N-Q 1 d357308dnq.txt DIMENSIONAL INVESTMENT GROUP, INC. ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------- FORM N-Q ----------------- QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY INVESTMENT COMPANY ACT FILE NUMBER 811-6067 ----------------- DIMENSIONAL INVESTMENT GROUP INC. (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, PRESIDENT AND GENERAL COUNSEL DIMENSIONAL INVESTMENT GROUP INC., 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: JANUARY 31, 2017 ================================================================================ ITEM 1. SCHEDULE OF INVESTMENTS. DIMENSIONAL INVESTMENT GROUP INC. FORM N-Q January 31, 2017 (UNAUDITED) Table of Contents DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES SCHEDULES OF INVESTMENTS U.S. Large Company Portfolio U.S. Large Cap Value Portfolio II U.S. Large Cap Value Portfolio III LWAS/DFA U.S. High Book to Market Portfolio DFA International Value Portfolio DFA International Value Portfolio II DFA International Value Portfolio III DFA International Value Portfolio IV Tax-Managed U.S. Marketwide Value Portfolio II Emerging Markets Portfolio II LWAS/DFA Two-Year Fixed Income Portfolio LWAS/DFA Two-Year Government Portfolio Global Equity Portfolio Global Allocation 60/40 Portfolio Global Allocation 25/75 Portfolio NOTES TO SCHEDULES OF INVESTMENTS Organization Security Valuation Financial Instruments Federal Tax Cost Other Subsequent Event Evaluations THE DFA INVESTMENT TRUST COMPANY SCHEDULES OF INVESTMENTS The U.S. Large Cap Value Series The DFA International Value Series The Emerging Markets Series The Tax-Managed U.S. Marketwide Value Series NOTES TO SCHEDULES OF INVESTMENTS Organization Security Valuation Financial Instruments Federal Tax Cost Other Subsequent Event Evaluations
DIMENSIONAL INVESTMENT GROUP INC. THE DFA INVESTMENT TRUST COMPANY DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES Schedules of Investments ------------------------ Investment Abbreviations ADR American Depositary Receipt AG Aktiengesellschaft (German & Swiss Stock Corporation) GDR Global Depositary Receipt LLC Limited Liability Company P.L.C. Public Limited Company Investment Footnotes + See Security Valuation Note within the Notes to Schedules of Investments. ++ Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. * Non-Income Producing Securities. # Total or Partial Securities on Loan. @ Security purchased with cash proceeds from Securities on Loan. ^^ See Federal Tax Cost Note within the Notes to Schedules of Investments. (degrees)Security is being fair valued as of January 31, 2017. -- Amounts designated as -- are either zero or rounded to zero. (S) Affiliated Fund. (r) The adjustable/variable rate shown is effective as of January 31, 2017. (y) The rate shown is the effective yield. U.S. LARGE COMPANY PORTFOLIO SCHEDULE OF INVESTMENTS JANUARY 31, 2017 (UNAUDITED)
Shares Value+ ---------- ------------ COMMON STOCKS -- (95.3%) Consumer Discretionary -- (11.7%) # Advance Auto Parts, Inc. 26,559 $ 4,362,050 * Amazon.com, Inc. 142,449 117,303,903 #* AutoNation, Inc. 22,861 1,214,376 #* AutoZone, Inc. 10,463 7,585,466 # Bed Bath & Beyond, Inc. 55,662 2,245,962 # Best Buy Co., Inc. 99,670 4,437,308 # BorgWarner, Inc. 71,904 2,935,840 #* CarMax, Inc. 69,199 4,616,265 # Carnival Corp. 151,222 8,374,674 CBS Corp. Class B 141,002 9,093,219 * Charter Communications, Inc. Class A 78,209 25,335,806 #* Chipotle Mexican Grill, Inc. 10,522 4,434,392 Coach, Inc. 101,533 3,792,258 Comcast Corp. Class A 860,856 64,925,760 # Darden Restaurants, Inc. 44,837 3,285,655 Delphi Automotive P.L.C. 98,257 6,883,885 #* Discovery Communications, Inc. Class A 55,667 1,578,159 #* Discovery Communications, Inc. Class C 81,071 2,246,477 Dollar General Corp. 92,080 6,797,346 * Dollar Tree, Inc. 85,111 6,569,718 DR Horton, Inc. 123,941 3,707,075 # Expedia, Inc. 44,022 5,352,635 Foot Locker, Inc. 49,400 3,385,876 Ford Motor Co. 1,411,436 17,445,349 # Gap, Inc. (The) 79,788 1,837,518 # Garmin, Ltd. 41,674 2,012,437 General Motors Co. 501,514 18,360,428 Genuine Parts Co. 53,452 5,174,688 Goodyear Tire & Rubber Co. (The) 93,576 3,030,927 # H&R Block, Inc. 75,479 1,619,779 # Hanesbrands, Inc. 134,682 3,193,310 # Harley-Davidson, Inc. 63,287 3,609,891 Harman International Industries, Inc. 24,947 2,773,109 # Hasbro, Inc. 40,169 3,314,344 Home Depot, Inc. (The) 439,987 60,533,411 Interpublic Group of Cos., Inc. (The) 142,180 3,345,495 # Kohl's Corp. 64,410 2,565,450 # L Brands, Inc. 87,414 5,263,197 # Leggett & Platt, Inc. 48,112 2,295,905 Lennar Corp. Class A 71,357 3,186,090 * LKQ Corp. 112,161 3,579,058 Lowe's Cos., Inc. 314,187 22,960,786 Macy's, Inc. 111,930 3,306,412 Marriott International, Inc. Class A 115,190 9,745,074 # Mattel, Inc. 123,795 3,244,667 McDonald's Corp. 299,948 36,764,626 #* Michael Kors Holdings, Ltd. 58,225 2,492,612 * Mohawk Industries, Inc. 22,718 4,903,453 * Netflix, Inc. 155,079 21,821,166 # Newell Brands, Inc. 174,530 8,260,505 News Corp. Class A 139,480 1,714,209
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ ---------- ------------ Consumer Discretionary -- (Continued) News Corp. Class B 41,264 $ 521,990 NIKE, Inc. Class B 482,615 25,530,334 # Nordstrom, Inc. 42,085 1,860,999 * O'Reilly Automotive, Inc. 34,221 8,975,142 # Omnicom Group, Inc. 85,058 7,285,218 * Priceline Group, Inc. (The) 17,823 28,073,542 PulteGroup, Inc. 106,541 2,291,697 PVH Corp. 28,716 2,693,848 # Ralph Lauren Corp. 20,524 1,814,937 Ross Stores, Inc. 142,703 9,434,095 Royal Caribbean Cruises, Ltd. 60,339 5,649,541 # Scripps Networks Interactive, Inc. Class A 34,176 2,602,844 # Signet Jewelers, Ltd. 25,460 1,977,478 Staples, Inc. 234,920 2,161,264 Starbucks Corp. 525,676 29,027,829 Target Corp. 203,458 13,118,972 TEGNA, Inc. 78,487 1,798,137 # Tiffany & Co. 38,237 3,010,017 Time Warner, Inc. 278,524 26,975,049 TJX Cos., Inc. (The) 235,733 17,661,116 Tractor Supply Co. 47,400 3,491,958 #* TripAdvisor, Inc. 41,366 2,188,261 Twenty-First Century Fox, Inc. Class A 382,324 11,997,327 Twenty-First Century Fox, Inc. Class B 174,953 5,425,293 * Ulta Salon Cosmetics & Fragrance, Inc. 21,008 5,720,058 #* Under Armour, Inc. Class A 66,594 1,431,105 * Under Armour, Inc. Class C 67,224 1,292,045 #* Urban Outfitters, Inc. 30,669 813,955 # VF Corp. 119,974 6,176,262 Viacom, Inc. Class B 124,931 5,264,592 Walt Disney Co. (The) 528,834 58,515,482 Whirlpool Corp. 27,163 4,750,537 Wyndham Worldwide Corp. 39,154 3,095,515 # Wynn Resorts, Ltd. 28,485 2,889,234 Yum! Brands, Inc. 125,228 8,206,191 ------------ Total Consumer Discretionary 872,539,865 ------------ Consumer Staples -- (8.9%) Altria Group, Inc. 704,418 50,140,473 Archer-Daniels-Midland Co. 207,284 9,174,390 # Brown-Forman Corp. Class B 65,052 2,966,371 # Campbell Soup Co. 70,430 4,382,859 # Church & Dwight Co., Inc. 93,205 4,214,730 Clorox Co. (The) 46,296 5,555,520 Coca-Cola Co. (The) 1,402,017 58,281,847 Colgate-Palmolive Co. 321,127 20,738,382 Conagra Brands, Inc. 150,777 5,893,873 Constellation Brands, Inc. Class A 63,910 9,571,162 Costco Wholesale Corp. 157,886 25,885,410 # Coty, Inc. Class A 167,969 3,225,005 # CVS Health Corp. 385,187 30,356,587 Dr Pepper Snapple Group, Inc. 66,114 6,029,597 Estee Lauder Cos., Inc. (The) Class A 79,911 6,489,572
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ ---------- ------------ Consumer Staples -- (Continued) General Mills, Inc. 213,035 $ 13,310,427 Hershey Co. (The) 50,298 5,304,930 # Hormel Foods Corp. 98,762 3,585,061 JM Smucker Co. (The) 42,398 5,759,768 Kellogg Co. 91,011 6,617,410 Kimberly-Clark Corp. 129,658 15,705,474 Kraft Heinz Co. (The) 215,631 19,253,692 Kroger Co. (The) 342,404 11,628,040 # McCormick & Co., Inc. Non-Voting 41,808 3,994,754 Mead Johnson Nutrition Co. 66,376 4,676,853 Molson Coors Brewing Co. Class B 66,485 6,417,132 Mondelez International, Inc. Class A 557,826 24,700,535 * Monster Beverage Corp. 146,403 6,236,768 PepsiCo, Inc. 518,012 53,759,285 Philip Morris International, Inc. 560,332 53,864,715 Procter & Gamble Co. (The) 966,542 84,669,079 Reynolds American, Inc. 299,116 17,985,845 Sysco Corp. 182,115 9,553,753 Tyson Foods, Inc. Class A 105,388 6,617,312 Wal-Mart Stores, Inc. 543,902 36,300,019 Walgreens Boots Alliance, Inc. 309,104 25,327,982 # Whole Foods Market, Inc. 116,115 3,508,995 ------------ Total Consumer Staples 661,683,607 ------------ Energy -- (6.9%) Anadarko Petroleum Corp. 202,461 14,077,113 Apache Corp. 137,125 8,202,818 Baker Hughes, Inc. 152,283 9,606,012 Cabot Oil & Gas Corp. 169,067 3,631,559 #* Chesapeake Energy Corp. 271,826 1,753,278 Chevron Corp. 681,843 75,923,218 Cimarex Energy Co. 34,214 4,626,075 #* Concho Resources, Inc. 52,843 7,368,428 ConocoPhillips 447,560 21,823,026 Devon Energy Corp. 189,087 8,611,022 EOG Resources, Inc. 208,249 21,153,933 # EQT Corp. 62,466 3,787,314 Exxon Mobil Corp. 1,497,743 125,645,660 Halliburton Co. 312,683 17,688,477 # Helmerich & Payne, Inc. 38,525 2,741,439 # Hess Corp. 96,512 5,229,020 Kinder Morgan, Inc. 694,825 15,522,391 Marathon Oil Corp. 304,546 5,101,146 Marathon Petroleum Corp. 190,572 9,156,985 # Murphy Oil Corp. 59,112 1,708,928 # National Oilwell Varco, Inc. 135,763 5,133,199 * Newfield Exploration Co. 70,779 2,836,822 Noble Energy, Inc. 155,812 6,195,085 Occidental Petroleum Corp. 276,244 18,721,056 # ONEOK, Inc. 76,158 4,197,067 Phillips 66 159,399 13,010,146 Pioneer Natural Resources Co. 61,292 11,046,657 # Range Resources Corp. 67,645 2,187,639
