................................................................ 257,040 -- 0.0%
# Huang Hsiang Construction Corp............................................. 86,000 124,215 0.0%
# Hung Ching Development & Construction Co., Ltd............................. 1,987,468 1,517,187 0.0%
Hung Poo Real Estate Development Corp...................................... 3,643,655 3,243,060 0.0%
Hung Sheng Construction Co., Ltd........................................... 6,308,892 4,524,567 0.0%
Huxen Corp................................................................. 429,281 651,399 0.0%
# Hwacom Systems, Inc........................................................ 333,000 169,100 0.0%
# I-Chiun Precision Industry Co., Ltd........................................ 3,240,000 1,888,470 0.0%
# Ichia Technologies, Inc.................................................... 831,260 705,288 0.0%
Ideal Bike Corp............................................................ 80,271 44,923 0.0%
Infortrend Technology, Inc................................................. 1,042,000 610,050 0.0%
# Innolux Corp............................................................... 139,949,544 72,191,121 0.4%
# Inpaq Technology Co., Ltd.................................................. 261,000 330,934 0.0%
Inventec Corp.............................................................. 29,516,277 20,829,676 0.1%
# ITE Technology, Inc........................................................ 1,923,479 2,433,205 0.0%
ITEQ Corp.................................................................. 208,000 172,703 0.0%
#* J Touch Corp............................................................... 445,100 243,153 0.0%
# Jess-Link Products Co., Ltd................................................ 1,313,000 1,615,138 0.0%
Jih Sun Financial Holdings Co., Ltd........................................ 5,693,133 1,696,762 0.0%
# K Laser Technology, Inc.................................................... 2,211,601 1,087,701 0.0%
# Kang Na Hsiung Enterprise Co., Ltd......................................... 1,687,078 736,139 0.0%
# Kaulin Manufacturing Co., Ltd.............................................. 2,570,656 1,856,075 0.0%
KEE TAI Properties Co., Ltd................................................ 1,327,000 870,015 0.0%
# Kenmec Mechanical Engineering Co., Ltd..................................... 1,624,000 739,156 0.0%
Kindom Construction Corp................................................... 4,462,000 4,026,492 0.0%
# King Yuan Electronics Co., Ltd............................................. 20,284,805 18,439,261 0.1%
King's Town Bank Co., Ltd.................................................. 11,939,012 12,236,633 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
TAIWAN -- (Continued)
* King's Town Construction Co., Ltd.......................................... 90,000 $ 80,071 0.0%
# Kinko Optical Co., Ltd..................................................... 1,464,000 999,335 0.0%
#* Kinpo Electronics.......................................................... 19,097,375 8,196,354 0.1%
KS Terminals, Inc.......................................................... 745,880 1,051,259 0.0%
# Kung Sing Engineering Corp................................................. 3,301,000 1,249,368 0.0%
Kuoyang Construction Co., Ltd.............................................. 7,664,840 3,678,035 0.0%
# Kwong Fong Industries Corp................................................. 3,131,720 1,846,528 0.0%
KYE Systems Corp........................................................... 4,187,376 1,562,326 0.0%
# L&K Engineering Co., Ltd................................................... 2,019,000 1,521,155 0.0%
# LAN FA Textile............................................................. 3,158,713 1,536,945 0.0%
# LCY Chemical Corp.......................................................... 797,000 521,361 0.0%
# Leader Electronics, Inc.................................................... 2,094,056 872,125 0.0%
* Lealea Enterprise Co., Ltd................................................. 13,057,941 4,749,727 0.0%
# Ledtech Electronics Corp................................................... 660,000 331,609 0.0%
# LEE CHI Enterprises Co., Ltd............................................... 3,466,900 1,694,456 0.0%
# Lelon Electronics Corp..................................................... 315,200 394,532 0.0%
#* Leofoo Development Co...................................................... 5,109,774 2,015,059 0.0%
* LES Enphants Co., Ltd...................................................... 877,000 477,482 0.0%
# Lextar Electronics Corp.................................................... 4,894,000 4,422,480 0.0%
#* Li Peng Enterprise Co., Ltd................................................ 10,180,173 3,762,994 0.0%
Lien Hwa Industrial Corp................................................... 8,198,990 5,651,538 0.0%
# Lingsen Precision Industries, Ltd.......................................... 6,583,480 3,000,073 0.0%
# Lite-On Semiconductor Corp................................................. 3,366,729 2,687,984 0.0%
Lite-On Technology Corp.................................................... 30,876,265 39,011,600 0.2%
# Long Chen Paper Co., Ltd................................................... 9,059,098 4,002,895 0.0%
# Longwell Co................................................................ 1,537,000 1,494,628 0.0%
# Lotes Co., Ltd............................................................. 634,000 2,616,412 0.0%
# Lucky Cement Corp.......................................................... 3,294,000 1,192,247 0.0%
#* Macronix International..................................................... 71,233,913 17,262,827 0.1%
# Marketech International Corp............................................... 1,948,000 1,810,664 0.0%
# Masterlink Securities Corp................................................. 16,836,644 6,278,492 0.1%
Mayer Steel Pipe Corp...................................................... 2,501,456 1,213,490 0.0%
# Maywufa Co., Ltd........................................................... 252,070 124,985 0.0%
# Mega Financial Holding Co., Ltd............................................ 126,853,915 112,831,567 0.6%
* Megamedia Corp............................................................. 782 -- 0.0%
Meiloon Industrial Co...................................................... 1,319,084 623,439 0.0%
# Mercuries & Associates Holding, Ltd........................................ 1,524,937 1,062,807 0.0%
#* Mercuries Life Insurance Co., Ltd.......................................... 1,466,206 900,711 0.0%
