0001193125-14-264132.txt : 20140709 0001193125-14-264132.hdr.sgml : 20140709 20140709153633 ACCESSION NUMBER: 0001193125-14-264132 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140430 FILED AS OF DATE: 20140709 DATE AS OF CHANGE: 20140709 EFFECTIVENESS DATE: 20140709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIMENSIONAL EMERGING MARKETS VALUE FUND CENTRAL INDEX KEY: 0000896163 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07440 FILM NUMBER: 14967254 BUSINESS ADDRESS: STREET 1: 6300 BEE CAVE ROAD STREET 2: BUILDING ONE CITY: AUSTIN STATE: TX ZIP: 78746 BUSINESS PHONE: (512) 306-7400 MAIL ADDRESS: STREET 1: 6300 BEE CAVE ROAD STREET 2: BUILDING ONE CITY: AUSTIN STATE: TX ZIP: 78746 FORMER COMPANY: FORMER CONFORMED NAME: DIMENSIONAL EMERGING MARKETS VALUE FUND INC DATE OF NAME CHANGE: 19981217 0000896163 S000001027 DIMENSIONAL EMERGING MARKETS VALUE FUND INC C000002781 DIMENSIONAL EMERGING MARKETS VALUE FUND INC N-CSRS 1 d664440dncsrs.txt DIMENSIONAL EMERGING MARKETS VALUE FUND ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------- FORM N-CSR ----------------- CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-7440 ----------------- DIMENSIONAL EMERGING MARKETS VALUE FUND (Exact name of registrant as specified in charter) ----------------- 6300 Bee Cave Road, Building One, Austin, TX 78746 (Address of principal executive offices) (Zip code) 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, 2013 - April 30, 2014 ================================================================================ ITEM 1. REPORTS TO STOCKHOLDERS. [LOGO] SEMI-ANNUAL REPORT ------------------------------------------------------------------- six months ended: April 30, 2014 (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 2014 Dear Fellow Shareholder, Since our founding 33 years ago, Dimensional has grown into a global asset management firm. We believe well-functioning markets that bring together investors who supply capital with companies that put capital to work are what make our business and investment approach successful. At Dimensional, we combine insights gained from academia and a belief in the power of markets with decades of practical experience implementing in competitive markets. By applying this approach, we have built up a long and compelling track record across global equity and fixed income markets. 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.................................. 12 U.S. Large Cap Value Portfolio................................... 15 U.S. Targeted Value Portfolio.................................... 16 U.S. Small Cap Value Portfolio................................... 19 U.S. Core Equity 1 Portfolio..................................... 22 U.S. Core Equity 2 Portfolio..................................... 25 U.S. Vector Equity Portfolio..................................... 28 U.S. Small Cap Portfolio......................................... 31 U.S. Micro Cap Portfolio......................................... 34 DFA Real Estate Securities Portfolio............................. 37 Large Cap International Portfolio................................ 39 International Core Equity Portfolio.............................. 43 International Small Company Portfolio............................ 48 Japanese Small Company Portfolio................................. 49 Asia Pacific Small Company Portfolio............................. 49 United Kingdom Small Company Portfolio........................... 50 Continental Small Company Portfolio.............................. 50 DFA International Real Estate Securities Portfolio............... 51 DFA Global Real Estate Securities Portfolio...................... 55 DFA International Small Cap Value Portfolio...................... 56 International Vector Equity Portfolio............................ 60 World ex U.S. Value Portfolio.................................... 65 World ex U.S. Targeted Value Portfolio........................... 66 World ex U.S. Core Equity Portfolio.............................. 67 Selectively Hedged Global Equity Portfolio....................... 68 Emerging Markets Portfolio....................................... 69 Emerging Markets Small Cap Portfolio............................. 69 Emerging Markets Value Portfolio................................. 69 Emerging Markets Core Equity Portfolio........................... 70 Statements of Assets and Liabilities................................. 74 Statements of Operations............................................. 81 Statements of Changes in Net Assets.................................. 88 Financial Highlights................................................. 98 Notes to Financial Statements........................................ 119 DFA Investment Dimensions Group Inc. - DFA Commodity Strategy Portfolio Consolidated Disclosure of Fund Expenses............................. 146 Consolidated Disclosure of Portfolio Holdings........................ 147 Consolidated Schedule of Investments................................. 148 Consolidated Statement of Assets and Liabilities..................... 153 Consolidated Statement of Operations................................. 154 Consolidated Statements of Changes in Net Assets..................... 155
i TABLE OF CONTENTS CONTINUED
Page ---- Consolidated Financial Highlights............................... 156 Consolidated Notes to Financial Statements...................... 157 Dimensional Investment Group Inc. Disclosure of Fund Expenses..................................... 169 Disclosure of Portfolio Holdings................................ 171 Schedule of Investments/Summary Schedule of Portfolio Holdings DFA International Value Portfolio........................... 172 U.S. Large Company Portfolio................................ 173 Statements of Assets and Liabilities............................ 176 Statements of Operations........................................ 177 Statements of Changes in Net Assets............................. 178 Financial Highlights............................................ 179 Notes to Financial Statements................................... 181 The DFA Investment Trust Company Disclosure of Fund Expenses..................................... 191 Disclosure of Portfolio Holdings................................ 193 Summary Schedules of Portfolio Holdings The U.S. Large Cap Value Series............................. 195 The DFA International Value Series.......................... 198 The Japanese Small Company Series........................... 202 The Asia Pacific Small Company Series....................... 205 The United Kingdom Small Company Series..................... 208 The Continental Small Company Series........................ 211 The Canadian Small Company Series........................... 215 The Emerging Markets Series................................. 218 The Emerging Markets Small Cap Series....................... 222 Statements of Assets and Liabilities............................ 226 Statements of Operations........................................ 228 Statements of Changes in Net Assets............................. 230 Financial Highlights............................................ 233 Notes to Financial Statements................................... 238 Dimensional Emerging Markets Value Fund Disclosure of Fund Expenses..................................... 247 Disclosure of Portfolio Holdings................................ 248 Summary Schedule of Portfolio Holdings.......................... 249 Statement of Assets and Liabilities............................. 253 Statement of Operations......................................... 254 Statements of Changes in Net Assets............................. 255 Financial Highlights............................................ 256 Notes to Financial Statements................................... 257 Voting Proxies on Fund Portfolio Securities........................ 263 Board Approval of Investment Advisory Agreements................... 264
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. ii 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 AUD Australian Dollars CAD Canadian Dollars EUR Euro P.L.C. Public Limited Company SPDR Standard & Poor's Depository Receipts GBP British Pounds NZD New Zealand Dollars USD United States Dollars Investment Footnotes + See Note B to Financial Statements. ++ Securities have generally been fair valued. 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 RIC Registered Investment Company 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, 2014 EXPENSE TABLES Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- Enhanced U.S. Large Company Portfolio - Actual Fund Return Institutional Class Shares... $1,000.00 $1,083.50 0.23% $1.19 Hypothetical 5% Annual Return Institutional Class Shares... $1,000.00 $1,023.65 0.23% $1.15
2 DISCLOSURE OF FUND EXPENSES CONTINUED
Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- U.S. Large Cap Equity Portfolio ------------------------------- Actual Fund Return Institutional Class Shares...... $1,000.00 $1,085.10 0.19% $0.98 Hypothetical 5% Annual Return Institutional Class Shares...... $1,000.00 $1,023.85 0.19% $0.95 U.S. Large Cap Value Portfolio** -------------------------------- Actual Fund Return Institutional Class Shares...... $1,000.00 $1,093.50 0.27% $1.40 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 $1,074.50 0.47% $2.42 Class R2 Shares................. $1,000.00 $1,073.50 0.62% $3.19 Institutional Class Shares...... $1,000.00 $1,075.50 0.37% $1.90 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 $1,071.40 0.52% $2.67 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 $1,079.70 0.19% $0.98 Hypothetical 5% Annual Return Institutional Class Shares...... $1,000.00 $1,023.85 0.19% $0.95 U.S. Core Equity 2 Portfolio ---------------------------- Actual Fund Return Institutional Class Shares...... $1,000.00 $1,079.30 0.21% $1.08 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 $1,073.10 0.32% $1.64 Hypothetical 5% Annual Return Institutional Class Shares...... $1,000.00 $1,023.21 0.32% $1.61
3 DISCLOSURE OF FUND EXPENSES CONTINUED
Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- U.S. Small Cap Portfolio ------------------------ Actual Fund Return Institutional Class Shares.............. $1,000.00 $1,045.40 0.37% $1.88 Hypothetical 5% Annual Return Institutional Class Shares.............. $1,000.00 $1,022.96 0.37% $1.86 U.S. Micro Cap Portfolio ------------------------ Actual Fund Return Institutional Class Shares.............. $1,000.00 $1,044.60 0.52% $2.64 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 $1,084.90 0.18% $0.93 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 $1,049.70 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 $1,059.70 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 $1,076.10 0.53% $2.73 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 $ 974.20 0.55% $2.69 Hypothetical 5% Annual Return Institutional Class Shares.............. $1,000.00 $1,022.07 0.55% $2.76 Asia Pacific Small Company Portfolio** -------------------------------------- Actual Fund Return Institutional Class Shares.............. $1,000.00 $ 999.90 0.55% $2.73 Hypothetical 5% Annual Return Institutional Class Shares.............. $1,000.00 $1,022.07 0.55% $2.76
4 DISCLOSURE OF FUND EXPENSES CONTINUED
Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- United Kingdom Small Company Portfolio** ---------------------------------------- Actual Fund Return Institutional Class Shares........................ $1,000.00 $1,092.70 0.59% $3.06 Hypothetical 5% Annual Return Institutional Class Shares........................ $1,000.00 $1,021.87 0.59% $2.96 Continental Small Company Portfolio** ------------------------------------- Actual Fund Return Institutional Class Shares........................ $1,000.00 $1,146.50 0.56% $2.98 Hypothetical 5% Annual Return Institutional Class Shares........................ $1,000.00 $1,022.02 0.56% $2.81 DFA International Real Estate Securities Portfolio -------------------------------------------------- Actual Fund Return Institutional Class Shares........................ $1,000.00 $1,043.70 0.38% $1.93 Hypothetical 5% Annual Return Institutional Class Shares........................ $1,000.00 $1,022.91 0.38% $1.91 DFA Global Real Estate Securities Portfolio*** ---------------------------------------------- Actual Fund Return Institutional Class Shares........................ $1,000.00 $1,067.60 0.32% $1.64 Hypothetical 5% Annual Return Institutional Class Shares........................ $1,000.00 $1,023.21 0.32% $1.61 DFA International Small Cap Value Portfolio ------------------------------------------- Actual Fund Return Institutional Class Shares........................ $1,000.00 $1,093.30 0.68% $3.53 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 $1,066.50 0.50% $2.56 Hypothetical 5% Annual Return Institutional Class Shares........................ $1,000.00 $1,022.32 0.50% $2.51 World ex U.S. Value Portfolio*** -------------------------------- Actual Fund Return Institutional Class Shares........................ $1,000.00 $1,038.50 0.60% $3.03 Hypothetical 5% Annual Return Institutional Class Shares........................ $1,000.00 $1,021.82 0.60% $3.01 World ex U.S. Targeted Value Portfolio*** ----------------------------------------- Actual Fund Return Institutional Class Shares........................ $1,000.00 $1,056.20 0.70% $3.57 Hypothetical 5% Annual Return Institutional Class Shares........................ $1,000.00 $1,021.32 0.70% $3.51
5 DISCLOSURE OF FUND EXPENSES CONTINUED
Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- World ex U.S. Core Equity Portfolio*** -------------------------------------- Actual Fund Return Institutional Class Shares................... $1,000.00 $1,042.00 0.47% $2.38 Hypothetical 5% Annual Return Institutional Class Shares................... $1,000.00 $1,022.46 0.47% $2.36 Selectively Hedged Global Equity Portfolio*** --------------------------------------------- Actual Fund Return Institutional Class Shares................... $1,000.00 $1,055.50 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 $ 977.30 0.56% $2.75 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 $1,018.90 0.72% $3.60 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 $ 964.30 0.80% $3.90 Institutional Class Shares................... $1,000.00 $ 965.90 0.55% $2.68 Hypothetical 5% Annual Return Class R2 Shares.............................. $1,000.00 $1,020.83 0.80% $4.01 Institutional Class Shares................... $1,000.00 $1,022.07 0.55% $2.76 Emerging Markets Core Equity Portfolio -------------------------------------- Actual Fund Return Institutional Class Shares................... $1,000.00 $ 987.90 0.61% $3.01 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, 2014. It is 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% DFA Global Real Estate Securities Portfolio. 100.0% World ex U.S. Value Portfolio............... 100.0% World ex U.S. Targeted Value Portfolio...... 100.0% World ex U.S. Core Equity Portfolio......... 100.0% Selectively Hedged Global Equity Portfolio.. 100.0%
ENHANCED DOMESTIC EQUITY PORTFOLIO Enhanced U.S Large Company Portfolio Corporate.................................... 18.0% Government................................... 32.0% Foreign Corporate............................ 14.4% Foreign Government........................... 25.0% Supranational................................ 10.6% ----- 100.0%
DOMESTIC AND INTERNATIONAL EQUITY PORTFOLIOS U.S. Large Cap Equity Portfolio Consumer Discretionary....................... 13.3% Consumer Staples............................. 8.4% Energy....................................... 11.8% Financials................................... 13.1% Health Care.................................. 12.0% Industrials.................................. 13.4% Information Technology....................... 18.0% Materials.................................... 4.7% Other........................................ -- Real Estate Investment Trusts................ 0.1% Telecommunication Services................... 2.8% Utilities.................................... 2.4% ----- 100.0%
U.S. Targeted Value Portfolio Consumer Discretionary....................... 13.3% Consumer Staples............................. 3.3% Energy....................................... 11.0% Financials................................... 24.8% Health Care.................................. 6.3% Industrials.................................. 17.0% Information Technology....................... 14.5% Materials.................................... 7.9% Other........................................ -- Real Estate Investment Trusts................ 0.1% Telecommunication Services................... 1.3% Utilities.................................... 0.5% ----- 100.0%
U.S. Small Cap Value Portfolio Consumer Discretionary....................... 14.6% Consumer Staples............................. 3.0% Energy....................................... 12.1% Financials................................... 25.7% Health Care.................................. 5.3% Industrials.................................. 18.6% Information Technology....................... 14.1% Materials.................................... 6.1% Other........................................ -- Real Estate Investment Trusts................ 0.1% Telecommunication Services................... 0.3% Utilities.................................... 0.1% ----- 100.0%
U.S. Core Equity 1 Portfolio Consumer Discretionary....................... 13.9% Consumer Staples............................. 7.6% Energy....................................... 10.7% Financials................................... 15.7% Health Care.................................. 11.3% Industrials.................................. 13.6% Information Technology....................... 17.4% Materials.................................... 4.9% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 2.1% Utilities.................................... 2.8% ----- 100.0%
U.S. Core Equity 2 Portfolio Consumer Discretionary....................... 13.1% Consumer Staples............................. 6.2% Energy....................................... 12.4% Financials................................... 18.6% Health Care.................................. 10.7% Industrials.................................. 14.1% Information Technology....................... 15.4% Materials.................................... 5.1% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 2.4% Utilities.................................... 2.0% ----- 100.0%
U.S. Vector Equity Portfolio Consumer Discretionary....................... 13.5% Consumer Staples............................. 4.8% Energy....................................... 12.8% Financials................................... 23.3% Health Care.................................. 8.0% Industrials.................................. 14.3% Information Technology....................... 13.8% Materials.................................... 6.0% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 2.2% Utilities.................................... 1.3% ----- 100.0%
8 DISCLOSURE OF PORTFOLIO HOLDINGS CONTINUED U.S. Small Cap Portfolio Consumer Discretionary....................... 17.4% Consumer Staples............................. 3.9% Energy....................................... 6.2% Financials................................... 16.5% Health Care.................................. 9.4% Industrials.................................. 18.4% Information Technology....................... 18.4% Materials.................................... 5.6% Other........................................ -- Real Estate Investment Trusts................ 0.1% Telecommunication Services................... 0.6% Utilities.................................... 3.5% ----- 100.0%
U.S. Micro Cap Portfolio Consumer Discretionary....................... 17.7% Consumer Staples............................. 4.2% Energy....................................... 6.2% Financials................................... 17.1% Health Care.................................. 9.7% Industrials.................................. 18.7% Information Technology....................... 17.6% Materials.................................... 5.9% Other........................................ -- Telecommunication Services................... 1.2% Utilities.................................... 1.7% ----- 100.0%
DFA Real Estate Securities Portfolio Real Estate Investment Trusts................ 100.0% ----- 100.0%
Large Cap International Portfolio Consumer Discretionary....................... 11.7% Consumer Staples............................. 10.1% Energy....................................... 9.1% Financials................................... 24.6% Health Care.................................. 9.5% Industrials.................................. 12.8% Information Technology....................... 4.2% Materials.................................... 9.8% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 4.7% Utilities.................................... 3.5% ----- 100.0%
International Core Equity Portfolio Consumer Discretionary....................... 14.3% Consumer Staples............................. 7.0% Energy....................................... 9.3% Financials................................... 23.3% Health Care.................................. 6.1% Industrials.................................. 17.1% Information Technology....................... 5.7% Materials.................................... 10.9% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 3.4% Utilities.................................... 2.9% ----- 100.0%
DFA International Real Estate Securities Portfolio Financials................................... 0.3% Real Estate Investment Trusts................ 99.7% ----- 100.0%
DFA International Small Cap Value Portfolio Consumer Discretionary....................... 20.8% Consumer Staples............................. 3.7% Energy....................................... 5.0% Financials................................... 20.3% Health Care.................................. 1.9% Industrials.................................. 26.6% Information Technology....................... 5.2% Materials.................................... 15.8% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 0.3% Utilities.................................... 0.4% ----- 100.0%
International Vector Equity Portfolio Consumer Discretionary....................... 14.7% Consumer Staples............................. 5.9% Energy....................................... 8.8% Financials................................... 23.8% Health Care.................................. 4.9% Industrials.................................. 18.7% Information Technology....................... 6.3% Materials.................................... 12.3% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 2.5% Utilities.................................... 2.1% ----- 100.0%
Emerging Markets Core Equity Portfolio Consumer Discretionary....................... 11.0% Consumer Staples............................. 7.7% Energy....................................... 8.5% Financials................................... 24.3% Health Care.................................. 2.5% Industrials.................................. 11.1% Information Technology....................... 14.7% Materials.................................... 11.8% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 4.5% Utilities.................................... 3.9% ----- 100.0%
9 ENHANCED U.S. LARGE COMPANY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Face Amount^ Value+ ------- ------ (000) BONDS -- (60.3%) AUSTRALIA -- (3.5%) Commonwealth Bank of Australia 3.875%, 12/14/15............................. GBP 1,015 $ 1,792,316 Westpac Banking Corp. 1.125%, 09/25/15............................. 4,930 4,975,721 ----------- TOTAL AUSTRALIA............................................ 6,768,037 ----------- CANADA -- (4.3%) Enbridge, Inc. 5.800%, 06/15/14............................. 1,100 1,106,523 Royal Bank of Canada 3.360%, 01/11/16............................. CAD 5,000 4,696,456 TransAlta Corp. 4.750%, 01/15/15............................. 925 949,947 TransCanada PipeLines, Ltd. 3.400%, 06/01/15............................. 1,500 1,545,729 ----------- TOTAL CANADA............................................... 8,298,655 ----------- FRANCE -- (3.3%) Reseau Ferre de France 2.375%, 12/23/15............................. GBP 2,784 4,814,725 Total Capital SA 3.125%, 10/02/15............................. 1,587 1,645,911 ----------- TOTAL FRANCE............................................... 6,460,636 ----------- GERMANY -- (2.6%) KFW 1.750%, 01/22/16............................. GBP 3,000 5,134,439 ----------- JAPAN -- (2.1%) Japan Bank for International Cooperation 2.500%, 01/21/16............................. 4,000 4,138,732 ----------- NETHERLANDS -- (8.2%) Bank Nederlandse Gemeenten 5.375%, 09/15/15............................. AUD 5,600 5,339,719 Cooperatieve Centrale Raiffeisen- Boerenleenbank BA 2.125%, 10/13/15............................. 5,469 5,596,739 Netherlands Government Bond 0.250%, 09/12/15............................. 5,000 4,996,500 ----------- TOTAL NETHERLANDS.......................................... 15,932,958 ----------- NEW ZEALAND -- (2.7%) New Zealand Government Bond 6.000%, 04/15/15............................. NZD 6,000 5,296,627 ----------- NORWAY -- (2.6%) Kommunalbanken A.S. 2.375%, 01/19/16............................. 5,000 5,165,790 -----------
Face Amount^ Value+ ------- ------ (000) SUPRANATIONAL ORGANIZATION OBLIGATIONS -- (7.8%) Asian Development Bank 2.500%, 03/15/16............................. $ 4,000 $ 4,152,100 Council Of Europe Development Bank 1.625%, 12/07/15............................. GBP 3,400 5,813,233 European Investment Bank 3.000%, 12/07/15............................. GBP 3,000 5,242,378 ----------- TOTAL SUPRANATIONAL ORGANIZATION OBLIGATIONS................ 15,207,711 ----------- SWEDEN -- (4.1%) Nordea Bank AB 3.875%, 12/15/15............................. GBP 2,000 3,527,066 Svensk Exportkredit AB 0.625%, 09/04/15............................. 4,500 4,518,549 ----------- TOTAL SWEDEN................................................ 8,045,615 ----------- UNITED KINGDOM -- (3.6%) Ensco P.L.C. 3.250%, 03/15/16............................. 1,155 1,206,631 Royal Bank of Scotland Group P.L.C. 2.550%, 09/18/15............................. 700 714,964 United Kingdom Gilt 2.000%, 01/22/16............................. GBP 3,000 5,178,860 ----------- TOTAL UNITED KINGDOM........................................ 7,100,455 ----------- UNITED STATES -- (15.5%) Amgen, Inc. 4.850%, 11/18/14............................. 1,600 1,638,840 AT&T, Inc. 2.500%, 08/15/15............................. 1,606 1,645,724 Citigroup, Inc. 6.375%, 08/12/14............................. 762 774,107 CNA Financial Corp. 5.850%, 12/15/14............................. 1,000 1,032,604 Comerica, Inc. 3.000%, 09/16/15............................. 1,000 1,031,516 Constellation Energy Group, Inc. 4.550%, 06/15/15............................. 1,000 1,041,456 Enterprise Products Operating LLC 5.600%, 10/15/14............................. 500 511,204 EOG Resources, Inc. 2.500%, 02/01/16............................. 1,000 1,029,392 Express Scripts Holding Co. 2.100%, 02/12/15............................. 1,000 1,011,509 Ford Motor Credit Co. LLC 2.750%, 05/15/15............................. 1,000 1,021,175 Freeport-McMoRan Copper & Gold, Inc. 1.400%, 02/13/15............................. 500 502,634
10 ENHANCED U.S. LARGE COMPANY PORTFOLIO CONTINUED
Face Amount^ Value+ ------- ------ (000) UNITED STATES -- (Continued) Goldman Sachs Group, Inc. (The) 5.125%, 01/15/15............................. $ 894 $ 921,893 HSBC USA, Inc. 2.375%, 02/13/15............................. 1,000 1,015,914 International Paper Co. 5.300%, 04/01/15............................. 1,050 1,094,844 JPMorgan Chase & Co. 1.125%, 02/26/16............................. 1,500 1,506,189 Mondelez International, Inc. 4.125%, 02/09/16............................. 689 729,422 Morgan Stanley 4.200%, 11/20/14............................. 1,500 1,530,483 National City Corp. 4.900%, 01/15/15............................. 1,500 1,546,305 NextEra Energy Capital Holdings, Inc. 1.200%, 06/01/15............................. 1,000 1,005,927 Safeway, Inc. 5.625%, 08/15/14............................. 1,500 1,520,555 Time Warner Cable, Inc. 3.500%, 02/01/15............................. 1,000 1,020,485 Toyota Motor Credit Corp. 0.875%, 07/17/15............................. 2,000 2,008,616 WellPoint, Inc. 5.000%, 12/15/14............................. 1,572 1,616,634 Wells Fargo & Co. 1.500%, 07/01/15............................. 1,500 1,516,662 Williams Partners L.P. 3.800%, 02/15/15............................. 1,000 1,024,201
Face Amount^ Value+ ------- ------ (000) UNITED STATES -- (Continued) Xerox Corp. 4.250%, 02/15/15............................. $ 1,000 $ 1,029,112 ------------ TOTAL UNITED STATES.............................. 30,327,403 ------------ TOTAL BONDS...................................... 117,877,058 ------------ AGENCY OBLIGATIONS -- (6.1%) Federal National Mortgage Association 0.500%, 03/30/16............................. 12,000 12,017,724 ------------ U.S. TREASURY OBLIGATIONS -- (29.3%) U.S. Treasury Notes ^^ 2.625%, 02/29/16............................. 18,000 18,750,942 0.375%, 03/31/16............................. 6,500 6,499,747 0.250%, 04/15/16............................. 32,000 31,908,736 ------------ TOTAL U.S. TREASURY OBLIGATIONS.................. 57,159,425 ------------ Shares ------ - EXCHANGE-TRADED FUNDS -- (4.3%) UNITED STATES -- (4.3%) SPDR S&P 500 ETF Trust....................... 44,100 8,309,763 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $189,961,192)............................ $195,363,970 ============
Summary of the Portfolio's investments as of April 30, 2014, 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.............................. -- $ 6,768,037 -- $ 6,768,037 Canada................................. -- 8,298,655 -- 8,298,655 France................................. -- 6,460,636 -- 6,460,636 Germany................................ -- 5,134,439 -- 5,134,439 Japan.................................. -- 4,138,732 -- 4,138,732 Netherlands............................ -- 15,932,958 -- 15,932,958 New Zealand............................ -- 5,296,627 -- 5,296,627 Norway................................. -- 5,165,790 -- 5,165,790 Supranational Organization Obligations. -- 15,207,711 -- 15,207,711 Sweden................................. -- 8,045,615 -- 8,045,615 United Kingdom......................... -- 7,100,455 -- 7,100,455 United States.......................... -- 30,327,403 -- 30,327,403 Agency Obligations....................... -- 12,017,724 -- 12,017,724 U.S. Treasury Obligations................ -- 57,159,425 -- 57,159,425 Exchange-Traded Funds.................... $ 8,309,763 -- -- 8,309,763 Futures Contracts**...................... 9,210,168 -- -- 9,210,168 Forward Currency Contracts**............. -- (251,545) -- (251,545) ----------- ------------ -- ------------ TOTAL.................................... $17,519,931 $186,802,662 -- $204,322,593 =========== ============ == ============
**Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. (Note H) See accompanying Notes to Financial Statements. 11 U.S. LARGE CAP EQUITY PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (88.6%) Consumer Discretionary -- (11.8%) * Amazon.com, Inc.................. 3,260 $ 991,464 0.5% # Comcast Corp. Class A............ 19,662 1,017,705 0.5% Home Depot, Inc. (The)........... 13,913 1,106,223 0.6% McDonald's Corp.................. 9,563 969,497 0.5% Walt Disney Co. (The)............ 16,094 1,276,898 0.6% Other Securities................. 20,972,759 10.6% ----------- ------ Total Consumer Discretionary......... 26,334,546 13.3% ----------- ------ Consumer Staples -- (7.4%) Altria Group, Inc................ 19,164 768,668 0.4% Coca-Cola Co. (The).............. 33,826 1,379,763 0.7% CVS Caremark Corp................ 10,891 791,994 0.4% PepsiCo, Inc..................... 14,898 1,279,589 0.7% Procter & Gamble Co. (The)....... 20,979 1,731,816 0.9% Wal-Mart Stores, Inc............. 19,844 1,581,765 0.8% Other Securities................. 8,969,055 4.5% ----------- ------ Total Consumer Staples............... 16,502,650 8.4% ----------- ------ Energy -- (10.5%) Chevron Corp..................... 21,017 2,638,054 1.3% ConocoPhillips................... 14,678 1,090,722 0.6% Exxon Mobil Corp................. 54,223 5,552,977 2.8% Occidental Petroleum Corp........ 8,655 828,716 0.4% Schlumberger, Ltd................ 11,950 1,213,522 0.6% Other Securities................. 12,036,220 6.1% ----------- ------ Total Energy......................... 23,360,211 11.8% ----------- ------ Financials -- (11.6%) American Express Co.............. 9,240 807,853 0.4% Bank of America Corp............. 76,492 1,158,089 0.6% * Berkshire Hathaway, Inc. Class B. 13,217 1,703,010 0.9% Citigroup, Inc................... 22,250 1,065,997 0.5% JPMorgan Chase & Co.............. 34,493 1,930,918 1.0% Wells Fargo & Co................. 44,451 2,206,548 1.1% Other Securities................. 16,960,947 8.6% ----------- ------ Total Financials..................... 25,833,362 13.1% ----------- ------ Health Care -- (10.7%) AbbVie, Inc...................... 15,096 786,200 0.4% Amgen, Inc....................... 6,929 774,316 0.4% * Gilead Sciences, Inc............. 14,615 1,147,131 0.6% Johnson & Johnson................ 24,589 2,490,620 1.3% Merck & Co., Inc................. 28,433 1,665,036 0.8% Pfizer, Inc...................... 58,972 1,844,644 0.9% UnitedHealth Group, Inc.......... 10,774 808,481 0.4% Other Securities................. 14,215,584 7.2% ----------- ------ Total Health Care.................... 23,732,012 12.0% ----------- ------ Industrials -- (11.8%) 3M Co............................ 6,041 840,243 0.4% Boeing Co. (The)................. 6,890 888,948 0.5% Caterpillar, Inc................. 7,328 772,371 0.4% General Electric Co.............. 89,722 2,412,625 1.2%
12 U.S. LARGE CAP EQUITY PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (Continued) Union Pacific Corp................................. 4,907 $ 934,440 0.5% United Technologies Corp........................... 8,698 1,029,234 0.5% Other Securities................................... 19,470,304 9.8% ------------ ------ Total Industrials........................................ 26,348,165 13.3% ------------ ------ Information Technology -- (16.0%) Apple, Inc......................................... 10,091 5,954,598 3.0% Cisco Systems, Inc................................. 39,850 920,933 0.5% * Google, Inc. Class A............................... 1,744 932,831 0.5% * Google, Inc. Class C............................... 1,744 918,495 0.5% Hewlett-Packard Co................................. 27,529 910,109 0.5% Intel Corp......................................... 62,176 1,659,477 0.8% # International Business Machines Corp............... 9,715 1,908,706 1.0% MasterCard, Inc. Class A........................... 10,160 747,268 0.4% Microsoft Corp..................................... 80,082 3,235,313 1.6% Oracle Corp........................................ 29,564 1,208,576 0.6% QUALCOMM, Inc...................................... 12,382 974,587 0.5% Visa, Inc. Class A................................. 3,637 736,893 0.4% Other Securities................................... 15,377,789 7.7% ------------ ------ Total Information Technology............................. 35,485,575 18.0% ------------ ------ Materials -- (4.1%) Dow Chemical Co. (The)............................. 13,687 682,981 0.3% Other Securities................................... 8,508,084 4.3% ------------ ------ Total Materials.......................................... 9,191,065 4.6% ------------ ------ Real Estate Investment Trusts -- (0.1%) Other Securities................................... 189,753 0.1% ------------ ------ Telecommunication Services -- (2.5%) AT&T, Inc.......................................... 65,485 2,337,815 1.2% Verizon Communications, Inc........................ 46,285 2,162,898 1.1% Other Securities................................... 995,328 0.5% ------------ ------ Total Telecommunication Services......................... 5,496,041 2.8% ------------ ------ Utilities -- (2.1%) Other Securities................................... 4,660,189 2.4% ------------ ------ TOTAL COMMON STOCKS...................................... 197,133,569 99.8% ------------ ------ RIGHTS/WARRANTS -- (0.0%) Other Securities................................... 243 0.0% ------------ ------ TEMPORARY CASH INVESTMENTS -- (0.3%) State Street Institutional Liquid Reserves, 0.074%. 663,556 663,556 0.3% ------------ ------ Shares/ Face Amount ------- - - (000) SECURITIES LENDING COLLATERAL -- (11.1%) (S)@ DFA Short Term Investment Fund..................... 2,124,238 24,577,432 12.5% ------------ ------ TOTAL INVESTMENTS -- (100.0%) (Cost $200,177,255).................................. $222,374,800 112.6% ============ ======
13 U.S. LARGE CAP EQUITY PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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........ $ 26,334,546 -- -- $ 26,334,546 Consumer Staples.............. 16,502,650 -- -- 16,502,650 Energy........................ 23,360,211 -- -- 23,360,211 Financials.................... 25,833,362 -- -- 25,833,362 Health Care................... 23,732,012 -- -- 23,732,012 Industrials................... 26,348,165 -- -- 26,348,165 Information Technology........ 35,485,575 -- -- 35,485,575 Materials..................... 9,191,065 -- -- 9,191,065 Real Estate Investment Trusts. 189,753 -- -- 189,753 Telecommunication Services.... 5,496,041 -- -- 5,496,041 Utilities..................... 4,660,189 -- -- 4,660,189 Rights/Warrants................. -- $ 243 -- 243 Temporary Cash Investments...... 663,556 -- -- 663,556 Securities Lending Collateral... -- 24,577,432 -- 24,577,432 ------------ ----------- -- ------------ TOTAL........................... $197,797,125 $24,577,675 -- $222,374,800 ============ =========== == ============
See accompanying Notes to Financial Statements. 14 U.S. LARGE CAP VALUE PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Value+ --------------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The U.S. Large Cap Value Series of The DFA Investment Trust Company..................... $13,614,025,722 --------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $8,645,898,065)............................. $13,614,025,722 ===============
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See Security Valuation Note). See accompanying Notes to Financial Statements. 15 U.S. TARGETED VALUE PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (84.8%) Consumer Discretionary -- (11.3%) Dillard's, Inc. Class A................ 211,147 $ 20,677,626 0.4% # GameStop Corp. Class A................. 635,798 25,228,465 0.5% Graham Holdings Co. Class B............ 31,543 21,172,608 0.4% * Live Nation Entertainment, Inc......... 924,308 19,299,551 0.4% # Wendy's Co. (The)...................... 2,361,897 19,627,364 0.4% Other Securities....................... 552,101,846 11.1% -------------- ------ Total Consumer Discretionary............... 658,107,460 13.2% -------------- ------ Consumer Staples -- (2.8%) Other Securities....................... 161,380,997 3.2% -------------- ------ Energy -- (9.3%) Nabors Industries, Ltd................. 1,097,257 28,001,999 0.6% Patterson-UTI Energy, Inc.............. 740,622 24,092,434 0.5% * Rowan Cos. P.L.C. Class A.............. 691,059 21,367,544 0.4% Superior Energy Services, Inc.......... 633,713 20,861,832 0.4% Tesoro Corp............................ 301,142 16,951,283 0.3% # Western Refining, Inc.................. 390,087 16,968,784 0.3% Other Securities....................... 414,674,843 8.4% -------------- ------ Total Energy............................... 542,918,719 10.9% -------------- ------ Financials -- (21.0%) Allied World Assurance Co. Holdings AG. 172,670 18,594,832 0.4% * American Capital, Ltd.................. 1,547,412 23,195,706 0.5% American Financial Group, Inc.......... 465,774 27,215,175 0.6% Aspen Insurance Holdings, Ltd.......... 389,738 17,842,206 0.4% Assurant, Inc.......................... 471,974 31,815,767 0.6% Axis Capital Holdings, Ltd............. 606,646 27,754,054 0.6% CNO Financial Group, Inc............... 1,174,038 20,252,155 0.4% * E*TRADE Financial Corp................. 1,292,524 29,017,164 0.6% * Genworth Financial, Inc. Class A....... 2,131,699 38,050,827 0.8% # Legg Mason, Inc........................ 731,595 34,304,490 0.7% NASDAQ OMX Group, Inc. (The)........... 858,799 31,689,683 0.6% Old Republic International Corp........ 1,182,426 19,580,975 0.4% PartnerRe, Ltd......................... 321,083 33,842,148 0.7% # People's United Financial, Inc......... 1,543,963 22,047,792 0.5% Protective Life Corp................... 427,997 21,892,047 0.4% Reinsurance Group of America, Inc...... 387,086 29,693,367 0.6% Zions Bancorp.......................... 948,371 27,426,889 0.6% Other Securities....................... 772,754,830 15.3% -------------- ------ Total Financials........................... 1,226,970,107 24.7% -------------- ------ Health Care -- (5.3%) * Community Health Systems, Inc.......... 490,559 18,587,280 0.4% # Omnicare, Inc.......................... 597,354 35,405,172 0.7% Other Securities....................... 258,220,711 5.2% -------------- ------ Total Health Care.......................... 312,213,163 6.3% -------------- ------ Industrials -- (14.4%) AGCO Corp.............................. 303,952 16,930,126 0.3% AMERCO................................. 84,246 21,070,767 0.4% #* Avis Budget Group, Inc................. 665,365 34,991,545 0.7% Owens Corning.......................... 624,093 25,494,199 0.5%
16 U.S. TARGETED VALUE PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (Continued) Ryder System, Inc.................................. 309,611 $ 25,443,832 0.5% Trinity Industries, Inc............................ 485,295 36,426,243 0.7% # URS Corp........................................... 366,165 17,253,695 0.4% Other Securities................................... 663,328,586 13.4% -------------- ------ Total Industrials........................................ 840,938,993 16.9% -------------- ------ Information Technology -- (12.3%) * AOL, Inc........................................... 435,272 18,633,994 0.4% * Arrow Electronics, Inc............................. 510,838 28,990,056 0.6% Avnet, Inc......................................... 659,675 28,451,783 0.6% * Brocade Communications Systems, Inc................ 1,885,092 17,550,207 0.4% #* First Solar, Inc................................... 629,345 42,474,494 0.9% * Ingram Micro, Inc. Class A......................... 789,039 21,272,491 0.4% Marvell Technology Group, Ltd...................... 1,758,707 27,893,093 0.6% Other Securities................................... 532,902,393 10.6% -------------- ------ Total Information Technology............................. 718,168,511 14.5% -------------- ------ Materials -- (6.7%) Domtar Corp........................................ 183,622 17,142,950 0.4% Reliance Steel & Aluminum Co....................... 417,707 29,582,010 0.6% Rock-Tenn Co. Class A.............................. 176,292 16,855,278 0.3% Steel Dynamics, Inc................................ 945,483 17,273,974 0.4% # United States Steel Corp........................... 741,765 19,300,725 0.4% Other Securities................................... 290,976,974 5.8% -------------- ------ Total Materials.......................................... 391,131,911 7.9% -------------- ------ Other -- (0.0%) Other Securities................................... -- 0.0% -------------- ------ Real Estate Investment Trusts -- (0.1%) Other Securities................................... 3,457,010 0.1% -------------- ------ Telecommunication Services -- (1.1%) Other Securities................................... 62,739,830 1.3% -------------- ------ Utilities -- (0.5%) UGI Corp........................................... 449,464 20,985,474 0.4% Other Securities................................... 6,488,366 0.2% -------------- ------ Total Utilities.......................................... 27,473,840 0.6% -------------- ------ TOTAL COMMON STOCKS...................................... 4,945,500,541 99.6% -------------- ------ RIGHTS/WARRANTS -- (0.0%) Other Securities................................... 682,686 0.0% -------------- ------ TEMPORARY CASH INVESTMENTS -- (0.3%) State Street Institutional Liquid Reserves, 0.074%. 15,510,701 15,510,701 0.3% -------------- ------ Shares/ Face Amount ------- - - (000) SECURITIES LENDING COLLATERAL -- (14.9%) (S)@ DFA Short Term Investment Fund..................... 74,872,147 866,270,744 17.4% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $4,310,166,489)................................ $5,827,964,672 117.3% ============== ======
17 U.S. TARGETED VALUE PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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........ $ 658,074,122 $ 33,338 -- $ 658,107,460 Consumer Staples.............. 161,380,997 -- -- 161,380,997 Energy........................ 542,918,719 -- -- 542,918,719 Financials.................... 1,226,962,595 7,512 -- 1,226,970,107 Health Care................... 312,001,682 211,481 -- 312,213,163 Industrials................... 840,937,331 1,662 -- 840,938,993 Information Technology........ 718,168,511 -- -- 718,168,511 Materials..................... 391,131,911 -- -- 391,131,911 Other......................... -- -- -- -- Real Estate Investment Trusts. 3,457,010 -- -- 3,457,010 Telecommunication Services.... 62,739,830 -- -- 62,739,830 Utilities..................... 27,473,840 -- -- 27,473,840 Rights/Warrants................. -- 682,686 -- 682,686 Temporary Cash Investments...... 15,510,701 -- -- 15,510,701 Securities Lending Collateral... -- 866,270,744 -- 866,270,744 -------------- ------------ -- -------------- TOTAL........................... $4,960,757,249 $867,207,423 -- $5,827,964,672 ============== ============ == ==============
See accompanying Notes to Financial Statements. 18 U.S. SMALL CAP VALUE PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (83.9%) Consumer Discretionary -- (12.3%) * Helen of Troy, Ltd.......................... 842,455 $ 52,821,928 0.5% #* Iconix Brand Group, Inc..................... 2,048,461 87,059,592 0.8% * Live Nation Entertainment, Inc.............. 2,763,163 57,694,843 0.5% Penske Automotive Group, Inc................ 1,250,616 57,353,250 0.5% # Rent-A-Center, Inc.......................... 1,812,734 52,949,960 0.5% # Scholastic Corp............................. 1,407,493 46,320,595 0.4% * Skechers U.S.A., Inc. Class A............... 1,138,657 46,673,550 0.4% Other Securities............................ 1,166,377,767 10.8% -------------- ------ Total Consumer Discretionary.................... 1,567,251,485 14.4% -------------- ------ Consumer Staples -- (2.6%) # Fresh Del Monte Produce, Inc................ 1,668,743 48,209,985 0.4% * Seaboard Corp............................... 18,588 45,317,544 0.4% # Universal Corp.............................. 830,795 45,336,483 0.4% Other Securities............................ 188,473,110 1.8% -------------- ------ Total Consumer Staples.......................... 327,337,122 3.0% -------------- ------ Energy -- (10.2%) # Bristow Group, Inc.......................... 1,350,016 103,681,229 1.0% # Exterran Holdings, Inc...................... 2,367,691 101,858,067 0.9% #* Helix Energy Solutions Group, Inc........... 3,591,562 86,341,150 0.8% #* Hornbeck Offshore Services, Inc............. 1,311,935 54,353,467 0.5% #* SEACOR Holdings, Inc........................ 572,132 47,710,087 0.4% # Western Refining, Inc....................... 1,084,054 47,156,349 0.4% Other Securities............................ 861,451,752 7.9% -------------- ------ Total Energy.................................... 1,302,552,101 11.9% -------------- ------ Financials -- (21.5%) # American Equity Investment Life Holding Co.. 2,111,537 49,241,043 0.5% Argo Group International Holdings, Ltd...... 1,019,162 45,271,176 0.4% Aspen Insurance Holdings, Ltd............... 1,316,288 60,259,665 0.6% CNO Financial Group, Inc.................... 8,473,636 146,170,221 1.3% Endurance Specialty Holdings, Ltd........... 1,345,668 68,386,848 0.6% # First American Financial Corp............... 1,825,531 48,559,125 0.5% Hanover Insurance Group, Inc. (The)......... 1,120,492 65,492,757 0.6% Kemper Corp................................. 1,652,800 65,136,848 0.6% * MBIA, Inc................................... 6,187,865 74,996,924 0.7% # Montpelier Re Holdings, Ltd................. 2,155,898 65,927,361 0.6% #* PHH Corp.................................... 2,038,158 48,447,016 0.5% Platinum Underwriters Holdings, Ltd......... 978,955 61,390,268 0.6% Susquehanna Bancshares, Inc................. 5,950,068 61,642,704 0.6% # Umpqua Holdings Corp........................ 4,077,772 67,813,348 0.6% Washington Federal, Inc..................... 2,231,745 48,161,057 0.5% Webster Financial Corp...................... 2,295,144 69,175,640 0.6% # Wintrust Financial Corp..................... 1,388,818 62,246,823 0.6% Other Securities............................ 1,646,540,295 14.8% -------------- ------ Total Financials................................ 2,754,859,119 25.2% -------------- ------ Health Care -- (4.4%) * LifePoint Hospitals, Inc.................... 1,892,213 105,812,551 1.0% Other Securities............................ 460,081,866 4.2% -------------- ------ Total Health Care............................... 565,894,417 5.2% -------------- ------
19 U.S. SMALL CAP VALUE PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (15.6%) AMERCO............................................. 343,691 $ 85,960,556 0.8% * Avis Budget Group, Inc............................. 3,370,535 177,256,436 1.6% * Esterline Technologies Corp........................ 1,145,345 124,865,512 1.2% # GATX Corp.......................................... 1,763,892 115,764,232 1.1% #* JetBlue Airways Corp............................... 10,804,486 85,409,462 0.8% # Mobile Mini, Inc................................... 1,175,105 51,916,139 0.5% Other Securities................................... 1,358,678,571 12.3% --------------- ------ Total Industrials........................................ 1,999,850,908 18.3% --------------- ------ Information Technology -- (11.8%) * Benchmark Electronics, Inc......................... 2,299,623 53,305,261 0.5% #* CACI International, Inc. Class A................... 827,960 57,667,414 0.5% # Convergys Corp..................................... 3,909,664 84,214,163 0.8% #* Fairchild Semiconductor International, Inc......... 3,649,415 46,457,053 0.4% * SYNNEX Corp........................................ 1,217,746 82,051,726 0.8% * Tech Data Corp..................................... 947,224 59,192,028 0.5% * TriQuint Semiconductor, Inc........................ 3,614,088 51,247,768 0.5% # Vishay Intertechnology, Inc........................ 4,983,062 70,859,142 0.7% Other Securities................................... 1,006,139,840 9.1% --------------- ------ Total Information Technology............................. 1,511,134,395 13.8% --------------- ------ Materials -- (5.1%) * Graphic Packaging Holding Co....................... 5,789,957 59,404,959 0.5% #* Louisiana-Pacific Corp............................. 4,511,484 73,943,223 0.7% Other Securities................................... 524,216,549 4.8% --------------- ------ Total Materials.......................................... 657,564,731 6.0% --------------- ------ Other -- (0.0%) Other Securities................................... -- 0.0% --------------- ------ Real Estate Investment Trusts -- (0.1%) Other Securities................................... 10,368,599 0.1% --------------- ------ Telecommunication Services -- (0.2%) Other Securities................................... 27,904,905 0.3% --------------- ------ Utilities -- (0.1%) Other Securities................................... 7,480,762 0.1% --------------- ------ TOTAL COMMON STOCKS...................................... 10,732,198,544 98.3% --------------- ------ PREFERRED STOCKS -- (0.0%) Other -- (0.0%) Other Securities................................... -- 0.0% --------------- ------ RIGHTS/WARRANTS -- (0.0%) Other Securities................................... 2,716,551 0.0% --------------- ------ TEMPORARY CASH INVESTMENTS -- (1.0%) State Street Institutional Liquid Reserves, 0.074%. 131,694,550 131,694,550 1.2% --------------- ------ Shares/ Face Amount ------- - (000) SECURITIES LENDING COLLATERAL -- (15.1%) (S)@ DFA Short Term Investment Fund..................... 166,620,285 1,927,796,697 17.7% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $9,487,737,808)................................ $12,794,406,342 117.2% =============== ======
20 U.S. SMALL CAP VALUE PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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........ $ 1,567,239,203 $ 12,282 -- $ 1,567,251,485 Consumer Staples.............. 327,337,122 -- -- 327,337,122 Energy........................ 1,302,552,101 -- -- 1,302,552,101 Financials.................... 2,754,809,216 49,903 -- 2,754,859,119 Health Care................... 564,629,295 1,265,122 -- 565,894,417 Industrials................... 1,999,841,403 9,505 -- 1,999,850,908 Information Technology........ 1,511,134,395 -- -- 1,511,134,395 Materials..................... 657,564,731 -- -- 657,564,731 Other......................... -- -- -- -- Real Estate Investment Trusts. 10,368,599 -- -- 10,368,599 Telecommunication Services.... 27,904,905 -- -- 27,904,905 Utilities..................... 7,480,762 -- -- 7,480,762 Preferred Stocks Other......................... -- -- -- -- Rights/Warrants -- 2,716,551 -- 2,716,551 Temporary Cash Investments...... 131,694,550 -- -- 131,694,550 Securities Lending Collateral -- 1,927,796,697 -- 1,927,796,697 Futures Contracts**............. (4,123,080) -- -- (4,123,080) --------------- -------------- -- --------------- TOTAL........................... $10,858,433,202 $1,931,850,060 -- $12,790,283,262 =============== ============== == ===============
**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. 21 U.S. CORE EQUITY 1 PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (91.7%) Consumer Discretionary -- (12.7%) * Amazon.com, Inc................... 117,726 $ 35,804,008 0.4% Comcast Corp. Class A............. 754,125 39,033,510 0.4% Home Depot, Inc. (The)............ 418,549 33,278,831 0.4% McDonald's Corp................... 366,308 37,136,305 0.4% Walt Disney Co. (The)............. 447,208 35,481,483 0.4% Other Securities.................. 1,076,715,488 11.8% -------------- ----- Total Consumer Discretionary.......... 1,257,449,625 13.8% -------------- ----- Consumer Staples -- (6.9%) Altria Group, Inc................. 732,996 29,400,469 0.3% Coca-Cola Co. (The)............... 1,231,353 50,226,889 0.6% CVS Caremark Corp................. 420,555 30,582,760 0.3% PepsiCo, Inc...................... 548,723 47,129,818 0.5% Philip Morris International, Inc.. 379,444 32,415,901 0.4% Procter & Gamble Co. (The)........ 620,688 51,237,794 0.6% Wal-Mart Stores, Inc.............. 614,660 48,994,549 0.5% Other Securities.................. 393,831,831 4.3% -------------- ----- Total Consumer Staples................ 683,820,011 7.5% -------------- ----- Energy -- (9.8%) Chevron Corp...................... 731,435 91,809,721 1.0% ConocoPhillips.................... 459,670 34,158,078 0.4% Exxon Mobil Corp.................. 1,886,883 193,235,688 2.1% Occidental Petroleum Corp......... 304,289 29,135,672 0.3% Schlumberger, Ltd................. 337,427 34,265,712 0.4% Other Securities.................. 585,460,350 6.5% -------------- ----- Total Energy.......................... 968,065,221 10.7% -------------- ----- Financials -- (14.4%) American Express Co............... 342,243 29,922,306 0.3% Bank of America Corp.............. 3,840,087 58,138,917 0.7% * Berkshire Hathaway, Inc. Class B.. 406,267 52,347,503 0.6% Citigroup, Inc.................... 1,034,416 49,558,871 0.6% JPMorgan Chase & Co............... 1,360,498 76,160,678 0.8% U.S. Bancorp...................... 640,200 26,107,356 0.3% Wells Fargo & Co.................. 1,811,112 89,903,600 1.0% Other Securities.................. 1,042,247,501 11.4% -------------- ----- Total Financials...................... 1,424,386,732 15.7% -------------- ----- Health Care -- (10.4%) AbbVie, Inc....................... 586,332 30,536,171 0.3% * Gilead Sciences, Inc.............. 585,923 45,989,096 0.5% Johnson & Johnson................. 871,648 88,289,226 1.0% Merck & Co., Inc.................. 801,185 46,917,394 0.5% Pfizer, Inc....................... 2,295,798 71,812,561 0.8% UnitedHealth Group, Inc........... 363,224 27,256,329 0.3% Other Securities.................. 709,823,334 7.8% -------------- ----- Total Health Care..................... 1,020,624,111 11.2% -------------- ----- Industrials -- (12.4%) 3M Co............................. 232,760 32,374,588 0.4% Boeing Co. (The).................. 264,277 34,097,019 0.4% General Electric Co............... 3,214,914 86,449,037 1.0%
22 U.S. CORE EQUITY 1 PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (Continued) Union Pacific Corp................................. 165,151 $ 31,449,705 0.4% United Technologies Corp........................... 222,603 26,340,613 0.3% Other Securities................................... 1,016,675,164 11.0% -------------- ----- Total Industrials...................................... 1,227,386,126 13.5% -------------- ----- Information Technology -- (16.0%) Apple, Inc......................................... 319,378 188,461,764 2.1% Cisco Systems, Inc................................. 1,871,862 43,258,731 0.5% * Facebook, Inc. Class A............................. 459,531 27,470,763 0.3% * Google, Inc. Class A............................... 68,974 36,892,813 0.4% * Google, Inc. Class C............................... 68,974 36,325,847 0.4% Hewlett-Packard Co................................. 931,583 30,798,134 0.4% Intel Corp......................................... 2,209,569 58,973,397 0.7% International Business Machines Corp............... 334,798 65,777,763 0.7% MasterCard, Inc. Class A........................... 384,167 28,255,483 0.3% Microsoft Corp..................................... 2,517,862 101,721,625 1.1% Oracle Corp........................................ 1,063,571 43,478,782 0.5% QUALCOMM, Inc...................................... 411,597 32,396,800 0.4% Visa, Inc. Class A................................. 127,752 25,883,833 0.3% Other Securities................................... 859,943,985 9.3% -------------- ----- Total Information Technology........................... 1,579,639,720 17.4% -------------- ----- Materials -- (4.5%) Other Securities................................... 442,316,665 4.9% -------------- ----- Other -- (0.0%) Other Securities................................... -- 0.0% -------------- ----- Real Estate Investment Trusts -- (0.0%) Other Securities................................... 1,984,308 0.0% -------------- ----- Telecommunication Services -- (2.0%) AT&T, Inc.......................................... 2,012,756 71,855,389 0.8% Verizon Communications, Inc........................ 1,347,334 62,960,918 0.7% Other Securities................................... 55,965,589 0.6% -------------- ----- Total Telecommunication Services....................... 190,781,896 2.1% -------------- ----- Utilities -- (2.6%) Other Securities................................... 257,742,240 2.8% -------------- ----- TOTAL COMMON STOCKS.................................... 9,054,196,655 99.6% -------------- ----- PREFERRED STOCKS -- (0.0%) Other -- (0.0%) Other Securities................................... -- 0.0% -------------- ----- RIGHTS/WARRANTS -- (0.0%) Other Securities................................... 153,458 0.0% -------------- ----- TEMPORARY CASH INVESTMENTS -- (0.3%) State Street Institutional Liquid Reserves, 0.074%. 30,400,127 30,400,127 0.3% -------------- -----
23 U.S. CORE EQUITY 1 PORTFOLIO CONTINUED
Shares/ Face Percentage Amount Value+ of Net Assets** ------- ------ --------------- (000) SECURITIES LENDING COLLATERAL -- (8.0%) (S)@ DFA Short Term Investment Fund.. 68,556,843 $ 793,202,676 8.8% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $7,040,623,421).............. $9,877,952,916 108.7% ============== ======
Summary of the Portfolio's investments as of April 30, 2014, 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........ $1,257,420,628 $ 28,997 -- $1,257,449,625 Consumer Staples.............. 683,820,011 -- -- 683,820,011 Energy........................ 968,065,221 -- -- 968,065,221 Financials.................... 1,424,383,853 2,879 -- 1,424,386,732 Health Care................... 1,020,600,980 23,131 -- 1,020,624,111 Industrials................... 1,227,385,870 256 -- 1,227,386,126 Information Technology........ 1,579,639,720 -- -- 1,579,639,720 Materials..................... 442,316,665 -- -- 442,316,665 Other......................... -- -- -- -- Real Estate Investment Trusts. 1,984,308 -- -- 1,984,308 Telecommunication Services.... 190,781,896 -- -- 190,781,896 Utilities..................... 257,742,240 -- -- 257,742,240 Preferred Stocks Other......................... -- -- -- -- Rights/Warrants................. -- 153,458 -- 153,458 Temporary Cash Investments...... 30,400,127 -- -- 30,400,127 Securities Lending Collateral... -- 793,202,676 -- 793,202,676 -------------- ------------ -- -------------- TOTAL........................... $9,084,541,519 $793,411,397 -- $9,877,952,916 ============== ============ == ==============
See accompanying Notes to Financial Statements. 24 U.S. CORE EQUITY 2 PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (91.0%) Consumer Discretionary -- (11.9%) Comcast Corp. Class A.................. 1,101,420 $ 57,009,499 0.5% Time Warner, Inc....................... 517,992 34,425,748 0.3% Twenty-First Century Fox, Inc. Class A. 846,333 27,099,583 0.2% Walt Disney Co. (The).................. 830,524 65,893,774 0.6% Other Securities....................... 1,314,336,060 11.5% -------------- ----- Total Consumer Discretionary............... 1,498,764,664 13.1% -------------- ----- Consumer Staples -- (5.7%) Coca-Cola Co. (The).................... 710,972 29,000,548 0.3% CVS Caremark Corp...................... 680,040 49,452,509 0.4% Mondelez International, Inc. Class A... 938,871 33,470,751 0.3% PepsiCo, Inc........................... 321,785 27,638,114 0.3% Procter & Gamble Co. (The)............. 646,219 53,345,378 0.5% Wal-Mart Stores, Inc................... 773,229 61,634,084 0.5% Other Securities....................... 456,824,401 3.9% -------------- ----- Total Consumer Staples..................... 711,365,785 6.2% -------------- ----- Energy -- (11.2%) Anadarko Petroleum Corp................ 289,878 28,703,720 0.3% Chevron Corp........................... 1,126,532 141,402,297 1.2% ConocoPhillips......................... 719,368 53,456,236 0.5% EOG Resources, Inc..................... 313,746 30,747,108 0.3% Exxon Mobil Corp....................... 3,041,760 311,506,642 2.7% Occidental Petroleum Corp.............. 470,771 45,076,323 0.4% Phillips 66............................ 330,183 27,477,829 0.2% Schlumberger, Ltd...................... 324,889 32,992,478 0.3% Other Securities....................... 741,633,360 6.4% -------------- ----- Total Energy............................... 1,412,995,993 12.3% -------------- ----- Financials -- (16.9%) American International Group, Inc...... 794,955 42,235,959 0.4% Ameriprise Financial, Inc.............. 219,392 24,490,729 0.2% Bank of America Corp................... 5,487,830 83,085,746 0.7% * Berkshire Hathaway, Inc. Class B....... 232,188 29,917,424 0.3% Citigroup, Inc......................... 1,691,954 81,061,516 0.7% Goldman Sachs Group, Inc. (The)........ 245,156 39,180,832 0.4% JPMorgan Chase & Co.................... 2,211,559 123,803,073 1.1% U.S. Bancorp........................... 1,031,884 42,080,230 0.4% Wells Fargo & Co....................... 2,946,809 146,279,599 1.3% Other Securities....................... 1,511,570,030 13.0% -------------- ----- Total Financials........................... 2,123,705,138 18.5% -------------- ----- Health Care -- (9.8%) Amgen, Inc............................. 259,507 28,999,907 0.3% * Express Scripts Holding Co............. 462,397 30,786,392 0.3% Johnson & Johnson...................... 664,537 67,310,953 0.6% Merck & Co., Inc....................... 1,401,705 82,083,845 0.7% Pfizer, Inc............................ 3,831,803 119,858,798 1.1% UnitedHealth Group, Inc................ 576,403 43,253,281 0.4% Zoetis, Inc............................ 936,170 28,328,504 0.3% Other Securities....................... 829,025,218 7.0% -------------- ----- Total Health Care.......................... 1,229,646,898 10.7% -------------- -----
25 U.S. CORE EQUITY 2 PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (12.8%) Caterpillar, Inc................................... 237,421 $ 25,024,173 0.2% General Electric Co................................ 5,351,514 143,902,211 1.3% Union Pacific Corp................................. 267,041 50,852,618 0.5% Other Securities................................... 1,391,070,871 12.0% --------------- ----- Total Industrials...................................... 1,610,849,873 14.0% --------------- ----- Information Technology -- (14.0%) Apple, Inc......................................... 318,984 188,229,269 1.7% Cisco Systems, Inc................................. 3,101,253 71,669,957 0.6% EMC Corp........................................... 1,136,231 29,314,760 0.3% Hewlett-Packard Co................................. 1,806,885 59,735,618 0.5% Intel Corp......................................... 3,577,014 95,470,504 0.8% International Business Machines Corp............... 159,105 31,259,359 0.3% * Micron Technology, Inc............................. 1,086,356 28,375,619 0.3% Microsoft Corp..................................... 1,623,715 65,598,086 0.6% Oracle Corp........................................ 676,733 27,664,845 0.3% Visa, Inc. Class A................................. 196,429 39,798,480 0.4% Other Securities................................... 1,120,511,351 9.5% --------------- ----- Total Information Technology........................... 1,757,627,848 15.3% --------------- ----- Materials -- (4.7%) Dow Chemical Co. (The)............................. 627,320 31,303,268 0.3% Other Securities................................... 555,457,079 4.8% --------------- ----- Total Materials........................................ 586,760,347 5.1% --------------- ----- Other -- (0.0%) Other Securities................................... -- 0.0% --------------- ----- Real Estate Investment Trusts -- (0.0%) Other Securities................................... 547,524 0.0% --------------- ----- Telecommunication Services -- (2.2%) AT&T, Inc.......................................... 3,399,091 121,347,549 1.1% Verizon Communications, Inc........................ 1,787,444 83,527,258 0.7% Other Securities................................... 73,034,442 0.6% --------------- ----- Total Telecommunication Services....................... 277,909,249 2.4% --------------- ----- Utilities -- (1.8%) Other Securities................................... 231,094,679 2.0% --------------- ----- TOTAL COMMON STOCKS.................................... 11,441,267,998 99.6% --------------- ----- PREFERRED STOCKS -- (0.0%) Other -- (0.0%) Other Securities................................... -- 0.0% --------------- ----- RIGHTS/WARRANTS -- (0.0%) Other Securities................................... 276,051 0.0% --------------- ----- TEMPORARY CASH INVESTMENTS -- (0.5%) State Street Institutional Liquid Reserves, 0.074%. 60,382,618 60,382,618 0.5% --------------- -----
26 U.S. CORE EQUITY 2 PORTFOLIO CONTINUED
Shares/ Face Percentage Amount Value+ of Net Assets** ------- ------ --------------- (000) SECURITIES LENDING COLLATERAL -- (8.5%) (S)@ DFA Short Term Investment Fund.. 92,686,728 $ 1,072,385,449 9.3% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $8,675,132,024)........... $12,574,312,116 109.4% =============== ======
Summary of the Portfolio's investments as of April 30, 2014, 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........ $ 1,498,711,426 $ 53,238 -- $ 1,498,764,664 Consumer Staples.............. 711,365,785 -- -- 711,365,785 Energy........................ 1,412,995,993 -- -- 1,412,995,993 Financials.................... 2,123,698,674 6,464 -- 2,123,705,138 Health Care................... 1,229,592,912 53,986 -- 1,229,646,898 Industrials................... 1,610,849,230 643 -- 1,610,849,873 Information Technology........ 1,757,627,848 -- -- 1,757,627,848 Materials..................... 586,760,347 -- -- 586,760,347 Other......................... -- -- -- -- Real Estate Investment Trusts. 547,524 -- -- 547,524 Telecommunication Services.... 277,909,249 -- -- 277,909,249 Utilities..................... 231,094,679 -- -- 231,094,679 Preferred Stocks Other......................... -- -- -- -- Rights/Warrants................. -- 276,051 -- 276,051 Temporary Cash Investments...... 60,382,618 -- -- 60,382,618 Securities Lending Collateral... -- 1,072,385,449 -- 1,072,385,449 --------------- -------------- -- --------------- TOTAL........................... $11,501,536,285 $1,072,775,831 -- $12,574,312,116 =============== ============== == ===============
See accompanying Notes to Financial Statements. 27 U.S. VECTOR EQUITY PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (88.2%) Consumer Discretionary -- (11.9%) Comcast Corp. Class A......................... 336,814 $ 17,433,493 0.6% Walt Disney Co. (The)......................... 118,253 9,382,193 0.3% Other Securities.............................. 401,632,968 12.5% ------------ ----- Total Consumer Discretionary...................... 428,448,654 13.4% ------------ ----- Consumer Staples -- (4.3%) CVS Caremark Corp............................. 113,204 8,232,195 0.3% Mondelez International, Inc. Class A.......... 234,487 8,359,462 0.3% Procter & Gamble Co. (The).................... 105,525 8,711,089 0.3% Tyson Foods, Inc. Class A..................... 164,162 6,889,879 0.2% Wal-Mart Stores, Inc.......................... 102,008 8,131,058 0.3% Other Securities.............................. 113,596,910 3.4% ------------ ----- Total Consumer Staples............................ 153,920,593 4.8% ------------ ----- Energy -- (11.3%) Anadarko Petroleum Corp....................... 78,236 7,746,929 0.3% Chesapeake Energy Corp........................ 411,342 11,826,082 0.4% Chevron Corp.................................. 304,598 38,233,141 1.2% ConocoPhillips................................ 202,245 15,028,826 0.5% Exxon Mobil Corp.............................. 436,562 44,708,314 1.4% Nabors Industries, Ltd........................ 272,425 6,952,286 0.2% Occidental Petroleum Corp..................... 138,481 13,259,556 0.4% Phillips 66................................... 91,273 7,595,739 0.2% Tesoro Corp................................... 131,157 7,382,828 0.2% * Weatherford International, Ltd................ 429,641 9,022,461 0.3% Other Securities.............................. 247,244,735 7.7% ------------ ----- Total Energy...................................... 409,000,897 12.8% ------------ ----- Financials -- (20.5%) American Financial Group, Inc................. 125,705 7,344,943 0.2% American International Group, Inc............. 128,798 6,843,038 0.2% Ameriprise Financial, Inc..................... 68,100 7,602,003 0.3% Bank of America Corp.......................... 1,375,380 20,823,253 0.7% Citigroup, Inc................................ 394,453 18,898,243 0.6% Goldman Sachs Group, Inc. (The)............... 52,050 8,318,631 0.3% Hartford Financial Services Group, Inc. (The). 282,497 10,133,167 0.3% JPMorgan Chase & Co........................... 570,669 31,946,051 1.0% Lincoln National Corp......................... 152,570 7,401,171 0.2% # M&T Bank Corp................................. 62,325 7,604,273 0.3% MetLife, Inc.................................. 134,576 7,045,054 0.2% Principal Financial Group, Inc................ 157,281 7,367,042 0.2% Regions Financial Corp........................ 681,506 6,910,471 0.2% Wells Fargo & Co.............................. 664,411 32,981,362 1.0% Other Securities.............................. 560,785,700 17.5% ------------ ----- Total Financials.................................. 742,004,402 23.2% ------------ ----- Health Care -- (7.1%) Johnson & Johnson............................. 90,092 9,125,419 0.3% Merck & Co., Inc.............................. 149,737 8,768,599 0.3% Pfizer, Inc................................... 459,005 14,357,676 0.5% Other Securities.............................. 223,631,656 6.9% ------------ ----- Total Health Care................................. 255,883,350 8.0% ------------ -----
28 U.S. VECTOR EQUITY PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (12.6%) General Electric Co................................ 773,205 $ 20,791,482 0.7% Southwest Airlines Co.............................. 457,205 11,050,645 0.4% Union Pacific Corp................................. 38,051 7,246,052 0.2% Other Securities................................... 415,579,849 12.9% -------------- ------ Total Industrials........................................ 454,668,028 14.2% -------------- ------ Information Technology -- (12.2%) Apple, Inc......................................... 44,049 25,992,874 0.8% Fidelity National Information Services, Inc........ 135,134 7,220,210 0.2% Hewlett-Packard Co................................. 265,841 8,788,703 0.3% IAC/InterActiveCorp................................ 115,491 7,654,743 0.3% Intel Corp......................................... 534,019 14,252,967 0.5% * Micron Technology, Inc............................. 569,578 14,877,377 0.5% Visa, Inc. Class A................................. 37,703 7,639,005 0.3% Western Digital Corp............................... 122,881 10,829,503 0.4% Xerox Corp......................................... 731,469 8,843,460 0.3% Other Securities................................... 333,621,346 10.1% -------------- ------ Total Information Technology............................. 439,720,188 13.7% -------------- ------ Materials -- (5.3%) Alcoa, Inc......................................... 555,703 7,485,319 0.3% Other Securities................................... 184,217,343 5.7% -------------- ------ Total Materials.......................................... 191,702,662 6.0% -------------- ------ Other -- (0.0%) Other Securities................................... -- 0.0% -------------- ------ Real Estate Investment Trusts -- (0.0%) Other Securities................................... 348,570 0.0% -------------- ------ Telecommunication Services -- (1.9%) AT&T, Inc.......................................... 796,344 28,429,481 0.9% # Frontier Communications Corp....................... 1,416,600 8,428,770 0.3% Verizon Communications, Inc........................ 259,639 12,132,931 0.4% Other Securities................................... 21,569,670 0.6% -------------- ------ Total Telecommunication Services......................... 70,560,852 2.2% -------------- ------ Utilities -- (1.1%) Other Securities................................... 40,459,179 1.3% -------------- ------ TOTAL COMMON STOCKS...................................... 3,186,717,375 99.6% -------------- ------ RIGHTS/WARRANTS -- (0.0%) Other Securities................................... 115,879 0.0% -------------- ------ TEMPORARY CASH INVESTMENTS -- (0.1%) State Street Institutional Liquid Reserves, 0.074%. 4,430,137 4,430,137 0.1% -------------- ------ Shares/ Face Amount ------- (000) SECURITIES LENDING COLLATERAL -- (11.7%) (S)@ DFA Short Term Investment Fund..................... 36,602,480 423,490,694 13.2% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $2,520,716,777)................................ $3,614,754,085 112.9% ============== ======
29 U.S. VECTOR EQUITY PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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........ $ 428,433,899 $ 14,755 -- $ 428,448,654 Consumer Staples.............. 153,920,593 -- -- 153,920,593 Energy........................ 409,000,897 -- -- 409,000,897 Financials.................... 742,001,713 2,689 -- 742,004,402 Health Care................... 255,844,065 39,285 -- 255,883,350 Industrials................... 454,667,543 485 -- 454,668,028 Information Technology........ 439,720,188 -- -- 439,720,188 Materials..................... 191,702,662 -- -- 191,702,662 Other......................... -- -- -- -- Real Estate Investment Trusts. 348,570 -- -- 348,570 Telecommunication Services.... 70,560,852 -- -- 70,560,852 Utilities..................... 40,459,179 -- -- 40,459,179 Rights/Warrants................. -- 115,879 -- 115,879 Temporary Cash Investments...... 4,430,137 -- -- 4,430,137 Securities Lending Collateral... -- 423,490,694 -- 423,490,694 -------------- ------------ -- -------------- TOTAL........................... $3,191,090,298 $423,663,787 -- $3,614,754,085 ============== ============ == ==============
See accompanying Notes to Financial Statements. 30 U.S. SMALL CAP PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (79.8%) Consumer Discretionary -- (13.9%) * Buffalo Wild Wings, Inc........................ 154,231 $ 22,536,234 0.3% # Cheesecake Factory, Inc. (The)................. 395,850 17,769,706 0.2% #* Deckers Outdoor Corp........................... 252,472 19,932,664 0.2% Men's Wearhouse, Inc. (The).................... 366,998 17,388,365 0.2% # Pool Corp...................................... 297,781 17,575,035 0.2% # Thor Industries, Inc........................... 280,232 17,057,722 0.2% Other Securities............................... 1,344,069,552 16.1% -------------- ------ Total Consumer Discretionary....................... 1,456,329,278 17.4% -------------- ------ Consumer Staples -- (3.1%) Other Securities............................... 324,070,330 3.9% -------------- ------ Energy -- (5.0%) Bristow Group, Inc............................. 240,116 18,440,909 0.2% #* Carrizo Oil & Gas, Inc......................... 362,513 19,945,465 0.2% # Exterran Holdings, Inc......................... 427,513 18,391,609 0.2% # Western Refining, Inc.......................... 474,279 20,631,136 0.3% Other Securities............................... 442,818,280 5.3% -------------- ------ Total Energy....................................... 520,227,399 6.2% -------------- ------ Financials -- (13.2%) Aspen Insurance Holdings, Ltd.................. 393,938 18,034,482 0.2% # Bank of Hawaii Corp............................ 311,016 17,158,753 0.2% CNO Financial Group, Inc....................... 978,475 16,878,694 0.2% PacWest Bancorp................................ 529,478 20,845,549 0.3% #* Portfolio Recovery Associates, Inc............. 311,847 17,822,056 0.2% * Stifel Financial Corp.......................... 367,302 17,178,715 0.2% # TCF Financial Corp............................. 1,122,858 17,628,871 0.2% Webster Financial Corp......................... 593,754 17,895,746 0.2% Other Securities............................... 1,241,022,930 14.8% -------------- ------ Total Financials................................... 1,384,465,796 16.5% -------------- ------ Health Care -- (7.5%) * Charles River Laboratories International, Inc.. 349,228 18,760,528 0.2% #* Myriad Genetics, Inc........................... 502,527 21,211,665 0.3% STERIS Corp.................................... 351,014 16,866,223 0.2% * VCA Antech, Inc................................ 590,362 18,082,788 0.2% Other Securities............................... 708,767,643 8.4% -------------- ------ Total Health Care.................................. 783,688,847 9.3% -------------- ------ Industrials -- (14.7%) # Alliant Techsystems, Inc....................... 169,067 24,382,843 0.3% AMERCO......................................... 73,355 18,346,819 0.2% #* Avis Budget Group, Inc......................... 435,404 22,897,896 0.3% Deluxe Corp.................................... 335,346 18,427,263 0.2% # EnerSys, Inc................................... 269,950 18,243,221 0.2% * Esterline Technologies Corp.................... 177,418 19,342,110 0.2% Huntington Ingalls Industries, Inc............. 227,971 23,481,013 0.3% # Landstar System, Inc........................... 277,211 17,461,521 0.2% # Manitowoc Co., Inc. (The)...................... 789,124 25,078,361 0.3% #* MasTec, Inc.................................... 498,398 19,726,593 0.2% * Middleby Corp. (The)........................... 73,604 18,583,538 0.2%
31 U.S. SMALL CAP PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (Continued) * Spirit Airlines, Inc................ 478,914 $ 27,221,472 0.3% Other Securities.................... 1,283,126,117 15.4% --------------- ------ Total Industrials......................... 1,536,318,767 18.3% --------------- ------ Information Technology -- (14.7%) Anixter International, Inc.......... 180,205 17,656,486 0.2% * ARRIS Group, Inc.................... 747,557 19,503,762 0.2% Belden, Inc......................... 250,180 18,465,786 0.2% #* Finisar Corp........................ 716,199 18,728,604 0.2% # Lexmark International, Inc. Class A. 437,283 18,803,169 0.2% * RF Micro Devices, Inc............... 2,305,447 19,457,973 0.2% #* SunEdison, Inc...................... 1,202,919 23,132,132 0.3% #* Synaptics, Inc...................... 276,279 17,170,740 0.2% * Zebra Technologies Corp. Class A.... 306,956 21,315,025 0.3% Other Securities.................... 1,368,724,282 16.4% --------------- ------ Total Information Technology.............. 1,542,957,959 18.4% --------------- ------ Materials -- (4.4%) * KapStone Paper and Packaging Corp... 665,719 17,561,667 0.2% # PolyOne Corp........................ 529,913 19,855,840 0.2% Sensient Technologies Corp.......... 327,419 17,696,997 0.2% Worthington Industries, Inc......... 463,710 17,064,528 0.2% Other Securities.................... 393,298,139 4.7% --------------- ------ Total Materials........................... 465,477,171 5.5% --------------- ------ Other -- (0.0%) Other Securities.................... -- 0.0% --------------- ------ Real Estate Investment Trusts -- (0.1%) Other Securities.................... 6,475,221 0.1% --------------- ------ Telecommunication Services -- (0.5%) Other Securities.................... 50,995,661 0.6% --------------- ------ Utilities -- (2.7%) Black Hills Corp.................... 299,559 17,299,532 0.2% # IDACORP, Inc........................ 331,395 18,604,515 0.2% # Portland General Electric Co........ 503,278 16,844,715 0.2% Other Securities.................... 236,745,206 2.8% --------------- ------ Total Utilities........................... 289,493,968 3.4% --------------- ------ TOTAL COMMON STOCKS....................... 8,360,500,397 99.6% --------------- ------ PREFERRED STOCKS -- (0.0%) Other -- (0.0%) Other Securities.................... -- 0.0% --------------- ------ RIGHTS/WARRANTS -- (0.0%) Other Securities.................... 806,391 0.0% --------------- ------ Shares/ Face Amount ------- - - (000) SECURITIES LENDING COLLATERAL -- (20.2%) (S)@ DFA Short Term Investment Fund...... 182,508,338 2,111,621,465 25.2% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $8,157,126,718)................. $10,472,928,253 124.8% =============== ======
32 U.S. SMALL CAP PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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........ $1,456,311,570 $ 17,708 -- $ 1,456,329,278 Consumer Staples.............. 324,070,330 -- -- 324,070,330 Energy........................ 520,227,399 -- -- 520,227,399 Financials.................... 1,384,444,603 21,193 -- 1,384,465,796 Health Care................... 783,552,244 136,603 -- 783,688,847 Industrials................... 1,536,314,041 4,726 -- 1,536,318,767 Information Technology........ 1,542,957,959 -- -- 1,542,957,959 Materials..................... 465,477,171 -- -- 465,477,171 Other......................... -- -- -- -- Real Estate Investment Trusts. 6,475,221 -- -- 6,475,221 Telecommunication Services.... 50,995,661 -- -- 50,995,661 Utilities..................... 289,493,968 -- -- 289,493,968 Preferred Stocks Other......................... -- -- -- -- Rights/Warrants................. -- 806,391 -- 806,391 Securities Lending Collateral... -- 2,111,621,465 -- 2,111,621,465 -------------- -------------- -- --------------- TOTAL........................... $8,360,320,167 $2,112,608,086 -- $10,472,928,253 ============== ============== == ===============
See accompanying Notes to Financial Statements. 33 U.S. MICRO CAP PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (83.4%) Consumer Discretionary -- (14.7%) * Asbury Automotive Group, Inc...... 272,113 $ 16,800,257 0.4% #* Conn's, Inc....................... 297,054 13,138,698 0.3% Finish Line, Inc. (The) Class A... 566,582 15,598,002 0.3% #* G-III Apparel Group, Ltd.......... 192,344 13,804,529 0.3% #* Grand Canyon Education, Inc....... 367,324 15,839,011 0.3% * Helen of Troy, Ltd................ 194,371 12,187,062 0.3% La-Z-Boy, Inc..................... 560,610 13,583,580 0.3% Papa John's International, Inc.... 398,990 17,499,701 0.4% #* Pinnacle Entertainment, Inc....... 540,950 12,587,906 0.3% #* Sonic Corp........................ 614,578 11,701,565 0.3% # Sturm Ruger & Co., Inc............ 185,803 11,956,423 0.3% Other Securities.................. 688,649,062 14.1% ------------ ------ Total Consumer Discretionary.......... 843,345,796 17.6% ------------ ------ Consumer Staples -- (3.5%) Andersons, Inc. (The)............. 247,908 15,442,189 0.3% # Cal-Maine Foods, Inc.............. 201,183 11,996,542 0.3% J&J Snack Foods Corp.............. 162,568 15,216,365 0.3% #* Susser Holdings Corp.............. 245,851 19,023,950 0.4% Other Securities.................. 138,857,525 2.9% ------------ ------ Total Consumer Staples................ 200,536,571 4.2% ------------ ------ Energy -- (5.2%) * Carrizo Oil & Gas, Inc............ 216,987 11,938,625 0.3% * Clayton Williams Energy, Inc...... 109,912 15,880,086 0.3% EnLink Midstream LLC.............. 460,526 16,270,384 0.3% #* EPL Oil & Gas, Inc................ 309,088 12,097,704 0.3% * Rex Energy Corp................... 567,510 11,951,761 0.3% Other Securities.................. 228,737,824 4.7% ------------ ------ Total Energy.......................... 296,876,384 6.2% ------------ ------ Financials -- (14.3%) #* Encore Capital Group, Inc......... 293,377 12,679,754 0.3% # FBL Financial Group, Inc. Class A. 271,426 12,135,456 0.3% Horace Mann Educators Corp........ 426,348 12,820,284 0.3% * Western Alliance Bancorp.......... 615,654 14,203,138 0.3% Other Securities.................. 766,060,935 15.8% ------------ ------ Total Financials...................... 817,899,567 17.0% ------------ ------ Health Care -- (8.1%) * Amsurg Corp....................... 290,077 12,563,235 0.3% CONMED Corp....................... 254,463 11,789,271 0.3% * Corvel Corp....................... 270,276 12,308,369 0.3% * NuVasive, Inc..................... 346,328 11,674,717 0.2% * Prestige Brands Holdings, Inc..... 349,826 11,726,167 0.3% Other Securities.................. 401,549,501 8.2% ------------ ------ Total Health Care..................... 461,611,260 9.6% ------------ ------ Industrials -- (15.5%) # AAON, Inc......................... 412,028 11,680,994 0.2% # American Railcar Industries, Inc.. 183,840 12,765,850 0.3% #* EnPro Industries, Inc............. 205,444 14,629,667 0.3% #* Greenbrier Cos., Inc. (The)....... 233,628 12,251,452 0.3%
34 U.S. MICRO CAP PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (Continued) * H&E Equipment Services, Inc........................ 315,381 $ 12,157,938 0.3% * Huron Consulting Group, Inc........................ 164,171 11,688,975 0.2% Mueller Water Products, Inc. Class A............... 1,433,001 13,068,969 0.3% # Raven Industries, Inc.............................. 372,560 11,512,104 0.2% Other Securities................................... 789,855,016 16.4% -------------- ------ Total Industrials........................................ 889,610,965 18.5% -------------- ------ Information Technology -- (14.7%) * Electronics for Imaging, Inc....................... 378,928 14,319,689 0.3% # Heartland Payment Systems, Inc..................... 339,474 13,898,066 0.3% * iGATE Corp......................................... 444,069 16,252,925 0.3% * Integrated Device Technology, Inc.................. 1,086,430 12,678,638 0.3% * Manhattan Associates, Inc.......................... 797,364 25,140,887 0.5% Methode Electronics, Inc........................... 439,533 12,192,645 0.3% * Netscout Systems, Inc.............................. 328,700 12,806,152 0.3% #* SunEdison, Inc..................................... 1,431,312 27,524,130 0.6% #* Tyler Technologies, Inc............................ 200,480 16,369,192 0.3% Other Securities................................... 690,094,080 14.3% -------------- ------ Total Information Technology............................. 841,276,404 17.5% -------------- ------ Materials -- (5.0%) AMCOL International Corp........................... 270,805 12,416,409 0.3% * Clearwater Paper Corp.............................. 188,063 11,545,188 0.2% #* Flotek Industries, Inc............................. 458,236 12,835,190 0.3% * KapStone Paper and Packaging Corp.................. 640,153 16,887,236 0.4% Other Securities................................... 229,804,098 4.7% -------------- ------ Total Materials.......................................... 283,488,121 5.9% -------------- ------ Other -- (0.0%) Other Securities................................... -- 0.0% -------------- ------ Telecommunication Services -- (1.0%) Other Securities................................... 54,707,698 1.1% -------------- ------ Utilities -- (1.4%) Other Securities................................... 81,698,194 1.7% -------------- ------ TOTAL COMMON STOCKS 4,771,050,960 99.3% -------------- ------ PREFERRED STOCKS -- (0.0%) Other -- (0.0%) Other Securities................................... -- 0.0% -------------- ------ RIGHTS/WARRANTS -- (0.0%) Other Securities................................... 442,939 0.0% -------------- ------ TEMPORARY CASH INVESTMENTS -- (0.2%) State Street Institutional Liquid Reserves, 0.074%. 13,684,516 13,684,516 0.3% -------------- ------ Shares/ Face Amount ------- - - (000) SECURITIES LENDING COLLATERAL -- (16.4%) (S)@ DFA Short Term Investment Fund..................... 80,788,021 934,717,403 19.5% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $4,074,714,677)................................ $5,719,895,818 119.1% ============== ======
35 U.S. MICRO CAP PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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...... $ 843,342,070 $ 3,726 -- $ 843,345,796 Consumer Staples............ 200,536,571 -- -- 200,536,571 Energy...................... 296,876,384 -- -- 296,876,384 Financials.................. 817,859,351 40,216 -- 817,899,567 Health Care................. 461,416,467 194,793 -- 461,611,260 Industrials................. 889,606,810 4,155 -- 889,610,965 Information Technology...... 841,276,404 -- -- 841,276,404 Materials................... 283,488,121 -- -- 283,488,121 Other....................... -- -- -- -- Telecommunication Services.. 54,707,698 -- -- 54,707,698 Utilities................... 81,698,194 -- -- 81,698,194 Preferred Stocks Other....................... -- -- -- -- Rights/Warrants............... -- 442,939 -- 442,939 Temporary Cash Investments.... 13,684,516 -- -- 13,684,516 Securities Lending Collateral. -- 934,717,403 -- 934,717,403 -------------- ------------ -- -------------- TOTAL......................... $4,784,492,586 $935,403,232 -- $5,719,895,818 ============== ============ == ==============