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ ---------- ------------ Energy -- (Continued) Schlumberger, Ltd. 502,526 $ 42,066,451 * Southwestern Energy Co. 179,755 1,619,593 Spectra Energy Corp. 253,902 10,575,018 #* TechnipFMC P.L.C. 169,791 5,708,373 Tesoro Corp. 42,239 3,415,023 #* Transocean, Ltd. 141,891 1,982,217 Valero Energy Corp. 163,657 10,762,084 Williams Cos., Inc. (The) 294,672 8,498,341 ------------ Total Energy 511,312,613 ------------ Financials -- (13.9%) * Affiliated Managers Group, Inc. 19,975 3,043,391 Aflac, Inc. 147,059 10,292,659 Allstate Corp. (The) 132,425 9,959,684 American Express Co. 277,779 21,216,760 American International Group, Inc. 352,441 22,647,859 Ameriprise Financial, Inc. 57,374 6,441,379 Aon P.L.C. 95,213 10,730,505 Arthur J Gallagher & Co. 64,858 3,491,306 Assurant, Inc. 20,609 2,001,752 Bank of America Corp. 3,649,841 82,632,400 Bank of New York Mellon Corp. (The) 382,382 17,103,947 BB&T Corp. 292,112 13,492,653 * Berkshire Hathaway, Inc. Class B 685,851 112,575,583 BlackRock, Inc. 43,978 16,446,892 Capital One Financial Corp. 174,598 15,258,119 Charles Schwab Corp. (The) 436,299 17,992,971 Chubb, Ltd. 168,104 22,103,995 Cincinnati Financial Corp. 54,358 3,836,588 Citigroup, Inc. 1,029,294 57,465,484 Citizens Financial Group, Inc. 185,330 6,703,386 CME Group, Inc. 122,952 14,887,028 Comerica, Inc. 61,457 4,150,191 Discover Financial Services 142,899 9,900,043 * E*TRADE Financial Corp. 100,010 3,745,375 Fifth Third Bancorp 272,240 7,105,464 Franklin Resources, Inc. 126,416 5,023,772 Goldman Sachs Group, Inc. (The) 133,573 30,630,960 Hartford Financial Services Group, Inc. (The) 136,976 6,672,101 Huntington Bancshares, Inc. 389,531 5,270,354 Intercontinental Exchange, Inc. 214,806 12,536,078 Invesco, Ltd. 147,537 4,266,770 JPMorgan Chase & Co. 1,292,433 109,378,605 KeyCorp 390,578 7,018,687 Leucadia National Corp. 115,981 2,766,147 Lincoln National Corp. 81,865 5,526,706 Loews Corp. 99,634 4,640,952 # M&T Bank Corp. 56,103 9,120,665 Marsh & McLennan Cos., Inc. 185,849 12,641,449 MetLife, Inc. 397,127 21,607,680 Moody's Corp. 59,659 6,184,849 Morgan Stanley 520,955 22,135,378 Nasdaq, Inc. 40,788 2,877,186
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ ---------- -------------- Financials -- (Continued) Navient Corp. 109,220 $ 1,642,669 Northern Trust Corp. 76,941 6,383,025 # People's United Financial, Inc. 112,293 2,105,494 PNC Financial Services Group, Inc. (The) 175,829 21,180,361 # Principal Financial Group, Inc. 97,413 5,561,308 Progressive Corp. (The) 209,225 7,833,384 Prudential Financial, Inc. 155,595 16,354,590 Regions Financial Corp. 447,038 6,441,818 S&P Global, Inc. 93,790 11,271,682 State Street Corp. 130,391 9,935,794 SunTrust Banks, Inc. 176,495 10,028,446 Synchrony Financial 282,003 10,101,348 T Rowe Price Group, Inc. 88,286 5,954,008 Torchmark Corp. 39,680 2,918,067 Travelers Cos., Inc. (The) 102,464 12,068,210 U.S. Bancorp. 577,071 30,382,788 Unum Group 83,155 3,777,732 Wells Fargo & Co. 1,632,604 91,964,583 # Willis Towers Watson P.L.C. 46,352 5,800,026 XL Group, Ltd. 97,472 3,662,023 # Zions Bancorporation 72,942 3,077,423 -------------- Total Financials 1,031,968,532 -------------- Health Care -- (13.0%) Abbott Laboratories 621,648 25,966,237 AbbVie, Inc. 586,969 35,869,676 Aetna, Inc. 127,014 15,065,130 Agilent Technologies, Inc. 116,382 5,699,226 * Alexion Pharmaceuticals, Inc. 80,642 10,538,297 #* Allergan P.L.C. 135,475 29,654,123 AmerisourceBergen Corp. 60,758 5,302,958 Amgen, Inc. 268,697 42,099,446 Anthem, Inc. 94,969 14,638,522 Baxter International, Inc. 177,300 8,494,443 Becton Dickinson and Co. 76,487 13,560,380 * Biogen, Inc. 78,596 21,789,955 * Boston Scientific Corp. 491,780 11,832,227 Bristol-Myers Squibb Co. 603,631 29,674,500 Cardinal Health, Inc. 115,363 8,647,610 * Celgene Corp. 279,995 32,521,419 * Centene Corp. 62,151 3,932,294 #* Cerner Corp. 109,476 5,879,956 Cigna Corp. 92,468 13,520,671 # Cooper Cos., Inc. (The) 17,360 3,204,830 CR Bard, Inc. 26,635 6,321,285 Danaher Corp. 220,129 18,473,226 * DaVita, Inc. 57,058 3,637,447 DENTSPLY SIRONA, Inc. 83,674 4,744,316 * Edwards Lifesciences Corp. 77,603 7,468,513 Eli Lilly & Co. 350,887 27,028,826 #* Endo International P.L.C. 68,303 836,029 * Envision Healthcare Corp. 42,542 2,892,856 * Express Scripts Holding Co. 223,110 15,367,817
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ ---------- ------------ Health Care -- (Continued) Gilead Sciences, Inc. 475,852 $ 34,475,477 * HCA Holdings, Inc. 105,574 8,475,481 #* Henry Schein, Inc. 28,840 4,610,362 * Hologic, Inc. 100,670 4,080,155 Humana, Inc. 53,918 10,702,723 * IDEXX Laboratories, Inc. 32,242 3,944,164 #* Illumina, Inc. 53,332 8,538,453 #* Intuitive Surgical, Inc. 13,935 9,652,635 Johnson & Johnson 982,629 111,282,734 * Laboratory Corp. of America Holdings 37,570 5,042,270 * Mallinckrodt P.L.C. 39,046 1,902,712 McKesson Corp. 81,977 11,407,099 Medtronic P.L.C. 495,931 37,700,675 Merck & Co., Inc. 995,850 61,732,741 * Mettler-Toledo International, Inc. 9,366 3,995,817 * Mylan NV 166,601 6,339,168 # Patterson Cos., Inc. 31,251 1,300,354 # PerkinElmer, Inc. 39,589 2,105,739 # Perrigo Co. P.L.C. 51,727 3,939,011 Pfizer, Inc. 2,191,828 69,546,702 Quest Diagnostics, Inc. 50,112 4,606,295 * Regeneron Pharmaceuticals, Inc. 27,403 9,845,624 Stryker Corp. 112,139 13,852,531 Thermo Fisher Scientific, Inc. 142,745 21,752,910 UnitedHealth Group, Inc. 343,786 55,727,711 Universal Health Services, Inc. Class B 32,727 3,686,042 * Varex Imaging Corp. 13,306 382,559 #* Varian Medical Systems, Inc. 33,266 2,583,105 * Vertex Pharmaceuticals, Inc. 89,196 7,659,260 * Waters Corp. 29,192 4,135,047 Zimmer Biomet Holdings, Inc. 72,658 8,597,621 Zoetis, Inc. 178,181 9,789,264 ------------ Total Health Care 968,054,656 ------------ Industrials -- (9.7%) 3M Co. 217,243 37,978,421 # Acuity Brands, Inc. 15,940 3,303,246 Alaska Air Group, Inc. 44,697 4,193,473 Allegion P.L.C. 34,567 2,270,015 # American Airlines Group, Inc. 186,358 8,246,341 # AMETEK, Inc. 84,084 4,296,692 Arconic, Inc. 160,737 3,663,196 Boeing Co. (The) 207,310 33,878,600 # Caterpillar, Inc. 211,467 20,228,933 # CH Robinson Worldwide, Inc. 50,496 3,840,726 # Cintas Corp. 31,173 3,619,497 CSX Corp. 337,713 15,666,506 Cummins, Inc. 55,664 8,183,165 # Deere & Co. 104,677 11,205,673 Delta Air Lines, Inc. 265,189 12,527,528 Dover Corp. 56,148 4,365,507 Dun & Bradstreet Corp. (The) 13,327 1,634,157 Eaton Corp. P.L.C. 163,165 11,548,819
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ ---------- ----------- Industrials -- (Continued) Emerson Electric Co. 231,520 $13,580,963 Equifax, Inc. 43,571 5,110,007 # Expeditors International of Washington, Inc. 64,321 3,349,838 # Fastenal Co. 103,911 5,162,298 FedEx Corp. 88,462 16,729,049 # Flowserve Corp. 47,060 2,313,470 # Fluor Corp. 49,804 2,764,122 Fortive Corp. 109,190 6,039,299 Fortune Brands Home & Security, Inc. 54,852 3,023,991 General Dynamics Corp. 103,507 18,743,048 General Electric Co. 3,195,226 94,898,212 Honeywell International, Inc. 275,272 32,570,183 Illinois Tool Works, Inc. 114,502 14,564,654 Ingersoll-Rand P.L.C. 92,940 7,374,789 * Jacobs Engineering Group, Inc. 43,600 2,552,780 # JB Hunt Transport Services, Inc. 31,305 3,101,699 Johnson Controls International P.L.C. 339,213 14,918,588 Kansas City Southern 38,329 3,292,844 L3 Technologies, Inc. 27,917 4,430,149 Lockheed Martin Corp. 91,005 22,872,287 Masco Corp. 119,935 3,951,858 Nielsen Holdings P.L.C. 120,314 4,922,046 Norfolk Southern Corp. 105,354 12,374,881 Northrop Grumman Corp. 63,823 14,620,573 # PACCAR, Inc. 127,355 8,572,265 Parker-Hannifin Corp. 48,361 7,115,354 # Pentair P.L.C. 60,981 3,575,316 # Pitney Bowes, Inc. 70,103 1,116,040 * Quanta Services, Inc. 54,945 1,971,976 Raytheon Co. 106,288 15,322,478 Republic Services, Inc. 83,969 4,818,141 Robert Half International, Inc. 47,022 2,212,855 Rockwell Automation, Inc. 46,082 6,819,675 # Rockwell Collins, Inc. 46,971 4,263,088 # Roper Technologies, Inc. 36,562 7,014,420 # Ryder System, Inc. 19,784 1,535,238 Snap-on, Inc. 21,190 3,846,621 Southwest Airlines Co. 222,328 11,629,978 Stanley Black & Decker, Inc. 54,376 6,742,624 #* Stericycle, Inc. 30,588 2,359,558 Textron, Inc. 97,083 4,598,822 # TransDigm Group, Inc. 18,010 3,897,364 Union Pacific Corp. 297,661 31,724,709 * United Continental Holdings, Inc. 104,136 7,338,464 United Parcel Service, Inc. Class B 248,990 27,172,279 * United Rentals, Inc. 30,622 3,873,989 United Technologies Corp. 276,587 30,333,296 #* Verisk Analytics, Inc. 56,555 4,673,705 Waste Management, Inc. 146,232 10,163,124 # WW Grainger, Inc. 19,597 4,949,614