# Micro-Star International Co., Ltd.......................................... 14,030,985 16,745,646 0.1%
#* Microelectronics Technology, Inc........................................... 689,826 279,998 0.0%
# Mirle Automation Corp...................................................... 565,550 551,791 0.0%
# Mitac Holdings Corp........................................................ 8,868,725 7,233,830 0.1%
#* Mosel Vitelic, Inc......................................................... 3,677,506 608,498 0.0%
# Motech Industries, Inc..................................................... 2,452,000 3,142,748 0.0%
Nan Ren Lake Leisure Amusement Co., Ltd.................................... 1,652,000 653,320 0.0%
#* Nan Ya Printed Circuit Board Corp.......................................... 3,275,000 5,830,467 0.0%
# Nantex Industry Co., Ltd................................................... 2,492,716 1,779,559 0.0%
# Neo Solar Power Corp....................................................... 2,719,774 2,437,290 0.0%
New Asia Construction & Development Corp................................... 1,810,304 496,658 0.0%
New Era Electronics Co., Ltd............................................... 203,000 201,319 0.0%
# Newmax Technology Co., Ltd................................................. 242,000 228,393 0.0%
Nien Hsing Textile Co., Ltd................................................ 4,491,721 4,204,116 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
# Nishoku Technology, Inc.................................................... 268,000 $ 401,451 0.0%
* O-TA Precision Industry Co., Ltd........................................... 24,000 14,566 0.0%
* Ocean Plastics Co., Ltd.................................................... 161,000 201,098 0.0%
* Optimax Technology Corp.................................................... 1,085,597 441,966 0.0%
# OptoTech Corp.............................................................. 9,532,000 4,332,816 0.0%
Oriental Union Chemical Corp............................................... 54,000 48,336 0.0%
Pacific Construction Co.................................................... 2,529,452 1,186,986 0.0%
#* Pan Jit International, Inc................................................. 6,047,837 2,710,382 0.0%
# Pan-International Industrial Corp.......................................... 4,695,444 2,858,040 0.0%
# Paragon Technologies Co., Ltd.............................................. 1,037,191 1,839,426 0.0%
# Pegatron Corp.............................................................. 27,193,998 80,560,869 0.4%
# Phihong Technology Co., Ltd................................................ 3,860,320 2,006,063 0.0%
# Pixart Imaging, Inc........................................................ 48,000 146,298 0.0%
#* Plotech Co., Ltd........................................................... 760,282 299,828 0.0%
# Portwell, Inc.............................................................. 862,000 1,532,953 0.0%
* Potrans Electrical Corp.................................................... 1,139,000 -- 0.0%
Pou Chen Corp.............................................................. 24,985,550 35,013,575 0.2%
* Powercom Co., Ltd.......................................................... 513,500 66,791 0.0%
* Powertech Industrial Co., Ltd.............................................. 193,000 116,229 0.0%
# Powertech Technology, Inc.................................................. 12,247,000 22,610,688 0.1%
# President Securities Corp.................................................. 12,690,992 7,589,121 0.1%
Prime Electronics Satellitics, Inc......................................... 524,000 195,034 0.0%
Prince Housing & Development Corp.......................................... 4,426,018 1,911,628 0.0%
* Prodisc Technology, Inc.................................................... 6,185,157 -- 0.0%
#* Qisda Corp................................................................. 27,863,171 12,164,894 0.1%
Qualipoly Chemical Corp.................................................... 143,000 146,226 0.0%
# Quanta Storage, Inc........................................................ 2,413,000 2,577,645 0.0%
#* Quintain Steel Co., Ltd.................................................... 5,893,629 1,086,738 0.0%
# Radium Life Tech Co., Ltd.................................................. 9,283,455 4,833,236 0.0%
# Ralec Electronic Corp...................................................... 526,087 1,117,599 0.0%
# Rich Development Co., Ltd.................................................. 6,959,054 2,994,231 0.0%
#* Ritek Corp................................................................. 46,015,622 4,688,321 0.0%
# Rotam Global Agrosciences, Ltd............................................. 134,693 214,103 0.0%
# Ruentex Development Co., Ltd............................................... 1,226,000 2,178,796 0.0%
# Ruentex Industries, Ltd.................................................... 1,422,000 3,491,415 0.0%
* Sainfoin Technology Corp................................................... 835,498 -- 0.0%
# Sampo Corp................................................................. 9,863,925 4,472,373 0.0%
* Sanyang Motor Co., Ltd..................................................... 1,804,624 1,601,404 0.0%
SDI Corp................................................................... 346,000 462,814 0.0%
# Sesoda Corp................................................................ 1,100,768 1,592,376 0.0%
Shan-Loong Transportation Co., Ltd......................................... 66,000 52,985 0.0%
Sheng Yu Steel Co., Ltd.................................................... 1,935,000 1,386,669 0.0%
# ShenMao Technology, Inc.................................................... 1,267,000 1,352,331 0.0%
# Shih Her Technologies, Inc................................................. 411,000 678,970 0.0%
Shih Wei Navigation Co., Ltd............................................... 2,811,718 1,645,533 0.0%
# Shihlin Electric & Engineering Corp........................................ 4,470,000 6,040,742 0.1%
# Shin Kong Financial Holding Co., Ltd....................................... 133,919,146 43,432,800 0.2%
Shin Zu Shing Co., Ltd..................................................... 1,123,000 3,109,917 0.0%
# Shinkong Insurance Co., Ltd................................................ 3,610,412 2,910,782 0.0%
# Shinkong Synthetic Fibers Corp............................................. 27,670,754 10,052,847 0.1%
# Shuttle, Inc............................................................... 4,646,015 1,308,532 0.0%
# Sigurd Microelectronics Corp............................................... 6,663,047 6,292,689 0.1%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ----------- ---------------
TAIWAN -- (Continued)