See accompanying Notes to Financial Statements. 36 DFA REAL ESTATE SECURITIES PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (90.4%) Real Estate Investment Trusts -- (90.4%) Alexandria Real Estate Equities, Inc.......... 752,209 $ 55,528,068 1.0% American Campus Communities, Inc.............. 1,102,469 42,114,316 0.8% # American Realty Capital Properties, Inc....... 2,343,374 30,674,766 0.5% Apartment Investment & Management Co. Class A. 1,543,197 47,576,763 0.9% AvalonBay Communities, Inc.................... 1,289,209 176,041,489 3.2% BioMed Realty Trust, Inc...................... 2,007,467 41,956,060 0.8% Boston Properties, Inc........................ 1,593,847 186,703,238 3.4% Camden Property Trust......................... 899,150 61,582,783 1.1% # CBL & Associates Properties, Inc.............. 1,712,564 31,117,288 0.6% # DDR Corp...................................... 3,171,416 54,453,213 1.0% # Digital Realty Trust, Inc..................... 1,335,363 71,308,384 1.3% Douglas Emmett, Inc........................... 1,411,552 38,958,835 0.7% Duke Realty Corp.............................. 3,429,756 60,089,325 1.1% # EPR Properties................................ 539,553 28,925,436 0.5% Equity Lifestyle Properties, Inc.............. 825,232 34,552,464 0.6% Equity Residential............................ 3,570,728 212,244,072 3.8% # Essex Property Trust, Inc..................... 623,473 108,022,932 1.9% Extra Space Storage, Inc...................... 1,144,911 59,913,193 1.1% # Federal Realty Investment Trust............... 698,327 82,081,356 1.5% # General Growth Properties, Inc................ 5,007,143 115,014,075 2.1% HCP, Inc...................................... 4,900,540 205,136,604 3.7% Health Care REIT, Inc......................... 3,036,531 191,574,741 3.4% # Highwoods Properties, Inc..................... 948,863 38,286,622 0.7% # Home Properties, Inc.......................... 592,941 36,525,166 0.7% Hospitality Properties Trust.................. 1,567,938 47,116,537 0.8% Host Hotels & Resorts, Inc.................... 8,001,851 171,639,704 3.1% # Kilroy Realty Corp............................ 856,391 51,015,212 0.9% # Kimco Realty Corp............................. 4,266,286 97,783,275 1.8% LaSalle Hotel Properties...................... 1,085,950 35,923,226 0.6% Liberty Property Trust........................ 1,534,176 57,531,600 1.0% # Macerich Co. (The)............................ 1,466,758 95,207,262 1.7% # Mid-America Apartment Communities, Inc........ 771,284 53,719,931 1.0% # National Retail Properties, Inc............... 1,280,917 43,717,697 0.8% # Omega Healthcare Investors, Inc............... 1,298,132 45,149,031 0.8% # Piedmont Office Realty Trust, Inc. Class A.... 1,644,951 28,967,587 0.5% Post Properties, Inc.......................... 560,041 28,119,659 0.5% Prologis, Inc................................. 5,219,304 212,060,322 3.8% Public Storage................................ 1,516,772 266,208,654 4.8% # Realty Income Corp............................ 2,287,827 99,406,083 1.8% # Regency Centers Corp.......................... 962,678 50,473,208 0.9% Senior Housing Properties Trust............... 1,963,761 46,089,471 0.8% Simon Property Group, Inc..................... 3,160,039 547,318,755 9.9% # SL Green Realty Corp.......................... 990,296 103,693,894 1.9% Sunstone Hotel Investors, Inc................. 1,933,826 27,673,050 0.5% # Tanger Factory Outlet Centers, Inc............ 995,423 35,516,693 0.6% Taubman Centers, Inc.......................... 660,158 48,085,909 0.9% UDR, Inc...................................... 2,621,647 67,795,791 1.2% Ventas, Inc................................... 3,063,137 202,412,093 3.6% Vornado Realty Trust.......................... 1,757,940 180,364,644 3.2% # Weingarten Realty Investors................... 1,209,563 37,738,366 0.7% Other Securities.............................. 832,961,759 15.1% -------------- ------ TOTAL COMMON STOCKS............................... 5,524,070,602 99.6% -------------- ------
37 DFA REAL ESTATE SECURITIES PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- TEMPORARY CASH INVESTMENTS -- (0.5%) State Street Institutional Liquid Reserves, 0.074%. 29,680,720 $ 29,680,720 0.5% -------------- ------ Shares/ Face Amount ------- - - (000) SECURITIES LENDING COLLATERAL -- (9.1%) (S)@ DFA Short Term Investment Fund..................... 48,147,372 557,065,090 10.1% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $4,448,507,178)................................ $6,110,816,412 110.2% ============== ======
Summary of the Portfolio's investments as of April 30, 2014, 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. $5,524,070,602 -- -- $5,524,070,602 Temporary Cash Investments...... 29,680,720 -- -- 29,680,720 Securities Lending Collateral... -- $557,065,090 -- 557,065,090 -------------- ------------ -- -------------- TOTAL........................... $5,553,751,322 $557,065,090 -- $6,110,816,412 ============== ============ == ==============
See accompanying Notes to Financial Statements. 38 LARGE CAP INTERNATIONAL PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (87.1%) AUSTRALIA -- (6.0%) Australia & New Zealand Banking Group, Ltd.. 498,606 $ 16,034,058 0.5% BHP Billiton, Ltd........................... 485,719 17,105,369 0.6% Commonwealth Bank of Australia.............. 300,939 22,137,341 0.7% National Australia Bank, Ltd................ 421,443 13,877,011 0.5% Westpac Banking Corp........................ 485,651 15,907,261 0.5% Other Securities............................ 121,778,789 4.0% ------------ ------ TOTAL AUSTRALIA................................. 206,839,829 6.8% ------------ ------ AUSTRIA -- (0.3%) Other Securities............................ 9,481,989 0.3% ------------ ------ BELGIUM -- (1.0%) Anheuser-Busch InBev NV..................... 129,307 14,093,925 0.5% Other Securities............................ 20,889,968 0.6% ------------ ------ TOTAL BELGIUM................................... 34,983,893 1.1% ------------ ------ CANADA -- (8.1%) Bank of Nova Scotia......................... 196,436 11,936,169 0.4% # Royal Bank of Canada........................ 239,589 15,990,087 0.5% Suncor Energy, Inc.......................... 279,079 10,765,440 0.4% # Toronto-Dominion Bank (The)................. 301,119 14,486,570 0.5% Other Securities............................ 228,687,008 7.5% ------------ ------ TOTAL CANADA.................................... 281,865,274 9.3% ------------ ------ DENMARK -- (1.3%) Novo Nordisk A.S. Class B................... 283,026 12,845,413 0.4% Other Securities............................ 30,841,351 1.0% ------------ ------ TOTAL DENMARK................................... 43,686,764 1.4% ------------ ------ FINLAND -- (0.8%) Other Securities............................ 28,842,867 0.9% ------------ ------ FRANCE -- (8.2%) BNP Paribas SA.............................. 209,632 15,752,684 0.5% LVMH Moet Hennessy Louis Vuitton SA......... 48,617 9,577,268 0.3% Sanofi...................................... 180,968 19,530,038 0.6% Total SA.................................... 294,621 21,078,411 0.7% # Total SA Sponsored ADR...................... 157,489 11,219,516 0.4% Other Securities............................ 207,133,116 6.8% ------------ ------ TOTAL FRANCE.................................... 284,291,033 9.3% ------------ ------ GERMANY -- (7.1%) # Allianz SE.................................. 68,800 11,973,254 0.4% # BASF SE..................................... 164,609 19,095,584 0.6% # Bayer AG.................................... 134,071 18,641,456 0.6% Bayerische Motoren Werke AG................. 78,275 9,839,554 0.3% Daimler AG.................................. 188,841 17,580,932 0.6% SAP AG...................................... 139,819 11,301,152 0.4% Siemens AG.................................. 114,499 15,104,734 0.5% Other Securities............................ 140,906,226 4.6% ------------ ------ TOTAL GERMANY................................... 244,442,892 8.0% ------------ ------
39 LARGE CAP INTERNATIONAL PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- HONG KONG -- (2.4%) AIA Group, Ltd........................ 2,235,600 $ 10,873,050 0.4% Other Securities...................... 72,447,662 2.3% ------------ ------ TOTAL HONG KONG........................... 83,320,712 2.7% ------------ ------ IRELAND -- (0.3%) Other Securities...................... 10,786,964 0.4% ------------ ------ ISRAEL -- (0.4%) Other Securities...................... 13,635,661 0.4% ------------ ------ ITALY -- (2.0%) Other Securities...................... 70,555,232 2.3% ------------ ------ JAPAN -- (15.2%) Softbank Corp......................... 194,300 14,471,074 0.5% Sumitomo Mitsui Financial Group, Inc.. 261,540 10,338,756 0.4% Toyota Motor Corp..................... 343,900 18,580,281 0.6% Toyota Motor Corp. Sponsored ADR...... 103,254 11,194,799 0.4% Other Securities...................... 471,850,821 15.4% ------------ ------ TOTAL JAPAN............................... 526,435,731 17.3% ------------ ------ NETHERLANDS -- (2.3%) # Unilever NV........................... 242,733 10,408,659 0.3% Other Securities...................... 68,281,059 2.3% ------------ ------ TOTAL NETHERLANDS......................... 78,689,718 2.6% ------------ ------ NEW ZEALAND -- (0.1%) Other Securities...................... 3,643,491 0.1% ------------ ------ NORWAY -- (0.8%) Other Securities...................... 28,381,846 0.9% ------------ ------ PORTUGAL -- (0.1%) Other Securities...................... 4,988,608 0.2% ------------ ------ SINGAPORE -- (1.2%)....................... Other Securities...................... 41,909,348 1.4% ------------ ------ SPAIN -- (2.8%) Banco Santander SA.................... 1,336,231 13,289,713 0.4% Other Securities...................... 82,331,508 2.7% ------------ ------ TOTAL SPAIN............................... 95,621,221 3.1% ------------ ------ SWEDEN -- (2.6%) Other Securities...................... 89,891,860 3.0% ------------ ------ SWITZERLAND -- (7.0%) Cie Financiere Richemont SA........... 99,748 10,148,362 0.3% Nestle SA............................. 588,034 45,445,776 1.5% Novartis AG........................... 286,619 24,916,505 0.8% Roche Holding AG...................... 142,306 41,744,908 1.4% UBS AG................................ 640,816 13,401,938 0.4% Other Securities...................... 106,647,162 3.6% ------------ ------ TOTAL SWITZERLAND......................... 242,304,651 8.0% ------------ ------
40 LARGE CAP INTERNATIONAL PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- UNITED KINGDOM -- (17.1%) Anglo American P.L.C.................... 488,404 $ 13,056,552 0.4% AstraZeneca P.L.C....................... 135,231 10,674,404 0.4% BG Group P.L.C.......................... 637,847 12,903,202 0.4% BP P.L.C. Sponsored ADR................. 567,667 28,735,304 0.9% British American Tobacco P.L.C.......... 285,586 16,491,143 0.5% # Diageo P.L.C. Sponsored ADR............. 84,093 10,324,939 0.3% GlaxoSmithKline P.L.C................... 528,451 14,601,382 0.5% GlaxoSmithKline P.L.C. Sponsored ADR.... 229,916 12,730,449 0.4% HSBC Holdings P.L.C..................... 1,640,666 16,763,687 0.6% HSBC Holdings P.L.C. Sponsored ADR...... 376,440 19,318,900 0.6% Reckitt Benckiser Group P.L.C........... 127,159 10,265,031 0.3% # Royal Dutch Shell P.L.C. ADR(780259107). 258,685 21,897,685 0.7% Royal Dutch Shell P.L.C. ADR(780259206). 195,713 15,410,442 0.5% SABMiller P.L.C......................... 177,232 9,650,453 0.3% Vodafone Group P.L.C. Sponsored ADR..... 316,816 12,026,349 0.4% Other Securities........................ 367,896,458 12.3% -------------- ------ TOTAL UNITED KINGDOM.......................... 592,746,380 19.5% -------------- ------ TOTAL COMMON STOCKS........................... 3,017,345,964 99.0% -------------- ------ PREFERRED STOCKS -- (0.1%) GERMANY -- (0.1%) Other Securities........................ 2,130,834 0.1% -------------- ------ UNITED KINGDOM -- (0.0%) Other Securities........................ 93,648 0.0% -------------- ------ TOTAL PREFERRED STOCKS........................ 2,224,482 0.1% -------------- ------ RIGHTS/WARRANTS -- (0.0%) AUSTRALIA -- (0.0%) Other Securities........................ 15,347 0.0% -------------- ------ FRANCE -- (0.0%) Other Securities........................ 126,509 0.0% -------------- ------ HONG KONG -- (0.0%) Other Securities........................ 18,500 0.0% -------------- ------ SPAIN -- (0.0%) Other Securities........................ 282,687 0.0% -------------- ------ UNITED KINGDOM -- (0.0%) Other Securities........................ 195,911 0.0% -------------- ------ TOTAL RIGHTS/WARRANTS......................... 638,954 0.0% -------------- ------ Shares/ Face Amount Value+ ------- ------ - (000) SECURITIES LENDING COLLATERAL -- (12.8%) (S)@ DFA Short Term Investment Fund.......... 38,225,151 442,265,001 14.5% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $2,739,201,752)..................... $3,462,474,401 113.6% ============== ======
41 LARGE CAP INTERNATIONAL PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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................... $ 7,543,149 $ 199,296,680 -- $ 206,839,829 Austria..................... 189,081 9,292,908 -- 9,481,989 Belgium..................... 3,688,738 31,295,155 -- 34,983,893 Canada...................... 281,865,274 -- -- 281,865,274 Denmark..................... 5,290,431 38,396,333 -- 43,686,764 Finland..................... 1,730,140 27,112,727 -- 28,842,867 France...................... 19,252,865 265,038,168 -- 284,291,033 Germany..................... 23,571,412 220,871,480 -- 244,442,892 Hong Kong................... 1,032,065 82,288,647 -- 83,320,712 Ireland..................... 2,381,377 8,405,587 -- 10,786,964 Israel...................... 7,382,132 6,253,529 -- 13,635,661 Italy....................... 6,588,527 63,966,705 -- 70,555,232 Japan....................... 38,521,216 487,914,515 -- 526,435,731 Netherlands................. 13,446,367 65,243,351 -- 78,689,718 New Zealand................. -- 3,643,491 -- 3,643,491 Norway...................... 2,220,484 26,161,362 -- 28,381,846 Portugal.................... 84,245 4,904,363 -- 4,988,608 Singapore................... -- 41,909,348 -- 41,909,348 Spain....................... 22,299,146 73,322,075 -- 95,621,221 Sweden...................... 762,720 89,129,140 -- 89,891,860 Switzerland................. 19,611,858 222,692,793 -- 242,304,651 United Kingdom.............. 195,703,285 397,043,095 -- 592,746,380 Preferred Stocks Germany..................... -- 2,130,834 -- 2,130,834 United Kingdom.............. -- 93,648 -- 93,648 Rights/Warrants Australia................... -- 15,347 -- 15,347 France...................... -- 126,509 -- 126,509 Hong Kong................... -- 18,500 -- 18,500 Spain....................... -- 282,687 -- 282,687 United Kingdom.............. -- 195,911 -- 195,911 Securities Lending Collateral. -- 442,265,001 -- 442,265,001 ------------ -------------- -- -------------- TOTAL......................... $653,164,512 $2,809,309,889 -- $3,462,474,401 ============ ============== == ==============
See accompanying Notes to Financial Statements. 42 INTERNATIONAL CORE EQUITY PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (87.6%) AUSTRALIA -- (5.4%) Australia & New Zealand Banking Group, Ltd.. 1,174,816 $ 37,779,466 0.3% Commonwealth Bank of Australia.............. 384,649 28,295,122 0.3% National Australia Bank, Ltd................ 1,331,618 43,846,685 0.4% Westpac Banking Corp........................ 1,072,084 35,115,589 0.3% Other Securities............................ 558,033,635 4.8% ------------ ------ TOTAL AUSTRALIA................................. 703,070,497 6.1% ------------ ------ AUSTRIA -- (0.5%) Other Securities............................ 59,710,095 0.5% ------------ ------ BELGIUM -- (1.2%) Anheuser-Busch InBev NV..................... 228,944 24,953,943 0.2% Other Securities............................ 130,112,449 1.2% ------------ ------ TOTAL BELGIUM................................... 155,066,392 1.4% ------------ ------ BRAZIL -- (0.0%) Other Securities............................ 6,373 0.0% ------------ ------ CANADA -- (7.7%) Suncor Energy, Inc.......................... 729,529 28,141,494 0.3% # Toronto-Dominion Bank (The)................. 701,544 33,750,664 0.3% Other Securities............................ 933,602,907 8.1% ------------ ------ TOTAL CANADA.................................... 995,495,065 8.7% ------------ ------ CHINA -- (0.0%) Other Securities............................ 810,990 0.0% ------------ ------ DENMARK -- (1.4%) Other Securities............................ 176,447,554 1.5% ------------ ------ FINLAND -- (1.5%) #* Nokia Oyj................................... 3,651,928 27,344,067 0.2% Other Securities............................ 162,290,235 1.5% ------------ ------ TOTAL FINLAND................................... 189,634,302 1.7% ------------ ------ FRANCE -- (7.1%) BNP Paribas SA.............................. 468,229 35,184,814 0.3% Cie de St-Gobain............................ 420,301 25,749,926 0.2% # Sanofi ADR.................................. 522,052 28,086,398 0.3% Total SA.................................... 800,396 57,263,657 0.5% # Total SA Sponsored ADR...................... 595,142 42,397,916 0.4% Other Securities............................ 735,859,847 6.4% ------------ ------ TOTAL FRANCE.................................... 924,542,558 8.1% ------------ ------ GERMANY -- (6.1%) # Allianz SE.................................. 150,380 26,170,608 0.2% Bayerische Motoren Werke AG................. 248,108 31,188,401 0.3% Daimler AG.................................. 531,976 49,526,500 0.4% Deutsche Telekom AG......................... 1,506,152 25,304,945 0.2% Fresenius SE & Co. KGaA..................... 161,560 24,581,785 0.2% Linde AG.................................... 112,611 23,387,591 0.2% RWE AG...................................... 673,370 25,696,523 0.2%
43 INTERNATIONAL CORE EQUITY PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- GERMANY -- (Continued) # Siemens AG Sponsored ADR.............. 195,766 $ 25,807,832 0.2% Other Securities...................... 563,950,455 5.0% -------------- ------ TOTAL GERMANY............................. 795,614,640 6.9% -------------- ------ GREECE -- (0.0%) Other Securities...................... 71,924 0.0% -------------- ------ HONG KONG -- (2.3%) Other Securities...................... 296,427,284 2.6% -------------- ------ IRELAND -- (0.4%) Other Securities...................... 53,315,547 0.5% -------------- ------ ISRAEL -- (0.6%) Other Securities...................... 75,339,506 0.7% -------------- ------ ITALY -- (2.5%) Other Securities...................... 327,008,278 2.9% -------------- ------ JAPAN -- (16.8%) Mitsubishi UFJ Financial Group, Inc... 4,619,100 24,571,275 0.2% Mizuho Financial Group, Inc........... 13,495,060 26,431,521 0.3% Sumitomo Mitsui Financial Group, Inc.. 754,470 29,824,427 0.3% Toyota Motor Corp..................... 437,186 23,620,350 0.2% Toyota Motor Corp. Sponsored ADR...... 373,184 40,460,609 0.4% Other Securities...................... 2,036,769,274 17.6% -------------- ------ TOTAL JAPAN............................... 2,181,677,456 19.0% -------------- ------ NETHERLANDS -- (2.4%) Other Securities...................... 309,742,635 2.7% -------------- ------ NEW ZEALAND -- (0.2%) Other Securities...................... 33,520,537 0.3% -------------- ------ NORWAY -- (0.9%) Other Securities...................... 119,520,057 1.0% -------------- ------ PORTUGAL -- (0.3%) Other Securities...................... 41,275,501 0.4% -------------- ------ SINGAPORE -- (1.2%) Other Securities...................... 154,841,578 1.4% -------------- ------ SPAIN -- (2.5%) Banco Santander SA.................... 4,226,645 42,036,805 0.4% Other Securities...................... 283,152,598 2.4% -------------- ------ TOTAL SPAIN............................... 325,189,403 2.8% -------------- ------ SWEDEN -- (2.9%) Nordea Bank AB........................ 1,644,450 23,829,063 0.2% Other Securities...................... 348,318,956 3.0% -------------- ------ TOTAL SWEDEN.............................. 372,148,019 3.2% -------------- ------ SWITZERLAND -- (6.2%) ABB, Ltd.............................. 1,199,336 28,875,314 0.3% Credit Suisse Group AG................ 1,122,531 35,587,188 0.3%
44 INTERNATIONAL CORE EQUITY PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- SWITZERLAND -- (Continued) Nestle SA............................... 1,067,180 $ 82,476,222 0.7% # Novartis AG ADR......................... 818,651 71,173,518 0.6% Roche Holding AG........................ 128,140 37,589,368 0.3% Swiss Re AG............................. 365,604 31,968,810 0.3% UBS AG.................................. 1,549,112 32,397,918 0.3% Zurich Insurance Group AG............... 144,746 41,507,170 0.4% Other Securities........................ 441,725,643 3.8% --------------- ------ TOTAL SWITZERLAND........................... 803,301,151 7.0% --------------- ------ UNITED KINGDOM -- (17.5%) Anglo American P.L.C.................... 1,385,123 37,028,629 0.3% AstraZeneca P.L.C. Sponsored ADR........ 426,473 33,712,691 0.3% Aviva P.L.C............................. 3,728,348 33,226,253 0.3% Barclays P.L.C. Sponsored ADR........... 2,177,140 37,250,873 0.3% BG Group P.L.C.......................... 1,868,453 37,797,509 0.3% BP P.L.C. Sponsored ADR................. 2,000,170 101,248,602 0.9% HSBC Holdings P.L.C. Sponsored ADR...... 1,787,953 91,757,748 0.8% * Lloyds Banking Group P.L.C.............. 23,313,762 29,729,999 0.3% # Prudential P.L.C. ADR................... 635,609 29,358,780 0.3% # Rio Tinto P.L.C. Sponsored ADR.......... 656,443 35,638,290 0.3% # Royal Dutch Shell P.L.C. ADR(780259107). 1,398,074 118,346,964 1.0% Royal Dutch Shell P.L.C. ADR(780259206). 443,387 34,912,292 0.3% Tesco P.L.C............................. 5,068,750 25,110,209 0.2% Vodafone Group P.L.C. Sponsored ADR..... 1,234,928 46,877,857 0.4% Other Securities........................ 1,581,233,578 13.8% --------------- ------ TOTAL UNITED KINGDOM........................ 2,273,230,274 19.8% --------------- ------ UNITED STATES -- (0.0%) Other Securities........................ 2,046,379 0.0% --------------- ------ TOTAL COMMON STOCKS......................... 11,369,053,995 99.2% --------------- ------ PREFERRED STOCKS -- (0.1%) FRANCE -- (0.0%) Other Securities........................ 7,584 0.0% --------------- ------ GERMANY -- (0.1%) Other Securities........................ 6,167,108 0.1% --------------- ------ UNITED KINGDOM -- (0.0%) Other Securities........................ 220,292 0.0% --------------- ------ TOTAL PREFERRED STOCKS...................... 6,394,984 0.1% --------------- ------ RIGHTS/WARRANTS -- (0.0%) AUSTRALIA -- (0.0%) Other Securities........................ 64,003 0.0% --------------- ------ AUSTRIA -- (0.0%) Other Securities........................ -- 0.0% --------------- ------ FRANCE -- (0.0%) Other Securities........................ 931,517 0.0% --------------- ------ HONG KONG -- (0.0%) Other Securities........................ 59,233 0.0% --------------- ------
45 INTERNATIONAL CORE EQUITY PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- ISRAEL -- (0.0%) Other Securities................ $ 4,188 0.0% --------------- ------ ITALY -- (0.0%) Other Securities................ -- 0.0% --------------- ------ PORTUGAL -- (0.0%) Other Securities................ 118,196 0.0% --------------- ------ SINGAPORE -- (0.0%) Other Securities................ 1,460 0.0% --------------- ------ SPAIN -- (0.0%) Other Securities................ 900,196 0.0% --------------- ------ SWEDEN -- (0.0%) Other Securities................ 54,914 0.0% --------------- ------ UNITED KINGDOM -- (0.0%) Other Securities................ 1,008,452 0.0% --------------- ------ TOTAL RIGHTS/WARRANTS................... 3,142,159 0.0% --------------- ------ Shares/ Face Amount Value+ ------- ------ - (000) SECURITIES LENDING COLLATERAL -- (12.3%) (S)@ DFA Short Term Investment Fund.. 138,213,468 1,599,129,820 13.9% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $10,943,662,398).............. $12,977,720,958 113.2% =============== ======
46 INTERNATIONAL CORE EQUITY PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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................... $ 27,349,796 $ 675,720,701 -- $ 703,070,497 Austria..................... 633,710 59,076,385 -- 59,710,095 Belgium..................... 12,903,368 142,163,024 -- 155,066,392 Brazil...................... 6,373 -- -- 6,373 Canada...................... 995,459,311 35,754 -- 995,495,065 China....................... -- 810,990 -- 810,990 Denmark..................... 7,667,415 168,780,139 -- 176,447,554 Finland..................... 4,107,611 185,526,691 -- 189,634,302 France...................... 106,636,570 817,905,988 -- 924,542,558 Germany..................... 89,203,687 706,410,953 -- 795,614,640 Greece...................... -- 71,924 -- 71,924 Hong Kong................... 634,204 295,793,080 -- 296,427,284 Ireland..................... 14,600,045 38,715,502 -- 53,315,547 Israel...................... 24,857,510 50,481,996 -- 75,339,506 Italy....................... 18,924,297 308,083,981 -- 327,008,278 Japan....................... 103,863,877 2,077,813,579 -- 2,181,677,456 Netherlands................. 50,534,444 259,208,191 -- 309,742,635 New Zealand................. 78,338 33,442,199 -- 33,520,537 Norway...................... 13,497,244 106,022,813 -- 119,520,057 Portugal.................... 348,577 40,926,924 -- 41,275,501 Singapore................... -- 154,841,578 -- 154,841,578 Spain....................... 44,575,753 280,613,650 -- 325,189,403 Sweden...................... 9,839,720 362,308,299 -- 372,148,019 Switzerland................. 111,966,697 691,334,454 -- 803,301,151 United Kingdom.............. 691,897,766 1,581,332,508 -- 2,273,230,274 United States............... 1,489,186 557,193 -- 2,046,379 Preferred Stocks France...................... -- 7,584 -- 7,584 Germany..................... -- 6,167,108 -- 6,167,108 United Kingdom.............. -- 220,292 -- 220,292 Rights/Warrants Australia................... -- 64,003 -- 64,003 Austria..................... -- -- -- -- France...................... -- 931,517 -- 931,517 Hong Kong................... -- 59,233 -- 59,233 Israel...................... -- 4,188 -- 4,188 Italy....................... -- -- -- -- Portugal.................... -- 118,196 -- 118,196 Singapore................... -- 1,460 -- 1,460 Spain....................... -- 900,196 -- 900,196 Sweden...................... -- 54,914 -- 54,914 United Kingdom.............. -- 1,008,452 -- 1,008,452 Securities Lending Collateral -- 1,599,129,820 -- 1,599,129,820 -------------- --------------- -- --------------- TOTAL......................... $2,331,075,499 $10,646,645,459 -- $12,977,720,958 ============== =============== == ===============
See accompanying Notes to Financial Statements. 47 INTERNATIONAL SMALL COMPANY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Value+ -------------- AFFILIATED INVESTMENT COMPANIES -- (100.0%) Investment in The Continental Small Company Series of The DFA Investment Trust Company....................... $3,419,018,670 Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company....................... 2,103,306,949 Investment in The Japanese Small Company Series of The DFA Investment Trust Company....................... 1,837,501,135 Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company....................... 1,012,307,182 Investment in The Canadian Small Company Series of The DFA Investment Trust Company....................... 844,393,080 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $7,184,900,942)............................... 9,216,527,016 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $7,184,900,942)............................... $9,216,527,016 ==============
Summary of the Portfolio's investments as of April 30, 2014, 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. $9,216,527,016 -- -- $9,216,527,016 -------------- -- -- -------------- TOTAL........................... $9,216,527,016 -- -- $9,216,527,016 ============== == == ==============
See accompanying Notes to Financial Statements. 48 SCHEDULES OF INVESTMENTS April 30, 2014 (Unaudited) JAPANESE SMALL COMPANY PORTFOLIO
Value+ ------------ AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The Japanese Small Company Series of The DFA Investment Trust Company..................... $380,419,466 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $372,912,556)............................... $380,419,466 ============
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See Security Valuation Note). ASIA PACIFIC SMALL COMPANY PORTFOLIO
Value+ ------------ AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company..................... $397,070,438 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $370,732,046)............................... $397,070,438 ============
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See Security Valuation Note). See accompanying Notes to Financial Statements. 49 SCHEDULES OF INVESTMENTS April 30, 2014 (Unaudited) UNITED KINGDOM SMALL COMPANY PORTFOLIO
Value+ ----------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company....................... $39,058,159 ----------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $23,030,770).................................. $39,058,159 ===========
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See Security Valuation Note). CONTINENTAL SMALL COMPANY PORTFOLIO
Value+ ------------ AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The Continental Small Company Series of The DFA Investment Trust Company..................... $194,297,639 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $135,662,649)............................... $194,297,639 ============
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See Security Valuation Note). See accompanying Notes to Financial Statements. 50 DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (93.4%) AUSTRALIA -- (20.4%) # CFS Retail Property Trust Group. 15,732,519 $ 29,454,557 1.1% # Dexus Property Group............ 39,586,350 41,879,353 1.6% Federation Centres, Ltd......... 10,569,645 24,535,114 1.0% Goodman Group................... 12,869,784 59,779,493 2.3% GPT Group....................... 12,514,991 45,671,312 1.8% Investa Office Fund............. 4,767,134 14,841,377 0.6% Stockland....................... 17,051,348 61,813,398 2.4% Westfield Group................. 15,048,469 153,558,494 6.0% Westfield Retail Trust.......... 22,117,295 65,709,998 2.6% Other Securities................ 56,615,191 2.1% ------------ ------ TOTAL AUSTRALIA..................... 553,858,287 21.5% ------------ ------ BELGIUM -- (1.5%) # Cofinimmo....................... 133,272 16,330,923 0.6% Other Securities................ 25,391,147 1.0% ------------ ------ TOTAL BELGIUM....................... 41,722,070 1.6% ------------ ------ CANADA -- (5.8%) H&R REIT........................ 1,036,249 21,820,749 0.9% # RioCan REIT..................... 1,208,099 30,013,718 1.2% Other Securities................ 107,221,533 4.1% ------------ ------ TOTAL CANADA........................ 159,056,000 6.2% ------------ ------ CHINA -- (0.2%) Other Securities................ 4,571,991 0.2% ------------ ------ FRANCE -- (4.4%) Fonciere Des Regions............ 216,638 22,004,934 0.9% Gecina SA....................... 170,260 22,917,358 0.9% ICADE........................... 263,943 26,929,628 1.0% Klepierre....................... 736,242 33,779,445 1.3% Other Securities................ 12,776,963 0.5% ------------ ------ TOTAL FRANCE........................ 118,408,328 4.6% ------------ ------ GERMANY -- (0.4%) Other Securities................ 10,820,324 0.4% ------------ ------ GREECE -- (0.0%) Other Securities................ 1,118,030 0.0% ------------ ------ HONG KONG -- (4.1%) Link REIT (The)................. 18,378,305 91,500,709 3.6% Other Securities................ 21,307,504 0.8% ------------ ------ TOTAL HONG KONG..................... 112,808,213 4.4% ------------ ------ ISRAEL -- (0.2%) Other Securities................ 5,677,221 0.2% ------------ ------ ITALY -- (0.3%) Other Securities................ 9,202,109 0.4% ------------ ------
51 DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- JAPAN -- (15.9%) Advance Residence Investment Corp..... 9,531 $ 21,564,256 0.8% Frontier Real Estate Investment Corp.. 3,541 18,373,028 0.7% # Japan Logistics Fund, Inc............. 5,690 12,841,538 0.5% # Japan Prime Realty Investment Corp.... 5,974 21,022,232 0.8% # Japan Real Estate Investment Corp..... 9,096 48,222,766 1.9% Japan Retail Fund Investment Corp..... 17,708 35,616,260 1.4% # Kenedix Office Investment Corp........ 2,400 11,989,118 0.5% # Mori Trust Sogo Reit, Inc............. 8,135 12,209,297 0.5% # Nippon Accommodations Fund, Inc....... 3,405 12,009,375 0.5% # Nippon Building Fund, Inc............. 10,488 58,150,335 2.3% # Nomura Real Estate Office Fund, Inc... 2,663 11,524,505 0.4% # Orix JREIT, Inc....................... 13,599 17,299,637 0.7% # United Urban Investment Corp.......... 18,210 27,483,355 1.1% Other Securities...................... 123,616,133 4.7% ------------ ------ TOTAL JAPAN............................... 431,921,835 16.8% ------------ ------ MALAYSIA -- (0.7%) Other Securities...................... 18,395,261 0.7% ------------ ------ MEXICO -- (1.3%) # Fibra Uno Administracion S.A. de C.V.. 9,758,445 31,991,722 1.3% Other Securities...................... 3,590,142 0.1% ------------ ------ TOTAL MEXICO.............................. 35,581,864 1.4% ------------ ------ NETHERLANDS -- (9.3%) Corio NV.............................. 517,775 24,261,738 0.9% Eurocommercial Properties NV.......... 286,433 13,149,996 0.5% Unibail-Rodamco SE.................... 708,508 191,470,269 7.5% # Wereldhave NV......................... 167,438 14,080,055 0.6% Other Securities...................... 10,776,088 0.4% ------------ ------ TOTAL NETHERLANDS......................... 253,738,146 9.9% ------------ ------ NEW ZEALAND -- (0.7%) Other Securities...................... 18,601,913 0.7% ------------ ------ SINGAPORE -- (7.9%) Ascendas REIT......................... 16,266,000 29,772,683 1.2% # CapitaCommercial Trust................ 16,050,000 20,539,942 0.8% CapitaMall Trust...................... 19,365,300 30,869,017 1.2% Suntec REIT........................... 17,180,000 23,547,892 0.9% Other Securities...................... 108,774,168 4.2% ------------ ------ TOTAL SINGAPORE........................... 213,503,702 8.3% ------------ ------ SOUTH AFRICA -- (2.9%) Capital Property Fund................. 11,430,703 11,524,993 0.5% Growthpoint Properties, Ltd........... 8,720,596 20,159,101 0.8% Other Securities...................... 47,430,990 1.8% ------------ ------ TOTAL SOUTH AFRICA........................ 79,115,084 3.1% ------------ ------ TAIWAN -- (0.5%) Other Securities...................... 12,661,014 0.5% ------------ ------
52 DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- TURKEY -- (1.2%) Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.. 18,208,982 $ 23,910,479 0.9% Other Securities............................... 9,634,868 0.4% -------------- ------ TOTAL TURKEY......................................... 33,545,347 1.3% -------------- ------ UNITED KINGDOM -- (15.7%) British Land Co. P.L.C......................... 7,167,344 83,735,630 3.3% Derwent London P.L.C........................... 688,726 31,683,138 1.2% Great Portland Estates P.L.C................... 2,582,483 27,381,627 1.1% Hammerson P.L.C................................ 5,226,737 50,443,712 2.0% Intu Properties P.L.C.......................... 6,250,871 30,880,534 1.2% Land Securities Group P.L.C.................... 5,795,651 104,114,043 4.0% Segro P.L.C.................................... 5,504,210 32,576,737 1.3% Shaftesbury P.L.C.............................. 1,925,660 21,530,655 0.8% Other Securities............................... 45,007,374 1.7% -------------- ------ TOTAL UNITED KINGDOM................................. 427,353,450 16.6% -------------- ------ TOTAL COMMON STOCKS.................................. 2,541,660,189 98.8% -------------- ------ RIGHTS/WARRANTS -- (0.0%) SOUTH AFRICA -- (0.0%) Other Securities............................... 34,267 0.0% -------------- ------ Shares/ Face Amount Value+ ------- ------ (000) SECURITIES LENDING COLLATERAL -- (6.6%) (S)@ DFA Short Term Investment Fund................. 15,503,469 179,375,134 7.0% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $2,383,949,446)............................ $2,721,069,590 105.8% ============== ======
53 DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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................... -- $ 553,858,287 -- $ 553,858,287 Belgium..................... -- 41,722,070 -- 41,722,070 Canada...................... $159,056,000 -- -- 159,056,000 China....................... -- 4,571,991 -- 4,571,991 France...................... -- 118,408,328 -- 118,408,328 Germany..................... -- 10,820,324 -- 10,820,324 Greece...................... -- 1,118,030 -- 1,118,030 Hong Kong................... -- 112,808,213 -- 112,808,213 Israel...................... -- 5,677,221 -- 5,677,221 Italy....................... -- 9,202,109 -- 9,202,109 Japan....................... -- 431,921,835 -- 431,921,835 Malaysia.................... -- 18,395,261 -- 18,395,261 Mexico...................... 35,581,864 -- -- 35,581,864 Netherlands................. -- 253,738,146 -- 253,738,146 New Zealand................. -- 18,601,913 -- 18,601,913 Singapore................... -- 213,503,702 -- 213,503,702 South Africa................ -- 79,115,084 -- 79,115,084 Taiwan...................... -- 12,661,014 -- 12,661,014 Turkey...................... -- 33,545,347 -- 33,545,347 United Kingdom.............. -- 427,353,450 -- 427,353,450 Rights/Warrants South Africa................ -- 34,267 -- 34,267 Securities Lending Collateral. -- 179,375,134 -- 179,375,134 ------------ -------------- -- -------------- TOTAL......................... $194,637,864 $2,526,431,726 -- $2,721,069,590 ============ ============== == ==============
See accompanying Notes to Financial Statements. 54 DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Shares Value+ ----------- -------------- AFFILIATED INVESTMENT COMPANIES -- (99.7%) Investment in DFA Real Estate Securities Portfolio of DFA Investment Dimensions Group Inc............................... 52,315,005 $1,543,292,654 Investment in DFA International Real Estate Securities Portfolio of DFA Investment Dimensions Group Inc............................... 186,019,691 1,010,086,920 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $2,084,675,000).......................................... 2,553,379,574 -------------- TEMPORARY CASH INVESTMENTS -- (0.3%) State Street Institutional Liquid Reserves, 0.074% (Cost $7,403,043)................................................. 7,403,043 7,403,043 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $2,092,078,043).......................................... $2,560,782,617 ==============
Summary of the Portfolio's investments as of April 30, 2014, 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. $2,553,379,574 -- -- $2,553,379,574 Temporary Cash Investments...... 7,403,043 -- -- 7,403,043 -------------- -- -- -------------- TOTAL........................... $2,560,782,617 -- -- $2,560,782,617 ============== == == ==============
See accompanying Notes to Financial Statements. 55 DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (89.3%) AUSTRALIA -- (4.8%) Primary Health Care, Ltd..... 10,254,873 $ 44,821,248 0.4% Other Securities............. 608,331,344 4.9% -------------- ---- TOTAL AUSTRALIA.................. 653,152,592 5.3% -------------- ---- AUSTRIA -- (0.8%) # Wienerberger AG.............. 2,849,957 52,899,209 0.4% Other Securities 53,951,197 0.5% -------------- ---- TOTAL AUSTRIA.................... 106,850,406 0.9% -------------- ---- BELGIUM -- (0.8%) Other Securities............. 113,216,088 0.9% -------------- ---- CANADA -- (8.3%) * Celestica, Inc............... 4,266,945 47,339,128 0.4% West Fraser Timber Co., Ltd.. 1,144,822 51,180,401 0.4% Other Securities............. 1,037,743,280 8.4% -------------- ---- TOTAL CANADA..................... 1,136,262,809 9.2% -------------- ---- CHINA -- (0.1%) Other Securities............. 7,371,120 0.1% -------------- ---- DENMARK -- (1.8%) * Vestas Wind Systems A.S...... 3,314,030 147,179,632 1.2% Other Securities............. 105,956,002 0.8% -------------- ---- TOTAL DENMARK.................... 253,135,634 2.0% -------------- ---- FINLAND -- (2.1%) Huhtamaki Oyj................ 1,803,288 47,415,958 0.4% Other Securities............. 244,722,435 2.0% -------------- ---- TOTAL FINLAND.................... 292,138,393 2.4% -------------- ---- FRANCE -- (3.9%) #* Air France-KLM............... 3,419,028 49,186,239 0.4% Other Securities............. 485,571,574 3.9% -------------- ---- TOTAL FRANCE..................... 534,757,813 4.3% -------------- ---- GERMANY -- (4.9%) * Aareal Bank AG............... 1,133,243 51,511,183 0.4% Aurubis AG................... 1,045,010 55,829,083 0.5% # Bilfinger SE................. 536,449 63,958,308 0.5% # Rheinmetall AG............... 647,831 43,158,259 0.4% # TUI AG....................... 3,423,151 56,999,471 0.5% Other Securities............. 394,504,669 3.1% -------------- ---- TOTAL GERMANY.................... 665,960,973 5.4% -------------- ---- GREECE -- (0.0%) Other Securities............. 550,774 0.0% -------------- ---- HONG KONG -- (2.0%) Other Securities............. 277,530,134 2.2% -------------- ----
56 DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- IRELAND -- (0.4%) Smurfit Kappa Group P.L.C..... 2,066,589 $ 46,038,830 0.4% Other Securities.............. 6,031,615 0.0% -------------- ----- TOTAL IRELAND..................... 52,070,445 0.4% -------------- ----- ISRAEL -- (0.7%) Other Securities.............. 92,649,143 0.7% -------------- ----- ITALY -- (3.8%) #* Banca Popolare di Milano SCRL. 77,876,899 78,757,121 0.6% * Banco Popolare SC............. 8,136,202 168,146,133 1.4% * UnipolSai SpA................. 12,757,315 46,941,304 0.4% Other Securities.............. 232,401,233 1.9% -------------- ----- TOTAL ITALY....................... 526,245,791 4.3% -------------- ----- JAPAN -- (19.0%) Other Securities.............. 2,611,882,082 21.2% -------------- ----- LUXEMBOURG -- (0.0%) Other Securities.............. 122,353 0.0% -------------- ----- NETHERLANDS -- (2.1%) #* APERAM........................ 1,753,419 45,621,474 0.4% Delta Lloyd NV................ 2,392,235 62,958,731 0.5% Other Securities.............. 175,524,914 1.4% -------------- ----- TOTAL NETHERLANDS................. 284,105,119 2.3% -------------- ----- NEW ZEALAND -- (0.3%) Other Securities.............. 45,818,058 0.4% -------------- ----- NORWAY -- (0.9%) Other Securities.............. 127,240,320 1.0% -------------- ----- PORTUGAL -- (0.6%) #* Banco Comercial Portugues SA.. 187,787,505 57,067,629 0.5% Other Securities.............. 22,816,373 0.1% -------------- ----- TOTAL PORTUGAL.................... 79,884,002 0.6% -------------- ----- SINGAPORE -- (1.4%) Other Securities.............. 192,081,968 1.6% -------------- ----- SPAIN -- (2.4%) Bankinter SA.................. 9,498,044 72,721,437 0.6% * Gamesa Corp. Tecnologica SA... 7,418,085 73,734,457 0.6% #* Sacyr SA...................... 7,565,697 49,830,722 0.4% Other Securities.............. 129,615,239 1.0% -------------- ----- TOTAL SPAIN....................... 325,901,855 2.6% -------------- ----- SWEDEN -- (3.5%) BillerudKorsnas AB............ 3,506,767 51,248,998 0.4% Holmen AB Class B............. 1,385,639 48,972,666 0.4% # Trelleborg AB Class B......... 5,405,103 115,650,402 0.9% Other Securities.............. 264,275,372 2.2% -------------- ----- TOTAL SWEDEN...................... 480,147,438 3.9% -------------- -----
57 DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- SWITZERLAND -- (3.9%) Helvetia Holding AG.................. 121,594 $ 60,608,318 0.5% Swiss Life Holding AG................ 180,130 44,379,643 0.4% Other Securities..................... 432,661,095 3.5% --------------- ----- TOTAL SWITZERLAND........................ 537,649,056 4.4% --------------- ----- UNITED KINGDOM -- (20.8%) Amlin P.L.C.......................... 11,024,189 83,350,349 0.7% Ashtead Group P.L.C.................. 9,060,925 134,248,301 1.1% Barratt Developments P.L.C........... 23,304,329 145,749,037 1.2% Beazley P.L.C........................ 12,470,827 51,733,665 0.4% Bellway P.L.C........................ 3,448,205 83,973,177 0.7% Bodycote P.L.C....................... 5,021,077 61,957,596 0.5% Bovis Homes Group P.L.C.............. 3,820,358 51,089,368 0.4% Catlin Group, Ltd.................... 9,072,341 81,027,071 0.7% CSR P.L.C............................ 4,886,688 47,481,162 0.4% * Dixons Retail P.L.C.................. 74,506,019 56,667,531 0.5% DS Smith P.L.C....................... 15,172,280 80,853,845 0.7% easyJet P.L.C........................ 1,792,771 49,605,324 0.4% Greene King P.L.C.................... 4,908,532 73,898,809 0.6% Hiscox, Ltd.......................... 8,547,223 101,972,677 0.8% Home Retail Group P.L.C.............. 17,508,245 60,496,425 0.5% Inchcape P.L.C....................... 8,776,728 95,343,359 0.8% Millennium & Copthorne Hotels P.L.C.. 4,813,561 45,187,618 0.4% Mondi P.L.C.......................... 4,406,737 73,257,173 0.6% * Persimmon P.L.C...................... 7,739,467 171,754,093 1.4% SIG P.L.C............................ 14,208,459 46,048,206 0.4% Taylor Wimpey P.L.C.................. 76,091,760 135,325,001 1.1% * Thomas Cook Group P.L.C.............. 26,803,185 79,232,848 0.7% Travis Perkins P.L.C................. 4,514,252 130,328,001 1.1% Other Securities..................... 910,456,432 7.0% --------------- ----- TOTAL UNITED KINGDOM..................... 2,851,037,068 23.1% --------------- ----- TOTAL COMMON STOCKS...................... 12,247,761,434 99.2% --------------- ----- PREFERRED STOCKS -- (0.0%) FRANCE -- (0.0%) Other Securities..................... 10,799 0.0% --------------- ----- RIGHTS/WARRANTS -- (0.0%) AUSTRALIA -- (0.0%) Other Securities..................... 194,468 0.0% --------------- ----- AUSTRIA -- (0.0%) Other Securities..................... -- 0.0% --------------- ----- FRANCE -- (0.0%) Other Securities..................... 4,405,989 0.0% --------------- ----- HONG KONG -- (0.0%) Other Securities..................... -- 0.0% --------------- ----- ISRAEL -- (0.0%) Other Securities..................... 56,668 0.0% --------------- ----- SINGAPORE -- (0.0%) Other Securities..................... 442 0.0% --------------- -----
58 DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- SWEDEN -- (0.0%) Other Securities................ $ 21,426 0.0% --------------- ------ TOTAL RIGHTS/WARRANTS................... 4,678,993 0.0% --------------- ------ Shares/ Face Amount Value+ ------- ------ (000) SECURITIES LENDING COLLATERAL -- (10.7%) (S)@ DFA Short Term Investment Fund.. 126,129,433 1,459,317,538 11.8% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $10,916,859,971).............. $13,711,768,764 111.0% =============== ======
Summary of the Portfolio's investments as of April 30, 2014, 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................... $ 741,079 $ 652,411,513 -- $ 653,152,592 Austria..................... -- 106,850,406 -- 106,850,406 Belgium..................... -- 113,216,088 -- 113,216,088 Canada...................... 1,135,620,017 642,792 -- 1,136,262,809 China....................... -- 7,371,120 -- 7,371,120 Denmark..................... -- 253,135,634 -- 253,135,634 Finland..................... 2,509 292,135,884 -- 292,138,393 France...................... -- 534,757,813 -- 534,757,813 Germany..................... 953 665,960,020 -- 665,960,973 Greece...................... -- 550,774 -- 550,774 Hong Kong................... -- 277,530,134 -- 277,530,134 Ireland..................... -- 52,070,445 -- 52,070,445 Israel...................... -- 92,649,143 -- 92,649,143 Italy....................... -- 526,245,791 -- 526,245,791 Japan....................... 737,791 2,611,144,291 -- 2,611,882,082 Luxembourg.................. -- 122,353 -- 122,353 Netherlands................. -- 284,105,119 -- 284,105,119 New Zealand................. -- 45,818,058 -- 45,818,058 Norway...................... -- 127,240,320 -- 127,240,320 Portugal.................... -- 79,884,002 -- 79,884,002 Singapore................... -- 192,081,968 -- 192,081,968 Spain....................... 385,079 325,516,776 -- 325,901,855 Sweden...................... -- 480,147,438 -- 480,147,438 Switzerland................. -- 537,649,056 -- 537,649,056 United Kingdom.............. 1,357,865 2,849,679,203 -- 2,851,037,068 Preferred Stocks France...................... -- 10,799 -- 10,799 Rights/Warrants Australia................... -- 194,468 -- 194,468 Austria..................... -- -- -- -- France...................... -- 4,405,989 -- 4,405,989 Hong Kong................... -- -- -- -- Israel...................... -- 56,668 -- 56,668 Singapore................... -- 442 -- 442 Sweden...................... -- 21,426 -- 21,426 Securities Lending Collateral -- 1,459,317,538 -- 1,459,317,538 -------------- --------------- -- --------------- TOTAL......................... $1,138,845,293 $12,572,923,471 -- $13,711,768,764 ============== =============== == ===============
See accompanying Notes to Financial Statements. 59 INTERNATIONAL VECTOR EQUITY PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (89.0%) AUSTRALIA -- (5.9%) Australia & New Zealand Banking Group, Ltd.. 122,194 $ 3,929,487 0.3% National Australia Bank, Ltd................ 100,779 3,318,388 0.3% Origin Energy, Ltd.......................... 187,380 2,603,063 0.2% Other Securities............................ 75,419,644 5.8% ------------ ---- TOTAL AUSTRALIA................................. 85,270,582 6.6% ------------ ---- AUSTRIA -- (0.5%) Other Securities............................ 7,419,876 0.6% ------------ ---- BELGIUM -- (1.4%) Other Securities............................ 19,871,642 1.5% ------------ ---- BRAZIL -- (0.0%) Other Securities............................ 2,108 0.0% ------------ ---- CANADA -- (8.0%) Other Securities............................ 116,086,834 9.0% ------------ ---- CHINA -- (0.0%) Other Securities............................ 143,635 0.0% ------------ ---- DENMARK -- (1.5%) Other Securities............................ 21,021,087 1.6% ------------ ---- FINLAND -- (1.9%) # Fortum Oyj.................................. 101,620 2,295,807 0.2% #* Nokia Oyj................................... 438,160 3,280,754 0.3% UPM-Kymmene Oyj............................. 170,168 2,980,288 0.2% Other Securities............................ 19,056,773 1.4% ------------ ---- TOTAL FINLAND................................... 27,613,622 2.1% ------------ ---- FRANCE -- (6.6%) * Alcatel-Lucent.............................. 763,771 3,028,903 0.2% BNP Paribas SA.............................. 41,203 3,096,177 0.3% Cie de St-Gobain............................ 42,228 2,587,117 0.2% * Credit Agricole SA.......................... 153,510 2,422,149 0.2% Lafarge SA.................................. 30,333 2,775,434 0.2% Orange SA................................... 153,868 2,492,857 0.2% Renault SA.................................. 30,047 2,937,691 0.2% Sanofi...................................... 23,775 2,565,794 0.2% Societe Generale SA......................... 51,102 3,182,488 0.3% Total SA.................................... 63,258 4,525,740 0.4% Other Securities............................ 66,076,408 5.0% ------------ ---- TOTAL FRANCE.................................... 95,690,758 7.4% ------------ ---- GERMANY -- (5.7%) # Allianz SE.................................. 20,504 3,568,308 0.3% Bayerische Motoren Werke AG................. 19,013 2,390,028 0.2% * Commerzbank AG.............................. 141,238 2,518,434 0.2% Daimler AG.................................. 38,229 3,559,086 0.3% RWE AG...................................... 85,573 3,265,558 0.3% Other Securities............................ 66,343,426 5.0% ------------ ---- TOTAL GERMANY................................... 81,644,840 6.3% ------------ ----
60 INTERNATIONAL VECTOR EQUITY PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- GREECE -- (0.0%) Other Securities...................... $ 1 0.0% ------------ ----- HONG KONG -- (2.5%) Other Securities...................... 35,449,540 2.7% ------------ ----- IRELAND -- (0.5%) Other Securities...................... 7,289,034 0.6% ------------ ----- ISRAEL -- (0.6%) Other Securities...................... 8,578,989 0.7% ------------ ----- ITALY -- (2.6%) #* Banco Popolare SC..................... 143,248 2,960,423 0.2% Unione di Banche Italiane SCPA........ 339,391 3,239,654 0.3% Other Securities...................... 31,154,981 2.4% ------------ ----- TOTAL ITALY............................... 37,355,058 2.9% ------------ ----- JAPAN -- (17.4%) Mitsubishi UFJ Financial Group, Inc... 543,100 2,889,017 0.2% Mizuho Financial Group, Inc........... 1,155,460 2,263,092 0.2% Sumitomo Mitsui Financial Group, Inc.. 63,441 2,507,842 0.2% Other Securities...................... 243,475,607 18.8% ------------ ----- TOTAL JAPAN............................... 251,135,558 19.4% ------------ ----- NETHERLANDS -- (2.4%) Aegon NV.............................. 258,749 2,371,799 0.2% Other Securities...................... 32,016,800 2.5% ------------ ----- TOTAL NETHERLANDS......................... 34,388,599 2.7% ------------ ----- NEW ZEALAND -- (0.4%) Other Securities...................... 5,800,408 0.4% ------------ ----- NORWAY -- (1.0%) Other Securities...................... 14,244,438 1.1% ------------ ----- PORTUGAL -- (0.4%) Other Securities...................... 6,389,074 0.5% ------------ ----- SINGAPORE -- (1.3%) Other Securities...................... 19,388,752 1.5% ------------ ----- SPAIN -- (2.4%) Banco de Sabadell SA.................. 737,273 2,508,410 0.2% Banco Popular Espanol SA.............. 355,602 2,620,401 0.2% Banco Santander SA.................... 494,085 4,914,003 0.4% Other Securities...................... 25,077,148 1.9% ------------ ----- TOTAL SPAIN............................... 35,119,962 2.7% ------------ ----- SWEDEN -- (2.9%) Other Securities...................... 42,060,472 3.2% ------------ ----- SWITZERLAND -- (6.0%) Aryzta AG............................. 25,690 2,374,667 0.2% Credit Suisse Group AG................ 127,686 4,047,982 0.3%
61 INTERNATIONAL VECTOR EQUITY PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- SWITZERLAND -- (Continued) Holcim, Ltd............................. 28,208 $ 2,587,136 0.2% Julius Baer Group, Ltd.................. 64,356 3,014,461 0.2% Nestle SA............................... 64,442 4,980,353 0.4% Novartis AG............................. 53,863 4,682,445 0.4% Swiss Re AG............................. 55,384 4,842,837 0.4% Zurich Insurance Group AG............... 15,572 4,465,406 0.4% Other Securities........................ 56,405,005 4.2% -------------- ----- TOTAL SWITZERLAND........................... 87,400,292 6.7% -------------- ----- UNITED KINGDOM -- (17.1%) Anglo American P.L.C.................... 214,596 5,736,816 0.4% Aviva P.L.C............................. 255,520 2,277,140 0.2% Barratt Developments P.L.C.............. 440,009 2,751,887 0.2% BP P.L.C................................ 304,568 2,571,502 0.2% BP P.L.C. Sponsored ADR................. 118,597 6,003,380 0.5% HSBC Holdings P.L.C. Sponsored ADR...... 175,852 9,024,725 0.7% * Lloyds Banking Group P.L.C.............. 2,002,798 2,553,993 0.2% Old Mutual P.L.C........................ 684,794 2,314,662 0.2% Resolution, Ltd......................... 461,924 2,330,334 0.2% Royal Dutch Shell P.L.C. ADR(780259107). 83,543 7,071,915 0.6% Royal Dutch Shell P.L.C. ADR(780259206). 80,746 6,357,940 0.5% Vodafone Group P.L.C. Sponsored ADR..... 100,243 3,805,231 0.3% Other Securities........................ 194,442,210 14.9% -------------- ----- TOTAL UNITED KINGDOM........................ 247,241,735 19.1% -------------- ----- UNITED STATES -- (0.0%) Other Securities........................ 442,310 0.0% -------------- ----- TOTAL COMMON STOCKS......................... 1,287,049,206 99.3% -------------- ----- PREFERRED STOCKS -- (0.0%) GERMANY -- (0.0%) Other Securities........................ 223,512 0.0% -------------- ----- UNITED KINGDOM -- (0.0%) Other Securities........................ 17,710 0.0% -------------- ----- TOTAL PREFERRED STOCKS...................... 241,222 0.0% -------------- ----- RIGHTS/WARRANTS -- (0.0%) AUSTRALIA -- (0.0%) Other Securities........................ 7,208 0.0% -------------- ----- AUSTRIA -- (0.0%) Other Securities........................ -- 0.0% -------------- ----- FRANCE -- (0.0%) Other Securities........................ 176,352 0.1% -------------- ----- HONG KONG -- (0.0%) Other Securities........................ 5,333 0.0% -------------- ----- ISRAEL -- (0.0%) Other Securities........................ 1,030 0.0% -------------- -----
62 INTERNATIONAL VECTOR EQUITY PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- PORTUGAL -- (0.0%) Other Securities................ $ 17,815 0.0% -------------- ------ SINGAPORE -- (0.0%) Other Securities................ 7,113 0.0% -------------- ------ SPAIN -- (0.0%) Other Securities................ 109,998 0.0% -------------- ------ SWEDEN -- (0.0%) Other Securities................ 8,621 0.0% -------------- ------ UNITED KINGDOM -- (0.0%) Other Securities................ 65,564 0.0% -------------- ------ TOTAL RIGHTS/WARRANTS................... 399,034 0.1% -------------- ------ Shares/ Face Amount Value+ ------- ------ - (000) SECURITIES LENDING COLLATERAL -- (11.0%) (S)@ DFA Short Term Investment Fund.. 13,700,803 158,518,289 12.2% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $1,166,313,446)............... $1,446,207,751 111.6% ============== ======
63 INTERNATIONAL VECTOR EQUITY PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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................... $ 1,165,621 $ 84,104,961 -- $ 85,270,582 Austria..................... 43,407 7,376,469 -- 7,419,876 Belgium..................... 963,430 18,908,212 -- 19,871,642 Brazil...................... 2,108 -- -- 2,108 Canada...................... 116,078,253 8,581 -- 116,086,834 China....................... -- 143,635 -- 143,635 Denmark..................... -- 21,021,087 -- 21,021,087 Finland..................... 22,326 27,591,296 -- 27,613,622 France...................... 2,203,144 93,487,614 -- 95,690,758 Germany..................... 3,912,672 77,732,168 -- 81,644,840 Greece...................... -- 1 -- 1 Hong Kong................... 151,268 35,298,272 -- 35,449,540 Ireland..................... 1,934,504 5,354,530 -- 7,289,034 Israel...................... 1,417,135 7,161,854 -- 8,578,989 Italy....................... 1,090,925 36,264,133 -- 37,355,058 Japan....................... 4,568,327 246,567,231 -- 251,135,558 Netherlands................. 5,486,144 28,902,455 -- 34,388,599 New Zealand................. 3,451 5,796,957 -- 5,800,408 Norway...................... 708,863 13,535,575 -- 14,244,438 Portugal.................... -- 6,389,074 -- 6,389,074 Singapore................... -- 19,388,752 -- 19,388,752 Spain....................... 1,381,192 33,738,770 -- 35,119,962 Sweden...................... 130,505 41,929,967 -- 42,060,472 Switzerland................. 5,732,891 81,667,401 -- 87,400,292 United Kingdom.............. 43,379,209 203,862,526 -- 247,241,735 United States............... 261,294 181,016 -- 442,310 Preferred Stocks Germany..................... -- 223,512 -- 223,512 United Kingdom.............. -- 17,710 -- 17,710 Rights/Warrants Australia................... -- 7,208 -- 7,208 Austria..................... -- -- -- -- France...................... -- 176,352 -- 176,352 Hong Kong................... -- 5,333 -- 5,333 Israel...................... -- 1,030 -- 1,030 Portugal.................... -- 17,815 -- 17,815 Singapore................... -- 7,113 -- 7,113 Spain....................... -- 109,998 -- 109,998 Sweden...................... -- 8,621 -- 8,621 United Kingdom.............. -- 65,564 -- 65,564 Securities Lending Collateral. -- 158,518,289 -- 158,518,289 ------------ -------------- -- -------------- TOTAL......................... $190,636,669 $1,255,571,082 -- $1,446,207,751 ============ ============== == ==============
See accompanying Notes to Financial Statements. 64 WORLD EX U.S. VALUE PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Shares Value+ ------- ------------ AFFILIATED INVESTMENT COMPANIES -- (100.0%) Investment in The DFA International Value Series of The DFA Investment Trust Company........................... $ 83,290,755 Investment in Dimensional Emerging Markets Value Fund........ 25,156,979 Investment in DFA International Small Cap Value Portfolio of DFA Investment Dimensions Group Inc........................ 492,190 10,582,093 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $102,766,559)..................................... 119,029,827 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $102,766,559)..................................... $119,029,827 ============
Summary of the Portfolio's investments as of April 30, 2014, 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. $119,029,827 -- -- $119,029,827 ------------ -- -- ------------ TOTAL........................... $119,029,827 -- -- $119,029,827 ============ == == ============
See accompanying Notes to Financial Statements. 65 WORLD EX U.S. TARGETED VALUE PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Shares Value+ --------- ------------ AFFILIATED INVESTMENT COMPANIES -- (100.0%) Investment in DFA International Small Cap Value Portfolio of DFA Investment Dimensions Group Inc........................ 4,156,347 $ 89,361,459 Investment in Dimensional Emerging Markets Value Fund........ 33,114,738 Investment in International Vector Equity Portfolio of DFA Investment Dimensions Group Inc........................ 1,051,685 12,977,794 Investment in The Emerging Markets Small Cap Series of The DFA Investment Trust Company........................... 8,628,037 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $127,171,473)..................................... 144,082,028 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $127,171,473)..................................... $144,082,028 ============
Summary of the Portfolio's investments as of April 30, 2014, 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. $144,082,028 -- -- $144,082,028 ------------ -- -- ------------ TOTAL........................... $144,082,028 -- -- $144,082,028 ============ == == ============
See accompanying Notes to Financial Statements. 66 WORLD EX U.S. CORE EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Shares Value+ ---------- ------------ AFFILIATED INVESTMENT COMPANIES -- (100.0%) Investment in International Core Equity Portfolio of DFA Investment Dimensions Group Inc.................... 12,532,551 $165,053,695 Investment in Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc.................... 2,486,894 49,041,546 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $194,730,846)................................. 214,095,241 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $194,730,846)................................. $214,095,241 ============
Summary of the Portfolio's investments as of April 30, 2014, 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. $214,095,241 -- -- $214,095,241 ------------ -- -- ------------ TOTAL........................... $214,095,241 -- -- $214,095,241 ============ == == ============
See accompanying Notes to Financial Statements. 67 SELECTIVELY HEDGED GLOBAL EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Shares Value+ --------- ------------ AFFILIATED INVESTMENT COMPANIES -- (100.0%) Investment in U.S. Core Equity 2 Portfolio of DFA Investment Dimensions Group Inc.................... 2,911,282 $ 48,239,940 Investment in International Core Equity Portfolio of DFA Investment Dimensions Group Inc.................... 3,170,732 41,758,540 Investment in Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc.................... 878,674 17,327,446 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $89,796,778).................................. 107,325,926 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $89,796,778).................................. $107,325,926 ============
Summary of the Portfolio's investments as of April 30, 2014, 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. $107,325,926 -- -- $107,325,926 Futures Contracts**............. 11,733 -- -- 11,733 Forward Currency Contracts**.... -- $(4,611) -- (4,611) ------------ ------- -- ------------ TOTAL........................... $107,337,659 $(4,611) -- $107,333,048 ============ ======= == ============
**Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. (Note H) See accompanying Notes to Financial Statements. 68 SCHEDULES OF INVESTMENTS April 30, 2014 (Unaudited) EMERGING MARKETS PORTFOLIO
Value+ -------------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The Emerging Markets Series of The DFA Investment Trust Company.................................. $3,865,541,570 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $2,811,506,415)........................................ $3,865,541,570 ==============
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See 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.............................. $4,318,081,018 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $3,854,021,374)........................................ $4,318,081,018 ==============
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See Security Valuation Note). EMERGING MARKETS VALUE PORTFOLIO
Value+ --------------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in Dimensional Emerging Markets Value Fund....... $18,795,867,195 --------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $18,820,240,077)....................................... $18,795,867,195 ===============
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See Security Valuation Note). See accompanying Notes to Financial Statements. 69 EMERGING MARKETS CORE EQUITY PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (87.6%) BRAZIL -- (6.7%) AMBEV SA ADR........................................ 6,417,027 $ 46,523,446 0.3% BM&FBovespa SA...................................... 9,686,489 49,523,926 0.4% Petroleo Brasileiro SA ADR.......................... 3,836,209 53,246,581 0.4% # Vale SA Sponsored ADR(91912E105).................... 3,456,710 45,697,706 0.3% Other Securities.................................... 834,387,140 5.8% -------------- ----- TOTAL BRAZIL............................................ 1,029,378,799 7.2% -------------- ----- CHILE -- (1.4%) Other Securities.................................... 215,878,185 1.5% -------------- ----- CHINA -- (13.2%) Bank of China, Ltd. Class H......................... 157,471,702 69,585,230 0.5% China Construction Bank Corp. Class H............... 158,865,302 109,994,041 0.8% China Mobile, Ltd................................... 3,987,000 37,950,155 0.3% China Mobile, Ltd. Sponsored ADR.................... 1,837,282 87,142,285 0.6% CNOOC, Ltd.......................................... 21,558,000 35,465,333 0.3% # CNOOC, Ltd. ADR..................................... 213,780 35,314,318 0.3% Industrial & Commercial Bank of China, Ltd. Class H. 158,902,725 94,741,662 0.7% Tencent Holdings, Ltd............................... 1,224,700 77,138,952 0.6% Other Securities.................................... 1,494,120,830 10.2% -------------- ----- TOTAL CHINA............................................. 2,041,452,806 14.3% -------------- ----- COLOMBIA -- (0.5%) Other Securities.................................... 76,048,438 0.5% -------------- ----- CZECH REPUBLIC -- (0.3%) Other Securities.................................... 40,891,082 0.3% -------------- ----- EGYPT -- (0.1%) Other Securities.................................... 9,188,254 0.1% -------------- ----- GREECE -- (0.5%) Other Securities.................................... 80,128,027 0.6% -------------- ----- HUNGARY -- (0.2%) Other Securities.................................... 38,110,855 0.3% -------------- ----- INDIA -- (7.2%) HDFC Bank, Ltd...................................... 2,994,559 36,021,014 0.3% # Infosys, Ltd. Sponsored ADR......................... 875,587 47,027,778 0.3% Reliance Industries, Ltd............................ 3,980,031 61,885,899 0.5% Other Securities.................................... 968,812,215 6.7% -------------- ----- TOTAL INDIA............................................. 1,113,746,906 7.8% -------------- ----- INDONESIA -- (2.9%) Astra International Tbk PT.......................... 60,036,200 38,680,848 0.3% Other Securities.................................... 408,123,547 2.8% -------------- ----- TOTAL INDONESIA......................................... 446,804,395 3.1% -------------- ----- ISRAEL -- (0.0%) Other Securities.................................... 197,002 0.0% -------------- ----- MALAYSIA -- (4.3%) # CIMB Group Holdings Bhd............................. 16,181,395 37,275,314 0.3% Malayan Banking Bhd................................. 14,680,988 44,564,178 0.3% Other Securities.................................... 585,447,642 4.1% -------------- ----- TOTAL MALAYSIA.......................................... 667,287,134 4.7% -------------- -----
70 EMERGING MARKETS CORE EQUITY PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- MEXICO -- (5.0%) America Movil S.A.B. de C.V. Series L ADR........... 2,771,184 $ 55,645,374 0.4% #* Cemex S.A.B. de C.V. Sponsored ADR.................. 6,545,913 82,740,339 0.6% # Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR................................................ 599,632 54,428,597 0.4% # Grupo Financiero Banorte S.A.B. de C.V.............. 8,827,008 58,625,192 0.4% # Grupo Mexico S.A.B. de C.V. Series B................ 12,753,153 38,407,386 0.3% Grupo Televisa S.A.B. Sponsored ADR................. 1,810,392 59,398,962 0.4% Other Securities.................................... 421,286,430 2.9% -------------- ----- TOTAL MEXICO............................................ 770,532,280 5.4% -------------- ----- PERU -- (0.1%) Other Securities.................................... 21,006,749 0.1% -------------- ----- PHILIPPINES -- (1.4%) Other Securities.................................... 208,990,003 1.5% -------------- ----- POLAND -- (2.1%) Powszechna Kasa Oszczednosci Bank Polski SA......... 3,042,817 41,757,735 0.3% Other Securities.................................... 276,377,295 1.9% -------------- ----- TOTAL POLAND............................................ 318,135,030 2.2% -------------- ----- RUSSIA -- (2.4%) Gazprom OAO Sponsored ADR........................... 12,507,217 90,388,857 0.6% Lukoil OAO Sponsored ADR............................ 1,314,573 69,592,735 0.5% Sberbank of Russia Sponsored ADR.................... 4,255,587 35,849,359 0.3% Other Securities.................................... 176,863,111 1.2% -------------- ----- TOTAL RUSSIA............................................ 372,694,062 2.6% -------------- ----- SOUTH AFRICA -- (7.4%) # Bidvest Group, Ltd.................................. 1,371,437 37,656,689 0.3% FirstRand, Ltd...................................... 10,566,034 38,876,557 0.3% MTN Group, Ltd...................................... 4,151,165 83,279,867 0.6% Naspers, Ltd. Class N............................... 654,201 61,821,507 0.4% Sanlam, Ltd......................................... 8,139,212 43,602,905 0.3% Sasol, Ltd.......................................... 919,023 51,506,006 0.4% Sasol, Ltd. Sponsored ADR........................... 947,919 52,524,192 0.4% Standard Bank Group, Ltd............................ 4,181,964 54,946,605 0.4% Steinhoff International Holdings, Ltd............... 8,312,234 43,193,202 0.3% Other Securities.................................... 675,819,987 4.6% -------------- ----- TOTAL SOUTH AFRICA...................................... 1,143,227,517 8.0% -------------- ----- SOUTH KOREA -- (13.8%) Hana Financial Group, Inc........................... 1,140,149 40,231,352 0.3% Hyundai Mobis....................................... 153,167 43,757,279 0.3% # Hyundai Motor Co.................................... 364,834 81,345,741 0.6% Kia Motors Corp..................................... 649,372 36,028,576 0.3% # POSCO ADR........................................... 511,345 37,634,992 0.3% # Samsung Electronics Co., Ltd........................ 266,899 348,025,666 2.5% Other Securities.................................... 1,550,304,091 10.7% -------------- ----- TOTAL SOUTH KOREA....................................... 2,137,327,697 15.0% -------------- ----- TAIWAN -- (13.4%) Hon Hai Precision Industry Co., Ltd................. 31,724,623 91,111,876 0.7% Taiwan Semiconductor Manufacturing Co., Ltd......... 40,714,652 159,982,333 1.1% Other Securities.................................... 1,817,777,237 12.7% -------------- ----- TOTAL TAIWAN............................................ 2,068,871,446 14.5% -------------- -----
71 EMERGING MARKETS CORE EQUITY PORTFOLIO CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- THAILAND -- (2.8%) Other Securities..................... $ 425,257,152 3.0% --------------- ----- TURKEY -- (2.0%) Other Securities..................... 310,315,543 2.2% --------------- ----- TOTAL COMMON STOCKS...................... 13,535,469,362 94.9% --------------- ----- PREFERRED STOCKS -- (3.6%) BRAZIL -- (3.5%) # Banco Bradesco SA ADR................ 5,097,969 75,806,794 0.5% Itau Unibanco Holding SA............. 2,951,785 48,716,532 0.4% Itau Unibanco Holding SA ADR......... 5,554,966 90,879,242 0.7% # Petroleo Brasileiro SA Sponsored ADR. 5,128,535 75,902,318 0.5% Vale SA Sponsored ADR................ 4,036,193 47,909,611 0.4% Other Securities..................... 196,079,468 1.3% --------------- ----- TOTAL BRAZIL............................. 535,293,965 3.8% --------------- ----- CHILE -- (0.0%) Other Securities..................... 1,666,912 0.0% --------------- ----- COLOMBIA -- (0.1%) Other Securities..................... 11,297,396 0.1% --------------- ----- INDIA -- (0.0%) Other Securities..................... 376,100 0.0% --------------- ----- TOTAL PREFERRED STOCKS................... 548,634,373 3.9% --------------- ----- RIGHTS/WARRANTS -- (0.0%) BRAZIL -- (0.0%) Other Securities..................... 3,614 0.0% --------------- ----- CHILE -- (0.0%) Other Securities..................... -- 0.0% --------------- ----- HONG KONG -- (0.0%) Other Securities..................... 2,620 0.0% --------------- ----- INDIA -- (0.0%) Other Securities..................... 1,400 0.0% --------------- ----- MALAYSIA -- (0.0%) Other Securities..................... 32,807 0.0% --------------- ----- PHILIPPINES -- (0.0%) Other Securities..................... 8,573 0.0% --------------- ----- SOUTH AFRICA -- (0.0%) Other Securities..................... 22,898 0.0% --------------- ----- SOUTH KOREA -- (0.0%) Other Securities..................... 658,482 0.0% --------------- ----- TAIWAN -- (0.0%) Other Securities..................... 1,067 0.0% --------------- ----- THAILAND -- (0.0%) Other Securities..................... 683,885 0.0% --------------- ----- TURKEY -- (0.0%) Other Securities..................... 644,458 0.0% --------------- ----- TOTAL RIGHTS/WARRANTS.................... 2,059,804 0.0% --------------- -----
72 EMERGING MARKETS CORE EQUITY PORTFOLIO CONTINUED
Shares/ Face Percentage Amount Value+ of Net Assets** ------- ------ --------------- (000) SECURITIES LENDING COLLATERAL -- (8.8%) (S)@ DFA Short Term Investment Fund.. 117,489,125 $ 1,359,349,182 9.5% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $14,362,067,155)............. $15,445,512,721 108.3% =============== ======
Summary of the Portfolio's investments as of April 30, 2014, 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...................... $1,029,378,799 -- -- $ 1,029,378,799 Chile....................... 215,878,185 -- -- 215,878,185 China....................... 218,118,001 $ 1,823,334,805 -- 2,041,452,806 Colombia.................... 76,048,438 -- -- 76,048,438 Czech Republic.............. -- 40,891,082 -- 40,891,082 Egypt....................... -- 9,188,254 -- 9,188,254 Greece...................... 3,127,948 77,000,079 -- 80,128,027 Hungary..................... 259,235 37,851,620 -- 38,110,855 India....................... 96,383,021 1,017,363,885 -- 1,113,746,906 Indonesia................... 14,873,084 431,931,311 -- 446,804,395 Israel...................... -- 197,002 -- 197,002 Malaysia.................... -- 667,287,134 -- 667,287,134 Mexico...................... 770,410,285 121,995 -- 770,532,280 Peru........................ 21,006,749 -- -- 21,006,749 Philippines................. 4,292,475 204,697,528 -- 208,990,003 Poland...................... -- 318,135,030 -- 318,135,030 Russia...................... 18,245,778 354,448,284 -- 372,694,062 South Africa................ 103,835,775 1,039,391,742 -- 1,143,227,517 South Korea................. 97,629,876 2,039,697,821 -- 2,137,327,697 Taiwan...................... 46,309,507 2,022,561,939 -- 2,068,871,446 Thailand.................... 424,964,654 292,498 -- 425,257,152 Turkey...................... 4,256,063 306,059,480 -- 310,315,543 Preferred Stocks Brazil...................... 535,293,965 -- -- 535,293,965 Chile....................... 1,666,912 -- -- 1,666,912 Colombia.................... 11,297,396 -- -- 11,297,396 India....................... 376,100 -- -- 376,100 Rights/Warrants Brazil...................... -- 3,614 -- 3,614 Chile....................... -- -- -- -- Hong Kong................... -- 2,620 -- 2,620 India....................... -- 1,400 -- 1,400 Malaysia.................... -- 32,807 -- 32,807 Philippines................. -- 8,573 -- 8,573 South Africa................ -- 22,898 -- 22,898 South Korea................. 14,213 644,269 -- 658,482 Taiwan...................... 1,067 -- -- 1,067 Thailand.................... -- 683,885 -- 683,885 Turkey...................... -- 644,458 -- 644,458 Securities Lending Collateral. -- 1,359,349,182 -- 1,359,349,182 -------------- --------------- -- --------------- TOTAL......................... $3,693,667,526 $11,751,845,195 -- $15,445,512,721 ============== =============== == ===============
See accompanying Notes to Financial Statements. 73 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (Unaudited) (Amounts in thousands, except share and per share amounts)
Enhanced U.S. Large U.S. Large Cap Company Equity U.S. Large Cap U.S. Targeted Portfolio Portfolio Value Portfolio Value Portfolio - ------------- -------------- --------------- --------------- ASSETS: Investments in Affiliated Investment Company at Value............... -- -- $ 13,614,026 -- Investments at Value (including $0, $24,192, $0 and $846,388 of securities on loan, respectively).................................. $ 195,364 $ 197,133 -- $ 4,946,183 Temporary Cash Investments at Value & Cost.......................... -- 664 -- 15,511 Collateral from Securities on Loan Invested in Affiliate at Value & Cost............................................................... -- 24,577 -- 866,271 Cash................................................................ 2,452 -- -- 5,694 Receivables: Investment Securities/Affiliated Investment Company Sold.......... -- -- -- 12,756 Dividends, Interest and Tax Reclaims.............................. 1,046 167 -- 1,702 Securities Lending Income......................................... -- 6 -- 308 Fund Shares Sold.................................................. 34 109 10,312 6,830 Futures Margin Variation.......................................... 616 -- -- -- Unrealized Gain on Forward Currency Contracts....................... 15 -- -- -- Deferred Offering Costs............................................. -- 7 -- -- Prepaid Expenses and Other Assets................................... 15 18 97 53 ------------ ------------ -------------- ------------ Total Assets.................................................... 199,542 222,681 13,624,435 5,855,308 ------------ ------------ -------------- ------------ LIABILITIES: Payables: Upon Return of Securities Loaned.................................. -- 24,577 -- 866,271 Investment Securities/Affiliated Investment Company Purchased........................................................ -- 445 -- 14,408 Fund Shares Redeemed.............................................. 114 157 4,455 4,364 Due to Advisor.................................................... 32 14 1,662 1,423 Unrealized Loss on Forward Currency Contracts....................... 267 -- -- -- Accrued Expenses and Other Liabilities.............................. 19 9 371 237 ------------ ------------ -------------- ------------ Total Liabilities............................................... 432 25,202 6,488 886,703 ------------ ------------ -------------- ------------ NET ASSETS.......................................................... $ 199,110 $ 197,479 $ 13,617,947 $ 4,968,605 ============ ============ ============== ============ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Class R1 Shares -- based on net assets of $0; $0; $0 and $12,061 and shares outstanding of 0; 0; 0 and 527,767, respectively....................................................... N/A N/A N/A $ 22.85 ============ ============ ============== ============ 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 $77,227 and shares outstanding of 0; 0; 0 and 3,389,444, respectively....................................................... N/A N/A N/A $ 22.78 ============ ============ ============== ============ NUMBER OF SHARES AUTHORIZED......................................... N/A N/A N/A 100,000,000 ============ ============ ============== ============ Institutional Class Shares -- based on net assets of $199,110; $197,479; $13,617,947 and $4,879,317 and shares outstanding of 15,750,989; 16,582,695; 422,542,710 and 213,729,854, respectively.......................................... $ 12.64 $ 11.91 $ 32.23 $ 22.83 ============ ============ ============== ============ NUMBER OF SHARES AUTHORIZED......................................... 300,000,000 100,000,000 2,000,000,000 700,000,000 ============ ============ ============== ============ Investments in Affiliated Investment Company at Cost................ $ -- $ -- $ 8,645,898 $ -- ------------ ------------ -------------- ------------ Investments at Cost................................................. $ 189,961 $ 174,936 $ -- $ 3,428,385 ============ ============ ============== ============ NET ASSETS CONSIST OF: Paid-In Capital..................................................... $ 180,459 $ 174,689 $ 8,844,213 $ 3,324,423 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)............................................. 212 440 28,282 5,539 Accumulated Net Realized Gain (Loss)................................ 4,069 153 (222,676) 120,845 Net Unrealized Foreign Exchange Gain (Loss)......................... (243) -- -- -- Net Unrealized Appreciation (Depreciation).......................... 14,613 22,197 4,968,128 1,517,798 ------------ ------------ -------------- ------------ NET ASSETS.......................................................... $ 199,110 $ 197,479 $ 13,617,947 $ 4,968,605 ============ ============ ============== ============
See accompanying Notes to Financial Statements. 74 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (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 $1,893,187, $777,662, $1,049,551 and $414,138 of securities on loan, respectively).............................. $ 10,734,915 $ 9,054,350 $ 11,441,544 $ 3,186,833 Temporary Cash Investments at Value & Cost........... 131,695 30,400 60,383 4,430 Collateral from Securities on Loan Invested in Affiliate at Value & Cost........................... 1,927,797 793,203 1,072,385 423,491 Segregated Cash for Futures Contracts................ 3,570 -- -- -- Cash................................................. 4,059 1,193 1,818 1,229 Receivables: Investment Securities Sold......................... 516 9,728 12,887 7,999 Dividends, Interest and Tax Reclaims............... 4,664 6,072 7,370 1,705 Securities Lending Income.......................... 481 351 523 198 Fund Shares Sold................................... 111,751 15,245 27,483 4,108 Futures Margin Variation........................... 511 -- -- -- Prepaid Expenses and Other Assets.................... 74 81 98 42 -------------- -------------- -------------- -------------- Total Assets.................................... 12,920,033 9,910,623 12,624,491 3,630,035 -------------- -------------- -------------- -------------- LIABILITIES: Payables: Upon Return of Securities Loaned................... 1,927,797 793,203 1,072,385 423,491 Investment Securities Purchased.................... 71,391 23,568 53,470 2,753 Fund Shares Redeemed............................... 3,029 4,110 2,535 1,469 Due to Advisor..................................... 4,443 1,250 1,862 787 Accrued Expenses and Other Liabilities............... 517 319 455 142 -------------- -------------- -------------- -------------- Total Liabilities............................... 2,007,177 822,450 1,130,707 428,642 -------------- -------------- -------------- -------------- NET ASSETS........................................... $ 10,912,856 $ 9,088,173 $ 11,493,784 $ 3,201,393 ============== ============== ============== ============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Institutional Class Shares -- based on net assets of $10,912,856; $9,088,173; $11,493,784 and $3,201,393 and shares outstanding of 310,433,216; 541,215,281; 693,802,835 and 194,732,517, respectively........................... $ 35.15 $ 16.79 $ 16.57 $ 16.44 ============== ============== ============== ============== NUMBER OF SHARES AUTHORIZED.......................... 1,700,000,000 1,500,000,000 2,300,000,000 1,000,000,000 ============== ============== ============== ============== Investments at Cost.................................. $ 7,428,246 $ 6,217,021 $ 7,542,364 $ 2,092,796 ============== ============== ============== ============== NET ASSETS CONSIST OF: Paid-In Capital...................................... $ 7,400,488 $ 6,209,345 $ 7,581,677 $ 2,074,195 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)................. 1,117 18,227 22,493 5,288 Accumulated Net Realized Gain (Loss)................. 208,705 23,272 (9,566) 27,873 Net Unrealized Appreciation (Depreciation)........... 3,302,546 2,837,329 3,899,180 1,094,037 -------------- -------------- -------------- -------------- NET ASSETS........................................... $ 10,912,856 $ 9,088,173 $ 11,493,784 $ 3,201,393 ============== ============== ============== ==============
See accompanying Notes to Financial Statements. 75 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (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 $2,063,289, $917,738, $544,266 and $419,668 of securities on loan, respectively).............................................. $ 8,361,307 $ 4,771,493 $ 5,524,070 $ 3,020,209 Temporary Cash Investments at Value & Cost.................. -- 13,685 29,681 -- Collateral from Securities on Loan Invested in Affiliate at Value & Cost............................................... 2,111,621 934,717 557,065 442,265 Foreign Currencies at Value................................. -- -- -- 6,386 Cash........................................................ 6,764 7,969 -- 16,317 Receivables: Investment Securities Sold 12,095 18,154 -- -- Dividends, Interest and Tax Reclaims...................... 2,680 1,580 4,325 13,944 Securities Lending Income................................. 872 471 131 613 Fund Shares Sold.......................................... 20,435 2,677 6,402 2,982 Unrealized Gain on Foreign Currency Contracts............... -- -- -- 24 Prepaid Expenses and Other Assets........................... 61 55 51 25 -------------- -------------- ------------ ------------ Total Assets........................................... 10,515,835 5,750,801 6,121,725 3,502,765 -------------- -------------- ------------ ------------ LIABILITIES: Payables: Upon Return of Securities Loaned.......................... 2,111,621 934,717 557,065 442,265 Investment Securities Purchased........................... 46 8,020 16,366 11,659 Fund Shares Redeemed...................................... 3,090 2,224 2,342 873 Due to Advisor............................................ 2,429 2,002 722 614 Line of Credit............................................ 6,922 -- -- -- Accrued Expenses and Other Liabilities...................... 315 253 260 164 -------------- -------------- ------------ ------------ Total Liabilities...................................... 2,124,423 947,216 576,755 455,575 -------------- -------------- ------------ ------------ NET ASSETS.................................................. $ 8,391,412 $ 4,803,585 $ 5,544,970 $ 3,047,190 ============== ============== ============ ============ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Institutional Class Shares -- based on net assets of $8,391,412; $4,803,585; $5,544,970 and $3,047,190 and shares outstanding of 276,835,874; 245,906,230; 187,942,308 and 132,523,183, respectively.................. $ 30.31 $ 19.53 $ 29.50 $ 22.99 ============== ============== ============ ============ NUMBER OF SHARES AUTHORIZED................................. 1,000,000,000 1,500,000,000 700,000,000 500,000,000 ============== ============== ============ ============ Investments at Cost......................................... $ 6,045,505 $ 3,126,312 $ 3,861,761 $ 2,296,937 ============== ============== ============ ============ Foreign Currencies at Cost.................................. $ -- $ -- $ -- $ 6,365 ============== ============== ============ ============ NET ASSETS CONSIST OF: Paid-In Capital............................................. $ 5,894,973 $ 2,993,424 $ 4,100,308 $ 2,532,998 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)........................... 9,420 4,138 32,871 24,934 Accumulated Net Realized Gain (Loss)........................ 171,217 160,842 (250,518) (234,122) Net Unrealized Foreign Exchange Gain (Loss)................. -- -- -- 87 Net Unrealized Appreciation (Depreciation).................. 2,315,802 1,645,181 1,662,309 723,293 -------------- -------------- ------------ ------------ NET ASSETS.................................................. $ 8,391,412 $ 4,803,585 $ 5,544,970 $ 3,047,190 ============== ============== ============ ============
---------- * See Note J in the Notes to Financial Statements for additional securities lending collateral. See accompanying Notes to Financial Statements. 76 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (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...................................................... -- $ 9,216,527 $ 380,419 $ 397,070 Investments at Value (including $1,541,869, $0, $0 and $0 of securities on loan, respectively).................... $ 11,378,591 -- -- -- Temporary Cash.............................................. -- 6,065 -- -- Collateral from Securities on Loan Invested in Affiliate at Value & Cost............................................... 1,599,130 -- -- -- Foreign Currencies at Value................................. 8,329 -- -- -- Cash........................................................ 19,837 -- -- -- Receivables: Investment Securities Sold................................ 22,558 -- -- -- Dividends, Interest and Tax Reclaims...................... 48,337 -- -- -- Securities Lending Income................................. 2,536 -- -- -- Fund Shares Sold.......................................... 21,089 4,171 9 34 Unrealized Gain on Foreign Currency Contracts............... 24 -- -- -- Prepaid Expenses and Other Assets........................... 84 54 14 14 -------------- -------------- ------------ ------------ Total Assets........................................... 13,100,515 9,226,817 380,442 397,118 -------------- -------------- ------------ ------------ LIABILITIES: Payables: Upon Return of Securities Loaned.......................... 1,599,130 -- -- -- Investment Securities Purchased........................... 32,285 -- -- -- Fund Shares Redeemed...................................... 3,175 2,655 358 2 Due to Advisor............................................ 3,215 3,023 123 129 Unrealized Loss on Foreign Currency Contracts............... 10 -- -- -- Accrued Expenses and Other Liabilities...................... 525 309 17 14 -------------- -------------- ------------ ------------ Total Liabilities...................................... 1,638,340 5,987 498 145 -------------- -------------- ------------ ------------ NET ASSETS.................................................. $ 11,462,175 $ 9,220,830 $ 379,944 $ 396,973 ============== ============== ============ ============ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Institutional Class Shares -- based on net assets of $11,462,175; $9,220,830; $379,944 and $396,973 and shares outstanding of 870,277,070; 460,392,549; 20,772,450 and 16,688,077, respectively.................... $ 13.17 $ 20.03 $ 18.29 $ 23.79 ============== ============== ============ ============ 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...... $ -- $ 7,184,901 $ 372,913 $ 370,732 ============== ============== ============ ============ Investments at Cost......................................... $ 9,344,533 $ -- $ -- $ -- ============== ============== ============ ============ Foreign Currencies at Cost.................................. $ 8,311 $ -- $ -- $ -- ============== ============== ============ ============ NET ASSETS CONSIST OF: Paid-In Capital............................................. $ 9,587,606 $ 7,015,977 $ 439,857 $ 398,913 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)........................... 90,015 13,847 (2,183) (1,261) Accumulated Net Realized Gain (Loss)........................ (249,682) 159,259 (65,205) (27,019) Net Unrealized Foreign Exchange Gain (Loss)................. 160 121 (31) 2 Net Unrealized Appreciation (Depreciation).................. 2,034,076 2,031,626 7,506 26,338 -------------- -------------- ------------ ------------ NET ASSETS.................................................. $ 11,462,175 $ 9,220,830 $ 379,944 $ 396,973 ============== ============== ============ ============
---------- * See Note J in the Notes to Financial Statements for additional securities lending collateral. See accompanying Notes to Financial Statements. 77 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (Unaudited) (Amounts in thousands, except share and per share amounts)