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ ---------- ------------ Industrials -- (Continued) Xylem, Inc. 65,799 $ 3,244,549 ------------ Total Industrials 724,797,665 ------------ Information Technology -- (20.3%) Accenture P.L.C. Class A 224,049 25,512,460 Activision Blizzard, Inc. 245,885 9,887,036 * Adobe Systems, Inc. 179,733 20,378,128 * Akamai Technologies, Inc. 63,111 4,328,784 # Alliance Data Systems Corp. 21,074 4,812,880 * Alphabet, Inc. Class A 106,944 87,714,399 * Alphabet, Inc. Class C 107,193 85,410,310 Amphenol Corp. Class A 110,932 7,486,801 Analog Devices, Inc. 111,620 8,364,803 Apple, Inc. 1,925,977 233,717,309 Applied Materials, Inc. 389,539 13,341,711 #* Autodesk, Inc. 71,247 5,795,231 Automatic Data Processing, Inc. 163,217 16,483,285 Broadcom, Ltd. 143,512 28,630,644 CA, Inc. 114,426 3,578,101 Cisco Systems, Inc. 1,813,086 55,698,002 * Citrix Systems, Inc. 55,918 5,099,162 * Cognizant Technology Solutions Corp. Class A 218,692 11,501,012 Corning, Inc. 343,762 9,106,255 CSRA, Inc. 53,280 1,652,746 * eBay, Inc. 375,307 11,946,022 * Electronic Arts, Inc. 108,621 9,062,250 * F5 Networks, Inc. 23,510 3,151,045 * Facebook, Inc. Class A 845,482 110,183,214 Fidelity National Information Services, Inc. 118,166 9,384,744 #* First Solar, Inc. 29,396 916,861 * Fiserv, Inc. 78,549 8,438,519 FLIR Systems, Inc. 49,994 1,766,288 Global Payments, Inc. 55,605 4,297,154 Harris Corp. 44,738 4,595,040 Hewlett Packard Enterprise Co. 599,688 13,600,924 HP, Inc. 616,136 9,272,847 Intel Corp. 1,711,679 63,024,021 # International Business Machines Corp. 312,530 54,542,736 Intuit, Inc. 88,211 10,460,060 Juniper Networks, Inc. 135,578 3,630,779 KLA-Tencor Corp. 56,241 4,786,672 # Lam Research Corp. 59,111 6,789,489 Linear Technology Corp. 87,457 5,521,160 Mastercard, Inc. Class A 343,799 36,556,148 # Microchip Technology, Inc. 77,305 5,206,492 * Micron Technology, Inc. 372,899 8,990,595 Microsoft Corp. 2,808,378 181,561,638 Motorola Solutions, Inc. 59,942 4,837,919 NetApp, Inc. 98,789 3,785,595 NVIDIA Corp. 194,819 21,270,338 Oracle Corp. 1,082,509 43,419,436 # Paychex, Inc. 115,804 6,981,823 * PayPal Holdings, Inc. 405,971 16,149,526
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ -------- -------------- Information Technology -- (Continued) #* Qorvo, Inc. 45,862 $ 2,944,799 QUALCOMM, Inc. 533,437 28,501,539 * Red Hat, Inc. 65,064 4,937,056 * salesforce.com, Inc. 230,889 18,263,320 # Seagate Technology P.L.C. 105,477 4,762,287 # Skyworks Solutions, Inc. 67,191 6,164,102 Symantec Corp. 224,205 6,176,848 TE Connectivity, Ltd. 128,444 9,549,811 #* Teradata Corp. 48,439 1,422,169 Texas Instruments, Inc. 361,004 27,270,242 Total System Services, Inc. 59,045 2,992,401 #* VeriSign, Inc. 33,235 2,665,779 # Visa, Inc. Class A 674,551 55,792,113 Western Digital Corp. 102,677 8,186,437 # Western Union Co. (The) 177,113 3,467,873 Xerox Corp. 304,310 2,108,868 # Xilinx, Inc. 90,971 5,294,512 * Yahoo!, Inc. 316,502 13,948,243 -------------- Total Information Technology 1,507,076,793 -------------- Materials -- (2.8%) Air Products & Chemicals, Inc. 78,509 10,972,418 Albemarle Corp. 40,941 3,792,774 Avery Dennison Corp. 32,048 2,340,145 # Ball Corp. 62,607 4,774,410 # CF Industries Holdings, Inc. 83,572 2,949,256 Dow Chemical Co. (The) 405,004 24,150,389 Eastman Chemical Co. 53,590 4,153,225 Ecolab, Inc. 94,761 11,383,639 EI du Pont de Nemours & Co. 313,998 23,706,849 # FMC Corp. 47,814 2,876,490 * Freeport-McMoRan, Inc. 453,924 7,557,835 # International Flavors & Fragrances, Inc. 28,281 3,314,816 International Paper Co. 147,727 8,361,348 LyondellBasell Industries NV Class A 120,909 11,277,182 Martin Marietta Materials, Inc. 22,815 5,238,324 Monsanto Co. 158,428 17,159,337 # Mosaic Co. (The) 127,530 4,000,616 Newmont Mining Corp. 191,515 6,948,164 Nucor Corp. 114,901 6,674,599 PPG Industries, Inc. 94,935 9,494,449 Praxair, Inc. 102,947 12,193,043 Sealed Air Corp. 69,918 3,391,023 Sherwin-Williams Co. (The) 29,147 8,855,150 Vulcan Materials Co. 47,497 6,095,290 WestRock Co. 90,706 4,840,072 -------------- Total Materials 206,500,843 -------------- Real Estate -- (2.7%) American Tower Corp. 154,033 15,942,416 Apartment Investment & Management Co. Class A 56,220 2,477,615 # AvalonBay Communities, Inc. 49,604 8,596,869
U.S. LARGE COMPANY PORTFOLIO CONTINUED
Shares Value+ ---------- ------------ Real Estate -- (Continued) Boston Properties, Inc. 55,378 $ 7,248,980 * CBRE Group, Inc. Class A 109,288 3,317,984 Crown Castle International Corp. 130,290 11,443,371 # Digital Realty Trust, Inc. 57,396 6,177,531 # Equinix, Inc. 25,669 9,882,052 Equity Residential 132,238 8,036,103 # Essex Property Trust, Inc. 23,882 5,356,733 # Extra Space Storage, Inc. 46,087 3,320,568 Federal Realty Investment Trust 25,833 3,627,728 GGP, Inc. 208,985 5,191,187 HCP, Inc. 167,594 5,081,450 # Host Hotels & Resorts, Inc. 267,402 4,831,954 # Iron Mountain, Inc. 87,492 3,132,214 # Kimco Realty Corp. 152,594 3,798,065 Macerich Co. (The) 43,025 2,955,387 # Mid-America Apartment Communities, Inc. 40,747 3,868,928 Prologis, Inc. 190,094 9,286,092 Public Storage 53,808 11,568,720 # Realty Income Corp. 94,125 5,612,674 Simon Property Group, Inc. 113,540 20,865,246 # SL Green Realty Corp. 36,417 3,968,360 UDR, Inc. 97,682 3,413,986 # Ventas, Inc. 127,805 7,881,734 Vornado Realty Trust 62,247 6,617,479 Welltower, Inc. 130,519 8,653,410 Weyerhaeuser Co. 271,134 8,494,628 ------------ Total Real Estate 200,649,464 ------------ Telecommunication Services -- (2.4%) AT&T, Inc. 2,218,067 93,513,705 # CenturyLink, Inc. 196,320 5,076,835 # Frontier Communications Corp. 430,796 1,503,478 * Level 3 Communications, Inc. 105,716 6,285,873 Verizon Communications, Inc. 1,472,439 72,164,236 ------------ Total Telecommunication Services 178,544,127 ------------ Utilities -- (3.0%) AES Corp. 235,535 2,694,520 Alliant Energy Corp. 81,020 3,050,403 Ameren Corp. 87,442 4,603,821 American Electric Power Co., Inc. 177,585 11,376,095 American Water Works Co., Inc. 64,063 4,704,787 CenterPoint Energy, Inc. 156,512 4,102,180 CMS Energy Corp. 101,002 4,302,685 Consolidated Edison, Inc. 110,303 8,201,028 Dominion Resources, Inc. 226,698 17,292,523 DTE Energy Co. 64,896 6,401,341 Duke Energy Corp. 249,041 19,559,680 Edison International 117,844 8,588,471 Entergy Corp. 64,425 4,615,407 # Eversource Energy 114,734 6,347,085 Exelon Corp. 333,096 11,951,485
U.S. Large Company Portfolio CONTINUED
Shares Value+ ----------- -------------- Utilities -- (Continued) FirstEnergy Corp. 152,603 $ 4,626,923 NextEra Energy, Inc. 168,866 20,892,102 NiSource, Inc. 115,538 2,584,585 # NRG Energy, Inc. 116,102 1,920,327 PG&E Corp. 182,722 11,308,665 Pinnacle West Capital Corp. 39,619 3,075,623 PPL Corp. 245,247 8,544,405 Public Service Enterprise Group, Inc. 183,523 8,120,893 SCANA Corp. 52,044 3,575,423 # Sempra Energy 90,024 9,217,557 Southern Co. (The) 354,430 17,519,475 WEC Energy Group, Inc. 113,848 6,722,724 Xcel Energy, Inc. 182,665 7,547,718 -------------- Total Utilities 223,447,931 -------------- TOTAL COMMON STOCKS 7,086,576,096 -------------- TOTAL INVESTMENT SECURITIES 7,086,576,096 -------------- TEMPORARY CASH INVESTMENTS -- (0.4%) State Street Institutional U.S. Government Money Market Fund, 0.420% 27,929,280 27,929,280 -------------- SECURITIES LENDING COLLATERAL -- (4.3%) (S)@ DFA Short Term Investment Fund 27,876,954 322,592,109 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $3,951,390,324)^^ $7,437,097,485 ==============