#* Silicon Integrated Systems Corp............................................ 5,609,165 $ 1,523,022 0.0%
# Silitech Technology Corp................................................... 1,114,803 851,631 0.0%
Sincere Navigation Corp.................................................... 4,946,740 3,937,556 0.0%
Singatron Enterprise Co., Ltd.............................................. 63,000 22,825 0.0%
Sinkang Industries Co., Ltd................................................ 699,557 256,184 0.0%
# Sino-American Silicon Products, Inc........................................ 7,775,000 11,437,762 0.1%
# Sinon Corp................................................................. 6,282,877 3,626,451 0.0%
# SinoPac Financial Holdings Co., Ltd........................................ 132,040,317 59,848,293 0.3%
# Siward Crystal Technology Co., Ltd......................................... 2,520,875 1,862,307 0.0%
Solar Applied Materials Technology Co...................................... 1,852,000 1,620,637 0.0%
#* Solartech Energy Corp...................................................... 4,202,165 2,789,201 0.0%
Solomon Technology Corp.................................................... 1,254,590 824,239 0.0%
#* Solytech Enterprise Corp................................................... 3,043,000 835,970 0.0%
Southeast Cement Co., Ltd.................................................. 3,365,700 1,923,790 0.0%
# Spirox Corp................................................................ 631,661 449,620 0.0%
Stark Technology, Inc...................................................... 2,259,200 2,214,071 0.0%
# Sunonwealth Electric Machine Industry Co., Ltd............................. 1,202,421 852,416 0.0%
#* Sunplus Technology Co., Ltd................................................ 8,214,620 4,042,536 0.0%
# Sunrex Technology Corp..................................................... 1,840,000 1,135,018 0.0%
# Supreme Electronics Co., Ltd............................................... 4,154,260 2,267,246 0.0%
# Sweeten Construction Co., Ltd.............................................. 1,296,256 799,527 0.0%
# Sysage Technology Co., Ltd................................................. 96,950 102,273 0.0%
# Systex Corp................................................................ 801,801 1,545,023 0.0%
# T-Mac Techvest PCB Co., Ltd................................................ 1,603,000 869,049 0.0%
# TA Chen Stainless Pipe..................................................... 8,527,281 5,749,979 0.0%
#* Ta Chong Bank, Ltd......................................................... 31,010,870 11,117,317 0.1%
# Ta Chong Securities Co., Ltd............................................... 260,000 108,211 0.0%
Ta Ya Electric Wire & Cable................................................ 6,888,329 1,454,068 0.0%
# TA-I Technology Co., Ltd................................................... 2,110,084 1,180,942 0.0%
Tah Hsin Industrial Corp................................................... 1,477,900 1,361,949 0.0%
TAI Roun Products Co., Ltd................................................. 63,000 22,411 0.0%
# Taichung Commercial Bank Co., Ltd.......................................... 31,222,991 11,155,242 0.1%
# Tainan Enterprises Co., Ltd................................................ 1,803,183 1,945,509 0.0%
# Tainan Spinning Co., Ltd................................................... 18,021,996 10,455,263 0.1%
# Taishin Financial Holding Co., Ltd......................................... 136,730,491 62,592,568 0.3%
#* Taisun Enterprise Co., Ltd................................................. 1,776,410 744,137 0.0%
#* Taita Chemical Co., Ltd.................................................... 2,270,864 684,177 0.0%
* Taiwan Business Bank....................................................... 55,341,410 18,221,610 0.1%
Taiwan Calsonic Co., Ltd................................................... 48,000 34,846 0.0%
Taiwan Cement Corp......................................................... 45,114,440 64,069,935 0.3%
# Taiwan Cogeneration Corp................................................... 2,893,333 2,858,942 0.0%
Taiwan Cooperative Financial Holding Co., Ltd.............................. 100,080,690 53,996,826 0.3%
# Taiwan Fertilizer Co., Ltd................................................. 3,793,000 6,976,039 0.1%
Taiwan Fire & Marine Insurance Co., Ltd.................................... 1,235,000 973,371 0.0%
* Taiwan Flourescent Lamp Co., Ltd........................................... 756,000 -- 0.0%
# Taiwan FU Hsing Industrial Co., Ltd........................................ 2,128,000 2,712,657 0.0%
Taiwan Glass Industry Corp................................................. 9,574,710 6,862,796 0.1%
# Taiwan Hon Chuan Enterprise Co., Ltd....................................... 126,932 236,203 0.0%
# Taiwan Hopax Chemicals Manufacturing Co., Ltd.............................. 1,508,000 944,542 0.0%
* Taiwan Kolin Co., Ltd...................................................... 5,797,000 -- 0.0%
# Taiwan Land Development Corp............................................... 11,211,235 5,832,036 0.0%
#* Taiwan Life Insurance Co., Ltd............................................. 886,419 833,618 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
TAIWAN -- (Continued)
Taiwan Line Tek Electronic................................................. 76,640 $ 56,855 0.0%
Taiwan Mask Corp........................................................... 3,154,250 1,033,218 0.0%
Taiwan Navigation Co., Ltd................................................. 1,428,000 947,585 0.0%
# Taiwan PCB Techvest Co., Ltd............................................... 3,609,946 5,866,545 0.0%
#* Taiwan Prosperity Chemical Corp............................................ 974,000 793,922 0.0%
#* Taiwan Pulp & Paper Corp................................................... 7,065,660 2,641,296 0.0%
# Taiwan Sakura Corp......................................................... 2,890,472 2,240,222 0.0%
# Taiwan Semiconductor Co., Ltd.............................................. 2,380,000 2,505,277 0.0%
Taiwan Styrene Monomer..................................................... 4,652,647 2,255,772 0.0%