DFA United Continental International DFA Global Kingdom Small Small Real Estate Real Estate Company Company Securities Securities Portfolio Portfolio Portfolio* Portfolio ------------- ------------ ------------- ------------ ASSETS: Investments in Affiliated Investment Companies at Value............... $ 39,058 $ 194,298 -- $ 2,553,380 Investments at Value (including $0, $0, $171,423 and $0 of securities on loan, respectively)............................................... -- -- $ 2,541,694 -- Temporary Cash Investments at Value & Cost............................ -- -- -- 7,403 Collateral from Securities on Loan Invested in Affiliate at Value & Cost................................................................. -- -- 179,375 -- Foreign Currencies at Value........................................... -- -- 3,794 -- Cash.................................................................. -- -- 22,829 -- Receivables: Dividends, Interest and Tax Reclaims................................ -- -- 10,682 1 Securities Lending Income........................................... -- -- 301 -- Fund Shares Sold.................................................... 103 1 2,872 2,433 Unrealized Gain on Foreign Currency Contracts......................... -- -- 21 -- Prepaid Expenses and Other Assets..................................... 10 11 29 61 ------------ ------------ ------------ ------------ Total Assets..................................................... 39,171 194,310 2,761,597 2,563,278 ------------ ------------ ------------ ------------ LIABILITIES: Payables: Upon Return of Securities Loaned.................................... -- -- 179,375 -- Investment Securities/Affiliated Investment Company Purchased....... -- -- 8,019 3,700 Fund Shares Redeemed................................................ -- -- 954 1,623 Due to Advisor...................................................... 12 63 716 94 Unrealized Loss on Foreign Currency Contracts......................... -- -- 1 -- Accrued Expenses and Other Liabilities................................ 5 12 142 44 ------------ ------------ ------------ ------------ Total Liabilities................................................ 17 75 189,207 5,461 ------------ ------------ ------------ ------------ NET ASSETS............................................................ $ 39,154 $ 194,235 $ 2,572,390 $ 2,557,817 ============ ============ ============ ============ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Institutional Class Shares -- based on net assets of $39,154; $194,235; $2,572,390 and $2,557,817 and shares outstanding of 994,067; 8,378,036; 473,527,873 and 259,118,853, respectively........ $ 39.39 $ 23.18 $ 5.43 $ 9.87 ============ ============ ============ ============ NUMBER OF SHARES AUTHORIZED........................................... 100,000,000 100,000,000 700,000,000 500,000,000 ============ ============ ============ ============ Investments in Affiliated Investment Companies at Cost................ $ 23,031 $ 135,663 $ -- $ 2,084,675 ============ ============ ============ ============ Investments at Cost................................................... $ -- $ -- $ 2,204,574 $ -- ============ ============ ============ ============ Foreign Currencies at Cost............................................ $ -- $ -- $ 3,783 $ -- ============ ============ ============ ============ NET ASSETS CONSIST OF: Paid-In Capital....................................................... $ 21,978 $ 157,541 $ 2,684,147 $ 2,120,338 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)................................................... 75 1,257 (212,733) 5,607 Accumulated Net Realized Gain (Loss).................................. 1,069 (23,331) (236,204) (36,833) Net Unrealized Foreign Exchange Gain (Loss)........................... 5 133 49 -- Net Unrealized Appreciation (Depreciation)............................ 16,027 58,635 337,131 468,705 ------------ ------------ ------------ ------------ NET ASSETS............................................................ $ 39,154 $ 194,235 $ 2,572,390 $ 2,557,817 ============ ============ ============ ============
---------- * See Note J in the Notes to Financial Statements for additional securities lending collateral. See accompanying Notes to Financial Statements. 78 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (Unaudited) (Amounts in thousands, except share and per share amounts)
DFA International International World ex U.S. Small Cap Vector Equity World ex U.S. Targeted Value Value Portfolio* Portfolio* Value Portfolio Portfolio ---------------- ------------- --------------- -------------- ASSETS: Investments in Affiliated Investment Companies at Value................................................... -- -- $ 119,030 $ 144,082 Investments at Value (including $1,377,769, $152,547, $0, $0 and $0 of securities on loan, respectively)...... $ 12,252,451 $ 1,287,689 -- -- Collateral from Securities on Loan Invested in Affiliate at Value & Cost......................................... 1,459,318 158,518 -- -- Foreign Currencies at Value.............................. 23,108 2,971 -- -- Cash..................................................... 34,369 4,690 20 -- Receivables: Investment Securities Sold............................. 4,894 7,151 -- 143 Dividends, Interest and Tax Reclaims................... 60,168 5,454 -- -- Securities Lending Income.............................. 3,099 303 -- -- Fund Shares Sold....................................... 13,188 1,835 55 184 From Advisor........................................... -- -- -- -- Unrealized Gain on Foreign Currency Contracts............ 10 12 -- -- Prepaid Expenses and Other Assets........................ 66 18 12 15 -------------- ------------ ------------ ------------ Total Assets......................................... 13,850,671 1,468,641 119,117 144,424 -------------- ------------ ------------ ------------ LIABILITIES: Payables: Upon Return of Securities Loaned....................... 1,459,318 158,518 -- -- Investment Securities Purchased........................ 15,883 12,721 -- -- Fund Shares Redeemed................................... 20,677 367 -- 49 Due to Advisor......................................... 6,561 470 40 15 Line of Credit......................................... -- -- -- 197 Unrealized Loss on Foreign Currency Contracts............ 2 1 -- -- Accrued Expenses and Other Liabilities................... 638 115 5 6 -------------- ------------ ------------ ------------ Total Liabilities.................................... 1,503,079 172,192 45 267 -------------- ------------ ------------ ------------ NET ASSETS............................................... $ 12,347,592 $ 1,296,449 $ 119,072 $ 144,157 ============== ============ ============ ============ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Institutional Class Shares -- based on net assets of $12,347,592; $1,296,449; $119,072; $144,157 and $214,650 and shares outstanding of 574,253,032; 105,035,982; 9,767,042; 11,207,500 and 19,321,513, respectively............................................ $ 21.50 $ 12.34 $ 12.19 $ 12.86 ============== ============ ============ ============ NUMBER OF SHARES AUTHORIZED.............................. 2,300,000,000 500,000,000 100,000,000 100,000,000 ============== ============ ============ ============ Investments in Affiliated Investment Companies at Cost... $ -- $ -- $ 102,767 $ 127,171 ============== ============ ============ ============ Investments at Cost...................................... $ 9,457,542 $ 1,007,795 $ -- $ -- ============== ============ ============ ============ Foreign Currencies at Cost............................... $ 23,046 $ 2,961 $ -- $ -- ============== ============ ============ ============ NET ASSETS CONSIST OF: Paid-In Capital.......................................... $ 9,384,721 $ 1,003,321 $ 104,050 $ 126,647 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)........................ 5,646 9,896 800 (112) Accumulated Net Realized Gain (Loss)..................... 162,049 3,310 (2,010) 711 Net Unrealized Foreign Exchange Gain (Loss).............. 205 18 (31) -- Net Unrealized Appreciation (Depreciation)............... 2,794,971 279,904 16,263 16,911 -------------- ------------ ------------ ------------ NET ASSETS............................................... $ 12,347,592 $ 1,296,449 $ 119,072 $ 144,157 ============== ============ ============ ============
World ex U.S. Core Equity Portfolio ------------- ASSETS: Investments in Affiliated Investment Companies at Value................................................... $ 214,095 Investments at Value (including $1,377,769, $152,547, $0, $0 and $0 of securities on loan, respectively)...... -- Collateral from Securities on Loan Invested in Affiliate at Value & Cost......................................... -- Foreign Currencies at Value.............................. -- Cash..................................................... 1,395 Receivables: Investment Securities Sold............................. -- Dividends, Interest and Tax Reclaims................... -- Securities Lending Income.............................. -- Fund Shares Sold....................................... 436 From Advisor........................................... 1 Unrealized Gain on Foreign Currency Contracts............ -- Prepaid Expenses and Other Assets........................ 22 ------------ Total Assets......................................... 215,949 ------------ LIABILITIES: Payables: Upon Return of Securities Loaned....................... -- Investment Securities Purchased........................ 1,289 Fund Shares Redeemed................................... 4 Due to Advisor......................................... -- Line of Credit......................................... -- Unrealized Loss on Foreign Currency Contracts............ -- Accrued Expenses and Other Liabilities................... 6 ------------ Total Liabilities.................................... 1,299 ------------ NET ASSETS............................................... $ 214,650 ============ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Institutional Class Shares -- based on net assets of $12,347,592; $1,296,449; $119,072; $144,157 and $214,650 and shares outstanding of 574,253,032; 105,035,982; 9,767,042; 11,207,500 and 19,321,513, respectively............................................ $ 11.11 ============ NUMBER OF SHARES AUTHORIZED.............................. 100,000,000 ============ Investments in Affiliated Investment Companies at Cost... $ 194,731 ============ Investments at Cost...................................... $ -- ============ Foreign Currencies at Cost............................... $ -- ============ NET ASSETS CONSIST OF: Paid-In Capital.......................................... $ 195,500 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)........................ (15) Accumulated Net Realized Gain (Loss)..................... (199) Net Unrealized Foreign Exchange Gain (Loss).............. -- Net Unrealized Appreciation (Depreciation)............... 19,364 ------------ NET ASSETS............................................... $ 214,650 ============
---------- * See Note J in the Notes to Financial Statements for additional securities lending collateral. See accompanying Notes to Financial Statements. 79 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (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........ $ 107,326 $ 3,865,542 $ 4,318,081 $ 18,795,867 Investments at Value (including $0, $0, $0, $0 and $1,687,457 of securities on loan, respectively).......................... -- -- -- -- Temporary Cash................................................. 2,871 -- -- -- Collateral from Securities on Loan Invested in Affiliate at Value & Cost.................................................. -- -- -- -- Segregated Cash for Futures Contracts.......................... 134 -- -- -- Foreign Currencies at Value.................................... -- -- -- -- Cash........................................................... -- -- -- -- Receivables: Investment Securities/Affiliated Investment Companies Sold... -- -- -- -- Dividends, Interest and Tax Reclaims......................... -- -- -- -- Securities Lending Income.................................... -- -- -- -- Fund Shares Sold............................................. 22 15,173 2,235 87,366 Futures Margin Variation..................................... 9 -- -- -- Unrealized Gain on Forward Currency Contracts.................. 6 -- -- -- Unrealized Gain on Foreign Currency Contracts.................. -- -- -- -- Prepaid Expenses and Other Assets.............................. 13 55 44 109 ------------ ------------ ------------ -------------- Total Assets............................................... 110,381 3,880,770 4,320,360 18,883,342 ------------ ------------ ------------ -------------- LIABILITIES: Payables: Upon Return of Securities Loaned............................. -- -- -- -- Investment Securities/Affiliated Investment Companies Purchased................................................... -- -- -- -- Fund Shares Redeemed......................................... 5 1,920 494 2,919 Due to Advisor............................................... 1 1,273 1,599 6,213 Unrealized Loss on Forward Currency Contracts.................. 11 -- -- -- Unrealized Loss on Foreign Currency Contracts.................. -- -- -- -- Accrued Expenses and Other Liabilities......................... 4 133 117 604 ------------ ------------ ------------ -------------- Total Liabilities.......................................... 21 3,326 2,210 9,736 ------------ ------------ ------------ -------------- NET ASSETS..................................................... $ 110,360 $ 3,877,444 $ 4,318,150 $ 18,873,606 ============ ============ ============ ============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Class R2 Shares -- based on net assets of $0; $0; $0; $99,196 and $0 and shares outstanding of 0; 0; 0; 3,597,251 and 0, respectively................................. N/A N/A N/A $ 27.58 ============ ============ ============ ============== Institutional Class Shares -- based on net assets of $110,360; $3,877,444; $4,318,150; $18,774,410 and $14,261,288 and shares outstanding of 7,939,154; 148,887,919; 206,031,261; 680,326,395 and 723,328,353, respectively........ $ 13.90 $ 26.04 $ 20.96 $ 27.60 ============ ============ ============ ============== NUMBER OF SHARES AUTHORIZED.................................... 100,000,000 500,000,000 500,000,000 1,500,000,000 ============ ============ ============ ============== Investments in Affiliated Investment Companies at Cost......... $ 89,797 $ 2,811,506 $ 3,854,021 $ 18,820,240 ============ ============ ============ ============== Investments at Cost............................................ $ -- $ -- $ -- $ -- ============ ============ ============ ============== Foreign Currencies at Cost..................................... $ -- $ -- $ -- $ -- ============ ============ ============ ============== NET ASSETS CONSIST OF: Paid-In Capital................................................ $ 90,931 $ 2,834,302 $ 3,822,233 $ 19,282,308 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)..................................... 215 10,070 877 (12,750) Accumulated Net Realized Gain (Loss)........................... 1,678 (20,953) 30,977 (371,767) Net Unrealized Foreign Exchange Gain (Loss).................... (5) (11) 3 188 Net Unrealized Appreciation (Depreciation)..................... 17,541 1,054,036 464,060 (24,373) ------------ ------------ ------------ -------------- NET ASSETS..................................................... $ 110,360 $ 3,877,444 $ 4,318,150 $ 18,873,606 ============ ============ ============ ==============
Emerging Markets Core Equity Portfolio* -------------- ASSETS: Investments in Affiliated Investment Companies at Value........ -- Investments at Value (including $0, $0, $0, $0 and $1,687,457 of securities on loan, respectively).......................... $ 14,086,164 Temporary Cash................................................. -- Collateral from Securities on Loan Invested in Affiliate at Value & Cost.................................................. 1,359,349 Segregated Cash for Futures Contracts.......................... -- Foreign Currencies at Value.................................... 30,268 Cash........................................................... 52,379 Receivables: Investment Securities/Affiliated Investment Companies Sold... 28,381 Dividends, Interest and Tax Reclaims......................... 31,776 Securities Lending Income.................................... 3,058 Fund Shares Sold............................................. 64,597 Futures Margin Variation..................................... -- Unrealized Gain on Forward Currency Contracts.................. -- Unrealized Gain on Foreign Currency Contracts.................. 15 Prepaid Expenses and Other Assets.............................. 109 -------------- Total Assets............................................... 15,656,096 -------------- LIABILITIES: Payables: Upon Return of Securities Loaned............................. 1,359,349 Investment Securities/Affiliated Investment Companies Purchased................................................... 21,414 Fund Shares Redeemed......................................... 6,586 Due to Advisor............................................... 6,427 Unrealized Loss on Forward Currency Contracts.................. -- Unrealized Loss on Foreign Currency Contracts.................. 13 Accrued Expenses and Other Liabilities......................... 1,019 -------------- Total Liabilities.......................................... 1,394,808 -------------- NET ASSETS..................................................... $ 14,261,288 ============== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Class R2 Shares -- based on net assets of $0; $0; $0; $99,196 and $0 and shares outstanding of 0; 0; 0; 3,597,251 and 0, respectively................................. N/A ============== Institutional Class Shares -- based on net assets of $110,360; $3,877,444; $4,318,150; $18,774,410 and $14,261,288 and shares outstanding of 7,939,154; 148,887,919; 206,031,261; 680,326,395 and 723,328,353, respectively........ $ 19.72 ============== NUMBER OF SHARES AUTHORIZED.................................... 1,000,000,000 ============== Investments in Affiliated Investment Companies at Cost......... $ -- ============== Investments at Cost............................................ $ 13,002,718 ============== Foreign Currencies at Cost..................................... $ 30,203 ============== NET ASSETS CONSIST OF: Paid-In Capital................................................ $ 13,257,871 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)..................................... 38,276 Accumulated Net Realized Gain (Loss)........................... (118,376) Net Unrealized Foreign Exchange Gain (Loss).................... 6 Net Unrealized Appreciation (Depreciation)..................... 1,083,511 -------------- NET ASSETS..................................................... $ 14,261,288 ==============
---------- * See Note J in the Notes to Financial Statements for additional securities lending collateral. See accompanying Notes to Financial Statements. 80 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (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.................................................................... -- -- $ 120,674 -- Interest..................................................................... -- -- 2 -- Income from Securities Lending............................................... -- -- 1,259 -- Expenses Allocated from Affiliated Investment Company........................ -- -- (6,990) -- ------- ------- ---------- -------- Total Net Investment Income Received from Affiliated Investment Company.... -- -- 114,945 -- ------- ------- ---------- -------- Fund Investment Income Dividends (Net of Foreign Taxes Withheld of $0, $0, $0 and $3, respectively). $ 80 $ 1,628 -- $ 26,324 Interest..................................................................... 773 1 -- 2 Income from Securities Lending............................................... -- 29 -- 1,537 ------- ------- ---------- -------- Total Investment Income.................................................... 853 1,658 -- 27,863 ------- ------- ---------- -------- Fund Expenses Investment Advisory Services Fees............................................ 51 127 -- 2,297 Administrative Services Fees................................................. 153 -- 9,518 5,742 Accounting & Transfer Agent Fees............................................. 8 9 49 135 S&P 500(R) Fees.............................................................. 4 -- -- -- Shareholder Servicing Fees -- Class R1 Shares............................................................. -- -- -- 5 Class R2 Shares............................................................. -- -- -- 64 Custodian Fees............................................................... 4 10 -- 32 Filing Fees.................................................................. 12 10 95 72 Shareholders' Reports........................................................ 2 1 105 51 Directors'/Trustees' Fees & Expenses......................................... 1 1 79 28 Professional Fees............................................................ 2 1 15 46 Organizational & Offering Costs.............................................. -- 21 -- -- Other........................................................................ 2 2 44 23 ------- ------- ---------- -------- Total Expenses............................................................. 239 182 9,905 8,495 ------- ------- ---------- -------- Fees (Waived), Expenses Reimbursed, and/or Previously Waived Fees Recovered by Advisor (Note C)......................................................... -- (21) -- -- Fees Paid Indirectly......................................................... (1) -- -- -- ------- ------- ---------- -------- Net Expenses................................................................. 238 161 9,905 8,495 ------- ------- ---------- -------- Net Investment Income (Loss)................................................. 615 1,497 105,040 19,368 ------- ------- ---------- -------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold................................................... 393 156 290,376 121,670 Futures...................................................................... 13,862 -- -- -- Foreign Currency Transactions................................................ (1,214) -- -- -- Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency................................... 1,462 11,637 742,075 184,208 Futures...................................................................... 1,296 -- -- -- Translation of Foreign Currency Denominated Amounts.......................... (26) -- -- -- ------- ------- ---------- -------- Net Realized and Unrealized Gain (Loss)...................................... 15,773 11,793 1,032,451 305,878 ------- ------- ---------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations................ $16,388 $13,290 $1,137,491 $325,246 ======= ======= ========== ========
---------- * 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. 81 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (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 Foreign Taxes Withheld of $13, $21, $19 and $2, respectively)..................................................... $ 54,565 $ 72,193 $ 91,680 $ 22,783 Interest........................................................... 11 3 2 -- Income from Securities Lending..................................... 2,744 1,900 2,990 1,134 -------- -------- -------- -------- Total Investment Income......................................... 57,320 74,096 94,672 23,917 -------- -------- -------- -------- Expenses Investment Advisory Services Fees.................................. 10,116 7,043 10,651 4,575 Administrative Services Fees....................................... 15,174 -- -- -- Accounting & Transfer Agent Fees................................... 292 238 307 89 Custodian Fees..................................................... 61 55 63 23 Filing Fees........................................................ 104 137 115 44 Shareholders' Reports.............................................. 75 40 58 29 Directors'/Trustees' Fees & Expenses............................... 65 50 66 19 Professional Fees.................................................. 108 77 103 31 Other.............................................................. 54 39 50 16 -------- -------- -------- -------- Total Expenses.................................................. 26,049 7,679 11,413 4,826 -------- -------- -------- -------- Net Investment Income (Loss)....................................... 31,271 66,417 83,259 19,091 -------- -------- -------- -------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold....................................... 224,358 23,838 (7,137) 28,435 Futures.......................................................... (7,540) -- -- -- Change in Unrealized Appreciation (Depreciation) of: Investment Securities............................................ 433,478 538,175 729,705 166,284 Futures.......................................................... (4,123) -- -- -- -------- -------- -------- -------- Net Realized and Unrealized Gain (Loss)............................ 646,173 562,013 722,568 194,719 -------- -------- -------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations...... $677,444 $628,430 $805,827 $213,810 ======== ======== ======== ========
See accompanying Notes to Financial Statements. 82 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (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 Foreign Taxes Withheld of $13, $5, $0 and $3,634, respectively)........................................ $ 44,982 $ 25,516 $100,124 $ 59,160 Interest...................................................... -- -- 1 -- Income from Securities Lending................................ 5,126 3,289 598 1,604 -------- -------- -------- -------- Total Investment Income.................................... 50,108 28,805 100,723 60,764 -------- -------- -------- -------- Expenses Investment Advisory Services Fees............................. 1,204 2,393 4,131 3,546 Administrative Services Fees.................................. 12,842 9,572 -- -- Accounting & Transfer Agent Fees.............................. 231 140 141 88 Custodian Fees................................................ 61 36 25 178 Filing Fees................................................... 103 48 69 32 Shareholders' Reports......................................... 59 41 69 46 Directors'/Trustees' Fees & Expenses.......................... 48 31 31 18 Professional Fees............................................. 81 53 51 46 Other......................................................... 35 25 24 23 -------- -------- -------- -------- Total Expenses............................................. 14,664 12,339 4,541 3,977 -------- -------- -------- -------- Fees (Waived), Expenses Reimbursed, and/or Previously Waived Fees Recovered by Advisor (Note C)........................... -- -- (168) -- Fees Paid Indirectly.......................................... -- -- -- (3) -------- -------- -------- -------- Net Expenses.................................................. 14,664 12,339 4,373 3,974 -------- -------- -------- -------- Net Investment Income (Loss).................................. 35,444 16,466 96,350 56,790 -------- -------- -------- -------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold*................................. 189,291 168,603 10,339 1,158 Futures..................................................... -- (692) (553) -- Foreign Currency Transactions............................... -- -- -- (372) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.................. 113,166 24,591 329,632 85,409 Translation of Foreign Currency Denominated Amounts......... -- -- -- 45 -------- -------- -------- -------- Net Realized and Unrealized Gain (Loss)....................... 302,457 192,502 339,418 86,240 -------- -------- -------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations..................................................... $337,901 $208,968 $435,768 $143,030 ======== ======== ======== ========
---------- * Net of foreign capital gain taxes withheld of $0, $0, $0 and $2, respectively. See accompanying Notes to Financial Statements. 83 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (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 Foreign Taxes Withheld of $0, $8,927, $442 and $141, respectively).......................................................... -- $103,617 $ 3,988 $ 5,641 Interest................................................................ -- 1 -- -- Income from Securities Lending.......................................... -- 9,526 252 515 Expenses Allocated from Affiliated Investment Companies................. -- (5,545) (250) (235) --------- -------- -------- ------- Total Net Investment Income Received from Affiliated Investment Companies........................................................... -- 107,599 3,990 5,921 --------- -------- -------- ------- Fund Investment Income Dividends (Net of Foreign Taxes Withheld of $12,086, $0, $0 and $0, respectively).......................................................... $ 190,060 -- -- -- Interest................................................................ -- 25 -- -- Income from Securities Lending.......................................... 7,270 -- -- -- --------- -------- -------- ------- Total Investment Income.............................................. 197,330 25 -- -- --------- -------- -------- ------- Fund Expenses Investment Advisory Services Fees....................................... 17,944 -- -- -- Administrative Services Fees............................................ -- 17,602 779 708 Accounting & Transfer Agent Fees........................................ 299 45 13 12 Custodian Fees.......................................................... 640 1 -- -- Filing Fees............................................................. 152 70 11 13 Shareholders' Reports................................................... 79 92 2 2 Directors'/Trustees' Fees & Expenses.................................... 62 56 3 2 Professional Fees....................................................... 103 22 2 1 Other................................................................... 76 31 2 2 --------- -------- -------- ------- Total Expenses....................................................... 19,355 17,919 812 740 --------- -------- -------- ------- Fees Paid Indirectly.................................................... (17) -- -- -- --------- -------- -------- ------- Net Expenses............................................................ 19,338 17,919 812 740 --------- -------- -------- ------- Net Investment Income (Loss)............................................ 177,992 89,705 3,178 5,181 --------- -------- -------- ------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold**........................................... (134,267) 168,729 4,029 (5) Futures................................................................ -- (945) -- -- Foreign Currency Transactions.......................................... 95 805 (75) 31 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............................. 579,099 392,809 (17,109) (3,622) Futures................................................................ -- -- -- -- Translation of Foreign Currency Denominated Amounts.................... 69 104 (19) (1) --------- -------- -------- ------- Net Realized and Unrealized Gain (Loss)................................. 444,996 561,502 (13,174) (3,597) --------- -------- -------- ------- Net Increase (Decrease) in Net Assets Resulting from Operations........... $ 622,988 $651,207 $ (9,996) $ 1,584 ========= ======== ======== =======
---------- * 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 $65, $175, $0 and $0, respectively. See accompanying Notes to Financial Statements. 84 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (Unaudited) (Amounts in thousands)
United DFA Kingdom Continental International DFA 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 Foreign Taxes Withheld of $4, $265, $0 and $0, respectively)....................................................... $ 566 $ 1,709 -- -- Income Distributions Received from Affiliated Investment Companies... -- -- -- $ 66,663 Income from Securities Lending....................................... 3 300 -- -- Expenses Allocated from Affiliated Investment Company................ (22) (118) -- -- ------ ------- -------- -------- Total Net Investment Income Received from Affiliated Investment Company........................................................... 547 1,891 -- 66,663 ------ ------- -------- -------- Fund Investment Income Dividends (Net of Foreign Taxes Withheld of $0, $0, $5,365 and $0, respectively)....................................................... -- -- $ 45,050 -- Interest............................................................. -- 1 -- 1 Income from Securities Lending....................................... -- -- 778 -- ------ ------- -------- -------- Total Fund Investment Income....................................... -- 1 45,828 1 ------ ------- -------- -------- Fund Expenses Investment Advisory Services Fees.................................... -- -- 3,944 2,981 Administrative Services Fees......................................... 77 359 -- -- Accounting & Transfer Agent Fees..................................... 9 12 71 26 Custodian Fees....................................................... -- -- 175 -- Filing Fees.......................................................... 8 9 50 78 Shareholders' Reports................................................ 1 1 36 27 Directors'/Trustees' Fees & Expenses................................. -- 1 14 13 Professional Fees.................................................... 1 1 24 6 Other................................................................ 1 1 17 3 ------ ------- -------- -------- Total Expenses..................................................... 97 384 4,331 3,134 ------ ------- -------- -------- Fees (Waived), Expenses Reimbursed, and/or Previously Waived Fees Recovered by Advisor (Note C)....................................... (6) -- -- (2,489) Fees Paid Indirectly................................................. -- -- (6) -- ------ ------- -------- -------- Net Expenses......................................................... 91 384 4,325 645 ------ ------- -------- -------- Net Investment Income (Loss)......................................... 456 1,508 41,503 66,019 ------ ------- -------- -------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold**........................................ 1,243 3,328 3,938 (2,771) Futures............................................................. -- (53) -- -- Foreign Currency Transactions....................................... 3 50 287 -- Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.......................... 1,744 19,983 69,723 102,401 Futures............................................................. -- -- -- -- Translation of Foreign Currency Denominated Amounts................. 1 4 63 -- ------ ------- -------- -------- Net Realized and Unrealized Gain (Loss).............................. 2,991 23,312 74,011 99,630 ------ ------- -------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations........ $3,447 $24,820 $115,514 $165,649 ====== ======= ======== ========
---------- * 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 $1, $8, $0 and $0, respectively. See accompanying Notes to Financial Statements. 85 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (Unaudited) (Amounts in thousands)
DFA International World ex U.S. Small Cap International World ex U.S. Targeted Value Vector Equity Value Value Portfolio Portfolio Portfolio* Portfolio* ------------- ------------- ------------- ------------- Investment Income Net Investment Income Allocated from Affiliated Investment Companies: Dividends (Net of Foreign Taxes Withheld of $0, $0, $128, $35 and $0, respectively).......................... -- -- $2,628 $ 333 Income Distributions Received from Affiliated Investment Companies................................................ -- -- 105 689 Income from Securities Lending............................ -- -- 64 30 Expenses Allocated from Affiliated Investment Companies................................................ -- -- (106) (30) ---------- ------- ------ ------ Total Net Investment Income Received from Affiliated Investment Companies....................... -- -- 2,691 1,022 ---------- ------- ------ ------ Fund Investment Income Dividends (Net of Foreign Taxes Withheld of $10,862, $1,278, $0, $0 and $0, respectively)..................... $ 130,033 $18,611 -- -- Income from Securities Lending............................ 10,103 911 -- -- ---------- ------- ------ ------ Total Investment Income................................ 140,136 19,522 -- -- ---------- ------- ------ ------ Fund Expenses Investment Advisory Services Fees......................... 37,631 2,637 272 335 Accounting & Transfer Agent Fees.......................... 339 40 10 16 Custodian Fees............................................ 643 185 1 3 Filing Fees............................................... 78 30 11 23 Shareholders' Reports..................................... 104 9 1 -- Directors'/Trustees' Fees & Expenses...................... 74 7 1 1 Professional Fees......................................... 129 26 3 3 Organizational & Offering Costs........................... -- -- -- -- Other..................................................... 84 14 2 2 ---------- ------- ------ ------ Total Expenses......................................... 39,082 2,948 301 383 ---------- ------- ------ ------ Fees (Waived), Expenses Reimbursed, and/or Previously Waived Fees Recovered by Advisor (Note C)................ -- -- (94) (276) Fees Paid Indirectly...................................... (6) (2) -- -- ---------- ------- ------ ------ Net Expenses.............................................. 39,076 2,946 207 107 ---------- ------- ------ ------ Net Investment Income (Loss).............................. 101,060 16,576 2,484 915 ---------- ------- ------ ------ Realized and Unrealized Gain (Loss) Capital Gain Distributions Received from Affiliated Investment Companies..................................... -- -- 157 983 Net Realized Gain (Loss) on: Investment Securities Sold**............................. 165,817 4,258 702 (173) Foreign Currency Transactions............................ 857 (82) (1) (2) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............... 776,696 57,502 969 5,265 Futures.................................................. -- -- 1 -- Translation of Foreign Currency Denominated Amounts................................................. 79 (2) 1 -- ---------- ------- ------ ------ Net Realized and Unrealized Gain (Loss)................... 943,449 61,676 1,829 6,073 ---------- ------- ------ ------ Net Increase (Decrease) in Net Assets Resulting from Operations................................................. $1,044,509 $78,252 $4,313 $6,988 ========== ======= ====== ======
World ex U.S. Core Equity Portfolio ------------- Investment Income Net Investment Income Allocated from Affiliated Investment Companies: Dividends (Net of Foreign Taxes Withheld of $0, $0, $128, $35 and $0, respectively).......................... -- Income Distributions Received from Affiliated Investment Companies................................................ $1,507 Income from Securities Lending............................ -- Expenses Allocated from Affiliated Investment Companies................................................ -- ------ Total Net Investment Income Received from Affiliated Investment Companies....................... 1,507 ------ Fund Investment Income Dividends (Net of Foreign Taxes Withheld of $10,862, $1,278, $0, $0 and $0, respectively)..................... -- Income from Securities Lending............................ -- ------ Total Investment Income................................ -- ------ Fund Expenses Investment Advisory Services Fees......................... 326 Accounting & Transfer Agent Fees.......................... 12 Custodian Fees............................................ 2 Filing Fees............................................... 6 Shareholders' Reports..................................... -- Directors'/Trustees' Fees & Expenses...................... 1 Professional Fees......................................... 3 Organizational & Offering Costs........................... 16 Other..................................................... 2 ------ Total Expenses......................................... 368 ------ Fees (Waived), Expenses Reimbursed, and/or Previously Waived Fees Recovered by Advisor (Note C)................ (334) Fees Paid Indirectly...................................... -- ------ Net Expenses.............................................. 34 ------ Net Investment Income (Loss).............................. 1,473 ------ Realized and Unrealized Gain (Loss) Capital Gain Distributions Received from Affiliated Investment Companies..................................... -- Net Realized Gain (Loss) on: Investment Securities Sold**............................. (104) Foreign Currency Transactions............................ -- Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............... 7,644 Futures.................................................. -- Translation of Foreign Currency Denominated Amounts................................................. -- ------ Net Realized and Unrealized Gain (Loss)................... 7,540 ------ Net Increase (Decrease) in Net Assets Resulting from Operations................................................. $9,013 ======
---------- * Investment Income and a portion of Realized and Unrealized Gain (Loss) were allocated from the Portfolio's Master Funds (Affiliated Investment Companies). **Net of foreign capital gain taxes withheld of $33, $8, $0, $0 and $0, respectively. See accompanying Notes to Financial Statements. 86 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (Unaudited) (Amounts in thousands)
Selectively Emerging Emerging Emerging Hedged Emerging Markets Markets Markets Core Global Equity Markets Small Cap Value Equity Portfolio Portfolio* Portfolio* Portfolio* Portfolio ------------- ---------- ---------- ---------- ------------ Investment Income Net Investment Income Allocated from Affiliated Investment Companies: Dividends (Net of Foreign Taxes Withheld of $0, $3,914, $3,244, $18,462 and $0, respectively)................................... -- $ 32,578 $35,302 $ 177,117 -- Income Distributions Received from Affiliated Investment Companies....................................................... $ 714 -- -- -- -- Interest......................................................... -- 1 1 4 -- Income from Securities Lending................................... -- 2,113 8,241 10,709 -- Expenses Allocated from Affiliated Investment Companies.......... -- (2,641) (5,316) (13,447) -- ------ -------- ------- --------- --------- Total Net Investment Income Received from Affiliated Investment Companies......................................... 714 32,051 38,228 174,383 -- ------ -------- ------- --------- --------- Fund Investment Income Dividends (Net of Foreign Taxes Withheld of $0, $0, $0, $0 and $13,603, respectively).......................................... -- -- -- -- $ 114,238 Interest......................................................... 1 -- -- -- -- Income from Securities Lending................................... -- -- -- -- 13,860 ------ -------- ------- --------- --------- Total Fund Investment Income.................................. 1 -- -- -- 128,098 ------ -------- ------- --------- --------- Fund Expenses Investment Advisory Services Fees................................ 134 -- -- -- 35,983 Administrative Services Fees..................................... -- 7,159 9,037 36,256 -- Accounting & Transfer Agent Fees................................. 9 22 24 71 382 Shareholder Servicing Fees -- Class R2 Shares................................................. -- -- -- 119 -- Custodian Fees................................................... 2 -- -- -- 2,551 Filing Fees...................................................... 13 58 55 130 210 Shareholders' Reports............................................ -- 59 29 109 113 Directors'/Trustees' Fees & Expenses............................. -- 24 26 123 81 Professional Fees................................................ 3 6 6 27 170 Other............................................................ 1 13 16 69 98 ------ -------- ------- --------- --------- Total Expenses................................................ 162 7,341 9,193 36,904 39,588 ------ -------- ------- --------- --------- Fees (Waived), Expenses Reimbursed, and/or Previously Waived Fees Recovered by Advisor (Note C).............................. (130) -- -- -- -- Fees Paid Indirectly............................................. -- -- -- -- (46) ------ -------- ------- --------- --------- Net Expenses..................................................... 32 7,341 9,193 36,904 39,542 ------ -------- ------- --------- --------- Net Investment Income (Loss)..................................... 683 24,710 29,035 137,479 88,556 ------ -------- ------- --------- --------- Realized and Unrealized Gain (Loss) Capital Gain Distributions Received from Affiliated Investment Companies....................................................... 342 -- -- -- -- Net Realized Gain (Loss) on:..................................... Investment Securities Sold...................................... 1,409 (19,190) 43,554 (354,332) (64,782) Futures......................................................... 341 -- -- -- -- Foreign Currency Transactions................................... 90 (53) (82) (2,053) (735) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency...................... 2,158 (77,616) 9,405 (440,131) (139,793) Futures......................................................... (121) -- (4) -- -- Translation of Foreign Currency Denominated Amounts............. (33) 28 94 100 54 ------ -------- ------- --------- --------- Net Realized and Unrealized Gain (Loss).......................... 4,186 (96,831) 52,967 (796,416) (205,256) ------ -------- ------- --------- --------- Net Increase (Decrease) in Net Assets Resulting from Operations........................................................ $4,869 $(72,121) $82,002 $(658,937) $(116,700) ====== ======== ======= ========= =========
---------- * 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. 87 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 -------------------- --------------------- ------------------------ Period Six Months Year Six Months June 25, Six Months Year Ended Ended Ended 2013(a) to Ended Ended April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31, 2014 2013 2014 2013 2014 2013 ----------- -------- ----------- ---------- ----------- ----------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss).................. $ 615 $ 1,274 $ 1,497 $ 591 $ 105,040 $ 183,780 Net Realized Gain (Loss) on: Investment Securities Sold................... 393 (238) 156 37 290,376 819,592 Futures...................................... 13,862 40,444 -- -- -- -- Foreign Currency Transactions................ (1,214) (934) -- -- -- -- Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.................................... 1,462 1,803 11,637 10,560 742,075 2,030,120 Futures...................................... 1,296 5,088 -- -- -- -- Translation of Foreign Currency Denominated Amounts......................... (26) 946 -- -- -- -- -------- -------- -------- -------- ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations................. 16,388 48,383 13,290 11,188 1,137,491 3,033,492 -------- -------- -------- -------- ----------- ----------- Distributions From: Net Investment Income: Institutional Class Shares................... (603) (1,597) (1,338) (321) (104,961) (180,943) Net Short-Term Gains: Institutional Class Shares................... -- -- (40) -- -- -- -------- -------- -------- -------- ----------- ----------- Total Distributions........................ (603) (1,597) (1,378) (321) (104,961) (180,943) -------- -------- -------- -------- ----------- ----------- Capital Share Transactions (1): Shares Issued................................. 18,407 49,190 56,777 127,286 1,699,268 2,669,600 Shares Issued in Lieu of Cash Distributions... 506 1,381 1,377 321 95,900 165,830 Shares Redeemed............................... (48,428) (74,528) (7,994) (3,067) (1,172,823) (2,059,492) -------- -------- -------- -------- ----------- ----------- Net Increase (Decrease) from Capital Share Transactions........................ (29,515) (23,957) 50,160 124,540 622,345 775,938 -------- -------- -------- -------- ----------- ----------- Total Increase (Decrease) in Net Assets.... (13,730) 22,829 62,072 135,407 1,654,875 3,628,487 Net Assets Beginning of Period........................... 212,840 190,011 135,407 -- 11,963,072 8,334,585 -------- -------- -------- -------- ----------- ----------- End of Period................................. $199,110 $212,840 $197,479 $135,407 $13,617,947 $11,963,072 ======== ======== ======== ======== =========== =========== (1) Shares Issued and Redeemed: Shares Issued................................. 1,496 4,732 4,924 12,483 54,556 102,131 Shares Issued in Lieu of Cash Distributions... 41 142 120 30 3,101 6,512 Shares Redeemed............................... (3,974) (7,146) (688) (286) (37,684) (79,135) -------- -------- -------- -------- ----------- ----------- Net Increase (Decrease) from Shares Issued and Redeemed....................... (2,437) (2,272) 4,356 12,227 19,973 29,508 ======== ======== ======== ======== =========== =========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)........................................ $ 212 $ 200 $ 440 $ 281 $ 28,282 $ 28,203
---------- Seepage 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 88 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
U.S. Targeted Value U.S. Small Cap Value U.S. Core Equity 1 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, 2014 2013 2014 2013 2014 2013 ----------- ----------- ----------- ----------- ----------- ----------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)................ $ 19,368 $ 45,589 $ 31,271 $ 104,594 $ 66,417 $ 109,577 Net Realized Gain (Loss) on: Investment Securities Sold................. 121,670 274,964 224,358 467,388 23,838 48,730 Futures.................................... -- 4,864 (7,540) 4,175 -- -- Change in Unrealized Appreciation (Depreciation) of: Investment Securities...................... 184,208 903,746 433,478 2,087,253 538,175 1,549,261 Futures.................................... -- -- (4,123) -- -- -- ---------- ----------- ----------- ----------- ---------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations................ 325,246 1,229,163 677,444 2,663,410 628,430 1,707,568 ---------- ----------- ----------- ----------- ---------- ----------- Distributions From: Net Investment Income: Class R1 Shares............................ (28) (604) -- -- -- -- Class R2 Shares............................ (66) (171) -- -- -- -- Institutional Class Shares................. (14,219) (44,723) (31,520) (97,302) (62,668) (105,633) Net Short-Term Gains: Class R1 Shares............................ (32) (162) -- -- -- -- Class R2 Shares............................ (84) (43) -- -- -- -- Institutional Class Shares................. (13,954) (9,669) (2,510) (15,668) -- -- Net Long-Term Gains: Class R1 Shares............................ (544) (2,657) -- -- -- -- Class R2 Shares............................ (1,417) (709) -- -- -- -- Institutional Class Shares................. (235,328) (158,843) (443,795) (380,218) (34,892) -- ---------- ----------- ----------- ----------- ---------- ----------- Total Distributions....................... (265,672) (217,581) (477,825) (493,188) (97,560) (105,633) ---------- ----------- ----------- ----------- ---------- ----------- Capital Share Transactions (1): Shares Issued............................... 979,367 1,069,213 1,830,029 1,700,691 1,479,566 2,012,312 Shares Issued in Lieu of Cash Distributions. 249,000 193,793 434,012 448,519 92,248 95,895 Shares Redeemed............................. (533,085) (1,112,648) (1,077,785) (1,880,921) (580,690) (1,020,936) ---------- ----------- ----------- ----------- ---------- ----------- Net Increase (Decrease) from Capital Share Transactions....................... 695,282 150,358 1,186,256 268,289 991,124 1,087,271 ---------- ----------- ----------- ----------- ---------- ----------- Total Increase (Decrease) in Net Assets... 754,856 1,161,940 1,385,875 2,438,511 1,521,994 2,689,206 Net Assets Beginning of Period......................... 4,213,749 3,051,809 9,526,981 7,088,470 7,566,179 4,876,973 ---------- ----------- ----------- ----------- ---------- ----------- End of Period............................... $4,968,605 $ 4,213,749 $10,912,856 $ 9,526,981 $9,088,173 $ 7,566,179 ========== =========== =========== =========== ========== =========== (1) Shares Issued and Redeemed: Shares Issued............................... 43,377 54,473 52,200 56,681 90,493 144,586 Shares Issued in Lieu of Cash Distributions. 11,530 11,549 12,925 17,521 5,741 7,046 Shares Redeemed............................. (23,676) (56,250) (30,974) (64,686) (35,592) (73,616) ---------- ----------- ----------- ----------- ---------- ----------- Net Increase (Decrease) from Shares Issued and Redeemed...................... 31,231 9,772 34,151 9,516 60,642 78,016 ========== =========== =========== =========== ========== =========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)...................................... $ 5,539 $ 484 $ 1,117 $ 1,373 $ 18,227 $ 14,478
See accompanying Notes to Financial Statements. 89 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
U.S. Core Equity 2 U.S. Vector Equity U.S. Small 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, 2014 2013 2014 2013 2014 2013 ----------- ----------- ----------- ---------- ----------- ---------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)............ $ 83,259 $ 146,563 $ 19,091 $ 36,935 $ 35,444 $ 76,179 Net Realized Gain (Loss) on: Investment Securities Sold............. (7,137) 106,205 28,435 42,264 189,291 252,589 Futures................................ -- -- -- (48) -- (331) Foreign Currency Transactions.......... -- -- -- -- -- 1 Change in Unrealized Appreciation (Depreciation) of: Investment Securities.................. 729,705 2,176,008 166,284 684,534 113,166 1,551,354 ----------- ----------- ---------- ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... 805,827 2,428,776 213,810 763,685 337,901 1,879,792 ----------- ----------- ---------- ---------- ---------- ---------- Distributions From: Net Investment Income: Institutional Class Shares............. (75,321) (143,640) (16,899) (34,959) (29,188) (74,990) Net Short-Term Gains: Institutional Class Shares............. (4,518) -- (1,492) -- (19,821) (8,279) Net Long-Term Gains: Institutional Class Shares............. (98,745) (55,772) (38,966) (3,507) (218,795) (228,672) ----------- ----------- ---------- ---------- ---------- ---------- Total Distributions.................. (178,584) (199,412) (57,357) (38,466) (267,804) (311,941) ----------- ----------- ---------- ---------- ---------- ---------- Capital Share Transactions (1): Shares Issued........................... 1,431,777 1,993,887 384,200 590,251 1,304,454 2,025,365 Shares Issued in Lieu of Cash Distributions.......................... 176,698 194,014 57,091 37,851 251,695 287,893 Shares Redeemed......................... (731,498) (1,351,685) (290,193) (468,656) (681,661) (997,627) ----------- ----------- ---------- ---------- ---------- ---------- Net Increase (Decrease) from Capital Share Transactions.......... 876,977 836,216 151,098 159,446 874,488 1,315,631 ----------- ----------- ---------- ---------- ---------- ---------- Total Increase (Decrease) in Net Assets.............................. 1,504,220 3,065,580 307,551 884,665 944,585 2,883,482 Net Assets Beginning of Period..................... 9,989,564 6,923,984 2,893,842 2,009,177 7,446,827 4,563,345 ----------- ----------- ---------- ---------- ---------- ---------- End of Period........................... $11,493,784 $ 9,989,564 $3,201,393 $2,893,842 $8,391,412 $7,446,827 =========== =========== ========== ========== ========== ========== (1) Shares Issued and Redeemed: Shares Issued........................... 88,303 145,060 23,767 43,824 42,605 76,522 Shares Issued in Lieu of Cash Distributions.......................... 11,195 14,935 3,639 2,932 8,530 12,811 Shares Redeemed......................... (45,260) (98,040) (17,980) (34,484) (22,301) (38,832) ----------- ----------- ---------- ---------- ---------- ---------- Net Increase (Decrease) from Shares Issued and Redeemed.......... 54,238 61,955 9,426 12,272 28,834 50,501 =========== =========== ========== ========== ========== ========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)....................... $ 22,493 $ 14,563 $ 5,288 $ 3,099 $ 9,420 $ 3,169
See accompanying Notes to Financial Statements. 90 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, 2014 2013 2014 2013 2014 2013 ----------- ---------- ----------- ---------- ----------- ---------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)................. $ 16,466 $ 46,722 $ 96,350 $ 103,396 $ 56,790 $ 68,706 Capital Gain Distributions Received from Investment Securities....................... -- -- -- 15,455 -- -- Net Realized Gain (Loss) on: Investment Securities Sold*................. 168,603 227,715 10,339 15,023 1,158 (15,210) Futures..................................... (692) (423) (553) -- -- -- Foreign Currency Transactions............... -- -- -- -- (372) (394) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.. 24,591 1,117,408 329,632 254,603 85,409 476,010 Translation of Foreign Currency Denominated Amounts........................ -- -- -- -- 45 154 ---------- ---------- ---------- ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations................. 208,968 1,391,422 435,768 388,477 143,030 529,266 ---------- ---------- ---------- ---------- ---------- ---------- Distributions From: Net Investment Income: Institutional Class Shares.................. (13,984) (46,915) (95,869) (102,731) (38,435) (70,787) Net Short-Term Gains: Institutional Class Shares.................. (12,783) -- -- -- -- -- Net Long-Term Gains: Institutional Class Shares.................. (200,738) (176,365) -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- Total Distributions........................ (227,505) (223,280) (95,869) (102,731) (38,435) (70,787) ---------- ---------- ---------- ---------- ---------- ---------- Capital Share Transactions (1): Shares Issued................................ 355,827 605,885 762,503 1,428,666 312,962 631,372 Shares Issued in Lieu of Cash Distributions.. 212,873 207,612 94,299 99,760 35,272 66,684 Shares Redeemed.............................. (442,409) (723,766) (329,149) (853,143) (160,753) (457,180) ---------- ---------- ---------- ---------- ---------- ---------- Net Increase (Decrease) from Capital Share Transactions........................ 126,291 89,731 527,653 675,283 187,481 240,876 ---------- ---------- ---------- ---------- ---------- ---------- Total Increase (Decrease) in Net Assets.... 107,754 1,257,873 867,552 961,029 292,076 699,355 Net Assets Beginning of Period.......................... 4,695,831 3,437,958 4,677,418 3,716,389 2,755,114 2,055,759 ---------- ---------- ---------- ---------- ---------- ---------- End of Period................................ $4,803,585 $4,695,831 $5,544,970 $4,677,418 $3,047,190 $2,755,114 ========== ========== ========== ========== ========== ========== (1) Shares Issued and Redeemed: Shares Issued................................ 17,986 36,865 28,072 51,717 14,050 31,421 Shares Issued in Lieu of Cash Distributions.. 11,188 14,570 3,624 3,726 1,593 3,350 Shares Redeemed.............................. (22,393) (43,945) (12,177) (30,873) (7,223) (22,837) ---------- ---------- ---------- ---------- ---------- ---------- Net Increase (Decrease) from Shares Issued and Redeemed....................... 6,781 7,490 19,519 24,570 8,420 11,934 ========== ========== ========== ========== ========== ========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)....................................... $ 4,138 $ 1,665 $ 32,871 $ 31,615 $ 24,934 $ 6,579
---------- * Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $2 and $1, respectively. See accompanying Notes to Financial Statements. 91 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
International Core Equity International Small Japanese Small Portfolio Company Portfolio Company 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, 2014 2013 2014 2013 2014 2013 ----------- ----------- ----------- ----------- ----------- --------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)................ $ 177,992 $ 218,030 $ 89,705 $ 180,481 $ 3,178 $ 6,101 Net Realized Gain (Loss) on: Investment Securities Sold*................ (134,267) (10,392) 168,729 262,518 4,029 5,783 Futures.................................... -- -- (945) (29) -- -- Foreign Currency Transactions.............. 95 (2,185) 805 (2,035) (75) (468) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.................................. 579,099 1,736,462 392,809 1,540,906 (17,109) 94,197 Futures.................................... -- -- -- 30 -- -- Translation of Foreign Currency Denominated Amounts....................... 69 312 104 438 (19) 26 ----------- ----------- ---------- ----------- -------- --------- Net Increase (Decrease) in Net Assets Resulting from Operations................ 622,988 1,942,227 651,207 1,982,309 (9,996) 105,639 ----------- ----------- ---------- ----------- -------- --------- Distributions From: Net Investment Income: Institutional Class Shares................. (115,306) (214,687) (102,941) (159,066) (11,539) (2,836) Net Short-Term Gains: Institutional Class Shares................. -- -- (27,834) -- -- -- Net Long-Term Gains: Institutional Class Shares................. -- -- (211,626) (39,012) -- -- ----------- ----------- ---------- ----------- -------- --------- Total Distributions....................... (115,306) (214,687) (342,401) (198,078) (11,539) (2,836) ----------- ----------- ---------- ----------- -------- --------- Capital Share Transactions (1): Shares Issued............................... 1,971,730 2,415,089 645,464 1,229,487 48,508 142,226 Shares Issued in Lieu of Cash Distributions. 112,236 206,673 333,784 188,769 10,648 2,638 Shares Redeemed............................. (637,939) (1,323,574) (587,941) (1,104,930) (71,809) (127,503) ----------- ----------- ---------- ----------- -------- --------- Net Increase (Decrease) from Capital Share Transactions....................... 1,446,027 1,298,188 391,307 313,326 (12,653) 17,361 ----------- ----------- ---------- ----------- -------- --------- Total Increase (Decrease) in Net Assets... 1,953,709 3,025,728 700,113 2,097,557 (34,188) 120,164 Net Assets Beginning of Period......................... 9,508,466 6,482,738 8,520,717 6,423,160 414,132 293,968 ----------- ----------- ---------- ----------- -------- --------- End of Period............................... $11,462,175 $ 9,508,466 $9,220,830 $ 8,520,717 $379,944 $ 414,132 =========== =========== ========== =========== ======== ========= (1) Shares Issued and Redeemed: Shares Issued............................... 155,035 213,883 33,274 72,452 2,633 8,814 Shares Issued in Lieu of Cash Distributions. 8,913 18,646 18,190 11,691 579 173 Shares Redeemed............................. (50,305) (117,963) (30,311) (65,368) (3,862) (7,179) ----------- ----------- ---------- ----------- -------- --------- Net Increase (Decrease) from Shares Issued and Redeemed...................... 113,643 114,566 21,153 18,775 (650) 1,808 =========== =========== ========== =========== ======== ========= Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)...................................... $ 90,015 $ 27,329 $ 13,847 $ 27,396 $ (2,183) $ 6,178
---------- * Net of foreign capital gain taxes withheld of $65, $14, $175, $27, $0 and $0, respectively. See accompanying Notes to Financial Statements. 92 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
Asia Pacific Small United Kingdom Small Continental Small Company Portfolio Company Portfolio Company 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, 2014 2013 2014 2013 2014 2013 ----------- -------- ----------- -------- ----------- -------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)...................... $ 5,181 $ 11,525 $ 456 $ 933 $ 1,508 $ 2,635 Net Realized Gain (Loss) on: Investment Securities Sold*...................... (5) (255) 1,243 2,545 3,328 2,298 Futures.......................................... -- -- -- -- (53) 29 Foreign Currency Transactions.................... 31 9 3 -- 50 (3) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency....... (3,622) 17,462 1,744 7,107 19,983 41,299 Futures.......................................... -- -- -- -- -- (29) Translation of Foreign Currency Denominated Amounts......................................... (1) (1) 1 -- 4 7 -------- -------- ------- ------- -------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations..................... 1,584 28,740 3,447 10,585 24,820 46,236 -------- -------- ------- ------- -------- -------- Distributions From: Net Investment Income: Institutional Class Shares....................... (12,860) (7,603) (510) (953) (343) (2,834) Net Long-Term Gains: Institutional Class Shares....................... -- -- (406) -- -- -- -------- -------- ------- ------- -------- -------- Total Distributions............................ (12,860) (7,603) (916) (953) (343) (2,834) -------- -------- ------- ------- -------- -------- Capital Share Transactions (1): Shares Issued..................................... 75,143 96,294 3,759 2,464 8,648 32,191 Shares Issued in Lieu of Cash Distributions....... 12,189 7,183 700 729 281 2,141 Shares Redeemed................................... (10,249) (31,639) (4,932) (7,045) (9,977) (13,244) -------- -------- ------- ------- -------- -------- Net Increase (Decrease) from Capital Share Transactions.................................. 77,083 71,838 (473) (3,852) (1,048) 21,088 -------- -------- ------- ------- -------- -------- Total Increase (Decrease) in Net Assets........ 65,807 92,975 2,058 5,780 23,429 64,490 Net Assets Beginning of Period............................... 331,166 238,191 37,096 31,316 170,806 106,316 -------- -------- ------- ------- -------- -------- End of Period..................................... $396,973 $331,166 $39,154 $37,096 $194,235 $170,806 ======== ======== ======= ======= ======== ======== (1) Shares Issued and Redeemed: Shares Issued....................................... 3,242 4,135 98 78 395 1,806 Shares Issued in Lieu of Cash Distributions......... 549 309 19 24 14 128 Shares Redeemed..................................... (445) (1,362) (127) (224) (460) (834) -------- -------- ------- ------- -------- -------- Net Increase (Decrease) from Shares Issued and Redeemed.................................. 3,346 3,082 (10) (122) (51) 1,100 ======== ======== ======= ======= ======== ======== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)............................................ $ (1,261) $ 6,418 $ 75 $ 129 $ 1,257 $ 92
---------- * Net of foreign capital gain taxes withheld of $0, $0, $1, $0, $8 and $1, respectively. See accompanying Notes to Financial Statements. 93 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
DFA International Real Estate Securities DFA Global Real Estate DFA International Small 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, 2014 2013 2014 2013 2014 2013 ----------- ---------- ----------- ---------- ----------- ----------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)................ $ 41,503 $ 72,994 $ 66,019 $ 84,342 $ 101,060 $ 208,592 Net Realized Gain (Loss) on: Investment Securities Sold*................ 3,938 (19,009) (2,771) (3,169) 165,817 179,935 Futures.................................... -- 888 -- -- -- -- Foreign Currency Transactions.............. 287 (860) -- -- 857 (2,311) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.................................. 69,723 105,321 102,401 60,459 776,696 2,722,774 Translation of Foreign Currency Denominated Amounts....................... 63 18 -- -- 79 666 ---------- ---------- ---------- ---------- ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations................ 115,514 159,352 165,649 141,632 1,044,509 3,109,656 ---------- ---------- ---------- ---------- ----------- ----------- Distributions From: Net Investment Income: Institutional Class Shares................. (106,263) (181,848) (72,036) (84,341) (110,870) (198,381) Net Short-Term Gains: Institutional Class Shares................. -- -- -- -- (38,805) -- Net Long-Term Gains: Institutional Class Shares................. -- -- -- -- (127,501) (117,102) ---------- ---------- ---------- ---------- ----------- ----------- Total Distributions....................... (106,263) (181,848) (72,036) (84,341) (277,176) (315,483) ---------- ---------- ---------- ---------- ----------- ----------- Capital Share Transactions (1): Shares Issued............................... 473,955 842,458 498,786 932,289 984,843 1,644,691 Shares Issued in Lieu of Cash Distributions. 105,300 180,122 70,668 82,056 254,292 292,218 Shares Redeemed............................. (175,093) (372,815) (187,957) (304,476) (807,775) (1,848,793) ---------- ---------- ---------- ---------- ----------- ----------- Net Increase (Decrease) from Capital Share Transactions....................... 404,162 649,765 381,497 709,869 431,360 88,116 ---------- ---------- ---------- ---------- ----------- ----------- Total Increase (Decrease) in Net Assets... 413,413 627,269 475,110 767,160 1,198,693 2,882,289 Net Assets Beginning of Period......................... 2,158,977 1,531,708 2,082,707 1,315,547 11,148,899 8,266,610 ---------- ---------- ---------- ---------- ----------- ----------- End of Period............................... $2,572,390 $2,158,977 $2,557,817 $2,082,707 $12,347,592 $11,148,899 ========== ========== ========== ========== =========== =========== (1) Shares Issued and Redeemed: Shares Issued............................... 92,762 159,658 54,388 99,632 47,785 96,297 Shares Issued in Lieu of Cash Distributions. 21,490 35,387 8,208 9,335 13,067 18,141 Shares Redeemed............................. (34,677) (71,419) (20,659) (32,860) (39,239) (106,982) ---------- ---------- ---------- ---------- ----------- ----------- Net Increase (Decrease) from Shares Issued and Redeemed...................... 79,575 123,626 41,937 76,107 21,613 7,456 ========== ========== ========== ========== =========== =========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)...................................... $ (212,733) $ (147,973) $ 5,607 $ 11,624 $ 5,646 $ 14,704
---------- * Net of foreign capital gain taxes withheld of $0, $7, $0, $0, $33 and $6, respectively. See accompanying Notes to Financial Statements. 94 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
International Vector World ex U.S. Value World ex U.S. Targeted Equity Portfolio Portfolio Value Portfolio ---------------------- -------------------- --------------------- Period Six Months Year Six Months Year Six Months Nov. 1, Ended Ended Ended Ended Ended 2012(a) to April 30, Oct. 31, April 30, Oct. 31, April 30, Oct. 31, 2014 2013 2014 2013 2014 2013 ----------- ---------- ----------- -------- ----------- ---------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss).............................. $ 16,576 $ 18,816 $ 2,484 $ 2,186 $ 915 $ 1,009 Capital Gain Distributions Received from Affiliated Investment Companies..................................... -- -- 157 64 983 191 Net Realized Gain (Loss) on: Investment Securities Sold*.............................. 4,258 8,277 702 3,077 (173) 947 Futures.................................................. -- -- -- (12) -- 1 Foreign Currency Transactions............................ (82) (71) (1) (14) (2) (3) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............... 57,502 172,846 969 13,382 5,265 11,646 Futures.................................................. -- -- 1 (1) -- -- Translation of Foreign Currency Denominated Amounts................................................. (2) 46 1 (15) -- -- ---------- ---------- -------- -------- -------- ------- Net Increase (Decrease) in Net Assets Resulting from Operations............................................. 78,252 199,914 4,313 18,667 6,988 13,791 ---------- ---------- -------- -------- -------- ------- Distributions From: Net Investment Income: Institutional Class Shares............................... (9,166) (17,456) (1,871) (2,334) (1,042) (993) Net Short-Term Gains: Institutional Class Shares............................... (571) -- -- -- (48) -- Net Long-Term Gains: Institutional Class Shares............................... (7,322) (2,044) -- -- (1,147) -- ---------- ---------- -------- -------- -------- ------- Total Distributions..................................... (17,059) (19,500) (1,871) (2,334) (2,237) (993) ---------- ---------- -------- -------- -------- ------- Capital Share Transactions (1): Shares Issued............................................. 189,011 419,905 4,943 53,066 48,578 87,917 Shares Issued in Lieu of Cash Distributions............... 16,870 18,898 1,867 2,232 2,238 993 Shares Redeemed........................................... (61,399) (89,842) (7,767) (11,241) (7,420) (5,698) ---------- ---------- -------- -------- -------- ------- Net Increase (Decrease) from Capital Share Transactions........................................... 144,482 348,961 (957) 44,057 43,396 83,212 ---------- ---------- -------- -------- -------- ------- Total Increase (Decrease) in Net Assets................. 205,675 529,375 1,485 60,390 48,147 96,010 Net Assets Beginning of Period....................................... 1,090,774 561,399 117,587 57,197 96,010 -- ---------- ---------- -------- -------- -------- ------- End of Period............................................. $1,296,449 $1,090,774 $119,072 $117,587 $144,157 $96,010 ========== ========== ======== ======== ======== ======= (1) Shares Issued and Redeemed: Shares Issued............................................. 15,897 39,490 416 4,923 3,922 8,136 Shares Issued in Lieu of Cash Distributions............... 1,467 1,856 159 209 189 90 Shares Redeemed........................................... (5,173) (8,665) (661) (1,036) (608) (522) ---------- ---------- -------- -------- -------- ------- Net Increase (Decrease) from Shares Issued and Redeemed............................................... 12,191 32,681 (86) 4,096 3,503 7,704 ========== ========== ======== ======== ======== ======= Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)........................... $ 9,896 $ 2,486 $ 800 $ 187 $ (112) $ 15
---------- Seepage 1 for the Definitions of Abbreviations and Footnotes. * Net of foreign capital gain taxes withheld of $8, $0, $0, $0, $0 and $0, respectively. See accompanying Notes to Financial Statements. 95 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
World ex U.S. Core Equity Selectively Hedged Portfolio Global Equity Portfolio --------------------- ---------------------- Period Six Months April 9, Six Months Year Ended 2013(a) to Ended Ended April 30, Oct. 31, April 30, Oct. 31, 2014 2013 2014 2013 ----------- ---------- ----------- -------- (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss).............................. $ 1,473 $ 1,160 $ 683 $ 1,317 Capital Gain Distributions Received from Affiliated Investment Companies..................................... -- -- 342 115 Net Realized Gain (Loss) on: Investment Securities Sold*.............................. (104) (30) 1,409 (81) Futures.................................................. -- -- 341 545 Foreign Currency Transactions............................ -- -- 90 237 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............... 7,644 11,720 2,158 12,814 Futures.................................................. -- -- (121) 150 Translation of Foreign Currency Denominated Amounts...... -- -- (33) 121 -------- -------- -------- ------- Net Increase (Decrease) in Net Assets Resulting from Operations............................................. 9,013 12,850 4,869 15,218 -------- -------- -------- ------- Distributions From: Net Investment Income: Institutional Class Shares............................... (1,487) (1,171) (1,858) (330) Net Short-Term Gains: Institutional Class Shares............................... (64) -- (281) (43) Net Long-Term Gains: Institutional Class Shares............................... -- -- (539) (56) -------- -------- -------- ------- Total Distributions..................................... (1,551) (1,171) (2,678) (429) -------- -------- -------- ------- Capital Share Transactions (1): Shares Issued............................................. 90,848 125,005 33,064 43,832 Shares Issued in Lieu of Cash Distributions............... 1,548 1,169 2,678 429 Shares Redeemed........................................... (14,928) (8,133) (18,921) (2,652) -------- -------- -------- ------- Net Increase (Decrease) from Capital Share Transactions........................................... 77,468 118,041 16,821 41,609 -------- -------- -------- ------- Total Increase (Decrease) in Net Assets................. 84,930 129,720 19,012 56,398 Net Assets Beginning of Period....................................... 129,720 -- 91,348 34,950 -------- -------- -------- ------- End of Period............................................. $214,650 $129,720 $110,360 $91,348 ======== ======== ======== ======= (1) Shares Issued and Redeemed: Shares Issued............................................. 8,523 12,721 2,427 3,666 Shares Issued in Lieu of Cash Distributions............... 146 117 205 39 Shares Redeemed........................................... (1,395) (790) (1,397) (217) -------- -------- -------- ------- Net Increase (Decrease) from Shares Issued and Redeemed............................................... 7,274 12,048 1,235 3,488 ======== ======== ======== ======= Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)........................... $ (15) $ (1) $ 215 $ 1,390
Emerging Markets Portfolio ---------------------- Six Months Year Ended Ended April 30, Oct. 31, 2014 2013 ----------- ---------- (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss).............................. $ 24,710 $ 61,645 Capital Gain Distributions Received from Affiliated Investment Companies..................................... -- -- Net Realized Gain (Loss) on: Investment Securities Sold*.............................. (19,190) 22,235 Futures.................................................. -- -- Foreign Currency Transactions............................ (53) (124) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............... (77,616) 143,306 Futures.................................................. -- -- Translation of Foreign Currency Denominated Amounts...... 28 (6) ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations............................................. (72,121) 227,056 ---------- ---------- Distributions From: Net Investment Income: Institutional Class Shares............................... (21,495) (59,866) Net Short-Term Gains: Institutional Class Shares............................... -- -- Net Long-Term Gains: Institutional Class Shares............................... (21,358) (30,527) ---------- ---------- Total Distributions..................................... (42,853) (90,393) ---------- ---------- Capital Share Transactions (1): Shares Issued............................................. 630,227 1,304,374 Shares Issued in Lieu of Cash Distributions............... 40,365 84,860 Shares Redeemed........................................... (333,914) (667,334) ---------- ---------- Net Increase (Decrease) from Capital Share Transactions........................................... 336,678 721,900 ---------- ---------- Total Increase (Decrease) in Net Assets................. 221,704 858,563 Net Assets Beginning of Period....................................... 3,655,740 2,797,177 ---------- ---------- End of Period............................................. $3,877,444 $3,655,740 ========== ========== (1) Shares Issued and Redeemed: Shares Issued............................................. 24,959 50,466 Shares Issued in Lieu of Cash Distributions............... 1,580 3,233 Shares Redeemed........................................... (13,207) (25,465) ---------- ---------- Net Increase (Decrease) from Shares Issued and Redeemed............................................... 13,332 28,234 ========== ========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)........................... $ 10,070 $ 6,864
---------- Seepage 1 for the Definitions of Abbreviations and Footnotes. * Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $0 and $0, respectively. See accompanying Notes to Financial Statements. 96 DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
Emerging Markets Small Emerging Markets Value Cap Portfolio Portfolio ---------------------- ------------------------ Six Months Year Six Months Year Ended Ended Ended Ended April 30, Oct. 31, April 30, Oct. 31, 2014 2013 2014 2013 ----------- ---------- ----------- ----------- (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss).......................... $ 29,035 $ 69,684 $ 137,479 $ 342,372 Net Realized Gain (Loss) on: Investment Securities Sold*.......................... 43,554 64,325 (354,332) 296,735 Futures.............................................. -- 452 -- -- Foreign Currency Transactions........................ (82) (1,227) (2,053) (2,807) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency........... 9,405 146,169 (440,131) 717,140 Futures.............................................. (4) 4 -- -- Translation of Foreign Currency Denominated Amounts............................................. 94 (42) 100 7 ---------- ---------- ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations.................................... 82,002 279,365 (658,937) 1,353,447 ---------- ---------- ----------- ----------- Distributions From: Net Investment Income: Class R2 Shares...................................... -- -- (833) (1,837) Institutional Class Shares........................... (36,498) (67,721) (164,213) (355,664) Net Short-Term Gains: Class R2 Shares...................................... -- -- (62) -- Institutional Class Shares........................... -- (3,428) (11,122) -- Net Long-Term Gains: Class R2 Shares...................................... -- -- (1,472) (2,090) Institutional Class Shares........................... (63,095) (92,100) (262,348) (342,441) ---------- ---------- ----------- ----------- Total Distributions................................. (99,593) (163,249) (440,050) (702,032) ---------- ---------- ----------- ----------- Capital Share Transactions (1): Shares Issued......................................... 442,550 1,458,450 1,914,815 4,240,153 Shares Issued in Lieu of Cash Distributions........... 92,750 142,712 419,285 656,583 Shares Redeemed....................................... (241,422) (583,088) (1,630,414) (2,967,974) ---------- ---------- ----------- ----------- Net Increase (Decrease) from Capital Share Transactions....................................... 293,878 1,018,074 703,686 1,928,762 ---------- ---------- ----------- ----------- Total Increase (Decrease) in Net Assets............. 276,287 1,134,190 (395,301) 2,580,177 Net Assets Beginning of Period................................... 4,041,863 2,907,673 19,268,907 16,688,730 ---------- ---------- ----------- ----------- End of Period......................................... $4,318,150 $4,041,863 $18,873,606 $19,268,907 ========== ========== =========== =========== (1) Shares Issued and Redeemed: Shares Issued......................................... 21,892 69,669 70,732 148,957 Shares Issued in Lieu of Cash Distributions........... 4,651 6,956 15,454 22,991 Shares Redeemed....................................... (12,083) (28,076) (60,445) (105,179) ---------- ---------- ----------- ----------- Net Increase (Decrease) from Shares Issued and Redeemed........................................... 14,460 48,549 25,741 66,769 ========== ========== =========== =========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income).................... $ 877 $ 8,340 $ (12,750) $ 14,739
Emerging Markets Core Equity Portfolio ------------------------ Six Months Year Ended Ended April 30, Oct. 31, 2014 2013 ----------- ----------- (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss).......................... $ 88,556 $ 211,992 Net Realized Gain (Loss) on: Investment Securities Sold*.......................... (64,782) (9,977) Futures.............................................. -- -- Foreign Currency Transactions........................ (735) (2,207) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency........... (139,793) 581,086 Futures.............................................. -- -- Translation of Foreign Currency Denominated Amounts............................................. 54 (79) ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations.................................... (116,700) 780,815 ----------- ----------- Distributions From: Net Investment Income: Class R2 Shares...................................... -- -- Institutional Class Shares........................... (81,635) (205,400) Net Short-Term Gains: Class R2 Shares...................................... -- -- Institutional Class Shares........................... -- -- Net Long-Term Gains: Class R2 Shares...................................... -- -- Institutional Class Shares........................... -- -- ----------- ----------- Total Distributions................................. (81,635) (205,400) ----------- ----------- Capital Share Transactions (1): Shares Issued......................................... 2,631,076 5,406,041 Shares Issued in Lieu of Cash Distributions........... 74,799 187,871 Shares Redeemed....................................... (1,267,214) (1,743,072) ----------- ----------- Net Increase (Decrease) from Capital Share Transactions....................................... 1,438,661 3,850,840 ----------- ----------- Total Increase (Decrease) in Net Assets............. 1,240,326 4,426,255 Net Assets Beginning of Period................................... 13,020,962 8,594,707 ----------- ----------- End of Period......................................... $14,261,288 $13,020,962 =========== =========== (1) Shares Issued and Redeemed: Shares Issued......................................... 138,032 276,461 Shares Issued in Lieu of Cash Distributions........... 3,886 9,689 Shares Redeemed....................................... (66,650) (90,412) ----------- ----------- Net Increase (Decrease) from Shares Issued and Redeemed........................................... 75,268 195,738 =========== =========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income).................... $ 38,276 $ 31,355
---------- * Net of foreign capital gain taxes withheld of $0, $1, $0, $0, $0 and $0, respectively. See accompanying Notes to Financial Statements. 97 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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period........................ $ 11.70 $ 9.29 $ 8.15 $ 7.53 $ 6.48 $ 6.47 -------- -------- -------- -------- -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.04 0.07 0.07 0.07 0.07 0.05 Net Gains (Losses) on Securities (Realized and Unrealized). 0.94 2.42 1.20 0.56 1.05 0.61 -------- -------- -------- -------- -------- -------- Total from Investment Operations......................... 0.98 2.49 1.27 0.63 1.12 0.66 ------------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income...................................... (0.04) (0.08) (0.13) (0.01) (0.07) (0.59) Net Realized Gains......................................... -- -- -- -- -- (0.06) -------- -------- -------- -------- -------- -------- Total Distributions...................................... (0.04) (0.08) (0.13) (0.01) (0.07) (0.65) ------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.............................. $ 12.64 $ 11.70 $ 9.29 $ 8.15 $ 7.53 $ 6.48 =========================================================== =========== ======== ======== ======== ======== ======== Total Return................................................ 8.35%(D) 26.99% 15.84% 8.41% 17.40% 12.23% ------------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)....................... $199,110 $212,840 $190,011 $171,128 $157,730 $165,231 Ratio of Expenses to Average Net Assets..................... 0.23%(E) 0.24% 0.25% 0.26% 0.26% 0.29%** Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)...................... 0.23%(E) 0.24% 0.25% 0.26% 0.26% 0.29%** Ratio of Net Investment Income to Average Net Assets........ 0.60%(E) 0.63% 0.80% 0.86% 0.98% 0.86% Portfolio Turnover Rate..................................... 86%(D) 139% 76% 140% 78% 46%* -------------------------------------------------------------------------------------------------------------------------------
U.S. Large Cap Equity Portfolio ----------------------- Period Six Months June 25, Ended 2013(a) to April 30, Oct. 31, 2014 2013 ------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period........................ $ 11.07 $ 10.00 -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.10 0.06 Net Gains (Losses) on Securities (Realized and Unrealized). 0.83 1.04 -------- -------- Total from Investment Operations......................... 0.93 1.10 ------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income...................................... (0.09) (0.03) Net Realized Gains......................................... -- -- -------- -------- Total Distributions...................................... (0.09) (0.03) ------------------------------------------------------------------------------------------- Net Asset Value, End of Period.............................. $ 11.91 $ 11.07 =========================================================== =========== ========== Total Return................................................ 8.51%(D) 11.01%(D) ------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)....................... $197,479 $135,407 Ratio of Expenses to Average Net Assets..................... 0.19%(E) 0.19%(C)(E) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)...................... 0.21%(E) 0.25%(C)(E) Ratio of Net Investment Income to Average Net Assets........ 1.77%(E) 1.58%(C)(E) Portfolio Turnover Rate..................................... 0%(D) 0%(D) -------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. * For the period February 28, 2009 through October 31, 2009. Effective February 28, 2009, Enhanced U.S. Large Company Portfolio invests directly in securities rather than through the Series. **Represents the combined ratios for the respective portfolio and, for the period November 1, 2008 through February 27, 2009, its respective pro-rata share of its Master Fund Series. See accompanying Notes to Financial Statements. 98 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, 2014 2013 2012 2011 2010 ------------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Asset Value, Beginning of Period........................ $ 29.72 $ 22.34 $ 19.29 $ 18.58 $ 15.81 ----------- ----------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.26 0.47 0.41 0.33 0.33 Net Gains (Losses) on Securities (Realized and Unrealized). 2.51 7.38 3.04 0.70 2.76 ----------- ----------- ---------- ---------- ---------- Total from Investment Operations......................... 2.77 7.85 3.45 1.03 3.09 ------------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.26) (0.47) (0.40) (0.32) (0.32) Net Realized Gains......................................... -- -- -- -- -- ----------- ----------- ---------- ---------- ---------- Total Distributions...................................... (0.26) (0.47) (0.40) (0.32) (0.32) ------------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period.............................. $ 32.23 $ 29.72 $ 22.34 $ 19.29 $ 18.58 =========================================================== =========== =========== ========== ========== ========== Total Return................................................ 9.35%(D) 35.52% 18.14% 5.53% 19.72% ------------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)....................... $13,617,947 $11,963,072 $8,334,585 $7,340,344 $6,921,036 Ratio of Expenses to Average Net Assets (B)................. 0.27%(E) 0.27% 0.27% 0.28% 0.28% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly) (B).................. 0.27%(E) 0.27% 0.27% 0.28% 0.28% Ratio of Net Investment Income to Average Net Assets........ 1.66%(E) 1.82% 1.99% 1.63% 1.86% ------------------------------------------------------------------------------------------------------------------------------