U.S. LARGE COMPANY PORTFOLIO CONTINUED Summary of the Portfolio's investments as of January 31, 2017, 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 $ 872,539,865 -- -- $ 872,539,865 Consumer Staples 661,683,607 -- -- 661,683,607 Energy 511,312,613 -- -- 511,312,613 Financials 1,031,968,532 -- -- 1,031,968,532 Health Care 968,054,656 -- -- 968,054,656 Industrials 724,797,665 -- -- 724,797,665 Information Technology 1,507,076,793 -- -- 1,507,076,793 Materials 206,500,843 -- -- 206,500,843 Real Estate 200,649,464 -- -- 200,649,464 Telecommunication Services 178,544,127 -- -- 178,544,127 Utilities 223,447,931 -- -- 223,447,931 Temporary Cash Investments 27,929,280 -- -- 27,929,280 Securities Lending Collateral -- $ 322,592,109 -- 322,592,109 Futures Contracts** 15,345 -- -- 15,345 -------------- -------------- ------------- -------------- TOTAL $7,114,520,721 $ 322,592,109 -- $7,437,112,830 ============== ============== ============= ==============
** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. U.S. Large Cap Value Portfolio II SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ ------------ AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The U.S. Large Cap Value Series of The DFA Investment Trust Company $172,238,956 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $99,781,362)^^ $172,238,956 ============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). U.S. LARGE CAP VALUE PORTFOLIO III SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ -------------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The U.S. Large Cap Value Series of The DFA Investment Trust Company $3,343,861,898 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $2,046,351,343)^^ $3,343,861,898 ==============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). LWAS/DFA U.S. HIGH BOOK TO MARKET PORTFOLIO SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ ------------ AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The U.S. Large Cap Value Series of The DFA Investment Trust Company $ 57,563,594 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $23,627,084)^^ $ 57,563,594 ============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). DFA INTERNATIONAL VALUE PORTFOLIO SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ -------------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The DFA International Value Series of The DFA Investment Trust Company $7,979,606,429 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $7,413,427,478)^^ $7,979,606,429 ==============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). DFA International Value Portfolio II SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ ------------ AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The DFA International Value Series of The DFA Investment Trust Company $ 12,438,794 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $12,790,171)^^ $ 12,438,794 ============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). DFA INTERNATIONAL VALUE PORTFOLIO III SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ -------------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The DFA International Value Series of The DFA Investment Trust Company $2,231,780,929 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $2,068,005,210)^^ $2,231,780,929 ==============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). DFA INTERNATIONAL VALUE PORTFOLIO IV SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ ------------ AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The DFA International Value Series of The DFA Investment Trust Company $201,398,714 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $181,225,004)^^ $201,398,714 ============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). TAX-MANAGED U.S. MARKETWIDE VALUE PORTFOLIO II SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ -------------- AFFILIATED INVESTMENT COMPANY -- (100.0%) Investment in The Tax-Managed U.S. Marketwide Value Series of The DFA Investment Trust Company $1,652,031,075 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $875,766,145)^^ $1,652,031,075 ==============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). EMERGING MARKETS PORTFOLIO II SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Value+ ------------ Affiliated Investment Company -- (100.0%) Investment in The Emerging Markets Series of The DFA Investment Trust Company $ 84,136,381 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANY (Cost $16,501,200)^^ $ 84,136,381 ============
Summary of the Portfolio's Master Fund's investments as of January 31, 2017, based on their valuation inputs, is located within this report (See Security Valuation Note). LWAS/DFA TWO-YEAR FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Face Amount (000) Value+ -------- ---------- AGENCY OBLIGATIONS -- (4.3%) Federal Home Loan Bank 1.750%, 12/14/18 $ 700 $ 706,081 Federal National Mortgage Association 1.125%, 10/19/18 750 749,417 1.125%, 12/14/18 2,000 1,996,294 TOTAL AGENCY OBLIGATIONS 3,451,792 BONDS -- (92.4%) African Development Bank 1.625%, 10/02/18 700 702,515 1.000%, 11/02/18 1,200 1,191,456 ANZ New Zealand International Ltd. 1.400%, 04/27/17 1,800 1,801,278 Apple, Inc. 1.000%, 05/03/18 900 897,004 Bank Nederlandse Gemeenten NV ## 1.000%, 02/12/18 1,000 996,708 1.375%, 03/19/18 500 500,142 ## 1.125%, 05/25/18 500 498,256 Bank of Montreal 1.400%, 09/11/17 1,100 1,101,385 1.400%, 04/10/18 1,000 998,041 1.350%, 08/28/18 236 234,607 Bank of Nova Scotia (The) # 2.050%, 10/30/18 1,500 1,508,637 Berkshire Hathaway Finance Corp 1.450%, 03/07/18 1,250 1,251,477 Caisse des Depots et Consignations 1.500%, 11/13/18 1,400 1,397,060 Chevron Corp. 1.790%, 11/16/18 1,500 1,506,172 Cisco Systems, Inc. 1.400%, 02/28/18 2,181 2,184,367 Coca-Cola Co. (The) 1.150%, 04/01/18 700 698,886 Commonwealth Bank of Australia 1.900%, 09/18/17 1,000 1,003,966 2.500%, 09/20/18 750 758,574 1.750%, 11/02/18 625 625,316 Cooperatieve Rabobank UA 1.700%, 03/19/18 704 704,041 Council Of Europe Development Bank 1.000%, 03/07/18 500 498,537 Development Bank of Japan, Inc. 1.500%, 03/13/17 500 499,947 Dexia Credit Local SA 2.250%, 01/30/19 600 602,453 European Bank for Reconstruction & Development 1.625%, 11/15/18 2,350 2,358,380 European Investment Bank 1.000%, 03/15/18 500 498,530 1.125%, 08/15/18 1,250 1,245,287 1.625%, 12/18/18 500 501,501 Export Development Canada 1.500%, 10/03/18 750 751,685 Exxon Mobil Corp. 1.439%, 03/01/18 1,900 1,903,080 1.305%, 03/06/18 465 465,143 FMS Wertmanagement AoeR 1.625%, 11/20/18 600 601,916 General Electric Co. 5.625%, 05/01/18 1,000 1,050,882 Inter-American Development Bank 0.875%, 03/15/18 500 497,936 Japan Finance Organization for Municipalities 1.500%, 09/12/17 1,609 1,607,483 Kommunalbanken A.S. 1.000%, 03/15/18 500 498,135 1.125%, 05/23/18 1,000 996,517 Kommuninvest I Sverige AB 1.000%, 01/29/18 1,500 1,495,485 1.125%, 10/09/18 500 497,395 Kreditanstalt fuer Wiederaufbau 4.375%, 03/15/18 750 775,792 1.000%, 09/07/18 500 497,055 1.125%, 11/16/18 950 945,165 Landeskreditbank Baden-Wuerttemberg Foerderbank 1.000%, 04/23/18 1,530 1,523,452 Microsoft Corp. 1.300%, 11/03/18 1,875 1,872,276 Municipality Finance P.L.C. 1.125%, 04/17/18 500 498,603 ## 1.250%, 09/10/18 1,000 996,603 1.250%, 09/10/18 500 498,302 National Australia Bank, Ltd. 2.300%, 07/25/18 400 402,948 Nederlandse Waterschapsbank NV ## 1.500%, 04/16/18 700 700,958 0.875%, 07/13/18 500 496,007 ## 1.500%, 01/23/19 400 399,232 Nordic Investment Bank 1.125%, 03/19/18 500 499,315 0.875%, 09/27/18 1,000 992,175 NRW Bank 1.375%, 08/20/18 1,200 1,197,914 Ontario, Province of Canada 2.000%, 09/27/18 1,800 1,813,685
LWAS/DFA TWO-YEAR FIXED INCOME PORTFOLIO CONTINUED
Face Amount (000) Value+ -------- ------------ Pfizer, Inc. 1.200%, 06/01/18 $ 2,322 $ 2,318,436 Royal Bank of Canada # 1.400%, 10/13/17 300 299,952 # 1.500%, 01/16/18 1,331 1,332,020 1.500%, 06/07/18 850 848,755 Sanofi 1.250%, 04/10/18 1,500 1,500,424 Shell International Finance BV 1.625%, 11/10/18 1,500 1,500,018 State of North Rhine-Westphalia 1.250%, 02/20/18 800 798,609 Statoil ASA 3.125%, 08/17/17 500 505,202 1.250%, 11/09/17 1,000 999,112 1.150%, 05/15/18 800 795,198 Svensk Exportkredit AB 1.125%, 04/05/18 2,300 2,293,601 Svenska Handelsbanken AB 2.500%, 01/25/19 750 758,924 Toronto-Dominion Bank (The) 1.400%, 04/30/18 979 977,669 2.625%, 09/10/18 1,250 1,267,480 Total Capital SA 2.125%, 08/10/18 1,950 1,967,770 Toyota Motor Credit Corp. 1.200%, 04/06/18 1,500 1,495,153 1.550%, 07/13/18 750 750,260 Westpac Banking Corp. 2.000%, 08/14/17 1,026 1,029,931 1.500%, 12/01/17 500 500,337 2.250%, 01/17/19 638 641,715 ------------ TOTAL BONDS 73,820,228 ------------ U.S. TREASURY OBLIGATIONS -- (1.9%) U.S. Treasury Notes # 1.375%, 12/31/18 500 501,719 1.125%, 01/15/19 1,000 998,477 ------------ TOTAL U.S. TREASURY OBLIGATIONS 1,500,196 ------------ TOTAL INVESTMENT SECURITIES 78,772,216 ------------ Shares -------- TEMPORARY CASH INVESTMENTS -- (0.3%) State Street Institutional U.S. Government Money Market Fund, 0.420% 213,428 213,428 ------------ SECURITIES LENDING COLLATERAL -- (1.1%) (S)@ DFA Short Term Investment Fund 75,257 $ 870,869 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $80,020,903)^^ $ 79,856,513 ============