# Taiwan Surface Mounting Technology Co., Ltd................................ 2,680,944 3,547,382 0.0%
# Taiwan TEA Corp............................................................ 11,811,092 6,718,373 0.1%
# Taiwan Union Technology Corp............................................... 3,462,000 3,080,805 0.0%
# Taiyen Biotech Co., Ltd.................................................... 2,363,217 2,046,626 0.0%
#* Tatung Co., Ltd............................................................ 37,430,342 9,925,108 0.1%
# Te Chang Construction Co., Ltd............................................. 90,300 81,983 0.0%
Teco Electric and Machinery Co., Ltd....................................... 31,716,725 30,794,103 0.2%
* Tecom Co., Ltd............................................................. 71,753 4,683 0.0%
#* Tekcore Co., Ltd........................................................... 399,000 108,104 0.0%
Test-Rite International Co., Ltd........................................... 737,266 504,084 0.0%
# Tex-Ray Industrial Co., Ltd................................................ 444,000 215,238 0.0%
# ThaiLin Semiconductor Corp................................................. 1,139,000 930,699 0.0%
# Thinking Electronic Industrial Co., Ltd.................................... 1,293,000 1,843,793 0.0%
Ton Yi Industrial Corp..................................................... 2,150,600 1,694,088 0.0%
Tong Yang Industry Co., Ltd................................................ 5,888,228 6,978,308 0.1%
Tong-Tai Machine & Tool Co., Ltd........................................... 3,432,792 3,243,763 0.0%
Topco Scientific Co., Ltd.................................................. 719,589 1,475,711 0.0%
# Topoint Technology Co., Ltd................................................ 2,564,288 2,435,363 0.0%
# TPK Holding Co., Ltd....................................................... 1,344,000 8,348,840 0.1%
Transasia Airways Corp..................................................... 940,000 348,421 0.0%
# Tripod Technology Corp..................................................... 1,780,000 3,477,172 0.0%
Tsann Kuen Enterprise Co., Ltd............................................. 58,000 58,083 0.0%
# Tung Ho Steel Enterprise Corp.............................................. 12,887,274 10,068,263 0.1%
# Tung Ho Textile Co., Ltd................................................... 2,454,000 697,900 0.0%
TXC Corp................................................................... 337,000 437,414 0.0%
#* TYC Brother Industrial Co., Ltd............................................ 2,570,723 1,864,393 0.0%
#* Tycoons Group Enterprise................................................... 7,958,938 1,509,551 0.0%
* Tyntek Corp................................................................ 1,994,097 1,084,410 0.0%
#* U-Tech Media Corp.......................................................... 1,946,799 421,396 0.0%
Unic Technology Corp....................................................... 36,361 14,085 0.0%
# Unimicron Technology Corp.................................................. 23,447,363 13,956,905 0.1%
#* Union Bank Of Taiwan....................................................... 12,347,526 4,428,867 0.0%
# Unitech Computer Co., Ltd.................................................. 1,682,739 1,117,309 0.0%
# Unitech Printed Circuit Board Corp......................................... 10,230,281 4,628,318 0.0%
United Integrated Services Co., Ltd........................................ 1,651,000 1,913,714 0.0%
# United Microelectronics Corp............................................... 213,043,681 102,073,154 0.5%
Unity Opto Technology Co., Ltd............................................. 98,000 106,063 0.0%
# Universal Cement Corp...................................................... 6,194,642 6,619,177 0.1%
# Unizyx Holding Corp........................................................ 6,393,000 3,367,500 0.0%
UPC Technology Corp........................................................ 12,783,746 5,040,820 0.0%
# USI Corp................................................................... 6,761,691 3,647,281 0.0%
# Ve Wong Corp............................................................... 1,616,806 1,264,264 0.0%
Viking Tech Corp........................................................... 86,000 71,436 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- -------------- ---------------
TAIWAN -- (Continued)
#* Wafer Works Corp........................................................... 5,693,418 $ 2,366,639 0.0%
Wah Hong Industrial Corp................................................... 395,516 373,146 0.0%
# Wah Lee Industrial Corp.................................................... 2,011,000 3,760,728 0.0%
#* Walsin Lihwa Corp.......................................................... 50,596,412 14,927,599 0.1%
#* Walsin Technology Corp..................................................... 10,131,230 4,666,579 0.0%
# Walton Advanced Engineering, Inc........................................... 5,170,853 2,085,991 0.0%
Wan Hai Lines, Ltd......................................................... 8,992,000 9,970,021 0.1%
* WAN HWA Enterprise Co...................................................... -- -- 0.0%
# Waterland Financial Holdings Co., Ltd...................................... 31,195,094 9,396,839 0.1%
#* Ways Technical Corp., Ltd.................................................. 70,000 50,015 0.0%
#* Wei Mon Industry Co., Ltd.................................................. 3,885,691 1,086,963 0.0%
# Weikeng Industrial Co., Ltd................................................ 1,884,550 1,426,547 0.0%
# Well Shin Technology Co., Ltd.............................................. 1,070,080 1,709,821 0.0%
#* Wha Yu Industrial Co., Ltd................................................. 333,000 132,284 0.0%
# Win Semiconductors Corp.................................................... 6,652,000 8,623,401 0.1%
#* Winbond Electronics Corp................................................... 52,385,885 17,342,157 0.1%
* Wintek Corp................................................................ 20,783,484 931,409 0.0%
# Wisdom Marine Lines Co., Ltd............................................... 1,607,326 2,109,295 0.0%
# Wistron Corp............................................................... 38,341,608 32,617,755 0.2%
# WPG Holdings, Ltd.......................................................... 515,092 644,423 0.0%
# WT Microelectronics Co., Ltd............................................... 5,472,686 8,612,136 0.1%
WUS Printed Circuit Co., Ltd............................................... 5,181,928 3,878,714 0.0%
# Yageo Corp................................................................. 7,801,574 16,041,047 0.1%
* Yang Ming Marine Transport Corp............................................ 17,974,676 9,409,726 0.1%