----------- Year Ended Oct. 31, 2009 ------------------------------------------------------------------------ Net Asset Value, Beginning of Period........................ $ 14.58 ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.31 Net Gains (Losses) on Securities (Realized and Unrealized). 1.28 ---------- Total from Investment Operations......................... 1.59 ------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.34) Net Realized Gains......................................... (0.02) ---------- Total Distributions...................................... (0.36) ------------------------------------------------------------------------ Net Asset Value, End of Period.............................. $ 15.81 =========================================================== ========== Total Return................................................ 11.76% ------------------------------------------------------------------------ Net Assets, End of Period (thousands)....................... $5,863,652 Ratio of Expenses to Average Net Assets (B)................. 0.30% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly) (B).................. 0.30% Ratio of Net Investment Income to Average Net Assets........ 2.26% ------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 99 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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Asset Value, Beginning of Period......................... $ 22.63 $17.28 $ 15.32 $ 14.75 $ 11.73 $ 10.92 ------- ------ ------- ------- ------- ------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.08 0.27 0.15 0.10 0.07 0.12 Net Gains (Losses) on Securities (Realized and Unrealized). 1.52 6.28 2.06 0.60 3.07 0.87 ------- ------ ------- ------- ------- ------- Total from Investment Operations.......................... 1.60 6.55 2.21 0.70 3.14 0.99 ------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.06) (0.22) (0.13) (0.10) (0.12) (0.18) Net Realized Gains......................................... (1.32) (0.98) (0.12) (0.03) -- -- ------- ------ ------- ------- ------- ------- Total Distributions....................................... (1.38) (1.20) (0.25) (0.13) (0.12) (0.18) ------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period............................... $ 22.85 $22.63 $ 17.28 $ 15.32 $ 14.75 $ 11.73 ============================================================= =========== ======== ======== ======== ======== ======== Total Return................................................. 7.45%(D) 40.39% 14.67% 4.69% 26.93% 9.36% ------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)........................ $12,061 $9,470 $49,423 $45,132 $41,316 $31,393 Ratio of Expenses to Average Net Assets...................... 0.47%(E) 0.47% 0.48% 0.48% 0.49% 0.52% Ratio of Net Investment Income to Average Net Assets......... 0.74%(E) 1.42% 0.93% 0.61% 0.59% 1.12% Portfolio Turnover Rate...................................... 5%(D) 16% 20% 23% 20% 17% ------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 100 DFA INVESTMENT DIMENSIONS GROUP INC. FINANCIAL HIGHLIGHTS (for a share outstanding throughout each period)
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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Asset Value, Beginning of Period......................... $ 22.57 $ 17.26 $ 15.31 $ 14.76 $11.74 $10.91 ------- ------- ------- ------- ------ ------ Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.06 0.19 0.13 0.07 0.05 0.10 Net Gains (Losses) on Securities (Realized and Unrealized). 1.52 6.31 2.05 0.60 3.07 0.88 ------- ------- ------- ------- ------ ------ Total from Investment Operations.......................... 1.58 6.50 2.18 0.67 3.12 0.98 ------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.05) (0.21) (0.11) (0.09) (0.10) (0.15) Net Realized Gains......................................... (1.32) (0.98) (0.12) (0.03) -- -- ------- ------- ------- ------- ------ ------ Total Distributions....................................... (1.37) (1.19) (0.23) (0.12) (0.10) (0.15) ------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period............................... $ 22.78 $ 22.57 $ 17.26 $ 15.31 $14.76 $11.74 ============================================================= =========== ======== ======== ======== ======== ======== Total Return................................................. 7.35%(D) 40.10% 14.46% 4.50% 26.66% 9.23% ------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)........................ $77,227 $23,305 $12,754 $10,918 $5,967 $2,930 Ratio of Expenses to Average Net Assets...................... 0.62%(E) 0.62% 0.63% 0.63% 0.64% 0.67% Ratio of Net Investment Income to Average Net Assets......... 0.54%(E) 0.95% 0.78% 0.42% 0.44% 0.91% Portfolio Turnover Rate...................................... 5%(D) 16% 20% 23% 20% 17% ------------------------------------------------------------------------------------------------------------------------
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. 101 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 Ended Ended Ended Ended Ended Ended April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, 2014 2013 2012 2011 2010 2009 ----------------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period.............. $ 22.60 $ 17.28 $ 15.32 $ 14.76 $ 11.70 $ 10.84 ---------- ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)................. 0.10 0.24 0.17 0.12 0.09 0.12 Net Gains (Losses) on Securities (Realized and Unrealized).................................... 1.52 6.31 2.06 0.59 3.06 0.88 ---------- ---------- ---------- ---------- ---------- ---------- Total from Investment Operations............... 1.62 6.55 2.23 0.71 3.15 1.00 ----------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............................ (0.07) (0.25) (0.15) (0.12) (0.09) (0.14) Net Realized Gains............................... (1.32) (0.98) (0.12) (0.03) -- -- ---------- ---------- ---------- ---------- ---------- ---------- Total Distributions............................ (1.39) (1.23) (0.27) (0.15) (0.09) (0.14) ----------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.................... $ 22.83 $ 22.60 $ 17.28 $ 15.32 $ 14.76 $ 11.70 ================================================= =========== ========== ========== ========== ========== ========== Total Return...................................... 7.55%(D) 40.40% 14.78% 4.76% 27.02% 9.47% ----------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)............. $4,879,317 $4,180,974 $2,989,632 $2,487,929 $2,223,982 $1,449,437 Ratio of Expenses to Average Net Assets........... 0.37%(E) 0.37% 0.38% 0.38% 0.38% 0.41% Ratio of Net Investment Income to Average Net Assets........................................... 0.85%(E) 1.25% 1.03% 0.71% 0.69% 1.19% Portfolio Turnover Rate........................... 5%(D) 16% 20% 23% 20% 17% -----------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 102 DFA INVESTMENT DIMENSIONS GROUP INC. FINANCIAL HIGHLIGHTS (for a share outstanding throughout each period)
U.S. Small Cap Value Portfolio --------------------------------------------------------------- Six Months Year Year Year Year Ended Ended Ended Ended Ended April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, 2014 2013 2012 2011 2010 ------------------------------------------------------------------------------------------------------------------------------ (Unaudited) 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)........................... 0.11 0.39 0.20 0.16 0.09 Net Gains (Losses) on Securities (Realized and Unrealized). 2.27 9.41 3.38 1.00 4.79 ----------- ---------- ---------- ---------- ---------- Total from Investment Operations.......................... 2.38 9.80 3.58 1.16 4.88 ------------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.11) (0.37) (0.18) (0.15) (0.08) Net Realized Gains......................................... (1.60) (1.52) (0.33) -- -- ----------- ---------- ---------- ---------- ---------- Total Distributions....................................... (1.71) (1.89) (0.51) (0.15) (0.08) ------------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period............................... $ 35.15 $ 34.48 $ 26.57 $ 23.50 $ 22.49 ============================================================= =========== ========== ========== ========== ========== Total Return................................................. 7.14%(D) 39.35% 15.60% 5.13% 27.69% ------------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)........................ $10,912,856 $9,526,981 $7,088,470 $6,540,863 $6,555,277 Ratio of Expenses to Average Net Assets...................... 0.52%(E) 0.52% 0.52% 0.52% 0.52% Ratio of Net Investment Income to Average Net Assets......... 0.62%(E) 1.28% 0.78% 0.62% 0.43% Portfolio Turnover Rate...................................... 4%(D) 14% 15% 14% 19% ------------------------------------------------------------------------------------------------------------------------------
----------- Year Ended Oct. 31, 2009 --------------------------------------------------------------------------- Net Asset Value, Beginning of Period......................... $ 16.32 ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.04 Net Gains (Losses) on Securities (Realized and Unrealized). 1.54 ---------- Total from Investment Operations.......................... 1.58 --------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income...................................... (0.21) Net Realized Gains......................................... -- ---------- Total Distributions....................................... (0.21) --------------------------------------------------------------------------- Net Asset Value, End of Period............................... $ 17.69 ============================================================= ========== Total Return................................................. 9.97% --------------------------------------------------------------------------- Net Assets, End of Period (thousands)........................ $5,669,659 Ratio of Expenses to Average Net Assets...................... 0.54%++ Ratio of Net Investment Income to Average Net Assets......... 0.27% Portfolio Turnover Rate...................................... 21%+ ---------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. + For the period February 28, 2009 through October 31, 2009. Effective February 28, 2009, U.S. Small Cap Value Portfolio invests directly in securities rather than through the Series. ++Represents the combined ratios for the respective portfolio and, for the period November 1, 2008 through February 27, 2009, its respective pro-rata share of its Master Fund Series. See accompanying Notes to Financial Statements. 103 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, 2014 2013 2012 2011 2010 2009 2014 --------------------------------------------------------------------------------------------------------------------------------- (Unaudited) (Unaudited) Net Asset Value, Beginning of Period. $ 15.74 $ 12.11 $ 10.78 $ 10.18 $ 8.54 $ 7.81 $ 15.62 ---------- ---------- ---------- ---------- ---------- ---------- ----------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).... 0.13 0.25 0.21 0.17 0.15 0.15 0.13 Net Gains (Losses) on Securities (Realized and Unrealized).......... 1.11 3.62 1.32 0.59 1.61 0.73 1.09 ---------- ---------- ---------- ---------- ---------- ---------- ----------- Total from Investment Operations....................... 1.24 3.87 1.53 0.76 1.76 0.88 1.22 --------------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............... (0.12) (0.24) (0.20) (0.16) (0.12) (0.15) (0.11) Net Realized Gains.................. (0.07) -- -- -- -- -- (0.16) ---------- ---------- ---------- ---------- ---------- ---------- ----------- Total Distributions............... (0.19) (0.24) (0.20) (0.16) (0.12) (0.15) (0.27) --------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period....... $ 16.79 $ 15.74 $ 12.11 $ 10.78 $ 10.18 $ 8.54 $ 16.57 ===================================== =========== ========== ========== ========== ========== ========== =========== Total Return......................... 7.97%(D) 32.32% 14.29% 7.47% 20.80% 11.64% 7.93%(D) --------------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......................... $9,088,173 $7,566,179 $4,876,973 $3,731,411 $2,897,409 $1,989,583 $11,493,784 Ratio of Expenses to Average Net Assets.............................. 0.19%(E) 0.19% 0.19% 0.20% 0.20% 0.22% 0.21%(E) Ratio of Net Investment Income to Average Net Assets.................. 1.60%(E) 1.79% 1.79% 1.49% 1.53% 2.02% 1.56%(E) Portfolio Turnover Rate.............. 1%(D) 1% 3% 5% 4% 7% 1%(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, 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period. $ 11.99 $ 10.61 $ 10.06 $ 8.39 $ 7.73 ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).... 0.24 0.20 0.16 0.14 0.14 Net Gains (Losses) on Securities (Realized and Unrealized).......... 3.73 1.36 0.54 1.64 0.66 ---------- ---------- ---------- ---------- ---------- Total from Investment Operations....................... 3.97 1.56 0.70 1.78 0.80 ------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............... (0.24) (0.18) (0.15) (0.11) (0.14) Net Realized Gains.................. (0.10) -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Distributions............... (0.34) (0.18) (0.15) (0.11) (0.14) ------------------------------------------------------------------------------------------------- Net Asset Value, End of Period....... $ 15.62 $ 11.99 $ 10.61 $ 10.06 $ 8.39 ===================================== ========== ========== ========== ========== ========== Total Return......................... 33.66% 14.81% 6.98% 21.41% 10.66% ------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......................... $9,989,564 $6,923,984 $5,819,906 $4,990,367 $3,804,325 Ratio of Expenses to Average Net Assets.............................. 0.22% 0.22% 0.22% 0.23% 0.24% Ratio of Net Investment Income to Average Net Assets.................. 1.74% 1.74% 1.42% 1.47% 1.89% Portfolio Turnover Rate.............. 3% 5% 9% 7% 4% -------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 104 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, 2014 2013 2012 2011 2010 ---------------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period........................ $ 15.62 $ 11.61 $ 10.28 $ 9.82 $ 8.03 ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.10 0.20 0.16 0.12 0.10 Net Gains (Losses) on Securities (Realized and Unrealized). 1.03 4.03 1.32 0.46 1.79 ---------- ---------- ---------- ---------- ---------- Total from Investment Operations......................... 1.13 4.23 1.48 0.58 1.89 ---------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income...................................... (0.09) (0.20) (0.15) (0.12) (0.10) Net Realized Gains......................................... (0.22) (0.02) -- -- -- ---------- ---------- ---------- ---------- ---------- Total Distributions...................................... (0.31) (0.22) (0.15) (0.12) (0.10) ---------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.............................. $ 16.44 $ 15.62 $ 11.61 $ 10.28 $ 9.82 =========================================================== =========== ========== ========== ========== ========== Total Return................................................ 7.31%(D) 36.80% 14.55% 5.86% 23.65% ---------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)....................... $3,201,393 $2,893,842 $2,009,177 $1,851,895 $1,558,423 Ratio of Expenses to Average Net Assets..................... 0.32%(E) 0.32% 0.32% 0.33% 0.33% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees)............................................... 0.32%(E) 0.32% 0.32% 0.33% 0.33% Ratio of Net Investment Income to Average Net Assets........ 1.25%(E) 1.50% 1.45% 1.11% 1.13% Portfolio Turnover Rate..................................... 2%(D) 3% 9% 10% 11% ----------------------------------------------------------------------------------------------------------------------------
----------- Year Ended Oct. 31, 2009 ------------------------------------------------------------------------ Net Asset Value, Beginning of Period........................ $ 7.48 ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.11 Net Gains (Losses) on Securities (Realized and Unrealized). 0.57 ---------- Total from Investment Operations......................... 0.68 ------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.13) Net Realized Gains......................................... -- ---------- Total Distributions...................................... (0.13) ------------------------------------------------------------------------ Net Asset Value, End of Period.............................. $ 8.03 =========================================================== ========== Total Return................................................ 9.47% ------------------------------------------------------------------------ Net Assets, End of Period (thousands)....................... $1,178,114 Ratio of Expenses to Average Net Assets..................... 0.35% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees)............................................... 0.35% Ratio of Net Investment Income to Average Net Assets........ 1.60% Portfolio Turnover Rate..................................... 11% ------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 105 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, 2014 2013 2012 2011 2010 2009 2014 ------------------------------------------------------------------------------------------------------------------------------- (Unaudited) (Unaudited) Net Asset Value, Beginning of Period........................... $ 30.03 $ 23.11 $ 20.55 $ 19.06 $ 14.89 $ 13.35 $ 19.64 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A). 0.13 0.35 0.25 0.18 0.13 0.06 0.07 Net Gains (Losses) on Securities (Realized and Unrealized)....... 1.20 8.13 2.53 1.49 4.17 1.65 0.78 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total from Investment Operations.................... 1.33 8.48 2.78 1.67 4.30 1.71 0.85 ------------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............ (0.11) (0.36) (0.22) (0.18) (0.13) (0.17) (0.06) Net Realized Gains............... (0.94) (1.20) -- -- -- -- (0.90) ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total Distributions............ (1.05) (1.56) (0.22) (0.18) (0.13) (0.17) (0.96) ------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.... $ 30.31 $ 30.03 $ 23.11 $ 20.55 $ 19.06 $ 14.89 $ 19.53 ================================== =========== ========== ========== ========== ========== ========== =========== Total Return...................... 4.54%(D) 39.03% 13.61% 8.76% 28.99% 13.08% 4.46%(D) ------------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)...................... $8,391,412 $7,446,827 $4,563,345 $3,770,323 $3,391,457 $2,522,001 $4,803,585 Ratio of Expenses to Average Net Assets........................... 0.37%(E) 0.37% 0.37% 0.37% 0.37% 0.40%** 0.52%(E) Ratio of Net Investment Income to Average Net Assets............... 0.88%(E) 1.33% 1.14% 0.84% 0.76% 0.50% 0.69%(E) Portfolio Turnover Rate........... 4%(D) 10% 16% 23% 19% 17%* 6%(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, 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period........................... $ 14.84 $ 13.24 $ 12.25 $ 9.57 $ 9.19 ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A). 0.19 0.14 0.09 0.06 0.03 Net Gains (Losses) on Securities (Realized and Unrealized)....... 5.57 1.59 0.99 2.68 0.54 ---------- ---------- ---------- ---------- ---------- Total from Investment Operations.................... 5.76 1.73 1.08 2.74 0.57 ------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income............ (0.20) (0.13) (0.09) (0.06) (0.19) Net Realized Gains............... (0.76) -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total Distributions............ (0.96) (0.13) (0.09) (0.06) (0.19) ------------------------------------------------------------------------------------------------ Net Asset Value, End of Period.... $ 19.64 $ 14.84 $ 13.24 $ 12.25 $ 9.57 ================================== ========== ========== ========== ========== ========== Total Return...................... 41.34% 13.13% 8.85% 28.77% 6.61% ------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)...................... $4,695,831 $3,437,958 $3,257,719 $3,178,286 $2,818,365 Ratio of Expenses to Average Net Assets........................... 0.52% 0.52% 0.52% 0.52% 0.54%** Ratio of Net Investment Income to Average Net Assets............... 1.16% 0.99% 0.69% 0.58% 0.38% Portfolio Turnover Rate........... 11% 15% 14% 9% 12%* ------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. * For the period February 28, 2009 through October 31, 2009. Effective February 28, 2009, the Portfolios invest directly in securities rather than through the Series. **Represents the combined ratios for the respective portfolio and, for the period November 1, 2008 through February 27, 2009, its respective pro-rata share of its Master Fund Series. See accompanying Notes to Financial Statements. 106 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, 2014 2013 2012 2011 2010 2009 2014 ------------------------------------------------------------------------------------------------------------------------------- (Unaudited) (Unaudited) Net Asset Value, Beginning of Period............................. $ 27.77 $ 25.83 $ 23.25 $ 21.24 $ 15.29 $ 16.16 $ 22.20 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).. 0.54 0.67 0.57 0.40 0.58 0.58 0.44 Net Gains (Losses) on Securities (Realized and Unrealized)........ 1.74 1.95 2.74 1.93 5.92 (0.62) 0.65 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total from Investment Operations...................... 2.28 2.62 3.31 2.33 6.50 (0.04) 1.09 ------------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............. (0.55) (0.68) (0.73) (0.32) (0.55) (0.83) (0.30) ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total Distributions.............. (0.55) (0.68) (0.73) (0.32) (0.55) (0.83) (0.30) ------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period...... $ 29.50 $ 27.77 $ 25.83 $ 23.25 $ 21.24 $ 15.29 $ 22.99 ==================================== =========== ========== ========== ========== ========== ========== =========== Total Return........................ 8.49%(D) 10.28% 14.45% 11.09% 43.21% 0.98% 4.97%(D) ------------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)........................ $5,544,970 $4,677,418 $3,716,389 $3,098,647 $2,689,552 $2,018,559 $3,047,190 Ratio of Expenses to Average Net Assets............................. 0.18%(E) 0.18% 0.22% 0.32% 0.33% 0.36% 0.28%(E) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly).......... 0.19%(E) 0.19% 0.23% 0.32% 0.33% 0.36% 0.28%(E) Ratio of Net Investment Income to Average Net Assets................. 3.96%(E) 2.42% 2.29% 1.76% 3.13% 4.54% 4.00%(E) Portfolio Turnover Rate............. 0%(D) 1% 0% 3% 2% 2% 3%(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, 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period............................. $ 18.33 $ 17.91 $ 19.42 $ 18.02 $ 14.81 ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).. 0.58 0.60 0.63 0.48 0.48 Net Gains (Losses) on Securities (Realized and Unrealized)........ 3.90 0.40 (1.53) 1.43 3.16 ---------- ---------- ---------- ---------- ---------- Total from Investment Operations...................... 4.48 1.00 (0.90) 1.91 3.64 ------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............. (0.61) (0.58) (0.61) (0.51) (0.43) ---------- ---------- ---------- ---------- ---------- Total Distributions.............. (0.61) (0.58) (0.61) (0.51) (0.43) ------------------------------------------------------------------------------------------------- Net Asset Value, End of Period...... $ 22.20 $ 18.33 $ 17.91 $ 19.42 $ 18.02 ==================================== ========== ========== ========== ========== ========== Total Return........................ 24.85% 5.89% (4.86)% 10.99% 25.20% ------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)........................ $2,755,114 $2,055,759 $1,704,149 $1,616,686 $1,364,351 Ratio of Expenses to Average Net Assets............................. 0.29% 0.30% 0.30% 0.30% 0.32% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly).......... 0.29% 0.30% 0.30% 0.30% 0.32% Ratio of Net Investment Income to Average Net Assets................. 2.90% 3.38% 3.19% 2.65% 3.14% Portfolio Turnover Rate............. 5% 4% 3% 7% 12% -------------------------------------------------------------------------------------------------
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)
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, 2014 2013 2012 2011 2010 ------------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Asset Value, Beginning of Period........................ $ 12.57 $ 10.10 $ 9.89 $ 10.78 $ 9.79 ----------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.22 0.31 0.31 0.33 0.23 Net Gains (Losses) on Securities (Realized and Unrealized). 0.52 2.47 0.20 (0.89) 0.96 ----------- ---------- ---------- ---------- ---------- Total from Investment Operations......................... 0.74 2.78 0.51 (0.56) 1.19 ------------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.14) (0.31) (0.30) (0.33) (0.20) ----------- ---------- ---------- ---------- ---------- Total Distributions...................................... (0.14) (0.31) (0.30) (0.33) (0.20) ------------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period.............................. $ 13.17 $ 12.57 $ 10.10 $ 9.89 $ 10.78 =========================================================== =========== ========== ========== ========== ========== Total Return................................................ 5.97%(D) 27.98% 5.49% (5.49)% 12.48% ------------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)....................... $11,462,175 $9,508,466 $6,482,738 $5,395,884 $4,866,989 Ratio of Expenses to Average Net Assets..................... 0.38%(E) 0.39% 0.40% 0.40% 0.40% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)...................... 0.38%(E) 0.39% 0.40% 0.40% 0.40% Ratio of Net Investment Income to Average Net Assets........ 3.47%(E) 2.80% 3.18% 2.96% 2.31% Portfolio Turnover Rate..................................... 4%(D) 3% 5% 3% 2% ------------------------------------------------------------------------------------------------------------------------------
----------- Year Ended Oct. 31, 2009 ------------------------------------------------------------------------ Net Asset Value, Beginning of Period........................ $ 7.46 ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.23 Net Gains (Losses) on Securities (Realized and Unrealized). 2.32 ---------- Total from Investment Operations......................... 2.55 ------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.22) ---------- Total Distributions...................................... (0.22) ------------------------------------------------------------------------ Net Asset Value, End of Period.............................. $ 9.79 =========================================================== ========== Total Return................................................ 34.81% ------------------------------------------------------------------------ Net Assets, End of Period (thousands)....................... $3,699,842 Ratio of Expenses to Average Net Assets..................... 0.41% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)...................... 0.41% Ratio of Net Investment Income to Average Net Assets........ 2.84% Portfolio Turnover Rate..................................... 5% ------------------------------------------------------------------------
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)
International Small Company 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, 2014 2013 2012 2011 2010 2009 2014 -------------------------------------------------------------------------------------------------------------------------------- (Unaudited) (Unaudited) Net Asset Value, Beginning of Period............................. $ 19.40 $ 15.28 $ 15.21 $ 16.14 $ 13.99 $ 10.07 $ 19.33 ---------- ---------- ---------- ---------- ---------- ---------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).. 0.20 0.42 0.38 0.40 0.28 0.28 0.15 Net Gains (Losses) on Securities (Realized and Unrealized)........ 1.20 4.16 0.39 (0.83) 2.13 3.91 (0.64) ---------- ---------- ---------- ---------- ---------- ---------- -------- Total from Investment Operations...................... 1.40 4.58 0.77 (0.43) 2.41 4.19 (0.49) -------------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............. (0.23) (0.37) (0.42) (0.50) (0.26) (0.27) (0.55) Net Realized Gains................ (0.54) (0.09) (0.28) -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- -------- Total Distributions.............. (0.77) (0.46) (0.70) (0.50) (0.26) (0.27) (0.55) -------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period...... $ 20.03 $ 19.40 $ 15.28 $ 15.21 $ 16.14 $ 13.99 $ 18.29 =================================== =========== ========== ========== ========== ========== ========== =========== Total Return........................ 7.61%(D) 30.66% 5.63% (2.92)% 17.61% 42.34% (2.58)%(D) -------------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)........................ $9,220,830 $8,520,717 $6,423,160 $5,834,015 $5,511,594 $4,269,864 $379,944 Ratio of Expenses to Average Net Assets (B)......................... 0.53%(E) 0.54% 0.56% 0.55% 0.56% 0.57% 0.55%(E) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees) (B).......................... 0.53%(E) 0.54% 0.56% 0.55% 0.56% 0.57% 0.55%(E) Ratio of Net Investment Income to Average Net Assets................. 2.04%(E) 2.47% 2.58% 2.37% 1.94% 2.48% 1.63%(E) --------------------------------------------------------------------------------------------------------------------------------
Japanese Small Company Portfolio ------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended Oct. 31, Oct. 31, Oct. 31, Oct. 31, Oct. 31, 2013 2012 2011 2010 2009 -------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period............................. $ 14.99 $ 15.24 $ 14.13 $ 14.32 $ 11.97 -------- -------- -------- -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).. 0.26 0.29 0.27 0.22 0.22 Net Gains (Losses) on Securities (Realized and Unrealized)........ 4.21 (0.26) 1.08 (0.18) 2.39 -------- -------- -------- -------- -------- Total from Investment Operations...................... 4.47 0.03 1.35 0.04 2.61 -------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............. (0.13) (0.28) (0.24) (0.23) (0.26) Net Realized Gains................ -- -- -- -- -- -------- -------- -------- -------- -------- Total Distributions.............. (0.13) (0.28) (0.24) (0.23) (0.26) -------------------------------------------------------------------------------------- Net Asset Value, End of Period...... $ 19.33 $ 14.99 $ 15.24 $ 14.13 $ 14.32 =================================== ======== ======== ======== ======== ======== Total Return........................ 30.06% 0.20% 9.57% 0.33% 22.08% -------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)........................ $414,132 $293,968 $163,120 $114,933 $114,058 Ratio of Expenses to Average Net Assets (B)......................... 0.56% 0.57% 0.56% 0.57% 0.59% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees) (B).......................... 0.56% 0.57% 0.56% 0.57% 0.59% Ratio of Net Investment Income to Average Net Assets................. 1.51% 1.88% 1.74% 1.52% 1.68% --------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 109 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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Asset Value, Beginning of Period................. $ 24.82 $ 23.22 $ 23.04 $ 25.64 $ 20.59 $ 11.67 -------- -------- -------- -------- -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)................... 0.34 1.01 0.87 0.85 0.69 0.50 Net Gains (Losses) on Securities (Realized and Unrealized)....................................... (0.41) 1.37 0.58 (2.16) 4.99 8.95 -------- -------- -------- -------- -------- Total from Investment Operations.................. (0.07) 2.38 1.45 (1.31) 5.68 9.45 ------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income.............................. (0.96) (0.78) (1.27) (1.29) (0.63) (0.53) Net Realized Gains................................. -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- Total Distributions............................... (0.96) (0.78) (1.27) (1.29) (0.63) (0.53) ------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period....................... $ 23.79 $ 24.82 $ 23.22 $ 23.04 $ 25.64 $ 20.59 ===================================================== =========== ======== ======== ======== ======== ======== Total Return......................................... (0.01)%(D) 10.46% 7.09% (5.59)% 28.36% 84.11% ------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)................ $396,973 $331,166 $238,191 $139,262 $131,511 $101,853 Ratio of Expenses to Average Net Assets (B).......... 0.55%(E) 0.57% 0.59% 0.60% 0.63% 0.65% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees) (B)............. 0.55%(E) 0.57% 0.59% 0.60% 0.61% 0.65% Ratio of Net Investment Income to Average Net Assets. 2.93%(E) 4.26% 3.91% 3.34% 3.14% 3.53% ------------------------------------------------------------------------------------------------------------------------
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, 2014 2013 2012 2011 2010 2009 ----------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period................. $ 36.96 $ 27.81 $ 23.44 $ 24.24 $ 19.83 $ 14.27 ------- ------- ------- ------- ------- ------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)................... 0.45 0.88 0.69 0.82 0.50 0.55 Net Gains (Losses) on Securities (Realized and Unrealized)....................................... 2.90 9.17 4.47 (0.85) 4.41 5.44 ------- ------- ------- ------- ------- ------- Total from Investment Operations.................. 3.35 10.05 5.16 (0.03) 4.91 5.99 ----------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income.............................. (0.51) (0.90) (0.79) (0.77) (0.50) (0.43) Net Realized Gains................................. (0.41) -- -- -- -- -- ------- ------- ------- ------- ------- ------- Total Distributions............................... (0.92) (0.90) (0.79) (0.77) (0.50) (0.43) ----------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period....................... $ 39.39 $ 36.96 $ 27.81 $ 23.44 $ 24.24 $ 19.83 ===================================================== =========== ======== ======== ======== ======== ======== Total Return......................................... 9.27%(D) 36.81% 22.82% (0.28)% 25.37% 42.81% ----------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)................ $39,154 $37,096 $31,316 $33,869 $33,751 $27,863 Ratio of Expenses to Average Net Assets (B).......... 0.59%(E) 0.59% 0.60% 0.60% 0.60% 0.61% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees) (B)............. 0.61%(E) 0.63% 0.63% 0.62% 0.64% 0.70% Ratio of Net Investment Income to Average Net Assets. 2.36%(E) 2.79% 2.83% 3.26% 2.39% 3.62% -----------------------------------------------------------------------------------------------------------------
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)
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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Asset Value, Beginning of Period. $ 20.26 $ 14.51 $ 14.66 $ 16.93 $ 15.02 $ 10.73 -------- -------- -------- -------- -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).... 0.18 0.37 0.39 0.39 0.27 0.28 Net Gains (Losses) on Securities (Realized and Unrealized).......... 2.78 5.78 (0.17) (2.20) 1.89 4.29 -------- -------- -------- -------- -------- -------- Total from Investment Operations....................... 2.96 6.15 0.22 (1.81) 2.16 4.57 ------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income............... (0.04) (0.40) (0.37) (0.46) (0.25) (0.28) -------- -------- -------- -------- -------- -------- Total Distributions............... (0.04) (0.40) (0.37) (0.46) (0.25) (0.28) ------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period....... $ 23.18 $ 20.26 $ 14.51 $ 14.66 $ 16.93 $ 15.02 ===================================== =========== ======== ======== ======== ======== ======== Total Return......................... 14.65%(D) 42.99% 1.85% (11.09)% 14.85% 43.12% ------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)......................... $194,235 $170,806 $106,316 $117,452 $128,106 $110,926 Ratio of Expenses to Average Net Assets.............................. 0.56%(B)(E) 0.58%(B) 0.59%(B) 0.58%(B) 0.59%(B) 0.62%(B) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)........... 0.56%(B)(E) 0.58%(B) 0.59%(B) 0.58%(B) 0.59%(B) 0.61%(B) Ratio of Net Investment Income to Average Net Assets.................. 1.68%(E) 2.16% 2.78% 2.25% 1.78% 2.39% 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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period. $ 5.48 $ 5.67 $ 4.90 $ 5.58 $ 5.24 $ 4.18 ---------- ---------- ---------- ---------- -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).... 0.09 0.22 0.27 0.30 0.31 0.26 Net Gains (Losses) on Securities (Realized and Unrealized).......... 0.12 0.25 0.75 (0.33) 0.58 0.91 ---------- ---------- ---------- ---------- -------- -------- Total from Investment Operations....................... 0.21 0.47 1.02 (0.03) 0.89 1.17 ------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............... (0.26) (0.66) (0.25) (0.65) (0.55) (0.11) ---------- ---------- ---------- ---------- -------- -------- Total Distributions............... (0.26) (0.66) (0.25) (0.65) (0.55) (0.11) ------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period....... $ 5.43 $ 5.48 $ 5.67 $ 4.90 $ 5.58 $ 5.24 ===================================== =========== ========== ========== ========== ======== ======== Total Return......................... 4.37%(D) 9.24% 22.34% (0.43)% 18.96% 29.25% ------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......................... $2,572,390 $2,158,977 $1,531,708 $1,060,156 $958,554 $742,329 Ratio of Expenses to Average Net Assets.............................. 0.38%(E) 0.39% 0.41% 0.42% 0.41% 0.43% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)........... 0.38%(E) 0.39% 0.41% 0.42% 0.41% 0.43% Ratio of Net Investment Income to Average Net Assets.................. 3.68%(E) 4.07% 5.45% 5.73% 6.42% 6.40% Portfolio Turnover Rate.............. 1%(D) 5% 3% 7% 6% 5% -------------------------------------------------------------------------------------------------------------
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)
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, 2014 2013 2012 2011 2010 2009 ----------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period........................ $ 9.59 $ 9.33 $ 8.21 $ 8.28 $ 6.75 $ 6.04 ---------- ---------- ---------- -------- -------- -------- Income from Investment Operations ---------------------- Net Investment Income (Loss) (A)................... 0.27 0.49 0.29 0.41 0.40 0.19 Net Gains (Losses) on Securities (Realized and Unrealized).................. 0.33 0.37 1.07 0.06 1.60 0.62 ---------- ---------- ---------- -------- -------- Total from Investment Operations................. 0.60 0.86 1.36 0.47 2.00 0.81 ----------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income......... (0.32) (0.60) (0.24) (0.54) (0.47) (0.10) Net Realized Gains............ -- -- -- -- -- -- ---------- ---------- ---------- -------- -------- -------- Total Distributions......... (0.32) (0.60) (0.24) (0.54) (0.47) (0.10) ----------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period........................ $ 9.87 $ 9.59 $ 9.33 $ 8.21 $ 8.28 $ 6.75 =============================== =========== ========== ========== ======== ======== ======== Total Return................... 6.76%(D) 9.74% 17.33% 6.17% 31.38% 13.81% ----------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)................... $2,557,817 $2,082,707 $1,315,547 $869,348 $695,461 $432,502 Ratio of Expenses to Average Net Assets.................... 0.32%(B)(E) 0.32%(B) 0.34%(B) 0.41%(B) 0.41%(B) 0.47%(B) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)................... 0.55%(B)(E) 0.55%(B) 0.60%(B) 0.73%(B) 0.73%(B) 0.79%(B) Ratio of Net Investment Income to Average Net Assets......... 5.98%(E) 5.18% 3.38% 5.01% 5.59% 3.40% Portfolio Turnover Rate........ N/A 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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period........................ $ 20.17 $ 15.16 $ 14.85 $ 16.16 $ 14.92 $ 10.82 ----------- ----------- ---------- ---------- ---------- ---------- Income from Investment Operations ---------------------- Net Investment Income (Loss) (A)................... 0.18 0.37 0.34 0.34 0.24 0.26 Net Gains (Losses) on Securities (Realized and Unrealized).................. 1.65 5.21 0.61 (0.98) 1.22 4.14 ----------- ----------- ---------- ---------- ---------- ---------- Total from Investment Operations................. 1.83 5.58 0.95 (0.64) 1.46 4.40 ------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income......... (0.20) (0.36) (0.36) (0.38) (0.22) (0.24) Net Realized Gains............ (0.30) (0.21) (0.28) (0.29) -- (0.06) ----------- ----------- ---------- ---------- ---------- ---------- Total Distributions......... (0.50) (0.57) (0.64) (0.67) (0.22) (0.30) ------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period........................ $ 21.50 $ 20.17 $ 15.16 $ 14.85 $ 16.16 $ 14.92 =============================== =========== =========== ========== ========== ========== ========== Total Return................... 9.33%(D) 37.79% 6.92% (4.39)% 10.01% 41.42% ------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)................... $12,347,592 $11,148,899 $8,266,610 $7,459,144 $7,655,318 $6,859,957 Ratio of Expenses to Average Net Assets.................... 0.68%(E) 0.69% 0.71% 0.70% 0.70% 0.71% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)................... 0.68%(E) 0.69% 0.71% 0.70% 0.70% 0.71% Ratio of Net Investment Income to Average Net Assets......... 1.75%(E) 2.16% 2.30% 2.05% 1.57% 2.19% Portfolio Turnover Rate........ 4%(D) 9% 18% 16% 18% 22% -------------------------------------------------------------------------------------------------------------
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)
International Vector Equity 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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Asset Value, Beginning of Period............... $ 11.75 $ 9.33 $ 9.34 $ 10.28 $ 9.22 $ 6.74 ---------- ---------- -------- -------- -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).................. 0.17 0.26 0.27 0.29 0.18 0.17 Net Gains (Losses) on Securities (Realized and Unrealized)...................................... 0.59 2.44 0.14 (0.87) 1.05 2.46 ---------- ---------- -------- -------- -------- -------- Total from Investment Operations................ 0.76 2.70 0.41 (0.58) 1.23 2.63 ------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income............................. (0.09) (0.25) (0.27) (0.29) (0.17) (0.15) Net Realized Gains................................ (0.08) (0.03) (0.15) (0.07) -- -- ---------- ---------- -------- -------- -------- -------- Total Distributions............................. (0.17) (0.28) (0.42) (0.36) (0.17) (0.15) ------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period..................... $ 12.34 $ 11.75 $ 9.33 $ 9.34 $ 10.28 $ 9.22 =================================================== =========== ========== ======== ======== ======== ======== Total Return....................................... 6.65%(D) 29.52% 4.90% (5.99)% 13.62% 39.52% ------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands).............. $1,296,449 $1,090,774 $561,399 $410,580 $363,123 $262,544 Ratio of Expenses to Average Net Assets............ 0.50%(E) 0.51% 0.54% 0.54% 0.54% 0.60% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)....................................... 0.50%(E) 0.51% 0.54% 0.54% 0.53% 0.59% Ratio of Net Investment Income to Average Net Assets............................................ 2.83%(E) 2.51% 2.94% 2.73% 1.91% 2.31% Portfolio Turnover Rate............................ 4%(D) 2% 5% 10% 5% 8% ------------------------------------------------------------------------------------------------------------------------
World ex U.S. Value Portfolio -------------------------------------------------------------- Period Six Months Year Year Year Aug. 23, Ended Ended Ended Ended 2010(a) to April 30, Oct. 31, Oct. 31, Oct. 31, Oct. 31, 2014 2013 2012 2011 2010 ---------------------------------------------------------------------------------------------------------------------------- (Unaudited) 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).................. 0.25 0.29 0.29 0.30 0.02 Net Gains (Losses) on Securities (Realized and Unrealized)...................................... 0.20 2.02 (0.05) (1.35) 1.33 -------- -------- ------- ------- ------- Total from Investment Operations................ 0.45 2.31 0.24 (1.05) 1.35 ---------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............................. (0.19) (0.32) (0.26) (0.26) -- Net Realized Gains................................ -- -- -- (0.08) -- -------- -------- ------- ------- ------- Total Distributions............................. (0.19) (0.32) (0.26) (0.34) -- ---------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period..................... $ 12.19 $ 11.93 $ 9.94 $ 9.96 $ 11.35 =================================================== =========== ======== ======== ======== ========== Total Return....................................... 3.85%(D) 23.61% 2.70% (9.59)% 13.50%(D) ---------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands).............. $119,072 $117,587 $57,197 $47,165 $29,616 Ratio of Expenses to Average Net Assets............ 0.60%(B)(E) 0.60%(B) 0.60%(B) 0.60%(B) 0.90%(B)(C)(E) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)....................................... 0.76%(B)(E) 0.76%(B) 0.84%(B) 0.91%(B) 1.37%(B)(C)(E) Ratio of Net Investment Income to Average Net Assets............................................ 4.29%(E) 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. 113 DFA INVESTMENT DIMENSIONS GROUP INC. FINANCIAL HIGHLIGHTS (for a share outstanding throughout each period)
World ex U.S. Targeted World ex U.S. Core Equity Value Portfolio Portfolio ---------------------- ----------------------- Period Period Six Months Nov. 1, Six Months April 9, Ended 2012(a) to Ended 2013(a) to April 30, Oct. 31, April 30, Oct. 31, 2014 2013 2014 2013 -------------------------------------------------------------------------------------------------------------------------- (Unaudited) (Unaudited) Net Asset Value, Beginning of Period........................ $ 12.46 $ 10.00 $ 10.77 $ 10.00 -------- ------- -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.10 0.20 0.10 0.18 Net Gains (Losses) on Securities (Realized and Unrealized). 0.58 2.46 0.35 0.77 -------- ------- -------- -------- Total from Investment Operations.......................... 0.68 2.66 0.45 0.95 -------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income...................................... (0.13) (0.20) (0.10) (0.18) Net Realized Gains......................................... (0.15) -- (0.01) -- -------- ------- -------- -------- Total Distributions....................................... (0.28) (0.20) (0.11) (0.18) -------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.............................. $ 12.86 $ 12.46 $ 11.11 $ 10.77 =========================================================== =========== ========== =========== ========== Total Return................................................ 5.62%(D) 26.90%(D) 4.20%(D) 9.62%(D) -------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)....................... $144,157 $96,010 $214,650 $129,720 Ratio of Expenses to Average Net Assets(B).................. 0.70%(E) 0.79%(C)(E) 0.47%(E) 0.47%(C)(E) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees)(B)............................................ 1.18%(E) 1.27%(C)(E) 0.88%(E) 0.97%(C)(E) Ratio of Net Investment Income to Average Net Assets........ 1.58%(E) 1.78%(C)(E) 1.81%(E) 3.12%(C)(E) --------------------------------------------------------------------------------------------------------------------------
Selectively Hedged Global Equity Portfolio ------------------------------- Period Six Months Year Nov. 14, Ended Ended 2011(a) to April 30, Oct. 31, Oct. 31, 2014 2013 2012 --------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period........................ $ 13.63 $ 10.87 $ 10.00 -------- ------- ------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.10 0.24 0.22 Net Gains (Losses) on Securities (Realized and Unrealized). 0.63 2.65 0.87 -------- ------- ------- Total from Investment Operations.......................... 0.73 2.89 1.09 --------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income...................................... (0.32) (0.10) (0.22) Net Realized Gains......................................... (0.14) (0.03) -- -------- ------- ------- Total Distributions....................................... (0.46) (0.13) (0.22) --------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.............................. $ 13.90 $ 13.63 $ 10.87 =========================================================== =========== ======== ========== Total Return................................................ 5.55%(D) 26.86% 11.11%(D) --------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)....................... $110,360 $91,348 $34,950 Ratio of Expenses to Average Net Assets(B).................. 0.40%(E) 0.40% 0.40%(C)(E) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees)(B)............................................ 0.69%(E) 0.72% 1.00%(C)(E) Ratio of Net Investment Income to Average Net Assets........ 1.53%(E) 1.93% 2.13%(C)(E) ---------------------------------------------------------------------------------------------------
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)
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, 2014 2013 2012 2011 2010 2009 2014 --------------------------------------------------------------------------------------------------------------------------------- (Unaudited) (Unaudited) Net Asset Value, Beginning of Period............................. $ 26.97 $ 26.06 $ 26.68 $ 30.90 $ 25.23 $ 17.05 $ 21.10 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).. 0.17 0.52 0.55 0.61 0.48 0.42 0.15 Net Gains (Losses) on Securities (Realized and Unrealized)........ (0.78) 1.17 0.37 (2.53) 6.07 8.42 0.23 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total from Investment Operations...................... (0.61) 1.69 0.92 (1.92) 6.55 8.84 0.38 --------------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............. (0.16) (0.50) (0.50) (0.53) (0.46) (0.41) (0.19) Net Realized Gains................ (0.16) (0.28) (1.04) (1.77) (0.42) (0.25) (0.33) ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total Distributions.............. (0.32) (0.78) (1.54) (2.30) (0.88) (0.66) (0.52) --------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period...... $ 26.04 $ 26.97 $ 26.06 $ 26.68 $ 30.90 $ 25.23 $ 20.96 =================================== =========== ========== ========== ========== ========== ========== =========== Total Return........................ (2.27)%(D) 6.58% 4.08% (6.82)% 26.53% 53.39% 1.89%(D) --------------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)........................ $3,877,444 $3,655,740 $2,797,177 $2,313,035 $2,372,498 $1,966,288 $4,318,150 Ratio of Expenses to Average Net Assets (B)......................... 0.56%(E) 0.57% 0.61% 0.61% 0.60% 0.62% 0.72%(E) Ratio of Net Investment Income to Average Net Assets................. 1.38%(E) 1.97% 2.14% 2.07% 1.76% 2.15% 1.45%(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, 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period............................. $ 20.33 $ 19.85 $ 24.26 $ 17.45 $ 9.33 ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).. 0.40 0.40 0.42 0.34 0.26 Net Gains (Losses) on Securities (Realized and Unrealized)........ 1.37 0.83 (3.67) 6.79 8.14 ---------- ---------- ---------- ---------- ---------- Total from Investment Operations...................... 1.77 1.23 (3.25) 7.13 8.40 ------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............. (0.39) (0.35) (0.40) (0.32) (0.28) Net Realized Gains................ (0.61) (0.40) (0.76) -- -- ---------- ---------- ---------- ---------- ---------- Total Distributions.............. (1.00) (0.75) (1.16) (0.32) (0.28) ------------------------------------------------------------------------------------------------- Net Asset Value, End of Period...... $ 21.10 $ 20.33 $ 19.85 $ 24.26 $ 17.45 =================================== ========== ========== ========== ========== ========== Total Return........................ 8.92% 6.71% (14.03)% 41.33% 91.35% ------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)........................ $4,041,863 $2,907,673 $1,832,745 $1,833,038 $1,133,958 Ratio of Expenses to Average Net Assets (B)......................... 0.75% 0.82% 0.79% 0.78% 0.80% Ratio of Net Investment Income to Average Net Assets................. 1.91% 2.01% 1.86% 1.70% 2.05% -------------------------------------------------------------------------------------------------
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)
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, 2014 2013 2012 2011 2010 2009 --------------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period......................... $ 29.27 $ 28.21 $ 29.02 $ 36.35 $ 46.84 $ 85.43 ------- -------- ------- ------- ------- ------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.17 0.47 0.50 0.20 0.56 0.56 Net Gains (Losses) on Securities (Realized and Unrealized). (1.21) 1.68 (0.45) (5.45) 9.18 21.36 ------- -------- ------- ------- ------- ------- Total from Investment Operations.......................... (1.04) 2.15 0.05 (5.25) 9.74 21.92 --------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income...................................... (0.23) (0.50) (0.47) (0.45) (7.12) (6.00) Net Realized Gains......................................... (0.42) (0.59) (0.39) (1.63) (13.11) (54.52) ------- -------- ------- ------- ------- ------- Total Distributions....................................... (0.65) (1.09) (0.86) (2.08) (20.23) (60.52) --------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period............................... $ 27.58 $ 29.27 $ 28.21 $ 29.02 $ 36.35 $ 46.83 ============================================================= =========== ======== ======== ======== ======== ======== Total Return................................................. (3.57)%(D) 7.75% 0.43% (15.24)% 29.71% 78.29% --------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)........................ $99,196 $106,070 $99,111 $78,157 $39,668 $ 5,082 Ratio of Expenses to Average Net Assets (B).................. 0.80%(E) 0.82% 0.86% 0.86% 0.86% 0.90% Ratio of Net Investment Income to Average Net Assets......... 1.25%(E) 1.65% 1.78% 1.56% 1.39% 1.39% ---------------------------------------------------------------------------------------------------------------------------
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. 116 DFA INVESTMENT DIMENSIONS GROUP INC. FINANCIAL HIGHLIGHTS (for a share outstanding throughout each period)
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, 2014 2013 2012 2011 2010 2009 -------------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period.... $ 29.28 $ 28.22 $ 29.02 $ 36.27 $ 28.90 $ 19.36 ----------- ----------- ----------- ----------- ----------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)....... 0.20 0.55 0.57 0.64 0.45 0.38 Net Gains (Losses) on Securities (Realized and Unrealized). (1.21) 1.67 (0.44) (5.72) 8.01 12.41 ----------- ----------- ----------- ----------- ----------- ---------- Total from Investment Operations..... (1.01) 2.22 0.13 (5.08) 8.46 12.79 -------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income.................. (0.25) (0.57) (0.54) (0.54) (0.39) (0.34) Net Realized Gains..................... (0.42) (0.59) (0.39) (1.63) (0.70) (2.91) ----------- ----------- ----------- ----------- ----------- ---------- Total Distributions.................. (0.67) (1.16) (0.93) (2.17) (1.09) (3.25) -------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.......... $ 27.60 $ 29.28 $ 28.22 $ 29.02 $ 36.27 $ 28.90 ======================================= =========== =========== =========== =========== =========== ========== Total Return............................ (3.41)%(D) 8.01% 0.70% (14.84)% 30.04% 78.59% -------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)... $18,774,410 $19,162,837 $16,589,619 $13,730,213 $11,542,870 $7,401,266 Ratio of Expenses to Average Net Assets (B).................................... 0.55%(E) 0.57% 0.61% 0.61% 0.60% 0.62% Ratio of Net Investment Income to Average Net Assets..................... 1.52%(E) 1.91% 2.03% 1.88% 1.40% 1.76% --------------------------------------------------------------------------------------------------------------------------
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)
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, 2014 2013 2012 2011 2010 -------------------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period........................ $ 20.09 $ 19.00 $ 18.73 $ 21.31 $ 16.49 ----------- ----------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.13 0.39 0.41 0.43 0.30 Net Gains (Losses) on Securities (Realized and Unrealized). (0.38) 1.07 0.23 (2.65) 4.81 ----------- ----------- ---------- ---------- ---------- Total from Investment Operations......................... (0.25) 1.46 0.64 (2.22) 5.11 -------------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income...................................... (0.12) (0.37) (0.37) (0.36) (0.29) ----------- ----------- ---------- ---------- ---------- Total Distributions...................................... (0.12) (0.37) (0.37) (0.36) (0.29) -------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.............................. $ 19.72 $ 20.09 $ 19.00 $ 18.73 $ 21.31 =========================================================== =========== =========== ========== ========== ========== Total Return................................................ (1.21)%(D) 7.75% 3.55% (10.59)% 31.30% -------------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)....................... $14,261,288 $13,020,962 $8,594,707 $5,367,473 $4,179,882 Ratio of Expenses to Average Net Assets..................... 0.61%(E) 0.63% 0.68% 0.67% 0.65% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)...................... 0.61%(E) 0.63% 0.68% 0.68% 0.65% Ratio of Net Investment Income to Average Net Assets........ 1.35%(E) 1.97% 2.18% 2.04% 1.63% Portfolio Turnover Rate..................................... 1%(D) 1% 1% 1% 4% --------------------------------------------------------------------------------------------------------------------------------
----------- Year Ended Oct. 31, 2009 ------------------------------------------------------------------------ Net Asset Value, Beginning of Period........................ $ 9.88 ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)........................... 0.25 Net Gains (Losses) on Securities (Realized and Unrealized). 6.56 ---------- Total from Investment Operations......................... 6.81 ------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income...................................... (0.20) ---------- Total Distributions...................................... (0.20) ------------------------------------------------------------------------ Net Asset Value, End of Period.............................. $ 16.49 =========================================================== ========== Total Return................................................ 69.47% ------------------------------------------------------------------------ Net Assets, End of Period (thousands)....................... $2,455,035 Ratio of Expenses to Average Net Assets..................... 0.67% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)...................... 0.67% Ratio of Net Investment Income to Average Net Assets........ 2.03% Portfolio Turnover Rate..................................... 6% ------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 118 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-seven operational portfolios, of which thirty (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 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 ex U.S. Core Equity Portfolio invests in two portfolios within the Fund. Selectively Hedged Global Equity Portfolio invests in three portfolios within the Fund.
Percentage Ownership Feeder Funds Master Funds at 04/30/14 ------------ ------------ ----------- U.S. Large Cap Value Portfolio The U.S. Large Cap Value Series 81% Japanese Small Company Portfolio The Japanese Small Company Series 17% Asia Pacific Small Company Portfolio The Asia Pacific Small Company Series 28% United Kingdom Small Company Portfolio The United Kingdom Small Company Series 2% Continental Small Company Portfolio The Continental Small Company Series 5% Emerging Markets Portfolio The Emerging Markets Series 99% 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 95% The Japanese Small Company Series 83% The United Kingdom Small Company Series 98% The Asia Pacific Small Company Series 72% The Canadian Small Company Series 98% DFA Global Real Estate Securities Portfolio DFA Real Estate Securities Portfolio 28% DFA International Real Estate Securities Portfolio 40% 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 ex U.S. Core Equity Portfolio International Core Equity Portfolio 1% Emerging Markets Core Equity Portfolio -- Selectively Hedged Global Equity Portfolio U.S. Core Equity 2 Portfolio -- International Core Equity Portfolio -- Emerging Markets Core Equity Portfolio --
Amounts designated as -- are less than 1%. 119 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 ex U.S. 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, World ex U.S. Core Equity 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. Effective February 28, 2009, Enhanced U.S. Large Company Portfolio, U.S. Small Cap Value Portfolio, U.S. Small Cap Portfolio and U.S. Micro Cap Portfolio invest directly in securities rather than through a Master Fund. Effective November 1, 2009, Dimensional Emerging Markets Value Fund ("DEM II"), 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 change in capital structure and retroactive reclassification of the statement of changes in net assets and financial highlights for DEM II is a result of the treatment of a partnership for book purposes. DEM II will maintain 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 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 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 which approximate fair value. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, 120 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 the Investment Committee 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. 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, 11:00 p.m. PT, the previous day), which is fourteen hours prior to the close of the NYSE (normally, 1:00 p.m. PT) 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 The DFA International Value Series and DEM), World ex U.S. Targeted Value Portfolio (except The Emerging Markets Small Cap Series and DEM), World ex U.S. Core Equity Portfolio 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 and World ex U.S. 121 Targeted Value 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, 2014, Emerging Markets Core Equity Portfolio had significant transfers of securities with a total value of $1,029,767 (in thousands) that transferred from Level 2 to Level 1 because fair value procedures were no longer applied. At October 31, 2013, 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 Fixed Income Portfolio, the International Equity Portfolios and Selectively Hedged Global Equity Portfolio 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 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 122 selecting a different distribution date). As of April 30, 2014, 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. 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 and Emerging Markets 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. For the six months ended April 30, 2014, the Portfolios' 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: Enhanced U.S. Large Company Portfolio*. 0.05% U.S. Large Cap Equity Portfolio........ 0.15% U.S. Targeted Value Portfolio*......... 0.10% U.S. Small Cap Value Portfolio*........ 0.20% U.S. Core Equity 1 Portfolio........... 0.17% U.S. Core Equity 2 Portfolio........... 0.20% U.S. Vector Equity Portfolio........... 0.30%
123 U.S. Small Cap Portfolio*.......................... 0.03% U.S. Micro Cap Portfolio*.......................... 0.10% 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. 0.35% DFA Global Real Estate Securities Portfolio........ 0.27% DFA International Small Cap Value Portfolio........ 0.65% 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% Selectively Hedged Global Equity Portfolio......... 0.30% Emerging Markets Core Equity Portfolio............. 0.55%
For the six months ended April 30, 2014, the Feeder Funds' and 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'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: Enhanced U.S. Large Company Portfolio*. 0.15% U.S. Large Cap Value Portfolio......... 0.15% U.S. Targeted Value Portfolio*......... 0.25% U.S. Small Cap Value Portfolio*........ 0.30% U.S. Small Cap Portfolio*.............. 0.32% U.S. Micro Cap Portfolio*.............. 0.40% 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%
* Effective February 28, 2009, Enhanced U.S. Large Company Portfolio, U.S. Small Cap Value Portfolio, U.S. Small Cap Portfolio and U.S. Micro Cap Portfolio no longer invested substantially all of their assets in their respective Series. Instead, the Portfolios' assets are managed directly in accordance with the Portfolios' investment objectives and strategies, pursuant to an investment advisory agreement between the Fund, on behalf of the Portfolios, and Dimensional, which previously was the manager of the Series' assets. The investment advisory fee paid by the Portfolios are identical to the advisory fee that was charged to the Series. Further, prior to February 28, 2014, the Portfolios and the U.S. Targeted Value Portfolio each were provided administrative services under an administrative agreement. Effective February 28, 2014, the administrative agreement and investment advisory agreement for each of these Portfolios were combined into an investment management agreement that provides for an investment management fee, equal to each Portfolio's previous investment advisory services fee and administrative services fee, payable to the Advisor for both investment advisory services and administrative services. 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, 2015, 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, 2014, 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). 124 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% -- $ 45 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% -- 1,009 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% -- 32 Continental Small Company Portfolio (4)................ 0.47% -- -- DFA International Real Estate Securities Portfolio (1). 0.65% -- -- DFA Global Real Estate Securities Portfolio (5)........ 0.32% -- 10,337 International Vector Equity Portfolio (1).............. 0.60% -- -- World ex U.S. Value Portfolio (6)...................... 0.60% -- 447 World ex U.S. Targeted Value Portfolio (7)............. 0.80% -- 546 World ex U.S. Core Equity Portfolio (8)................ 0.47% -- 491 Selectively Hedged Global Equity Portfolio (9)......... 0.40% -- 497 Emerging Markets Core Equity Portfolio (1)............. 0.85% -- -- Class R1 Shares --------------- U.S. Targeted Value Portfolio (10)..................... 0.62% -- -- Class R2 Shares --------------- U.S. Targeted Value Portfolio (10)..................... 0.77% -- -- Emerging Markets Value Portfolio (11).................. 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 and excluding any applicable 12b-1 fees) ("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 and excluding any applicable 12b-1 fees) ("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 and 125 excluding any applicable 12b-1 fees) ("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. (5) Effective February 28, 2012, 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 other funds managed by the Advisor but excluding the expenses that the Portfolio incurs indirectly through its investment in unaffiliated investment companies and excluding any applicable 12b-1 fees) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of the Portfolio to the rate 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 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, as listed above. Prior to February 28, 2012, the Advisor 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 other investment companies 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 of the Portfolio to 0.55% of average net assets on an annualized basis. At any time that the annualized Portfolio Expenses of the Portfolio were less than 0.55% of average net assets on an annualized basis, 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 Expense Limitation Amount then in effect. The Advisor voluntarily agreed to waive all or a portion of its advisory fee to the extent necessary to limit the total advisory fees paid by the Portfolio to the Advisor directly and indirectly (the proportionate share of the advisory fees paid by the Portfolio through its investment in other funds managed by the Advisor) to 0.35% of the Portfolio's average net assets on an annualized basis. (6) 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 but excluding any applicable 12b-1 fees) ("Portfolio Expenses") so that such Portfolio Expenses do not exceed 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. 126 (7) 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 but excluding any applicable 12b-1 fees) ("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. (8) 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 investment companies and excluding any applicable 12b-1 fees) ("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. (9) 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 but excluding any applicable 12b-1 fees) ("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. (10) 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 and excluding any applicable 12b-1 fees) ("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 on an annualized basis (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. (11) The Advisor has contractually agreed to assume the direct expenses of the Class R2 shares of the Portfolio (excluding management fees and custodian fees, and excluding any applicable 12b-1 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 on an annualized basis (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 127 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, 2014, expenses reduced were as follows (amounts in thousands):
Fees Paid Indirectly ---------- Enhanced U.S. Large Company Portfolio.............. $ 1 Large Cap International Portfolio.................. 3 International Core Equity Portfolio................ 17 DFA International Real Estate Securities Portfolio. 6 DFA International Small Cap Value Portfolio........ 6 International Vector Equity Portfolio.............. 2 World ex U.S. Value Portfolio...................... -- World ex U.S. Targeted Value Portfolio............. -- World ex U.S. Core Equity Portfolio................ -- Emerging Markets Core Equity Portfolio............. 46
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, 2014, the total related amounts paid by the Fund to the CCO were $130 (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, 2014, 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........ 1 U.S. Large Cap Value Portfolio......... 302 U.S. Targeted Value Portfolio.......... 87 U.S. Small Cap Value Portfolio......... 278 U.S. Core Equity 1 Portfolio........... 133 U.S. Core Equity 2 Portfolio........... 210 U.S. Vector Equity Portfolio........... 64 U.S. Small Cap Portfolio............... 147 U.S. Micro Cap Portfolio............... 139 DFA Real Estate Securities Portfolio... 108 Large Cap International Portfolio...... 70 International Core Equity Portfolio.... 196 International Small Company Portfolio.. 211 Japanese Small Company Portfolio....... 8 Asia Pacific Small Company Portfolio... 6 United Kingdom Small Company Portfolio. 1 Continental Small Company Portfolio.... 5
128 DFA International Real Estate Securities Portfolio. $ 40 DFA Global Real Estate Securities Portfolio........ 29 DFA International Small Cap Value Portfolio........ 311 International Vector Equity Portfolio.............. 16 World ex U.S. Value Portfolio...................... 1 World ex U.S. Targeted Value Portfolio............. 1 World ex U.S. Core Equity Portfolio................ 1 Selectively Hedged Global Equity Portfolio......... 1 Emerging Markets Portfolio......................... 95 Emerging Markets Small Cap Portfolio............... 71 Emerging Markets Value Portfolio................... 407 Emerging Markets Core Equity Portfolio............. 192
E. Purchases and Sales of Securities: For the six months ended April 30, 2014, the Portfolios 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 --------- -------- ---------- -------- Enhanced U.S. Large Company Portfolio.............. $108,402 $126,013 $ 66,492 $ 65,380 U.S. Large Cap Equity Portfolio.................... -- -- 51,836 552 U.S. Targeted Value Portfolio...................... -- -- 706,137 232,060 U.S. Small Cap Value Portfolio..................... -- -- 1,151,430 356,199 U.S. Core Equity 1 Portfolio....................... -- -- 1,071,182 75,925 U.S. Core Equity 2 Portfolio....................... -- -- 949,045 137,632 U.S. Vector Equity Portfolio....................... -- -- 190,766 74,918 U.S. Small Cap Portfolio........................... -- -- 1,062,912 312,760 U.S. Micro Cap Portfolio........................... -- -- 298,851 302,714 DFA Real Estate Securities Portfolio............... -- -- 543,502 3,814 Large Cap International Portfolio.................. -- -- 256,748 75,708 International Core Equity Portfolio................ -- -- 1,901,094 419,284 DFA International Real Estate Securities Portfolio. -- -- 345,430 21,832 DFA International Small Cap Value Portfolio........ -- -- 738,880 515,899 International Vector Equity Portfolio.............. -- -- 189,491 46,097 Emerging Markets Core Equity Portfolio............. -- -- 1,570,823 171,943
For the six months ended April 30, 2014, 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 10/31/2013 4/30/2014 Purchases Sales Income Realized Gains ------------------------------- ---------- ---------- --------- ------- -------- ---------------- DFA Real Estate Securities Portfolio....................... $1,235,206 $1,543,293 $227,454 $14,000 $25,503 -- DFA International Real Estate Securities Portfolio............ 842,644 1,010,087 162,445 -- 41,160 -- World ex U.S. Value Portfolio ----------------------------------------------------------------- Balance at Balance at Dividend Distributions of Affiliated Investment Companies 10/31/2013 4/30/2014 Purchases Sales Income Realized Gains ------------------------------- ---------- ---------- --------- ------- -------- ---------------- DFA International Small Cap Value Portfolio....................... $ 10,626 $ 10,582 $ 342 $ 1,047 $ 105 $157
129
World ex U.S. Targeted Value Portfolio ---------------------------------------------------------------- Balance at Balance at Dividend Distributions of Affiliated Investment Companies 10/31/2013 4/30/2014 Purchases Sales Income Realized Gains ------------------------------- ---------- ---------- --------- ------ -------- ---------------- DFA International Small Cap Value Portfolio......................... $59,508 $ 89,361 $25,854 $1,022 $ 613 $919 International Vector Equity Portfolio......................... 8,639 12,978 3,933 164 76 64 World ex U.S. Core Equity Portfolio ---------------------------------------------------------------- Balance at Balance at Dividend Distributions of Affiliated Investment Companies 10/31/2013 4/30/2014 Purchases Sales Income Realized Gains ------------------------------- ---------- ---------- --------- ------ -------- ---------------- International Core Equity Portfolio. $99,732 $165,054 $65,762 $7,685 $1,326 -- Emerging Markets Core Equity Portfolio......................... 29,703 49,042 21,359 2,315 181 -- Selectively Hedged Global Equity Portfolio ---------------------------------------------------------------- Balance at Balance at Dividend Distributions of Affiliated Investment Companies 10/31/2013 4/30/2014 Purchases Sales Income Realized Gains ------------------------------- ---------- ---------- --------- ------ -------- ---------------- U.S. Core Equity 2 Portfolio........ $37,594 $ 48,240 $15,642 $7,200 $ 261 $342 International Core Equity Portfolio. 34,847 41,759 10,859 5,580 370 -- Emerging Markets Core Equity Portfolio......................... 15,187 17,327 5,011 2,600 83 --
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, 2013, primarily 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, the utilization of accumulated earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction for income tax purposes, distributions received from real estate investment trusts, expiration of capital loss carryovers 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. $ (41) $(1,482) $ 1,523 U.S. Large Cap Equity Portfolio....... (11) 11 -- U.S. Large Cap Value Portfolio........ -- -- -- U.S. Targeted Value Portfolio......... 32,363 (3,552) (28,811) U.S. Small Cap Value Portfolio........ 30,865 (6,020) (24,845) U.S. Core Equity 1 Portfolio.......... -- 73 (73) U.S. Core Equity 2 Portfolio.......... 7,427 (4,267) (3,160) U.S. Vector Equity Portfolio.......... 3,066 (1,370) (1,696)
130
Increase Increase (Decrease) (Decrease) Increase Undistributed Accumulated (Decrease) Net Investment Net Realized Paid-In Capital Income Gains (Losses) --------------- -------------- -------------- U.S. Small Cap Portfolio........................... $14,889 $ (3,327) $(11,562) U.S. Micro Cap Portfolio........................... 13,457 (2,061) (11,396) DFA Real Estate Securities Portfolio............... 92 8,126 (8,218) Large Cap International Portfolio.................. -- (48) 48 International Core Equity Portfolio................ -- (1,269) 1,269 International Small Company Portfolio.............. 19,041 2,378 (21,419) Japanese Small Company Portfolio................... (3,055) 1,185 1,870 Asia Pacific Small Company Portfolio............... -- 1,717 (1,717) United Kingdom Small Company Portfolio............. -- -- -- Continental Small Company Portfolio................ -- 11 (11) DFA International Real Estate Securities Portfolio. -- 7,155 (7,155) DFA Global Real Estate Securities Portfolio........ -- -- -- DFA International Small Cap Value Portfolio........ 20,991 (9,402) (11,589) International Vector Equity Portfolio.............. 640 (330) (310) World ex U.S. Value Portfolio...................... -- 5 (5) World ex U.S. Targeted Value Portfolio............. 39 (1) (38) World ex U.S. Core Equity Portfolio................ (9) 10 (1) Selectively Hedged Global Equity Portfolio......... -- 237 (237) Emerging Markets Portfolio......................... 4,120 (3,230) (890) Emerging Markets Small Cap Portfolio............... -- (74) 74 Emerging Markets Value Portfolio................... 30,746 (10,346) (20,400) Emerging Markets Core Equity Portfolio............. -- (1,813) 1,813
The tax character of dividends and distributions declared and paid during the years ended October 31, 2012 and October 31, 2013 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 2012.................................. $ 2,785 -- $ 2,785 2013.................................. 1,597 1,597 U.S. Large Cap Equity Portfolio 2013.................................. 321 -- 321 U.S. Large Cap Value Portfolio 2012.................................. 150,153 150,153 2013.................................. 180,943 -- 180,943 U.S. Targeted Value Portfolio 2012.................................. 27,304 $ 31,976 59,280 2013.................................. 55,372 162,209 217,581 U.S. Small Cap Value Portfolio 2012.................................. 56,139 122,752 178,891 2013.................................. 112,970 380,218 493,188 U.S. Core Equity 1 Portfolio 2012.................................. 76,278 76,278 2013.................................. 105,633 -- 105,633 U.S. Core Equity 2 Portfolio 2012.................................. 103,512 2,008 105,520 2013.................................. 143,640 55,772 199,412
131
Net Investment Income and Short-Term Long-Term Capital Gains Capital Gains Total -------------- ------------- -------- U.S. Vector Equity Portfolio 2012............................................... $ 29,237 $ 337 $ 29,574 2013............................................... 34,959 3,507 38,466 U.S. Small Cap Portfolio 2012............................................... 44,580 14,276 58,856 2013............................................... 83,270 228,671 311,941 U.S. Micro Cap Portfolio 2012............................................... 33,018 14,720 47,738 2013............................................... 46,915 176,365 223,280 DFA Real Estate Securities Portfolio 2012............................................... 103,653 103,653 2013............................................... 102,731 -- 102,731 Large Cap International Portfolio 2012............................................... 60,808 60,808 2013............................................... 70,787 -- 70,787 International Core Equity Portfolio 2012............................................... 179,492 179,492 2013............................................... 214,687 -- 214,687 International Small Company Portfolio 2012............................................... 169,495 110,049 279,544 2013............................................... 159,066 39,012 198,078 Japanese Small Company Portfolio 2012............................................... 4,541 4,541 2013............................................... 2,836 -- 2,836 Asia Pacific Small Company Portfolio 2012............................................... 9,333 9,333 2013............................................... 7,603 -- 7,603 United Kingdom Small Company Portfolio 2012............................................... 992 992 2013............................................... 953 -- 953 Continental Small Company Portfolio 2012............................................... 2,958 2,958 2013............................................... 2,834 -- 2,834 DFA International Real Estate Securities Portfolio 2012............................................... 60,194 60,194 2013............................................... 181,848 -- 181,848 DFA Global Real Estate Securities Portfolio 2012............................................... 26,050 26,050 2013............................................... 84,341 -- 84,341 DFA International Small Cap Value Portfolio 2012............................................... 206,370 131,063 337,433 2013............................................... 198,381 117,102 315,483 International Vector Equity Portfolio 2012............................................... 14,733 6,546 21,279 2013............................................... 17,456 2,044 19,500 World ex U.S. Value Portfolio 2012............................................... 1,438 1,438 2013............................................... 2,334 -- 2,334
132
Net Investment Income and Short-Term Long-Term Capital Gains Capital Gains Total -------------- ------------- -------- World ex U.S. Targeted Value Portfolio 2013....................................... $ 993 -- $ 993 World ex U.S. Core Equity Portfolio 2013....................................... 1,171 -- 1,171 Selectively Hedged Global Equity Portfolio 2012....................................... 534 534 2013....................................... 373 $ 56 429 Emerging Markets Portfolio 2012....................................... 51,664 91,664 143,328 2013....................................... 59,866 30,527 90,393 Emerging Markets Small Cap Portfolio 2012....................................... 42,163 40,014 82,177 2013....................................... 71,149 92,100 163,249 Emerging Markets Value Portfolio 2012....................................... 300,146 202,987 503,133 2013....................................... 357,501 344,531 702,032 Emerging Markets Core Equity Portfolio 2012....................................... 143,349 143,349 2013....................................... 205,400 -- 205,400
U.S. Large Cap Equity Portfolio commenced operations on June 25, 2013 and did not pay any distributions for the year ended October 31, 2012. World ex U.S. Targeted Value Portfolio commenced operations on November 1, 2012 and did not pay any distributions for the year ended October 31, 2012. World ex U.S. Core Equity Portfolio commenced operations on April 9, 2013 and did not pay any distributions for the year ended October 31, 2012. At October 31, 2013, 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....... -- -- -- U.S. Large Cap Equity Portfolio............. -- -- -- U.S. Large Cap Value Portfolio.............. -- -- -- U.S. Targeted Value Portfolio............... $ 6,274 $26,089 $32,363 U.S. Small Cap Value Portfolio.............. 6,218 24,617 30,865 U.S. Core Equity 1 Portfolio................ -- -- -- U.S. Core Equity 2 Portfolio................ 4,443 2,984 7,427 U.S. Vector Equity Portfolio................ 1,506 1,560 3,066 U.S. Small Cap Portfolio.................... 4,483 10,405 14,888 U.S. Micro Cap Portfolio.................... 3,060 10,398 13,458 International Small Company Portfolio....... 10,055 8,986 19,041 DFA International Small Cap Value Portfolio. 14,657 6,334 20,991 International Vector Equity Portfolio....... 473 167 640 World ex U.S.Targeted Value Portfolio....... 26 26 52 Emerging Markets Portfolio.................. 3,106 1,014 4,120 Emerging Markets Value Portfolio............ 18,634 12,112 30,746
133 At October 31, 2013, 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 Carryforwards (Depreciation) Losses) -------------- ------------- ------------- -------------- ------------- Enhanced U.S. Large Company Portfolio.... -- -- $ (1,059) $ 3,933 $ 2,874 U.S. Large Cap Equity Portfolio.......... $ 317 -- -- 10,560 10,877 U.S. Large Cap Value Portfolio........... 28,647 -- (512,898) 4,225,900 3,741,649 U.S. Targeted Value Portfolio............ 17,027 $237,247 -- 1,330,412 1,584,686 U.S. Small Cap Value Portfolio........... 18,970 443,687 -- 2,850,347 3,313,004 U.S. Core Equity 1 Portfolio............. 15,136 34,837 -- 2,298,101 2,348,074 U.S. Core Equity 2 Portfolio............. 19,964 98,716 -- 3,166,130 3,284,810 U.S. Vector Equity Portfolio............. 5,402 38,796 -- 926,605 970,803 U.S. Small Cap Portfolio................. 25,516 218,763 -- 2,182,172 2,426,451 U.S. Micro Cap Portfolio................. 17,211 200,725 -- 1,610,873 1,828,809 DFA Real Estate Securities Portfolio..... 32,487 -- (179,405) 1,274,703 1,127,785 Large Cap International Portfolio........ 9,261 -- (212,195) 612,594 409,660 International Core Equity Portfolio...... 41,670 -- (113,295) 1,437,552 1,367,061 International Small Company Portfolio.... 118,814 211,281 -- 1,566,261 1,896,356 Japanese Small Company Portfolio......... 11,490 -- (66,522) 16,667 (38,365) Asia Pacific Small Company Portfolio..... 11,406 -- (26,597) 24,537 9,346 United Kingdom Small Company Portfolio... 447 406 -- 13,794 14,647 Continental Small Company Portfolio...... 319 -- (26,529) 38,434 12,224 DFA International Real Estate Securities Portfolio.............................. 91,532 -- (206,697) (5,808) (120,973) DFA Global Real Estate Securities Portfolio.............................. 11,647 -- (808) 333,050 343,889 DFA International Small Cap Value Portfolio.............................. 145,446 127,002 -- 1,923,377 2,195,825 International Vector Equity Portfolio.... 5,884 7,263 -- 218,801 231,948 World ex U.S. Value Portfolio............ 353 -- (2,715) 14,956 12,594 World ex U.S. Targeted Value Portfolio... 144 1,141 -- 11,475 12,760 World ex U.S. Core Equity Portfolio...... 62 -- -- 11,626 11,688 Selectively Hedged Global Equity Portfolio.............................. 1,700 537 -- 15,002 17,239 Emerging Markets Portfolio............... 13,976 21,322 -- 1,122,953 1,158,251 Emerging Markets Small Cap Portfolio..... 27,935 63,092 -- 422,604 513,631 Emerging Markets Value Portfolio......... 128,578 263,757 -- 298,709 691,044 Emerging Markets Core Equity Portfolio... 55,409 -- (51,641) 1,198,159 1,201,927
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 134 enactment. As of October 31, 2013, 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, ----------------------------------------------------------------- 2014 2015 2016 2017 2018 2019 Unlimited Total ------ ------ ------- -------- ------- ------- --------- -------- Enhanced U.S. Large Company Portfolio....... -- $1,059 -- -- -- -- -- $ 1,059 U.S. Large Cap Equity Portfolio............. -- -- -- -- -- -- -- -- U.S. Large Cap Value Portfolio.............. -- -- -- $512,898 -- -- -- 512,898 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........ -- -- $45,525 62,969 $44,388 $26,523 -- 179,405 Large Cap International Portfolio........... -- -- 19,004 135,392 14,311 12,549 $30,938 212,194 International Core Equity Portfolio......... -- -- -- 53,176 -- -- 60,119 113,295 International Small Company Portfolio....... -- -- -- -- -- -- -- -- Japanese Small Company Portfolio............ $2,451 8,003 23,057 13,952 12,208 5,543 1,308 66,522 Asia Pacific Small Company Portfolio........ -- -- 16,317 8,261 -- -- 2,019 26,597 United Kingdom Small Company Portfolio...... -- -- -- -- -- -- -- -- Continental Small Company Portfolio......... -- -- 13,544 7,224 5,252 -- 509 26,529 DFA International Real Estate Securities Portfolio.................................. -- 46 13,446 34,576 38,689 69,466 50,474 206,697 DFA Global Real Estate Securities Portfolio. -- -- -- -- 808 -- -- 808 DFA International Small Cap Value Portfolio. -- -- -- -- -- -- -- -- International Vector Equity Portfolio....... -- -- -- -- -- -- -- -- World ex U.S. Value Portfolio............... -- -- -- -- -- 2,715 -- 2,715 World ex U.S. Targeted Value Portfolio...... -- -- -- -- -- -- -- -- World ex U.S. Core Equity Portfolio......... -- -- -- -- -- -- -- -- Selectively Hedged Global Equity Portfolio.. -- -- -- -- -- -- -- -- Emerging Markets Portfolio.................. -- -- -- -- -- -- -- -- Emerging Markets Small Cap Portfolio........ -- -- -- -- -- -- -- -- Emerging Markets Value Portfolio............ -- -- -- -- -- -- -- -- Emerging Markets Core Equity Portfolio...... -- -- 7,080 26,444 -- -- 18,117 51,641
During the year ended October 31, 2013, 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....... $ 45,882 U.S. Large Cap Value Portfolio.............. 819,591 U.S. Core Equity 1 Portfolio................ 13,834 DFA Real Estate Securities Portfolio........ 27,388 Japanese Small Company Portfolio............ 4,124 United Kingdom Small Company Portfolio...... 2,141 Continental Small Company Portfolio......... 2,316 DFA Global Real Estate Securities Portfolio. 308 World ex U.S. Value Portfolio............... 3,127
135 At April 30, 2014, 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.............. $ 189,961 $ 5,464 $ (61) $ 5,403 U.S. Large Cap Equity Portfolio.................... 200,177 23,990 (1,793) 22,197 U.S. Large Cap Value Portfolio..................... 8,646,051 4,967,975 -- 4,967,975 U.S. Targeted Value Portfolio...................... 4,313,344 1,636,269 (121,648) 1,514,621 U.S. Small Cap Value Portfolio..................... 9,510,581 3,866,821 (582,995) 3,283,826 U.S. Core Equity 1 Portfolio....................... 7,041,677 2,969,794 (133,518) 2,836,276 U.S. Core Equity 2 Portfolio....................... 8,678,236 4,125,770 (229,694) 3,896,076 U.S. Vector Equity Portfolio....................... 2,521,865 1,201,670 (108,781) 1,092,889 U.S. Small Cap Portfolio........................... 8,177,572 2,633,330 (337,974) 2,295,356 U.S. Micro Cap Portfolio........................... 4,084,414 1,979,793 (344,312) 1,635,481 DFA Real Estate Securities Portfolio............... 4,529,600 1,626,242 (45,026) 1,581,216 Large Cap International Portfolio.................. 2,764,544 860,138 (162,208) 697,930 International Core Equity Portfolio................ 10,960,045 2,590,863 (573,187) 2,017,676 International Small Company Portfolio.............. 7,257,475 1,959,316 (264) 1,959,052 Japanese Small Company Portfolio................... 380,848 -- (429) (429) Asia Pacific Small Company Portfolio............... 376,158 20,912 -- 20,912 United Kingdom Small Company Portfolio............. 23,523 15,535 -- 15,535 Continental Small Company Portfolio................ 136,008 58,290 -- 58,290 DFA International Real Estate Securities Portfolio. 2,657,179 118,435 (54,545) 63,890 DFA Global Real Estate Securities Portfolio........ 2,125,332 435,451 -- 435,451 DFA International Small Cap Value Portfolio........ 11,011,882 4,059,746 (1,359,859) 2,699,887 International Vector Equity Portfolio.............. 1,169,939 317,554 (41,286) 276,268 World ex U.S. Value Portfolio...................... 103,071 15,959 -- 15,959 World ex U.S. Targeted Value Portfolio............. 127,342 17,670 (930) 16,740 World ex U.S. Core Equity Portfolio................ 194,824 19,271 -- 19,271 Selectively Hedged Global Equity Portfolio......... 90,160 17,166 -- 17,166 Emerging Markets Portfolio......................... 2,820,167 1,045,375 -- 1,045,375 Emerging Markets Small Cap Portfolio............... 3,885,986 432,095 -- 432,095 Emerging Markets Value Portfolio................... 18,937,378 -- (141,511) (141,511) Emerging Markets Core Equity Portfolio............. 14,387,169 2,496,594 (1,438,250) 1,058,344