LWAS/DFA TWO-YEAR FIXED INCOME PORTFOLIO CONTINUED Summary of the Portfolio's investments as of January 31, 2017, based on their valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value) ----------------------------------------------- Level 1 Level 2 Level 3 Total ----------- ----------- ----------- ----------- Agency Obligations -- $ 3,451,792 -- $ 3,451,792 Bonds -- 73,820,228 -- 73,820,228 U.S. Treasury Obligations -- 1,500,196 -- 1,500,196 Temporary Cash Investments $ 213,428 -- -- 213,428 Securities Lending Collateral -- 870,869 -- 870,869 ----------- ----------- ----------- ----------- TOTAL $ 213,428 $79,643,085 -- $79,856,513 =========== =========== =========== ===========
LWAS/DFA TWO-YEAR GOVERNMENT PORTFOLIO SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Face Amount (000) Value+ -------- ------------ U.S. TREASURY OBLIGATIONS -- (99.4%) U.S. Treasury Notes 2.875%, 03/31/18 $ 5,000 $ 5,110,545 0.750%, 04/30/18 4,000 3,989,688 0.750%, 08/31/18 7,500 7,461,330 0.875%, 10/15/18 5,000 4,979,490 1.250%, 10/31/18 11,000 11,018,480 1.250%, 11/15/18 26,400 26,440,207 1.250%, 11/30/18 10,000 10,014,060 1.250%, 12/15/18 15,000 15,016,995 1.375%, 12/31/18 19,200 19,266,010 1.125%, 01/15/19 6,500 6,490,100 ------------ TOTAL U.S. TREASURY OBLIGATIONS 109,786,905 ------------ TOTAL INVESTMENT SECURITIES 109,786,905 ------------ Shares -------- TEMPORARY CASH INVESTMENTS -- (0.6%) State Street Institutional U.S. Government Money Market Fund, 0.420% 630,531 630,531 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $110,544,996)^^ $110,417,436 ============
LWAS/DFA TWO-YEAR GOVERNMENT PORTFOLIO CONTINUED Summary of the Portfolio's investments as of January 31, 2017, based on their valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value) --------------------------------------------------------- Level 1 Level 2 Level 3 Total --------------- -------------- ------------- ------------ U.S. Treasury Obligations -- $ 109,786,905 -- $109,786,905 Temporary Cash Investments $ 630,531 -- -- 630,531 --------------- -------------- ------------- ------------ TOTAL $ 630,531 $ 109,786,905 -- $110,417,436 =============== ============== ============= ============
GLOBAL EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Shares Value+ ------------- -------------- AFFILIATED INVESTMENT COMPANIES -- (99.9%) Investment in U.S. Core Equity 2 Portfolio of DFA Investment Dimensions Group Inc. 141,379,451 $2,670,657,831 Investment in International Core Equity Portfolio of DFA Investment Dimensions Group Inc. 103,867,054 1,259,907,371 Investment in U.S. Core Equity 1 Portfolio of DFA Investment Dimensions Group Inc. 45,400,146 890,296,860 Investment in Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. 20,833,602 383,754,940 Investment in DFA Real Estate Securities Portfolio of DFA Investment Dimensions Group Inc. 3,786,137 130,470,275 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $3,849,263,739) 5,335,087,277 -------------- TEMPORARY CASH INVESTMENTS -- (0.1%) State Street Institutional U.S. Government Money Market Fund, 0.420% (Cost $3,021,267) 3,021,267 3,021,267 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $3,852,285,006)^^ $5,338,108,544 ==============
GLOBAL EQUITY PORTFOLIO CONTINUED Summary of the Global Fund's investments as of January 31, 2017, 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 $ 5,335,087,277 -- -- $5,335,087,277 Temporary Cash Investments 3,021,267 -- -- 3,021,267 ----------------- ------------- ------------- -------------- TOTAL $ 5,338,108,544 -- -- $5,338,108,544 ================= ============= ============= ==============
GLOBAL ALLOCATION 60/40 PORTFOLIO SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Shares Value+ ---------- -------------- AFFILIATED INVESTMENT COMPANIES -- (99.8%) Investment in U.S. Core Equity 2 Portfolio of DFA Investment Dimensions Group Inc. 53,521,451 $1,011,020,212 Investment in DFA Selectively Hedged Global Fixed Income Portfolio of DFA Investment Dimensions Group Inc. 53,020,485 505,815,423 Investment in International Core Equity Portfolio of DFA Investment Dimensions Group Inc. 39,237,744 475,953,834 Investment in U.S. Core Equity 1 Portfolio of DFA Investment Dimensions Group Inc. 17,184,630 336,990,590 Investment in DFA Short-Term Extended Quality Portfolio of DFA Investment Dimensions Group Inc. 31,226,381 336,620,392 Investment in DFA Intermediate-Term Extended Quality Portfolio of DFA Investment Dimensions Group Inc. 15,942,776 168,515,139 Investment in DFA Five-Year Global Fixed Income Portfolio of DFA Investment Dimensions Group Inc. 15,415,431 168,028,193 Investment in Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. 7,826,574 144,165,493 Investment in DFA Inflation-Protected Securities Portfolio of DFA Investment Dimensions Group Inc. 7,114,908 84,027,058 Investment in DFA World ex U.S. Government Fixed Income Portfolio of DFA Investment Dimensions Group Inc. 8,535,036 83,984,754 Investment in DFA Real Estate Securities Portfolio of DFA Investment Dimensions Group Inc. 1,406,672 48,473,922 -------------- TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $2,823,753,818) 3,363,595,010 -------------- TEMPORARY CASH INVESTMENTS -- (0.2%) State Street Institutional U.S. Government Money Market Fund, 0.420% (Cost $5,844,144) 5,844,144 5,844,144 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $2,829,597,962)^^ $3,369,439,154 ==============
GLOBAL ALLOCATION 60/40 PORTFOLIO CONTINUED Summary of the Global Fund's investments as of January 31, 2017, 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 $3,363,595,010 -- -- $3,363,595,010 Temporary Cash Investments 5,844,144 -- -- 5,844,144 -------------- ----------- ----------- -------------- TOTAL $3,369,439,154 -- -- $3,369,439,154 ============== =========== =========== ==============
GLOBAL ALLOCATION 25/75 PORTFOLIO SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Shares Value+ ---------- ------------ AFFILIATED INVESTMENT COMPANIES -- (99.8%) Investment in DFA Short-Term Extended Quality Portfolio of DFA Investment Dimensions Group Inc. 21,326,855 $229,903,493 Investment in DFA Two-Year Global Fixed Income Portfolio of DFA Investment Dimensions Group Inc. 23,105,872 229,903,427 Investment in U.S. Core Equity 2 Portfolio of DFA Investment Dimensions Group Inc. 5,063,596 95,651,336 Investment in DFA Inflation-Protected Securities Portfolio of DFA Investment Dimensions Group Inc. 7,155,918 84,511,395 Investment in International Core Equity Portfolio of DFA Investment Dimensions Group Inc. 3,754,847 45,546,290 Investment in U.S. Core Equity 1 Portfolio of DFA Investment Dimensions Group Inc. 1,639,697 32,154,466 Investment in DFA World ex U.S. Government Fixed Income Portfolio of DFA Investment Dimensions Group Inc. 3,121,458 30,715,143 Investment in Emerging Markets Core Equity Portfolio of DFA Investment Dimensions Group Inc. 750,927 13,832,077 Investment in DFA Real Estate Securities Portfolio of DFA Investment Dimensions Group Inc. 135,296 4,662,310 ------------ TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES (Cost $694,501,674) 766,879,937 ------------ TEMPORARY CASH INVESTMENTS -- (0.2%) State Street Institutional U.S. Government Money Market Fund, 0.420% (Cost $1,786,321) 1,786,321 1,786,321 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $696,287,995)^^ $768,666,258 ============
GLOBAL ALLOCATION 25/75 PORTFOLIO CONTINUED Summary of the Global Fund's investments as of January 31, 2017, 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 $ 766,879,937 -- -- $766,879,937 Temporary Cash Investments 1,786,321 -- -- 1,786,321 --------------- ------------- ------------- ------------ TOTAL $ 768,666,258 -- -- $768,666,258 =============== ============= ============= ============