# YC Co., Ltd................................................................ 6,163,104 3,029,032 0.0%
# YC INOX Co., Ltd........................................................... 4,719,667 3,840,579 0.0%
# YeaShin International Development Co., Ltd................................. 286,830 173,390 0.0%
# YFY, Inc................................................................... 19,386,847 8,235,639 0.1%
# Yi Jinn Industrial Co., Ltd................................................ 3,841,936 1,320,575 0.0%
# Yieh Phui Enterprise Co., Ltd.............................................. 17,378,199 5,470,267 0.0%
#* Young Fast Optoelectronics Co., Ltd........................................ 2,247,000 1,246,699 0.0%
# Youngtek Electronics Corp.................................................. 754,116 1,654,756 0.0%
Yuanta Financial Holding Co., Ltd.......................................... 137,814,770 80,102,245 0.4%
# Yulon Motor Co., Ltd....................................................... 13,441,572 17,540,164 0.1%
Yung Chi Paint & Varnish Manufacturing Co., Ltd............................ 243,687 714,438 0.0%
# Zenitron Corp.............................................................. 3,226,000 2,089,349 0.0%
# Zig Sheng Industrial Co., Ltd.............................................. 8,536,352 3,075,615 0.0%
Zinwell Corp............................................................... 2,087,000 2,035,479 0.0%
# ZongTai Real Estate Development Co., Ltd................................... 152,000 104,134 0.0%
-------------- ----
TOTAL TAIWAN................................................................... 3,053,993,204 15.7%
-------------- ----
THAILAND -- (2.8%)
AAPICO Hitech PCL(B013KZ2)................................................. 63,300 28,227 0.0%
AAPICO Hitech PCL(B013L48)................................................. 681,760 304,016 0.0%
* AJ Plast PCL............................................................... 2,031,400 514,551 0.0%
AP Thailand PCL............................................................ 33,461,930 7,460,797 0.1%
Asia Plus Group Holdings Securities........................................ 8,446,100 1,009,484 0.0%
Bangchak Petroleum PCL (The)............................................... 9,705,000 10,451,312 0.1%
Bangkok Bank PCL(6077019).................................................. 772,000 4,344,183 0.0%
Bangkok Bank PCL(6368360).................................................. 3,941,700 22,120,871 0.1%
Bangkok Expressway PCL..................................................... 6,172,300 7,302,281 0.1%
Bangkok Insurance PCL...................................................... 212,828 2,362,962 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
THAILAND -- (Continued)
Bangkok Land PCL........................................................... 109,091,100 $ 5,063,230 0.0%
Banpu PCL.................................................................. 19,317,500 16,994,009 0.1%
Cal-Comp Electronics Thailand PCL.......................................... 31,735,414 3,523,483 0.0%
Charoen Pokphand Foods PCL................................................. 11,522,900 7,794,954 0.1%
Charoong Thai Wire & Cable PCL............................................. 1,255,800 379,045 0.0%
Delta Electronics Thailand PCL............................................. 2,235,000 5,661,232 0.0%
Eastern Water Resources Development and Management PCL..................... 4,778,300 1,608,953 0.0%
* Esso Thailand PCL.......................................................... 20,984,400 4,137,679 0.0%
* G J Steel PCL.............................................................. 537,140,250 814,713 0.0%
* G Steel PCL................................................................ 31,003,000 103,453 0.0%
Hana Microelectronics PCL.................................................. 5,180,100 6,992,703 0.1%
ICC International PCL...................................................... 2,670,100 3,219,672 0.0%
Indorama Ventures PCL...................................................... 5,093,500 3,816,455 0.0%
IRPC PCL................................................................... 134,461,600 18,763,032 0.1%
Kang Yong Electric PCL..................................................... 6,600 62,066 0.0%
KGI Securities Thailand PCL................................................ 20,354,800 2,173,484 0.0%
Khon Kaen Sugar Industry PCL............................................... 1,603,720 236,435 0.0%
Kiatnakin Bank PCL......................................................... 5,785,100 6,493,211 0.0%
Krung Thai Bank PCL........................................................ 61,213,400 37,138,420 0.2%
Laguna Resorts & Hotels PCL................................................ 1,022,500 845,234 0.0%
Lanna Resources PCL........................................................ 846,100 323,399 0.0%
LH Financial Group PCL..................................................... 12,542,446 684,860 0.0%
MBK PCL.................................................................... 266,100 114,625 0.0%
MCOT PCL................................................................... 1,046,600 450,833 0.0%
MK Real Estate Development PCL............................................. 3,169,600 548,058 0.0%
* Nation Multimedia Group PCL................................................ 3,462,900 194,338 0.0%
* Polyplex Thailand PCL...................................................... 2,762,900 880,038 0.0%
Precious Shipping PCL...................................................... 8,829,100 3,642,523 0.0%
* Property Perfect PCL....................................................... 28,007,500 917,582 0.0%
PTT Exploration & Production PCL........................................... 7,636,500 27,103,610 0.2%
PTT Global Chemical PCL.................................................... 27,515,741 53,629,193 0.3%
PTT PCL.................................................................... 17,737,200 191,549,923 1.0%
Quality Houses PCL......................................................... 10,281,297 966,844 0.0%
Regional Container Lines PCL............................................... 5,282,500 1,602,457 0.0%
Saha Pathana Inter-Holding PCL............................................. 2,801,300 2,188,184 0.0%
Saha Pathanapibul PCL...................................................... 1,594,833 2,019,848 0.0%
Saha-Union PCL............................................................. 2,963,700 3,416,369 0.0%
* Sahaviriya Steel Industries PCL............................................ 103,899,940 693,402 0.0%