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. 136 G. Capital Share Transactions: The capital share transactions by class were as follows (amounts in thousands):
Six Months Ended Year Ended April 30, 2014 Oct. 31, 2013 -------------------- --------------------- (Unaudited) Amount Shares Amount Shares ----------- ------- ----------- -------- U.S. Targeted Value Portfolio Class R1 Shares Shares Issued........................................ $ 2,778 122 $ 9,003 477 Shares Issued in Lieu of Cash Distributions.......... 605 28 3,423 205 Shares Redeemed...................................... (927) (41) (61,998) (3,124) ----------- ------- ----------- -------- Net Increase (Decrease) -- Class R1 Shares............ $ 2,456 109 $ (49,572) (2,442) =========== ======= =========== ======== Class R2 Shares Shares Issued........................................ $ 59,653 2,648 $ 10,505 520 Shares Issued in Lieu of Cash Distributions.......... 1,568 73 923 55 Shares Redeemed...................................... (8,140) (365) (5,597) (281) ----------- ------- ----------- -------- Net Increase (Decrease) -- Class R2 Shares............ $ 53,081 2,356 $ 5,831 294 =========== ======= =========== ======== Institutional Class Shares Shares Issued........................................ $ 916,936 40,607 $ 1,049,705 53,476 Shares Issued in Lieu of Cash Distributions.......... 246,827 11,429 189,447 11,289 Shares Redeemed...................................... (524,018) (23,270) (1,045,053) (52,845) ----------- ------- ----------- -------- Net Increase (Decrease) -- Institutional Class Shares. $ 639,745 28,766 $ 194,099 11,920 =========== ======= =========== ======== Emerging Markets Value Portfolio Class R2 Shares Shares Issued........................................ $ 20,867 771 $ 27,484 947 Shares Issued in Lieu of Cash Distributions.......... 2,368 87 3,927 137 Shares Redeemed...................................... (24,031) (885) (27,940) (973) ----------- ------- ----------- -------- Net Increase (Decrease) -- Class R2 Shares............ $ (796) (27) $ 3,471 111 =========== ======= =========== ======== Institutional Class Shares Shares Issued........................................ $ 1,893,948 69,961 $ 4,212,669 148,010 Shares Issued in Lieu of Cash Distributions.......... 416,917 15,367 652,656 22,854 Shares Redeemed...................................... (1,606,383) (59,560) (2,940,034) (104,206) ----------- ------- ----------- -------- Net Increase (Decrease) -- Institutional Class Shares. $ 704,482 25,768 $ 1,925,291 66,658 =========== ======= =========== ========
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, 137 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. Additionally, the capital share activity in the Statement of Changes in Net Assets and capital share activity earlier in this note shows the reduction of shares as a result of the conversion. 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: Enhanced U.S. Large Company Portfolio 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 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, 2014, The Fixed Income Portfolio and 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): Enhanced U.S. Large Company Portfolio*
Unrealized Foreign Settlement Currency Contract Value at Exchange Date Amount** Currency Amount April 30, 2014 Gain (Loss) ---------- -------- ------------------ -------- -------------- ----------- 05/27/14 (5,968) Australian Dollar $ (5,525) $ (5,535) $ (10) 05/13/14 (5,207) Canadian Dollar (4,764) (4,749) 15 05/05/14 (6,178) New Zealand Dollar (5,284) (5,326) (42) 05/13/14 (18,844) UK Pound Sterling (31,599) (31,814) (215) -------- -------- ----- $(47,172) $(47,424) $(252) ======== ======== =====
138 Selectively Hedged Global Equity Portfolio*
Unrealized Foreign Settlement Currency Contract Value at Exchange Date Amount** Currency Amount April 30, 2014 Gain (Loss) ---------- -------- ---------------- -------- -------------- ----------- 05/23/14 (400) Denmark Krone $ (75) $ (75) -- 05/23/14 (2,686) Denmark Krone (498) (500) $(2) 05/15/14 (21,981) Hong Kong Dollar (2,835) (2,835) -- 05/07/14 (88,881) Japanese Yen (869) (869) -- 05/07/14 (641,645) Japanese Yen (6,267) (6,276) (9) 07/10/14 (2,235) Swiss Franc (2,546) (2,540) 6 -------- -------- --- $(13,090) $(13,095) $(5) ======== ======== ===
* During the six months ended April 30, 2014, Enhanced U.S. Large Company Portfolio's and Selectively Hedged Global Equity Portfolio's average contract amount of forward currency contracts was $43,645 and $16,947 (in thousands), respectively. **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: Certain Portfolios may enter into futures contracts to gain market exposure on uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. Additionally, Enhanced U.S. Large Company Portfolio, U.S. Small Cap Value Portfolio and Selectively Hedged Global Equity Portfolio use stock index futures to hedge against changes in equity securities' prices and to gain exposure to the S&P 500 Index(R), Russell 2000 Index(R) and S&P 500 Index(R) Emini, respectively, in the normal course of pursuing their investment objectives. 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, 2014, 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) 06/19/14 404 $189,668 $ 9,210 -- U.S. Small Cap Value Portfolio............... Russell 2000(R) Index 06/20/14 700 78,652 (4,123) $3,570 Selectively Hedged Global Equity Portfolio........ S&P 500 Index(R) Emini 06/20/14 29 2,723 12 134
Securities have been segregated as collateral for open futures contracts. * During the six months ended April 30, 2014, Enhanced U.S. Large Company Portfolio's, U.S. Small Cap Value Portfolio's and Selectively Hedged Global Equity Portfolio's average notional contract amount of outstanding futures contracts were $188,630, $65,869 and $2,299 (in thousands), respectively. 139 The following is a summary of the location of derivatives on the Portfolios' Statements of Assets and Liabilities as of April 30, 2014: 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 The following is a summary of the Portfolios' derivative instrument holdings categorized by primary risk exposure as of April 30, 2014 (amounts in thousands):
Asset Derivatives Value --------------------------------- Total Value Foreign at Exchange Equity April 30, 2014 Contracts Contracts - -------------- --------- --------- Enhanced U.S. Large Company Portfolio...... $ 9,225 $ 15 $ 9,210* Selectively Hedged Global Equity Portfolio. 18 6 12* Liability Derivatives Value --------------------------------- Total Value Foreign at Exchange Equity April 30, 2014 Contracts Contracts - -------------- --------- --------- Enhanced U.S. Large Company Portfolio...... $ (267) $(267) -- U.S. Small Cap Value Portfolio............. (4,123) -- $(4,123)* Selectively Hedged Global Equity Portfolio. (11) (11) --
* 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, 2014 (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
140 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, 2014 (amounts in thousands):
Realized Gain (Loss) on Derivatives Recognized in Income ------------------------------- Foreign Exchange Equity Total Contracts Contracts ------- --------- --------- Enhanced U.S. Large Company Portfolio...... $12,660 $(1,202) $13,862 U.S. Small Cap Value Portfolio............. (7,540) -- (7,540) U.S. Micro Cap Portfolio*.................. (692) -- (692) DFA Real Estate Securities Portfolio*...... (553) -- (553) Selectively Hedged Global Equity Portfolio. 431 90 341 Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income ------------------------------- Foreign Exchange Equity Total Contracts Contracts ------- --------- --------- Enhanced U.S. Large Company Portfolio...... $ 1,261 $ (35) $ 1,296 U.S. Small Cap Value Portfolio............. (4,123) -- (4,123) Selectively Hedged Global Equity Portfolio. (154) (33) (121)
* As of April 30, 2014, there were no futures contracts outstanding. During the six months ended April 30, 2014, the Portfolios had limited activity in futures contracts. Offsetting of Derivative Assets and Derivative Liabilities The following tables present 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 Porfolios as of April 30, 2014 (Amounts in thousands):
Gross Amounts Not Offset in the Statements of Assets and Liabilities -------------------------- Net Amounts of Gross Assets Presented Gross Amounts of in the Statements Cash Amounts of Recognized of Assets and Financial Collateral Net Recognized Description Assets (a) Liabilities Instruments (b) Received Amount (c) Liabilities (a) ------------------------------------------------------------------------------------------------ ---------------- Assets - ------------------------------------------------------------------- --------------- Enhanced U.S. Large Company Portfolio Forward Currency Contracts.. $15 $15 $(15) -- -- $267 Selectively Hedged Global Equity Portfolio Forward Currency Contracts.. 6 6 -- -- $ 6 11
Gross Amounts Not Offset in the Statements of Assets and Liabilities -------------------------- Net Amounts of Liabilities Presented in the Statements Cash of Assets and Financial Collateral Net Description Liabilities Instruments (d) Pledged Amount (e) --------------------------------------------------------------------------------- Liabilities ----------------------------------------------------- Enhanced U.S. Large Company Portfolio Forward Currency Contracts.. $267 $(15) -- $252 Selectively Hedged Global Equity Portfolio Forward Currency Contracts.. 11 -- -- 11
(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: The Fund, together with other Dimensional-advised portfolios, has entered into a $500 million unsecured discretionary line of credit effective March 4, 2013 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 141 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 was scheduled to expire on March 3, 2014, however, effective March 3, 2014, the term was extended until March 2, 2015. The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 10, 2014 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 9, 2015. For the six months ended April 30, 2014, 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 Loan Days Expense Borrowed During Interest Rate Balance Outstanding* Incurred The Period ------------- ------------ ------------ -------- --------------- U.S. Large Cap Equity Portfolio........ 0.84% $ 81 2 -- $ 83 U.S. Small Cap Value Portfolio......... 0.84% 15,354 24 $ 9 43,715 U.S. Small Cap Portfolio............... 0.84% 6,921 1 -- 6,921 U.S. Micro Cap Portfolio............... 0.85% 2,595 32 2 6,726 Large Cap International Portfolio...... 0.83% 1,807 1 -- 1,807 International Small Company Portfolio.. 0.83% 5,142 7 1 12,200 DFA International Small Cap Value Portfolio............................ 0.83% 6,164 10 1 15,323 World ex U.S. Value Portfolio.......... 0.83% 137 19 -- 1,347 World ex U.S. Targeted Value Portfolio. 0.83% 237 8 -- 508 World ex U.S. Core Equity Portfolio.... 0.83% 1,041 10 -- 6,277
* Number of Days Outstanding represents the total of single or consecutive days during the six months ended April 30, 2014, that each Portfolio's available line of credit was utilized. At April 30, 2014, U.S. Small Cap Portfolio and World ex U.S. Targeted Value Portfolio had loans outstanding of $6,922 and $197 (amounts in thousands), respectively. J. Securities Lending: As of April 30, 2014, 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 -------- Large Cap International Portfolio.................. $ 9,285 International Core Equity Portfolio................ 43,741 DFA International Real Estate Securities Portfolio. 1,617 DFA International Small Cap Value Portfolio........ 24,291 International Vector Equity Portfolio.............. 3,710 Emerging Markets Core Equity Portfolio............. 448,702
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 142 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. 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 the amount of 0.10% and 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 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. Other: At April 30, 2014, the following number of shareholders held the following approximate percentages of the stated fund 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 83% U.S. Large Cap Equity Portfolio -- Institutional Class Shares. 3 97% U.S. Large Cap Value Portfolio -- Institutional Class Shares.. 3 72% U.S. Targeted Value Portfolio -- Class R1 Shares.............. 5 96% U.S. Targeted Value Portfolio -- Class R2 Shares.............. 6 87% U.S. Targeted Value Portfolio -- Institutional Class Shares... 3 59%
143
Approximate Percentage Number of of Outstanding Shareholders Shares ------------ -------------- U.S. Small Cap Value Portfolio -- Institutional Class Shares........ 3 59% U.S. Core Equity 1 Portfolio -- Institutional Class Shares.......... 4 74% U.S. Core Equity 2 Portfolio -- Institutional Class Shares.......... 6 82% U.S. Vector Equity Portfolio -- Institutional Class Shares.......... 5 95% U.S. Small Cap Portfolio -- Institutional Class Shares.............. 3 48% U.S. Micro Cap Portfolio -- Institutional Class Shares.............. 5 75% DFA Real Estate Securities Portfolio -- Institutional Class Shares............................................................ 4 85% Large Cap International Portfolio -- Institutional Class Shares..... 3 68% International Core Equity Portfolio -- Institutional Class Shares... 4 73% International Small Company Portfolio -- Institutional Class Shares............................................................ 4 60% Japanese Small Company Portfolio -- Institutional Class Shares...... 3 82% Asia Pacific Small Company Portfolio -- Institutional Class Shares............................................................ 3 89% United Kingdom Small Company Portfolio -- Institutional Class Shares............................................................ 4 97% Continental Small Company Portfolio -- Institutional Class Shares............................................................ 5 94% DFA International Real Estate Securities Portfolio -- Institutional Class Shares...................................................... 4 91% DFA Global Real Estate Securities Portfolio -- Institutional Class Shares............................................................ 3 82% DFA International Small Cap Value Portfolio -- Institutional Class Shares............................................................ 3 57% International Vector Equity Portfolio -- Institutional Class Shares............................................................ 4 87% World ex U.S. Value Portfolio -- Institutional Class Shares......... 5 83% World ex U.S. Targeted Value Portfolio -- Institutional Class Shares............................................................ 3 100% World ex U.S. Core Equity Portfolio -- Institutional Class Shares... 2 95% Selectively Hedged Global Equity Portfolio -- Institutional Class Shares............................................................ 3 95% Emerging Markets Portfolio -- Institutional Class Shares............ 4 69% Emerging Markets Small Cap Portfolio -- Institutional Class Shares............................................................ 5 58% Emerging Markets Value Portfolio -- Class R2 Shares................. 5 84% Emerging Markets Value Portfolio -- Institutional Class Shares...... 2 28% Emerging Markets Core Equity Portfolio -- Institutional Class Shares............................................................ 3 60%
Further, on December 13, 2013, the Board of the Fund voted to approve the combination of the Investment Advisory Agreement and the Administration Agreement (together, the "Previous Agreements") into a bundled Investment Management Agreement for 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. The Investment Management Agreements became effective on February 28, 2014. The nature and level of services to each Portfolio under the Investment Management Agreements are the same as under the Previous Agreements. As of February 28, 2014, the Portfolios pay the Advisor an investment management fee that is equal to the sum of the previous investment advisory and administration fees that were paid by each Portfolio to the Advisor under the Previous Agreements. 144 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, 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. 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. Briefing on the motion to dismiss will be completed by July 2014, with oral argument on the motion to be held thereafter. 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 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 predict what its size might be at the time the cost of the Lawsuits might be quantifiable and thus potentially 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. N. 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. 145 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, 2014 EXPENSE TABLES Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- DFA Commodity Strategy Portfolio -------------------------------- Actual Fund Return............... $1,000.00 $1,118.20 0.33% $1.73 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. 146 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, 2014. It is 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.................................... 34.6% Foreign Corporate............................ 18.4% Foreign Government........................... 26.0% Government................................... 10.8% Supranational................................ 10.2% ----- 100.0%
147 DFA COMMODITY STRATEGY PORTFOLIO CONSOLIDATED SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Face Amount^ Value+ ------- ------ (000) BONDS -- (82.6%) AUSTRALIA -- (5.1%) Australia & New Zealand Banking Group, Ltd. 1.250%, 01/10/17............................. $ 12,000 $12,052,596 Commonwealth Bank of Australia 1.250%, 09/18/15............................. 4,780 4,830,658 1.125%, 03/13/17............................. 8,737 8,729,993 National Australia Bank, Ltd. 5.500%, 05/20/15............................. EUR 6,500 9,487,344 0.900%, 01/20/16............................. 5,000 5,036,165 1.300%, 07/25/16............................. 7,000 7,066,955 Westpac Banking Corp. 3.000%, 08/04/15............................. 3,920 4,041,959 ----------- TOTAL AUSTRALIA.................................. 51,245,670 ----------- CANADA -- (7.4%) Bank of Nova Scotia 2.050%, 10/07/15............................. 1,500 1,532,813 Enbridge, Inc. 5.800%, 06/15/14............................. 1,900 1,911,267 4.900%, 03/01/15............................. 1,500 1,552,861 Export Development Canada 0.875%, 12/07/16............................. GBP 10,000 16,746,387 Ontario, Province of Canada 2.300%, 05/10/16............................. 5,000 5,171,300 Potash Corp. of Saskatchewan, Inc. 3.750%, 09/30/15............................. 1,830 1,908,705 Royal Bank of Canada 0.800%, 10/30/15............................. 2,500 2,511,672 2.625%, 12/15/15............................. 2,500 2,582,910 2.300%, 07/20/16............................. 5,000 5,172,265 1.200%, 01/23/17............................. 7,000 7,016,128 Toronto-Dominion Bank (The) 2.500%, 07/14/16............................. 2,500 2,594,672 2.375%, 10/19/16............................. 19,000 19,705,280 TransAlta Corp. 4.750%, 01/15/15............................. 2,508 2,575,641 TransCanada PipeLines, Ltd. 3.400%, 06/01/15............................. 3,106 3,200,690 ----------- TOTAL CANADA..................................... 74,182,591 ----------- FINLAND -- (1.6%) Municipality Finance P.L.C. 2.375%, 05/16/16............................. 15,000 15,533,550 ----------- FRANCE -- (0.8%) Agence Francaise de Developpement 2.500%, 07/15/15............................. 3,000 3,075,246 BNP Paribas SA 3.250%, 03/11/15............................. 4,035 4,128,915
Face Amount^ Value+ ------- ------ (000) FRANCE -- (Continued) Orange SA 2.125%, 09/16/15............................. $ 500 $ 508,389 ----------- TOTAL FRANCE..................................... 7,712,550 ----------- GERMANY -- (2.9%) Deutsche Bank AG 3.875%, 08/18/14............................. 1,750 1,767,855 3.250%, 01/11/16............................. 1,000 1,041,317 Landeskreditbank Baden- Wuerttemberg Foerderbank 2.250%, 07/15/16............................. 10,000 10,332,080 Landwirtschaftliche Rentenbank 3.250%, 12/07/16............................. GBP 9,000 15,963,730 ----------- TOTAL GERMANY.................................... 29,104,982 ----------- JAPAN -- (1.4%) Japan Bank for International Cooperation 2.250%, 07/13/16............................. 8,000 8,271,000 Nomura Holdings, Inc. 5.000%, 03/04/15............................. 3,500 3,623,728 2.000%, 09/13/16............................. 1,000 1,013,282 Sumitomo Mitsui Banking Corp. 1.300%, 01/10/17............................. 1,000 1,003,324 ----------- TOTAL JAPAN...................................... 13,911,334 ----------- NETHERLANDS -- (5.1%) Aegon NV 4.625%, 12/01/15............................. 3,489 3,695,695 Bank Nederlandse Gemeenten 2.750%, 07/01/15............................. 9,500 9,766,323 Cooperatieve Centrale Raiffeisen- Boerenleenbank BA 3.125%, 02/05/15............................. CAD 7,000 6,462,123 2.125%, 10/13/15............................. 7,000 7,163,499 Deutsche Telekom International Finance BV 4.875%, 07/08/14............................. 1,900 1,914,712 Nederlandse Waterschapsbank NV 2.125%, 09/07/16............................. GBP 10,000 17,251,219 2.125%, 02/09/17............................. 4,000 4,119,784 ----------- TOTAL NETHERLANDS................................ 50,373,355 ----------- SUPRANATIONAL ORGANIZATION OBLIGATIONS -- (6.5%) Asian Development Bank 1.000%, 12/15/16............................. GBP 10,000 16,800,416
148 DFA COMMODITY STRATEGY PORTFOLIO CONTINUED
Face Amount^ Value+ ------- ------ (000) SUPRANATIONAL ORGANIZATION OBLIGATIONS -- (Continued) Council Of Europe Development Bank 1.750%, 12/19/16............................. GBP 9,000 $15,399,214 European Investment Bank 6.500%, 09/10/14............................. NZD 2,531 2,201,862 3.250%, 12/07/16............................. GBP 9,000 15,952,333 4.875%, 01/17/17............................. 4,000 4,429,240 Nordic Investment Bank 7.500%, 04/15/15............................. NZD 11,000 9,808,893 ----------- TOTAL SUPRANATIONAL ORGANIZATION OBLIGATIONS..... 64,591,958 ----------- SWEDEN -- (4.8%) Kommuninvest I Sverige AB 1.625%, 02/13/17............................. 4,500 4,579,524 Nordea Bank AB 2.250%, 03/20/15............................. 5,250 5,337,434 2.750%, 08/11/15............................. EUR 5,000 7,137,163 Svensk Exportkredit AB 2.125%, 07/13/16............................. 7,000 7,214,739 1.125%, 12/15/16............................. GBP 8,000 13,450,193 Svenska Handelsbanken AB 3.125%, 07/12/16............................. 9,250 9,701,816 ----------- TOTAL SWEDEN..................................... 47,420,869 ----------- SWITZERLAND -- (0.2%) Credit Suisse New York 5.500%, 05/01/14............................. 250 250,000 3.500%, 03/23/15............................. 1,000 1,027,387 UBS AG 3.875%, 01/15/15............................. 1,163 1,190,763 ----------- TOTAL SWITZERLAND................................ 2,468,150 ----------- UNITED KINGDOM -- (7.0%) Barclays Bank P.L.C. 5.200%, 07/10/14............................. 1,500 1,513,286 5.000%, 09/22/16............................. 1,700 1,858,948 BP Capital Markets P.L.C. 2.248%, 11/01/16............................. 1,500 1,549,867 British Telecommunications P.L.C. 2.000%, 06/22/15............................. 3,100 3,147,253 1.250%, 02/14/17............................. 1,200 1,200,980 Diageo Capital P.L.C. 5.500%, 09/30/16............................. 2,000 2,222,518 Lloyds Bank P.L.C. 4.875%, 01/21/16............................. 5,000 5,347,795 Network Rail Infrastructure Finance P.L.C. 1.125%, 12/15/16............................. GBP 13,000 21,916,222
Face Amount^ Value+ ------- ------ (000) UNITED KINGDOM -- (Continued) Rio Tinto Finance USA P.L.C. 1.125%, 03/20/15............................. $ 3,850 $ 3,870,605 Royal Bank of Scotland Group P.L.C. 2.550%, 09/18/15............................. 6,300 6,434,675 United Kingdom Gilt 4.000%, 09/07/16............................. GBP 9,000 16,298,945 Vodafone Group P.L.C. 1.625%, 03/20/17............................. 3,951 3,992,300 ----------- TOTAL UNITED KINGDOM............................. 69,353,394 ----------- UNITED STATES -- (39.8%) AbbVie, Inc. 1.200%, 11/06/15............................. 4,000 4,033,188 ACE INA Holdings, Inc. 5.875%, 06/15/14............................. 1,250 1,257,925 2.600%, 11/23/15............................. 3,295 3,396,292 Aflac, Inc. 3.450%, 08/15/15............................. 800 830,077 Air Products & Chemicals, Inc. 2.000%, 08/02/16............................. 3,615 3,714,076 Allstate Corp. (The) 5.000%, 08/15/14............................. 2,130 2,156,955 Altria Group, Inc. 4.125%, 09/11/15............................. 2,170 2,270,744 American Express Credit Corp. 5.125%, 08/25/14............................. 1,700 1,724,789 1.750%, 06/12/15............................. 1,200 1,216,949 2.750%, 09/15/15............................. 2,250 2,317,511 American International Group, Inc. 3.000%, 03/20/15............................. 6,000 6,131,724 Ameriprise Financial, Inc. 5.650%, 11/15/15............................. 813 870,761 Amgen, Inc. 1.875%, 11/15/14............................. 1,825 1,839,328 4.850%, 11/18/14............................. 1,000 1,024,275 Anadarko Petroleum Corp. 5.950%, 09/15/16............................. 7,000 7,802,207 Anheuser-Busch Cos., LLC 5.600%, 03/01/17............................. 6,000 6,717,246 Anheuser-Busch InBev Worldwide, Inc. 0.800%, 07/15/15............................. 2,000 2,007,986 Apache Corp. 5.625%, 01/15/17............................. 1,500 1,676,985 Apple, Inc. 0.450%, 05/03/16............................. 10,000 9,985,270 AT&T, Inc. 2.500%, 08/15/15............................. 4,600 4,713,781 2.400%, 08/15/16............................. 1,000 1,031,803 AutoZone, Inc. 6.950%, 06/15/16............................. 3,000 3,352,830
149 DFA COMMODITY STRATEGY PORTFOLIO CONTINUED
Face Amount^ Value+ ------- ------ (000) UNITED STATES -- (Continued) Bank of America Corp. 1.500%, 10/09/15............................. $ 5,000 $5,047,845 3.750%, 07/12/16............................. 1,500 1,583,795 Becton Dickinson and Co. 1.750%, 11/08/16............................. 1,500 1,532,895 BlackRock, Inc. 3.500%, 12/10/14............................. 2,000 2,039,420 Branch Banking & Trust Co. 1.000%, 04/03/17............................. 4,400 4,374,432 Burlington Northern Santa Fe LLC 4.875%, 01/15/15............................. 200 206,036 Capital One Financial Corp. 7.375%, 05/23/14............................. 1,189 1,193,137 2.150%, 03/23/15............................. 4,700 4,769,536 Cardinal Health, Inc. 4.000%, 06/15/15............................. 3,000 3,103,776 Caterpillar Financial Services Corp. 2.650%, 04/01/16............................. 5,000 5,183,800 1.350%, 09/06/16............................. 2,000 2,022,410 CenterPoint Energy Resources Corp. 6.150%, 05/01/16............................. 5,000 5,509,550 Charles Schwab Corp. (The) 0.850%, 12/04/15............................. 3,000 3,011,052 Citigroup, Inc. 6.375%, 08/12/14............................. 636 646,105 5.300%, 01/07/16............................. 2,716 2,908,480 CNA Financial Corp. 5.850%, 12/15/14............................. 3,277 3,383,843 Colgate-Palmolive Co. 1.300%, 01/15/17............................. 9,723 9,822,758 Comcast Corp. 4.950%, 06/15/16............................. 3,500 3,803,100 6.500%, 01/15/17............................. 1,000 1,142,855 Comerica, Inc. 3.000%, 09/16/15............................. 2,277 2,348,762 Computer Sciences Corp. 2.500%, 09/15/15............................. 3,558 3,627,794 CVS Caremark Corp. 3.250%, 05/18/15............................. 1,000 1,026,442 Devon Energy Corp. 1.200%, 12/15/16............................. 6,970 6,994,270 DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 3.500%, 03/01/16............................. 5,000 5,228,415 Dominion Resources, Inc. 5.150%, 07/15/15............................. 1,400 1,473,885 2.250%, 09/01/15............................. 5,000 5,103,510 Dow Chemical Co. (The) 2.500%, 02/15/16............................. 6,000 6,170,574
Face Amount^ Value+ ------- ------ (000) UNITED STATES -- (Continued) Eastman Chemical Co. 3.000%, 12/15/15............................. $ 1,000 $1,031,645 Ecolab, Inc. 1.000%, 08/09/15............................. 2,000 2,009,420 Enbridge Energy Partners L.P. 5.350%, 12/15/14............................. 1,475 1,516,906 Energy Transfer Partners L.P. 5.950%, 02/01/15............................. 1,200 1,245,289 Enterprise Products Operating LLC 5.600%, 10/15/14............................. 2,666 2,725,740 EOG Resources, Inc. 2.950%, 06/01/15............................. 2,440 2,503,725 2.500%, 02/01/16............................. 6,000 6,176,352 Exelon Corp. 4.900%, 06/15/15............................. 500 522,090 Express Scripts Holding Co. 2.100%, 02/12/15............................. 4,000 4,046,036 3.125%, 05/15/16............................. 1,975 2,069,859 Fifth Third Bancorp 3.625%, 01/25/16............................. 1,000 1,047,258 Fifth Third Bank 0.900%, 02/26/16............................. 2,000 2,006,010 Ford Motor Credit Co. LLC 12.000%, 05/15/15............................ 3,500 3,903,746 Freeport-McMoRan Copper & Gold, Inc. 1.400%, 02/13/15............................. 3,996 4,017,051 GATX Corp. 4.750%, 05/15/15............................. 5,240 5,449,532 General Electric Capital Corp. 1.625%, 07/02/15............................. 2,000 2,026,782 Gilead Sciences, Inc. 2.400%, 12/01/14............................. 3,000 3,033,834 Goldman Sachs Group, Inc. (The) 3.300%, 05/03/15............................. 3,500 3,592,319 3.625%, 02/07/16............................. 1,000 1,045,659 Google, Inc. 2.125%, 05/19/16............................. 6,000 6,195,756 Hartford Financial Services Group, Inc. (The) 4.000%, 03/30/15............................. 1,400 1,442,778 Hewlett-Packard Co. 2.625%, 12/09/14............................. 1,300 1,315,326 3.000%, 09/15/16............................. 2,000 2,089,060 Hillshire Brands Co. (The) 2.750%, 09/15/15............................. 1,666 1,708,866 HSBC USA, Inc. 2.375%, 02/13/15............................. 2,000 2,031,828 Humana, Inc. 6.450%, 06/01/16............................. 4,500 4,984,564 John Deere Capital Corp. 2.000%, 01/13/17............................. 1,500 1,542,779
150 DFA COMMODITY STRATEGY PORTFOLIO CONTINUED
Face Amount^ Value+ ------- ------ (000) UNITED STATES -- (Continued) Johnson Controls, Inc. 5.500%, 01/15/16............................. $ 1,282 $1,380,604 JPMorgan Chase & Co. 3.700%, 01/20/15............................. 2,800 2,864,422 3.400%, 06/24/15............................. 1,000 1,030,791 Kellogg Co. 1.875%, 11/17/16............................. 2,000 2,045,472 KeyBank NA 1.100%, 11/25/16............................. 1,000 1,002,819 KeyCorp 3.750%, 08/13/15............................. 3,000 3,115,497 Kroger Co. (The) 2.200%, 01/15/17............................. 1,000 1,022,849 Lorillard Tobacco Co. 3.500%, 08/04/16............................. 4,000 4,217,560 Lowe's Cos., Inc. 5.000%, 10/15/15............................. 1,050 1,116,116 Marathon Oil Corp. 0.900%, 11/01/15............................. 1,140 1,143,298 Marsh & McLennan Cos., Inc. 5.750%, 09/15/15............................. 1,916 2,041,019 Medtronic, Inc. 4.750%, 09/15/15............................. 1,087 1,149,057 MetLife, Inc. 5.500%, 06/15/14............................. 1,250 1,257,283 5.000%, 06/15/15............................. 500 525,274 Mondelez International, Inc. 4.125%, 02/09/16............................. 3,716 3,934,010 Morgan Stanley 3.800%, 04/29/16............................. 6,000 6,313,998 Mylan, Inc. 1.350%, 11/29/16............................. 2,038 2,044,962 NASDAQ OMX Group, Inc. (The) 4.000%, 01/15/15............................. 2,800 2,859,839 Occidental Petroleum Corp. 1.750%, 02/15/17............................. 1,000 1,016,805 Omnicom Group, Inc. 5.900%, 04/15/16............................. 1,750 1,913,483 PepsiCo, Inc. 0.700%, 08/13/15............................. 5,595 5,608,148 Philip Morris International, Inc. 2.500%, 05/16/16............................. 3,224 3,347,154 Plains All American Pipeline L.P. / PAA Finance Corp. 3.950%, 09/15/15............................. 2,830 2,951,823 PNC Funding Corp. 5.400%, 06/10/14............................. 2,075 2,085,288 4.250%, 09/21/15............................. 600 629,199 PPG Industries, Inc. 1.900%, 01/15/16............................. 2,050 2,087,021 Progress Energy, Inc. 5.625%, 01/15/16............................. 2,000 2,159,788
Face Amount^ Value+ ------- ------ (000) UNITED STATES -- (Continued) Prudential Financial, Inc. 3.875%, 01/14/15............................. $ 1,000 $ 1,024,348 6.200%, 01/15/15............................. 2,448 2,544,936 Quest Diagnostics, Inc. 5.450%, 11/01/15............................. 4,000 4,263,368 Qwest Corp. 7.500%, 10/01/14............................. 2,300 2,359,188 Reynolds American, Inc. 1.050%, 10/30/15............................. 4,000 4,007,992 Safeway, Inc. 5.625%, 08/15/14............................. 4,500 4,561,664 Sherwin-Williams Co. (The) 3.125%, 12/15/14............................. 1,048 1,064,345 Southern Power Co. 4.875%, 07/15/15............................. 3,660 3,835,362 Spectra Energy Capital LLC 5.668%, 08/15/14............................. 955 967,956 Starbucks Corp. 0.875%, 12/05/16............................. 1,000 997,725 SunTrust Banks, Inc. 3.600%, 04/15/16............................. 4,000 4,202,588 TD Ameritrade Holding Corp. 4.150%, 12/01/14............................. 2,350 2,399,547 Textron, Inc. 6.200%, 03/15/15............................. 1,500 1,571,165 Thermo Fisher Scientific, Inc. 3.200%, 05/01/15............................. 2,250 2,305,012 2.250%, 08/15/16............................. 2,953 3,035,610 Time Warner Cable, Inc. 3.500%, 02/01/15............................. 4,000 4,081,940 Time Warner, Inc. 5.875%, 11/15/16............................. 1,000 1,118,598 Toyota Motor Credit Corp. 2.000%, 09/15/16............................. 15,819 16,267,943 Union Bank NA 3.000%, 06/06/16............................. 1,000 1,044,055 UnitedHealth Group, Inc. 5.000%, 08/15/14............................. 1,170 1,184,872 1.875%, 11/15/16............................. 1,000 1,023,950 Valero Energy Corp. 4.500%, 02/01/15............................. 900 926,823 Verizon Communications, Inc. 0.700%, 11/02/15............................. 3,000 3,005,145 Walgreen Co. 1.000%, 03/13/15............................. 3,720 3,736,989 Walt Disney Co. (The) 0.875%, 12/01/14............................. 1,500 1,504,547 1.125%, 02/15/17............................. 2,000 2,010,470 WellPoint, Inc. 5.000%, 12/15/14............................. 2,500 2,570,982 5.250%, 01/15/16............................. 3,000 3,221,856 Wells Fargo & Co. 3.750%, 10/01/14............................. 2,300 2,332,577 1.250%, 02/13/15............................. 1,000 1,007,168
151 DFA COMMODITY STRATEGY PORTFOLIO CONTINUED
Face Amount^ Value+ ------- ------ (000) UNITED STATES -- (Continued) 1.500%, 07/01/15............................. $ 2,500 $ 2,527,770 Western Union Co. (The) 5.930%, 10/01/16............................. 2,348 2,591,974 Whirlpool Corp. 1.350%, 03/01/17............................. 2,000 1,999,794 Williams Partners L.P. 3.800%, 02/15/15............................. 2,300 2,355,662 Xerox Corp. 4.250%, 02/15/15............................. 3,500 3,601,892 Yum! Brands, Inc. 4.250%, 09/15/15............................. 2,485 2,601,350 Zimmer Holdings, Inc. 1.400%, 11/30/14............................. 1,000 1,004,458 ------------ TOTAL UNITED STATES.............................. 396,336,589 ------------ TOTAL BONDS...................................... 822,234,992 ------------
Face Amount^ Value+ ------- ------ (000) AGENCY OBLIGATIONS -- (6.8%) Federal National Mortgage Association 0.500%, 03/30/16............................. $ 27,000 $ 27,039,879 1.375%, 11/15/16............................. 30,000 30,503,160 0.750%, 04/20/17............................. 10,000 9,948,320 ------------ TOTAL AGENCY OBLIGATIONS........................... 67,491,359 ------------ U.S. TREASURY OBLIGATIONS -- (10.6%) U.S. Treasury Notes ++^^ 0.375%, 11/15/15............................. 75,000 75,161,100 0.875%, 12/31/16............................. 30,000 30,112,500 ------------ TOTAL U.S. TREASURY OBLIGATIONS.................... 105,273,600 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $988,722,714).............................. $994,999,951 ============
Summary of the Portfolio's investments as of April 30, 2014, 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.............................. -- $ 51,245,670 -- $ 51,245,670 Canada................................. -- 74,182,591 -- 74,182,591 Finland................................ -- 15,533,550 -- 15,533,550 France................................. -- 7,712,550 -- 7,712,550 Germany................................ -- 29,104,982 -- 29,104,982 Japan.................................. -- 13,911,334 -- 13,911,334 Netherlands............................ -- 50,373,355 -- 50,373,355 Supranational Organization Obligations. -- 64,591,958 -- 64,591,958 Sweden................................. -- 47,420,869 -- 47,420,869 Switzerland............................ -- 2,468,150 -- 2,468,150 United Kingdom......................... -- 69,353,394 -- 69,353,394 United States.......................... -- 396,336,589 -- 396,336,589 Agency Obligations....................... -- 67,491,359 -- 67,491,359 U.S. Treasury Obligations................ -- 105,273,600 -- 105,273,600 Swap Agreements**........................ -- (984,679) -- (984,679) Futures Contracts**...................... $2,080,114 -- -- 2,080,114 Forward Currency Contracts**............. -- (1,248,175) -- (1,248,175) ---------- ------------ -- ------------ TOTAL.................................... $2,080,114 $992,767,097 -- $994,847,211 ========== ============ == ============
**Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. (Note H) See accompanying Notes to Financial Statements. 152 DFA INVESTMENT DIMENSIONS GROUP INC. DFA COMMODITY STRATEGY PORTFOLIO CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 2014 (Unaudited) (Amounts in thousands, except share and per share amounts) ASSETS: Investments at Value................................................................... $ 995,000 Temporary Cash......................................................................... 31,914 Foreign Currencies at Value............................................................ 3 Cash................................................................................... 60,813 Receivables: Interest............................................................................. 7,580 Fund Shares Sold..................................................................... 4,131 Unrealized Gain on Swap Contracts...................................................... 1,856 Unrealized Gain on Forward Currency Contracts.......................................... 88 Prepaid Expenses and Other Assets...................................................... 52 ------------ Total Assets...................................................................... 1,101,437 ------------ LIABILITIES: Payables: Investment Securities Purchased...................................................... 15,686 Fund Shares Redeemed................................................................. 292 Due to Advisor....................................................................... 260 Futures Margin Variation............................................................. 461 Unrealized Loss on Swap Contracts...................................................... 2,841 Unrealized Loss on Forward Currency Contracts.......................................... 1,336 Accrued Expenses and Other Liabilities................................................. 28 ------------ Total Liabilities................................................................. 20,904 ------------ NET ASSETS............................................................................. $ 1,080,533 ============ SHARES OUTSTANDING, $0.01 PAR VALUE (1)................................................ 116,897,142 ============ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE............................... $ 9.24 ============ Investments at Cost.................................................................... $ 988,723 ============ Foreign Currencies at Cost............................................................. $ 3 ============ NET ASSETS CONSIST OF: Paid-In Capital........................................................................ $ 979,846 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income). 1,470 Accumulated Net Realized Gain (Loss)................................................... 93,054 Net Unrealized Foreign Exchange Gain (Loss)............................................ (1,209) Net Unrealized Appreciation (Depreciation)............................................. 7,372 ------------ NET ASSETS............................................................................. $ 1,080,533 ============ (1) NUMBER OF SHARES AUTHORIZED........................................................ 300,000,000 ============
See accompanying Notes to Financial Statements. 153 DFA INVESTMENT DIMENSIONS GROUP INC. DFA COMMODITY STRATEGY PORTFOLIO CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (Unaudited) (Amounts in thousands) Investment Income Interest........................................................................................ $ 4,382 -------- Total Investment Income...................................................................... 4,382 -------- Expenses Investment Advisory Services Fees............................................................... 1,639 Accounting & Transfer Agent Fees................................................................ 27 Custodian Fees.................................................................................. 12 Filing Fees..................................................................................... 46 Shareholders' Reports........................................................................... 17 Directors'/Trustees' Fees & Expenses............................................................ 5 Professional Fees............................................................................... 18 Other........................................................................................... 5 -------- Total Expenses............................................................................... 1,769 -------- Fees (Waived), Expenses Reimbursed, and/or Previously Waived Fees Recovered by Advisor (Note D). (305) Fees Paid Indirectly............................................................................ (4) -------- Net Expenses.................................................................................... 1,460 -------- Net Investment Income (Loss).................................................................... 2,922 -------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold.................................................................... 1,752 Futures....................................................................................... 4,295 Swap Contracts................................................................................ 91,609 Foreign Currency Transactions................................................................. (4,519) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.................................................... 3,495 Futures....................................................................................... 2,648 Swap Contracts................................................................................ 4,601 Translation of Foreign Currency Denominated Amounts........................................... (435) -------- Net Realized and Unrealized Gain (Loss)......................................................... 103,446 -------- Net Increase (Decrease) in Net Assets Resulting from Operations................................... $106,368 ========
See accompanying Notes to Financial Statements. 154 DFA INVESTMENT DIMENSIONS GROUP INC. DFA COMMODITY STRATEGY PORTFOLIO CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
Six Months Year Ended Ended April 30, Oct. 31, 2014 2013 ----------- --------- (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)......................................................... $ 2,922 $ 4,128 Net Realized Gain (Loss) on: Investment Securities Sold......................................................... 1,752 952 Futures............................................................................ 4,295 (1,683) Swap Contracts..................................................................... 91,609 (68,369) Foreign Currency Transactions...................................................... (4,519) (1,229) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency......................................... 3,495 75 Futures............................................................................ 2,648 (717) Swap Contracts..................................................................... 4,601 (6,861) Translation of Foreign Currency Denominated Amounts................................ (435) 715 ---------- --------- Net Increase (Decrease) in Net Assets Resulting from Operations................... 106,368 (72,989) ---------- --------- Distributions From: Net Investment Income: Institutional Class Shares......................................................... (2,952) (2,493) Net Short-Term Gains: Institutional Class Shares......................................................... (379) (472) Net Long-Term Gains: Institutional Class Shares......................................................... (474) (472) ---------- --------- Total Distributions............................................................... (3,805) (3,437) ---------- --------- Capital Share Transactions (1): Shares Issued........................................................................ 382,881 552,864 Shares Issued in Lieu of Cash Distributions.......................................... 3,737 3,267 Shares Redeemed...................................................................... (194,962) (151,470) ---------- --------- Net Increase (Decrease) from Capital Share Transactions........................... 191,656 404,661 ---------- --------- Total Increase (Decrease) in Net Assets........................................... 294,219 328,235 Net Assets Beginning of Period.................................................................. 786,314 458,079 ---------- --------- End of Period........................................................................ $1,080,533 $ 786,314 ========== ========= (1) Shares Issued and Redeemed: Shares Issued........................................................................ 44,947 63,019 Shares Issued in Lieu of Cash Distributions.......................................... 435 366 Shares Redeemed...................................................................... (23,182) (17,417) ---------- --------- Net Increase (Decrease) from Shares Issued and Redeemed........................... 22,200 45,968 ========== ========= Undistributed Net Investment Income (Distributions in Excess of Net Investment Income). $ 1,470 $ 1,500
See accompanying Notes to Financial Statements. 155 DFA INVESTMENT DIMENSIONS GROUP INC. DFA COMMODITY STRATEGY PORTFOLIO CONSOLIDATED FINANCIAL HIGHLIGHTS (for a share outstanding throughout each period)
Six Months Year Year Ended Ended Ended April 30, Oct. 31, Oct. 31, 2014 2013 2012 ---------------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period.................................................. $ 8.30 $ 9.40 $ 9.77 ---------- -------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).................................................... 0.03 0.06 0.07 Net Gains (Losses) on Securities (Realized and Unrealized).......................... 0.95 (1.10) (0.37) ---------- -------- -------- Total from Investment Operations................................................... 0.98 (1.04) (0.30) ---------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............................................................... (0.03) (0.04) (0.06) Net Realized Gains.................................................................. (0.01) (0.02) (0.01) ---------- -------- -------- Total Distributions................................................................ (0.04) (0.06) (0.07) ---------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period........................................................ $ 9.24 $ 8.30 $ 9.40 ====================================================================================== =========== ======== ======== Total Return.......................................................................... 11.82%(D) (11.15)% (3.08)% ---------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)................................................. $1,080,533 $786,314 $458,079 Ratio of Expenses to Average Net Assets............................................... 0.33%(E) 0.34% 0.35% Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly).................. 0.40%(E) 0.40% 0.41% Ratio of Net Investment Income to Average Net Assets.................................. 0.66%(E) 0.66% 0.79% Portfolio Turnover Rate............................................................... 39%(D) 64% 69% ----------------------------------------------------------------------------------------------------------------------------
Period Nov. 9, 2010(a) to Oct. 31, 2011 ---------------------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period.................................................. $ 10.00 -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A).................................................... 0.07 Net Gains (Losses) on Securities (Realized and Unrealized).......................... (0.27) -------- Total from Investment Operations................................................... (0.20) ---------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............................................................... (0.03) Net Realized Gains.................................................................. -- -------- Total Distributions................................................................ (0.03) ---------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period........................................................ $ 9.77 ====================================================================================== ================ Total Return.......................................................................... (2.02)%(D) ---------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)................................................. $230,781 Ratio of Expenses to Average Net Assets............................................... 0.47%(C)(E) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumption of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly).................. 0.53%(C)(E) Ratio of Net Investment Income to Average Net Assets.................................. 0.64%(C)(E) Portfolio Turnover Rate............................................................... 50%(D) ----------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 156 DFA INVESTMENT DIMENSIONS GROUP INC. CONSOLIDATED 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, 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-seven 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. These valuations 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 contracts generally are valued at a price at which the counterparties to such contracts would repurchase the instrument or terminate the contracts. These valuations are 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. 157 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, 2014, 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, 2014, 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 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. 158 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 M 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, 2014, the Portfolio held $234,587,322 in the Subsidiary, representing 21.30% 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. The accompanying consolidated financial statements include the accounts of the 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, 2014, 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 and excluding any applicable 12b-1 fees) ("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, 2015, 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, 2014, there were no previously waived fees subjected 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, 2014, approximately $305 (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 the accompanying financial statements is presented before reduction for credits. During the six months ended April 30, 2014, expenses reduced were as follows (amounts in thousands):
Fees Paid Indirectly ---------- DFA Commodity Strategy Portfolio. $4
159 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, 2014, the total related amounts paid by the Fund to the CCO were $130 (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, 2014, 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. $7
F. Purchases and Sales of Securities: For the six months ended April 30, 2014, 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. $140,824 $189,777 $430,523 $144,111
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, 2013, 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 bank 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. $(69,244) $(1,951) $71,195
The tax character of dividends and distributions declared and paid during the years ended October 31, 2012 and October 31, 2013 were as follows (amounts in thousands):
Net Investment Income and Short-Term Long-Term Capital Gains Capital Gains Total -------------- ------------- ------ DFA Commodity Strategy Portfolio 2012............................. $2,410 $ 37 $2,447 2013............................. 2,965 472 3,437
160 At October 31, 2013, 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 Appreciation (Accumulated Capital Gains Capital Gains (Depreciation) Losses) -------------- ------------- -------------- ------------- DFA Commodity Strategy Portfolio. $1,150 $451 $(3,362) $(1,761)
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, 2013, the Portfolio did not have any capital loss carryforwards. At April 30, 2014, 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. $988,723 $7,163 $(886) $6,277
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. 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. 161 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. At April 30, 2014, the 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): DFA Commodity Strategy Portfolio*
Unrealized Foreign Settlement Currency Contract Value at Exchange Date Amount** Currency Amount April 30, 2014 Gain (Loss) ---------- -------- ------------------ --------- -------------- ----------- 05/22/14 (7,148) Canadian Dollar $ (6,490) $ (6,518) $ (28) 06/09/14 (12,144) Euro (16,724) (16,846) (122) 05/13/14 (14,127) New Zealand Dollar (12,259) (12,171) 88 05/08/14 (89,475) UK Pound Sterling (149,876) (151,062) (1,186) --------- --------- ------- $(185,349) $(186,597) $(1,248) ========= ========= =======
* During the six months ended April 30, 2014, the Portfolio's average contract amount of forward currency contracts was $159,130 (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. 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) or, in some instances, must be transacted through an futures commission merchant ("FCM") and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). 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 162 factor. In an uncleared swap, the swap counterparty is typically 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. Because uncleared swaps are two-party contracts and may have terms of greater than seven days, these swap agreements may be considered to be illiquid. In addition, because uncleared swaps are not traded on exchanges, the Portfolio bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty beyond any collateral received. The types of swap agreements in which the Portfolio invests do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss is limited to the net amount of interest payments that the Portfolio is contractually obligated to make or receive. Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely. Among other risks, there is 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 in a swap contract. 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 (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 163 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, 2014, 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. 08/14/14 39 $4,146 $(45) CBT Wheat Futures....... 07/14/14 72 2,597 91 Coffee 'C' Futures...... 07/21/14 34 2,625 278 Copper Futures.......... 07/29/14 58 4,390 39 Corn Futures............ 07/14/14 242 6,280 276 Cotton No.2 Futures..... 07/09/14 24 1,131 1 Gasoline RBOB Futures... 06/30/14 21 2,583 51 Gold 100 oz Futures..... 08/27/14 61 7,905 72
164
Expiration Number of Contract Unrealized Description Date Contracts* Amount Gain (Loss) ----------- ---------- ---------- -------- ----------- KCB Wheat Futures.......... 07/14/14 24 975 54 LME Nickel Futures......... 07/16/14 16 1,760 199 LME Prime Aluminum Futures. 07/14/14 69 3,095 3 LME Zinc Futures........... 07/14/14 29 1,482 31 Lean Hogs Futures.......... 07/15/14 35 1,714 1 Live Cattle Futures........ 08/29/14 39 2,123 39 NY Harbor ULSD Futures..... 06/30/14 20 2,456 2 Natural Gas Futures........ 06/26/14 153 7,410 514 Silver Futures............. 07/29/14 27 2,588 (108) Soybean Futures............ 07/14/14 160 12,101 395 Soybean Meal Futures....... 07/14/14 42 2,074 161 Soybean Oil Futures........ 07/14/14 81 2,047 34 Sugar #11 Futures.......... 06/30/14 143 2,838 (11) WTI Crude Futures.......... 06/20/14 59 5,847 3 ------- ------ $80,167 $2,080 ======= ======
The Subsidiary's securities have been segregated as collateral for open futures contracts. * During the six months ended April 30, 2014 the Subsidiary's average notional contract amount of outstanding futures contracts was $51,214 (in thousands). At April 30, 2014, 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 Amount* (Depreciation) ------------ ----------- ---------- --------- -------------- Citibank, N.A................... Index** 06/30/14 USD $(248,143) $ (33) Citibank, N.A................... Natural Gas 07/02/14 USD 66,808 (994) Citibank, N.A................... Natural Gas 09/02/14 USD (66,402) 979 Credit Suisse................... Corn 05/30/14 USD (38,583) 244 Credit Suisse................... Corn 05/30/14 USD (11,958) 135 Credit Suisse................... Index** 05/30/14 USD (229,756) (31) Credit Suisse................... Corn 05/30/14 USD 12,113 (214) Credit Suisse................... Corn 05/30/14 USD 38,888 (686) Deutsche Bank AG, London Branch. Soybean 05/30/14 USD (33,784) 498 Deutsche Bank AG, London Branch. Index** 05/30/14 USD (276,178) (37) Deutsche Bank AG, London Branch. Soybean 05/30/14 USD 40,782 (814) UBS AG.......................... Index** 07/31/14 USD (240,093) (32) --------- ----- $(986,306) $(985) ========= =====
The Portfolio received cash collateral of $7,300 (in thousands) and securities with a market value of $11,592 (in thousands) for swap contracts. * During the six months ended April 30, 2014 the Subsidiary's average notional value of outstanding swap contracts was $1,003,468 (in thousands). **Swap is exposed to the 22 commodities in the Dow Jones-UBS Commodity Index. 165 The following is a summary of the location of derivatives on the Portfolio's Statement of Assets and Liabilities as of April 30, 2014: Location on the Statement of Assets and Liabilities --------------------------------------------------- Derivative Type Asset Derivatives Liability Derivatives --------------- ------------------------ ------------------------ Commodity Contracts Payables: Futures Margin Variation Foreign Exchange Unrealized Gain on Unrealized Loss on Contracts Forward Currency Forward Currency Contracts Contracts Other Contracts Unrealized Gain on Swap Unrealized Loss on Swap Contracts Contracts The following is a summary of the Portfolio's derivative instrument holdings categorized by primary risk exposure as of April 30, 2014 (amounts in thousands):
Asset Derivatives Value ------------------------------------------- Total Value Foreign at Exchange Commodity Swap April 30, 2014 Contracts Contracts Contracts - -------------- --------- --------- --------- Dimensional Cayman Commodity Fund I, LTD.. 4,188 88 2,244* 1,856 Liability Derivatives Value ------------------------------------------- Total Value Foreign at Exchange Commodity Swap April 30, 2014 Contracts Contracts Contracts - -------------- --------- --------- --------- Dimensional Cayman Commodity Fund I, LTD.. (4,341) (1,336) (164)* (2,841)
* Includes cumulative appreciation (depreciation) of futures contracts. Only current day's margin variation is reporting within the Statement 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, 2014:
Derivative Type Location of Gain (Loss) on Derivatives Recognized in Income --------------- ----------------------------------------------------------- Commodity 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 Other 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, 2014 (amounts in thousands):
Realized Gain (Loss) on Derivatives Recognized in Income ------------------------------------ Foreign Exchange Commodity Swap Total Contracts Contracts Contracts ------ --------- --------- --------- Dimensional Cayman Commodity Fund I, LTD.. 91,460 (4,444) 4,295 91,609
166
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income ----------------------------------- Foreign Exchange Commodity Swap Total Contracts Contracts Contracts ----- --------- --------- --------- Dimensional Cayman Commodity Fund I, LTD.. 6,786 (463) 2,648 4,601
Offsetting of Derivative Assets and Derivative Liabilities The following tables present 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, 2014 (Amounts in thousands):
Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities ----------------------- Net Amounts of Assets Presented in Gross the Consolidated Gross Amounts of Statement of Cash Amounts of Recognized Assets and Financial Collateral Net Recognized Description Assets (a) Liabilities Instruments (b) Received Amount (c) - Liabilities (a) ------------------------------------------------------------------------------------------ ---------------- Assets ------------------------------------------------------------------ --------------- DFA Commodity Strategy Portfolio Forward Currency Contracts........... $ 88 $ 88 -- -- $88 $1,336 Swap Contracts....... 1,856 1,856 $(1,856)(f) --(f) -- 2,841
Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities -------------------------- Net Amounts of Liabilities Presented in the Consolidated Statement of Cash Assets and Financial Collateral Net Description Liabilities Instruments (d) Pledged Amount (e) ------------------------------------------------------------------------------ Liabilities ------------------------------------------------------- DFA Commodity Strategy Portfolio Forward Currency Contracts........... $1,336 -- -- $1,336 Swap Contracts....... 2,841 $(2,841)(f) -- --
(a)No amounts have been netted against the gross amounts recognized in the Statement 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 Statement 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 Statement 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: The Fund, together with other Dimensional-advised portfolios, has entered into a $500 million unsecured discretionary line of credit effective March 4, 2013 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 was scheduled to expire on March 3, 2014, however, effective March 3, 2014, the term was extended until March 2, 2015. The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 10, 2014 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 9, 2015. There were no borrowings by the Portfolio under the lines of credit during the six months ended April 30, 2014. 167 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, 2014, three shareholders held 84% 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. 168 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, 2014 EXPENSE TABLES Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- DFA International Value Portfolio** ----------------------------------- Actual Fund Return Class R2 Shares.................... $1,000.00 $1,052.50 0.68% $3.46 Institutional Class Shares......... $1,000.00 $1,053.80 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
169 DISCLOSURE OF FUND EXPENSES CONTINUED
Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- U.S. Large Company Portfolio ---------------------------- Actual Fund Return............ $1,000.00 $1,083.40 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). 170 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, 2014. It is 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....................... 11.8% Consumer Staples............................. 9.9% Energy....................................... 10.6% Financials................................... 13.9% Health Care.................................. 13.2% Industrials.................................. 10.7% Information Technology....................... 18.5% Materials.................................... 3.5% Real Estate Investment Trusts................ 2.2% Telecommunication Services................... 2.5% Utilities.................................... 3.2% ----- 100.0%
171 DFA INTERNATIONAL VALUE PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Value+ -------------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The DFA International Value Series of The DFA Investment Trust Company..................... $7,124,146,659 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $5,792,632,219)............................. $7,124,146,659 ==============
Summary of the Portfolio's Master Fund's investments as of April 30, 2014, based on their valuation inputs, is located within this report (See Security Valuation Note). See accompanying Notes to Financial Statements. 172 U.S. LARGE COMPANY PORTFOLIO SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (96.6%) Consumer Discretionary -- (11.4%) * Amazon.com, Inc.................... 115,310 $ 35,069,230 0.7% Comcast Corp. Class A.............. 807,950 41,819,492 0.8% Home Depot, Inc. (The)............. 436,507 34,706,672 0.7% McDonald's Corp.................... 306,833 31,106,730 0.6% Walt Disney Co. (The).............. 505,068 40,072,095 0.8% Other Securities................... 433,654,316 8.1% ------------ ----- Total Consumer Discretionary........... 616,428,535 11.7% ------------ ----- Consumer Staples -- (9.5%) Altria Group, Inc.................. 617,723 24,776,870 0.5% Coca-Cola Co. (The)................ 1,174,494 47,907,610 0.9% CVS Caremark Corp.................. 366,516 26,653,044 0.5% PepsiCo, Inc....................... 471,917 40,532,951 0.8% Philip Morris International, Inc... 491,361 41,976,970 0.8% Procter & Gamble Co. (The)......... 840,453 69,379,395 1.3% Wal-Mart Stores, Inc............... 501,495 39,974,166 0.7% Other Securities................... 222,247,299 4.2% ------------ ----- Total Consumer Staples................. 513,448,305 9.7% ------------ ----- Energy -- (10.2%) Chevron Corp....................... 591,771 74,279,096 1.4% ConocoPhillips..................... 380,055 28,241,887 0.5% Exxon Mobil Corp................... 1,339,451 137,173,177 2.6% Occidental Petroleum Corp.......... 246,347 23,587,725 0.4% Schlumberger, Ltd.................. 405,232 41,151,310 0.8% Other Securities................... 247,777,364 4.8% ------------ ----- Total Energy........................... 552,210,559 10.5% ------------ ----- Financials -- (13.4%) American Express Co................ 283,252 24,764,722 0.5% American International Group, Inc.. 453,816 24,111,244 0.5% Bank of America Corp............... 3,275,795 49,595,536 0.9% * Berkshire Hathaway, Inc. Class B... 558,002 71,898,558 1.4% Citigroup, Inc..................... 941,208 45,093,275 0.9% JPMorgan Chase & Co................ 1,173,799 65,709,268 1.2% Wells Fargo & Co................... 1,484,218 73,676,582 1.4% Other Securities................... 369,599,648 6.9% ------------ ----- Total Financials....................... 724,448,833 13.7% ------------ ----- Health Care -- (12.8%) AbbVie, Inc........................ 492,392 25,643,775 0.5% Amgen, Inc......................... 234,029 26,152,741 0.5% Bristol-Myers Squibb Co............ 509,604 25,526,064 0.5% * Gilead Sciences, Inc............... 476,811 37,424,895 0.7% Johnson & Johnson.................. 876,872 88,818,365 1.7% Merck & Co., Inc................... 911,502 53,377,557 1.0% Pfizer, Inc........................ 1,978,510 61,887,793 1.2% Other Securities................... 369,084,402 6.9% ------------ ----- Total Health Care...................... 687,915,592 13.0% ------------ -----
173 U.S. LARGE COMPANY PORTFOLIO CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Industrials -- (10.4%) 3M Co.............................................. 195,143 $ 27,142,440 0.5% Boeing Co. (The)................................... 211,998 27,351,982 0.5% General Electric Co................................ 3,109,960 83,626,824 1.6% Union Pacific Corp................................. 141,054 26,860,913 0.5% United Technologies Corp........................... 260,999 30,884,012 0.6% Other Securities................................... 363,864,275 6.9% -------------- ------ Total Industrials........................................ 559,730,446 10.6% -------------- ------ Information Technology -- (17.9%) Apple, Inc......................................... 276,489 163,153,394 3.1% Cisco Systems, Inc................................. 1,596,738 36,900,615 0.7% * Facebook, Inc. Class A............................. 529,529 31,655,244 0.6% * Google, Inc. Class A............................... 87,499 46,801,465 0.9% * Google, Inc. Class C............................... 87,499 46,082,223 0.9% Intel Corp......................................... 1,541,166 41,133,721 0.8% International Business Machines Corp............... 303,417 59,612,338 1.1% MasterCard, Inc. Class A........................... 316,300 23,263,865 0.4% Microsoft Corp..................................... 2,341,401 94,592,600 1.8% Oracle Corp........................................ 1,073,425 43,881,614 0.8% QUALCOMM, Inc...................................... 524,183 41,258,444 0.8% Visa, Inc. Class A................................. 157,121 31,834,286 0.6% Other Securities................................... 305,937,266 5.8% -------------- ------ Total Information Technology............................. 966,107,075 18.3% -------------- ------ Materials -- (3.4%) Other Securities................................... 182,878,835 3.5% -------------- ------ Real Estate Investment Trusts -- (2.1%) Other Securities................................... 115,836,157 2.2% -------------- ------ Telecommunication Services -- (2.4%) AT&T, Inc.......................................... 1,613,962 57,618,443 1.1% Verizon Communications, Inc........................ 1,283,626 59,983,843 1.2% Other Securities................................... 9,773,159 0.1% -------------- ------ Total Telecommunication Services......................... 127,375,445 2.4% -------------- ------ Utilities -- (3.1%) Other Securities................................... 165,559,104 3.1% -------------- ------ TOTAL COMMON STOCKS...................................... 5,211,938,886 98.7% -------------- ------ TEMPORARY CASH INVESTMENTS -- (1.1%) State Street Institutional Liquid Reserves, 0.074%. 61,231,350 61,231,350 1.2% -------------- ------ Shares/ Face Amount ------- (000) SECURITIES LENDING COLLATERAL -- (2.3%) (S)@ DFA Short Term Investment Fund..................... 10,498,920 121,472,506 2.3% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $2,765,040,167)................................ $5,394,642,742 102.2% ============== ======
174 U.S. LARGE COMPANY PORTFOLIO CONTINUED Summary of the Portfolio's investments as of April 30, 2014, 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........ $ 616,428,535 -- -- $ 616,428,535 Consumer Staples.............. 513,448,305 -- -- 513,448,305 Energy........................ 552,210,559 -- -- 552,210,559 Financials.................... 724,448,833 -- -- 724,448,833 Health Care................... 687,915,592 -- -- 687,915,592 Industrials................... 559,730,446 -- -- 559,730,446 Information Technology........ 966,107,075 -- -- 966,107,075 Materials..................... 182,878,835 -- -- 182,878,835 Real Estate Investment Trusts. 115,836,157 -- -- 115,836,157 Telecommunication Services.... 127,375,445 -- -- 127,375,445 Utilities..................... 165,559,104 -- -- 165,559,104 Temporary Cash Investments...... 61,231,350 -- -- 61,231,350 Securities Lending Collateral... -- $121,472,506 -- 121,472,506 Futures Contracts**............. 591,423 -- -- 591,423 -------------- ------------ -- -------------- TOTAL........................... $5,273,761,659 $121,472,506 -- $5,395,234,165 ============== ============ == ==============
**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. 175 DIMENSIONAL INVESTMENT GROUP INC. STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (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..................................... $ 7,124,147 $ -- Investments at Value (including $0 and $119,833 of securities on loan, respectively)...... $ -- $ 5,211,939 Temporary Cash Investments at Value & Cost................................................ -- 61,231 Collateral from Securities on Loan Invested in Affiliate at Value & Cost.................. -- 121,473 Segregated Cash for Futures Contracts..................................................... -- 2,898 Receivables: Dividends, Interest and Tax Reclaims.................................................... -- 4,830 Securities Lending Income............................................................... -- 20 Fund Shares Sold........................................................................ 12,953 4,910 Futures Margin Variation................................................................ -- 214 Prepaid Expenses and Other Assets......................................................... 67 49 -------------- ------------ Total Assets......................................................................... 7,137,167 5,407,564 -------------- ------------ LIABILITIES: Payables: Upon Return of Securities Loaned........................................................ -- 121,473 Investment Securities Purchased......................................................... -- 1,550 Fund Shares Redeemed.................................................................... 2,655 2,873 Due to Advisor.......................................................................... 1,150 242 Accrued Expenses and Other Liabilities.................................................... 273 583 -------------- ------------ Total Liabilities.................................................................... 4,078 126,721 -------------- ------------ NET ASSETS................................................................................ $ 7,133,089 $ 5,280,843 ============== ============ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: Class R2 Shares -- based on net assets of $11,702 and $0 and shares outstanding of 583,059 and 0, respectively.............................................................. $ 20.07 $ N/A ============== ============ NUMBER OF SHARES AUTHORIZED............................................................... 100,000,000 N/A ============== ============ Institutional Class Shares -- based on net assets of $7,121,387 and $5,280,843 and shares outstanding of 355,005,317 and 354,982,901, respectively................................. $ 20.06 $ 14.88 ============== ============ NUMBER OF SHARES AUTHORIZED............................................................... 1,500,000,000 900,000,000 ============== ============ Investments in Affiliated Investment Companies at Cost.................................... $ 5,792,632 $ -- -------------- ------------ Investments at Cost....................................................................... $ -- $ 2,582,337 ============== ============ NET ASSETS CONSIST OF: Paid-In Capital........................................................................... $ 6,259,382 $ 2,983,253 Undistributed Net Investment Income (Distributions in Excess of Net Investment Income).... 60,195 13,361 Accumulated Net Realized Gain (Loss)...................................................... (518,400) (345,964) Net Unrealized Foreign Exchange Gain (Loss)............................................... 397 -- Net Unrealized Appreciation (Depreciation)................................................ 1,331,515 2,630,193 -------------- ------------ NET ASSETS................................................................................ $ 7,133,089 $ 5,280,843 ============== ============
See accompanying Notes to Financial Statements. 176 DIMENSIONAL INVESTMENT GROUP INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (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 Foreign Taxes Withheld of $8,558 and $0, respectively)........ $201,665 $ -- Interest........................................................................ 1 -- Income from Securities Lending.................................................. 4,138 -- Expenses Allocated from Affiliated Investment Company........................... (7,284) -- -------- -------- Total Net Investment Income Received from Affiliated Investment Companies.... 198,520 -- -------- -------- Fund Investment Income Dividends (Net of Foreign Taxes Withheld of $0 and $4, respectively)............ $ -- $ 52,445 Interest........................................................................ -- 2 Income from Securities Lending.................................................. -- 120 -------- -------- Total Investment Income...................................................... -- 52,567 -------- -------- Expenses Investment Advisory Services Fees............................................... -- 634 Administrative Services Fees.................................................... 6,682 887 Accounting & Transfer Agent Fees................................................ 32 148 S&P 500(R) Fees................................................................. -- 51 Shareholder Servicing Fees -- Class R2 Shares................................... 8 -- Custodian Fees.................................................................. -- 31 Filing Fees..................................................................... 63 41 Shareholders' Reports........................................................... 65 45 Directors'/Trustees' Fees & Expenses............................................ 44 35 Professional Fees............................................................... 22 111 Other........................................................................... 24 25 -------- -------- Total Expenses............................................................... 6,940 2,008 -------- -------- Net Expenses.................................................................... 6,940 2,008 -------- -------- Net Investment Income (Loss).................................................... 191,580 50,559 -------- -------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold**.................................................. 93,970 45,964 Futures....................................................................... -- 7,403 Foreign Currency Transactions................................................. 262 -- Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.................................... 74,672 305,650 Futures....................................................................... (25) (1,675) Translation of Foreign Currency Denominated Amounts........................... 49 -- -------- -------- Net Realized and Unrealized Gain (Loss)......................................... 168,928 357,342 -------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations................... $360,508 $407,901 ======== ========
---------- * 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 $6 and $0, respectively. See accompanying Notes to Financial Statements. 177 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, 2014 2013 2014 2013 ----------- ----------- ----------- ---------- (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)................................... $ 191,580 $ 177,660 $ 50,559 $ 95,270 Capital Gain Distributions Received from Investment Securities. -- -- -- 409 Net Realized Gain (Loss) on: Investment Securities Sold*.................................. 93,970 296,792 45,964 180,412 Futures...................................................... -- (1,213) 7,403 8,021 Foreign Currency Transactions................................ 262 (1,636) -- -- Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency................... 74,672 993,902 305,650 780,086 Futures...................................................... (25) 27 (1,675) 2,321 Translation of Foreign Currency Denominated Amounts.......... 49 396 -- -- ---------- ----------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations................................................. 360,508 1,465,928 407,901 1,066,519 ---------- ----------- ---------- ---------- Distributions From: Net Investment Income: Class R2 Shares.............................................. (119) (218) -- -- Institutional Class Shares................................... (145,688) (189,040) (49,877) (94,840) ---------- ----------- ---------- ---------- Total Distributions......................................... (145,807) (189,258) (49,877) (94,840) ---------- ----------- ---------- ---------- Capital Share Transactions (1): Shares Issued.................................................. 812,590 1,466,636 370,836 774,924 Shares Issued in Lieu of Cash Distributions.................... 141,263 178,512 43,658 82,335 Shares Redeemed................................................ (563,337) (1,881,241) (409,011) (948,938) ---------- ----------- ---------- ---------- Net Increase (Decrease) from Capital Share Transactions..... 390,516 (236,093) 5,483 (91,679) ---------- ----------- ---------- ---------- Total Increase (Decrease) in Net Assets..................... 605,217 1,040,577 363,507 880,000 Net Assets Beginning of Period............................................ 6,527,872 5,487,295 4,917,336 4,037,336 ---------- ----------- ---------- ---------- End of Period.................................................. $7,133,089 $ 6,527,872 $5,280,843 $4,917,336 ========== =========== ========== ========== (1) Shares Issued and Redeemed: Shares Issued.................................................. 41,533 83,922 25,748 62,326 Shares Issued in Lieu of Cash Distributions.................... 7,230 10,436 3,057 6,727 Shares Redeemed................................................ (28,832) (107,838) (28,360) (76,529) ---------- ----------- ---------- ---------- Net Increase (Decrease) from Shares Issued and Redeemed................................................... 19,931 (13,480) 445 (7,476) ========== =========== ========== ========== Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)....................................... $ 60,195 $ 14,422 $ 13,361 $ 12,679
---------- * Net of foreign capital gain taxes withheld of $6, $2, $0 and $0, respectively. See accompanying Notes to Financial Statements. 178 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, 2014 2013 2012 2011 2010 2009 --------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period.............. $ 19.46 $15.72 $15.83 $17.82 $17.13 $13.58 ------- ------ ------ ------ ------ ------ Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)................ 0.55 0.49 0.51 0.53 0.37 0.42 Net Gains (Losses) on Securities (Realized and Unrealized).................................... 0.46 3.77 (0.13) (2.00) 1.29 4.10 ------- ------ ------ ------ ------ ------ Total from Investment Operations............... 1.01 4.26 0.38 (1.47) 1.66 4.52 --------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income........................... (0.40) (0.52) (0.49) (0.52) (0.97) (0.97) ------- ------ ------ ------ ------ ------ Total Distributions............................ (0.40) (0.52) (0.49) (0.52) (0.97) (0.97) --------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.................... $ 20.07 $19.46 $15.72 $15.83 $17.82 $17.13 ================================================= =========== ======== ======== ======== ======== ======== Total Return...................................... 5.25%(D) 27.61% 2.70% (8.53)% 10.60% 34.86% --------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)............. $11,702 $5,517 $6,407 $6,102 $4,952 $3,443 Ratio of Expenses to Average Net Assets (B)....... 0.68%(E) 0.69% 0.71% 0.71% 0.72% 0.74% Ratio of Net Investment Income to Average Net Assets........................................... 5.65%(E) 2.84% 3.33% 2.97% 2.11% 2.96% ---------------------------------------------------------------------------------------------------------------
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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------------------------------------------------------------ (Unaudited) Net Asset Value, Beginning of Period.............. $ 19.45 $ 15.72 $ 15.83 $ 17.81 $ 16.46 $ 12.54 ---------- ---------- ---------- ---------- ---------- ---------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)................ 0.56 0.52 0.54 0.58 0.39 0.40 Net Gains (Losses) on Securities (Realized and Unrealized).................................... 0.47 3.78 (0.12) (1.99) 1.34 3.92 ---------- ---------- ---------- ---------- ---------- ---------- Total from Investment Operations............... 1.03 4.30 0.42 (1.41) 1.73 4.32 ------------------------------------------------------------------------------------------------------------------------------ Less Distributions ------------------ Net Investment Income........................... (0.42) (0.57) (0.53) (0.57) (0.38) (0.40) ---------- ---------- ---------- ---------- ---------- ---------- Total Distributions............................ (0.42) (0.57) (0.53) (0.57) (0.38) (0.40) ------------------------------------------------------------------------------------------------------------------------------ Net Asset Value, End of Period.................... $ 20.06 $ 19.45 $ 15.72 $ 15.83 $ 17.81 $ 16.46 ================================================= =========== ========== ========== ========== ========== ========== Total Return...................................... 5.38%(D) 27.90% 2.98% (8.26)% 10.94% 35.11% ------------------------------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands)............. $7,121,387 $6,522,355 $5,480,888 $5,287,323 $5,157,857 $4,437,846 Ratio of Expenses to Average Net Assets (B)....... 0.43%(E) 0.43% 0.45% 0.45% 0.45% 0.46% Ratio of Net Investment Income to Average Net Assets........................................... 5.73%(E) 3.00% 3.54% 3.26% 2.34% 3.00% ------------------------------------------------------------------------------------------------------------------------------
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. 179 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, 2014 2013 2012 2011 2010 2009 -------------------------------------------------------------------------------------------------------------------------------- (Unaudited) Net Asset Value, Beginning of Period.............. $ 13.87 $ 11.15 $ 9.90 $ 9.34 $ 8.16 $ 7.62 ---------- ---------- ---------- ---------- ---------- -------- Income from Investment Operations --------------------------------- Net Investment Income (Loss) (A)................. 0.14 0.27 0.22 0.19 0.18 0.18 Net Gains (Losses) on Securities (Realized and Unrealized).................................... 1.01 2.71 1.25 0.56 1.15 0.55 ---------- ---------- ---------- ---------- ---------- -------- Total from Investment Operations............... 1.15 2.98 1.47 0.75 1.33 0.73 -------------------------------------------------------------------------------------------------------------------------------- Less Distributions ------------------ Net Investment Income............................ (0.14) (0.26) (0.22) (0.19) (0.15) (0.19) ---------- ---------- ---------- ---------- ---------- -------- Total Distributions............................ (0.14) (0.26) (0.22) (0.19) (0.15) (0.19) -------------------------------------------------------------------------------------------------------------------------------- Net Asset Value, End of Period.................... $ 14.88 $ 13.87 $ 11.15 $ 9.90 $ 9.34 $ 8.16 ================================================= =========== ========== ========== ========== ========== ======== Total Return...................................... 8.34%(D) 27.10% 15.02% 8.09% 16.47% 10.07% -------------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)............. $5,280,843 $4,917,336 $4,037,336 $3,762,013 $3,712,973 $785,689 Ratio of Expenses to Average Net Assets........... 0.08%(E) 0.09% 0.10% 0.10% 0.10%** 0.10%(B) Ratio of Expenses to Average Net Assets (Excluding Waivers and Assumptions of Expenses and/or Recovery of Previously Waived Fees and Fees Paid Indirectly)............................ 0.08%(E) 0.10% 0.10% 0.10% 0.11%** 0.13%(B) Ratio of Net Investment Income to Average Net Assets........................................... 1.99%(E) 2.13% 2.10% 1.95% 1.99% 2.53% Portfolio Turnover Rate........................... 2%(D) 3% 4% 4% 1%* N/A --------------------------------------------------------------------------------------------------------------------------------
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. 180 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, 2014, 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 U.S. Large Company Portfolio. 83,482,168 Institutional 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
Assuming the acquisition had been completed on November 1, 2009, U.S. Large Company Portfolio's result of operations for the year ended October 31, 2010 would have been as follows (in thousands): Net Investment Income.................................. $ 71,681(a) Net Realized and Unrealized Gain (Loss) on Investments. 501,073(b) -------- Net Increase in Net Assets Resulting from Operations... $572,754 ========
(a)$43,125 as reported in the Statement of Operations, plus $27,799 Net Investment Income from U.S. Large Company Portfolio pre-merger, plus $757 of pro-forma eliminated expenses. (b)$596,596 as reported in the Statement of Operations, less $95,523 Net Realized and Unrealized Gain (Loss) on Investments from U.S. Large Company Portfolio pre-merger. 181 Because both U.S. Large Company Portfolio and U.S. Large Company Institutional Index Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis. 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 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 which approximate fair value. 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 the Investment Committee 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 182 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, 2014, 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. 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, 2014, 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, 2014, the Portfolios' administrative services fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets: DFA International Value Portfolio. 0.20% U.S. Large Company Portfolio*..... 0.035%
183 For the six months ended April 30, 2014, the U.S. Large Company Portfolio's 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: U.S. Large Company Portfolio*. 0.025%
Prior to February 28, 2014, the Portfolio was provided administrative services under an administrative agreement. Effective February 28, 2014, the administrative agreement and investment advisory agreement for the Portfolio was combined into an investment management agreement that provides for an investment management fee, equal to the Portfolio's previous investment advisory services fee and administrative services fee, payable to the Advisor for both investment advisory services and administrative services. 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, 2015, 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, 2014, 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.