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. At January 31, 2017, the Fund consisted of fifteen portfolios (the "Portfolios"), of which three are "stand-alone funds", nine are "Feeder Funds" in a master-feeder structure, and three are "Fund of Funds". 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 U.S. Large Company Portfolio, including over-the-counter securities, are valued at the last quoted sale price of the day. 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 within the range of the most recent quoted bid and asked prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management 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 of the Fund. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of Dimensional Fund Advisors LP) occur before the net asset value of the Portfolio is calculated. When fair value pricing is used, the prices of securities used by the Portfolio may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy. Futures contracts held by the 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. The Feeder Funds primarily invest in a corresponding series of The DFA Investment Trust Company (each, a "Master Fund"). Each Feeder Fund's investment reflects its proportionate interest in the net assets of the corresponding Master Fund. These valuations are classified as Level 1 in the hierarchy. Shares of investment companies ("Underlying Funds") held by Global Equity Portfolio (except the Global Equity Portfolio's investment in The Canadian Small Company Series), Global Allocation 60/40 Portfolio and Global Allocation 25/75 Portfolio (each a "Global Fund" and collectively, the "Global Funds") 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, as these Underlying Funds are treated as regulated investment companies. The Global Equity Portfolio's investment in The Canadian Small Company Series, which is taxed as a partnership, reflects its proportionate interest in the net assets of the Series. These securities are generally categorized as Level 1 in the hierarchy. Debt securities held by LWAS/DFA Two-Year Fixed Income Portfolio and LWAS/DFA Two-Year Government 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 that 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 of the Fund. These valuations are generally categorized as Level 2 in the hierarchy. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of Dimensional Fund Advisors LP) occur before the net asset value of the Portfolio is calculated. When fair value pricing is used, the prices of securities used by the Portfolios may differ from the quoted or published prices for the same securities on their primary markets or exchanges. 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. Valuation hierarchy tables have 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 period ended January 31, 2017, there were no significant transfers between Level 1 and Level 2 and no significant Level 3 investments held by the Portfolios. FINANCIAL INSTRUMENTS In accordance with the Portfolios' investment objectives and policies, the Portfolios may invest in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below: DERIVATIVE FINANCIAL INSTRUMENTS Summarized below are the specific types of derivative instruments used by the Portfolios: 1. Futures Contracts: The Portfolios may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolios. The Portfolios, however, do not intend to sell futures contracts to establish short positions in individual securities. Upon entering into a futures contract, the Portfolios deposit cash or pledge U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Portfolios as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolios record a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Portfolios could lose more than the initial margin requirements. 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 January 31, 2017, the Portfolios had the following outstanding futures contracts (dollar amounts in thousands):
Unrealized Expiration Number of Contract Gain Cash Description Date Contracts* Value (Loss) Collateral ----------------------- ---------- ---------- -------- ---------- ---------- U.S. Large Company Portfolio S&P 500 Emini Index(R) 03/17/17 301 $34,231 $15 $1,354 ------- --- ------ $34,231 $15 1,354 ======= === ======
FEDERAL TAX COST At January 31, 2017, the total cost of securities for federal income tax purposes was: U.S. Large Company Portfolio $4,130,777,126 U.S. Large Cap Value Portfolio II 99,807,156 U.S. Large Cap Value Portfolio III 2,046,776,384 LWAS/DFA U.S. High Book to Market Portfolio 23,641,770 DFA International Value Portfolio 7,437,543,300 DFA International Value Portfolio II 13,105,251 DFA International Value Portfolio III 2,074,466,828 DFA International Value Portfolio IV 182,063,167 Tax-Managed U.S. Marketwide Value Portfolio II 874,948,451 Emerging Markets Portfolio II 17,041,739 LWAS/DFA Two-Year Fixed Income Portfolio 80,020,903 LWAS/DFA Two-Year Government Portfolio 110,544,997 Global Equity Portfolio 3,991,977,822 Global Allocation 60/40 Portfolio 2,856,921,681 Global Allocation 25/75 Portfolio 703,766,434
OTHER The Portfolios are subject to claims and suits that arise from time to time in the ordinary course of business. 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 and The Tax-Managed U.S. Marketwide Value Series have been named as defendants 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 and The Tax-Managed U.S. Marketwide 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 parties appealed the Court's dismissal order to the Second Circuit, and, on March 29, 2016, the Second Circuit affirmed the dismissal, albeit on the grounds that the individual creditor plaintiffs' claims are preempted by the Bankruptcy Code's safe harbor for securities transactions. The individual creditor plaintiffs petitioned the Second Circuit for rehearing of the appeal, but the Second Circuit denied the petition. The individual creditor plaintiffs then petitioned the Supreme Court to review the Second Circuit's decision, and that petition is pending. On January 6, 2017, the Court dismissed the claims against the shareholder defendants in the Committee Action on the grounds that the Trustee had failed to adequately plead that the Tribune Board approved the LBO with actual intent to hinder, harm, or delay Tribune's creditors, as required to state a claim for intentional fraudulent transfer. The Trustee requested that the Court certify the dismissal order for appeal to the Second Circuit, and the Court entered an Order confirming that the Court will certify the matter for appeal after it rules on the remaining motions to dismiss in the Committee Action (motions that do not involve the shareholder defendants). As to the shareholder defendants, the litigation is essentially stayed pending appeal of the dismissal order. Litigation counsel to The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series in the Lawsuits has advised management that it does not believe that it is possible, at this 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 and The Tax-Managed U.S. Marketwide Value Series arising from the Lawsuits. Until The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series can do so, no reduction of the respective net asset values 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 respective net asset values of The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series at this time. The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series also cannot quantify the cost of the Lawsuits that could potentially be deducted from its net asset value. Therefore, at this time, those investors buying or redeeming shares of The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide 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 and The Tax-Managed U.S. Marketwide 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 and The Tax-Managed U.S. Marketwide Value Series as incurred and in a manner similar to any other expense incurred by The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series. SUBSEQUENT EVENT EVALUATIONS Management has evaluated the impact of all subsequent events on the Portfolios through the date that the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the Schedules of Investments. THE U.S. LARGE CAP VALUE SERIES SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Shares Value+ ---------- -------------- COMMON STOCKS -- (96.4%) Consumer Discretionary -- (12.6%) * Adient P.L.C. 69,537 $ 4,414,904 # Autoliv, Inc. 73,297 8,477,531 #* AutoNation, Inc. 249,907 13,275,060 # Bed Bath & Beyond, Inc. 223,717 9,026,981 # Best Buy Co., Inc. 1,711,779 76,208,401 # BorgWarner, Inc. 876,473 35,786,393 # Cable One, Inc. 7,575 4,790,278 # CalAtlantic Group, Inc. 14,193 494,910 # Carnival Corp. 1,058,454 58,617,182 CBS Corp. Class A 7,236 475,912 * Charter Communications, Inc. Class A 935,831 303,162,452 Comcast Corp. Class A 10,605,890 799,896,224 DR Horton, Inc. 2,345,862 70,164,732 Ford Motor Co. 14,790,794 182,814,214 # Garmin, Ltd. 266,106 12,850,259 General Motors Co. 5,651,212 206,890,871 # Gentex Corp. 533,525 11,145,337 Goodyear Tire & Rubber Co. (The) 1,440,531 46,658,799 Harman International Industries, Inc. 236,368 26,274,667 * Hyatt Hotels Corp. Class A 26,622 1,456,490 # International Game Technology P.L.C. 24,895 657,477 # Kohl's Corp. 1,327,251 52,864,407 Lear Corp. 170,451 24,219,383 Lennar Corp. Class A 963,230 43,008,219 Lennar Corp. Class B 7,512 270,132 * Liberty Broadband Corp. Class A 23,806 1,992,086 * Liberty Broadband Corp. Class C 87,903 7,501,642 #* Liberty Expedia Holdings, Inc. Class A 48,653 2,141,219 #* Liberty Interactive Corp., QVC Group Class A 2,560,996 49,119,903 * Liberty Media Corp.