Sansiri PCL................................................................ 93,363,466 5,352,858 0.0%
SC Asset Corp PCL.......................................................... 33,422,653 3,487,757 0.0%
Siam Future Development PCL................................................ 6,903,746 1,193,731 0.0%
Siamgas & Petrochemicals PCL............................................... 5,773,900 2,154,375 0.0%
Somboon Advance Technology PCL............................................. 3,436,300 1,970,152 0.0%
Sri Ayudhya Capital PCL.................................................... 85,100 94,871 0.0%
Sri Trang Agro-Industry PCL................................................ 8,629,800 3,377,049 0.0%
Srithai Superware PCL...................................................... 21,358,000 1,645,664 0.0%
* Tata Steel Thailand PCL.................................................... 48,610,300 1,105,953 0.0%
* Thai Airways International PCL............................................. 18,032,611 6,892,489 0.0%
* Thai Carbon Black PCL...................................................... 441,000 337,790 0.0%
Thai Oil PCL............................................................... 12,109,700 21,489,988 0.1%
Thai Rayon PCL............................................................. 58,700 46,298 0.0%
Thai Stanley Electric PCL(B01GKK6)......................................... 174,600 1,048,712 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
----------- ------------ ---------------
THAILAND -- (Continued)
Thai Stanley Electric PCL(B01GKM8)......................................... 43,100 $ 258,875 0.0%
Thai Wacoal PCL............................................................ 85,000 128,925 0.0%
Thanachart Capital PCL..................................................... 10,803,400 11,142,594 0.1%
Thitikorn PCL.............................................................. 962,200 297,723 0.0%
Thoresen Thai Agencies PCL................................................. 19,449,978 7,906,255 0.1%
Tipco Asphalt PCL.......................................................... 2,958,000 1,417,758 0.0%
Tisco Financial Group PCL.................................................. 2,168,500 2,976,630 0.0%
TMB Bank PCL............................................................... 39,524,000 3,117,318 0.0%
Total Access Communication PCL............................................. 2,754,780 7,249,421 0.1%
TPI Polene PCL............................................................. 160,396,840 14,110,445 0.1%
Vanachai Group PCL......................................................... 10,240,920 2,469,750 0.0%
Vinythai PCL............................................................... 6,688,917 2,069,679 0.0%
------------ ---
TOTAL THAILAND................................................................. 575,989,293 3.0%
------------ ---
TURKEY -- (1.7%)
Adana Cimento Sanayii TAS Class A.......................................... 1,072,051 2,803,031 0.0%
#* Adese Alisveris Merkezleri Ticaret A.S..................................... 152,622 609,259 0.0%
Akbank TAS................................................................. 14,433,710 42,053,197 0.2%
#* Akenerji Elektrik Uretim A.S............................................... 3,844,893 1,595,797 0.0%
# Akfen Holding A.S.......................................................... 839,567 2,110,501 0.0%
Aksa Akrilik Kimya Sanayii AS.............................................. 1,649,556 6,662,383 0.1%
Aksigorta A.S.............................................................. 877,125 781,237 0.0%
# Alarko Holding A.S......................................................... 1,562,507 2,378,949 0.0%
# Albaraka Turk Katilim Bankasi A.S.......................................... 3,760,873 2,431,450 0.0%
Anadolu Anonim Turk Sigorta Sirketi........................................ 4,326,842 2,232,013 0.0%
# Anadolu Cam Sanayii A.S.................................................... 2,713,171 1,999,497 0.0%
#* Anadolu Efes Biracilik Ve Malt Sanayii A.S................................. 228,609 1,924,545 0.0%
# Aygaz A.S.................................................................. 1,020,159 3,738,163 0.0%
Baticim Bati Anadolu Cimento Sanayii A.S................................... 457,094 1,261,654 0.0%
* Bolu Cimento Sanayii A.S................................................... 753,805 1,565,448 0.0%
# Borusan Mannesmann Boru Sanayi ve Ticaret A.S.............................. 888,582 2,376,023 0.0%
#* Boyner Perakende Ve Tekstil Yatirimlari AS................................. 40,468 966,707 0.0%
Cimsa Cimento Sanayi VE Ticaret AS......................................... 44,379 272,301 0.0%
#* Deva Holding A.S........................................................... 393,139 375,301 0.0%
#* Dogan Sirketler Grubu Holding A.S.......................................... 16,834,393 3,838,495 0.0%
# Eczacibasi Yatirim Holding Ortakligi A.S................................... 231,982 993,185 0.0%
EGE Seramik Sanayi ve Ticaret A.S.......................................... 1,369,272 2,059,809 0.0%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S.. 1,771,651 1,883,359 0.0%
# Enka Insaat ve Sanayi A.S.................................................. 236,406 508,108 0.0%
Eregli Demir ve Celik Fabrikalari TAS...................................... 24,473,976 41,300,205 0.2%
Gentas Genel Metal Sanayi ve Ticaret A.S................................... 331,018 169,416 0.0%
* Global Yatirim Holding A.S................................................. 3,790,568 3,629,133 0.0%
# Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S........................ 20,414 581,222 0.0%
#* GSD Holding AS............................................................. 4,585,286 2,606,313 0.0%
#* Hurriyet Gazetecilik ve Matbaacilik AS..................................... 3,737,714 1,032,823 0.0%
* Ihlas EV Aletleri.......................................................... -- -- 0.0%
#* Ihlas Holding A.S.......................................................... 12,700,332 1,283,605 0.0%
#* Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS........................ 1,771,050 2,215,007 0.0%
Is Finansal Kiralama A.S................................................... 2,631,887 1,032,878 0.0%
Is Yatirim Menkul Degerler A.S. Class A.................................... 481,784 208,714 0.0%
#* Izmir Demir Celik Sanayi A.S............................................... 412,878 403,519 0.0%
* Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class A................ 1,700,143 1,526,360 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- --------------- ---------------