Previously Recovery Waived Fees/ of Previously Expenses Waived Fees/ Assumed Expense Expenses Subject to Future Limitation Amount Assumed Recovery ----------------- ------------- ----------------- Institutional Class Shares U.S. Large Company Portfolio (1)...... 0.08% $40 $432 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 and excluding any applicable 12b-1 fees) ("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 and excluding any applicable 12b-1 fees) ("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. 184 (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 and excluding any applicable 12b-1 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 on an annualized basis (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, 2014, 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, 2014, 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. $201 U.S. Large Company Portfolio...... 255
E. Purchases and Sales of Securities: For the six months ended April 30, 2014, 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. $95,742 $76,223
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, 2013, 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 185 following accounts. These reclassifications had no effect on net assets or net asset value per share (amounts in thousands):
Increase Increase (Decrease) (Decrease) Undistributed Accumulated Net Investment Net Realized Income Gains (Losses) -------------- -------------- DFA International Value Portfolio. $(1,204) $1,204 U.S. Large Company Portfolio...... -- --
The tax character of dividends and distributions declared and paid during the years ended October 31, 2012 and October 31, 2013 were as follows (amounts in thousands):
Net Investment Income and Short-Term Capital Gains Total -------------- -------- DFA International Value Portfolio 2012.............................. $180,966 $180,966 2013.............................. 189,258 189,258 U.S. Large Company Portfolio 2012.............................. 81,785 81,785 2013.............................. 94,840 94,840
At October 31, 2013, the components of distributable earnings (accumulated losses) were as follows (amounts in thousands):
Undistributed Total Net Net Investment Distributable Income and Other Unrealized Earnings Short-Term Capital Loss Temporary Appreciation (Accumulated Capital Gains Carryforwards Differences (Depreciation) Losses) -------------- ------------- ----------- -------------- ------------- DFA International Value Portfolio. $19,332 $(611,811) -- $1,251,780 $ 659,301 U.S. Large Company Portfolio...... 12,923 (180,406) $46,568 2,060,725 1,939,810
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, 2013, 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. $611,811 -- -- $611,811 U.S. Large Company Portfolio...... 55,911 $80,822 $43,673 180,406
During the year ended October 31, 2013, 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. $295,092 U.S. Large Company Portfolio...... 166,609
186 At April 30, 2014, 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. $5,798,069 $1,326,078 -- $1,326,078 U.S. Large Company Portfolio...... 2,767,776 2,696,937 $(70,070) 2,626,867
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. G. Capital Share Transactions: The capital share transactions by class were as follows (amounts in thousands):
Six Months Ended Year Ended April 30, 2014 Oct. 31, 2013 ------------------ --------------------- (Unaudited) ------------------ Amount Shares Amount Shares --------- ------- ----------- -------- DFA International Value Portfolio Class R2 Shares Shares Issued........................................ $ 9,212 465 $ 1,969 112 Shares Issued in Lieu of Cash Distributions.......... 119 6 218 13 Shares Redeemed...................................... (3,420) (172) (4,454) (249) --------- ------- ----------- -------- Net Increase (Decrease) -- Class R2 Shares............ $ 5,911 299 $ (2,267) (124) ========= ======= =========== ======== Institutional Class Shares Shares Issued........................................ $ 803,378 41,068 $ 1,464,667 83,810 Shares Issued in Lieu of Cash Distributions.......... 141,144 7,224 178,294 10,423 Shares Redeemed...................................... (559,917) (28,660) (1,876,787) (107,589) --------- ------- ----------- -------- Net Increase (Decrease) -- Institutional Class Shares. $ 384,605 19,632 $ (233,826) (13,356) ========= ======= =========== ========
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, 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 R2 Shares. H. Financial Instruments: In accordance with U.S. Large Company 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 187 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 to gain market exposure on uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. 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. At April 30, 2014, the U.S. Large Company Portfolio had outstanding futures contracts (dollar amounts in thousands):
Unrealized Approximate Expiration Number of Contract Gain Cash Description Date Contracts* Value (Loss) Collateral ----------------------- ---------- ---------- -------- ---------- ----------- U.S. Large Company Portfolio........ S&P 500 Index(R) Emini 06/20/14 692 $64,975 $591 $2,898
* During the six months ended April 30, 2014, U.S. Large Company Portfolio's average notional contract amount of outstanding futures contracts was $56,884 (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, 2014: Location on the Statements of Assets and Liabilities --------------------------------------------------- Derivative Type Asset Derivatives Liability Derivatives --------------- ------------------------ ------------------------ Equity contracts......... Receivables: 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, 2014 (amounts in thousands):
Asset Derivatives Value ------------------------------ Total Value at April 30, 2014 Equity Contracts - -------------- ---------------- U.S. Large Company Portfolio. $591 $591*
* Includes cumulative appreciation (depreciation) of futures contracts. Only current day's margin variation is reporting within the Statements of Assets and Liabilities. 188 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, 2014:
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, 2014 (amounts in thousands):
Realized Gain (Loss) on Derivatives Recognized in Income -------------------------------- Equity Total Contracts --------- ------------- U.S. Large Company Portfolio. $7,403 $7,403
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income ------------------------------- Equity Total Contracts --------- ------------- U.S. Large Company Portfolio. $(1,675) $(1,675)
I. Line of Credit: The Fund, together with other Dimensional-advised portfolios, has entered into a $500 million unsecured discretionary line of credit effective March 4, 2013 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 was scheduled to expire on March 3, 2014, however, effective March 3, 2014, the term was extended until March 2, 2015. The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 10, 2014 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 9, 2015. There were no borrowings by the Portfolios under the lines of credit during the six months ended April 30, 2014. J. Securities Lending: As of April 30, 2014, U.S. Large Company Portfolio had securities on loan to brokers/dealers, for which the Portfolio received cash collateral. 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 189 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. 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, 2014, 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............ 4 95% DFA International Value Portfolio -- Institutional Class Shares. 3 66% U.S. Large Company Portfolio.................................... 3 74%
Further, on December 13, 2013, the Board of the Fund voted to approve the combination of the Investment Advisory Agreement and the Administration Agreement (together, the "Previous Agreements") into a bundled Investment Management Agreement for the U.S. Large Company Portfolio. The Investment Management Agreement became effective on February 28, 2014. The nature and level of services to the Portfolio under the Investment Management Agreement are the same as under the Previous Agreements. As of February 28, 2014, the Portfolio pays the Advisor an investment management fee that is equal to the sum of the previous investment advisory and administration fees that were paid by the Portfolio to the Advisor under the Previous Agreements. N. 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. 190 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, 2014 EXPENSE TABLES Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- The U.S. Large Cap Value Series - Actual Fund Return............ $1,000.00 $1,094.50 0.11% $0.57 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 $1,055.10 0.22% $1.12 Hypothetical 5% Annual Return. $1,000.00 $1,023.70 0.22% $1.10
191 DISCLOSURE OF FUND EXPENSES CONTINUED
Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- The Japanese Small Company Series --------------------------------- Actual Fund Return...................... $1,000.00 $ 976.20 0.13% $0.64 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 $1,002.10 0.13% $0.65 Hypothetical 5% Annual Return........... $1,000.00 $1,024.15 0.13% $0.65 The United Kingdom Small Company Series --------------------------------------- Actual Fund Return...................... $1,000.00 $1,095.20 0.12% $0.62 Hypothetical 5% Annual Return........... $1,000.00 $1,024.20 0.12% $0.60 The Continental Small Company Series ------------------------------------ Actual Fund Return...................... $1,000.00 $1,148.90 0.13% $0.69 Hypothetical 5% Annual Return........... $1,000.00 $1,024.15 0.13% $0.65 The Canadian Small Company Series --------------------------------- Actual Fund Return...................... $1,000.00 $1,103.70 0.12% $0.63 Hypothetical 5% Annual Return........... $1,000.00 $1,024.20 0.12% $0.60 The Emerging Markets Series --------------------------- Actual Fund Return...................... $1,000.00 $ 979.50 0.15% $0.74 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 $1,021.20 0.26% $1.30 Hypothetical 5% Annual Return........... $1,000.00 $1,023.51 0.26% $1.30
---------- * 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. 192 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 31, 2014. It is 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....................... 12.0% Consumer Staples............................. 7.1% Energy....................................... 22.2% Financials................................... 22.6% Health Care.................................. 9.7% Industrials.................................. 11.4% Information Technology....................... 7.2% Materials.................................... 3.3% Telecommunication Services................... 4.2% Utilities.................................... 0.3% ----- 100.0%
The DFA International Value Series Consumer Discretionary....................... 9.6% Consumer Staples............................. 4.6% Energy....................................... 14.3% Financials................................... 34.7% Health Care.................................. 3.7% Industrials.................................. 10.0% Information Technology....................... 3.5% Materials.................................... 11.3% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 4.8% Utilities.................................... 3.5% ----- 100.0%
The Japanese Small Company Series Consumer Discretionary....................... 20.4% Consumer Staples............................. 9.6% Energy....................................... 1.1% Financials................................... 11.3% Health Care.................................. 5.1% Industrials.................................. 29.5% Information Technology....................... 11.3% Materials.................................... 11.2% Telecommunication Services................... -- Utilities.................................... 0.5% ----- 100.0%
193 DISCLOSURE OF PORTFOLIO HOLDINGS CONTINUED The Asia Pacific Small Company Series Consumer Discretionary....................... 28.7% Consumer Staples............................. 4.1% Energy....................................... 6.2% Financials................................... 12.7% Health Care.................................. 5.6% Industrials.................................. 19.4% Information Technology....................... 5.2% Materials.................................... 11.7% Other........................................ -- Real Estate Investment Trusts................ -- Telecommunication Services................... 3.7% Utilities.................................... 2.7% ----- 100.0%
The United Kingdom Small Company Series Consumer Discretionary....................... 26.0% Consumer Staples............................. 4.1% Energy....................................... 5.9% Financials................................... 14.6% Health Care.................................. 3.0% Industrials.................................. 25.6% Information Technology....................... 7.8% Materials.................................... 7.7% Telecommunication Services................... 2.7% Utilities.................................... 2.6% ----- 100.0%
The Continental Small Company Series Consumer Discretionary....................... 14.7% Consumer Staples............................. 5.8% Energy....................................... 4.3% Financials................................... 18.3% Health Care.................................. 9.1% Industrials.................................. 26.0% Information Technology....................... 9.6% Materials.................................... 7.6% Other........................................ -- Telecommunication Services................... 2.5% Utilities.................................... 2.1% ----- 100.0%
The Canadian Small Company Series Consumer Discretionary....................... 9.7% Consumer Staples............................. 3.4% Energy....................................... 29.5% Financials................................... 7.8% Health Care.................................. 2.3% Industrials.................................. 14.4% Information Technology....................... 5.9% Materials.................................... 21.5% Telecommunication Services................... 0.3% Utilities.................................... 5.2% ----- 100.0%
The Emerging Markets Series Consumer Discretionary....................... 9.4% Consumer Staples............................. 8.6% Energy....................................... 10.3% Financials................................... 25.1% Health Care.................................. 1.8% Industrials.................................. 7.7% Information Technology....................... 16.6% Materials.................................... 10.1% Other........................................ -- Telecommunication Services................... 6.7% Utilities.................................... 3.7% ----- 100.0%
The Emerging Markets Small Cap Series Consumer Discretionary....................... 17.6% Consumer Staples............................. 8.8% Energy....................................... 2.6% Financials................................... 16.2% Health Care.................................. 5.8% Industrials.................................. 18.3% Information Technology....................... 13.4% Materials.................................... 12.8% Other........................................ -- Real Estate Investment Trusts................ 0.1% Telecommunication Services................... 0.9% Utilities.................................... 3.5% ----- 100.0%
194 THE U.S. LARGE CAP VALUE SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value+ of Net Assets** ------ ------ --------------- COMMON STOCKS -- (97.0%) Consumer Discretionary -- (11.6%) Comcast Corp. Class A................ 9,873,756 $ 511,065,611 3.1% # Comcast Corp. Special Class A........ 3,813,064 194,580,656 1.2% General Motors Co.................... 3,716,863 128,157,436 0.8% Time Warner Cable, Inc............... 1,876,119 265,395,794 1.6% Time Warner, Inc..................... 5,052,904 335,816,000 2.0% Other Securities..................... 556,054,796 3.2% -------------- ----- Total Consumer Discretionary............. 1,991,070,293 11.9% -------------- ----- Consumer Staples -- (6.9%) Archer-Daniels-Midland Co............ 3,151,861 137,830,881 0.8% CVS Caremark Corp.................... 6,986,047 508,025,338 3.0% Mondelez International, Inc. Class A. 7,976,433 284,359,836 1.7% Other Securities..................... 251,992,010 1.6% -------------- ----- Total Consumer Staples................... 1,182,208,065 7.1% -------------- ----- Energy -- (21.6%) Anadarko Petroleum Corp.............. 2,644,697 261,877,897 1.6% Apache Corp.......................... 1,895,772 164,553,010 1.0% Baker Hughes, Inc.................... 1,938,026 135,468,017 0.8% Chevron Corp......................... 4,835,771 606,985,976 3.6% ConocoPhillips....................... 6,993,622 519,696,051 3.1% Devon Energy Corp.................... 1,721,246 120,487,220 0.7% Exxon Mobil Corp..................... 1,502,573 153,878,501 0.9% Hess Corp............................ 1,628,606 145,206,511 0.9% Marathon Oil Corp.................... 3,640,872 131,617,523 0.8% Marathon Petroleum Corp.............. 1,752,484 162,893,388 1.0% National Oilwell Varco, Inc.......... 2,032,845 159,639,318 1.0% Occidental Petroleum Corp............ 2,152,468 206,098,811 1.2% Phillips 66.......................... 2,926,797 243,568,046 1.5% Valero Energy Corp................... 2,806,975 160,474,761 1.0% Other Securities..................... 532,312,812 3.1% -------------- ----- Total Energy............................. 3,704,757,842 22.2% -------------- ----- Financials -- (22.0%) American International Group, Inc.... 6,143,899 326,425,354 2.0% Bank of America Corp................. 26,957,644 408,138,730 2.4% Bank of New York Mellon Corp. (The).. 3,735,585 126,524,264 0.8% Capital One Financial Corp........... 2,096,624 154,940,514 0.9% Citigroup, Inc....................... 7,932,413 380,041,907 2.3% CME Group, Inc....................... 1,612,799 113,524,922 0.7% JPMorgan Chase & Co.................. 9,265,436 518,679,107 3.1% MetLife, Inc......................... 4,300,949 225,154,680 1.3% Morgan Stanley....................... 6,887,527 213,031,210 1.3% Prudential Financial, Inc............ 1,944,264 156,863,220 0.9% SunTrust Banks, Inc.................. 2,600,602 99,499,033 0.6% Other Securities..................... 1,051,677,256 6.3% -------------- ----- Total Financials......................... 3,774,500,197 22.6% -------------- ----- Health Care -- (9.3%) Aetna, Inc........................... 2,009,110 143,550,909 0.9% * Express Scripts Holding Co........... 3,072,578 204,572,243 1.2% Pfizer, Inc.......................... 16,350,996 511,459,155 3.1% Thermo Fisher Scientific, Inc........ 1,947,634 222,030,276 1.3%
195 THE U.S. LARGE CAP VALUE SERIES CONTINUED
Percentage Shares Value+ of Net Assets** ------ ------ --------------- Health Care -- (Continued) WellPoint, Inc..................................... 1,674,297 $ 168,568,222 1.0% Other Securities................................... 357,718,328 2.1% --------------- ------ Total Health Care........................................ 1,607,899,133 9.6% --------------- ------ Industrials -- (11.1%) CSX Corp........................................... 5,604,703 158,164,719 1.0% Eaton Corp. P.L.C.................................. 2,273,922 165,177,694 1.0% FedEx Corp......................................... 828,737 112,915,416 0.7% General Electric Co................................ 12,431,885 334,293,388 2.0% Norfolk Southern Corp.............................. 1,681,939 158,993,694 1.0% Northrop Grumman Corp.............................. 1,364,645 165,818,014 1.0% Union Pacific Corp................................. 1,891,022 360,107,319 2.2% Other Securities................................... 448,194,227 2.5% --------------- ------ Total Industrials........................................ 1,903,664,471 11.4% --------------- ------ Information Technology -- (7.0%) Corning, Inc....................................... 5,762,032 120,484,089 0.7% Hewlett-Packard Co................................. 9,619,949 318,035,514 1.9% Intel Corp......................................... 5,871,145 156,700,860 0.9% Other Securities................................... 606,174,129 3.7% --------------- ------ Total Information Technology............................. 1,201,394,592 7.2% --------------- ------ Materials -- (3.2%) Freeport-McMoRan Copper & Gold, Inc................ 4,647,012 159,717,802 1.0% Other Securities................................... 395,751,544 2.3% --------------- ------ Total Materials.......................................... 555,469,346 3.3% --------------- ------ Telecommunication Services -- (4.0%) AT&T, Inc.......................................... 15,116,213 539,648,804 3.2% Other Securities................................... 153,431,442 0.9% --------------- ------ Total Telecommunication Services......................... 693,080,246 4.1% --------------- ------ Utilities -- (0.3%) Other Securities................................... 54,600,112 0.3% --------------- ------ TOTAL COMMON STOCKS...................................... 16,668,644,297 99.7% --------------- ------ TEMPORARY CASH INVESTMENTS -- (0.4%) State Street Institutional Liquid Reserves, 0.074%. 69,498,079 69,498,079 0.4% --------------- ------ Shares/ Face Amount ---------- (000) SECURITIES LENDING COLLATERAL -- (2.6%) (S)@ DFA Short Term Investment Fund..................... 38,162,068 441,535,131 2.7% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $10,925,873,386)............................... $17,179,677,507 102.8% =============== ======
196 THE U.S. LARGE CAP VALUE SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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...... $ 1,991,070,293 -- -- $ 1,991,070,293 Consumer Staples............ 1,182,208,065 -- -- 1,182,208,065 Energy...................... 3,704,757,842 -- -- 3,704,757,842 Financials.................. 3,774,500,197 -- -- 3,774,500,197 Health Care................. 1,607,899,133 -- -- 1,607,899,133 Industrials................. 1,903,664,471 -- -- 1,903,664,471 Information Technology...... 1,201,394,592 -- -- 1,201,394,592 Materials................... 555,469,346 -- -- 555,469,346 Telecommunication Services.. 693,080,246 -- -- 693,080,246 Utilities................... 54,600,112 -- -- 54,600,112 Temporary Cash Investments.... 69,498,079 -- -- 69,498,079 Securities Lending Collateral. -- $441,535,131 -- 441,535,131 --------------- ------------ -- --------------- TOTAL......................... $16,738,142,376 $441,535,131 -- $17,179,677,507 =============== ============ == ===============
See accompanying Notes to Financial Statements. 197 THE DFA INTERNATIONAL VALUE SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (90.6%) AUSTRALIA -- (4.6%) Santos, Ltd...................... 4,099,271 $ 52,558,232 0.6% Wesfarmers, Ltd.................. 2,586,337 102,933,877 1.1% Other Securities................. 321,643,082 3.3% ------------ ----- TOTAL AUSTRALIA...................... 477,135,191 5.0% ------------ ----- AUSTRIA -- (0.1%) Other Securities................. 15,658,992 0.2% ------------ ----- BELGIUM -- (1.2%) Other Securities................. 128,323,164 1.4% ------------ ----- CANADA -- (8.0%) # Canadian Natural Resources, Ltd.. 1,849,320 75,352,978 0.8% Manulife Financial Corp.......... 3,287,435 61,726,575 0.7% Suncor Energy, Inc............... 3,750,370 144,670,082 1.5% Other Securities................. 554,656,413 5.8% ------------ ----- TOTAL CANADA......................... 836,406,048 8.8% ------------ ----- DENMARK -- (1.6%) Other Securities................. 163,115,860 1.7% ------------ ----- FINLAND -- (0.9%) Other Securities................. 94,719,007 1.0% ------------ ----- FRANCE -- (9.5%) AXA SA........................... 4,004,754 104,508,095 1.1% BNP Paribas SA................... 1,975,744 148,466,225 1.6% Cie de St-Gobain................. 1,078,023 66,045,558 0.7% # GDF Suez......................... 3,247,971 81,859,990 0.9% Orange SA........................ 3,875,091 62,781,400 0.7% Renault SA....................... 740,603 72,408,643 0.8% Societe Generale SA.............. 1,296,228 80,725,428 0.8% Vivendi SA....................... 3,686,124 99,034,179 1.0% Other Securities................. 279,123,896 2.8% ------------ ----- TOTAL FRANCE......................... 994,953,414 10.4% ------------ ----- GERMANY -- (7.4%) # Allianz SE....................... 518,031 90,152,856 1.0% Bayerische Motoren Werke AG...... 683,720 85,946,981 0.9% Daimler AG....................... 2,088,586 194,445,529 2.0% # E.ON SE.......................... 3,638,090 69,687,054 0.7% # Muenchener Rueckversicherungs AG. 297,828 68,845,597 0.7% RWE AG........................... 1,358,567 51,844,377 0.6% Other Securities................. 207,837,909 2.2% ------------ ----- TOTAL GERMANY........................ 768,760,303 8.1% ------------ ----- HONG KONG -- (1.9%) Hutchison Whampoa, Ltd........... 5,076,000 69,640,150 0.7% Other Securities................. 134,088,552 1.4% ------------ ----- TOTAL HONG KONG...................... 203,728,702 2.1% ------------ -----
198 THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- IRELAND -- (0.2%) Other Securities........................ $ 18,770,592 0.2% -------------- ----- ISRAEL -- (0.3%) Other Securities........................ 32,609,956 0.3% -------------- ----- ITALY -- (1.6%) UniCredit SpA........................... 6,290,570 56,361,264 0.6% Other Securities........................ 113,430,866 1.2% -------------- ----- TOTAL ITALY................................. 169,792,130 1.8% -------------- ----- JAPAN -- (18.3%) Mitsubishi Corp......................... 3,482,500 62,362,177 0.7% Mitsubishi UFJ Financial Group, Inc..... 24,653,206 131,142,580 1.4% Mitsui & Co., Ltd....................... 4,220,700 59,859,529 0.6% Mizuho Financial Group, Inc............. 42,833,200 83,893,411 0.9% Nippon Steel & Sumitomo Metal Corp...... 19,029,940 49,927,655 0.5% Sumitomo Mitsui Financial Group, Inc.... 1,688,300 66,739,011 0.7% Other Securities........................ 1,455,186,354 15.2% -------------- ----- TOTAL JAPAN................................. 1,909,110,717 20.0% -------------- ----- NETHERLANDS -- (3.2%) # ArcelorMittal......................... 3,159,312 51,374,315 0.5% * ING Groep NV.......................... 6,479,202 92,619,251 1.0% Other Securities........................ 195,212,987 2.1% -------------- ----- TOTAL NETHERLANDS........................... 339,206,553 3.6% -------------- ----- NEW ZEALAND -- (0.1%) Other Securities........................ 8,078,915 0.1% -------------- ----- NORWAY -- (0.7%) Other Securities........................ 70,152,730 0.7% -------------- ----- PORTUGAL -- (0.1%) Other Securities........................ 8,215,156 0.1% -------------- ----- SINGAPORE -- (1.1%) Other Securities........................ 118,422,958 1.2% -------------- ----- SPAIN -- (2.6%) Banco Santander SA...................... 8,200,002 81,554,496 0.8% Iberdrola SA............................ 9,376,631 65,500,776 0.7% Other Securities........................ 119,686,535 1.3% -------------- ----- TOTAL SPAIN................................. 266,741,807 2.8% -------------- ----- SWEDEN -- (2.9%) Nordea Bank AB.......................... 5,366,449 77,763,053 0.8% Telefonaktiebolaget LM Ericsson Class B. 4,713,081 56,832,490 0.6% Other Securities........................ 163,261,946 1.7% -------------- ----- TOTAL SWEDEN................................ 297,857,489 3.1% -------------- ----- SWITZERLAND -- (8.8%) Credit Suisse Group AG.................. 1,928,358 61,134,025 0.6% Holcim, Ltd............................. 887,877 81,432,888 0.9% Novartis AG............................. 2,434,443 211,632,207 2.2% Novartis AG ADR......................... 681,571 59,255,783 0.6%
199 THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- SWITZERLAND -- (Continued) Swiss Re AG............................. 1,412,545 $ 123,514,466 1.3% UBS AG.................................. 4,344,251 90,855,076 1.0% Zurich Insurance Group AG............... 321,452 92,179,146 1.0% Other Securities........................ 194,865,896 2.0% --------------- ------ TOTAL SWITZERLAND............................. 914,869,487 9.6% --------------- ------ UNITED KINGDOM -- (15.5%) Anglo American P.L.C.................... 2,938,851 78,564,591 0.8% Barclays P.L.C. Sponsored ADR........... 5,037,005 86,183,156 0.9% BP P.L.C. Sponsored ADR................. 6,938,726 351,238,309 3.7% Glencore Xstrata P.L.C.................. 9,442,477 50,949,377 0.5% # HSBC Holdings P.L.C. Sponsored ADR...... 1,892,534 97,124,844 1.0% Kingfisher P.L.C........................ 8,040,406 56,896,948 0.6% # Royal Dutch Shell P.L.C. ADR(780259107). 3,323,210 281,309,727 3.0% Royal Dutch Shell P.L.C. ADR(780259206). 755,142 59,459,881 0.6% Vodafone Group P.L.C.................... 19,078,000 72,431,667 0.8% Vodafone Group P.L.C. Sponsored ADR..... 2,056,797 78,076,025 0.8% Other Securities........................ 401,284,528 4.2% --------------- ------ TOTAL UNITED KINGDOM.......................... 1,613,519,053 16.9% --------------- ------ TOTAL COMMON STOCKS........................... 9,450,148,224 99.1% --------------- ------ PREFERRED STOCKS -- (0.3%) GERMANY -- (0.3%) Other Securities........................ 28,133,374 0.3% --------------- ------ RIGHTS/WARRANTS -- (0.0%) AUSTRALIA -- (0.0%) Other Securities........................ -- 0.0% --------------- ------ FRANCE -- (0.0%) Other Securities........................ 304,214 0.0% --------------- ------ HONG KONG -- (0.0%) Other Securities........................ 49,049 0.0% --------------- ------ SPAIN -- (0.0%) Other Securities........................ 1,734,756 0.0% --------------- ------ TOTAL RIGHTS/WARRANTS......................... 2,088,019 0.0% --------------- ------ Shares/ Face Amount Value+ ------- ------ (000) SECURITIES LENDING COLLATERAL -- (9.1%) (S)@ DFA Short Term Investment Fund.......... 82,550,804 955,112,801 10.0% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $8,605,115,658)..................... $10,435,482,418 109.4% =============== ======
200 THE DFA INTERNATIONAL VALUE SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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................... $ 1,974,118 $ 475,161,073 -- $ 477,135,191 Austria..................... -- 15,658,992 -- 15,658,992 Belgium..................... 3,952,688 124,370,476 -- 128,323,164 Canada...................... 836,406,048 -- -- 836,406,048 Denmark..................... -- 163,115,860 -- 163,115,860 Finland..................... 2,128,584 92,590,423 -- 94,719,007 France...................... 5,948,762 989,004,652 -- 994,953,414 Germany..................... 76,929,392 691,830,911 -- 768,760,303 Hong Kong................... -- 203,728,702 -- 203,728,702 Ireland..................... 6,301,524 12,469,068 -- 18,770,592 Israel...................... -- 32,609,956 -- 32,609,956 Italy....................... 24,068,580 145,723,550 -- 169,792,130 Japan....................... 62,859,115 1,846,251,602 -- 1,909,110,717 Netherlands................. 27,544,627 311,661,926 -- 339,206,553 New Zealand................. -- 8,078,915 -- 8,078,915 Norway...................... 322,262 69,830,468 -- 70,152,730 Portugal.................... -- 8,215,156 -- 8,215,156 Singapore................... -- 118,422,958 -- 118,422,958 Spain....................... 15,348,649 251,393,158 -- 266,741,807 Sweden...................... 11,416,422 286,441,067 -- 297,857,489 Switzerland................. 102,217,682 812,651,805 -- 914,869,487 United Kingdom.............. 996,765,713 616,753,340 -- 1,613,519,053 Preferred Stocks Germany..................... -- 28,133,374 -- 28,133,374 Rights/Warrants Australia................... -- -- -- -- France...................... -- 304,214 -- 304,214 Hong Kong................... -- 49,049 -- 49,049 Spain....................... -- 1,734,756 -- 1,734,756 Securities Lending Collateral. -- 955,112,801 -- 955,112,801 -------------- -------------- -- --------------- TOTAL......................... $2,174,184,166 $8,261,298,252 -- $10,435,482,418 ============== ============== == ===============
See accompanying Notes to Financial Statements. 201 THE JAPANESE SMALL COMPANY SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (87.4%) Consumer Discretionary -- (17.8%) # Accordia Golf Co., Ltd...................... 575,900 $ 7,387,781 0.3% Aoyama Trading Co., Ltd..................... 315,900 7,839,037 0.4% Autobacs Seven Co., Ltd..................... 378,000 5,848,087 0.3% Nifco, Inc.................................. 277,500 7,750,861 0.4% Resorttrust, Inc............................ 401,216 6,295,018 0.3% # Shimachu Co., Ltd........................... 273,900 6,018,295 0.3% Toyo Tire & Rubber Co., Ltd................. 1,040,000 7,755,129 0.4% Other Securities............................ 399,151,836 17.8% ------------ ----- Total Consumer Discretionary.................... 448,046,044 20.2% ------------ ----- Consumer Staples -- (8.4%) Kose Corp................................... 176,000 5,849,699 0.3% Nichirei Corp............................... 1,382,000 6,710,948 0.3% Pigeon Corp................................. 191,600 8,578,134 0.4% Sapporo Holdings, Ltd....................... 1,874,000 7,945,790 0.4% # UNY Group Holdings Co., Ltd................. 1,183,300 7,636,496 0.4% Other Securities............................ 173,384,344 7.7% ------------ ----- Total Consumer Staples.......................... 210,105,411 9.5% ------------ ----- Energy -- (1.0%) Other Securities............................ 23,937,414 1.1% ------------ ----- Financials -- (9.8%) Awa Bank, Ltd. (The)........................ 1,095,000 5,863,553 0.3% Daishi Bank, Ltd. (The)..................... 2,006,000 7,245,069 0.3% Juroku Bank, Ltd. (The)..................... 1,985,000 6,934,046 0.3% #* Leopalace21 Corp............................ 1,247,000 6,449,102 0.3% Musashino Bank, Ltd. (The).................. 196,000 6,280,815 0.3% San-In Godo Bank, Ltd. (The)................ 961,000 6,342,751 0.3% Other Securities............................ 208,060,708 9.3% ------------ ----- Total Financials................................ 247,176,044 11.1% ------------ ----- Health Care -- (4.5%) # Kaken Pharmaceutical Co., Ltd............... 440,000 7,582,213 0.3% Nihon Kohden Corp........................... 179,000 7,330,666 0.3% Rohto Pharmaceutical Co., Ltd............... 382,100 6,740,824 0.3% # Ship Healthcare Holdings, Inc............... 193,400 6,595,411 0.3% Other Securities............................ 83,698,202 3.8% ------------ ----- Total Health Care............................... 111,947,316 5.0% ------------ ----- Industrials -- (25.7%) # Aica Kogyo Co., Ltd......................... 282,300 5,903,544 0.3% Daifuku Co., Ltd............................ 505,000 5,822,461 0.3% DMG Mori Seiki Co., Ltd..................... 504,000 6,287,404 0.3% Fujikura, Ltd............................... 2,042,000 8,792,791 0.4% # Furukawa Electric Co., Ltd.................. 3,973,000 8,945,051 0.4% Glory, Ltd.................................. 305,500 7,903,712 0.4% # Iwatani Corp................................ 1,022,000 5,997,386 0.3% Kyowa Exeo Corp............................. 482,300 6,238,888 0.3% # Maeda Corp.................................. 845,000 6,288,202 0.3% Mitsui Engineering & Shipbuilding Co., Ltd.. 4,170,000 8,090,757 0.4% #* Nippon Sheet Glass Co., Ltd................. 5,424,000 6,957,041 0.3% Nishimatsu Construction Co., Ltd............ 1,855,000 6,674,929 0.3%
202 THE JAPANESE SMALL COMPANY SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- Industrials -- (Continued) Nisshinbo Holdings, Inc................... 839,000 $ 7,187,941 0.3% # OKUMA Corp................................ 792,000 6,779,020 0.3% OSG Corp.................................. 401,700 6,474,736 0.3% Sankyu, Inc............................... 1,545,000 5,889,261 0.3% Sanwa Holdings Corp....................... 1,215,000 7,422,723 0.3% Other Securities.......................... 528,825,107 23.7% -------------- ------ Total Industrials............................... 646,480,954 29.2% -------------- ------ Information Technology -- (9.9%) # Anritsu Corp.............................. 606,100 6,787,474 0.3% # Horiba, Ltd............................... 218,850 7,564,844 0.4% IT Holdings Corp.......................... 448,301 6,949,558 0.3% Japan Aviation Electronics Industry, Ltd.. 349,600 5,950,871 0.3% # Oki Electric Industry Co., Ltd............ 3,320,000 6,499,146 0.3% # Taiyo Yuden Co., Ltd...................... 619,100 7,654,809 0.4% Other Securities.......................... 206,580,090 9.2% -------------- ------ Total Information Technology.................... 247,986,792 11.2% -------------- ------ Materials -- (9.8%) Mitsui Mining & Smelting Co., Ltd......... 3,353,000 8,314,258 0.4% Nihon Parkerizing Co., Ltd................ 271,000 5,906,762 0.3% # NOF Corp.................................. 833,000 5,777,172 0.3% Sumitomo Osaka Cement Co., Ltd............ 2,274,000 9,043,980 0.4% Toyobo Co., Ltd........................... 4,867,000 7,859,484 0.4% Other Securities.......................... 209,756,702 9.3% -------------- ------ Total Materials................................. 246,658,358 11.1% -------------- ------ Telecommunication Services -- (0.0%) Other Securities.......................... 1,034,943 0.0% -------------- ------ Utilities -- (0.5%) Other Securities 11,294,586 0.5% -------------- ------ TOTAL COMMON STOCKS............................. 2,194,667,862 98.9% -------------- ------ Shares/ Face Amount Value+ ---------- ------ (000) SECURITIES LENDING COLLATERAL -- (12.6%) (S)@ DFA Short Term Investment Fund............ 27,404,988 317,075,711 14.3% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $2,426,853,978)....................... $2,511,743,573 113.2% ============== ======
203 THE JAPANESE SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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...... -- $ 448,046,044 -- $ 448,046,044 Consumer Staples............ $3,668,423 206,436,988 -- 210,105,411 Energy...................... -- 23,937,414 -- 23,937,414 Financials.................. 4,498,409 242,677,635 -- 247,176,044 Health Care................. -- 111,947,316 -- 111,947,316 Industrials................. -- 646,480,954 -- 646,480,954 Information Technology...... -- 247,986,792 -- 247,986,792 Materials................... -- 246,658,358 -- 246,658,358 Telecommunication Services.. -- 1,034,943 -- 1,034,943 Utilities................... -- 11,294,586 -- 11,294,586 Securities Lending Collateral. -- 317,075,711 -- 317,075,711 ---------- -------------- -- -------------- TOTAL......................... $8,166,832 $2,503,576,741 -- $2,511,743,573 ========== ============== == ==============
See accompanying Notes to Financial Statements. 204 THE ASIA PACIFIC SMALL COMPANY SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (82.0%) AUSTRALIA -- (42.3%) Adelaide Brighton, Ltd................ 2,293,533 $ 8,359,967 0.6% # Ansell, Ltd........................... 474,660 7,993,784 0.6% Aristocrat Leisure, Ltd............... 2,718,335 12,753,277 0.9% Arrium, Ltd........................... 8,470,367 9,439,848 0.7% #* Aurora Oil & Gas, Ltd................. 2,641,857 10,038,097 0.7% Beach Energy, Ltd..................... 7,988,779 12,784,944 0.9% * BlueScope Steel, Ltd.................. 1,645,807 9,950,203 0.7% carsales.com, Ltd..................... 1,525,864 15,452,742 1.1% CSR, Ltd.............................. 3,097,442 10,548,682 0.8% # David Jones, Ltd...................... 4,278,429 15,673,354 1.1% Downer EDI, Ltd....................... 2,684,206 12,530,715 0.9% DuluxGroup, Ltd....................... 2,795,953 14,933,774 1.1% Echo Entertainment Group, Ltd......... 2,941,638 7,737,062 0.6% Envestra, Ltd......................... 7,569,682 8,215,136 0.6% Fairfax Media, Ltd.................... 12,512,986 11,432,785 0.8% Goodman Fielder, Ltd.................. 10,646,991 6,681,884 0.5% GrainCorp, Ltd. Class A............... 1,115,664 9,201,387 0.7% # iiNET, Ltd............................ 980,332 6,544,683 0.5% # Invocare, Ltd......................... 761,399 7,548,493 0.5% IOOF Holdings, Ltd.................... 1,448,038 11,448,962 0.8% # Iress, Ltd............................ 953,472 7,356,247 0.5% # JB Hi-Fi, Ltd......................... 856,886 15,398,204 1.1% Mineral Resources, Ltd................ 1,031,955 11,204,592 0.8% # Monadelphous Group, Ltd............... 707,732 11,539,053 0.8% # Myer Holdings, Ltd.................... 3,842,110 7,959,500 0.6% Navitas, Ltd.......................... 1,381,635 9,474,476 0.7% # OZ Minerals, Ltd...................... 1,930,585 6,644,200 0.5% Perpetual, Ltd........................ 312,245 13,669,025 1.0% Primary Health Care, Ltd.............. 1,910,970 8,352,328 0.6% Reece Australia, Ltd.................. 238,257 6,749,710 0.5% #* Sims Metal Management, Ltd............ 1,094,048 10,005,822 0.7% Spark Infrastructure Group............ 7,787,168 12,796,582 0.9% # Super Retail Group, Ltd............... 1,291,875 12,227,993 0.9% # TPG Telecom, Ltd...................... 1,357,245 7,525,986 0.5% * Transpacific Industries Group, Ltd.... 7,269,623 7,559,759 0.5% # UGL, Ltd.............................. 1,204,535 7,575,350 0.5% Other Securities...................... 357,279,418 25.1% ------------ ----- TOTAL AUSTRALIA........................... 722,588,024 51.3% ------------ ----- CHINA -- (0.1%) Other Securities...................... 2,088,732 0.2% ------------ ----- HONG KONG -- (21.2%) Esprit Holdings, Ltd.................. 12,854,950 21,468,905 1.5% Hopewell Holdings, Ltd................ 2,385,000 8,209,761 0.6% # Luk Fook Holdings International, Ltd.. 2,487,000 7,061,737 0.5% Melco International Development, Ltd.. 4,358,000 13,383,642 1.0% Pacific Basin Shipping, Ltd........... 12,828,000 7,535,656 0.5% # SA SA International Holdings, Ltd..... 7,820,000 6,560,548 0.5% Xinyi Glass Holdings, Ltd............. 13,316,000 10,506,644 0.8% Other Securities...................... 287,931,533 20.3% ------------ ----- TOTAL HONG KONG........................... 362,658,426 25.7% ------------ -----
205 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- NEW ZEALAND -- (7.3%) # Fisher & Paykel Healthcare Corp., Ltd.. 3,763,394 $ 13,265,637 0.9% Port of Tauranga, Ltd.................. 528,322 6,560,678 0.5% # Ryman Healthcare, Ltd.................. 2,086,942 15,589,741 1.1% Sky Network Television, Ltd............ 1,730,057 9,985,491 0.7% SKYCITY Entertainment Group, Ltd....... 3,798,254 13,869,634 1.0% Other Securities....................... 65,017,257 4.6% -------------- ------ TOTAL NEW ZEALAND............................ 124,288,438 8.8% -------------- ------ SINGAPORE -- (11.1%) Singapore Post, Ltd.................... 8,837,120 9,983,859 0.7% Venture Corp., Ltd..................... 1,650,000 10,106,502 0.7% Other Securities....................... 170,174,764 12.1% -------------- ------ TOTAL SINGAPORE.............................. 190,265,125 13.5% -------------- ------ TOTAL COMMON STOCKS.......................... 1,401,888,745 99.5% -------------- ------ RIGHTS/WARRANTS -- (0.0%) AUSTRALIA -- (0.0%) Other Securities....................... 357,205 0.0% -------------- ------ HONG KONG -- (0.0%) Other Securities....................... 16,808 0.0% -------------- ------ SINGAPORE -- (0.0%) Other Securities....................... 8,531 0.0% -------------- ------ TOTAL RIGHTS/WARRANTS........................ 382,544 0.0% -------------- ------ Shares/ Face Amount Value+ ------- ------ (000) SECURITIES LENDING COLLATERAL -- (18.0%) (S)@ DFA Short Term Investment Fund......... 26,673,434 308,611,628 21.9% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $1,619,552,911).................... $1,710,882,917 121.4% ============== ======
206 THE ASIA PACIFIC SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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................... $234,096 $ 722,353,928 -- $ 722,588,024 China....................... -- 2,088,732 -- 2,088,732 Hong Kong................... 255,437 362,402,989 -- 362,658,426 New Zealand................. -- 124,288,438 -- 124,288,438 Singapore................... -- 190,265,125 -- 190,265,125 Rights/Warrants Australia................... -- 357,205 -- 357,205 Hong Kong................... -- 16,808 -- 16,808 Singapore................... -- 8,531 -- 8,531 Securities Lending Collateral. -- 308,611,628 -- 308,611,628 -------- -------------- -- -------------- TOTAL......................... $489,533 $1,710,393,384 -- $1,710,882,917 ======== ============== == ==============
See accompanying Notes to Financial Statements. 207 THE UNITED KINGDOM SMALL COMPANY SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (98.2%) Consumer Discretionary -- (25.5%) Barratt Developments P.L.C........ 4,268,971 $ 26,698,834 1.2% Bellway P.L.C..................... 652,849 15,898,650 0.7% Berkeley Group Holdings P.L.C..... 650,346 25,234,511 1.2% Daily Mail & General Trust P.L.C.. 1,328,069 18,306,282 0.9% Greene King P.L.C................. 1,421,372 21,399,005 1.0% Home Retail Group P.L.C........... 4,196,363 14,499,738 0.7% Howden Joinery Group P.L.C........ 3,180,986 17,512,897 0.8% Inchcape P.L.C.................... 2,319,770 25,200,127 1.2% Informa P.L.C..................... 3,121,619 25,492,179 1.2% * Persimmon P.L.C................... 904,357 20,069,472 0.9% Rightmove P.L.C................... 466,340 18,998,360 0.9% Taylor Wimpey P.L.C............... 15,614,170 27,768,941 1.3% * Thomas Cook Group P.L.C........... 7,517,966 22,223,846 1.0% William Hill P.L.C................ 3,678,697 22,042,897 1.0% Other Securities.................. 254,217,680 11.8% ------------ ----- Total Consumer Discretionary.......... 555,563,419 25.8% ------------ ----- Consumer Staples -- (4.1%) Booker Group P.L.C................ 7,511,637 18,685,793 0.9% Britvic P.L.C..................... 1,240,873 15,197,635 0.7% Other Securities.................. 54,619,670 2.5% ------------ ----- Total Consumer Staples................ 88,503,098 4.1% ------------ ----- Energy -- (5.8%) * Afren P.L.C....................... 5,639,345 14,979,341 0.7% AMEC P.L.C........................ 1,114,094 23,268,048 1.1% John Wood Group P.L.C............. 1,508,579 20,003,334 0.9% Premier Oil P.L.C................. 2,484,308 14,225,273 0.7% Other Securities.................. 53,247,457 2.4% ------------ ----- Total Energy.......................... 125,723,453 5.8% ------------ ----- Financials -- (14.4%) Amlin P.L.C....................... 2,613,209 19,757,633 0.9% Catlin Group, Ltd................. 1,812,653 16,189,202 0.8% Close Brothers Group P.L.C........ 777,213 18,358,740 0.9% Henderson Group P.L.C............. 5,229,541 22,218,077 1.0% Hiscox, Ltd....................... 1,645,320 19,629,497 0.9% ICAP P.L.C........................ 2,874,272 20,133,934 0.9% IG Group Holdings P.L.C........... 1,796,260 19,316,253 0.9% Man Group P.L.C................... 9,800,117 16,354,917 0.8% Other Securities.................. 161,296,743 7.4% ------------ ----- Total Financials...................... 313,254,996 14.5% ------------ ----- Health Care -- (2.9%) * BTG P.L.C......................... 1,781,080 16,015,427 0.8% Hikma Pharmaceuticals P.L.C....... 713,706 18,728,962 0.9% Other Securities.................. 29,069,010 1.3% ------------ ----- Total Health Care..................... 63,813,399 3.0% ------------ ----- Industrials -- (25.2%) Ashtead Group P.L.C............... 2,326,314 34,467,088 1.6% Balfour Beatty P.L.C.............. 3,596,658 17,080,799 0.8% BBA Aviation P.L.C................ 2,792,163 14,648,757 0.7%
208 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- Industrials -- (Continued) Berendsen P.L.C................. 832,065 $ 14,541,122 0.7% Bodycote P.L.C.................. 1,253,236 15,464,310 0.7% Cobham P.L.C.................... 5,618,202 29,309,381 1.4% DCC P.L.C....................... 431,941 22,147,399 1.0% Hays P.L.C...................... 7,041,541 17,964,367 0.8% Melrose Industries P.L.C........ 3,712,937 17,930,030 0.8% Rentokil Initial P.L.C.......... 7,336,389 14,782,500 0.7% Rotork P.L.C.................... 339,433 14,886,294 0.7% Spirax-Sarco Engineering P.L.C.. 369,703 18,123,272 0.8% Stagecoach Group P.L.C.......... 2,248,039 14,097,073 0.7% Other Securities................ 303,280,796 14.0% -------------- ------ Total Industrials...................... 548,723,188 25.4% -------------- ------ Information Technology -- (7.7%) Halma P.L.C..................... 1,878,529 17,847,458 0.8% Spectris P.L.C.................. 601,319 22,625,619 1.1% Other Securities................ 126,510,630 5.8% -------------- ------ Total Information Technology........... 166,983,707 7.7% -------------- ------ Materials -- (7.5%) Croda International P.L.C....... 442,133 19,256,876 0.9% DS Smith P.L.C.................. 4,875,734 25,983,032 1.2% Other Securities................ 118,648,706 5.5% -------------- ------ Total Materials........................ 163,888,614 7.6% -------------- ------ Telecommunication Services -- (2.6%) Inmarsat P.L.C.................. 2,296,017 28,251,173 1.3% Other Securities................ 29,524,691 1.4% -------------- ------ Total Telecommunication Services....... 57,775,864 2.7% -------------- ------ Utilities -- (2.5%) Drax Group P.L.C................ 2,103,725 23,549,099 1.1% Pennon Group P.L.C.............. 2,007,940 25,704,962 1.2% Other Securities................ 5,970,020 0.3% -------------- ------ Total Utilities........................ 55,224,081 2.6% -------------- ------ TOTAL COMMON STOCKS.................... 2,139,453,819 99.2% -------------- ------ PREFERRED STOCKS -- (0.0%) Other Securities................ 24,556 0.0% -------------- ------ Shares/ Face Amount Value+ ------- ------ (000) SECURITIES LENDING COLLATERAL -- (1.8%) (S)@ DFA Short Term Investment Fund.. 3,383,365 39,145,532 1.8% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $1,426,290,113).............. $2,178,623,907 101.0% ============== ======
209 THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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...... -- $ 555,563,419 -- $ 555,563,419 Consumer Staples............ -- 88,503,098 -- 88,503,098 Energy...................... $1,369,297 124,354,156 -- 125,723,453 Financials.................. -- 313,254,996 -- 313,254,996 Health Care................. -- 63,813,399 -- 63,813,399 Industrials................. 141,153 548,582,035 -- 548,723,188 Information Technology...... -- 166,983,707 -- 166,983,707 Materials................... -- 163,888,614 -- 163,888,614 Telecommunication Services.. -- 57,775,864 -- 57,775,864 Utilities................... -- 55,224,081 -- 55,224,081 Preferred Stocks.............. -- 24,556 -- 24,556 Securities Lending Collateral. -- 39,145,532 -- 39,145,532 ---------- -------------- -- -------------- TOTAL......................... $1,510,450 $2,177,113,457 -- $2,178,623,907 ========== ============== == ==============
See accompanying Notes to Financial Statements. 210 THE CONTINENTAL SMALL COMPANY SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (83.4%) AUSTRIA -- (2.1%) Other Securities.......... $ 91,183,148 2.5% ------------ ----- BELGIUM -- (2.7%) Ackermans & van Haaren NV. 118,073 15,268,356 0.4% Other Securities.......... 101,424,201 2.8% ------------ ----- TOTAL BELGIUM................. 116,692,557 3.2% ------------ ----- DENMARK -- (4.1%) GN Store Nord A.S......... 772,340 18,658,711 0.5% * Jyske Bank A.S............ 301,282 16,564,443 0.5% * Topdanmark A.S............ 507,925 14,861,733 0.4% * Vestas Wind Systems A.S... 533,999 23,715,469 0.7% Other Securities.......... 102,172,521 2.8% ------------ ----- TOTAL DENMARK................. 175,972,877 4.9% ------------ ----- FINLAND -- (5.7%) # Elisa Oyj................. 702,558 20,996,081 0.6% Kesko Oyj Class B......... 315,046 12,895,665 0.4% # Metso Oyj................. 499,824 20,117,792 0.6% # Neste Oil Oyj............. 609,759 12,540,136 0.4% Other Securities.......... 180,019,515 4.8% ------------ ----- TOTAL FINLAND................. 246,569,189 6.8% ------------ ----- FRANCE -- (10.8%) * Alcatel-Lucent............ 4,446,911 17,635,210 0.5% # Ingenico.................. 157,666 13,758,146 0.4% Lagardere SCA............. 498,840 20,906,648 0.6% # Neopost SA................ 167,752 13,774,636 0.4% #* Peugeot SA................ 1,076,690 19,049,823 0.5% Teleperformance........... 275,593 15,805,902 0.4% Other Securities.......... 364,428,615 10.0% ------------ ----- TOTAL FRANCE.................. 465,358,980 12.8% ------------ ----- GERMANY -- (12.0%) * Aareal Bank AG............ 423,110 19,232,324 0.5% # Deutsche Wohnen AG........ 837,032 17,968,901 0.5% Freenet AG................ 498,012 17,247,703 0.5% # MTU Aero Engines AG....... 153,372 14,460,904 0.4% # Rheinmetall AG............ 195,657 13,034,596 0.4% Rhoen Klinikum AG......... 500,406 16,157,728 0.5% Stada Arzneimittel AG..... 298,237 13,004,803 0.4% Other Securities.......... 406,963,205 11.1% ------------ ----- TOTAL GERMANY................. 518,070,164 14.3% ------------ ----- GREECE -- (0.0%) Other Securities.......... 140,446 0.0% ------------ ----- IRELAND -- (1.7%) Paddy Power P.L.C......... 175,221 13,563,627 0.4% Other Securities.......... 61,055,913 1.7% ------------ ----- TOTAL IRELAND................. 74,619,540 2.1% ------------ -----
211 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- ISRAEL -- (2.1%) Other Securities...................... $ 90,746,828 2.5% ------------ ----- ITALY -- (8.5%) Azimut Holding SpA.................... 491,069 15,330,070 0.4% * Banca Popolare dell'Emilia Romagna SC. 1,449,109 16,703,718 0.5% #* Banca Popolare di Milano SCRL......... 13,321,904 13,472,478 0.4% #* Banco Popolare SC..................... 1,398,450 28,900,941 0.8% * Finmeccanica SpA...................... 1,838,316 17,012,572 0.5% Other Securities...................... 276,213,451 7.6% ------------ ----- TOTAL ITALY............................... 367,633,230 10.2% ------------ ----- NETHERLANDS -- (5.0%) Aalberts Industries NV................ 480,720 16,013,637 0.4% Delta Lloyd NV........................ 982,406 25,854,916 0.7% Fugro NV.............................. 187,058 12,395,329 0.3% Nutreco NV............................ 359,256 16,724,497 0.5% * SBM Offshore NV....................... 962,257 17,613,428 0.5% Other Securities...................... 125,951,348 3.5% ------------ ----- TOTAL NETHERLANDS......................... 214,553,155 5.9% ------------ ----- NORWAY -- (2.7%) * DNO International ASA................. 3,792,519 13,171,371 0.4% Other Securities...................... 104,476,401 2.8% ------------ ----- TOTAL NORWAY.............................. 117,647,772 3.2% ------------ ----- PORTUGAL -- (1.7%) #* Banco Comercial Portugues SA.......... 44,641,579 13,566,339 0.4% Other Securities...................... 60,933,496 1.7% ------------ ----- TOTAL PORTUGAL............................ 74,499,835 2.1% ------------ ----- SPAIN -- (5.1%) # Bolsas y Mercados Espanoles SA........ 342,685 14,929,199 0.4% * Jazztel P.L.C......................... 1,044,478 16,041,093 0.5% Other Securities...................... 186,878,491 5.1% ------------ ----- TOTAL SPAIN............................... 217,848,783 6.0% ------------ ----- SWEDEN -- (8.8%) Castellum AB.......................... 752,681 12,835,253 0.4% Husqvarna AB Class B.................. 1,703,432 14,222,953 0.4% # JM AB................................. 372,482 12,656,896 0.4% Meda AB Class A....................... 976,572 17,553,824 0.5% NCC AB Class B........................ 373,389 13,081,870 0.4% Other Securities...................... 309,049,087 8.4% ------------ ----- TOTAL SWEDEN.............................. 379,399,883 10.5% ------------ ----- SWITZERLAND -- (10.4%) * Dufry AG.............................. 89,373 14,790,930 0.4% # Galenica AG........................... 16,866 17,174,300 0.5% GAM Holding AG........................ 806,220 14,683,775 0.4% Georg Fischer AG...................... 18,366 14,569,839 0.4% Helvetia Holding AG................... 27,336 13,625,582 0.4% Lonza Group AG........................ 255,221 26,711,567 0.7% OC Oerlikon Corp. AG.................. 858,856 13,681,316 0.4% PSP Swiss Property AG................. 148,327 14,256,468 0.4%
212 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- SWITZERLAND -- (Continued) Other Securities................ $ 320,095,537 8.8% -------------- ------ TOTAL SWITZERLAND....................... 449,589,314 12.4% -------------- ------ UNITED KINGDOM -- (0.0%) Other Securities................ 378,477 0.0% -------------- ------ TOTAL COMMON STOCKS..................... 3,600,904,178 99.4% -------------- ------ RIGHTS/WARRANTS -- (0.1%) AUSTRIA -- (0.0%) Other Securities................ -- 0.0% -------------- ------ FRANCE -- (0.1%) Other Securities................ 2,059,874 0.1% -------------- ------ ISRAEL -- (0.0%) Other Securities................ 10,893 0.0% -------------- ------ ITALY -- (0.0%) Other Securities................ -- 0.0% -------------- ------ PORTUGAL -- (0.0%) Other Securities................ 286,655 0.0% -------------- ------ SPAIN -- (0.0%) Other Securities................ 471,463 0.0% -------------- ------ SWEDEN -- (0.0%) Other Securities................ 193,526 0.0% -------------- ------ TOTAL RIGHTS/WARRANTS................... 3,022,411 0.1% -------------- ------ Shares/ Face Amount Value+ ------- ------ (000) SECURITIES LENDING COLLATERAL -- (16.5%) (S)@ DFA Short Term Investment Fund.. 61,420,624 710,636,625 19.6% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $3,155,257,765)............... $4,314,563,214 119.1% ============== ======
213 THE CONTINENTAL SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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 Austria..................... $ 14,102 $ 91,169,046 -- $ 91,183,148 Belgium..................... -- 116,692,557 -- 116,692,557 Denmark..................... -- 175,972,877 -- 175,972,877 Finland..................... -- 246,569,189 -- 246,569,189 France...................... -- 465,358,980 -- 465,358,980 Germany..................... 9,143,389 508,926,775 -- 518,070,164 Greece...................... -- 140,446 -- 140,446 Ireland..................... 93,788 74,525,752 -- 74,619,540 Israel...................... -- 90,746,828 -- 90,746,828 Italy....................... -- 367,633,230 -- 367,633,230 Netherlands................. 2,691,653 211,861,502 -- 214,553,155 Norway...................... -- 117,647,772 -- 117,647,772 Portugal.................... -- 74,499,835 -- 74,499,835 Spain....................... 153,883 217,694,900 -- 217,848,783 Sweden...................... 3,828,654 375,571,229 -- 379,399,883 Switzerland................. -- 449,589,314 -- 449,589,314 United Kingdom.............. -- 378,477 -- 378,477 Rights/Warrants Austria..................... -- -- -- -- France...................... -- 2,059,874 -- 2,059,874 Israel...................... -- 10,893 -- 10,893 Italy....................... -- -- -- -- Portugal.................... -- 286,655 -- 286,655 Spain....................... -- 471,463 -- 471,463 Sweden...................... -- 193,526 -- 193,526 Securities Lending Collateral. -- 710,636,625 -- 710,636,625 ----------- -------------- -- -------------- TOTAL......................... $15,925,469 $4,298,637,745 -- $4,314,563,214 =========== ============== == ==============
See accompanying Notes to Financial Statements. 214 THE CANADIAN SMALL COMPANY SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (80.1%) Consumer Discretionary -- (7.7%) # Cineplex, Inc.......................... 271,135 $ 10,219,047 1.2% # Corus Entertainment, Inc. Class B...... 369,716 8,304,738 1.0% #* Imax Corp.............................. 229,046 5,870,081 0.7% Linamar Corp........................... 269,606 13,496,904 1.6% RONA, Inc.............................. 681,945 6,875,136 0.8% Other Securities....................... 38,233,526 4.4% ------------ ----- Total Consumer Discretionary............... 82,999,432 9.7% ------------ ----- Consumer Staples -- (2.7%) Maple Leaf Foods, Inc.................. 500,264 8,265,847 0.9% Other Securities....................... 20,983,102 2.5% ------------ ----- Total Consumer Staples..................... 29,248,949 3.4% ------------ ----- Energy -- (23.7%) * Advantage Oil & Gas, Ltd............... 1,098,231 6,953,810 0.8% * Bankers Petroleum, Ltd................. 1,277,846 6,960,212 0.8% * Bellatrix Exploration, Ltd............. 938,858 9,131,177 1.1% Calfrac Well Services, Ltd............. 159,947 5,538,058 0.6% * Crew Energy, Inc....................... 542,884 6,151,744 0.7% # Enbridge Income Fund Holdings, Inc..... 227,285 5,524,267 0.6% * Gran Tierra Energy, Inc................ 1,391,012 9,886,395 1.2% * Legacy Oil + Gas, Inc.................. 745,800 5,804,182 0.7% # Mullen Group, Ltd...................... 458,025 12,419,600 1.4% * NuVista Energy, Ltd.................... 606,009 6,048,755 0.7% # Parkland Fuel Corp..................... 353,327 6,543,988 0.8% # Pason Systems, Inc..................... 292,560 8,125,110 1.0% Secure Energy Services, Inc............ 437,854 7,853,848 0.9% ShawCor, Ltd........................... 125,996 5,612,084 0.7% Trican Well Service, Ltd............... 643,185 9,213,087 1.1% Trinidad Drilling, Ltd................. 663,617 7,422,968 0.9% # Whitecap Resources, Inc................ 848,168 11,189,735 1.3% Other Securities....................... 123,066,870 14.1% ------------ ----- Total Energy............................... 253,445,890 29.4% ------------ ----- Financials -- (6.2%) Canadian Western Bank.................. 300,957 10,198,023 1.2% FirstService Corp...................... 138,348 6,828,728 0.8% # Home Capital Group, Inc................ 241,200 10,191,115 1.2% Laurentian Bank of Canada.............. 147,250 6,325,013 0.7% Other Securities....................... 33,049,262 3.8% ------------ ----- Total Financials........................... 66,592,141 7.7% ------------ ----- Health Care -- (1.8%) * Endo International P.L.C............... 87,493 5,484,827 0.7% Other Securities....................... 13,758,022 1.5% ------------ ----- Total Health Care.......................... 19,242,849 2.2% ------------ ----- Industrials -- (11.5%) * ATS Automation Tooling Systems, Inc.... 455,298 5,898,665 0.7% # Black Diamond Group, Ltd............... 199,089 6,259,392 0.7% MacDonald Dettwiler & Associates, Ltd.. 85,470 6,628,302 0.8% # Ritchie Bros Auctioneers, Inc.......... 347,194 8,676,286 1.0% # Russel Metals, Inc..................... 316,110 9,301,170 1.1%
215 THE CANADIAN SMALL COMPANY SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- Industrials -- (Continued) Stantec, Inc...................... 228,285 $ 13,529,851 1.6% TransForce, Inc................... 388,103 8,473,432 1.0% WSP Global, Inc................... 189,353 6,480,207 0.8% Other Securities.................. 58,517,140 6.7% -------------- ------ Total Industrials....................... 123,764,445 14.4% -------------- ------ Information Technology -- (4.8%) * Celestica, Inc.................... 949,607 10,535,305 1.2% # Davis + Henderson Corp............ 380,812 11,027,757 1.3% Other Securities.................. 29,406,747 3.4% -------------- ------ Total Information Technology............ 50,969,809 5.9% -------------- ------ Materials -- (17.2%) Alamos Gold, Inc.................. 579,498 5,419,328 0.6% * B2Gold Corp....................... 2,539,819 7,299,329 0.9% CCL Industries, Inc. Class B...... 111,467 10,135,305 1.2% # HudBay Minerals, Inc.............. 872,492 7,442,909 0.9% * Osisko Mining Corp................ 1,551,415 11,111,361 1.3% # Pan American Silver Corp.......... 627,915 8,135,024 1.0% Sherritt International Corp....... 1,628,826 6,895,445 0.8% Other Securities.................. 128,188,750 14.8% -------------- ------ Total Materials......................... 184,627,451 21.5% -------------- ------ Telecommunication Services -- (0.3%) Other Securities.................. 2,808,121 0.3% -------------- ------ Utilities -- (4.2%) # Algonquin Power & Utilities Corp.. 912,415 6,559,765 0.8% # Capital Power Corp................ 389,209 8,742,599 1.0% # Just Energy Group, Inc............ 675,567 5,368,540 0.6% # Northland Power, Inc.............. 373,925 5,844,017 0.7% # Superior Plus Corp................ 653,197 7,872,572 0.9% Other Securities.................. 10,170,144 1.2% -------------- ------ Total Utilities......................... 44,557,637 5.2% -------------- ------ TOTAL COMMON STOCKS..................... 858,256,724 99.7% -------------- ------ Shares/ Face Amount Value+ ------- ------ (000) SECURITIES LENDING COLLATERAL -- (19.9%) (S)@ DFA Short Term Investment Fund.... 18,400,940 212,898,875 24.7% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $1,078,682,448)............... $1,071,155,599 124.4% ============== ======
216 THE CANADIAN SMALL COMPANY SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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...... $ 82,999,432 -- -- $ 82,999,432 Consumer Staples............ 29,248,949 -- -- 29,248,949 Energy...................... 253,445,492 $ 398 -- 253,445,890 Financials.................. 66,592,141 -- -- 66,592,141 Health Care................. 19,234,585 8,264 -- 19,242,849 Industrials................. 123,764,445 -- -- 123,764,445 Information Technology...... 50,969,809 -- -- 50,969,809 Materials................... 184,584,754 42,697 -- 184,627,451 Telecommunication Services.. 2,808,121 -- -- 2,808,121 Utilities................... 44,557,637 -- -- 44,557,637 Securities Lending Collateral. -- 212,898,875 -- 212,898,875 ------------ ------------ -- -------------- TOTAL......................... $858,205,365 $212,950,234 -- $1,071,155,599 ============ ============ == ==============
See accompanying Notes to Financial Statements. 217 THE EMERGING MARKETS SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (88.9%) BRAZIL -- (6.7%) AMBEV SA ADR........................................ 4,150,723 $ 30,092,742 0.8% Cielo SA............................................ 743,950 13,179,074 0.3% Petroleo Brasileiro SA ADR.......................... 1,308,418 18,160,842 0.5% # Vale SA Sponsored ADR............................... 1,238,400 16,371,648 0.4% Other Securities.................................... 206,249,292 5.2% ------------ ------ TOTAL BRAZIL............................................ 284,053,598 7.2% ------------ ------ CHILE -- (1.5%) Other Securities.................................... 64,710,527 1.6% ------------ ------ CHINA -- (13.1%) Bank of China, Ltd. Class H......................... 64,409,100 28,461,762 0.7% China Construction Bank Corp. Class H............... 58,649,590 40,607,391 1.0% # China Mobile, Ltd. Sponsored ADR.................... 926,803 43,958,266 1.1% # CNOOC, Ltd. ADR..................................... 120,801 19,955,117 0.5% Industrial & Commercial Bank of China, Ltd. Class H. 59,907,185 35,718,118 0.9% PetroChina Co., Ltd. ADR............................ 143,410 16,538,041 0.4% Tencent Holdings, Ltd............................... 812,600 51,182,422 1.3% Other Securities.................................... 315,817,149 8.0% ------------ ------ TOTAL CHINA............................................. 552,238,266 13.9% ------------ ------ COLOMBIA -- (0.7%) Other Securities.................................... 29,238,872 0.7% ------------ ------ CZECH REPUBLIC -- (0.3%) Other Securities.................................... 12,511,686 0.3% ------------ ------ EGYPT -- (0.1%) Other Securities.................................... 4,201,649 0.1% ------------ ------ GREECE -- (0.5%) Other Securities.................................... 22,410,533 0.6% ------------ ------ HUNGARY -- (0.3%) Other Securities.................................... 12,077,981 0.3% ------------ ------ INDIA -- (7.3%) HDFC Bank, Ltd...................................... 1,530,953 18,415,560 0.5% Infosys, Ltd........................................ 246,907 13,124,831 0.3% ITC, Ltd............................................ 2,345,449 13,243,148 0.3% Reliance Industries, Ltd............................ 1,443,896 22,451,283 0.6% Tata Consultancy Services, Ltd...................... 504,640 18,333,675 0.5% Other Securities.................................... 223,122,534 5.6% ------------ ------ TOTAL INDIA............................................. 308,691,031 7.8% ------------ ------ INDONESIA -- (2.9%) Astra International Tbk PT.......................... 20,701,010 13,337,497 0.4% Other Securities.................................... 106,769,377 2.6% ------------ ------ TOTAL INDONESIA......................................... 120,106,874 3.0% ------------ ------
218 THE EMERGING MARKETS SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- MALAYSIA -- (4.2%) # CIMB Group Holdings Bhd..................... 5,534,976 $ 12,750,320 0.3% # Malayan Banking Bhd......................... 4,820,521 14,632,704 0.4% Other Securities............................ 149,286,724 3.7% -------------- ------ TOTAL MALAYSIA.................................. 176,669,748 4.4% -------------- ------ MEXICO -- (5.1%) # America Movil S.A.B. de C.V. Series L....... 37,750,669 38,060,142 1.0% #* Cemex S.A.B. de C.V. Sponsored ADR.......... 1,337,402 16,904,765 0.4% Fomento Economico Mexicano S.A.B. de C.V.... 1,793,669 16,295,924 0.4% # Grupo Financiero Banorte S.A.B. de C.V...... 2,819,018 18,722,705 0.5% Grupo Mexico S.A.B. de C.V. Series B........ 4,225,397 12,725,202 0.3% Grupo Televisa S.A.B. Series CPO............ 2,556,698 16,751,841 0.4% # Wal-Mart de Mexico S.A.B. de C.V. Series V.. 5,248,185 13,278,166 0.3% Other Securities............................ 83,475,903 2.1% -------------- ------ TOTAL MEXICO.................................... 216,214,648 5.4% -------------- ------ PERU -- (0.3%) Other Securities............................ 12,233,584 0.3% -------------- ------ PHILIPPINES -- (1.3%) Other Securities............................ 55,163,199 1.4% -------------- ------ POLAND -- (1.9%) Powszechna Kasa Oszczednosci Bank Polski SA. 967,168 13,272,814 0.3% Other Securities............................ 65,668,845 1.7% -------------- ------ TOTAL POLAND.................................... 78,941,659 2.0% -------------- ------ RUSSIA -- (3.4%) Gazprom OAO Sponsored ADR................... 6,186,601 44,710,169 1.1% Lukoil OAO Sponsored ADR.................... 430,626 22,797,092 0.6% Other Securities............................ 74,082,277 1.9% -------------- ------ TOTAL RUSSIA.................................... 141,589,538 3.6% -------------- ------ SOUTH AFRICA -- (7.9%) FirstRand, Ltd.............................. 3,475,911 12,789,231 0.3% MTN Group, Ltd.............................. 1,869,995 37,515,477 0.9% Naspers, Ltd. Class N....................... 444,856 42,038,561 1.1% Sasol, Ltd. Sponsored ADR................... 609,116 33,751,118 0.9% Standard Bank Group, Ltd.................... 1,498,309 19,686,203 0.5% Other Securities............................ 185,951,484 4.7% -------------- ------ TOTAL SOUTH AFRICA.............................. 331,732,074 8.4% -------------- ------ SOUTH KOREA -- (13.9%) Hyundai Mobis............................... 67,404 19,256,211 0.5% # Hyundai Motor Co............................ 151,763 33,838,057 0.9% Kia Motors Corp............................. 270,079 14,984,572 0.4% Naver Corp.................................. 27,242 19,617,420 0.5% POSCO....................................... 47,828 14,129,742 0.4% Samsung Electronics Co., Ltd................ 81,120 105,777,262 2.7% Samsung Electronics Co., Ltd. GDR........... 49,372 31,872,757 0.8% Shinhan Financial Group Co., Ltd............ 374,876 16,362,733 0.4% * SK Hynix, Inc............................... 512,610 19,988,432 0.5% Other Securities............................ 308,657,620 7.6% -------------- ------ TOTAL SOUTH KOREA............................... 584,484,806 14.7% -------------- ------
219 THE EMERGING MARKETS SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- TAIWAN -- (13.3%) Hon Hai Precision Industry Co., Ltd.......... 12,802,056 $ 36,767,003 0.9% MediaTek, Inc................................ 1,280,995 20,073,171 0.5% Taiwan Semiconductor Manufacturing Co., Ltd.. 25,188,808 98,975,776 2.5% Other Securities............................. 403,470,157 10.2% -------------- ------ TOTAL TAIWAN....................................... 559,286,107 14.1% -------------- ------ THAILAND -- (2.5%) Other Securities............................. 103,805,802 2.6% -------------- ------ TURKEY -- (1.7%) Other Securities............................. 69,707,052 1.8% -------------- ------ TOTAL COMMON STOCKS................................ 3,740,069,234 94.2% -------------- ------ PREFERRED STOCKS -- (4.3%) BRAZIL --(4.2%) Banco Bradesco SA............................ 2,233,995 33,253,187 0.8% Itau Unibanco Holding SA..................... 2,568,240 42,386,470 1.1% Vale SA...................................... 1,529,491 18,122,728 0.5% Petroleo Brasileiro SA Sponsored ADR......... 1,981,166 29,321,257 0.8% Other Securities............................. 52,447,182 1.3% -------------- ------ TOTAL BRAZIL....................................... 175,530,824 4.5% -------------- ------ CHILE -- (0.0%) Other Securities............................. 37,233 0.0% -------------- ------ COLOMBIA -- (0.1%) Other Securities............................. 4,491,365 0.1% -------------- ------ INDIA -- (0.0%) Other Securities............................. 104,480 0.0% -------------- ------ TOTAL PREFERRED STOCKS............................. 180,163,902 4.6% -------------- ------ RIGHTS/WARRANTS -- (0.0%) BRAZIL -- (0.0%) Other Securities............................. 1,147 0.0% -------------- ------ HONG KONG -- (0.0%) Other Securities............................. 674 0.0% -------------- ------ PHILIPPINES -- (0.0%) Other Securities............................. 19 0.0% -------------- ------ SOUTH KOREA -- (0.0%) Other Securities............................. 105,022 0.0% -------------- ------ THAILAND -- (0.0%) Other Securities............................. 149,367 0.0% -------------- ------ TOTAL RIGHTS/WARRANTS.............................. 256,229 0.0% -------------- ------ Shares/ Face Amount Value+ ------- ------ - (000) SECURITIES LENDING COLLATERAL -- (6.8%) (S)@ DFA Short Term Investment Fund............... 24,744,687 286,296,034 7.2% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $3,075,524,424)............................. $4,206,785,399 106.0% ============== ======
220 THE EMERGING MARKETS SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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...................... $ 284,053,598 -- -- $ 284,053,598 Chile....................... 64,710,527 -- -- 64,710,527 China....................... 119,688,115 $ 432,550,151 -- 552,238,266 Colombia.................... 29,238,872 -- -- 29,238,872 Czech Republic.............. -- 12,511,686 -- 12,511,686 Egypt....................... -- 4,201,649 -- 4,201,649 Greece...................... -- 22,410,533 -- 22,410,533 Hungary..................... -- 12,077,981 -- 12,077,981 India....................... 26,959,956 281,731,075 -- 308,691,031 Indonesia................... 441,711 119,665,163 -- 120,106,874 Malaysia.................... -- 176,669,748 -- 176,669,748 Mexico...................... 216,214,648 -- -- 216,214,648 Peru........................ 12,233,584 -- -- 12,233,584 Philippines................. 466,980 54,696,219 -- 55,163,199 Poland...................... -- 78,941,659 -- 78,941,659 Russia...................... 5,314,230 136,275,308 -- 141,589,538 South Africa................ 49,122,772 282,609,302 -- 331,732,074 South Korea................. 18,871,719 565,613,087 -- 584,484,806 Taiwan...................... 14,168,502 545,117,605 -- 559,286,107 Thailand.................... 103,805,802 -- -- 103,805,802 Turkey...................... 1,069,174 68,637,878 -- 69,707,052 Preferred Stocks Brazil...................... 175,530,824 -- -- 175,530,824 Chile....................... 37,233 -- -- 37,233 Colombia.................... 4,491,365 -- -- 4,491,365 India....................... 104,480 -- -- 104,480 Rights/Warrants Brazil...................... -- 1,147 -- 1,147 Hong Kong................... -- 674 -- 674 Philippines................. -- 19 -- 19 South Korea................. -- 105,022 -- 105,022 Thailand.................... -- 149,367 -- 149,367 Securities Lending Collateral -- 286,296,034 -- 286,296,034 -------------- -------------- -- -------------- TOTAL......................... $1,126,524,092 $3,080,261,307 -- $4,206,785,399 ============== ============== == ==============
See accompanying Notes to Financial Statements. 221 THE EMERGING MARKETS SMALL CAP SERIES SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (87.9%) BRAZIL -- (6.9%) ALL -- America Latina Logistica SA........... 2,092,128 $ 8,285,005 0.2% Anhanguera Educacional Participacoes SA...... 2,379,735 14,728,262 0.3% Cia Hering................................... 1,041,790 11,007,769 0.3% EDP -- Energias do Brasil SA................. 2,249,598 9,776,255 0.2% Equatorial Energia SA........................ 1,447,935 13,221,194 0.3% Estacio Participacoes SA..................... 1,643,304 17,599,327 0.4% Mills Estruturas e Servicos de Engenharia SA. 703,026 8,866,057 0.2% MRV Engenharia e Participacoes SA............ 3,395,133 10,749,922 0.2% Odontoprev SA................................ 2,549,265 10,232,502 0.2% Sul America SA............................... 1,801,909 13,212,784 0.3% Totvs SA..................................... 604,100 9,864,461 0.2% Other Securities............................. 206,207,230 4.8% -------------- ------ TOTAL BRAZIL..................................... 333,750,768 7.6% -------------- ------ CHILE -- (1.2%) Parque Arauco SA............................. 5,518,473 9,876,927 0.2% Vina Concha y Toro SA........................ 3,824,015 7,996,983 0.2% Other Securities............................. 41,004,617 0.9% -------------- ------ TOTAL CHILE...................................... 58,878,527 1.3% -------------- ------ CHINA -- (12.4%) # GOME Electrical Appliances Holding, Ltd...... 43,306,000 8,119,841 0.2% # Kingsoft Corp., Ltd.......................... 2,937,000 9,102,261 0.2% Sino Biopharmaceutical, Ltd.................. 13,536,000 10,605,251 0.3% Other Securities............................. 574,418,805 13.1% -------------- ------ TOTAL CHINA...................................... 602,246,158 13.8% -------------- ------ COLOMBIA -- (0.0%) Other Securities............................. 803,444 0.0% -------------- ------ GREECE -- (1.0%) Other Securities............................. 50,803,666 1.2% -------------- ------ HUNGARY -- (0.0%) Other Securities............................. 1,394,021 0.0% -------------- ------ INDIA -- (8.1%) Aurobindo Pharma, Ltd........................ 1,129,123 10,783,152 0.3% UPL, Ltd..................................... 2,016,992 8,959,003 0.2% Other Securities............................. 376,249,458 8.5% -------------- ------ TOTAL INDIA...................................... 395,991,613 9.0% -------------- ------ INDONESIA -- (3.5%) Other Securities............................. 167,842,174 3.8% -------------- ------ ISRAEL -- (0.0%) Other Securities............................. 16,234 0.0% -------------- ------ MALAYSIA -- (5.8%) # Bursa Malaysia Bhd........................... 3,632,100 8,447,507 0.2% Other Securities............................. 274,096,774 6.2% -------------- ------ TOTAL MALAYSIA................................... 282,544,281 6.4% -------------- ------
222 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- MEXICO -- (4.6%) # Alsea S.A.B. de C.V..................................... 4,006,952 $ 13,859,057 0.3% # Banregio Grupo Financiero S.A.B. de C.V................. 1,487,396 8,616,670 0.2% #* Genomma Lab Internacional S.A.B. de C.V. Class B........ 7,354,004 18,679,066 0.4% * Gruma S.A.B. de C.V. Class B............................ 1,690,397 14,949,375 0.3% Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class B. 2,116,469 12,739,824 0.3% Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR...... 98,029 11,984,045 0.3% Grupo Aeroportuario del Sureste S.A.B. de C.V. Class B.. 713,342 8,730,060 0.2% #* Industrias CH S.A.B. de C.V. Series B................... 1,696,510 8,999,468 0.2% #* Promotora y Operadora de Infraestructura S.A.B. de C.V.. 1,698,488 23,719,307 0.5% Other Securities........................................ 99,129,487 2.4% -------------- ------ TOTAL MEXICO................................................ 221,406,359 5.1% -------------- ------ PHILIPPINES -- (1.4%) Other Securities........................................ 69,493,951 1.6% -------------- ------ POLAND -- (2.3%) Asseco Poland SA........................................ 620,582 9,240,662 0.2% * Grupa Lotos SA.......................................... 645,490 8,324,023 0.2% Lubelski Wegiel Bogdanka SA............................. 272,426 11,151,681 0.3% Other Securities........................................ 84,097,601 1.9% -------------- ------ TOTAL POLAND................................................ 112,813,967 2.6% -------------- ------ SOUTH AFRICA -- (7.4%) Aeci, Ltd............................................... 856,959 9,571,562 0.2% AVI, Ltd................................................ 2,687,799 14,830,459 0.3% Barloworld, Ltd......................................... 859,133 9,372,443 0.2% Clicks Group, Ltd....................................... 2,275,094 13,872,087 0.3% Coronation Fund Managers, Ltd........................... 1,346,747 13,004,885 0.3% Nampak, Ltd............................................. 2,490,646 9,291,754 0.2% * Northam Platinum, Ltd................................... 2,145,957 8,376,688 0.2% Omnia Holdings, Ltd..................................... 513,646 11,042,991 0.3% PPC, Ltd................................................ 4,213,403 12,258,981 0.3% Reunert, Ltd............................................ 1,274,935 8,378,275 0.2% #* Sappi, Ltd.............................................. 4,391,943 13,922,148 0.3% Spar Group, Ltd. (The).................................. 1,016,062 11,938,034 0.3% Sun International, Ltd.................................. 813,283 8,038,794 0.2% Tongaat Hulett, Ltd..................................... 744,400 8,850,235 0.2% Other Securities........................................ 206,766,869 4.7% -------------- ------ TOTAL SOUTH AFRICA.......................................... 359,516,205 8.2% -------------- ------ SOUTH KOREA -- (13.6%) DGB Financial Group, Inc................................ 682,483 10,353,694 0.3% Hotel Shilla Co., Ltd................................... 104,723 8,818,864 0.2% Hyosung Corp............................................ 121,019 8,645,977 0.2% # Hyundai Development Co.................................. 299,750 8,593,993 0.2% Macquarie Korea Infrastructure Fund..................... 1,514,061 9,376,240 0.2% Other Securities........................................ 614,513,213 14.0% -------------- ------ TOTAL SOUTH KOREA........................................... 660,301,981 15.1% -------------- ------ TAIWAN -- (13.1%) Other Securities........................................ 637,407,713 14.6% -------------- ------ THAILAND -- (3.9%) Other Securities........................................ 191,129,803 4.4% -------------- ------
223 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- TURKEY -- (2.7%) Other Securities................ $ 130,850,483 3.0% -------------- ------ TOTAL COMMON STOCKS..................... 4,277,191,348 97.7% -------------- ------ PREFERRED STOCKS -- (1.1%) BRAZIL -- (1.1%) Other Securities................ 50,734,982 1.2% -------------- ------ CHILE -- (0.0%) Other Securities................ 15,095 0.0% -------------- ------ COLOMBIA -- (0.0%) Other Securities................ 1,764,896 0.0% -------------- ------ TOTAL PREFERRED STOCKS.................. 52,514,973 1.2% -------------- ------ RIGHTS/WARRANTS -- (0.0%) BRAZIL -- (0.0%) Other Securities................ -- 0.0% -------------- ------ CHILE -- (0.0%) Other Securities................ -- 0.0% -------------- ------ INDIA -- (0.0%) Other Securities................ 11,605 0.0% -------------- ------ MALAYSIA -- (0.0%) Other Securities................ 45,846 0.0% -------------- ------ PHILIPPINES -- (0.0%) Other Securities................ 9,262 0.0% -------------- ------ SOUTH AFRICA -- (0.0%) Other Securities................ 12,893 0.0% -------------- ------ SOUTH KOREA -- (0.0%) Other Securities................ 517,706 0.0% -------------- ------ TAIWAN -- (0.0%) Other Securities................ 895 0.0% -------------- ------ THAILAND -- (0.0%) Other Securities................ 103,908 0.0% -------------- ------ TURKEY -- (0.0%) Other Securities................ 591,552 0.0% -------------- ------ TOTAL RIGHTS/WARRANTS................... 1,293,667 0.0% -------------- ------ Shares/ Face Amount Value+ ------- ------ - (000) SECURITIES LENDING COLLATERAL -- (11.0%) (S)@ DFA Short Term Investment Fund.. 46,389,128 536,722,214 12.3% -------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $4,396,701,201).................. $4,867,722,202 111.2% ============== ======