-Liberty Braves Class A 15,711 313,434 * Liberty Media Corp.-Liberty Braves Class C 31,424 627,852 #* Liberty Media Corp.-Liberty Formula One Class A 39,281 1,138,363 #* Liberty Media Corp.-Liberty Formula One Class C 78,562 2,257,872 * Liberty Media Corp.-Liberty SiriusXM Class A 157,126 5,694,246 * Liberty Media Corp.-Liberty SiriusXM Class C 314,252 11,278,504 * Liberty Ventures Series A 59,566 2,600,056 * LKQ Corp. 357,972 11,422,887 # Macy's, Inc. 1,069,332 31,588,067 * Madison Square Garden Co. (The) Class A 7,458 1,310,147 #* MGM Resorts International 2,471,336 71,174,477 * Mohawk Industries, Inc. 459,921 99,269,349 # Newell Brands, Inc. 243,766 11,537,445 News Corp. Class A 291,885 3,587,267 News Corp. Class B 31,823 402,561 #* Norwegian Cruise Line Holdings, Ltd. 163,822 7,699,634 # Penske Automotive Group, Inc. 157,322 8,552,024 PulteGroup, Inc. 2,258,297 48,575,968 PVH Corp. 366,094 34,343,278 # Ralph Lauren Corp. 84,680 7,488,252 # Royal Caribbean Cruises, Ltd. 1,461,968 136,884,064 # Signet Jewelers, Ltd. 35,969 2,793,712
THE U.S. LARGE CAP VALUE SERIES CONTINUED
Shares Value+ --------- ---------------- Consumer Discretionary -- (Continued) Staples, Inc. 2,175,724 $ 20,016,661 # TEGNA, Inc. 584,954 13,401,296 Time Warner, Inc. 3,804,556 368,471,249 #* Toll Brothers, Inc. 338,804 10,624,893 Whirlpool Corp. 360,810 63,102,061 ---------------- Total Consumer Discretionary 3,030,811,684 ---------------- Consumer Staples -- (6.0%) Archer-Daniels-Midland Co. 2,604,355 115,268,752 Bunge, Ltd. 816,176 56,487,541 Constellation Brands, Inc. Class A 187,751 28,117,590 # CVS Health Corp. 3,989,908 314,444,650 #* Edgewell Personal Care Co. 25,746 2,029,815 Ingredion, Inc. 146,985 18,842,007 JM Smucker Co. (The) 703,972 95,634,596 Kraft Heinz Co. (The) 1,014,794 90,610,956 Molson Coors Brewing Co. Class B 473,017 45,655,601 Mondelez International, Inc. Class A 3,943,573 174,621,412 Pinnacle Foods, Inc. 489,872 26,056,292 #* Post Holdings, Inc. 294,898 24,677,065 Reynolds American, Inc. 112,655 6,773,945 * Seaboard Corp. 13 50,050 # Spectrum Brands Holdings, Inc. 2,402 320,403 #* TreeHouse Foods, Inc. 102,056 7,744,009 # Tyson Foods, Inc. Class A 1,959,828 123,057,600 Wal-Mart Stores, Inc. 3,375,333 225,269,724 Walgreens Boots Alliance, Inc. 1,165,019 95,461,657 # Whole Foods Market, Inc. 132,918 4,016,782 ---------------- Total Consumer Staples 1,455,140,447 ---------------- Energy -- (11.9%) Anadarko Petroleum Corp. 969,947 67,440,415 Apache Corp. 510,221 30,521,420 Baker Hughes, Inc. 1,045,521 65,951,465 Chevron Corp. 3,705,888 412,650,629 Cimarex Energy Co. 76,843 10,389,942 #* Concho Resources, Inc. 339,568 47,349,362 ConocoPhillips 3,218,408 156,929,574 # CONSOL Energy, Inc. 152,413 2,581,876 #* Continental Resources, Inc. 195,583 9,497,510 Devon Energy Corp. 423,759 19,297,985 EOG Resources, Inc. 534,196 54,263,630 Exxon Mobil Corp. 9,683,446 812,344,285 Halliburton Co. 150,257 8,500,039 # Helmerich & Payne, Inc. 613,995 43,691,884 # Hess Corp. 918,391 49,758,424 # HollyFrontier Corp. 645,042 18,686,867 Kinder Morgan, Inc. 1,123,571 25,100,576 # Marathon Oil Corp. 3,272,198 54,809,317 Marathon Petroleum Corp. 2,313,489 111,163,146 # Murphy Oil Corp. 309,108 8,936,312 # Nabors Industries, Ltd. 247,778 4,026,393
THE U.S. LARGE CAP VALUE SERIES CONTINUED
Shares Value+ ---------- ---------------- Energy -- (Continued) # National Oilwell Varco, Inc. 1,747,731 $ 66,081,709 Noble Energy, Inc. 377,591 15,013,018 Occidental Petroleum Corp. 1,862,726 126,236,941 * PDC Energy, Inc. 10,876 804,171 Phillips 66 2,098,959 171,317,034 Pioneer Natural Resources Co. 85,341 15,381,008 * QEP Resources, Inc. 861 15,016 Range Resources Corp. 144,745 4,681,053 * Rice Energy, Inc. 102,107 2,024,782 Schlumberger, Ltd. 1,134,428 94,962,968 * Southwestern Energy Co. 672,113 6,055,738 # Targa Resources Corp. 1,018,074 58,661,424 #* TechnipFMC P.L.C. 961,292 32,318,637 Tesoro Corp. 691,016 55,868,644 #* Transocean, Ltd. 1,340,027 18,720,177 Valero Energy Corp. 2,810,052 184,789,020 #* Weatherford International P.L.C. 2,942,972 15,332,884 ---------------- Total Energy 2,882,155,275 ---------------- Financials -- (22.7%) Aflac, Inc. 1,210,131 84,697,069 * Alleghany Corp. 30,744 18,802,108 Allied World Assurance Co. Holdings AG 274,410 14,579,403 Allstate Corp. (The) 1,133,795 85,272,722 Ally Financial, Inc. 2,344,479 49,515,396 American Financial Group, Inc. 427,555 36,842,414 American International Group, Inc. 2,742,987 176,264,345 * Arch Capital Group, Ltd. 131,470 11,615,375 Assurant, Inc. 333,945 32,436,078 Assured Guaranty, Ltd. 399,510 15,544,934 Axis Capital Holdings, Ltd. 459,271 29,397,937 Bank of America Corp. 20,759,691 469,999,404 Bank of New York Mellon Corp. (The) 4,185,489 187,216,923 # BB&T Corp. 1,861,694 85,991,646 BOK Financial Corp. 4,796 394,423 Capital One Financial Corp. 2,040,010 178,276,474 Chubb, Ltd. 380,680 50,055,613 CIT Group, Inc. 385,811 15,891,555 Citigroup, Inc. 8,639,328 482,333,682 Citizens Financial Group, Inc. 791,252 28,619,585 CME Group, Inc. 492,006 59,572,087 # CNA Financial Corp. 411,635 17,144,598 Comerica, Inc. 126,355 8,532,753 Endurance Specialty Holdings, Ltd. 31,340 2,904,905 Everest Re Group, Ltd. 220,574 48,510,840 Fifth Third Bancorp 5,018,870 130,992,507 First American Financial Corp. 8,092 304,097 Goldman Sachs Group, Inc. (The) 994,469 228,051,631 Hartford Financial Services Group, Inc. (The) 2,793,370 136,065,053 Huntington Bancshares, Inc. 4,311,699 58,337,287 Invesco, Ltd. 175,364 5,071,527 JPMorgan Chase & Co. 11,460,834 969,930,381 KeyCorp 3,304,516 59,382,153
THE U.S. LARGE CAP VALUE SERIES CONTINUED
Shares Value+ --------- ---------------- Financials -- (Continued) # Legg Mason, Inc. 201,788 $ 6,394,662 Leucadia National Corp. 193,405 4,612,709 Lincoln National Corp. 1,166,839 78,773,301 Loews Corp. 1,687,230 78,591,173 # M&T Bank Corp. 315,719 51,326,438 #* Markel Corp. 111 102,675 MetLife, Inc. 2,044,246 111,227,425 Morgan Stanley 3,624,108 153,988,349 Nasdaq, Inc. 439,653 31,013,123 Navient Corp. 652,759 9,817,495 # New York Community Bancorp, Inc. 558,598 8,485,104 Old Republic International Corp. 776,363 16,148,350 PacWest Bancorp 175,044 9,697,438 # People's United Financial, Inc. 304,743 5,713,931 PNC Financial Services Group, Inc. (The) 1,315,829 158,504,761 # Principal Financial Group, Inc. 1,639,822 93,617,438 # Prosperity Bancshares, Inc. 20,045 1,455,868 Prudential Financial, Inc. 1,099,172 115,533,969 Regions Financial Corp. 5,394,447 77,733,981 Reinsurance Group of America, Inc. 313,388 39,320,792 RenaissanceRe Holdings, Ltd. 106,502 14,518,353 #* Santander Consumer USA Holdings, Inc. 146,757 1,940,128 State Street Corp. 524,339 39,954,632 SunTrust Banks, Inc. 1,256,570 71,398,307 Synchrony Financial 159,750 5,722,245 Travelers Cos., Inc. (The) 1,129,653 133,050,530 Unum Group 1,164,036 52,882,156 Validus Holdings, Ltd. 167,263 9,533,991 Voya Financial, Inc. 114,338 4,598,674 Wells Fargo & Co. 4,128,608 232,564,489 # WR Berkley Corp. 214,424 14,411,437 # XL Group, Ltd. 1,261,223 47,384,148 # Zions Bancorporation 710,276 29,966,544 ---------------- Total Financials 5,488,531,521 ---------------- Health Care -- (10.7%) Abbott Laboratories 2,035,003 85,002,075 #* Acadia Healthcare Co., Inc. 26,317 1,009,783 Aetna, Inc. 1,805,018 214,093,185 * Alere, Inc. 8,494 314,278 #* Allergan P.L.C. 496,938 108,774,759 Anthem, Inc. 1,447,321 223,090,059 Baxter International, Inc. 77,675 3,721,409 #* Bio-Rad Laboratories, Inc. Class A 6,194 1,177,356 * Boston Scientific Corp. 1,893,830 45,565,550 * Centene Corp. 450,064 28,475,549 Cigna Corp. 320,341 46,840,261 Danaher Corp. 2,068,334 173,574,589 * DaVita, Inc. 374,271 23,859,776 # DENTSPLY SIRONA, Inc. 57,905 3,283,213 #* Envision Healthcare Corp. 68,624 4,666,432 * Express Scripts Holding Co. 2,740,464 188,763,160 #* Hologic, Inc. 220,398 8,932,731