TURKEY -- (Continued)
* Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class D................ 1 $ 1 0.0%
#* Karsan Otomotiv Sanayii Ve Ticaret A.S..................................... 1,409,780 890,847 0.0%
# KOC Holding A.S............................................................ 6,840,631 32,353,660 0.2%
#* Koza Anadolu Metal Madencilik Isletmeleri A.S.............................. 1,412,866 1,524,576 0.0%
#* Menderes Tekstil Sanayi ve Ticaret A.S..................................... 1,017,777 258,638 0.0%
* Metro Ticari ve Mali Yatirimlar Holding A.S................................ 4,462,291 1,670,816 0.0%
# Park Elektrik Uretim Madencilik Sanayi ve Ticaret A.S...................... 474,529 670,406 0.0%
#* Parsan Makina Parcalari Sanayi AS.......................................... 35,451 63,403 0.0%
Pinar Entegre Et ve Un Sanayi A.S.......................................... 343,247 1,240,663 0.0%
Pinar SUT Mamulleri Sanayii A.S............................................ 79,239 762,293 0.0%
* Raks Elektronik Sanayi ve Ticaret A.S...................................... 5,859 -- 0.0%
* Sabah Yayincilik........................................................... 31,938 -- 0.0%
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S......................... 1,345,000 1,590,506 0.0%
#* Sasa Polyester Sanayi A.S.................................................. 2,315,248 2,112,167 0.0%
* Sekerbank TAS.............................................................. 8,314,708 5,580,256 0.1%
# Selcuk Ecza Deposu Ticaret ve Sanayi A.S................................... 2,649,433 2,754,427 0.0%
# Soda Sanayii A.S........................................................... 2,138,886 5,212,853 0.0%
#* Tekfen Holding A.S......................................................... 1,964,030 3,670,728 0.0%
#* Tekstil Bankasi A.S........................................................ 1,683,023 1,291,711 0.0%
# Trakya Cam Sanayi A.S...................................................... 5,565,250 6,700,077 0.1%
* Turcas Petrol A.S.......................................................... -- -- 0.0%
* Turk Hava Yollari AO....................................................... 12,505,708 41,484,240 0.2%
Turkiye Garanti Bankasi A.S................................................ 95,402 303,545 0.0%
# Turkiye Is Bankasi......................................................... 20,150,574 45,310,087 0.3%
# Turkiye Sinai Kalkinma Bankasi A.S......................................... 8,564,505 6,464,923 0.1%
Turkiye Sise ve Cam Fabrikalari A.S........................................ 10,885,772 13,910,922 0.1%
# Turkiye Vakiflar Bankasi Tao............................................... 9,463,634 16,790,543 0.1%
Vestel Beyaz Esya Sanayi ve Ticaret A.S.................................... 20,768 98,795 0.0%
#* Vestel Elektronik Sanayi ve Ticaret A.S.................................... 1,948,645 4,026,273 0.0%
# Yapi ve Kredi Bankasi A.S.................................................. 8,878,932 13,902,426 0.1%
#* Zorlu Enerji Elektrik Uretim A.S........................................... 1,130,962 872,081 0.0%
--------------- ----
TOTAL TURKEY................................................................... 354,921,470 1.8%
--------------- ----
TOTAL COMMON STOCKS............................................................ 18,711,847,188 96.5%
--------------- ----
PREFERRED STOCKS -- (3.1%)
BRAZIL -- (3.0%)
Alpargatas SA.............................................................. 27,700 91,109 0.0%
Banco ABC Brasil SA........................................................ 1,160,240 4,967,589 0.0%
Banco Daycoval SA.......................................................... 645,148 1,715,141 0.0%
Banco do Estado do Rio Grande do Sul SA Class B............................ 1,057,568 4,103,278 0.0%
* Banco Industrial e Comercial SA............................................ 1,675,900 4,143,930 0.0%
Banco Pan SA............................................................... 1,995,292 1,145,673 0.0%
Banco Pine SA.............................................................. 436,030 756,878 0.0%
Banco Sofisa SA............................................................ 580,800 452,041 0.0%
Braskem SA Class A......................................................... 2,149,197 8,987,830 0.0%
Cia Ferro Ligas da Bahia--Ferbasa.......................................... 906,134 2,411,987 0.0%
Eucatex SA Industria e Comercio............................................ 353,288 410,398 0.0%
Gerdau SA.................................................................. 4,131,499 13,781,034 0.1%
Grazziotin SA.............................................................. 2,400 12,028 0.0%
Marcopolo SA............................................................... 2,533,671 2,337,777 0.0%
Parana Banco SA............................................................ 117,300 455,504 0.0%
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
PERCENTAGE
SHARES VALUE++ OF NET ASSETS**
---------- ------------ ---------------
BRAZIL -- (Continued)
* Petroleo Brasileiro SA..................................................... 19,497,904 $ 84,451,334 0.4%
* Petroleo Brasileiro SA Sponsored ADR....................................... 21,247,784 184,430,765 1.0%
Randon Participacoes SA.................................................... 2,401,100 3,187,706 0.0%
Suzano Papel e Celulose SA Class A......................................... 7,767,371 38,927,729 0.2%
Unipar Carbocloro SA Class B............................................... 925,874 1,367,476 0.0%
Usinas Siderurgicas de Minas Gerais SA Class A............................. 6,661,726 13,199,855 0.1%
Vale SA.................................................................... 29,350,500 176,807,307 0.9%
# Vale SA Sponsored ADR...................................................... 14,557,802 88,074,702 0.5%
------------ ---
TOTAL BRAZIL................................................................... 636,219,071 3.2%
------------ ---
COLOMBIA -- (0.1%)
Grupo Argos SA............................................................. 26,192 199,244 0.0%
Grupo de Inversiones Suramericana SA....................................... 886,026 13,204,837 0.1%
------------ ---
TOTAL COLOMBIA................................................................. 13,404,081 0.1%
------------ ---
TOTAL PREFERRED STOCKS......................................................... 649,623,152 3.3%
------------ ---
RIGHTS/WARRANTS -- (0.0%)
BRAZIL -- (0.0%)
* PDG Realty SA Empreendimentos e Participacoes Rights 05/18/15.............. 13,316,346 397,773 0.0%