224 THE EMERGING MARKETS SMALL CAP SERIES CONTINUED Summary of the Series' investments as of April 30, 2014, 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...................... $333,750,768 -- -- $ 333,750,768 Chile....................... 58,878,527 -- -- 58,878,527 China....................... 138,453 $ 602,107,705 -- 602,246,158 Colombia.................... 803,444 -- -- 803,444 Greece...................... -- 50,803,666 -- 50,803,666 Hungary..................... -- 1,394,021 -- 1,394,021 India....................... 908,836 395,082,777 -- 395,991,613 Indonesia................... 1,931,582 165,910,592 -- 167,842,174 Israel...................... -- 16,234 -- 16,234 Malaysia.................... -- 282,544,281 -- 282,544,281 Mexico...................... 221,229,791 176,568 -- 221,406,359 Philippines................. -- 69,493,951 -- 69,493,951 Poland...................... -- 112,813,967 -- 112,813,967 South Africa................ 12,889,367 346,626,838 -- 359,516,205 South Korea................. 2,197,056 658,104,925 -- 660,301,981 Taiwan...................... -- 637,407,713 -- 637,407,713 Thailand.................... 190,762,395 367,408 -- 191,129,803 Turkey...................... -- 130,850,483 -- 130,850,483 Preferred Stocks Brazil...................... 50,734,982 -- -- 50,734,982 Chile....................... 15,095 -- -- 15,095 Colombia.................... 1,764,896 -- -- 1,764,896 Rights/Warrants Brazil...................... -- -- -- -- Chile....................... -- -- -- -- India....................... -- 11,605 -- 11,605 Malaysia.................... -- 45,846 -- 45,846 Philippines................. -- 9,262 -- 9,262 South Africa................ -- 12,893 -- 12,893 South Korea................. 19,596 498,110 -- 517,706 Taiwan...................... 895 -- -- 895 Thailand.................... -- 103,908 -- 103,908 Turkey...................... -- 591,552 -- 591,552 Securities Lending Collateral. -- 536,722,214 -- 536,722,214 ------------ -------------- -- -------------- TOTAL......................... $876,025,683 $3,991,696,519 -- $4,867,722,202 ============ ============== == ==============
See accompanying Notes to Financial Statements. 225 THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (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 $432,843, $922,064, $296,939 and $285,587 of securities on loan, respectively)........... $16,668,644 $ 9,480,370 $2,194,668 $1,402,271 Temporary Cash Investments at Value & Cost................... 69,498 -- -- -- Collateral from Securities on Loan Invested in Affiliate at Value & Cost................................................ 441,535 955,113 317,076 308,612 Foreign Currencies at Value.................................. -- 34,442 606 990 Cash......................................................... -- 12,095 953 2,102 Receivables: Investment Securities Sold................................. 22,131 8,683 1,884 1,890 Dividends, Interest and Tax Reclaims....................... 14,957 38,974 21,266 1,998 Securities Lending Income.................................. 265 2,482 262 342 Unrealized Gain on Foreign Currency Contracts................ -- 8 -- -- Prepaid Expenses and Other Assets............................ -- -- 1 2 ----------- ----------- ---------- ---------- Total Assets............................................ 17,217,030 10,532,167 2,536,716 1,718,207 ----------- ----------- ---------- ---------- LIABILITIES: Payables: Upon Return of Securities Loaned........................... 441,535 955,113 317,076 308,612 Investment Securities Purchased............................ 61,418 36,644 1,346 -- Due to Advisor............................................. 1,360 1,541 182 117 Unrealized Loss on Foreign Currency Contracts................ -- 10 9 -- Accrued Expenses and Other Liabilities....................... 779 474 182 100 ----------- ----------- ---------- ---------- Total Liabilities....................................... 505,092 993,782 318,795 308,829 ----------- ----------- ---------- ---------- NET ASSETS................................................... $16,711,938 $ 9,538,385 $2,217,921 $1,409,378 =========== =========== ========== ========== Investments at Cost.......................................... $10,414,840 $ 7,650,003 $2,109,778 $1,310,941 =========== =========== ========== ========== Foreign Currencies at Cost................................... $ -- $ 34,284 $ 605 $ 989 =========== =========== ========== ==========
---------- * See Note I in the Notes to Financial Statements for additional securities lending collateral. See accompanying Notes to Financial Statements. 226 THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF ASSETS AND LIABILITIES APRIL 30, 2014 (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 $37,099, $654,103, $241,247, $349,865 and $652,668 of securities on loan, respectively).............................. $2,139,478 $3,603,927 $ 858,257 $3,920,489 $4,331,000 Collateral from Securities on Loan Invested in Affiliate at Value & Cost............... 39,146 710,637 212,899 286,296 536,722 Foreign Currencies at Value................. 3,585 8,501 1,146 6,932 26,355 Cash........................................ 259 677 410 30,539 13,561 Receivables: Investment Securities Sold................ 2,188 3,006 294 12,474 1,394 Dividends, Interest and Tax Reclaims...... 13,968 7,799 656 8,691 9,595 Securities Lending Income................. 24 1,682 260 436 1,818 Unrealized Gain on Foreign Currency Contracts.................................. -- 1 -- -- 1 ---------- ---------- ---------- ---------- ---------- Total Assets........................... 2,198,648 4,336,230 1,073,922 4,265,857 4,920,446 ---------- ---------- ---------- ---------- ---------- LIABILITIES: Payables: Upon Return of Securities Loaned.......... 39,146 710,637 212,899 286,296 536,722 Investment Securities Purchased........... 1,734 3,691 -- 5,504 6,244 Due to Advisor............................ 178 295 70 327 720 Unrealized Loss on Foreign Currency Contracts.................................. -- -- -- 8 2 Accrued Expenses and Other Liabilities...... 103 218 38 286 402 ---------- ---------- ---------- ---------- ---------- Total Liabilities...................... 41,161 714,841 213,007 292,421 544,090 ---------- ---------- ---------- ---------- ---------- NET ASSETS.................................. $2,157,487 $3,621,389 $ 860,915 $3,973,436 $4,376,356 ========== ========== ========== ========== ========== Investments at Cost......................... $1,387,145 $2,444,621 $ 865,784 $2,789,228 $3,859,979 ========== ========== ========== ========== ========== Foreign Currencies at Cost.................. $ 3,577 $ 8,476 $ 1,140 $ 6,901 $ 26,272 ========== ========== ========== ========== ==========
---------- * See Note I in the Notes to Financial Statements for additional securities lending collateral. See accompanying Notes to Financial Statements. 227 THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (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 Foreign Taxes Withheld of $0, $11,473, $2,616 and $520, respectively)........................... $ 148,837 $270,261 $ 23,549 $ 20,810 Interest.................................................. 3 1 -- -- Income from Securities Lending............................ 1,553 5,549 1,450 1,902 ---------- -------- --------- -------- Total Investment Income................................ 150,393 275,811 24,999 22,712 ---------- -------- --------- -------- Expenses Investment Advisory Services Fees......................... 7,825 8,965 1,115 654 Accounting & Transfer Agent Fees.......................... 403 236 60 39 Custodian Fees............................................ 75 362 212 151 Shareholders' Reports..................................... 9 5 1 1 Directors'/Trustees' Fees & Expenses...................... 99 59 15 8 Professional Fees......................................... 172 101 25 14 Other..................................................... 36 47 15 8 ---------- -------- --------- -------- Total Expenses......................................... 8,619 9,775 1,443 875 ---------- -------- --------- -------- Fees Paid Indirectly...................................... -- (5) (1) (3) ---------- -------- --------- -------- Net Expenses.............................................. 8,619 9,770 1,442 872 ---------- -------- --------- -------- Net Investment Income (Loss).............................. 141,774 266,041 23,557 21,840 ---------- -------- --------- -------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold*............................. 366,497 124,552 45,562 1,126 Foreign Currency Transactions........................... -- 335 (531) 190 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.............. 907,355 101,142 (122,509) (15,777) Translation of Foreign Currency Denominated Amounts..... -- 66 (91) (4) ---------- -------- --------- -------- Net Realized and Unrealized Gain (Loss)................... 1,273,852 226,095 (77,569) (14,465) ---------- -------- --------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations................................................. $1,415,626 $492,136 $ (54,012) $ 7,375 ========== ======== ========= ========
---------- * Net of foreign capital gain taxes withheld of $0, $7, $0 and $0, respectively. See accompanying Notes to Financial Statements. 228 THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (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 Foreign Taxes Withheld of $229, $4,968, $1,485, $4,027 and $3,287, respectively)........................................ $ 30,967 $ 32,089 $ 8,531 $ 33,520 $35,778 Interest.............................................. -- 21 -- 1 1 Income from Securities Lending........................ 149 5,627 1,509 2,174 8,352 -------- -------- ------- -------- ------- Total Investment Income............................ 31,116 37,737 10,040 35,695 44,131 -------- -------- ------- -------- ------- Expenses Investment Advisory Services Fees..................... 1,048 1,687 386 1,842 4,072 Accounting & Transfer Agent Fees...................... 56 92 20 100 110 Custodian Fees........................................ 62 351 26 674 1,041 Shareholders' Reports................................. 1 2 -- 2 3 Directors'/Trustees' Fees & Expenses.................. 13 21 5 24 26 Professional Fees..................................... 22 51 8 62 111 Other................................................. 10 17 3 20 28 -------- -------- ------- -------- ------- Total Expenses..................................... 1,212 2,221 448 2,724 5,391 -------- -------- ------- -------- ------- Fees Paid Indirectly.................................. -- (1) (1) (7) (4) -------- -------- ------- -------- ------- Net Expenses.......................................... 1,212 2,220 447 2,717 5,387 -------- -------- ------- -------- ------- Net Investment Income (Loss).......................... 29,904 35,517 9,593 32,978 38,744 -------- -------- ------- -------- ------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on: Investment Securities Sold*......................... 59,165 68,682 4,287 (19,598) 44,685 Futures............................................. -- (1,000) -- -- -- Foreign Currency Transactions....................... 188 1,010 (29) (37) (86) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.......... 99,246 367,643 66,933 (80,366) 9,022 Translation of Foreign Currency Denominated Amounts............................................ 91 78 17 29 95 -------- -------- ------- -------- ------- Net Realized and Unrealized Gain (Loss)............... 158,690 436,413 71,208 (99,972) 53,716 -------- -------- ------- -------- ------- Net Increase (Decrease) in Net Assets Resulting from Operations........................................ $188,594 $471,930 $80,801 $(66,994) $92,460 ======== ======== ======= ======== =======
---------- * Net of foreign capital gain taxes withheld of $38, $145, $0, $0 and $0, respectively. See accompanying Notes to Financial Statements. 229 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, 2014 2013 2014 2013 2014 2013 ----------- ----------- ----------- ----------- ----------- ---------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)........... $ 141,774 $ 250,494 $ 266,041 $ 252,489 $ 23,557 $ 37,996 Net Realized Gain (Loss) on: Investment Securities Sold*.......... 366,497 1,042,669 124,552 394,216 45,562 94,606 Futures.............................. -- -- -- (1,587) -- -- Foreign Currency Transactions........ -- -- 335 (2,158) (531) (2,405) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............................ 907,355 2,531,751 101,142 1,329,657 (122,509) 403,911 Translation of Foreign Currency Denominated Amounts................. -- -- 66 544 (91) 393 ----------- ----------- ---------- ----------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... 1,415,626 3,824,914 492,136 1,973,161 (54,012) 534,501 ----------- ----------- ---------- ----------- ---------- ---------- Transactions in Interest: Contributions.......................... 825,366 1,639,135 469,662 1,055,913 68,555 268,246 Withdrawals............................ (368,042) (1,214,213) (215,543) (1,475,193) (78,246) (207,854) ----------- ----------- ---------- ----------- ---------- ---------- Net Increase (Decrease) from Transactions in Interest........... 457,324 424,922 254,119 (419,280) (9,691) 60,392 ----------- ----------- ---------- ----------- ---------- ---------- Total Increase (Decrease) in Net Assets......................... 1,872,950 4,249,836 746,255 1,553,881 (63,703) 594,893 Net Assets Beginning of Period.................... 14,838,988 10,589,152 8,792,130 7,238,249 2,281,624 1,686,731 ----------- ----------- ---------- ----------- ---------- ---------- End of Period.......................... $16,711,938 $14,838,988 $9,538,385 $ 8,792,130 $2,217,921 $2,281,624 =========== =========== ========== =========== ========== ==========
---------- * Net of foreign capital gain taxes withheld of $0, $0, $7, $3, $0 and $0, respectively. See accompanying Notes to Financial Statements. 230 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, 2014 2013 2014 2013 2014 2013 ----------- ---------- ----------- ---------- ----------- ---------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)............ $ 21,840 $ 51,800 $ 29,904 $ 55,266 $ 35,517 $ 70,319 Net Realized Gain (Loss) on: Investment Securities Sold*........... 1,126 2,045 59,165 110,830 68,682 61,594 Futures............................... -- -- -- -- (1,000) -- Foreign Currency Transactions......... 190 32 188 8 1,010 (97) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............................. (15,777) 64,761 99,246 377,497 367,643 843,629 Translation of Foreign Currency Denominated Amounts.................. (4) (13) 91 (22) 78 123 ---------- ---------- ---------- ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... 7,375 118,625 188,594 543,579 471,930 975,568 ---------- ---------- ---------- ---------- ---------- ---------- Transactions in Interest: Contributions........................... 193,486 243,954 5,444 20,921 21,726 97,213 Withdrawals............................. (56,981) (100,941) (24,838) (41,051) (90,033) (100,194) ---------- ---------- ---------- ---------- ---------- ---------- Net Increase (Decrease) from Transactions in Interest............ 136,505 143,013 (19,394) (20,130) (68,307) (2,981) ---------- ---------- ---------- ---------- ---------- ---------- Total Increase (Decrease) in Net Assets.............................. 143,880 261,638 169,200 523,449 403,623 972,587 Net Assets Beginning of Period..................... 1,265,498 1,003,860 1,988,287 1,464,838 3,217,766 2,245,179 ---------- ---------- ---------- ---------- ---------- ---------- End of Period........................... $1,409,378 $1,265,498 $2,157,487 $1,988,287 $3,621,389 $3,217,766 ========== ========== ========== ========== ========== ==========
---------- * Net of foreign capital gain taxes withheld of $0, $0, $38, $14, $145 and $14, respectively. See accompanying Notes to Financial Statements. 231 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, 2014 2013 2014 2013 2014 2013 ----------- -------- ----------- ---------- ----------- ---------- (Unaudited) (Unaudited) (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss)................. $ 9,593 $ 20,407 $ 32,978 $ 77,332 $ 38,744 $ 87,786 Net Realized Gain (Loss) on: Investment Securities Sold*................ 4,287 5,104 (19,598) 24,456 44,685 69,227 Futures.................................... -- -- -- -- -- 463 Foreign Currency Transactions.............. (29) (36) (37) (130) (86) (1,240) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.................................. 66,933 14,601 (80,366) 145,893 9,022 144,458 Translation of Foreign Currency Denominated Amounts....................... 17 (11) 29 (8) 95 (41) -------- -------- ---------- ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations................ 80,801 40,065 (66,994) 247,543 92,460 300,653 -------- -------- ---------- ---------- ---------- ---------- Transactions in Interest: Contributions................................ 42,660 42,578 337,722 937,021 316,401 1,276,889 Withdrawals.................................. (3,750) (30,525) (63,452) (331,711) (124,028) (439,369) -------- -------- ---------- ---------- ---------- ---------- Net Increase (Decrease) from Transactions in Interest................. 38,910 12,053 274,270 605,310 192,373 837,520 -------- -------- ---------- ---------- ---------- ---------- Total Increase (Decrease) in Net Assets................................... 119,711 52,118 207,276 852,853 284,833 1,138,173 Net Assets Beginning of Period.......................... 741,204 689,086 3,766,160 2,913,307 4,091,523 2,953,350 -------- -------- ---------- ---------- ---------- ---------- End of Period................................ $860,915 $741,204 $3,973,436 $3,766,160 $4,376,356 $4,091,523 ======== ======== ========== ========== ========== ==========
---------- * Net of foreign capital gain taxes withheld of $0, $0, $0, $0, $0 and $1, respectively. See accompanying Notes to Financial Statements. 232 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, 2014 2013 2012 2011 2010 2009 ----------------------------------------------------------------------------- (Unaudited) ---------------------------------------------------------------------------------------------------------------------------- Total Return.................................. 9.45%(D) 35.68% 18.31% 5.69% 19.96% 11.90% ---------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......... $16,711,938 $14,838,988 $10,589,152 $9,335,107 $8,816,400 $7,508,400 Ratio of Expenses to Average Net Assets....... 0.11%(E) 0.11% 0.12% 0.12% 0.12% 0.13% Ratio of Net Investment Income to Average Net Assets....................................... 1.81%(E) 1.98% 2.15% 1.79% 2.02% 2.42% Portfolio Turnover Rate....................... 8%(D) 15% 10% 14% 28% 29% ----------------------------------------------------------------------------------------------------------------------------
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, 2014 2013 2012 2011 2010 2009 --------------------------------------------------------------------------- (Unaudited) -------------------------------------------------------------------------------------------------------------------------- Total Return.................................. 5.51%(D) 28.18% 3.17% (8.04)% 11.13% 35.41% -------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......... $9,538,385 $8,792,130 $7,238,249 $6,955,907 $6,919,633 $6,191,964 Ratio of Expenses to Average Net Assets....... 0.22%(E) 0.22% 0.24% 0.23% 0.24% 0.24% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)............. 0.22%(E) 0.22% 0.24% 0.23% 0.24% 0.24% Ratio of Net Investment Income to Average Net Assets....................................... 5.94%(E) 3.20% 3.75% 3.47% 2.55% 3.22% Portfolio Turnover Rate....................... 8%(D) 15% 14% 9% 20% 18% --------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 233 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, 2014 2013 2012 2011 2010 2009 --------------------------------------------------------------------------- (Unaudited) -------------------------------------------------------------------------------------------------------------------------- Total Return.................................. (2.38)%(D) 30.62% 0.54% 10.07% 0.72% 22.69% -------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......... $2,217,921 $2,281,624 $1,686,731 $1,502,815 $1,211,600 $1,183,036 Ratio of Expenses to Average Net Assets....... 0.13%(E) 0.14% 0.15% 0.14% 0.14% 0.15% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)............. 0.13%(E) 0.14% 0.15% 0.14% 0.14% 0.15% Ratio of Net Investment Income to Average Net Assets....................................... 2.11%(E) 1.87% 2.17% 2.07% 1.95% 2.15% Portfolio Turnover Rate....................... 5%(D) 16% 7% 5% 10% 7% --------------------------------------------------------------------------------------------------------------------------
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, 2014 2013 2012 2011 2010 2009 --------------------------------------------------------------------- (Unaudited) ------------------------------------------------------------------------------------------------------------------------- Total Return....................................... 0.21%(D) 10.97% 7.48% (5.15)% 28.91% 84.98% ------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands).............. $1,409,378 $1,265,498 $1,003,860 $906,734 $935,138 $680,997 Ratio of Expenses to Average Net Assets............ 0.13%(E) 0.15% 0.16% 0.16% 0.17% 0.18% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)............................. 0.13%(E) 0.15% 0.16% 0.16% 0.17% 0.18% Ratio of Net Investment Income to Average Net Assets............................................ 3.34%(E) 4.64% 4.26% 3.78% 3.64% 4.00% Portfolio Turnover Rate............................ 2%(D) 9% 18% 17% 18% 23% -------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 234 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, 2014 2013 2012 2011 2010 2009 ------------------------------------------------------------------------ (Unaudited) ---------------------------------------------------------------------------------------------------------------------------- Total Return....................................... 9.52%(D) 37.42% 23.41% 0.20% 25.94% 43.51% ---------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands).............. $2,157,487 $1,988,287 $1,464,838 $1,133,845 $1,036,694 $770,472 Ratio of Expenses to Average Net Assets............ 0.12%(E) 0.12% 0.13% 0.13% 0.13% 0.14% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)............................. 0.12%(E) 0.12% 0.13% 0.13% 0.13% 0.14% Ratio of Net Investment Income to Average Net Assets............................................ 2.85%(E) 3.29% 3.37% 3.76% 2.86% 4.02% Portfolio Turnover Rate............................ 4%(D) 17% 6% 7% 15% 10% ----------------------------------------------------------------------------------------------------------------------------
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, 2014 2013 2012 2011 2010 2009 --------------------------------------------------------------------------- (Unaudited) -------------------------------------------------------------------------------------------------------------------------- Total Return.................................. 14.89%(D) 43.67% 2.29% (10.75)% 15.37% 43.78% -------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......... $3,621,389 $3,217,766 $2,245,179 $2,001,763 $2,072,484 $1,630,892 Ratio of Expenses to Average Net Assets....... 0.13%(E) 0.14% 0.16% 0.15% 0.15% 0.16% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)............. 0.13%(E) 0.14% 0.16% 0.15% 0.15% 0.16% Ratio of Net Investment Income to Average Net Assets....................................... 2.11%(E) 2.67% 3.15% 2.72% 2.24% 2.93% Portfolio Turnover Rate....................... 6%(D) 13% 9% 10% 12% 7% --------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 235 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, 2014 2013 2012 2011 2010 2009 ---------------------------------------------------------------- (Unaudited) ------------------------------------------------------------------------------------------------------------------------- Total Return............................................ 10.37%(D) 5.71% (2.51)% 0.27% 43.17% 61.67% ------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)................... $860,915 $741,204 $689,086 $736,262 $663,722 $365,181 Ratio of Expenses to Average Net Assets................. 0.12%(E) 0.13% 0.15% 0.14% 0.15% 0.17% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)....................................... 0.12%(E) 0.13% 0.15% 0.14% 0.15% 0.17% Ratio of Net Investment Income to Average Net Assets.... 2.49%(E) 2.99% 2.29% 1.72% 1.05% 1.37% Portfolio Turnover Rate................................. 2%(D) 14% 22% 24% 10% 23% -------------------------------------------------------------------------------------------------------------------------
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, 2014 2013 2012 2011 2010 2009 ---------------------------------------------------------------------------- (Unaudited) --------------------------------------------------------------------------------------------------------------------------- Total Return.................................. (2.05)%(D) 6.99% 4.55% (6.44)% 27.04% 53.99% --------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......... $3,973,436 $3,766,160 $2,913,307 $2,439,981 $2,529,493 $2,109,316 Ratio of Expenses to Average Net Assets....... 0.15%(E) 0.16% 0.20% 0.20% 0.19% 0.20% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)............. 0.15%(E) 0.16% 0.20% 0.20% 0.19% 0.20% Ratio of Net Investment Income to Average Net Assets....................................... 1.79%(E) 2.38% 2.55% 2.48% 2.18% 2.57% Portfolio Turnover Rate....................... 2%(D) 4% 5% 16% 12% 14% ---------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 236 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, 2014 2013 2012 2011 2010 2009 --------------------------------------------------------------------------- (Unaudited) -------------------------------------------------------------------------------------------------------------------------- Total Return.................................. 2.12%(D) 9.41% 7.19% (12.94)% 41.96% 92.08% -------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)......... $4,376,356 $4,091,523 $2,953,350 $1,874,926 $1,881,356 $1,167,973 Ratio of Expenses to Average Net Assets....... 0.26%(E) 0.29% 0.36% 0.33% 0.32% 0.33% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)............. 0.26%(E) 0.29% 0.36% 0.33% 0.32% 0.33% Ratio of Net Investment Income to Average Net Assets....................................... 1.90%(E) 2.37% 2.48% 2.32% 2.16% 2.52% Portfolio Turnover Rate....................... 4%(D) 11% 13% 18% 15% 13% --------------------------------------------------------------------------------------------------------------------------
See page 1 for the Definitions of Abbreviations and Footnotes. See accompanying Notes to Financial Statements. 237 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 which approximate fair value. 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. 238 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 the Investment Committee 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, 11:00 p.m. PT, the previous day), which is fourteen hours prior to the close of the NYSE (normally, 1:00 p.m. PT) 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, 2014, The Emerging Markets Series and The Emerging Markets Small Cap Series had significant transfers of securities with a total value of $315,950 and $436,276 (in thousands), respectively, that transferred from Level 2 to Level 1 because fair value procedures were no longer applied. At October 31, 2013, 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. 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 239 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, 2014, 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. 240 C. Investment Advisor: The Advisor, Dimensional Fund Advisors LP, provides investment advisory services to the Trust. For the six months ended April 30, 2014, 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, 2014, expenses reduced were as follows (amounts in thousands):
Fees Paid Indirectly ---------- The DFA International Value Series...... $ 5 The Japanese Small Company Series....... 1 The Asia Pacific Small Company Series... 3 The United Kingdom Small Company Series. -- The Continental Small Company Series.... 1 The Canadian Small Company Series....... 1 The Emerging Markets Series............. 7 The Emerging Markets Small Cap Series... 4
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, 2014, the total related amounts paid by the Trust to the CCO were $41 (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, 2014, 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......... $383 The DFA International Value Series...... 276 The Japanese Small Company Series....... 62 The Asia Pacific Small Company Series... 32 The United Kingdom Small Company Series. 42 The Continental Small Company Series.... 77 The Canadian Small Company Series....... 19 The Emerging Markets Series............. 100 The Emerging Markets Small Cap Series... 72
241 E. Purchases and Sales of Securities: For the six months ended April 30, 2014, 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......... $1,851,848 $1,259,638 The DFA International Value Series...... 1,125,082 709,817 The Japanese Small Company Series....... 111,283 105,085 The Asia Pacific Small Company Series... 189,668 32,500 The United Kingdom Small Company Series. 104,334 94,753 The Continental Small Company Series.... 213,433 252,487 The Canadian Small Company Series....... 68,569 15,382 The Emerging Markets Series............. 352,219 68,542 The Emerging Markets Small Cap Series... 411,009 172,691
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, 2014, 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 Tax Unrealized Unrealized Appreciation Cost Appreciation (Depreciation) (Depreciation) ----------- ------------ -------------- -------------- The U.S. Large Cap Value Series......... $10,926,067 $6,313,025 $ (59,415) $6,253,610 The DFA International Value Series...... 8,613,314 2,266,781 (444,612) 1,822,169 The Japanese Small Company Series....... 2,457,648 327,237 (273,141) 54,096 The Asia Pacific Small Company Series... 1,643,730 352,204 (285,051) 67,153 The United Kingdom Small Company Series. 1,446,589 810,805 (78,770) 732,035 The Continental Small Company Series.... 3,161,909 1,375,511 (222,856) 1,152,655 The Canadian Small Company Series....... 1,082,507 183,823 (195,174) (11,351) The Emerging Markets Series............. 3,085,526 1,338,279 (217,020) 1,121,259 The Emerging Markets Small Cap Series... 4,428,649 941,842 (502,769) 439,073
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 remains subject to examination by the Internal Revenue Service. 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 242 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 to gain market exposure on uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. 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, 2014 (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 ------------------------------- Total Equity Contracts ------- ------------------ The Continental Small Company Series*. $(1,000) $(1,000)
* As of April 30, 2014, there were no futures contracts outstanding. During the six months ended April 30, 2014, the Series had limited activity in futures contracts. H. Line of Credit: The Trust, together with other Dimensional-advised portfolios, has entered into a $500 million unsecured discretionary line of credit effective March 4, 2013 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 was scheduled to expire on March 3, 2014, however, effective March 3, 2014, the term was extended until March 2, 2015. 243 The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 10, 2014 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 9, 2015. For the six months ended April 30, 2014, 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....... 0.85% $12,485 8 $ 2 $32,996 The DFA International Value Series.... 0.83% 10,282 4 1 11,874 The Japanese Small Company Series..... 0.83% 5,915 9 1 9,696 The Asia Pacific Small Company Series. 0.83% 310 5 -- 889 The United Kingdom Small Company Series.............................. 0.83% 259 7 -- 798 The Continental Small Company Series.. 0.82% 257 27 -- 1,099 The Emerging Markets Small Cap Series. 0.83% 4,378 23 2 9,078
* Number of Days Outstanding represents the total of single or consecutive days during the six months ended April 30, 2014, that each Series' available line of credit was utilized. There were no outstanding borrowings by the Series under the lines of credit as of April 30, 2014. I. Securities Lending: As of April 30, 2014, 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 DFA International Value Series.... $ 24,703 The Asia Pacific Small Company Series. 1,302 The Continental Small Company Series.. 437 The Canadian Small Company Series..... 41,339 The Emerging Markets Series........... 83,669 The Emerging Markets Small Cap Series. 181,387
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. 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 244 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. 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, 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. 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. Briefing on the motion to dismiss will be completed by July 2014, with oral argument on the motion to be held thereafter. 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 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 predict what its size might be at the time the cost of the Lawsuits might be quantifiable and thus potentially deducted from its net asset value. Therefore, at this time, those 245 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. L. 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. 246 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, 2014 EXPENSE TABLES Beginning Ending Expenses Account Account Annualized Paid Value Value Expense During 11/01/13 04/30/14 Ratio* Period* --------- --------- ---------- -------- Dimensional Emerging Markets Value Fund --------------------------------------- Actual Fund Return...................... $1,000.00 $ 967.80 0.15% $0.73 Hypothetical 5% Annual Return........... $1,000.00 $1,024.05 0.15% $0.75
---------- * 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. 247 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 31, 2014. It is 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....................... 6.5% Consumer Staples............................. 5.0% Energy....................................... 14.7% Financials................................... 34.1% Health Care.................................. 0.4% Industrials.................................. 12.0% Information Technology....................... 7.6% Materials.................................... 16.1% Other........................................ -- Real Estate Investment Trusts................ 0.1% Telecommunication Services................... 1.3% Utilities.................................... 2.2% ----- 100.0%
248 DIMENSIONAL EMERGING MARKETS VALUE FUND SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS April 30, 2014 (Unaudited)
Percentage Shares Value++ of Net Assets** ------ ------- --------------- COMMON STOCKS -- (89.8%) BRAZIL -- (5.8%) Banco do Brasil SA.................................. 9,750,973 $ 102,374,830 0.6% # Banco Santander Brasil SA ADR....................... 17,807,476 118,419,715 0.6% BM&FBovespa SA...................................... 22,165,187 113,323,526 0.6% Gerdau SA Sponsored ADR............................. 15,421,303 92,682,031 0.5% # Petroleo Brasileiro SA ADR.......................... 18,327,471 254,385,297 1.4% # Vale SA Sponsored ADR............................... 5,665,567 74,898,796 0.4% Other Securities.................................... 420,067,291 2.1% --------------- ------ TOTAL BRAZIL............................................ 1,176,151,486 6.2% --------------- ------ CHILE -- (1.4%) Enersis SA Sponsored ADR............................ 5,733,186 92,304,295 0.5% Other Securities.................................... 184,756,836 1.0% --------------- ------ TOTAL CHILE............................................. 277,061,131 1.5% --------------- ------ CHINA -- (13.9%) Agricultural Bank of China, Ltd. Class H............ 255,464,000 107,163,539 0.6% Bank of China, Ltd. Class H......................... 763,167,331 337,236,300 1.8% China Construction Bank Corp. Class H............... 526,917,940 364,823,738 1.9% # China Petroleum & Chemical Corp. ADR................ 1,255,935 111,614,926 0.6% China Petroleum & Chemical Corp. Class H............ 153,367,575 135,755,471 0.7% # China Unicom Hong Kong, Ltd. ADR.................... 7,285,774 111,690,915 0.6% Industrial & Commercial Bank of China, Ltd. Class H. 294,086,996 175,341,806 0.9% Other Securities.................................... 1,453,697,436 7.6% --------------- ------ TOTAL CHINA............................................. 2,797,324,131 14.7% --------------- ------ COLOMBIA -- (0.1%) Other Securities.................................... 22,287,355 0.1% --------------- ------ CZECH REPUBLIC -- (0.2%) Other Securities.................................... 37,080,820 0.2% --------------- ------ GREECE -- (0.1%) Other Securities.................................... 29,719,693 0.1% --------------- ------ HUNGARY -- (0.4%) # OTP Bank P.L.C...................................... 4,005,156 76,482,558 0.4% Other Securities.................................... 11,937,305 0.1% --------------- ------ TOTAL HUNGARY........................................... 88,419,863 0.5% --------------- ------ INDIA -- (7.3%) ICICI Bank, Ltd. Sponsored ADR...................... 3,344,526 142,710,924 0.8% Reliance Industries, Ltd............................ 21,131,225 328,571,526 1.8% State Bank of India................................. 2,505,452 86,574,863 0.5% Other Securities.................................... 903,630,114 4.6% --------------- ------ TOTAL INDIA............................................. 1,461,487,427 7.7% --------------- ------ INDONESIA -- (2.6%) Other Securities.................................... 531,581,240 2.8% --------------- ------ ISRAEL -- (0.0%) Other Securities.................................... 179,391 0.0% --------------- ------
249 DIMENSIONAL EMERGING MARKETS VALUE FUND CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- MALAYSIA -- (3.9%) Other Securities.................................... $ 774,185,098 4.1% --------------- ------ MEXICO -- (6.7%) Alfa S.A.B. de C.V. Class A......................... 50,229,549 132,688,709 0.7% #* Cemex S.A.B. de C.V. Sponsored ADR.................. 17,909,307 226,373,641 1.2% Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR................................................ 2,566,579 232,968,375 1.2% # Grupo Financiero Banorte S.A.B. de C.V.............. 23,649,283 157,068,369 0.8% Other Securities.................................... 589,874,651 3.2% --------------- ------ TOTAL MEXICO............................................ 1,338,973,745 7.1% --------------- ------ PHILIPPINES -- (1.1%) Other Securities.................................... 211,231,050 1.1% --------------- ------ POLAND -- (1.9%) PGE SA.............................................. 14,358,931 99,777,343 0.5% # Polski Koncern Naftowy Orlen SA..................... 6,279,050 94,021,799 0.5% Other Securities.................................... 191,785,994 1.0% --------------- ------ TOTAL POLAND............................................ 385,585,136 2.0% --------------- ------ RUSSIA -- (3.6%) Gazprom OAO Sponsored ADR........................... 93,269,773 674,054,680 3.6% Other Securities.................................... 59,127,634 0.3% --------------- ------ TOTAL RUSSIA............................................ 733,182,314 3.9% --------------- ------ SOUTH AFRICA -- (7.4%) * AngloGold Ashanti, Ltd. Sponsored ADR............... 4,066,826 73,609,551 0.4% Barclays Africa Group, Ltd.......................... 6,214,975 91,043,580 0.5% # Nedbank Group, Ltd.................................. 3,855,686 82,653,953 0.4% Sanlam, Ltd......................................... 23,829,161 127,656,171 0.7% Standard Bank Group, Ltd............................ 20,138,333 264,596,500 1.4% # Steinhoff International Holdings, Ltd............... 23,854,878 123,958,079 0.7% Other Securities.................................... 728,775,665 3.8% --------------- ------ TOTAL SOUTH AFRICA...................................... 1,492,293,499 7.9% --------------- ------ SOUTH KOREA -- (14.3%) Hana Financial Group, Inc........................... 3,815,029 134,617,332 0.7% # Hyundai Motor Co.................................... 382,144 85,205,290 0.5% KB Financial Group, Inc............................. 2,611,033 89,320,287 0.5% # KB Financial Group, Inc. ADR........................ 3,171,116 108,864,412 0.6% # LG Electronics, Inc................................. 1,776,548 118,328,679 0.6% POSCO............................................... 675,780 199,644,504 1.1% # POSCO ADR........................................... 1,617,993 119,084,285 0.6% Samsung C&T Corp.................................... 1,386,322 87,182,647 0.5% Shinhan Financial Group Co., Ltd.................... 5,061,519 220,927,148 1.2% SK Holdings Co., Ltd................................ 513,323 91,053,325 0.5% SK Innovation Co., Ltd.............................. 845,193 96,824,762 0.5% Other Securities.................................... 1,517,903,887 7.8% --------------- ------ TOTAL SOUTH KOREA....................................... 2,868,956,558 15.1% --------------- ------ TAIWAN -- (14.0%) Fubon Financial Holding Co., Ltd.................... 88,739,471 114,853,842 0.6% Mega Financial Holding Co., Ltd..................... 136,903,915 104,811,122 0.6% # United Microelectronics Corp........................ 214,601,681 93,569,573 0.5%
250 DIMENSIONAL EMERGING MARKETS VALUE FUND CONTINUED
Percentage Shares Value++ of Net Assets** ------ ------- --------------- TAIWAN -- (Continued) Other Securities..................... $ 2,503,584,789 13.1% --------------- ----- TOTAL TAIWAN............................. 2,816,819,326 14.8% --------------- ----- THAILAND -- (2.8%) PTT PCL.............................. 14,249,300 137,825,430 0.7% Other Securities..................... 419,320,311 2.2% --------------- ----- TOTAL THAILAND........................... 557,145,741 2.9% --------------- ----- TURKEY -- (2.3%) Turkiye Is Bankasi................... 33,315,167 78,789,979 0.4% Other Securities..................... 378,437,180 2.0% --------------- ----- TOTAL TURKEY............................. 457,227,159 2.4% --------------- ----- TOTAL COMMON STOCKS...................... 18,056,892,163 95.1% --------------- ----- PREFERRED STOCKS -- (3.5%) BRAZIL -- (3.4%) Petroleo Brasileiro SA............... 18,238,804 135,538,505 0.7% Vale SA.............................. 6,212,932 73,616,174 0.4% Petroleo Brasileiro SA Sponsored ADR. 21,196,251 313,704,515 1.8% Other Securities..................... 159,563,066 0.7% --------------- ----- TOTAL BRAZIL............................. 682,422,260 3.6% --------------- ----- COLOMBIA -- (0.1%) Other Securities..................... 15,735,620 0.1% --------------- ----- TOTAL PREFERRED STOCKS................... 698,157,880 3.7% --------------- ----- RIGHTS/WARRANTS -- (0.0%) BRAZIL -- (0.0%) Other Securities..................... 4,380 0.0% --------------- ----- CHILE -- (0.0%) Other Securities..................... -- 0.0% --------------- ----- HONG KONG -- (0.0%) Other Securities..................... 5,766 0.0% --------------- ----- MALAYSIA -- (0.0%) Other Securities..................... 86,959 0.0% --------------- ----- PHILIPPINES -- (0.0%) Other Securities..................... 5,696 0.0% --------------- ----- SOUTH KOREA -- (0.0%) Other Securities..................... 1,418,855 0.0% --------------- ----- TAIWAN -- (0.0%) Other Securities..................... 82 0.0% --------------- ----- THAILAND -- (0.0%) Other Securities..................... 122,763 0.0% --------------- ----- TOTAL RIGHTS/WARRANTS.................... 1,644,501 0.0% --------------- -----
251 DIMENSIONAL EMERGING MARKETS VALUE FUND CONTINUED
Shares/ Face Percentage Amount Value+ of Net Assets** ------- ------ --------------- (000) SECURITIES LENDING COLLATERAL -- (6.7%) (S)@ DFA Short Term Investment Fund.. 116,161,904 $ 1,343,993,228 7.1% --------------- ------ TOTAL INVESTMENTS -- (100.0%) (Cost $20,065,502,363)............. $20,100,687,772 105.9% =============== ======
Summary of the Fund's investments as of April 30, 2014, 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...................... $1,176,151,486 -- -- $ 1,176,151,486 Chile....................... 277,061,131 -- -- 277,061,131 China....................... 239,991,379 $ 2,557,332,752 -- 2,797,324,131 Colombia.................... 22,287,355 -- -- 22,287,355 Czech Republic.............. -- 37,080,820 -- 37,080,820 Greece...................... -- 29,719,693 -- 29,719,693 Hungary..................... -- 88,419,863 -- 88,419,863 India....................... 167,750,251 1,293,737,176 -- 1,461,487,427 Indonesia................... 6,576,577 525,004,663 -- 531,581,240 Israel...................... -- 179,391 -- 179,391 Malaysia.................... -- 774,185,098 -- 774,185,098 Mexico...................... 1,338,336,304 637,441 -- 1,338,973,745 Philippines................. -- 211,231,050 -- 211,231,050 Poland...................... -- 385,585,136 -- 385,585,136 Russia...................... 921,795 732,260,519 -- 733,182,314 South Africa................ 202,757,635 1,289,535,864 -- 1,492,293,499 South Korea................. 352,323,627 2,516,632,931 -- 2,868,956,558 Taiwan...................... 35,847,620 2,780,971,706 -- 2,816,819,326 Thailand.................... 555,779,886 1,365,855 -- 557,145,741 Turkey...................... -- 457,227,159 -- 457,227,159 Preferred Stocks Brazil...................... 682,422,260 -- -- 682,422,260 Colombia.................... 15,735,620 -- -- 15,735,620 Rights/Warrants Brazil...................... -- 4,380 -- 4,380 Chile....................... -- -- -- -- Hong Kong................... -- 5,766 -- 5,766 Malaysia.................... -- 86,959 -- 86,959 Philippines................. -- 5,696 -- 5,696 South Korea................. -- 1,418,855 -- 1,418,855 Taiwan...................... 82 -- -- 82 Thailand.................... -- 122,763 -- 122,763 Securities Lending Collateral. -- 1,343,993,228 -- 1,343,993,228 -------------- --------------- -- --------------- TOTAL......................... $5,073,943,008 $15,026,744,764 -- $20,100,687,772 ============== =============== == ===============
See accompanying Notes to Financial Statements. 252 DIMENSIONAL EMERGING MARKETS VALUE FUND STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 2014 (Unaudited) (Amounts in thousands) ASSETS: Investments at Value (including $1,599,184 of securities on loan)*....... $18,756,695 Collateral from Securities on Loan Invested in Affiliate at Value & Cost. 1,343,993 Foreign Currencies at Value.............................................. 96,617 Cash..................................................................... 75,672 Receivables: Investment Securities Sold............................................. 36,495 Dividends, Interest and Tax Reclaims................................... 42,093 Securities Lending Income.............................................. 2,577 Unrealized Gain on Foreign Currency Contracts.......................... 5 ----------- Total Assets........................................................ 20,354,147 ----------- LIABILITIES: Payables: Upon Return of Securities Loaned....................................... 1,343,993 Investment Securities Purchased........................................ 32,937 Due to Advisor......................................................... 1,568 Unrealized Loss on Foreign Currency Contracts............................ 4 Accrued Expenses and Other Liabilities................................... 1,609 ----------- Total Liabilities................................................... 1,380,111 ----------- NET ASSETS............................................................... $18,974,036 =========== Investments at Cost...................................................... $18,721,509 =========== Foreign Currencies at Cost............................................... $ 96,278 ===========
---------- * See Note H in the Notes to Financial Statements for additional securities lending collateral. See accompanying Notes to Financial Statements. 253 DIMENSIONAL EMERGING MARKETS VALUE FUND STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2014 (Unaudited) (Amounts in thousands) Investment Income Dividends (Net of Foreign Taxes Withheld of $18,636).......... $ 178,771 Interest...................................................... 4 Income from Securities Lending................................ 10,808 --------- Total Investment Income.................................... 189,583 --------- Expenses Investment Advisory Services Fees............................. 9,150 Accounting & Transfer Agent Fees.............................. 492 Custodian Fees................................................ 3,341 Shareholders' Reports......................................... 13 Directors'/Trustees' Fees & Expenses.......................... 125 Professional Fees............................................. 312 Other......................................................... 166 --------- Total Expenses............................................. 13,599 --------- Fees Paid Indirectly.......................................... (27) --------- Net Expenses.................................................. 13,572 --------- Net Investment Income (Loss).................................. 176,011 --------- Realized and Unrealized Gain (Loss) Net Realized Gain (Loss) on:.................................. Investment Securities Sold.................................. (356,782) Foreign Currency Transactions............................... (2,068) Change in Unrealized Appreciation (Depreciation) of:.......... Investment Securities and Foreign Currency.................. (444,396) Translation of Foreign Currency Denominated Amounts......... 100 --------- Net Realized and Unrealized Gain (Loss)....................... (803,146) --------- Net Increase (Decrease) in Net Assets Resulting from Operations. $(627,135) =========
See accompanying Notes to Financial Statements. 254 DIMENSIONAL EMERGING MARKETS VALUE FUND STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands)
Six Months Year Ended Ended April 30, Oct. 31, 2014 2013 ----------- ----------- (Unaudited) Increase (Decrease) in Net Assets Operations: Net Investment Income (Loss).............................................. $ 176,011 $ 419,407 Net Realized Gain (Loss) on: Investment Securities Sold.............................................. (356,782) 304,248 Foreign Currency Transactions........................................... (2,068) (2,833) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.............................. (444,396) 724,674 Translation of Foreign Currency Denominated Amounts..................... 100 7 ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations...... (627,135) 1,445,503 ----------- ----------- Transactions in Interest: Contributions............................................................. 896,469 2,894,722 Withdrawals............................................................... (722,584) (1,797,261) ----------- ----------- Net Increase (Decrease) from Transactions in Interest.................. 173,885 1,097,461 ----------- ----------- Total Increase (Decrease) in Net Assets................................ (453,250) 2,542,964 Net Assets Beginning of Period....................................................... 19,427,286 16,884,322 ----------- ----------- End of Period............................................................. $18,974,036 $19,427,286 =========== ===========
See accompanying Notes to Financial Statements. 255 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, 2014 2013 2012 2011 2010 2009 --------------------------------------------------------------------------------- (Unaudited) ---------------------------------------------------------------------------------------------------------------------------- Total Return.............................. (3.22)%(D) 8.43% 1.10% (14.47)% 30.55% 79.39% ---------------------------------------------------------------------------------------------------------------------------- Net Assets, End of Period (thousands)..... $18,974,036 $19,427,286 $16,884,322 $14,003,579 $11,917,955 $7,965,125 Ratio of Expenses to Average Net Assets... 0.15%(E) 0.16% 0.20% 0.20% 0.19% 0.21% Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly)......... 0.15%(E) 0.16% 0.20% 0.20% 0.19% 0.21% Ratio of Net Investment Income to Average Net Assets............................... 1.92%(E) 2.32% 2.43% 2.29% 1.81% 2.17% Portfolio Turnover Rate................... 6%(D) 6% 8% 5% 15% 20% ----------------------------------------------------------------------------------------------------------------------------
+ See Note A in the Notes to Financial Statements. See accompanying Notes to Financial Statements. 256 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 change in capital structure and retroactive reclassification of the statement of changes in net assets and financial highlights for the Fund is a result of the treatment of a partnership for book purposes. The Fund will maintain 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 which approximate fair value. 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 257 effect on the value of an investment (as determined in the discretion of the Investment Committee 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 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, 11:00 p.m. PT, the previous day), which is fourteen hours prior to the close of the NYSE (normally, 1:00 p.m. PT) 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, 2014, the Fund had significant transfers of securities with a total value of $988,867 (in thousands) that transferred from Level 2 to Level 1 because fair value procedures were no longer applied. At October 31, 2013, 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 258 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. At April 30, 2014, 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 $425 (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, 2014, 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, 2014, 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, 2014, expenses reduced were $27 (amount in thousands). 259 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, 2014, the total related amounts paid by the Fund to the CCO were $12 (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, 2014, 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. $1,325,742 $1,034,797
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, 2014, 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. $20,183,112 $3,056,570 $(3,138,994) $(82,424)
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. 260 G. Line of Credit: The Fund, together with other Dimensional-advised portfolios, has entered into a $500 million unsecured discretionary line of credit effective March 4, 2013 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 was scheduled to expire on March 3, 2014, however, effective March 3, 2014, the term was extended until March 2, 2015. The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 10, 2014 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 9, 2015. For the six months ended April 30, 2014, 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 Loan Days Expense Borrowed During Interest Rate Balance Outstanding* Incurred The Period ------------- ------------ ------------ -------- --------------- Dimensional Emerging Markets Value Fund. 0.84% $23,708 5 $3 $29,704
* Number of Days Outstanding represents the total of single or consecutive days during the six months ended April 30, 2014, that the Fund's available line of credit was utilized. There were no outstanding borrowings by the Fund under the lines of credit as of April 30, 2014. H. Securities Lending: As of April 30, 2014, 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 $364,411 (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 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. 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 261 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. 262 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 without charge, upon request, by calling collect: (512) 306-7400. 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://www.dimensional.com and reflects the twelve-month period beginning July 1st and ending June 30th. 263 BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS At the Board meeting held on December 13, 2013 (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 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. and/or DFA Australia Limited serve as sub-advisors. (The investment advisory/management agreements and the sub-advisory agreements are referred to as the "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 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 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 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. 264 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 portfolios. 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 Advisory Agreement for each Fund was in the best interests of the Fund and its shareholders. 265 [LOGO] DFA043014-001S 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 DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES SCHEDULE OF INVESTMENTS ----------------------- Investment Abbreviations ADR American Depository Receipt FNMA Federal National Mortgage Association GDR Global Depository Receipt NVDR Non-Voting Depository Receipt P.L.C. Public Limited Company Investment Footnotes + See Security Valuation Note within the Notes to Schedule of Investments. ++ Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedule of Investments. * Non-Income Producing Securities. # Total or Partial Securities on Loan. @ Security purchased with cash proceeds from securities on loan. -- Amounts designated as -- are either zero or rounded to zero. (S) Affiliated Fund. Dimensional Emerging Markets Value Fund SCHEDULE OF INVESTMENTS April 30, 2014 (Unaudited)
Shares Value++ ---------- ------------ COMMON STOCKS -- (89.8%) BRAZIL -- (5.9%) ALL - America Latina Logistica SA 1,495,046 $ 5,920,510 Banco Alfa de Investimento SA 82,200 200,178 Banco do Brasil SA 9,750,973 102,374,830 Banco Santander Brasil SA 3,033,726 20,272,460 #Banco Santander Brasil SA ADR 17,807,476 118,419,715 Bematech SA 770,300 2,881,176 *BHG SA - Brazil Hospitality Group 253,714 1,581,623 BM&FBovespa SA 22,165,187 113,323,526 BrasilAgro - Co. Brasileira de Propriedades Agricolas 36,700 147,310 #Braskem SA Sponsored ADR 449,529 6,113,594 *Brazil Pharma SA 207,000 337,921 *Brookfield Incorporacoes SA 7,174,000 4,600,884 Cia Providencia Industria e Comercio SA 359,200 1,303,253 *CR2 Empreendimentos Imobiliarios SA 99,200 135,692 Cremer SA 206,870 1,549,380 Cyrela Brazil Realty SA Empreendimentos e Participacoes 481,700 2,920,769 Eternit SA 180,201 702,297 Even Construtora e Incorporadora SA 5,161,239 16,619,664 *Fertilizantes Heringer SA 274,800 651,953 *Fibria Celulose SA 2,182,200 21,726,579 #*Fibria Celulose SA Sponsored ADR 3,877,210 38,500,695 Forjas Taurus SA 215,956 133,656 Gafisa SA 3,259,978 5,307,196 #Gafisa SA ADR 3,369,856 11,154,223 *General Shopping Brasil SA 129,430 401,104 Gerdau SA 2,014,063 9,764,333 Gerdau SA Sponsored ADR 15,421,303 92,682,031 Grendene SA 319,904 2,022,938 Hypermarcas SA 1,635,246 12,049,374 Industrias Romi SA 635,500 1,439,298 JBS SA 18,033,940 62,276,640 JHSF Participacoes SA 605,827 986,277 Kepler Weber SA 54,287 883,784 Klabin SA 3,221,149 16,902,094 *Log-in Logistica Intermodal SA 760,800 2,726,221 Magnesita Refratarios SA 3,331,666 7,082,452 *Marfrig Global Foods SA 5,057,848 9,436,326 *MMX Mineracao e Metalicos SA 287,383 333,814 MRV Engenharia e Participacoes SA 5,452,772 17,264,972 *Paranapanema SA 4,399,443 7,241,151 *PDG Realty SA Empreendimentos e Participacoes 31,849,819 19,569,123 Petroleo Brasileiro SA 5,246,008 36,773,228 #Petroleo Brasileiro SA ADR 18,327,471 254,385,297 Positivo Informatica SA 461,557 482,309 Profarma Distribuidora de Produtos Farmaceuticos SA 323,225 2,580,291 QGEP Participacoes SA 1,152,894 4,436,296 Rodobens Negocios Imobiliarios SA 366,316 1,899,142 *Rossi Residencial SA 10,825,995 7,768,401 Sao Carlos Empreendimentos e Participacoes SA 67,300 1,056,396 Sao Martinho SA 511,163 7,656,842 SLC Agricola SA 1,034,591 7,887,901
Dimensional Emerging Markets Value Fund continued
Shares Value++ ------------- -------------- BRAZIL -- (Continued) *Springs Global Participacoes SA 1,522,300 $ 853,403 Sul America SA 217,090 1,591,848 *T4F Entretenimento SA 40,500 91,726 Tecnisa SA 1,177,927 3,660,964 Tereos Internacional SA 568,672 456,519 TPI - Triunfo Participacoes e Investimentos SA 380,600 1,485,018 Trisul SA 95,461 172,962 *Usinas Siderurgicas de Minas Gerais SA 2,009,640 7,219,292 Vale SA 1,092,792 14,408,828 #Vale SA Sponsored ADR 5,665,567 74,898,796 *Vanguarda Agro SA 4,116,979 5,871,507 Via Varejo SA 170,924 544,259 *Viver Incorporadora e Construtora SA 407,561 29,245 -------------- TOTAL BRAZIL 1,176,151,486 -------------- CHILE -- (1.4%) CAP SA 50,613 758,852 Cementos BIO BIO SA 665,307 607,231 Cencosud SA 1,844,719 6,146,284 Cencosud SA ADR 22,296 224,298 Cia General de Electricidad SA 1,354,569 6,361,677 *Cia Sud Americana de Vapores SA 57,702,158 2,740,636 Cintac SA 155,202 32,429 Corpbanca SA 1,137,122,867 13,099,217 Cristalerias de Chile SA 264,624 1,946,265 Cruz Blanca Salud SA 173,352 145,931 *CTI SA 5,615 10,823 #Embotelladora Andina SA Class A ADR 19,478 376,315 Empresas CMPC SA 20,740,973 46,168,243 Empresas COPEC SA 2,025,010 26,126,614 Empresas Hites SA 1,577,690 881,038 Empresas Iansa SA 49,008,058 1,936,854 *Empresas La Polar SA 137,636 13,660 Enersis SA 82,558,367 26,702,292 Enersis SA Sponsored ADR 5,733,186 92,304,295 Gasco SA 160,580 1,408,709 Grupo Security SA 1,143,589 399,265 Inversiones Aguas Metropolitanas SA 6,084,847 10,072,018 Invexans SA 64,223,012 1,151,850 Latam Airlines Group SA 565,275 8,625,564 #Latam Airlines Group SA Sponsored ADR 356,489 5,464,976 *Madeco SA 64,223,012 268,044 Masisa SA 43,371,870 2,152,240 Parque Arauco SA 27,593 49,385 PAZ Corp. SA 2,030,433 1,137,104 Ripley Corp. SA 11,819,177 7,687,372 Salfacorp SA 2,385,946 2,050,817 Sociedad Matriz SAAM SA 52,294,785 4,226,178 Sociedad Quimica y Minera de Chile SA Class A 27,760 903,563 Socovesa SA 5,773,726 1,074,410 Soquimich Comercial SA 189,354 42,067 Vina Concha y Toro SA 1,559,467 3,261,240
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------ CHILE -- (Continued) Vina Concha y Toro SA Sponsored ADR 2,846 $ 119,247 Vina San Pedro Tarapaca SA 57,038,434 384,128 ------------ TOTAL CHILE 277,061,131 ------------ CHINA -- (13.9%) #361 Degrees International, Ltd. 6,999,000 1,608,536 #Agile Property Holdings, Ltd. 18,252,000 14,801,782 Agricultural Bank of China, Ltd. Class H 255,464,000 107,163,539 Air China, Ltd. Class H 11,188,000 6,377,975 #*Aluminum Corp. of China, Ltd. ADR 295,221 2,656,989 #*Aluminum Corp. of China, Ltd. Class H 20,634,000 7,397,860 AMVIG Holdings, Ltd. 5,605,100 2,040,469 *Angang Steel Co., Ltd. Class H 15,779,640 9,582,602 Anhui Tianda Oil Pipe Co., Ltd. 2,847,412 544,911 Anxin-China Holdings, Ltd. 2,128,000 335,277 Asia Cement China Holdings Corp. 7,617,000 5,537,892 #Asian Citrus Holdings, Ltd. 7,229,000 1,502,941 *Ausnutria Dairy Corp., Ltd. 268,000 9,472 *AVIC International Holding HK, Ltd. 18,676,285 615,847 *AVIC International Holdings, Ltd. 2,526,000 914,535 Bank of China, Ltd. Class H 763,167,331 337,236,300 Bank of Communications Co., Ltd. Class H 103,189,574 64,275,434 #Baoye Group Co., Ltd. Class H 2,335,120 1,387,046 BBMG Corp. Class H 5,155,000 3,615,394 Beijing Capital International Airport Co., Ltd. Class H 24,271,599 16,957,508 Beijing Capital Land, Ltd. Class H 18,113,060 6,101,395 Beijing Enterprises Holdings, Ltd. 4,623,000 40,080,381 Beijing Jingkelong Co., Ltd. Class H 81,000 22,700 #Beijing North Star Co., Ltd. Class H 8,382,000 1,956,943 Boer Power Holdings, Ltd. 609,000 799,396 #*BYD Electronic International Co., Ltd. 12,273,636 7,565,304 #C C Land Holdings, Ltd. 20,944,286 3,932,181 Carrianna Group Holdings Co., Ltd. 3,550,391 711,677 Central China Real Estate, Ltd. 8,003,350 1,975,966 #*Chaoda Modern Agriculture Holdings, Ltd. 37,445,412 2,995,633 *Chigo Holding, Ltd. 49,744,000 1,131,075 #China Aerospace International Holdings, Ltd. 32,830,000 3,313,836 China Agri-Industries Holdings, Ltd. 30,252,500 12,103,591 China Aoyuan Property Group, Ltd. 15,221,000 2,593,669 China Automation Group, Ltd. 7,052,000 1,255,321 China BlueChemical, Ltd. 3,682,878 1,977,032 *China Chengtong Development Group, Ltd. 3,000,000 92,654 China CITIC Bank Corp., Ltd. Class H 93,161,716 55,651,056 #China Coal Energy Co., Ltd. Class H 48,417,000 26,108,428 China Communications Construction Co., Ltd. Class H 61,495,327 40,106,784 China Communications Services Corp., Ltd. Class H 28,699,071 14,527,161 China Construction Bank Corp. Class H 526,917,940 364,823,738 #*China COSCO Holdings Co., Ltd. Class H 31,028,500 12,306,404 #China Dongxiang Group Co. 46,914,127 8,317,983 #*China Eastern Airlines Corp., Ltd. Class H 316,000 97,657 *China Energine International Holdings, Ltd. 5,014,390 440,712 China Everbright, Ltd. 12,195,869 16,344,212
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------ CHINA -- (Continued) *China Glass Holdings, Ltd. 9,128,000 $ 1,098,009 *China Green Holdings, Ltd. 6,492,800 407,930 #*China Haidian Holdings, Ltd. 22,761,108 2,883,578 *China High Precision Automation Group, Ltd. 429,000 67,507 #*China High Speed Transmission Equipment Group Co., Ltd. 16,532,000 11,556,900 #China Hongqiao Group, Ltd. 2,220,500 1,523,018 *China Huiyuan Juice Group, Ltd. 7,639,983 5,003,954 #China ITS Holdings Co., Ltd. 7,552,000 1,426,728 #China Lumena New Materials Corp. 52,602,000 8,480,965 China Merchants Bank Co., Ltd. Class H 6,337,596 11,322,758 China Merchants Holdings International Co., Ltd. 6,898,279 21,557,153 *China Merchants Land, Ltd. 306,000 39,216 #*China Metal Recycling Holdings, Ltd. 3,259,800 743,372 *China Mining Resources Group, Ltd. 22,647,100 255,616 #China Minsheng Banking Corp., Ltd. Class H 50,567,500 51,018,143 #China National Building Material Co., Ltd. Class H 20,600,000 19,461,833 China National Materials Co., Ltd. 14,631,000 2,837,862 #*China New Town Development Co., Ltd. 19,348,022 1,452,611 *China Nickel Resources Holdings Co., Ltd. 5,020,000 165,111 *China Oriental Group Co., Ltd. 26,000 3,890 #China Petroleum & Chemical Corp. ADR 1,255,935 111,614,926 China Petroleum & Chemical Corp. Class H 153,367,575 135,755,471 #*China Precious Metal Resources Holdings Co., Ltd. 17,026,000 1,693,045 *China Properties Group, Ltd. 7,347,000 1,653,341 China Qinfa Group, Ltd. 6,458,000 275,140 China Railway Construction Corp., Ltd. Class H 27,067,014 22,286,271 China Railway Group, Ltd. Class H 17,380,000 7,784,244 *China Rare Earth Holdings, Ltd. 19,929,000 2,546,769 *China Rongsheng Heavy Industries Group Holdings, Ltd. 21,898,500 3,770,286 #China SCE Property Holdings, Ltd. 3,278,000 710,891 China Shanshui Cement Group, Ltd. 11,158,000 4,330,634 China Shenhua Energy Co., Ltd. Class H 3,096,000 8,387,854 *China Shipping Container Lines Co., Ltd. Class H 55,814,700 13,150,929 *China Shipping Development Co., Ltd. Class H 13,113,488 7,188,344 China South City Holdings, Ltd. 8,044,462 3,378,657 #China Southern Airlines Co., Ltd. Class H 21,276,000 6,353,464 China Starch Holdings, Ltd. 18,995,000 488,748 China Taifeng Beddings Holdings, Ltd. 640,000 71,199 China Tianyi Holdings, Ltd. 2,136,000 287,473 *China Tontine Wines Group, Ltd. 7,246,000 313,234 China Travel International Inv HK 52,275,631 10,529,869 China Unicom Hong Kong, Ltd. 2,150,000 3,290,485 #China Unicom Hong Kong, Ltd. ADR 7,285,774 111,690,915 *China Vanadium Titano - Magnetite Mining Co., Ltd. 14,828,000 1,857,899 *China WindPower Group, Ltd. 970,000 62,941 *China Yurun Food Group, Ltd. 9,933,000 4,801,266 *China ZhengTong Auto Services Holdings, Ltd. 947,000 516,215 #*China Zhongwang Holdings, Ltd. 20,874,954 6,524,791 *Chongqing Iron & Steel Co., Ltd. Class H 6,356,000 910,094 #Chongqing Machinery & Electric Co., Ltd. Class H 18,826,000 2,435,459 Chongqing Rural Commercial Bank Class H 15,277,000 6,659,089 Chu Kong Petroleum & Natural Gas Steel Pipe Holdings, Ltd. 5,494,000 1,668,276
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------ CHINA -- (Continued) #CITIC Pacific, Ltd. 15,213,000 $ 26,640,201 *CITIC Resources Holdings, Ltd. 42,582,000 6,216,924 Clear Media, Ltd. 652,000 652,071 *Coastal Greenland, Ltd. 3,303,000 103,420 *Comba Telecom Systems Holdings, Ltd. 3,865,500 984,407 #*Comtec Solar Systems Group, Ltd. 7,876,000 1,254,761 Cosco International Holdings, Ltd. 10,074,000 4,201,337 COSCO Pacific, Ltd. 22,224,620 29,830,041 CPMC Holdings, Ltd. 64,000 50,661 CSPC Pharmaceutical Group, Ltd. 932,000 770,507 Da Ming International Holdings, Ltd. 32,000 7,964 *DaChan Food Asia, Ltd. 3,297,000 391,265 Dah Chong Hong Holdings, Ltd. 332,000 210,459 Dalian Port PDA Co., Ltd. Class H 14,226,000 3,363,222 #Dongyue Group, Ltd. 1,910,000 766,453 #*Dynasty Fine Wines Group, Ltd. 9,228,600 321,390 Embry Holdings, Ltd. 544,000 317,599 EVA Precision Industrial Holdings, Ltd. 3,228,000 542,086 #Evergrande Real Estate Group, Ltd. 57,001,000 25,462,231 Evergreen International Holdings, Ltd. 1,628,000 195,662 #Fantasia Holdings Group Co., Ltd. 13,658,515 1,821,196 Fosun International, Ltd. 14,175,244 17,168,039 Franshion Properties China, Ltd. 44,364,580 13,875,800 #Fufeng Group, Ltd. 2,658,000 1,012,770 *Global Bio-Chem Technology Group Co., Ltd. 33,528,360 1,150,173 *Global Sweeteners Holdings, Ltd. 9,900,350 552,626 #*Glorious Property Holdings, Ltd. 41,022,000 5,880,285 Goldbond Group Holdings, Ltd. 310,000 15,032 #Golden Meditech Holdings, Ltd. 18,146,319 1,570,386 #Goldlion Holdings, Ltd. 1,298,000 594,405 #GOME Electrical Appliances Holding, Ltd. 77,549,000 14,540,376 *Great Wall Technology Co., Ltd. Class H 7,550,035 2,939,676 Greenland Hong Kong Holdings, Ltd. 3,730,575 1,706,957 #Greentown China Holdings, Ltd. 8,145,591 8,203,735 Guangdong Land Holdings, Ltd. 2,038,000 402,349 #Guangshen Railway Co., Ltd. Class H 888,000 335,475 #Guangshen Railway Co., Ltd. Sponsored ADR 426,392 8,075,864 Guangzhou Automobile Group Co., Ltd. Class H 23,171,572 23,392,288 Guangzhou R&F Properties Co., Ltd. 11,351,914 14,813,272 Hainan Meilan International Airport Co., Ltd. Class H 1,989,000 1,888,507 #*Hanergy Solar Group, Ltd. 36,580,000 5,298,364 #Harbin Electric Co., Ltd. Class H 10,851,474 6,406,455 *Heng Tai Consumables Group, Ltd. 69,165,195 1,266,606 *Hidili Industry International Development, Ltd. 18,825,000 2,174,737 *HKC Holdings, Ltd. 40,124,878 1,088,238 Hopefluent Group Holdings, Ltd. 374,000 122,581 #*Hopson Development Holdings, Ltd. 11,192,000 10,998,215 Hua Han Bio-Pharmaceutical Holdings, Ltd. 18,785,429 3,924,586 Hutchison Harbour Ring, Ltd. 6,852,000 521,838 Industrial & Commercial Bank of China, Ltd. Class H 294,086,996 175,341,806 Inspur International, Ltd. 6,679,343 1,172,684 Jiangxi Copper Co., Ltd. Class H 4,795,000 7,919,964
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ----------- CHINA -- (Continued) Jingwei Textile Machinery Class H 50,000 $ 43,882 Ju Teng International Holdings, Ltd. 11,466,249 8,501,883 *Kai Yuan Holdings, Ltd. 63,040,000 1,170,569 #Kaisa Group Holdings, Ltd. 21,380,632 6,774,593 *Kasen International Holdings, Ltd. 1,885,000 402,120 Kingboard Chemical Holdings, Ltd. 9,260,845 17,699,255 Kingboard Laminates Holdings, Ltd. 7,954,500 3,086,442 KWG Property Holding, Ltd. 19,984,500 11,113,248 Lai Fung Holdings, Ltd. 56,830,560 1,212,017 Lee & Man Paper Manufacturing, Ltd. 6,334,000 3,435,228 *Li Ning Co., Ltd. 766,000 534,748 #Lianhua Supermarket Holdings Co., Ltd. Class H 101,000 55,995 Lingbao Gold Co., Ltd. Class H 4,150,000 736,736 *LK Technology Holdings, Ltd. 112,500 13,561 *Lonking Holdings, Ltd. 18,595,000 3,444,163 *Loudong General Nice Resources China Holdings, Ltd. 21,592,800 1,531,829 *Maanshan Iron & Steel Co., Ltd. Class H 25,898,000 5,428,774 Maoye International Holdings, Ltd. 9,463,000 1,357,551 #*Metallurgical Corp. of China, Ltd. Class H 24,393,659 4,631,301 MIE Holdings Corp. 2,792,000 526,119 MIN XIN Holdings, Ltd. 1,634,418 843,730 *Mingfa Group International Co., Ltd. 34,000 8,513 #Minmetals Land, Ltd. 19,829,205 2,230,024 Minth Group, Ltd. 2,756,000 4,342,918 #*MMG, Ltd. 8,596,000 2,001,683 *Nan Hai Corp., Ltd. 23,550,000 151,920 #New World China Land, Ltd. 24,698,600 20,472,073 New World Department Store China, Ltd. 596,000 279,076 #Nine Dragons Paper Holdings, Ltd. 19,937,000 13,118,484 O-Net Communications Group, Ltd. 3,321,000 864,303 Overseas Chinese Town Asia Holdings, Ltd. 208,000 72,842 #Parkson Retail Group, Ltd. 3,955,500 1,159,780 Peak Sport Products Co., Ltd. 10,288,000 2,885,314 *PetroAsian Energy Holdings, Ltd. 3,626,084 57,496 #Poly Property Group Co., Ltd. 31,419,488 13,641,819 *Pou Sheng International Holdings, Ltd. 10,989,529 468,067 Powerlong Real Estate Holdings, Ltd. 11,217,000 1,694,873 *Prosperity International Holdings HK, Ltd. 19,500,000 666,671 Qingling Motors Co., Ltd. Class H 12,058,000 3,701,659 Qunxing Paper Holdings Co., Ltd. 5,020,071 1,306,664 *Real Gold Mining, Ltd. 3,137,500 106,432 #Real Nutriceutical Group, Ltd. 11,046,000 2,352,173 Regent Manner International Holdings, Ltd. 1,114,000 195,415 *Renhe Commercial Holdings Co., Ltd. 41,344,000 2,372,579 REXLot Holdings, Ltd. 37,241,621 3,902,407 Samson Holding, Ltd. 8,080,453 1,064,092 #Sany Heavy Equipment International Holdings Co., Ltd. 2,948,000 685,054 #*Semiconductor Manufacturing International Corp. 173,313,000 14,246,251 #*Semiconductor Manufacturing International Corp. ADR 1,331,701 5,526,559 #Shandong Chenming Paper Holdings, Ltd. Class H 4,180,318 1,848,114 Shanghai Industrial Holdings, Ltd. 8,240,918 25,415,503 #*Shanghai Industrial Urban Development Group, Ltd. 15,362,000 2,936,669
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- CHINA -- (Continued) Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H 16,288,000 $ 4,049,265 Shanghai Prime Machinery Co., Ltd. Class H 7,700,000 1,160,918 *Shanghai Zendai Property, Ltd. 18,655,000 293,980 Shengli Oil & Gas Pipe Holdings, Ltd. 9,946,500 507,290 Shenzhen International Holdings, Ltd. 11,253,107 13,671,594 Shenzhen Investment, Ltd. 40,044,234 13,139,474 Shimao Property Holdings, Ltd. 22,765,535 45,024,009 *Shougang Concord International Enterprises Co., Ltd. 81,194,208 3,783,132 #Shougang Fushan Resources Group, Ltd. 43,564,594 12,942,561 #Shui On Land, Ltd. 58,000,803 15,442,909 *Sijia Group Co. 1,152,649 38,209 Silver Grant International Industries, Ltd. 20,310,804 2,567,446 *SIM Technology Group, Ltd. 9,345,000 429,444 *Sino Oil And Gas Holdings, Ltd. 78,990,000 2,194,302 #Sino-Ocean Land Holdings, Ltd. 42,860,713 22,548,822 Sinofert Holdings, Ltd. 32,014,000 3,932,590 *Sinolink Worldwide Holdings, Ltd. 16,942,508 1,315,488 Sinopec Kantons Holdings, Ltd. 7,083,010 6,609,100 Sinotrans Shipping, Ltd. 15,813,416 4,574,979 Sinotrans, Ltd. Class H 23,247,000 12,800,694 #Sinotruk Hong Kong, Ltd. 9,113,335 4,849,475 #Skyworth Digital Holdings, Ltd. 30,901,796 14,784,606 *SMI Corp., Ltd. 17,684,000 640,414 #SOHO China, Ltd. 29,586,388 23,459,486 *Solargiga Energy Holdings, Ltd. 7,939,486 395,487 *Sparkle Roll Group, Ltd. 600,000 40,988 *SRE Group, Ltd. 40,292,285 1,170,958 Sunac China Holdings, Ltd. 2,445,000 1,244,892 TCC International Holdings, Ltd. 14,035,056 6,883,433 *TCL Multimedia Technology Holdings, Ltd. 7,582,200 2,563,002 Texhong Textile Group, Ltd. 165,500 122,253 Tian An China Investment 7,003,000 5,488,841 Tian Shan Development Holding, Ltd. 502,000 195,758 #Tiangong International Co., Ltd. 15,623,944 2,720,555 Tianjin Port Development Holdings, Ltd. 16,553,657 2,590,505 #Tianneng Power International, Ltd. 4,686,280 1,637,183 Tomson Group, Ltd. 2,911,206 859,058 Tonly Electronics Holdings, Ltd. 760,220 578,403 #TPV Technology, Ltd. 10,594,496 1,749,679 Travelsky Technology, Ltd. Class H 14,914,500 11,375,686 *Trony Solar Holdings Co., Ltd. 8,775,000 133,556 Truly International Holdings, Ltd. 10,575,500 7,162,178 *VODone, Ltd. 13,010,000 1,128,926 Wasion Group Holdings, Ltd. 5,505,291 3,928,566 Weiqiao Textile Co. Class H 7,453,000 4,162,578 West China Cement, Ltd. 27,984,000 3,006,244 *Winsway Coking Coal Holdings, Ltd. 1,201,000 53,670 Xiamen International Port Co., Ltd. Class H 15,252,000 2,267,023 Xingda International Holdings, Ltd. 10,726,000 4,718,862 Xinhua Winshare Publishing and Media Co., Ltd. Class H 4,837,000 3,065,268 *Xinjiang Xinxin Mining Industry Co., Ltd. Class H 10,075,000 1,828,986 Xiwang Property Holdings Co., Ltd. 9,600,736 486,308
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- -------------- CHINA -- (Continued) Xiwang Special Steel Co., Ltd. 2,966,000 $ 360,141 XTEP International Holdings, Ltd. 2,016,500 815,258 *Yanchang Petroleum International, Ltd. 45,590,000 2,273,276 Yantai North Andre Juice Co. Class H 199,000 49,999 #Yanzhou Coal Mining Co., Ltd. Class H 13,376,000 10,020,555 #Yanzhou Coal Mining Co., Ltd. Sponsored ADR 57,045 426,126 Yip's Chemical Holdings, Ltd. 438,000 310,465 Youyuan International Holdings, Ltd. 473,229 125,167 Yuexiu Property Co., Ltd. 75,308,170 14,618,281 #Yuzhou Properties Co., Ltd. 5,794,960 1,331,638 Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H 371,600 202,554 *Zhong An Real Estate, Ltd. 5,490,800 1,304,497 #Zoomlion Heavy Industry Science and Technology Co., Ltd. 9,233,600 6,200,453 -------------- TOTAL CHINA 2,797,324,131 -------------- COLOMBIA -- (0.1%) Almacenes Exito SA 35,703 543,867 Cementos Argos SA 599,201 3,341,658 Constructora Conconcreto SA 27,675 20,507 *Fabricato SA 12,570,118 111,968 Grupo Argos SA 9,203 101,317 Grupo de Inversiones Suramericana SA 638,207 12,450,569 Grupo Nutresa SA 403,650 5,665,263 Mineros SA 34,983 52,206 -------------- TOTAL COLOMBIA 22,287,355 -------------- CZECH REPUBLIC -- (0.2%) CEZ A.S. 546,431 16,444,658 Pegas Nonwovens SA 135,370 4,072,679 Telefonica Czech Republic A.S. 438,286 6,644,535 *Unipetrol A.S. 1,423,606 9,918,948 -------------- TOTAL CZECH REPUBLIC 37,080,820 -------------- GREECE -- (0.1%) *Alpha Bank AE 5,071,956 4,912,943 Bank of Greece 26,513 547,128 *Ellaktor SA 740,517 3,911,513 *Elval - Hellenic Aluminium Industry SA 8,595 22,800 *GEK Terna Holding Real Estate Construction SA 602,242 3,148,067 Hellenic Petroleum SA 285,712 2,452,992 *Intracom Holdings SA 1,482,317 1,678,023 Intralot SA-Integrated Lottery Systems & Services 24,688 71,718 *J&P-Avax SA 13,535 31,952 *Marfin Investment Group Holdings SA 602,263 417,247 *Mytilineos Holdings SA 276,674 2,472,452 *Piraeus Bank SA 4,183,049 9,871,899 *Sidenor Steel Products Manufacturing Co. SA 21,626 52,647 *Titan Cement Co. SA 4,070 128,312 -------------- TOTAL GREECE 29,719,693 --------------
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- HUNGARY -- (0.4%) *Danubius Hotel and SpA P.L.C. 108,124 $ 2,744,043 *FHB Mortgage Bank P.L.C. 2,790 11,265 MOL Hungarian Oil and Gas P.L.C. 83,141 4,783,316 #OTP Bank P.L.C. 4,005,156 76,482,558 *PannErgy 119,850 172,654 #*Tisza Chemical Group P.L.C. 235,486 4,226,027 ----------- TOTAL HUNGARY 88,419,863 ----------- INDIA -- (7.3%) Aban Offshore, Ltd. 217,878 1,876,916 *ABG Shipyard, Ltd. 283,785 1,078,155 Adani Enterprises, Ltd. 2,875,450 20,139,133 Aditya Birla Nuvo, Ltd. 620,942 11,438,026 Akzo Nobel India, Ltd. 37,121 535,210 Alembic Pharmaceuticals, Ltd. 279,704 1,375,767 Allahabad Bank 2,114,906 3,515,877 Alok Industries, Ltd. 10,204,534 1,202,478 Amtek Auto, Ltd. 1,310,781 3,787,244 Amtek India, Ltd. 343,066 439,778 *Anant Raj, Ltd. 1,923,939 1,771,690 Andhra Bank 2,676,709 2,970,101 Apollo Hospitals Enterprise, Ltd. 27,124 402,703 Apollo Tyres, Ltd. 3,385,454 8,981,738 Arvind, Ltd. 3,503,698 10,653,190 Ashok Leyland, Ltd. 20,205,663 7,530,902 Asian Hotels East, Ltd. 1,050 2,702 Atul, Ltd. 16,725 149,954 Axis Bank, Ltd. 244,500 6,180,759 Bajaj Finance, Ltd. 95,610 2,952,202 Bajaj Finserv, Ltd. 60,602 835,270 *Bajaj Hindusthan, Ltd. 2,610,098 774,020 Bajaj Holdings and Investment, Ltd. 384,924 6,817,212 Ballarpur Industries, Ltd. 4,000,857 959,105 Balmer Lawrie & Co., Ltd. 120,671 680,271 Balrampur Chini Mills, Ltd. 2,438,192 2,325,897 Bank of Baroda 1,232,256 16,736,823 Bank of India 1,966,165 7,659,456 Bank Of Maharashtra 1,498,465 956,597 BEML, Ltd. 112,246 719,941 BGR Energy Systems, Ltd. 82,794 188,504 Bharat Electronics, Ltd. 10,591 212,546 Bharat Heavy Electricals, Ltd. 6,517,663 19,607,572 Bharti Airtel, Ltd. 250,518 1,364,015 Bhushan Steel, Ltd. 1,127,438 8,302,648 Birla Corp., Ltd. 131,129 629,655 Bombay Burmah Trading Co. 1,746 3,010 Bombay Dyeing & Manufacturing Co., Ltd. 1,441,969 1,400,541 *Bombay Rayon Fashions, Ltd. 15,542 46,103 Brigade Enterprises, Ltd. 10,795 13,136 Cairn India, Ltd. 7,356,472 40,897,532 Canara Bank 1,722,820 8,192,127 Capital First, Ltd. 260,446 747,112
Dimensional Emerging Markets Value Fund continued
Shares Value++ --------- ----------- INDIA -- (Continued) Central Bank Of India 3,187,732 $ 2,821,084 Century Textiles & Industries, Ltd. 966,639 5,389,091 Chambal Fertilizers & Chemicals, Ltd. 2,025,212 1,361,192 City Union Bank, Ltd. 1,450,289 1,415,129 Claris Lifesciences, Ltd. 86,438 220,421 Coromandel International, Ltd. 7,624 27,727 Corp. Bank 436,134 2,118,466 Cox & Kings, Ltd. 545,795 1,368,294 *Cranes Software International, Ltd. 114,443 7,727 Crompton Greaves, Ltd. 196,049 537,698 Dalmia Bharat, Ltd. 159,852 632,613 *DB Realty, Ltd. 1,426,693 1,650,002 *DCB Bank, Ltd. 2,874,325 2,894,243 DCM Shriram, Ltd. 181,494 288,107 Deepak Fertilisers & Petrochemicals Corp., Ltd. 424,886 938,306 *DEN Networks, Ltd. 98,983 287,476 Dena Bank 1,741,961 1,828,568 Dewan Housing Finance Corp., Ltd. 115,020 432,731 DLF, Ltd. 7,623,132 17,697,372 Dredging Corp. Of India, Ltd. 53,414 260,297 Edelweiss Financial Services, Ltd. 1,114,016 633,978 *Educomp Solutions, Ltd. 647,077 275,772 Eicher Motors, Ltd. 15,888 1,639,040 *EID Parry India, Ltd. 818,733 2,067,845 EIH, Ltd. 886,903 1,116,987 *Elder Pharmaceuticals, Ltd. 78,215 279,344 Electrosteel Castings, Ltd. 692,702 266,186 *Era Infra Engineering, Ltd. 974,906 272,102 *Eros International Media, Ltd. 182,238 497,463 Escorts, Ltd. 1,368,597 2,879,274 Ess Dee Aluminium, Ltd. 42,453 438,272 *Essar Oil, Ltd. 1,120,513 1,079,767 Essar Ports, Ltd. 667,039 658,380 *Essar Shipping, Ltd. 241,588 63,588 Essel Propack, Ltd. 724,110 819,680 Federal Bank, Ltd. 9,157,930 13,739,284 *Federal-Mogul Goetze India, Ltd. 3,731 11,320 Financial Technologies India, Ltd. 223,163 1,169,096 Finolex Cables, Ltd. 652,369 1,489,695 Finolex Industries, Ltd. 681,668 2,531,683 *Firstsource Solutions, Ltd. 2,253,442 1,197,317 *Fortis Healthcare, Ltd. 1,405,155 2,323,329 *Future Consumer Enterprise, Ltd. 145,968 16,968 *Future Lifestyle Fashions, Ltd. 4,709 6,390 Future Retail, Ltd. 35,861 78,673 GAIL India, Ltd. 1,786,494 10,969,315 *Gammon India, Ltd. 162,933 46,155 Gateway Distriparks, Ltd. 269,578 797,777 *Gitanjali Gems, Ltd. 405,156 419,886 Godrej Properties, Ltd. 89,893 330,018 Graphite India, Ltd. 586,551 822,097 Grasim Industries, Ltd. 15,142 661,971
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ------------ INDIA -- (Continued) Great Eastern Shipping Co., Ltd. (The) 1,015,526 $ 5,659,796 Greaves Cotton, Ltd. 9,635 13,397 *GTL Infrastructure, Ltd. 1,200,337 39,800 Gujarat Alkalies & Chemicals, Ltd. 449,629 1,313,481 Gujarat Fluorochemicals, Ltd. 262,185 1,388,654 Gujarat Mineral Development Corp., Ltd. 94,412 207,016 Gujarat Narmada Valley Fertilizers & Chemicals, Ltd. 729,530 981,879 *Gujarat NRE Coke, Ltd. 3,619,364 638,450 Gujarat State Fertilisers & Chemicals, Ltd. 2,186,080 2,012,959 Gujarat State Petronet, Ltd. 1,923,672 2,326,850 Gulf Oil Corp., Ltd. 227,784 459,684 HBL Power Systems, Ltd. 138,136 35,400 *HCL Infosystems, Ltd. 1,107,643 831,876 HEG, Ltd. 138,303 525,843 *HeidelbergCement India, Ltd. 699,011 485,095 *Hexa Tradex, Ltd. 265,877 93,823 Hindalco Industries, Ltd. 22,212,623 50,166,582 Hinduja Global Solutions, Ltd. 60,085 527,050 Hinduja Ventures, Ltd. 67,133 286,207 *Hindustan Construction Co., Ltd. 7,005,199 2,236,900 *Hotel Leela Venture, Ltd. 1,480,240 453,749 *Housing Development & Infrastructure, Ltd. 5,496,603 6,256,503 HSIL, Ltd. 187,119 463,034 HT Media, Ltd. 76,822 117,428 ICICI Bank, Ltd. 590,476 12,239,038 ICICI Bank, Ltd. Sponsored ADR 3,344,526 142,710,924 IDBI Bank, Ltd. 4,225,680 4,798,059 Idea Cellular, Ltd. 953,652 2,153,326 IDFC, Ltd. 6,072,777 11,298,525 IFCI, Ltd. 6,602,323 2,805,286 IIFL Holdings, Ltd. 2,848,913 3,794,641 IL&FS Transportation Networks, Ltd. 12,212 26,761 India Cements, Ltd. (The) 3,947,997 4,510,973 Indiabulls Housing Finance, Ltd. 1,795,884 8,959,814 *Indiabulls Infrastructure and Power, Ltd. 9,986,439 603,966 Indiabulls Real Estate, Ltd. 2,810,580 2,915,914 Indian Bank 1,319,707 2,809,603 Indian Hotels Co., Ltd. 4,950,436 5,931,034 Indian Overseas Bank 3,375,808 3,488,935 Indo Rama Synthetics India 20,657 5,563 Infotech Enterprises, Ltd. 26,080 134,225 ING Vysya Bank, Ltd. 265,599 2,506,362 Ingersoll-Rand India, Ltd. 30,001 224,194 Jai Corp., Ltd. 403,094 467,152 Jain Irrigation Systems, Ltd. 3,654,796 4,976,667 Jaiprakash Associates, Ltd. 20,703,122 18,639,791 Jammu & Kashmir Bank, Ltd. (The) 323,600 9,007,053 Jaypee Infratech, Ltd. 1,716,142 698,442 JB Chemicals & Pharmaceuticals, Ltd. 373,888 960,768 JBF Industries, Ltd. 140,339 195,620 *Jet Airways India, Ltd. 64,150 265,598 Jindal Poly Films, Ltd. 188,270 460,499
Dimensional Emerging Markets Value Fund continued
Shares Value++ --------- ----------- INDIA -- (Continued) *Jindal Poly Investments and Finance Co., Ltd. 53,426 $ 52,970 Jindal Saw, Ltd. 2,076,447 1,952,550 *Jindal Stainless, Ltd. 816,596 522,816 Jindal Steel & Power, Ltd. 3,075,688 13,057,437 JK Cement, Ltd. 131,807 492,306 JK Lakshmi Cement, Ltd. 411,178 812,124 JM Financial, Ltd. 4,580,382 2,135,756 JSW Energy, Ltd. 6,026,339 5,311,908 JSW Steel, Ltd. 1,930,901 34,896,081 Jubilant Life Sciences, Ltd. 641,941 1,778,973 Kakinada Fertilizers, Ltd. 2,082,494 72,576 Kalpataru Power Transmission, Ltd. 264,661 507,581 Karnataka Bank, Ltd. 2,195,065 4,480,352 Karur Vysya Bank, Ltd. 372,860 2,407,116 KEC International, Ltd. 471,467 591,242 Kesoram Industries, Ltd. 449,716 469,885 Kirloskar Brothers, Ltd. 2,141 6,642 Kirloskar Oil Engines, Ltd. 318,856 1,061,583 KSB Pumps, Ltd. 7,207 39,905 *KSK Energy Ventures, Ltd. 20,905 24,294 Lakshmi Vilas Bank, Ltd. 457,710 640,203 *Mahanagar Telephone Nigam 784,604 230,635 Maharashtra Seamless, Ltd. 194,873 692,530 Mahindra Lifespace Developers, Ltd. 143,080 944,676 Man Infraconstruction, Ltd. 1,968 3,103 Manaksia, Ltd. 49,183 58,931 MAX India, Ltd. 25,606 91,220 McLeod Russel India, Ltd. 496,900 2,222,703 *Mercator, Ltd. 1,796,935 929,249 Merck, Ltd. 22,680 250,862 MOIL, Ltd. 4,675 19,972 Monnet Ispat & Energy, Ltd. 179,359 250,335 Motilal Oswal Financial Services, Ltd. 4,955 8,610 Mphasis, Ltd. 51,299 353,473 MRF, Ltd. 11,528 3,931,433 *Nagarjuna Oil Refinery, Ltd. 962,714 59,063 Nahar Capital and Financial Services, Ltd. 4,702 3,798 National Aluminium Co., Ltd. 1,851,267 1,172,967 Nava Bharat Ventures, Ltd. 27,806 75,340 NCC, Ltd. 2,621,585 2,201,463 NIIT Technologies, Ltd. 468,992 3,177,879 NIIT, Ltd. 767,524 419,815 Noida Toll Bridge Co., Ltd. 155,450 72,752 Oberoi Realty, Ltd. 27,313 94,145 OCL India, Ltd. 61,362 177,197 OMAXE, Ltd. 1,009,896 2,140,184 *Orchid Chemicals & Pharmaceuticals, Ltd. 193,091 173,047 Orient Cement, Ltd. 567,622 459,879 Orient Paper & Industries, Ltd. 47,163 17,090 Oriental Bank of Commerce 1,205,589 4,962,350 *Oswal Chemicals & Fertilizers 362,297 156,284 *Panacea Biotec, Ltd. 23,946 62,986
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ------------ INDIA -- (Continued) *Parsvnath Developers, Ltd. 1,662,316 $ 683,557 Peninsula Land, Ltd. 303,470 164,433 Petronet LNG, Ltd. 710,816 1,701,087 *Pipavav Defence & Offshore Engineering Co., Ltd. 22,287 17,709 Piramal Enterprises, Ltd. 755,009 6,809,253 *Plethico Pharmaceuticals, Ltd. 213,627 148,248 Polaris Financial Technology, Ltd. 908,662 2,723,867 Polyplex Corp., Ltd. 17,713 46,943 Power Finance Corp., Ltd. 16,793 51,580 *Prime Focus, Ltd. 8,309 3,899 *Prism Cement, Ltd. 408,522 313,636 PTC India Financial Services, Ltd. 450,875 128,829 PTC India, Ltd. 3,851,423 4,254,296 *Punj Lloyd, Ltd. 1,800,182 876,130 Punjab & Sind Bank 116,252 92,781 Puravankara Projects, Ltd. 22,265 26,839 Rain Industries, Ltd. 1,429,773 937,918 Rajesh Exports, Ltd. 287,502 547,555 Ramco Cements, Ltd. (The) 395,725 1,418,130 Raymond, Ltd. 629,181 3,238,907 Redington India, Ltd. 96,516 141,896 REI Agro, Ltd. 5,013,829 383,117 Reliance Capital, Ltd. 1,871,725 11,049,176 Reliance Communications, Ltd. 10,751,778 21,947,686 Reliance Industries, Ltd. 21,131,225 328,571,526 Reliance Industries, Ltd. GDR 107,000 3,322,990 *Reliance Power, Ltd. 12,151,717 13,799,764 Rolta India, Ltd. 1,831,833 2,281,641 Ruchi Soya Industries, Ltd. 1,735,191 1,041,776 Rural Electrification Corp., Ltd. 2,768,400 10,903,331 Sesa Sterlite, Ltd. 10,746,999 33,154,130 Sesa Sterlite, Ltd. ADR 1,546,032 18,877,056 *Shipping Corp. of India, Ltd. 2,334,024 1,653,702 Shree Renuka Sugars, Ltd. 7,680,873 2,791,610 Sintex Industries, Ltd. 2,196,726 1,669,869 Sobha Developers, Ltd. 534,292 3,299,986 South Indian Bank, Ltd. 9,724,062 3,714,264 SREI Infrastructure Finance, Ltd. 1,470,670 812,593 SRF, Ltd. 290,002 1,861,463 State Bank of Bikaner & Jaipur 43,134 251,287 State Bank of India 2,505,452 86,574,863 State Bank of India GDR 1,449 99,574 Steel Authority of India, Ltd. 5,196,476 5,867,025 *Sterling Biotech, Ltd. 469,995 67,146 Sterlite Technologies, Ltd. 1,777,282 906,704 Styrolution ABS India, Ltd. 28,114 214,575 Sundaram Finance, Ltd. 3,250 38,985 Sundram Fasteners, Ltd. 25,783 31,845 *Suzlon Energy, Ltd. 16,275,656 3,542,733 Syndicate Bank 2,880,564 4,942,385 Tamil Nadu Newsprint & Papers, Ltd. 45,093 97,272 Tata Chemicals, Ltd. 1,201,925 5,677,822
Dimensional Emerging Markets Value Fund continued
Shares Value++ ------------- -------------- INDIA -- (Continued) Tata Global Beverages, Ltd. 4,978,918 $ 12,403,533 Tata Investment Corp., Ltd. 27,375 215,650 Tata Motors, Ltd. 1,817,498 12,637,275 #Tata Motors, Ltd. Sponsored ADR 163,263 6,109,301 Tata Steel, Ltd. 8,632,925 57,562,223 Techno Electric & Engineering Co., Ltd. 1,571 4,426 *Teledata Marine Solutions, Ltd. 267,258 -- Time Technoplast, Ltd. 498,379 314,608 Trent, Ltd. 16,579 271,086 Triveni Turbine, Ltd. 166,206 191,031 Tube Investments of India, Ltd. 503,633 1,597,088 *TV18 Broadcast, Ltd. 5,614,655 2,348,157 UCO Bank 5,290,500 6,735,172 Uflex, Ltd. 339,502 482,510 Unichem Laboratories, Ltd. 182,522 660,357 Union Bank of India 1,499,085 3,774,194 *Unitech, Ltd. 31,412,365 8,280,278 UPL, Ltd. 4,268,343 18,958,974 Usha Martin, Ltd. 1,811,897 1,117,424 *Uttam Galva Steels, Ltd. 14,790 16,657 VA Tech Wabag, Ltd. 1,281 16,899 *Vardhman Special Steels, Ltd. 6,934 3,089 Vardhman Textiles, Ltd. 111,378 612,944 Videocon Industries, Ltd. 1,114,865 2,996,035 Vijaya Bank 2,690,477 1,840,140 Voltas, Ltd. 319,969 850,922 Welspun Corp., Ltd. 1,847,557 2,494,436 Welspun Infra Enterprises, Ltd. 92,378 22,974 Wockhardt, Ltd. 312,182 3,983,400 Zensar Technologies, Ltd. 28,981 173,196 Zuari Agro Chemicals, Ltd. 128,304 281,093 Zuari Global, Ltd. 69,501 89,692 -------------- TOTAL INDIA 1,461,487,427 -------------- INDONESIA -- (2.6%) Adaro Energy Tbk PT 185,755,400 19,111,375 Adhi Karya Persero Tbk PT 10,239,917 2,651,206 Agung Podomoro Land Tbk PT 73,568,400 1,679,216 Alam Sutera Realty Tbk PT 99,030,500 4,563,834 Aneka Tambang Persero Tbk PT 80,886,500 8,247,237 Asahimas Flat Glass Tbk PT 5,277,000 3,199,937 Astra Graphia Tbk PT 3,635,000 629,498 *Bakrie and Brothers Tbk PT 1,056,525,750 4,569,155 *Bakrie Sumatera Plantations Tbk PT 182,168,500 787,370 *Bakrie Telecom Tbk PT 260,426,500 1,126,266 *Bakrieland Development Tbk PT 623,458,520 862,166 Bank Bukopin Tbk PT 63,324,333 3,508,896 Bank Danamon Indonesia Tbk PT 35,637,554 12,633,602 Bank Mandiri Persero Tbk PT 75,216,231 64,265,948 Bank Negara Indonesia Persero Tbk PT 123,523,241 51,625,849 *Bank Pan Indonesia Tbk PT 148,740,401 11,203,143 Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 31,833,900 2,656,148
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ----------- INDONESIA -- (Continued) *Bank Permata Tbk PT 381,272 $ 44,249 Bank Tabungan Negara Persero Tbk PT 64,185,827 6,421,926 *Barito Pacific Tbk PT 15,599,000 425,502 *Benakat Integra Tbk PT 67,250,400 811,036 *Berau Coal Energy Tbk PT 30,316,500 322,926 *Berlian Laju Tanker Tbk PT 128,161,466 -- Bisi International PT 12,866,900 686,883 *Borneo Lumbung Energi & Metal Tbk PT 12,594,500 123,386 *Budi Starch & Sweetener Tbk PT 12,660,500 126,184 *Bumi Resources Minerals Tbk PT 11,052,500 209,161 *Bumi Resources Tbk PT 209,284,400 3,705,607 Bumi Serpong Damai PT 13,195,000 1,787,543 BW Plantation Tbk PT 666,600 81,163 *Central Proteinaprima Tbk PT 178,071,500 770,039 Charoen Pokphand Indonesia Tbk PT 45,905,630 15,010,146 Ciputra Development Tbk PT 131,947,400 11,616,093 Ciputra Property Tbk PT 24,365,400 1,533,744 Ciputra Surya Tbk PT 17,099,600 3,374,652 Clipan Finance Indonesia Tbk PT 2,995,500 104,929 *Darma Henwa Tbk PT 246,575,442 383,891 *Davomas Abadi Tbk PT 138,239,500 -- *Delta Dunia Makmur Tbk PT 15,009,500 241,077 Elnusa Tbk PT 40,695,700 1,797,837 *Energi Mega Persada Tbk PT 570,221,378 4,650,644 *Erajaya Swasembada Tbk PT 17,565,200 1,828,639 *Ever Shine Textile Tbk PT 19,342,215 368,057 *Exploitasi Energi Indonesia Tbk PT 12,430,900 244,346 Gajah Tunggal Tbk PT 25,803,500 4,285,668 *Garuda Indonesia Persero Tbk PT 23,477,581 936,856 Global Mediacom Tbk PT 94,263,500 17,893,397 *Gozco Plantations Tbk PT 14,839,400 137,516 *Great River International Tbk PT 1,788,000 -- Gudang Garam Tbk PT 2,837,000 13,899,196 Harum Energy Tbk PT 9,042,000 1,852,352 Hexindo Adiperkasa Tbk PT 1,212,344 398,244 Holcim Indonesia Tbk PT 18,187,500 4,478,830 *Indah Kiat Pulp & Paper Corp. Tbk PT 37,851,200 4,433,445 Indika Energy Tbk PT 27,402,500 1,473,906 Indo Tambangraya Megah Tbk PT 152,400 336,847 *Indo-Rama Synthetics Tbk PT 41,500 2,801 Indofood Sukses Makmur Tbk PT 61,516,000 37,631,302 Intiland Development Tbk PT 52,201,400 2,055,132 Japfa Comfeed Indonesia Tbk PT 27,068,750 2,969,537 Jaya Real Property Tbk PT 127,605,000 10,151,305 Kawasan Industri Jababeka Tbk PT 304,453,310 6,737,727 *Krakatau Steel Persero Tbk PT 2,991,500 128,998 *Lippo Cikarang Tbk PT 801,400 530,485 Lippo Karawaci Tbk PT 330,849,649 30,685,425 Matahari Putra Prima Tbk PT 31,128,300 7,475,279 Mayora Indah Tbk PT 8,048,917 19,559,374 Medco Energi Internasional Tbk PT 27,137,000 6,468,093 *Mitra International Resources Tbk PT 8,064,760 35,653
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------ INDONESIA -- (Continued) MNC Investama Tbk PT 287,585,900 $ 7,647,398 *Modernland Realty Tbk PT 18,274,600 695,273 Multipolar Tbk PT 65,104,700 3,785,077 *Nusantara Infrastructure Tbk PT 8,858,500 180,350 Pabrik Kertas Tjiwi Kimia Tbk PT 246,000 34,000 *Pan Brothers Tbk PT 183,750 6,816 *Panasia Indo Resources Tbk PT 403,200 12,032 *Panin Financial Tbk PT 242,926,900 5,518,545 Panin Insurance Tbk PT 30,949,000 1,864,153 Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 46,107,984 9,797,056 Petrosea Tbk PT 3,762,500 448,096 *Polychem Indonesia Tbk PT 11,868,000 205,881 Ramayana Lestari Sentosa Tbk PT 23,587,500 2,615,199 Salim Ivomas Pratama Tbk PT 12,807,300 1,110,483 Sampoerna Agro PT 11,632,441 2,465,963 Samudera Indonesia Tbk PT 34,400 9,113 Selamat Sempurna Tbk PT 12,655,200 3,961,689 *Sentul City Tbk PT 306,823,900 4,583,423 *Sigmagold Inti Perkasa Tbk PT 55,832,700 2,183,308 Sinar Mas Agro Resources and Technology Tbk PT 7,806,900 4,510,920 Sinar Mas Multiartha Tbk PT 2,000 606 Summarecon Agung Tbk PT 18,141,614 1,748,610 *Sunson Textile Manufacturer Tbk PT 2,540,300 16,726 *Surya Dumai Industri Tbk 5,145,000 -- Surya Semesta Internusa Tbk PT 26,436,300 1,907,535 Surya Toto Indonesia Tbk PT 446,000 282,429 *Suryainti Permata Tbk PT 17,378,000 -- Tiga Pilar Sejahtera Food Tbk 30,578,922 5,834,253 Timah Persero Tbk PT 58,412,960 7,598,651 Trias Sentosa Tbk PT 336,500 9,329 *Trimegah Securities Tbk PT 9,367,000 68,009 *Truba Alam Manunggal Engineering PT 129,244,500 55,894 Tunas Baru Lampung Tbk PT 17,379,500 768,271 Tunas Ridean Tbk PT 42,848,500 2,503,644 *Ultrajaya Milk Industry & Trading Co. Tbk PT 10,045,800 3,708,446 Unggul Indah Cahaya Tbk PT 371,435 61,282 United Tractors Tbk PT 8,928,200 16,786,164 Vale Indonesia Tbk PT 42,202,300 12,999,458 *Visi Media Asia Tbk PT 5,510,800 135,339 *Wintermar Offshore Marine Tbk PT 289,000 24,576 XL Axiata Tbk PT 1,982,800 889,369 ------------ TOTAL INDONESIA 531,581,240 ------------ ISRAEL -- (0.0%) *Feuchtwanger Investments, Ltd. 10,500 -- *Israel Steel Mills, Ltd. 97,000 -- *Knafaim Holdings, Ltd. 14,695 32,647 *Liberty Properties, Ltd. 2,467 15,684 Mivtach Shamir Holdings, Ltd. 3,973 131,060 ------------ TOTAL ISRAEL 179,391 ------------
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- MALAYSIA -- (3.9%) *Adventa Bhd 62,000 $ 21,341 Affin Holdings Bhd 9,621,500 11,126,122 #AirAsia Bhd 22,497,100 15,307,149 Alam Maritim Resources Bhd 3,625,700 1,647,083 Alliance Financial Group Bhd 16,295,200 22,381,661 Allianz Malaysia Bhd 16,700 52,688 AMMB Holdings Bhd 23,929,662 52,667,563 *Ann Joo Resources Bhd 2,973,600 1,094,051 APM Automotive Holdings Bhd 1,195,300 2,220,243 Batu Kawan Bhd 2,078,750 12,468,910 Benalec Holdings Bhd 5,265,500 1,452,902 Berjaya Assets Bhd 171,900 44,786 Berjaya Corp. Bhd 41,062,780 6,292,659 Berjaya Land Bhd 13,220,000 3,361,718 BIMB Holdings Bhd 4,758,645 6,203,389 BLD Plantation Bhd 6,600 17,778 *Boustead Heavy Industries Corp. Bhd 95,200 74,039 #Boustead Holdings Bhd 7,459,998 12,683,742 Cahya Mata Sarawak Bhd 2,884,500 8,437,789 Can-One Bhd 401,400 377,394 CB Industrial Product Holding Bhd 1,370,300 1,974,392 Chin Teck Plantations Bhd 309,100 922,657 Coastal Contracts Bhd 3,116,200 4,784,177 CSC Steel Holdings Bhd 2,503,800 1,028,111 *Cycle & Carriage Bintang Bhd 135,000 98,005 *Datuk Keramik Holdings Bhd 127,000 -- Daya Materials Bhd 10,663,200 1,096,039 DRB-Hicom Bhd 18,941,300 14,512,818 #Eastern & Oriental Bhd 15,656,115 11,384,386 *ECM Libra Financial Group Bhd 2,242,050 680,954 Engtex Group Bhd 155,800 91,785 *Evergreen Fibreboard Bhd 2,145,426 345,440 Eversendai Corp. Bhd 1,053,300 358,111 Faber Group Bhd 4,005,100 3,651,415 FAR East Holdings Bhd 403,800 941,067 *Fountain View Development Bhd 2,573,200 -- Genting Bhd 6,056,300 18,203,545 #Genting Malaysia Bhd 26,028,700 33,666,982 Genting Plantations Bhd 275,600 937,708 Globetronics Technology Bhd 279,600 308,903 Glomac Bhd 7,416,300 2,500,132 *Goldis Bhd 3,227,495 2,148,450 GuocoLand Malaysia Bhd 1,886,200 666,367 HAP Seng Consolidated Bhd 14,387,600 13,970,393 Hap Seng Plantations Holdings Bhd 3,806,300 3,270,144 Hiap Teck Venture Bhd 863,200 208,988 Hong Leong Financial Group Bhd 2,586,751 12,135,266 Hong Leong Industries Bhd 1,257,300 2,556,791 Hua Yang Bhd 930,233 533,090 *Hubline Bhd 5,352,350 65,928 Hwang Capital Malaysia Bhd 930,700 528,457 IGB Corp. Bhd 15,137,390 12,835,505
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- MALAYSIA -- (Continued) #IJM Corp. Bhd 23,540,859 $46,062,061 IJM Land Bhd 7,064,700 6,537,293 #IJM Plantations Bhd 514,200 557,722 *Inch Kenneth Kajang Rubber 1,123,300 285,857 Insas Bhd 5,526,348 2,052,716 Integrated Logistics Bhd 93,128 22,390 Integrax Bhd 974,800 641,461 Iris Corp. Bhd 11,291,000 1,593,983 *JAKS Resources Bhd 9,634,600 1,623,127 Jaya Tiasa Holdings Bhd 4,853,433 4,046,614 JCY International Bhd 10,030,900 2,278,026 *K&N Kenanga Holdings Bhd 4,082,187 976,586 *Karambunai Corp. Bhd 18,222,700 504,772 Keck Seng Malaysia Bhd 2,515,500 5,421,761 Kian JOO CAN Factory Bhd 4,777,380 4,992,467 *KIG Glass Industrial Bhd 260,000 -- Kim Loong Resources Bhd 499,100 431,284 Kimlun Corp. Bhd 657,800 324,406 *Kinsteel Bhd 6,474,800 358,421 KLCC Property Holdings Bhd 5,504,700 11,217,021 *KNM Group Bhd 19,662,825 5,009,387 *Kretam Holdings Bhd 3,322,800 610,944 *KSL Holdings Bhd 2,922,666 1,924,861 *KUB Malaysia Bhd 5,684,400 855,088 *Kulim Malaysia Bhd 9,518,600 10,299,437 Kumpulan Fima Bhd 2,385,600 1,703,661 Kumpulan Perangsang Selangor Bhd 4,262,300 1,986,250 Kwantas Corp. Bhd 288,400 198,700 *Land & General Bhd 10,793,700 1,885,425 *Landmarks Bhd 4,159,308 1,417,652 LBS Bina Group Bhd 3,377,500 1,843,401 Lion Diversified Holdings Bhd 2,237,000 116,519 Lion Industries Corp. Bhd 8,486,481 1,705,087 Magnum Bhd 4,457,600 4,122,679 #Mah Sing Group Bhd 7,426,239 5,146,519 Malayan Flour Mills Bhd 2,057,950 996,638 #Malaysia Airports Holdings Bhd 3,811,710 9,403,118 #*Malaysian Airline System Bhd 38,540,700 2,725,714 Malaysian Bulk Carriers Bhd 6,827,125 3,978,835 Malaysian Pacific Industries Bhd 1,062,075 1,361,950 Malaysian Resources Corp. Bhd 18,569,700 8,937,164 MBM Resources Bhd 2,500,303 2,469,116 Media Prima Bhd 1,296,900 989,107 Mega First Corp. Bhd 1,204,500 842,173 *MISC Bhd 10,929,404 21,835,999 MK Land Holdings Bhd 9,637,500 1,507,788 MKH Bhd 2,067,159 2,773,876 MMC Corp. Bhd 14,697,180 12,600,328 MNRB Holdings Bhd 1,754,000 2,038,892 Muda Holdings Bhd 113,700 66,212 Mudajaya Group Bhd 4,170,600 3,310,387 Muhibbah Engineering M Bhd 5,494,100 4,889,828
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- MALAYSIA -- (Continued) *Mulpha International Bhd 33,287,600 $ 4,393,821 Naim Holdings Bhd 3,201,500 3,919,314 NCB Holdings Bhd 2,451,500 2,307,510 Negri Sembilan Oil Palms Bhd 167,600 307,382 Oriental Holdings Bhd 3,680,879 8,794,727 #OSK Holdings Bhd 7,299,671 3,712,344 Pacific & Orient Bhd 334,330 142,409 Panasonic Manufacturing Malaysia Bhd 382,080 2,597,647 Pantech Group Holdings Bhd 904,900 273,685 *Paracorp Bhd 252,000 -- Paramount Corp. Bhd 1,099,900 562,297 #Parkson Holdings Bhd 2,472,634 2,225,535 *Perdana Petroleum Bhd 5,026,380 2,911,922 Perusahaan Sadur Timah Malaysia Bhd 6,800 9,688 Pie Industrial Bhd 323,600 813,231 PJ Development Holdings Bhd 3,863,000 1,811,813 Pos Malaysia Bhd 1,762,917 2,433,078 PPB Group Bhd 8,450,166 42,646,304 Press Metal Bhd 2,955,981 3,147,838 *Prime Utilities Bhd 39,000 -- Protasco Bhd 1,083,500 631,297 RCE Capital Bhd 4,910,500 467,219 #RHB Capital Bhd 12,566,905 31,930,906 Rimbunan Sawit Bhd 5,659,100 1,396,135 Salcon Bhd 7,484,700 1,697,745 Sarawak Oil Palms Bhd 523,320 1,044,083 Sarawak Plantation Bhd 66,900 54,303 Scientex Bhd 43,748 77,755 *Scomi Group Bhd 25,227,900 3,294,947 Selangor Dredging Bhd 1,312,700 430,070 Selangor Properties Bhd 65,700 106,715 Shangri-La Hotels Malaysia Bhd 739,100 1,497,906 *Shell Refining Co. Federation of Malaya Bhd 246,300 451,533 SHL Consolidated Bhd 693,700 478,362 #SP Setia Bhd 1,986,000 1,835,594 Star Publications Malaysia Bhd 1,127,900 893,376 Subur Tiasa Holdings Bhd 343,530 237,505 #Sunway Bhd 12,563,126 11,954,317 #Supermax Corp. Bhd 8,498,700 6,375,134 Suria Capital Holdings Bhd 736,700 587,578 *Symphony Life Bhd 1,589,910 502,037 Ta Ann Holdings Bhd 1,549,722 1,994,015 TA Enterprise Bhd 20,749,900 5,153,028 TA Global Bhd 11,874,080 1,127,614 TAHPS Group Bhd 27,000 60,916 *Talam Transform Bhd 15,950,050 490,532 TAN Chong Motor Holdings Bhd 4,685,000 8,171,814 *Tanjung Offshore Bhd 2,560,900 463,793 TDM Bhd 14,109,900 4,195,491 *Tebrau Teguh Bhd 897,300 374,450 TH Plantations Bhd 185,100 115,028 *Time dotCom Bhd 5,476,280 6,697,657
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ------------ MALAYSIA -- (Continued) Tiong NAM Logistics Holdings 246,100 $ 101,089 Tropicana Corp. Bhd 6,756,100 3,188,635 UEM Sunrise Bhd 3,839,745 2,711,174 Unisem M Bhd 8,850,800 3,203,467 United Malacca Bhd 960,500 2,097,298 United Plantations Bhd 422,000 3,267,743 UOA Development Bhd 4,516,100 3,253,344 VS Industry Bhd 1,337,193 663,885 Wah Seong Corp. Bhd 4,824,243 2,910,454 #WCT Holdings Bhd 12,817,315 8,841,793 Wing Tai Malaysia Bhd 1,868,800 1,237,469 WTK Holdings Bhd 6,575,950 2,684,001 YNH Property Bhd 5,291,959 3,195,851 YTL Corp. Bhd 89,825,050 44,313,609 *YTL Land & Development Bhd 3,111,800 896,170 ------------ TOTAL MALAYSIA 774,185,098 ------------ MEXICO -- (6.7%) Alfa S.A.B. de C.V. Class A 50,229,549 132,688,709 #Alpek S.A. de C.V. 1,102,074 1,895,371 Arca Continental S.A.B. de C.V. 4,142,783 26,346,108 #*Axtel S.A.B. de C.V. 11,405,148 3,792,199 #*Bio Pappel S.A.B. de C.V. 335,685 717,158 #Bolsa Mexicana de Valores S.A.B. de C.V. 560,927 1,151,202 *Cemex S.A.B. de C.V. 115,602 146,858 #*Cemex S.A.B. de C.V. Sponsored ADR 17,909,307 226,373,641 Cia Minera Autlan S.A.B. de C.V. Series B 1,147,952 1,202,113 #Coca-Cola Femsa S.A.B. de C.V. Series L 33,494 375,269 Coca-Cola Femsa S.A.B. de C.V. Sponsored ADR 2,821 315,839 *Consorcio ARA S.A.B. de C.V. Series * 12,701,246 5,592,033 #Controladora Comercial Mexicana S.A.B. de C.V. 5,889,925 22,055,564 #Corp. Actinver S.A.B. de C.V. 31,776 35,218 #*Corp. GEO S.A.B. de C.V. Series B 9,461,653 141,925 *Corp. Interamericana de Entretenimiento S.A.B. de C.V. Class B 1,560,786 1,109,500 *Desarrolladora Homex S.A.B. de C.V. 3,011,482 491,875 *Dine S.A.B. de C.V. 1,027,267 471,124 El Puerto de Liverpool S.A.B. de C.V. Series 1 14,100 148,730 *Empaques Ponderosa S.A. de C.V. 90,000 -- *Empresas ICA S.A.B. de C.V. 6,654,223 11,912,014 #*Empresas ICA S.A.B. de C.V. Sponsored ADR 1,113,191 8,026,107 *Financiera Independencia S.A.B. de C.V. 14,576 5,749 #Fomento Economico Mexicano S.A.B. de C.V. 2,503,454 22,744,495 Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR 2,566,579 232,968,375 #*Gruma S.A.B. de C.V. Class B 3,249,870 28,740,896 *Gruma S.A.B. de C.V. Sponsored ADR 13,352 470,257 #*Grupo Aeromexico S.A.B. de C.V. 780,005 1,266,944 Grupo Aeroportuario del Centro Norte S.A.B. de C.V. 972,349 3,563,044 #Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR 44,097 1,298,216 Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR 634,177 38,240,873 Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class B 1,204,121 7,248,058 Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR 271,607 33,203,956 #Grupo Aeroportuario del Sureste S.A.B. de C.V. Class B 1,203,482 14,728,517
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- -------------- MEXICO -- (Continued) Grupo Carso S.A.B. de C.V. Series A1 10,391,739 $ 52,948,602 Grupo Cementos de Chihuahua S.A.B. de C.V. 2,799,892 8,344,407 #Grupo Comercial Chedraui S.A. de C.V. 1,635,891 5,025,431 Grupo Elektra S.A.B. de C.V. 89,518 2,562,838 *Grupo Famsa S.A.B. de C.V. Class A 3,160,815 4,324,671 #Grupo Financiero Banorte S.A.B. de C.V. 23,649,283 157,068,369 #Grupo Financiero Inbursa S.A.B. de C.V. 18,352,790 47,008,618 Grupo Financiero Interacciones S.A. de C.V. 35,820 216,299 #Grupo Financiero Santander Mexico S.A.B. de C.V. Class B 2,138,043 5,107,018 Grupo Financiero Santander Mexico S.A.B. de C.V. Class B ADR 1,544,753 18,382,561 Grupo Gigante S.A.B. de C.V. Series * 471,076 1,185,544 Grupo Industrial Maseca S.A.B. de C.V. Class B 2,756,800 4,296,585 Grupo Industrial Saltillo S.A.B. de C.V. 1,342,969 2,874,253 Grupo KUO S.A.B. de C.V. Series B 2,065,160 4,132,609 #Grupo Mexico S.A.B. de C.V. Series B 19,828,632 59,715,893 *Grupo Pochteca S.A.B. de C.V. 16,900 21,056 Grupo Posadas S.A.B. de C.V. 355,600 659,135 *Grupo Qumma S.A. de C.V. Series B 5,301 -- *Grupo Simec S.A.B. de C.V. Series B 1,979,526 7,454,950 #*Grupo Simec S.A.B. de C.V. Sponsored ADR 19,072 221,998 *Grupo Sports World S.A.B. de C.V. 51,395 79,355 Industrias Bachoco S.A.B. de C.V. ADR 7,664 337,982 #Industrias Bachoco S.A.B. de C.V. Series B 981,113 3,599,658 #*Industrias CH S.A.B. de C.V. Series B 3,336,823 17,700,829 *Inmuebles Carso S.A.B. de C.V. 10,258,893 10,695,863 Medica Sur S.A.B. de C.V. Series B 1,000 3,401 Megacable Holdings S.A.B. de C.V. 155,331 614,188 Mexichem S.A.B. de C.V. 752,961 2,805,744 *Minera Frisco S.A.B. de C.V. 8,444,229 15,439,105 #*OHL Mexico S.A.B. de C.V. 7,075,430 18,820,582 #Organizacion Cultiba S.A.B. de C.V. 16,708 27,611 #*Organizacion Soriana S.A.B. de C.V. Class B 15,016,976 43,514,824 Qualitas Controladora S.A.B. de C.V. 2,009,619 5,844,796 *Savia SA Class A 3,457,285 -- #TV Azteca S.A.B. de C.V. 8,005,859 4,375,371 #*Urbi Desarrollos Urbanos S.A.B. de C.V. 9,102,158 3,641 *Vitro S.A.B. de C.V. Series A 1,544,127 4,092,021 -------------- TOTAL MEXICO 1,338,973,745 -------------- PHILIPPINES -- (1.0%) A Soriano Corp. 20,194,300 3,186,759 Alliance Global Group, Inc. 24,479,406 17,144,432 Alsons Consolidated Resources, Inc. 17,757,000 698,203 Atlas Consolidated Mining & Development 3,316,800 1,105,223 BDO Unibank, Inc. 11,046,335 21,922,813 Cebu Air, Inc. 430,760 507,328 Cebu Holdings, Inc. 5,500,050 630,601 Century Properties Group, Inc. 13,717,000 457,000 China Banking Corp. 404,176 499,965 *East West Banking Corp. 40,700 27,887 *Empire East Land Holdings, Inc. 49,079,000 1,102,408 *Export & Industry Bank, Inc. Class A 14,950 --
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------ PHILIPPINES -- (Continued) Filinvest Development Corp. 142,800 $ 15,900 Filinvest Land, Inc. 194,080,031 6,944,408 First Philippine Holdings Corp. 4,465,530 7,112,526 *Fwbc Holdings, Inc. 5,471,786 -- *Global-Estate Resorts, Inc. 14,180,000 628,225 JG Summit Holdings, Inc. 4,364,700 4,954,839 Lopez Holdings Corp. 29,502,300 3,018,485 LT Group, Inc. 2,497,600 1,029,115 Macroasia Corp. 395,000 18,775 Megaworld Corp. 201,002,600 21,045,053 Metropolitan Bank & Trust Co. 11,267,992 21,459,910 *Mondragon International Philippines, Inc. 2,464,000 -- Petron Corp. 2,714,500 749,222 *Philippine National Bank 4,995,673 9,782,589 *Philippine National Construction Corp. 398,900 8,223 Philippine Savings Bank 1,232,313 3,788,690 Philippine Townships, Inc. 226,200 1,466 Philtown Properties, Inc. 6,701 43 Phinma Corp. 2,051,098 512,010 Rizal Commercial Banking Corp. 4,764,548 5,134,831 Robinsons Land Corp. 29,013,450 14,559,632 San Miguel Corp. 6,273,866 11,760,386 San Miguel Pure Foods Co., Inc. 38,100 200,948 Security Bank Corp. 1,536,814 4,141,106 Shang Properties, Inc. 614,285 43,125 SM Prime Holdings, Inc. 6,703,531 2,460,886 *Top Frontier Investment Holdings, Inc. 628,532 1,319,294 Trans-Asia Oil & Energy Development Corp. 16,362,000 858,198 Union Bank Of Philippines, Inc. 2,670,714 7,627,303 Universal Robina Corp. 8,248,305 27,085,471 Vista Land & Lifescapes, Inc. 56,759,968 7,687,772 ------------ TOTAL PHILIPPINES 211,231,050 ------------ POLAND -- (1.9%) ABC Data SA 8,429 10,990 *Agora SA 728,442 2,503,592 *AmRest Holdings SE 399 10,785 Asseco Poland SA 1,296,929 19,311,682 *Bank Millennium SA 5,978,035 17,562,133 #*Bioton SA 123,074 278,524 *Ciech SA 533,502 5,715,805 ComArch SA 2,787 80,519 Dom Development SA 36,645 562,231 Enea SA 1,758,128 8,901,550 Firma Oponiarska Debica SA 102,634 3,069,323 Getin Holding SA 3,330,476 3,511,000 #*Getin Noble Bank SA 4,404,668 5,361,055 Grupa Azoty SA 110,107 2,183,715 Grupa Kety SA 117,729 8,479,974 *Grupa Lotos SA 1,265,116 16,314,513 *Hawe SA 245,277 238,723 *Impexmetal SA 5,780,595 4,934,152
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ------------ POLAND -- (Continued) #Jastrzebska Spolka Weglowa SA 202,495 $ 2,787,846 *Kernel Holding SA 110,769 1,029,463 *KGHM Polska Miedz SA 845,949 30,630,051 Kopex SA 555,501 2,379,708 *LC Corp. SA 1,774,081 1,138,372 Lentex SA 12,729 35,283 Lubelski Wegiel Bogdanka SA 531 21,736 *MCI Management SA 115,725 340,985 *Netia SA 3,955,309 7,072,992 Orbis SA 538,910 6,978,537 Pelion SA 10,134 257,904 PGE SA 14,358,931 99,777,343 *Polimex-Mostostal SA 10,112,907 301,525 *Polnord SA 78,590 235,363 *Polski Koncern Miesny Duda SA 1,273,793 269,494 #Polski Koncern Naftowy Orlen SA 6,279,050 94,021,799 *Rafako SA 60,222 107,941 *Rawlplug SA 110,853 424,819 *Rovese SA 1,128,715 522,831 *Sygnity SA 194,766 1,106,812 #Synthos SA 5,306,168 8,363,162 Tauron Polska Energia SA 15,331,549 27,160,244 *Trakcja SA 3,539,059 1,524,085 *Vistula Group SA 120,520 66,575 ------------ TOTAL POLAND 385,585,136 ------------ RUSSIA -- (3.6%) *AFI Development P.L.C. GDR 59,582 44,027 Gazprom OAO Sponsored ADR 93,269,773 674,054,680 Lukoil OAO Sponsored ADR 689,605 36,507,290 *Magnitogorsk Iron & Steel Works GDR 1,929,398 4,072,128 #*Mechel Sponsored ADR 456,334 921,795 RusHydro JSC ADR 8,655,901 13,468,547 VTB Bank OJSC GDR 1,933,866 4,113,847 ------------ TOTAL RUSSIA 733,182,314 ------------ SOUTH AFRICA -- (7.4%) Adcorp Holdings, Ltd. 545,445 1,658,848 Aeci, Ltd. 1,152,215 12,869,340 #African Bank Investments, Ltd. 8,358,950 9,912,145 African Rainbow Minerals, Ltd. 1,966,875 37,034,529 Allied Electronics Corp., Ltd. 563,821 1,304,019 *Anglo American Platinum, Ltd. 88,247 4,201,884 *AngloGold Ashanti, Ltd. 943,140 17,049,264 *AngloGold Ashanti, Ltd. Sponsored ADR 4,066,826 73,609,551 *ArcelorMittal South Africa, Ltd. 2,285,018 8,042,032 Argent Industrial, Ltd. 771,939 359,656 Astral Foods, Ltd. 1,581 14,357 *Aveng, Ltd. 7,722,693 16,593,039 Barclays Africa Group, Ltd. 6,214,975 91,043,580 #Barloworld, Ltd. 4,167,854 45,467,902 Basil Read Holdings, Ltd. 570,445 501,085
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- SOUTH AFRICA -- (Continued) Bell Equipment, Ltd. 416,814 $ 691,281 Blue Label Telecoms, Ltd. 4,343,589 3,763,995 *Brait SE 1,689,395 9,103,533 Business Connexion Group, Ltd. 1,823,337 979,493 Caxton and CTP Publishers and Printers, Ltd. 3,267,876 4,961,116 #Clover Industries, Ltd. 342,753 632,317 *Consolidated Infrastructure Group, Ltd. 67,591 184,181 *Corpgro, Ltd. 579,166 -- Datacentrix Holdings, Ltd. 188,927 75,500 DataTec, Ltd. 3,095,790 15,557,994 Distell Group, Ltd. 311,947 3,707,964 Distribution and Warehousing Network, Ltd. 250,120 242,491 DRDGOLD, Ltd. 6,207,591 1,976,687 #DRDGOLD, Ltd. Sponsored ADR 9,454 30,442 Eqstra Holdings, Ltd. 2,357,803 1,636,909 *Evraz Highveld Steel and Vanadium, Ltd. 148,283 128,825 #Exxaro Resources, Ltd. 847,004 11,560,796 Gold Fields, Ltd. 1,768,273 7,505,103 Gold Fields, Ltd. Sponsored ADR 11,900,608 50,339,572 Grand Parade Investments, Ltd. 5,685 2,919 Grindrod, Ltd. 7,243,099 17,151,988 Group Five, Ltd. 990,775 4,075,356 *Harmony Gold Mining Co., Ltd. 2,952,483 9,703,260 *Harmony Gold Mining Co., Ltd. Sponsored ADR 3,137,089 10,321,023 Hudaco Industries, Ltd. 7,738 77,138 *Hulamin, Ltd. 1,508,425 1,047,158 Iliad Africa, Ltd. 179,921 109,610 Illovo Sugar, Ltd. 213,834 589,658 Impala Platinum Holdings, Ltd. 5,593,838 63,060,916 Investec, Ltd. 4,667,299 41,078,874 *JCI, Ltd. 10,677,339 -- #JD Group, Ltd. 2,283,573 5,966,810 KAP Industrial Holdings, Ltd. 50,812 19,804 #Lewis Group, Ltd. 1,851,877 10,993,079 Liberty Holdings, Ltd. 1,514,284 18,163,991 Mediclinic International, Ltd. 850,095 5,946,274 *Merafe Resources, Ltd. 21,718,286 2,291,942 Metair Investments, Ltd. 869,105 3,512,928 MMI Holdings, Ltd. 18,652,591 46,895,771 Mondi, Ltd. 1,730,577 28,816,887 Mpact, Ltd. 2,115,404 5,593,867 *Murray & Roberts Holdings, Ltd. 3,982,145 9,324,714 Mustek, Ltd. 48,438 31,878 #Nedbank Group, Ltd. 3,855,686 82,653,953 *Northam Platinum, Ltd. 3,476,928 13,572,099 Omnia Holdings, Ltd. 390,976 8,405,681 Peregrine Holdings, Ltd. 1,522,645 2,794,891 Petmin, Ltd. 1,374,464 355,002 PSG Group, Ltd. 590,113 5,844,810 Raubex Group, Ltd. 1,163,111 2,404,272 *RCL Foods, Ltd. 26,214 38,373 *Royal Bafokeng Platinum, Ltd. 201,666 1,303,603
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- -------------- SOUTH AFRICA -- (Continued) Sanlam, Ltd. 23,829,161 $ 127,656,171 *Sappi, Ltd. 8,738,064 27,699,043 *Sappi, Ltd. Sponsored ADR 695,410 2,183,587 Sasol, Ltd. Sponsored ADR 640,884 35,511,382 Sibanye Gold, Ltd. 590,193 1,524,487 Sibanye Gold, Ltd. Sponsored ADR 2,965,465 30,633,253 Standard Bank Group, Ltd. 20,138,333 264,596,500 *Stefanutti Stocks Holdings, Ltd. 526,548 435,067 #Steinhoff International Holdings, Ltd. 23,854,878 123,958,079 *Super Group, Ltd. 3,165,019 8,527,894 #*Telkom SA SOC, Ltd. 4,460,104 15,958,773 Times Media Group, Ltd. 253,556 508,845 Tongaat Hulett, Ltd. 670,959 7,977,089 Trencor, Ltd. 1,227,129 8,697,028 Value Group, Ltd. 976,777 496,932 Wilson Bayly Holmes-Ovcon, Ltd. 3,333 43,101 Zeder Investments, Ltd. 2,397,541 998,309 -------------- TOTAL SOUTH AFRICA 1,492,293,499 -------------- SOUTH KOREA -- (14.3%) #Aekyung Petrochemical Co., Ltd. 18,254 1,208,932 AK Holdings, Inc. 28,410 1,467,661 AMOREPACIFIC Group 5,052 2,613,695 *Amotech Co., Ltd. 3,050 40,634 #Asia Cement Co., Ltd. 25,169 2,686,942 ASIA Holdings Co., Ltd, 12,156 1,708,242 #Asia Paper Manufacturing Co., Ltd. 41,070 761,772 AtlasBX Co., Ltd. 1,295 52,640 #*AUK Corp. 617,090 1,358,212 Bookook Securities Co., Ltd. 28,655 341,672 Boryung Pharmaceutical Co., Ltd. 24,346 907,839 #BS Financial Group, Inc. 1,679,881 25,720,657 BYC Co., Ltd. 810 183,522 #Byucksan Corp. 156,140 472,514 #*Capro Corp. 79,730 359,339 #*Celltrion Pharm, Inc. 7,951 92,526 #*China Great Star International, Ltd. 425,611 1,294,742 #*China Ocean Resources Co., Ltd. 808,940 1,865,817 Chokwang Paint, Ltd. 1,920 18,056 #Chosun Refractories Co., Ltd. 9,371 862,201 CJ Corp. 199,265 24,133,521 *CJ E&M Corp. 94,562 4,617,297 #*CJ Korea Express Co., Ltd. 99,247 10,488,987 CKD Bio Corp. 20,570 295,943 #*Cosmochemical Co., Ltd. 140,210 959,285 #Dae Dong Industrial Co., Ltd. 145,130 1,305,269 Dae Han Flour Mills Co., Ltd. 14,607 2,093,819 Dae Won Kang Up Co., Ltd. 245,096 1,567,480 #*Dae Young Packaging Co., Ltd. 1,121,470 853,169 #Dae-Il Corp. 66,990 291,777 #*Daechang Co., Ltd. 866,590 794,720 Daeduck Electronics Co. 24,050 177,641
Dimensional Emerging Markets Value Fund continued
Shares Value++ --------- ----------- SOUTH KOREA -- (Continued) Daeduck GDS Co., Ltd. 281,480 $ 4,662,986 #Daegu Department Store 122,031 2,770,418 #Daehan Steel Co., Ltd. 183,220 1,226,054 Daekyo Co., Ltd. 521,770 3,362,125 #Daelim Industrial Co., Ltd. 421,284 34,375,897 Daelim Trading Co., Ltd. 8,734 34,630 #Daesang Holdings Co., Ltd. 144,526 1,784,313 #Daesung Holdings Co., Ltd. 41,070 418,335 Daewon San Up Co., Ltd. 19,432 174,883 #*Daewoo Engineering & Construction Co., Ltd. 1,174,710 9,745,016 #*Daewoo Securities Co., Ltd. 2,587,642 21,260,364 #Daewoo Shipbuilding & Marine Engineering Co., Ltd. 647,122 18,781,269 Daewoong Co., Ltd. 5,078 192,059 *Dahaam E-Tec Co., Ltd. 3,535 11,546 #Daishin Securities Co., Ltd. 638,515 5,778,013 #Daou Data Corp. 138,807 752,502 Daou Technology, Inc. 346,698 4,848,461 #*Dasan Networks, Inc. 167,429 1,004,850 #DGB Financial Group, Inc. 1,368,572 20,762,093 #*Digitech Systems Co., Ltd. 10,779 22,115 Dong Ah Tire & Rubber Co., Ltd. 81,994 1,523,045 #*Dong Yang Gang Chul Co., Ltd. 291,430 649,053 Dong-Ah Geological Engineering Co., Ltd. 45,500 373,399 Dong-Il Corp. 18,630 1,354,690 Dongbang Agro Co. 5,640 34,518 #Dongbang Transport Logistics Co., Ltd. 244,640 561,105 *Dongbu CNI Co., Ltd. 16,040 68,021 #*Dongbu Corp. 53,090 131,309 #*Dongbu HiTek Co., Ltd. 368,964 2,490,435 Dongbu Securities Co., Ltd. 351,526 1,261,495 #*Dongbu Steel Co., Ltd. 385,814 1,162,456 #Dongil Industries Co., Ltd. 18,961 949,325 #*Dongkook Industrial Co., Ltd. 248,640 772,283 #Dongkuk Steel Mill Co., Ltd. 708,269 6,813,118 #DONGKUK STRUCTURES & CONSTRUCTION Co., Ltd. 114,484 618,802 #Dongsung Holdings Co., Ltd. 195,870 1,107,531 #Dongwha Pharm Co., Ltd. 261,900 1,524,923 Dongwon F&B Co., Ltd. 18,471 3,604,511 *Dongwon Systems Corp. 3,175 29,771 Dongyang E&P, Inc. 8,224 159,117 Dongyang Mechatronics Corp. 66,640 642,876 #Doosan Corp. 109,796 14,152,416 #*Doosan Engine Co., Ltd. 112,890 949,732 #*Doosan Engineering & Construction Co., Ltd. 36,428 528,522 #Doosan Heavy Industries & Construction Co., Ltd. 181,600 6,138,297 *Doosan Infracore Co., Ltd. 483,210 5,843,031 DRB Holding Co., Ltd. 268,611 2,818,862 E-Mart Co., Ltd. 41,501 9,489,878 #Eagon Industries Co., Ltd. 13,300 228,427 Eugene Corp. 214,298 792,854 *Eugene Investment & Securities Co., Ltd. 763,229 1,941,951 EVERDIGM Corp. 1,702 13,365
Dimensional Emerging Markets Value Fund continued
Shares Value++ --------- ------------ SOUTH KOREA -- (Continued) Fursys, Inc. 31,503 $ 875,929 #Gaon Cable Co., Ltd. 20,207 597,149 Global & Yuasa Battery Co., Ltd. 34,827 1,672,403 *GNCO Co., Ltd. 56,982 72,974 #Green Cross Holdings Corp. 50,710 698,239 #*GS Engineering & Construction Corp. 515,821 18,199,322 GS Global Corp. 5,870 54,796 #GS Holdings 750,939 35,041,839 Gwangju Shinsegae Co., Ltd. 5,985 1,378,192 #*Halla Corp. 247,941 1,739,043 Hana Financial Group, Inc. 3,815,029 134,617,332 *Hana Micron, Inc. 3,300 19,305 Handok Pharmaceuticals Co., Ltd. 12,706 269,778 #Handsome Co., Ltd. 214,790 5,438,120 #Hanil Cement Co., Ltd. 52,145 6,021,127 Hanil E-Hwa Co., Ltd. 2,460 50,333 #*Hanjin Heavy Industries & Construction Co., Ltd. 677,791 8,006,038 #Hanjin Heavy Industries & Construction Holdings Co., Ltd. 181,040 1,841,633 *Hanjin Kal Corp. 2,711 58,206 #*Hanjin Shipping Co., Ltd. 1,206,540 7,073,833 *Hanjin Shipping Holdings Co., Ltd. 159,594 1,036,823 Hanjin Transportation Co., Ltd. 140,220 3,447,596 *Hankuk Glass Industries, Inc. 23,020 451,652 Hankuk Paper Manufacturing Co., Ltd. 32,780 807,902 #*Hanmi Science Co., Ltd. 11,791 170,057 Hanmi Semiconductor Co., Ltd. 2,870 41,487 #*Hansol HomeDeco Co., Ltd. 321,490 730,362 Hansol Paper Co. 647,244 7,128,869 #Hanwha Chemical Corp. 1,171,955 20,768,971 #Hanwha Corp. 594,563 17,330,914 #*Hanwha General Insurance Co., Ltd. 189,722 937,304 *Hanwha Investment & Securities Co., Ltd. 906,511 3,279,628 #Hanwha Life Insurance Co., Ltd. 1,528,455 9,962,067 Hanwha Timeworld Co., Ltd. 12,290 381,605 Hanyang Eng Co., Ltd. 7,723 51,708 Hanyang Securities Co., Ltd. 90,530 602,989 #Heung-A Shipping Co., Ltd. 775,917 1,027,982 #Hitejinro Holdings Co., Ltd. 99,611 1,261,034 HMC Investment Securities Co., Ltd. 259,785 2,746,455 #HS R&A Co., Ltd. 37,336 901,031 Humax Co., Ltd. 72,603 880,318 #Husteel Co., Ltd. 59,490 1,170,860 Huvis Corp. 21,080 235,169 #Hwacheon Machine Tool Co., Ltd. 14,227 733,072 Hyosung Corp. 380,987 27,218,906 #*Hyundai BNG Steel Co., Ltd. 140,250 2,946,028 #Hyundai Development Co. 892,664 25,593,154 #Hyundai Heavy Industries Co., Ltd. 255,734 48,081,597 Hyundai Hy Communications & Networks Co., Ltd. 215,230 1,077,145 Hyundai Livart Co., Ltd. 27,580 473,357 #Hyundai Mipo Dockyard 79,837 10,899,702 #Hyundai Motor Co. 382,144 85,205,290
Dimensional Emerging Markets Value Fund continued
Shares Value++ --------- ------------ SOUTH KOREA -- (Continued) #*Hyundai Securities Co., Ltd. 1,779,448 $ 11,997,138 #Hyundai Steel Co. 1,075,101 70,445,262 #*Hyunjin Materials Co., Ltd. 64,806 355,630 #Il Dong Pharmaceutical Co., Ltd. 133,130 1,725,011 #Iljin Electric Co., Ltd. 285,940 2,331,451 #Ilshin Spinning Co., Ltd. 16,366 2,133,169 #Ilsung Pharmaceuticals Co., Ltd. 9,407 707,711 #Industrial Bank of Korea 2,385,570 29,383,732 *InnoWireless, Inc. 907 11,859 Intergis Co., Ltd. 24,590 206,859 INTOPS Co., Ltd. 66,079 1,550,400 Inzi Controls Co., Ltd. 89,540 496,651 #INZI Display Co., Ltd. 337,768 606,156 #*IS Dongseo Co., Ltd. 121,855 2,761,957 #ISU Chemical Co., Ltd. 164,530 2,229,694 #JB Financial Group Co., Ltd. 946,863 6,983,717 #Jeil Pharmaceutical Co. 73,180 1,327,801 JW Pharmaceutical Corp. 101,072 1,710,141 KB Capital Co., Ltd. 93,191 1,854,687 KB Financial Group, Inc. 2,611,033 89,320,287 #KB Financial Group, Inc. ADR 3,171,116 108,864,412 #KC Tech Co., Ltd. 286,512 2,196,564 #KCC Corp. 64,340 32,084,781 #*Keangnam Enterprises, Ltd. 131,000 429,972 *KEC Corp. 124,522 101,379 #Keyang Electric Machinery Co., Ltd. 393,920 1,520,354 #KG Chemical Corp. 48,373 909,694 KISCO Corp. 56,021 1,521,680 #KISCO Holdings Co., Ltd. 11,673 520,574 #Kishin Corp. 109,475 815,691 #KISWIRE, Ltd. 69,836 2,511,213 Kolon Corp. 73,455 1,541,017 #*Kolon Global Corp. 308,890 769,759 #Kolon Industries, Inc. 183,954 12,206,105 Kook Soon Dang Brewery Co., Ltd. 9,161 56,301 Korea Airport Service Co., Ltd. 4,670 115,735 #Korea Cast Iron Pipe Industries Co., Ltd. 7,358 27,538 Korea Circuit Co., Ltd. 24,250 301,136 Korea Electric Terminal Co., Ltd. 89,230 3,764,357 #Korea Export Packaging Industrial Co., Ltd. 5,290 111,517 #Korea Flange Co., Ltd. 58,810 830,727 #Korea Investment Holdings Co., Ltd. 542,836 19,938,443 Korea Petrochemical Ind Co., Ltd. 45,171 2,728,382 *Korean Air Lines Co., Ltd. 33,795 1,086,657 Korean Reinsurance Co. 200,292 1,979,564 KPF 36,644 210,711 KPX Chemical Co., Ltd. 12,852 797,254 *KTB Investment & Securities Co., Ltd. 985,680 2,458,898 Kukdo Chemical Co., Ltd. 51,898 2,552,607 #Kumho Electric Co., Ltd. 52,624 1,243,480 #Kunsul Chemical Industrial Co., Ltd. 28,190 1,200,723 #*Kyeryong Construction Industrial Co., Ltd. 48,550 657,285
Dimensional Emerging Markets Value Fund continued
Shares Value++ --------- ------------ SOUTH KOREA -- (Continued) *Kyobo Securities Co. 268,372 $ 1,793,341 Kyung Dong Navien Co., Ltd. 8,090 194,738 #Kyung-In Synthetic Corp. 184,400 930,993 Kyungbang, Ltd. 10,105 1,303,525 *LB Semicon, Inc. 59,967 122,016 LF Corp. 22,180 576,671 LG Corp. 1,083,610 60,423,876 #*LG Display Co., Ltd. 1,309,420 34,874,698 #*LG Display Co., Ltd. ADR 3,996,524 53,193,734 #LG Electronics, Inc. 1,776,548 118,328,679 LG Hausys, Ltd. 30,641 5,409,384 LG International Corp. 87,110 2,581,029 LG Uplus Corp. 3,029,481 29,836,873 LIG Insurance Co., Ltd. 54,200 1,588,850 #Lotte Chemical Corp. 67,007 10,607,362 Lotte Chilsung Beverage Co., Ltd. 9,880 14,964,395 Lotte Confectionery Co., Ltd. 9,240 15,842,502 *Lotte Non-Life Insurance Co., Ltd. 37,010 136,156 #Lotte Shopping Co., Ltd. 166,351 51,589,632 LS Corp. 12,139 952,147 Meritz Financial Group, Inc. 23,920 172,065 #Meritz Securities Co., Ltd. 2,576,974 5,667,113 Mi Chang Oil Industrial Co., Ltd. 4,691 325,450 #Mirae Asset Securities Co., Ltd. 414,359 17,024,905 #MK Electron Co., Ltd. 123,903 655,092 *MNTech Co., Ltd. 23,868 157,313 Moorim P&P Co., Ltd. 406,838 1,965,820 #Moorim Paper Co., Ltd. 210,130 566,340 Motonic Corp. 121,010 1,407,202 #Namhae Chemical Corp. 23,510 221,317 Namyang Dairy Products Co., Ltd. 4,293 3,809,124 National Plastic Co. 143,890 921,299 #*NEOWIZ HOLDINGS Corp. 69,796 853,460 #Nexen Corp. 13,326 994,729 NH Investment & Securities Co., Ltd. 406,621 2,639,760 NICE Holdings Co., Ltd. 2,290 30,978 #*NK Co., Ltd. 196,310 776,614 #Nong Shim Holdings Co., Ltd. 24,347 2,379,987 #NongShim Co., Ltd. 40,829 12,153,142 OCI Materials Co., Ltd. 5,913 202,945 #*Osung LST Co., Ltd. 36,975 149,574 Ottogi Corp. 4,626 1,835,166 #*Paik Kwang Industrial Co., Ltd. 100,134 249,891 #*Pan Ocean Co., Ltd. 47,845 159,620 #*PaperCorea, Inc. 404,380 262,904 #Poongsan Corp. 397,200 9,802,988 Poongsan Holdings Corp. 49,788 1,503,829 POSCO 675,780 199,644,504 #POSCO ADR 1,617,993 119,084,285 *POSCO Coated & Color Steel Co., Ltd. 23,830 411,164 *Power Logics Co., Ltd. 8,791 38,833 Pulmuone Co., Ltd. 6,558 597,879
Dimensional Emerging Markets Value Fund continued
Shares Value++ --------- ------------ SOUTH KOREA -- (Continued) Pyeong Hwa Automotive Co., Ltd. 6,626 $ 135,313 #S&T Dynamics Co., Ltd. 380,544 4,405,460 S&T Holdings Co., Ltd. 87,883 1,287,319 #S&T Motiv Co., Ltd. 124,000 3,349,588 #*Sajo Industries Co., Ltd. 14,636 496,074 Sam Young Electronics Co., Ltd. 159,570 1,775,874 Sam Yung Trading Co., Ltd. 20,784 395,002 #SAMHWA Paints Industrial Co., Ltd. 2,030 30,266 #Samick Musical Instruments Co., Ltd. 932,470 2,576,889 Samkwang Glass 350 16,592 Samsung C&T Corp. 1,386,322 87,182,647 Samsung Life Insurance Co., Ltd. 12,500 1,163,379 Samsung SDI Co., Ltd. 422,727 62,075,955 Samsung Securities Co., Ltd. 52,330 1,999,791 #Samyang Genex Co., Ltd. 11,337 1,230,730 Samyang Holdings Corp. 86,744 6,049,419 Samyang Tongsang Co., Ltd. 8,060 261,731 #*Samyoung Chemical Co., Ltd. 269,270 596,757 SAVEZONE I&C Corp. 30,450 183,071 Seah Besteel Corp. 168,664 4,556,515 SeAH Holdings Corp. 13,089 1,378,021 SeAH Steel Corp. 32,058 3,820,207 #Sebang Co., Ltd. 137,830 2,388,310 Sejong Industrial Co., Ltd. 102,930 1,729,376 #Sempio Foods Co. 3,110 79,373 #*Seohee Construction Co., Ltd. 1,753,286 1,026,087 #*Seowon Co., Ltd. 86,070 130,980 *Sewon Cellontech Co., Ltd. 23,560 64,163 #*SG Corp. 1,945,560 1,156,126 #Shin Poong Pharmaceutical Co., Ltd. 125,325 555,807 Shinhan Financial Group Co., Ltd. 5,061,519 220,927,148 #Shinhan Financial Group Co., Ltd. ADR 1,626,158 70,900,488 #Shinsegae Co., Ltd. 44,194 9,594,942 Shinsegae Information & Communication Co., Ltd. 5,726 422,737 #*Shinsung Solar Energy Co., Ltd. 765,627 1,102,274 #*Shinsung Tongsang Co., Ltd. 1,106,860 1,374,095 Shinyoung Securities Co., Ltd. 35,820 1,404,332 *Signetics Corp. 104,802 212,592 #Silla Co., Ltd. 64,953 1,562,395 #*Simm Tech Co., Ltd. 10,189 58,922 SIMPAC, Inc. 2,110 14,920 Sindoh Co., Ltd. 43,098 2,828,881 SJM Co., Ltd. 9,114 92,325 #SK Chemicals Co., Ltd. 135,013 7,874,308 SK Gas, Ltd. 47,686 4,381,327 SK Holdings Co., Ltd. 513,323 91,053,325 SK Innovation Co., Ltd. 845,193 96,824,762 *SK Networks Co., Ltd. 2,219,296 20,461,091 #*SK Securities Co., Ltd. 3,931,860 2,817,334 #SKC Co., Ltd. 57,390 1,902,956 SL Corp. 140,660 2,425,837 #Songwon Industrial Co., Ltd. 166,480 1,638,894
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- -------------- SOUTH KOREA -- (Continued) *Ssangyong Cement Industrial Co., Ltd. 289,296 $ 2,647,099 #*STS Semiconductor & Telecommunications 63,568 145,329 #*STX Engine Co., Ltd. 293,680 997,597 Suheung Co., Ltd. 3,330 123,531 Sun Kwang Co., Ltd. 20,098 356,442 #*Sungchang Enterprise Holdings, Ltd. 16,000 316,734 #*Sungshin Cement Co., Ltd. 119,420 1,320,935 Sungwoo Hitech Co., Ltd. 117,891 1,904,291 #Tae Kyung Industrial Co., Ltd. 116,020 575,653 Taekwang Industrial Co., Ltd. 4,337 5,588,636 #*Taewoong Co., Ltd. 70,311 1,699,606 *Taeyoung Engineering & Construction Co., Ltd. 564,040 3,529,381 #Tailim Packaging Industrial Co., Ltd. 374,220 724,165 TCC Steel 51,210 182,635 #*TK Chemical Corp. 329,048 723,214 *Tong Kook Corp. 607 -- #Tong Yang Moolsan Co., Ltd. 72,180 691,911 Tongyang Life Insurance 95,710 931,733 #TONGYANG Securities, Inc. 918,859 2,047,702 *Top Engineering Co., Ltd. 49,113 212,835 #TS Corp. 65,206 1,991,954 Uju Electronics Co., Ltd. 4,583 81,407 #Unid Co., Ltd. 46,751 3,014,139 Union Steel 38,477 524,817 #*WillBes & Co. (The) 538,070 600,362 Wiscom Co., Ltd. 32,980 166,364 #*Woongjin Energy Co., Ltd. 751,750 1,701,054 #*Woongjin Thinkbig Co., Ltd. 175,710 1,371,398 Wooree ETI Co., Ltd. 83,194 227,539 #*Woori Finance Holdings Co., Ltd. 4,510,507 49,480,262 #*Woori Finance Holdings Co., Ltd. ADR 8,505 280,708 Woori Investment & Securities Co., Ltd. 2,434,303 20,617,035 #WooSung Feed Co., Ltd. 284,940 838,734 YESCO Co., Ltd. 30,550 1,120,447 #Yoosung Enterprise Co., Ltd. 81,335 382,604 YooSung T&S Co., Ltd. 27,033 40,026 Youlchon Chemical Co., Ltd. 159,540 2,182,433 #Young Poong Corp. 4,659 5,366,021 *Young Poong Mining & Construction Corp. 18,030 -- #Young Poong Precision Corp. 52,185 491,148 Youngone Holdings Co., Ltd. 24,409 1,739,942 YuHwa Securities Co., Ltd. 28,680 336,117 *Zinus, Inc. 1,866 -- -------------- TOTAL SOUTH KOREA 2,868,956,558 -------------- TAIWAN -- (14.0%) #Ability Enterprise Co., Ltd. 2,645,000 1,669,053 AcBel Polytech, Inc. 1,501,219 1,972,583 Accton Technology Corp. 8,825,156 5,255,845 #*Acer, Inc. 44,581,364 27,568,960 ACES Electronic Co., Ltd. 598,000 691,166 #ACHEM Technology Corp. 3,146,318 2,277,732
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- TAIWAN -- (Continued) *Action Electronics Co., Ltd. 3,511,084 $ 700,752 *Advanced Connectek, Inc. 602,000 253,683 Advanced International Multitech Co., Ltd. 194,000 198,721 #*Advanced Wireless Semiconductor Co. 555,000 379,848 #*AGV Products Corp. 7,871,701 2,481,747 #AimCore Technology Co., Ltd. 682,797 745,153 #Alcor Micro Corp. 481,000 655,781 #Allis Electric Co., Ltd. 1,471,000 464,639 Alpha Networks, Inc. 5,949,237 4,719,618 #Altek Corp. 6,185,808 6,246,753 #Ambassador Hotel (The) 965,000 890,420 #AMPOC Far-East Co., Ltd. 1,772,000 1,500,922 AmTRAN Technology Co., Ltd. 12,283,956 8,506,702 #APCB, Inc. 2,454,000 1,682,366 #Arcadyan Technology Corp. 1,217,931 1,911,988 Ardentec Corp. 2,182,280 1,854,716 *Arima Communications Corp. 251,566 148,466 #Asia Cement Corp. 25,637,049 33,727,979 #*Asia Optical Co., Inc. 4,048,290 4,040,631 #Asia Polymer Corp. 4,449,478 3,450,175 #Asia Vital Components Co., Ltd. 4,933,984 3,156,827 Asustek Computer, Inc. 730,000 7,547,493 #*AU Optronics Corp. 53,434,812 20,314,124 #*AU Optronics Corp. Sponsored ADR 9,342,184 35,126,612 #Audix Corp. 1,814,164 1,752,056 #Avermedia Technologies 3,229,000 1,331,786 #*Avision, Inc. 2,782,555 942,849 AVY Precision Technology, Inc. 252,000 381,755 Bank of Kaohsiung 6,588,900 2,076,113 Basso Industry Corp. 373,000 463,481 BES Engineering Corp. 25,693,443 6,749,288 #Biostar Microtech International Corp. 2,799,055 1,141,321 *Bright Led Electronics Corp. 1,725,000 900,277 #C Sun Manufacturing, Ltd. 2,535,837 2,420,493 #Cameo Communications, Inc. 3,060,197 907,956 Capital Securities Corp. 25,294,447 8,675,824 Career Technology MFG. Co., Ltd. 2,199,000 3,104,777 #Carnival Industrial Corp. 6,172,000 1,649,886 #Cathay Chemical Works 959,000 531,908 Cathay Real Estate Development Co., Ltd. 14,314,421 8,306,363 #Celxpert Energy Corp. 262,000 141,630 Central Reinsurance Co., Ltd. 2,562,016 1,369,896 #ChainQui Construction Development Co., Ltd. 1,547,173 1,298,177 *Champion Building Materials Co., Ltd. 6,381,828 2,263,681 *Chang Ho Fibre Corp. 50,000 17,068 Chang Hwa Commercial Bank 86,151,711 50,086,975 #Channel Well Technology Co., Ltd. 1,234,000 659,741 #Charoen Pokphand Enterprise 3,055,000 2,700,766 #Chen Full International Co., Ltd. 1,262,000 1,285,347 Cheng Loong Corp. 13,870,659 6,022,785 Cheng Uei Precision Industry Co., Ltd. 5,391,635 10,852,481 #Chia Chang Co., Ltd. 1,158,000 1,374,262
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ----------- TAIWAN -- (Continued) *Chia Hsin Cement Corp. 7,583,191 $ 3,980,534 Chien Kuo Construction Co., Ltd. 4,979,247 2,254,083 *Chien Shing Stainless Steel Co., Ltd. 1,034,000 143,037 #Chilisin Electronics Corp. 1,683,836 1,293,932 Chin-Poon Industrial Co., Ltd. 6,084,815 11,421,237 *China Airlines, Ltd. 46,049,353 15,412,072 China Chemical & Pharmaceutical Co., Ltd. 4,203,264 3,101,651 China Development Financial Holding Corp. 200,440,960 57,488,244 China Electric Manufacturing Corp. 4,084,200 1,720,072 #China General Plastics Corp. 6,569,260 3,321,569 #China Glaze Co., Ltd. 2,312,363 1,181,151 China Life Insurance Co., Ltd. 13,412,780 11,750,620 #*China Man-Made Fiber Corp. 21,204,813 7,176,990 China Metal Products 3,572,362 4,120,626 #China Motor Corp. 11,464,749 10,384,436 #China Petrochemical Development Corp. 33,049,397 13,031,049 #China Steel Corp. 2,686,000 2,257,075 China Steel Structure Co., Ltd. 1,435,219 1,582,921 China Synthetic Rubber Corp. 8,076,711 7,731,258 *China United Trust & Investment Corp. 493,999 -- #*China Wire & Cable Co., Ltd. 2,900,000 1,143,942 #Chinese Maritime Transport, Ltd. 1,529,000 1,801,943 #*Chun YU Works & Co., Ltd. 3,012,000 1,270,254 Chun Yuan Steel 6,454,287 2,705,987 #Chung Hsin Electric & Machinery Manufacturing Corp. 6,609,000 4,450,143 *Chung Hung Steel Corp. 12,863,046 3,319,847 #*Chung Hwa Pulp Corp. 6,904,011 2,064,012 *Chung Shing Textile Co., Ltd. 600 -- *Chunghwa Picture Tubes, Ltd. 55,899,412 3,473,149 #*CMC Magnetics Corp. 52,168,830 8,044,925 CoAsia Microelectronics Corp. 1,408,350 701,640 Collins Co., Ltd. 2,467,224 919,718 Compal Electronics, Inc. 73,788,332 52,642,917 Compeq Manufacturing Co., Ltd. 20,781,000 13,626,922 *Compex International Co., Ltd. 46,400 -- *Concord Securities Corp. 1,749,000 451,582 Continental Holdings Corp. 7,293,848 2,768,096 Coretronic Corp. 8,856,000 10,575,943 *Cosmos Bank Taiwan 948,872 468,094 Coxon Precise Industrial Co., Ltd. 2,002,000 3,389,267 #Creative Sensor, Inc. 359,000 301,134 *Crystalwise Technology, Inc. 319,456 321,189 CSBC Corp. Taiwan 6,053,654 3,674,854 CTBC Financial Holding Co., Ltd. 87,968,355 52,338,491 CviLux Corp. 22,000 30,294 #D-Link Corp. 11,107,939 7,278,255 #DA CIN Construction Co., Ltd. 2,401,579 2,235,738 #Darfon Electronics Corp. 6,128,950 4,264,960 #Delpha Construction Co., Ltd. 3,970,016 2,213,522 *Der Pao Construction Co., Ltd. 1,139,000 -- #DFI, Inc. 387,280 482,899 #*Dynamic Electronics Co., Ltd. 4,558,324 1,711,464
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------ TAIWAN -- (Continued) #*E Ink Holdings, Inc. 10,124,000 $ 6,747,439 #*E-Ton Solar Tech Co., Ltd. 4,038,443 2,497,845 E.Sun Financial Holding Co., Ltd.() 6,699,382 721,008 E.Sun Financial Holding Co., Ltd.(6433912) 73,544,913 44,484,387 *Eastern Media International Corp. 6,127,597 2,667,873 #Edimax Technology Co., Ltd. 3,202,902 1,547,119 #Edison Opto Corp. 862,000 1,026,626 Edom Technology Co., Ltd. 1,046,800 647,290 Elite Material Co., Ltd. 3,578,905 3,200,658 Elite Semiconductor Memory Technology, Inc. 1,247,000 2,274,021 Elitegroup Computer Systems Co., Ltd. 8,410,341 6,233,143 #ENG Electric Co., Ltd. 781,000 636,332 EnTie Commercial Bank 2,271,232 1,008,396 *Episil Technologies, Inc. 3,317,000 1,293,698 #Epistar Corp. 12,896,000 28,221,018 Eternal Chemical Co., Ltd. 1,630,000 1,701,956 *Etron Technology, Inc. 2,448,000 1,328,074 *Eva Airways Corp. 10,051,850 5,098,906 *Ever Fortune Industrial Co., Ltd. 409,000 -- *Everest Textile Co., Ltd. 3,892,002 1,440,703 Evergreen International Storage & Transport Corp. 9,778,000 6,001,055 *Evergreen Marine Corp. Taiwan, Ltd. 30,795,998 17,508,379 Everlight Chemical Industrial Corp. 1,754,005 1,610,726 Everlight Electronics Co., Ltd. 60,000 140,603 Excelsior Medical Co., Ltd. 1,410,200 2,633,188 Far Eastern Department Stores, Ltd. 4,997,652 4,655,589 #Far Eastern International Bank 27,471,817 9,648,754 Far Eastern New Century Corp. 596,000 610,694 *Farglory F T Z Investment Holding Co., Ltd. 909,000 706,846 Farglory Land Development Co., Ltd. 872,264 1,430,632 #Federal Corp. 6,978,685 4,985,994 #*First Copper Technology Co., Ltd. 3,629,750 1,270,051 First Financial Holding Co., Ltd. 123,420,215 72,399,652 First Hotel 1,216,590 771,951 #First Insurance Co., Ltd. 4,017,064 2,504,504 First Steamship Co., Ltd. 5,379,173 3,139,567 Forhouse Corp. 7,061,635 2,871,086 #Formosa Advanced Technologies Co., Ltd. 1,459,000 1,123,039 #*Formosa Epitaxy, Inc. 8,379,000 4,812,799 #Formosa Oilseed Processing 1,111,977 475,608 Formosa Taffeta Co., Ltd. 10,729,511 11,221,082 #Formosan Rubber Group, Inc. 8,194,000 7,673,665 Formosan Union Chemical 2,827,034 1,376,957 Fortune Electric Co., Ltd. 436,000 236,901 #Founding Construction & Development Co., Ltd. 3,092,474 1,927,681 Foxconn Technology Co., Ltd. 526,000 1,308,805 #Foxlink Image Technology Co., Ltd. 768,000 568,538 *Froch Enterprise Co., Ltd. 1,933,000 680,112 #FSP Technology, Inc. 1,986,283 2,133,791 Fubon Financial Holding Co., Ltd. 88,739,471 114,853,842 Fullerton Technology Co., Ltd. 1,753,200 1,581,041 #*Fulltech Fiber Glass Corp. 4,796,690 1,973,361
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- TAIWAN -- (Continued) #Fwusow Industry Co., Ltd. 2,782,995 $ 1,401,870 G Shank Enterprise Co., Ltd. 2,883,880 2,172,452 #G Tech Optoelectronics Corp. 296,000 338,762 *Gallant Precision Machining Co., Ltd. 2,001,000 825,249 #Gemtek Technology Corp. 6,366,962 5,755,160 #*Genesis Photonics, Inc. 2,818,059 1,906,906 #Genius Electronic Optical Co., Ltd. 172,000 591,231 #Getac Technology Corp. 8,342,065 4,446,773 #*Giantplus Technology Co., Ltd. 1,289,100 551,154 #Giga Solution Tech Co., Ltd. 669,000 385,993 #Gigabyte Technology Co., Ltd. 9,308,287 14,538,603 #*Gigastorage Corp. 4,351,600 5,287,667 #*Gintech Energy Corp. 6,960,942 7,164,619 #*Global Brands Manufacture, Ltd. 5,083,951 1,710,480 #Global Lighting Technologies, Inc. 668,000 795,722 *Globe Union Industrial Corp. 2,671,000 1,765,693 Gloria Material Technology Corp. 5,283,150 4,285,556 *Gold Circuit Electronics, Ltd. 8,144,965 2,235,815 Goldsun Development & Construction Co., Ltd. 23,939,261 8,452,103 Good Will Instrument Co., Ltd. 466,380 309,184 #Grand Pacific Petrochemical 17,166,000 10,929,824 Great China Metal Industry 871,000 1,132,070 Great Wall Enterprise Co., Ltd. 4,398,767 4,557,359 #*Green Energy Technology, Inc. 4,571,880 3,803,279 #*GTM Corp. 2,449,000 1,566,757 #Hannstar Board Corp. 5,082,635 1,838,895 #*HannStar Display Corp. 49,769,000 17,263,384 *HannsTouch Solution, Inc. 194,000 53,189 #*Harvatek Corp. 3,454,459 2,063,010 *Helix Technology, Inc. 29,585 -- #Hey Song Corp. 3,025,500 3,178,130 *HiTi Digital, Inc. 40,175 25,766 #Hitron Technology, Inc. 3,410,525 2,117,552 #Ho Tung Chemical Corp. 13,367,052 5,964,770 *Hocheng Corp. 4,501,300 1,516,257 #Hold-Key Electric Wire & Cable Co., Ltd. 515,124 162,193 #Holy Stone Enterprise Co., Ltd. 2,793,650 3,770,494 Hong TAI Electric Industrial 3,949,000 1,361,341 #Horizon Securities Co., Ltd. 5,065,000 1,496,279 #Hsin Kuang Steel Co., Ltd. 4,316,124 2,745,629 Hsing TA Cement Co. 2,071,980 983,388 HUA ENG Wire & Cable 7,674,035 2,975,367 Hua Nan Financial Holdings Co., Ltd. 50,911,430 28,681,830 *Hua Yu Lien Development Co., Ltd. 2,799 4,441 *Hualon Corp. 257,040 -- #Hung Ching Development & Construction Co., Ltd. 1,987,468 1,062,108 Hung Poo Real Estate Development Corp. 3,576,655 3,202,015 Hung Sheng Construction, Ltd. 8,741,892 5,666,708 Huxen Corp. 572,281 943,136 *Hwa Fong Rubber Co., Ltd. 1,996,800 1,387,583 #I-Chiun Precision Industry Co., Ltd. 3,240,000 2,340,834 #Ichia Technologies, Inc. 6,144,260 7,545,826
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ----------- TAIWAN -- (Continued) Infortrend Technology, Inc. 852,000 $ 534,775 #*Innolux Corp. 124,406,745 42,976,343 #*Inotera Memories, Inc. 30,424,728 31,251,826 #*Inpaq Technology Co., Ltd. 434,000 521,601 Integrated Memory Logic, Ltd. 196,000 536,888 Inventec Corp. 29,168,277 26,895,654 #ITE Technology, Inc. 2,594,479 2,852,369 #*J Touch Corp. 832,000 635,206 *Janfusun Fancyworld Corp. 533,179 92,319 #Jess-Link Products Co., Ltd. 1,299,000 1,226,651 #Jih Sun Financial Holdings Co., Ltd. 4,417,995 1,194,178 #K Laser Technology, Inc. 1,782,601 955,188 Kang Na Hsiung Enterprise Co., Ltd. 1,655,078 795,427 Kao Hsing Chang Iron & Steel 726,700 313,602 #Kaulin Manufacturing Co., Ltd. 2,570,656 2,263,472 #KEE TAI Properties Co., Ltd. 376,000 256,137 *Kenmec Mechanical Engineering Co., Ltd. 1,924,000 888,876 King Yuan Electronics Co., Ltd. 21,676,805 16,553,273 #King's Town Bank 11,853,012 11,006,222 *King's Town Construction Co., Ltd. 44,000 36,737 Kingdom Construction Co. 4,888,000 5,053,254 #Kinko Optical Co., Ltd. 745,000 686,326 #Kinpo Electronics 19,097,375 7,125,210 KS Terminals, Inc. 1,106,880 1,847,088 Kung Sing Engineering Corp. 2,712,000 1,231,013 Kuoyang Construction Co., Ltd. 7,664,840 3,898,162 #Kwong Fong Industries 4,296,720 2,804,047 KYE Systems Corp. 4,072,000 1,757,776 L&K Engineering Co., Ltd. 2,019,000 1,801,461 #LAN FA Textile 3,158,713 976,998 LCY Chemical Corp. 505,000 519,785 #Leader Electronics, Inc. 1,831,056 844,429 Lealea Enterprise Co., Ltd. 12,751,118 4,479,927 Ledtech Electronics Corp. 310,000 199,516 #LEE CHI Enterprises Co., Ltd. 3,466,900 1,945,337 #Lelon Electronics Corp. 1,422,200 1,384,259 #*Leofoo Development Co. 5,249,774 1,984,184 LES Enphants Co., Ltd. 692,000 466,813 #Lextar Electronics Corp. 1,948,000 1,906,992 #*Li Peng Enterprise Co., Ltd. 9,254,703 4,329,604 Lien Hwa Industrial Corp. 9,006,990 5,699,056 Lingsen Precision Industries, Ltd. 6,583,480 4,344,382 #Lite-On Semiconductor Corp. 4,671,190 3,431,135 Lite-On Technology Corp. 30,365,075 46,451,613 #Long Chen Paper Co., Ltd. 8,428,253 3,687,292 Longwell Co. 1,333,000 1,765,727 #Lotes Co., Ltd. 1,030,000 3,349,421 #*Lucky Cement Corp. 3,099,000 893,716 #*Macronix International 72,368,913 17,067,958 Marketech International Corp. 1,948,000 1,414,231 Masterlink Securities Corp. 16,637,000 5,434,464 #Mayer Steel Pipe Corp. 2,472,456 1,121,552
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------ TAIWAN -- (Continued) #Maywufa Co., Ltd. 252,070 $ 123,960 Mega Financial Holding Co., Ltd. 136,903,915 104,811,122 *Megamedia Corp. 782 -- Meiloon Industrial Co. 1,613,084 951,985 Mercuries & Associates, Ltd. 1,923,937 1,274,634 #*Mercuries Life Insurance Co., Ltd. 514,000 287,824 Micro-Star International Co., Ltd. 14,030,985 15,376,953 #*Microelectronics Technology, Inc. 721,826 384,678 #Mirle Automation Corp. 565,550 514,151 *Mitac Holdings Corp. 9,940,725 8,043,236 *Mosel Vitelic, Inc. 7,422,506 1,477,704 *Motech Industries, Inc. 2,072,000 3,511,549 #*Nan Ren Lake Leisure Amusement Co., Ltd. 954,000 384,591 #*Nan Ya Printed Circuit Board Corp. 3,855,000 5,443,427 Nantex Industry Co., Ltd. 2,345,766 1,472,717 *Nanya Technology Corp. 2,319,000 380,491 #*Neo Solar Power Corp. 1,508,066 1,790,787 New Asia Construction & Development Corp. 1,810,304 469,525 #New Era Electronics Co., Ltd. 146,000 180,489 Nichidenbo Corp. 101,330 100,944 Nien Hsing Textile Co., Ltd. 4,491,721 4,432,226 Nishoku Technology, Inc. 260,000 384,104 O-TA Precision Industry Co., Ltd. 24,000 16,730 *Ocean Plastics Co., Ltd. 556,000 746,093 *Optimax Technology Corp. 1,085,597 188,868 OptoTech Corp. 9,532,000 4,602,890 *Orient Semiconductor Electronics, Ltd. 5,501,276 1,553,746 #Pacific Construction Co. 2,529,452 748,650 #*Pan Jit International, Inc. 6,047,837 2,751,027 #Pan-International Industrial Corp. 3,585,766 2,643,624 #Paragon Technologies Co., Ltd. 1,221,191 3,336,394 #Pegatron Corp. 28,365,998 43,045,423 #Phihong Technology Co., Ltd. 3,177,320 2,129,128 Pixart Imaging, Inc. 87,000 170,492 Plotech Co., Ltd. 760,282 302,747 Portwell, Inc. 781,000 840,940 *Potrans Electrical Corp. 1,139,000 -- Pou Chen Corp. 24,985,550 31,813,749 *Power Quotient International Co., Ltd. 142,000 65,879 *Powercom Co., Ltd. 1,347,500 209,786 Powertech Industrial Co., Ltd. 271,000 194,092 #Powertech Technology, Inc. 11,882,000 19,230,186 #President Securities Corp. 12,690,992 6,962,171 #Prime Electronics Satellitics, Inc. 492,000 352,146 #Prince Housing & Development Corp. 3,185,824 1,474,672 *Prodisc Technology, Inc. 6,185,157 -- Promate Electronic Co., Ltd. 811,000 951,445 #*Qisda Corp. 27,187,171 8,836,955 #Qualipoly Chemical Corp. 78,000 64,659 #Quanta Storage, Inc. 2,413,000 3,017,031 #*Quintain Steel Co., Ltd. 5,893,629 1,302,864 #Radium Life Tech Co., Ltd. 7,783,290 6,100,149
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ----------- TAIWAN -- (Continued) #Ralec Electronic Corp. 477,087 $ 913,201 #Rich Development Co., Ltd. 3,664,055 1,724,216 #*Ritek Corp. 53,401,622 8,366,806 Ruentex Industries, Ltd. 189,000 449,484 *Sainfoin Technology Corp. 835,498 -- Sampo Corp. 9,863,925 3,793,378 Sanyang Industry Co., Ltd. 8,894,624 8,145,023 SDI Corp. 506,000 749,995 #Sesoda Corp. 1,037,875 1,082,180 Shan-Loong Transportation Co., Ltd. 66,000 56,721 Sheng Yu Steel Co., Ltd. 1,935,000 1,449,359 ShenMao Technology, Inc. 1,255,000 1,678,670 Shih Her Technologies, Inc. 373,000 889,807 Shih Wei Navigation Co., Ltd. 2,487,718 1,674,337 #Shihlin Electric & Engineering Corp. 4,426,000 5,350,493 #Shin Kong Financial Holding Co., Ltd. 139,399,755 42,222,325 #Shin Zu Shing Co., Ltd. 810,000 2,198,843 #Shinkong Insurance Co., Ltd. 3,610,412 2,806,960 Shinkong Synthetic Fibers Corp. 27,670,754 8,908,979 #Shuttle, Inc. 4,316,015 1,690,165 #Sigurd Microelectronics Corp. 6,663,047 6,634,041 #*Silicon Integrated Systems Corp. 10,317,165 2,933,157 #Silitech Technology Corp. 509,000 689,914 Sinbon Electronics Co., Ltd. 1,636,000 2,439,371 Sincere Navigation Corp. 4,923,740 4,288,022 #Singatron Enterprise Co., Ltd. 63,000 33,030 *Sinkang Industries Co., Ltd. 699,557 276,130 #*Sino-American Silicon Products, Inc. 6,910,000 11,594,486 #Sinon Corp. 6,282,877 3,672,825 SinoPac Financial Holdings Co., Ltd. 118,734,614 53,000,736 Sirtec International Co., Ltd. 181,000 329,290 Sitronix Technology Corp. 1,394,000 2,767,505 #*Siward Crystal Technology Co., Ltd. 2,301,875 1,338,961 #Solar Applied Materials Technology Co. 855,000 760,123 #*Solartech Energy Corp. 3,269,165 2,456,703 Solomon Technology Corp. 1,334,671 853,639 #*Solytech Enterprise Corp. 3,043,000 1,028,626 Southeast Cement Co., Ltd. 3,539,700 1,878,018 Spirox Corp. 946,661 454,358 #Stark Technology, Inc. 2,259,200 2,174,714 Sunonwealth Electric Machine Industry Co., Ltd. 567,421 438,401 #*Sunplus Technology Co., Ltd. 8,214,620 3,121,638 #Sunrex Technology Corp. 1,158,000 516,931 #Super Dragon Technology Co., Ltd. 155,175 105,986 #Supreme Electronics Co., Ltd. 3,705,277 2,032,363 #Sweeten Construction Co., Ltd. 1,258,501 820,082 #Sysage Technology Co., Ltd. 178,500 215,151 Systex Corp. 801,801 1,587,672 #T-Mac Techvest PCB Co., Ltd. 996,000 742,060 TA Chen Stainless Pipe 8,424,281 4,691,530 *Ta Chong Bank, Ltd. 28,713,769 9,567,739 Ta Ya Electric Wire & Cable 8,979,329 2,190,585
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ----------- TAIWAN -- (Continued) #TA-I Technology Co., Ltd. 1,782,233 $ 983,423 #Tah Hsin Industrial Co., Ltd. 1,700,000 1,617,526 TAI Roun Products Co., Ltd. 63,000 21,191 Taichung Commercial Bank 30,459,178 10,147,777 #Tainan Enterprises Co., Ltd. 1,985,183 2,101,321 #Tainan Spinning Co., Ltd. 17,901,938 12,044,496 Taishin Financial Holding Co., Ltd. 124,375,804 56,491,381 #*Taisun Enterprise Co., Ltd. 3,464,410 1,468,716 #*Taita Chemical Co., Ltd. 3,554,864 1,196,272 *Taiwan Business Bank 57,772,510 16,856,835 #Taiwan Calsonic Co., Ltd. 48,000 42,999 Taiwan Cement Corp. 45,081,440 71,631,573 Taiwan Cogeneration Corp. 4,188,333 2,781,344 Taiwan Cooperative Financial Holding Co., Ltd. 90,086,827 47,923,245 Taiwan Fertilizer Co., Ltd. 2,273,000 4,523,211 Taiwan Fire & Marine Insurance Co. 1,197,000 930,720 *Taiwan Flourescent Lamp Co., Ltd. 756,000 -- Taiwan FU Hsing Industrial Co., Ltd. 2,128,000 2,192,327 Taiwan Glass Industry Corp. 9,558,710 8,750,925 #Taiwan Hopax Chemicals Manufacturing Co., Ltd. 1,508,000 1,222,277 *Taiwan Kolin Co., Ltd. 5,797,000 -- #*Taiwan Land Development Corp. 12,050,739 4,434,052 *Taiwan Life Insurance Co., Ltd. 788,419 606,616 Taiwan Mask Corp. 3,154,250 1,076,378 Taiwan Navigation Co., Ltd. 1,151,000 846,847 Taiwan Paiho, Ltd. 1,963,549 2,581,351 #Taiwan PCB Techvest Co., Ltd. 1,847,946 2,630,290 #Taiwan Prosperity Chemical Corp. 532,000 520,624 *Taiwan Pulp & Paper Corp. 7,065,660 2,657,541 #Taiwan Sakura Corp. 2,890,472 2,074,978 #Taiwan Semiconductor Co., Ltd. 2,741,000 3,025,147 *Taiwan Styrene Monomer 3,560,045 2,002,897 Taiwan Surface Mounting Technology Co., Ltd. 1,520,600 2,274,018 #*Taiwan TEA Corp. 12,332,092 7,648,798 #Taiwan Union Technology Corp. 3,225,000 3,151,662 #Taiyen Biotech Co., Ltd. 2,363,217 2,012,144 *Tatung Co., Ltd. 37,255,342 11,806,257 Te Chang Construction Co., Ltd. 45,000 45,356 Teco Electric and Machinery Co., Ltd. 32,704,725 35,565,058 *Tecom Co., Ltd. 703,753 72,473 #*Tekcore Co., Ltd. 399,000 188,168 Test-Rite International Co., Ltd. 706,266 507,156 #Tex-Ray Industrial Co., Ltd. 407,000 181,002 #ThaiLin Semiconductor Corp. 1,139,000 791,029 #Thinking Electronic Industrial Co., Ltd. 1,490,000 2,472,367 Ton Yi Industrial Corp. 6,511,600 6,937,946 Tong Yang Industry Co., Ltd. 5,716,228 8,204,144 Tong-Tai Machine & Tool Co., Ltd. 3,193,368 3,234,360 Topco Scientific Co., Ltd. 705,480 1,317,762 #Topoint Technology Co., Ltd. 2,564,288 1,841,504 #Transasia Airways Corp. 768,000 298,867 Tripod Technology Corp. 1,159,000 2,284,445
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------- TAIWAN -- (Continued) #Tung Ho Steel Enterprise Corp. 12,119,274 $ 10,344,278 #Tung Ho Textile Co., Ltd. 2,542,000 817,426 #TXC Corp. 289,000 417,567 *TYC Brother Industrial Co., Ltd. 2,525,723 1,603,131 #*Tycoons Group Enterprise 7,782,938 1,379,750 *Tyntek Corp. 5,112,683 1,725,551 TZE Shin International Co., Ltd. 738,483 273,065 #*U-Tech Media Corp. 1,946,799 459,354 Unic Technology Corp. 36,361 14,774 #Unimicron Technology Corp. 24,718,363 21,039,531 #*Union Bank Of Taiwan 11,194,494 3,988,004 #Unitech Computer Co., Ltd. 1,399,739 754,119 *Unitech Printed Circuit Board Corp. 10,230,281 3,990,683 United Integrated Services Co., Ltd. 1,576,000 1,722,457 #United Microelectronics Corp. 214,601,681 93,569,573 Universal Cement Corp. 6,391,551 6,123,258 *Unizyx Holding Corp. 6,190,000 3,436,475 UPC Technology Corp. 12,752,746 5,665,832 #USI Corp. 6,088,691 3,853,734 Ve Wong Corp. 1,594,806 1,220,198 #*Wafer Works Corp. 4,343,000 2,222,003 #Wah Hong Industrial Corp. 294,516 299,468 Wah Lee Industrial Corp. 1,891,000 3,619,714 *Walsin Lihwa Corp. 59,959,412 19,696,675 *Walsin Technology Corp. 10,131,230 3,026,497 #*Walton Advanced Engineering, Inc. 5,170,853 2,146,350 Wan Hai Lines, Ltd. 9,533,000 4,756,980 WAN HWA Enterprise Co. 622,550 303,486 Waterland Financial Holdings Co., Ltd. 30,493,739 9,559,914 #Ways Technical Corp., Ltd. 527,000 827,844 *WEI Chih Steel Industrial Co., Ltd. 1,880,898 299,307 #*Wei Mon Industry Co., Ltd. 7,231,691 2,290,617 #Weikeng Industrial Co., Ltd. 1,617,550 1,273,360 #Well Shin Technology Co., Ltd. 987,080 1,807,129 Weltrend Semiconductor 215,100 198,789 #Wha Yu Industrial Co., Ltd. 494,000 264,871 #Win Semiconductors Corp. 3,300,000 2,950,278 *Winbond Electronics Corp. 53,714,885 16,187,044 #*Wintek Corp. 42,711,507 14,314,985 #Wisdom Marine Lines Co., Ltd. 770,350 926,469 #Wistron Corp. 34,969,332 29,220,510 WPG Holdings, Ltd. 515,092 633,680 WT Microelectronics Co., Ltd. 3,726,096 5,087,809 WUS Printed Circuit Co., Ltd. 5,078,928 2,699,475 Yageo Corp. 24,297,788 11,569,802 *Yang Ming Marine Transport Corp. 24,364,676 9,978,689 #YC Co., Ltd. 4,876,764 3,546,748 YC INOX Co., Ltd. 4,679,667 4,345,612 #YeaShin International Development Co., Ltd. 159,000 111,888 YFY, Inc. 19,060,847 8,403,448 #*Yi Jinn Industrial Co., Ltd. 3,814,189 1,074,871 #*Yieh Phui Enterprise Co., Ltd. 16,798,235 5,193,241
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- -------------- TAIWAN -- (Continued) #Young Fast Optoelectronics Co., Ltd. 2,546,000 $ 2,477,854 #Youngtek Electronics Corp. 213,000 452,204 Yuanta Financial Holding Co., Ltd. 140,084,654 69,928,048 #Yulon Motor Co., Ltd. 13,942,572 21,696,305 Yung Chi Paint & Varnish Manufacturing Co., Ltd. 359,687 953,829 #Zenitron Corp. 3,202,000 1,893,669 #*Zig Sheng Industrial Co., Ltd. 8,536,352 2,604,874 Zinwell Corp. 1,931,000 1,986,074 -------------- TOTAL TAIWAN 2,816,819,326 -------------- THAILAND -- (2.8%) AAPICO Hitech PCL 681,760 309,699 *AJ Plast PCL 2,076,900 638,602 AP Thailand PCL 22,884,300 4,030,918 Asia Plus Securities PCL 11,510,900 1,244,998 Bangchak Petroleum PCL (The) 10,134,500 10,021,755 Bangkok Bank PCL(6077019) 2,898,400 16,928,232 Bangkok Bank PCL(6368360) 8,550,300 49,806,290 Bangkok Expressway PCL 5,564,000 5,888,968 Bangkok Insurance PCL 212,828 2,269,025 Bangkok Land PCL 120,207,503 6,054,951 Banpu PCL 18,687,700 17,324,815 Cal-Comp Electronics Thailand PCL 26,643,136 2,124,206 Charoong Thai Wire & Cable PCL 1,255,800 358,966 Delta Electronics Thailand PCL 4,067,600 7,164,808 Eastern Water Resources Development and Management PCL 6,205,600 2,109,444 *Esso Thailand PCL 23,848,000 4,605,995 *G J Steel PCL 537,140,250 995,934 *G Steel PCL 79,804,200 369,921 Hana Microelectronics PCL 5,130,500 5,113,060 ICC International PCL 2,682,700 3,274,618 IRPC PCL 141,662,600 16,109,962 *Italian-Thai Development PCL 5,133,000 583,728 Kang Yong Electric PCL 3,400 29,524 KGI Securities Thailand PCL 19,837,300 1,777,756 Kiatnakin Bank PCL 5,785,100 7,687,247 Krung Thai Bank PCL 78,764,400 44,055,489 Laguna Resorts & Hotels PCL 1,317,700 1,262,321 Lanna Resources PCL 335,400 133,704 LH Financial Group PCL 15,909,050 884,929 MBK PCL 8,632,000 4,054,586 Nation Multimedia Group PCL 3,462,900 147,676 *Padaeng Industry PCL 1,284,300 543,724 Polyplex Thailand PCL 5,460,000 1,678,832 Precious Shipping PCL 6,442,200 5,474,676 Property Perfect PCL 47,004,700 1,365,402 PTT Exploration & Production PCL 1,277,700 6,297,687 PTT Global Chemical PCL 30,386,641 65,496,545 PTT PCL 14,249,300 137,825,430 Quality Houses PCL 47,211,441 4,756,159 *Regional Container Lines PCL 5,634,100 1,096,874 Saha Pathana Inter-Holding PCL 2,906,200 2,002,727
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- ------------ THAILAND -- (Continued) Saha Pathanapibul PCL 1,594,833 $ 2,032,969 Saha-Union PCL 2,963,700 3,457,345 *Sahaviriya Steel Industries PCL 149,229,740 1,660,158 Sansiri PCL 52,749,700 3,113,471 SC Asset Corp PCL 24,913,125 2,648,367 Siam Future Development PCL 5,753,122 995,596 Siamgas & Petrochemicals PCL 495,200 318,299 Somboon Advance Technology PCL 1,519,200 812,180 Sri Ayudhya Capital PCL 233,300 203,669 Sri Trang Agro-Industry PCL 9,198,000 4,206,749 Srithai Superware PCL 877,600 684,778 *Tata Steel Thailand PCL 39,336,300 948,156 *Thai Airways International PCL 16,383,411 6,581,716 Thai Carbon Black PCL 441,000 364,547 Thai Oil PCL 14,409,100 23,265,620 Thai Rayon PCL 165,000 177,186 Thai Stanley Electric PCL(B01GKK6) 174,600 1,149,252 Thai Stanley Electric PCL(B01GKM8) 43,100 283,693 Thai Wacoal PCL 93,300 142,718 Thanachart Capital PCL 10,803,400 11,601,303 Thitikorn PCL 97,700 30,041 *Thoresen Thai Agencies PCL 10,463,770 6,693,450 Tipco Asphalt PCL 71,900 121,648 Tisco Financial Group PCL 2,168,500 2,663,717 TMB Bank PCL 157,829,800 11,217,816 Total Access Communication PCL 4,949,280 19,118,047 TPI Polene PCL 14,898,724 5,478,826 *Tycoons Worldwide Group Thailand PCL 567,800 48,428 *Vanachai Group PCL 8,446,600 1,044,079 Vinythai PCL 6,598,217 2,181,734 ------------ TOTAL THAILAND 557,145,741 ------------ TURKEY -- (2.3%) Adana Cimento Sanayii TAS Class A 1,060,628 2,055,037 #*Adese Alisveris Merkezleri Ticaret A.S. 50,874 419,497 #Akbank TAS 14,433,710 50,672,675 #*Akenerji Elektrik Uretim A.S. 3,731,752 2,286,597 #Akfen Holding A.S. 967,535 2,030,377 Aksa Akrilik Kimya Sanayii 1,735,088 6,051,185 Aksigorta A.S. 1,029,597 1,419,868 Alarko Holding A.S. 1,513,761 3,486,645 Albaraka Turk Katilim Bankasi A.S. 3,617,235 2,871,923 *Anadolu Anonim Tuerk Sigorta Sirketi 4,326,842 2,977,397 #Anadolu Cam Sanayii A.S. 2,447,174 2,196,555 #*Anadolu Isuzu Otomotiv Sanayi Ve Ticaret A.S. 32,613 366,232 #*Asya Katilim Bankasi A.S. 10,427,239 8,048,739 #Aygaz A.S. 1,020,159 4,223,504 *Baticim Bati Anadolu Cimento Sanayii A.S. 317,019 909,714 Bolu Cimento Sanayii A.S. 956,668 1,157,804 #Borusan Mannesmann Boru Sanayi ve Ticaret A.S. 884,604 2,888,747 *Boyner Perakende Ve Tekstil Yatirimlari AS 47,480 1,206,913 Cimsa Cimento Sanayi VE Tica 567,028 3,312,104
Dimensional Emerging Markets Value Fund continued
Shares Value++ ---------- ----------- TURKEY -- (Continued) #*Deva Holding A.S. 1,233,392 $ 1,036,762 #*Dogan Sirketler Grubu Holding A.S. 16,350,354 5,595,166 #*Dogan Yayin Holding A.S. 1,034,173 250,716 #Eczacibasi Yatirim Holding Ortakligi A.S. 855,876 2,160,536 EGE Seramik Sanayi ve Ticaret A.S. 1,418,706 1,941,538 EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S. 3,862,424 4,233,888 #Eregli Demir ve Celik Fabrikalari TAS 24,473,976 34,054,948 Gentas Genel Metal Sanayi ve Ticaret A.S. 840,440 530,462 Global Yatirim Holding A.S. 4,337,368 2,550,641 Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. 45,038 1,177,454 #*GSD Holding 4,585,286 3,267,643 *Gunes Sigorta 413,272 372,832 #*Hurriyet Gazetecilik A.S. 3,447,484 982,728 *Ihlas EV Aletleri 1,280,790 218,894 #*Ihlas Holding A.S. 14,952,395 2,412,034 #*Ipek Dogal Enerji Kaynaklari Ve Uretim A.S. 1,771,050 2,247,314 Is Finansal Kiralama A.S. 2,908,338 1,350,675 Is Yatirim Menkul Degerler A.S. Class A 450,584 264,695 #*Izmir Demir Celik Sanayi A.S. 451,647 613,291 *Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class A 4,207,672 4,763,743 *Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class B 2,179,441 3,366,359 *Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. Class D 13,524,360 9,714,059 #*Karsan Otomotiv Sanayii Ve Ticaret A.S. 1,952,205 964,425 #KOC Holding A.S. 11,338,412 50,809,393 Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A.S. 64,678 124,267 #*Koza Anadolu Metal Madencilik Isletmeleri A.S. 1,412,866 1,704,844 *Menderes Tekstil Sanayi ve Ticaret A.S. 370,080 98,517 #*Metro Ticari ve Mali Yatirimlar Holding A.S. 4,790,610 1,502,027 *Petkim Petrokimya Holding A.S. 121,341 173,033 Pinar Entegre Et ve Un Sanayi A.S. 343,247 1,610,369 Pinar SUT Mamulleri Sanayii A.S. 152,635 1,321,087 *Raks Elektronik Sanayi ve Ticaret A.S. 5,859 -- *Sabah Yayincilik 31,938 -- #Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S. 1,345,000 1,960,528 *Sasa Polyester Sanayi A.S. 2,315,248 1,374,393 *Sekerbank TAS 6,884,288 6,440,812 Selcuk Ecza Deposu Ticaret ve Sanayi A.S. 2,308,839 2,181,408 Soda Sanayii A.S. 2,071,338 3,067,199 *Tat Gida Sanayi A.S. 231,395 237,438 #Tekfen Holding A.S. 1,896,452 4,802,360 #*Tekstil Bankasi A.S. 1,683,023 1,552,208 #Trakya Cam Sanayi A.S. 4,911,588 5,601,994 #Turcas Petrol A.S. 1,122,860 1,372,400 Turk Hava Yollari 8,968,974 28,797,561 Turkiye Is Bankasi 33,315,167 78,789,979 #Turkiye Sinai Kalkinma Bankasi A.S. 7,436,484 6,755,588 #Turkiye Sise ve Cam Fabrikalari A.S. 8,800,210 11,046,492 #Turkiye Vakiflar Bankasi Tao 13,257,545 27,842,389 Ulker Biskuvi Sanayi A.S. 97,284 745,517 *Vestel Beyaz Esya Sanayi ve Ticaret A.S. 1,067,440 1,844,819 *Vestel Elektronik Sanayi ve Ticaret A.S. 1,948,645 1,753,180 #Yapi ve Kredi Bankasi A.S. 14,217,721 29,725,235
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- --------------- TURKEY -- (Continued) #*Zorlu Enerji Elektrik Uretim A.S. 2,476,533 $ 1,339,806 --------------- TOTAL TURKEY 457,227,159 --------------- TOTAL COMMON STOCKS 18,056,892,163 --------------- PREFERRED STOCKS -- (3.5%) BRAZIL -- (3.4%) Banco ABC Brasil SA 1,100,317 6,439,797 Banco Alfa de Investimento SA 60,126 154,781 Banco Daycoval SA 645,148 2,604,028 Banco do Estado do Rio Grande do Sul SA Class B 1,016,568 5,703,449 Banco Industrial e Comercial SA 1,675,900 6,005,355 *Banco Panamericano SA 960,448 1,598,054 Banco Pine SA 429,230 1,401,410 Banco Sofisa SA 598,400 782,301 Braskem SA Class A 1,307,833 8,927,108 Cia Ferro Ligas da Bahia - Ferbasa 920,734 5,244,230 Eucatex SA Industria e Comercio 314,488 754,574 Financeira Alfa SA Credito Financiamento e Investimentos 33,900 60,662 Forjas Taurus SA 1,144,290 533,720 Gerdau SA 6,169,399 36,992,876 *Inepar SA Industria e Construcoes 610,411 145,092 Parana Banco SA 120,800 571,562 Petroleo Brasileiro SA 18,238,804 135,538,505 #Petroleo Brasileiro SA Sponsored ADR 21,196,251 313,704,515 Suzano Papel e Celulose SA Class A 6,234,709 20,327,989 Unipar Carbocloro SA Class B 9,258,736 1,910,088 *Usinas Siderurgicas de Minas Gerais SA Class A 10,222,271 39,976,770 Vale SA 6,212,932 73,616,174 Vale SA Sponsored ADR 1,631,601 19,367,104 Whirlpool SA 34,800 62,116 --------------- TOTAL BRAZIL 682,422,260 --------------- COLOMBIA -- (0.1%) Grupo de Inversiones Suramericana SA 797,728 15,735,620 --------------- TOTAL PREFERRED STOCKS 698,157,880 --------------- RIGHTS/WARRANTS -- (0.0%) BRAZIL -- (0.0%) *Klabin SA Rights 05/23/14 97,653 4,380 --------------- CHILE -- (0.0%) *Invexans SA Rights 06/30/14 129,794,707 -- --------------- HONG KONG -- (0.0%) *Fosun International, Ltd. Rights 05/12/14 1,146,268 5,766 --------------- MALAYSIA -- (0.0%) *BIMB Holdings Bhd Warrants 12/04/23 454,345 86,959 *Malaysian Resources Corp. Bhd Warrants 09/16/18 -- --
Dimensional Emerging Markets Value Fund continued
Shares Value++ ----------- --------------- MALAYSIA -- (Continued) *Symphony Life Bhd Warrants 11/11/20 1 $ -- --------------- TOTAL MALAYSIA 86,959 --------------- PHILIPPINES -- (0.0%) *China Banking Corp. Rights 05/07/14 45,752 5,696 --------------- SOUTH KOREA -- (0.0%) *GS Engineering & Construction Corp. Rights 06/03/14 166,526 1,402,084 *STS Semiconductor & Telecommunications Rights 05/23/14 26,059 16,771 --------------- TOTAL SOUTH KOREA 1,418,855 --------------- TAIWAN -- (0.0%) *Mercuries Life Insurance Co. Rights 06/17/14 16,293 54 *YeaShin International Development Co., Ltd. Rights 05/13/14 1,191 28 --------------- TOTAL TAIWAN 82 --------------- THAILAND -- (0.0%) *Lanna Resources PCL Rights 06/30/14 67,080 622 *LH Financial Group Rights 05/26/14 530,302 13,110 *Thoresen Thai Agencies PCL Warrant 02/28/17 588,041 109,031 --------------- TOTAL THAILAND 122,763 --------------- TOTAL RIGHTS/WARRANTS 1,644,501 --------------- Shares/ Face Amount (000) Value+ ----------- --------------- SECURITIES LENDING COLLATERAL -- (6.7%) (S)@ DFA Short Term Investment Fund 116,161,904 1,343,993,228 --------------- TOTAL INVESTMENTS -- (100.0%) (Cost $20,065,502,363) $20,100,687,772 ===============
Dimensional Emerging Markets Value Fund continued Summary of the Fund's investments as of April 30, 2014, 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 $1,176,151,486 -- -- $ 1,176,151,486 Chile 277,061,131 -- -- 277,061,131 China 239,991,379 $ 2,557,332,752 -- 2,797,324,131 Colombia 22,287,355 -- -- 22,287,355 Czech Republic -- 37,080,820 -- 37,080,820 Greece -- 29,719,693 -- 29,719,693 Hungary -- 88,419,863 -- 88,419,863 India 167,750,251 1,293,737,176 -- 1,461,487,427 Indonesia 6,576,577 525,004,663 -- 531,581,240 Israel -- 179,391 -- 179,391 Malaysia -- 774,185,098 -- 774,185,098 Mexico 1,338,336,304 637,441 -- 1,338,973,745 Philippines -- 211,231,050 -- 211,231,050 Poland -- 385,585,136 -- 385,585,136 Russia 921,795 732,260,519 -- 733,182,314 South Africa 202,757,635 1,289,535,864 -- 1,492,293,499 South Korea 352,323,627 2,516,632,931 -- 2,868,956,558 Taiwan 35,847,620 2,780,971,706 -- 2,816,819,326 Thailand 555,779,886 1,365,855 -- 557,145,741 Turkey -- 457,227,159 -- 457,227,159 Preferred Stocks Brazil 682,422,260 -- -- 682,422,260 Colombia 15,735,620 -- -- 15,735,620 Rights/Warrants Brazil -- 4,380 -- 4,380 Chile -- -- -- -- Hong Kong -- 5,766 -- 5,766 Malaysia -- 86,959 -- 86,959 Philippines -- 5,696 -- 5,696 South Korea -- 1,418,855 -- 1,418,855 Taiwan 82 -- -- 82 Thailand -- 122,763 -- 122,763 Securities Lending Collateral -- 1,343,993,228 -- 1,343,993,228 -------------- --------------- -- --------------- TOTAL $5,073,943,008 $15,026,744,764 -- $20,100,687,772 ============== =============== == ===============
(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 1, 2014 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 1, 2014 By: /s/ David R. Martin --------------------------------------- David R. Martin Principal Financial Officer Dimensional Emerging Markets Value Fund Date: July 1, 2014 EX-99.CERT 2 d664440dex99cert.txt CERTIFICATIONS PURSUANT TO SECTION 302 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, David G. Booth, certify that: 1. I have reviewed this report on Form N-CSR of Dimensional Emerging Markets Value Fund (the "Registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; 4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. Date: July 1, 2014 By: /s/ David G. Booth --------------------------------------- David G. Booth Principal Executive Officer Dimensional Emerging Markets Value Fund CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, David R. Martin, certify that: 1. I have reviewed this report on Form N-CSR of Dimensional Emerging Markets Value Fund (the "Registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; 4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. Date: July 1, 2014 By: /s/ David R. Martin --------------------------------------- David R. Martin Principal Financial Officer Dimensional Emerging Markets Value Fund EX-99.906CERT 3 d664440dex99906cert.txt CERTIFICATIONS PURSUANT TO SECTION 906 CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 David G. Booth, Principal Executive Officer, and David R. Martin, Principal Financial Officer, of Dimensional Emerging Markets Value Fund, a Delaware statutory trust (the "Registrant"), each certify that: 1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2014 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, as applicable; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. By: /s/ David G. Booth --------------------------------------- David G. Booth Principal Executive Officer Dimensional Emerging Markets Value Fund Date: July 1, 2014 By: /s/ David R. Martin --------------------------------------- David R. Martin Principal Financial Officer Dimensional Emerging Markets Value Fund Date: July 1, 2014