------------ ---
CHINA -- (0.0%)
* Ju Teng International Holdings, Ltd. Warrants 10/14/16..................... 1,473,281 129,259 0.0%
------------ ---
INDONESIA -- (0.0%)
* Pabrik Kertas Tjiwi Kimia Tbk PT Warrants 07/11/17......................... 82,000 823 0.0%
------------ ---
MALAYSIA -- (0.0%)
* CB Industrial Product Holdings Bhd Warrants 12/31/15....................... 178,635 23,323 0.0%
* Eastern & Oriental Bhd Warrants 07/21/19................................... 1,830,337 190,152 0.0%
* KNM Group Bhd Warrants 04/20/21............................................ 3,022,732 178,232 0.0%
------------ ---
TOTAL MALAYSIA................................................................. 391,707 0.0%
------------ ---
SOUTH AFRICA -- (0.0%)
* Northam Platinum Ltd. Rights............................................... 792,302 13,986 0.0%
------------ ---
SOUTH KOREA -- (0.0%)
* Hyunjin Materials Co., Ltd. Rights 05/28/15................................ 16,016 16,211 0.0%
* Lotte Non-Life Insurance Co., Ltd. Rights 06/04/15......................... 78,401 32,911 0.0%
* Paik Kwang Industrial Co., Ltd. Rights 05/28/15............................ 46,646 25,020 0.0%
------------ ---
TOTAL SOUTH KOREA.............................................................. 74,142 0.0%
------------ ---
THAILAND -- (0.0%)
* Thoresen Thai Agencies PCL Warrants 02/28/19............................... 1,395,169 102,421 0.0%
------------ ---
TOTAL RIGHTS/WARRANTS.......................................................... 1,110,111 0.0%
------------ ---
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
SHARES/
FACE
AMOUNT PERCENTAGE
(000) VALUE+ OF NET ASSETS**
----------- --------------- ---------------
SECURITIES LENDING COLLATERAL -- (6.9%)
(S)@ DFA Short Term Investment Fund........................................ 123,477,584 $ 1,428,635,642 7.4%
--------------- -----
TOTAL INVESTMENTS -- (100.0%) (Cost $19,660,936,590)....................... $20,791,216,093 107.2%
=============== =====
DIMENSIONAL EMERGING MARKETS VALUE FUND
CONTINUED
Summary of the Fund's investments as of April 30, 2015, based on their
valuation inputs, is as follows (See Security Valuation Note):
INVESTMENTS IN SECURITIES (MARKET VALUE)
----------------------------------------------------------
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------- --------------- ----------- ---------------
Common Stocks
Brazil..................... $1,105,689,225 -- -- $ 1,105,689,225
Chile...................... 312,485,118 -- -- 312,485,118
China...................... 268,610,292 $ 3,099,665,831 -- 3,368,276,123
Colombia................... 33,660,713 -- -- 33,660,713
Czech Republic............. -- 49,374,494 -- 49,374,494
Greece..................... -- 14,646,197 -- 14,646,197
Hungary.................... -- 90,394,421 -- 90,394,421
India...................... 211,860,211 1,481,132,567 -- 1,692,992,778
Indonesia.................. 5,095,600 503,895,713 -- 508,991,313
Israel..................... -- 2,636 -- 2,636
Malaysia................... -- 748,363,794 -- 748,363,794
Mexico..................... 1,167,059,786 184,114 -- 1,167,243,900
Philippines................ -- 238,593,563 -- 238,593,563
Poland..................... -- 416,805,543 -- 416,805,543
Russia..................... 598,052 437,246,467 -- 437,844,519
South Africa............... 198,279,924 1,384,195,372 -- 1,582,475,296
South Korea................ 333,553,733 2,617,655,360 -- 2,951,209,093
Spain...................... 7,894,495 -- -- 7,894,495
Taiwan..................... 46,897,764 3,007,095,440 -- 3,053,993,204
Thailand................... 575,989,293 -- -- 575,989,293
Turkey..................... -- 354,921,470 -- 354,921,470
Preferred Stocks
Brazil..................... 636,219,071 -- -- 636,219,071
Colombia................... 13,404,081 -- -- 13,404,081
Rights/Warrants
Brazil..................... -- 397,773 -- 397,773
China...................... -- 129,259 -- 129,259
Indonesia.................. -- 823 -- 823
Malaysia................... -- 391,707 -- 391,707
South Africa............... -- 13,986 -- 13,986
South Korea................ -- 74,142 -- 74,142
Thailand................... -- 102,421 -- 102,421
Securities Lending Collateral. -- 1,428,635,642 -- 1,428,635,642
-------------- --------------- -- ---------------
TOTAL......................... $4,917,297,358 $15,873,918,735 -- $20,791,216,093
============== =============== == ===============
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
This item is not applicable to the Registrant, which is an open-end management
investment company.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Based on their evaluation of the Registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this
Form N-CSR (the "Report"), the Registrant's Principal Executive
Officer and Principal Financial Officer believe that the disclosure
controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended) are effectively designed
to ensure that information required to be disclosed by the Registrant
in the Report is recorded, processed, summarized and reported by the
filing date, including ensuring that information required to be
disclosed in the Report is accumulated and communicated to the
Registrant's officers that are making certifications in the Report,
as appropriate, to allow timely decisions regarding required
disclosure. The Registrant's management, including the Principal
Executive Officer and the Principal Financial Officer, recognizes
that any set of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the
desired control objectives.
(b) There were no changes in the Registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940, as amended) that occurred during the second
fiscal quarter of the period covered by this Report that have
materially affected, or are reasonably likely to materially affect,
the Registrant's internal control over financial reporting.
ITEM 12.EXHIBITS.
(a)(1) This item is not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 are filed herewith.
(a)(3) This item is not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Dimensional Emerging Markets Value Fund
By: /s/ David G. Booth
--------------------------------
David G. Booth
Chairman, Trustee, President and
Co-Chief Executive Officer
Date: July 8, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/ David G. Booth
---------------------------------------
David G. Booth
Principal Executive Officer
Dimensional Emerging Markets Value Fund
Date: July 8, 2015
By: /s/ David R. Martin
---------------------------------------
David R. Martin
Principal Financial Officer
Dimensional Emerging Markets Value Fund
Date: July 8, 2015