THE U.S. LARGE CAP VALUE SERIES CONTINUED
Shares Value+ ---------- ---------------- Health Care -- (Continued) Humana, Inc. 708,361 $ 140,609,658 * Laboratory Corp. of America Holdings 594,928 79,845,287 * Mallinckrodt P.L.C. 487,783 23,769,666 #* MEDNAX, Inc. 225,614 15,420,717 Medtronic P.L.C. 3,655,472 277,888,981 * Mylan NV 799,559 30,423,220 PerkinElmer, Inc. 96,682 5,142,516 # Perrigo Co. P.L.C. 26,425 2,012,264 Pfizer, Inc. 16,341,666 518,521,062 Quest Diagnostics, Inc. 881,403 81,018,564 #* Quintiles IMS Holdings, Inc. 56,100 4,403,289 # STERIS P.L.C. 108,345 7,674,076 # Teleflex, Inc. 79,982 13,415,381 Thermo Fisher Scientific, Inc. 1,025,715 156,308,709 #* United Therapeutics Corp. 30,558 5,000,206 Universal Health Services, Inc. Class B 240,412 27,077,604 * WellCare Health Plans, Inc. 101,722 14,804,620 Zimmer Biomet Holdings, Inc. 98,058 11,603,203 ---------------- Total Health Care 2,576,083,188 ---------------- Industrials -- (9.4%) #* AECOM 513,031 18,946,235 # AGCO Corp. 402,503 25,277,188 AMERCO 30,219 11,382,591 # Arconic, Inc. 1,891,460 43,106,373 Carlisle Cos., Inc. 199,191 21,733,730 # Caterpillar, Inc. 1,335,446 127,748,764 * Colfax Corp. 38,985 1,520,415 CSX Corp. 5,240,612 243,111,991 Cummins, Inc. 300,301 44,147,250 Delta Air Lines, Inc. 898,983 42,467,957 Dover Corp. 830,218 64,549,449 Eaton Corp. P.L.C. 1,586,369 112,283,198 EMCOR Group, Inc. 17,959 1,251,563 FedEx Corp. 658,668 124,560,705 Fluor Corp. 690,910 38,345,505 Fortive Corp. 91,052 5,036,086 General Electric Co. 2,108,359 62,618,262 #* Genesee & Wyoming, Inc. Class A 43,270 3,260,827 #* Hertz Global Holdings, Inc. 173,306 3,634,227 # Ingersoll-Rand P.L.C. 830,409 65,892,954 * Jacobs Engineering Group, Inc. 263,089 15,403,861 * JetBlue Airways Corp. 1,929,288 37,833,338 Johnson Controls International P.L.C. 474,098 20,850,830 Kansas City Southern 564,934 48,533,480 L3 Technologies, Inc. 381,968 60,614,502 Macquarie Infrastructure Corp. 141,410 10,604,336 ManpowerGroup, Inc. 322,650 30,800,169 Norfolk Southern Corp. 1,571,094 184,540,701 Northrop Grumman Corp. 245,257 56,183,474 Orbital ATK, Inc. 54,598 4,747,296 Oshkosh Corp. 192,631 13,412,897 Owens Corning 706,294 39,022,743
THE U.S. LARGE CAP VALUE SERIES CONTINUED
Shares Value+ ---------- ---------------- Industrials -- (Continued) # PACCAR, Inc. 522,096 $ 35,142,282 # Pentair P.L.C. 1,008,228 59,112,408 * Quanta Services, Inc. 164,991 5,921,527 Republic Services, Inc. 2,082,943 119,519,269 # Ryder System, Inc. 109,553 8,501,313 Southwest Airlines Co. 1,489,840 77,933,530 Spirit Aerosystems Holdings, Inc. Class A 31,638 1,899,862 Stanley Black & Decker, Inc. 1,095,210 135,806,040 Textron, Inc. 1,673,616 79,279,190 Trinity Industries, Inc. 7,385 203,383 Union Pacific Corp. 497,035 52,973,990 * United Continental Holdings, Inc. 998,734 70,380,785 #* United Rentals, Inc. 198,537 25,116,916 #* USG Corp. 22,946 701,918 #* XPO Logistics, Inc. 287,690 12,871,251 ---------------- Total Industrials 2,268,786,561 ---------------- Information Technology -- (14.3%) Activision Blizzard, Inc. 11,000 442,310 * Akamai Technologies, Inc. 44,939 3,082,366 Amdocs, Ltd. 371,451 21,807,888 * ARRIS International P.L.C. 383,875 10,971,147 * Arrow Electronics, Inc. 608,696 44,751,330 Avnet, Inc. 757,412 35,174,213 Brocade Communications Systems, Inc. 1,391,533 17,352,416 # CA, Inc. 2,715,906 84,926,381 Cisco Systems, Inc. 23,462,378 720,764,252 * CommerceHub, Inc. Series A 47,322 695,160 * CommerceHub, Inc. Series C 107,244 1,563,617 # Computer Sciences Corp. 286,627 17,828,199 * Conduent, Inc. 1,195,377 17,882,840 Corning, Inc. 3,683,566 97,577,663 * Dell Technologies, Inc. Class V 703,394 44,306,788 Dolby Laboratories, Inc. Class A 11,316 542,150 * EchoStar Corp. Class A 2,635 134,201 Fidelity National Information Services, Inc. 1,455,335 115,582,706 #* First Solar, Inc. 88,573 2,762,592 * Flex, Ltd. 1,552,059 24,320,765 FLIR Systems, Inc. 31,719 1,120,632 Hewlett Packard Enterprise Co. 9,176,127 208,114,560 HP, Inc. 9,619,949 144,780,232 * IAC/InterActiveCorp 60,025 4,130,320 Intel Corp. 22,304,768 821,261,558 Jabil Circuit, Inc. 427,971 10,262,745 Juniper Networks, Inc. 1,797,132 48,127,195 # Lam Research Corp. 946,499 108,714,875 # Leidos Holdings, Inc. 399,183 19,288,523 Marvell Technology Group, Ltd. 566,260 8,420,286 * Micron Technology, Inc. 5,266,057 126,964,634 #* Microsemi Corp. 57,304 3,045,708 # NetApp, Inc. 513,180 19,665,058 * Nuance Communications, Inc. 113,903 1,806,502 # NVIDIA Corp. 1,824,559 199,205,352
THE U.S. LARGE CAP VALUE SERIES CONTINUED
Shares Value+ ---------- ---------------- Information Technology -- (Continued) * ON Semiconductor Corp. 550,404 $ 7,331,381 #* Qorvo, Inc. 225,094 14,453,286 QUALCOMM, Inc. 2,686,624 143,546,320 # SS&C Technologies Holdings, Inc. 122,197 3,926,190 Symantec Corp. 1,749,926 48,210,461 SYNNEX Corp. 80,616 9,688,431 * Synopsys, Inc. 83,602 5,257,730 TE Connectivity, Ltd. 879,618 65,399,598 Teradyne, Inc. 130,425 3,701,461 # Western Digital Corp. 1,143,378 91,161,528 Xerox Corp. 5,976,889 41,419,841 * Yahoo!, Inc. 882,945 38,911,386 #* Zillow Group, Inc. Class A 3,568 128,377 * Zillow Group, Inc. Class C 18,297 647,348 ---------------- Total Information Technology 3,461,160,502 ---------------- Materials -- (3.8%) # Albemarle Corp. 447,508 41,457,141 Alcoa Corp. 630,485 22,981,178 Ashland Global Holdings, Inc. 369,760 44,012,533 # CF Industries Holdings, Inc. 1,078,297 38,053,101 Dow Chemical Co. (The) 822,454 49,042,932 Eastman Chemical Co. 876,806 67,952,465 * Freeport-McMoRan, Inc. 4,703,826 78,318,703 Huntsman Corp. 258,591 5,272,671 * Ingevity Corp. 125,857 6,996,391 International Paper Co. 1,171,393 66,300,844 # Martin Marietta Materials, Inc. 101,369 23,274,322 # Mosaic Co. (The) 1,617,958 50,755,342 Newmont Mining Corp. 3,241,858 117,614,608 Nucor Corp. 2,209,800 128,367,282 Reliance Steel & Aluminum Co. 409,494 32,616,197 # Royal Gold, Inc. 12,274 885,815 # Sonoco Products Co. 12,855 706,382 Steel Dynamics, Inc. 889,531 30,075,043 United States Steel Corp. 288 9,421 Vulcan Materials Co. 436,870 56,063,527 # Westlake Chemical Corp. 146,665 9,080,030 WestRock Co. 940,421 50,180,865 ---------------- Total Materials 920,016,793 ---------------- Real Estate -- (0.0%) Jones Lang LaSalle, Inc. 36,373 3,747,510 ---------------- Telecommunication Services -- (4.8%) AT&T, Inc. 21,799,510 919,067,342 CenturyLink, Inc. 3,693,934 95,525,133 # Frontier Communications Corp. 4,303,569 15,019,456 * Level 3 Communications, Inc. 843,237 50,138,872 #* Sprint Corp. 2,014,058 18,589,755 #* T-Mobile US, Inc. 812,604 50,600,851
THE U.S. LARGE CAP VALUE SERIES CONTINUED
Shares Value+ ----------- ----------------- Telecommunication Services -- (Continued) * United States Cellular Corp. 172,920 $ 7,710,503 ----------------- Total Telecommunication Services 1,156,651,912 ----------------- Utilities -- (0.2%) #* Calpine Corp. 1,488,185 17,560,583 NRG Energy, Inc. 1,544,792 25,550,860 ----------------- Total Utilities 43,111,443 ----------------- TOTAL COMMON STOCKS 23,286,196,836 ----------------- RIGHTS/WARRANTS -- (0.0%) (degrees)#* Safeway Casa Ley Contingent Value Rights 196,076 198,998 (degrees)#* Safeway PDC, LLC Contingent Value Rights 196,076 9,568 TOTAL RIGHTS/WARRANTS 208,566 ----------------- TOTAL INVESTMENT SECURITIES 23,286,405,402 ----------------- TEMPORARY CASH INVESTMENTS -- (1.0%) State Street Institutional U.S. Government Money Market Fund, 0.420% 248,190,510 248,190,510 ----------------- SECURITIES LENDING COLLATERAL -- (2.6%) (S)@ DFA Short Term Investment Fund 53,666,748 621,031,612 ----------------- TOTAL INVESTMENTS -- (100.0%) (Cost $16,611,047,031)^^ $ 24,155,627,524 =================
THE U.S. LARGE CAP VALUE SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 3,030,811,684 -- -- $ 3,030,811,684 Consumer Staples 1,455,140,447 -- -- 1,455,140,447 Energy 2,882,155,275 -- -- 2,882,155,275 Financials 5,488,531,521 -- -- 5,488,531,521 Health Care 2,576,083,188 -- -- 2,576,083,188 Industrials 2,268,786,561 -- -- 2,268,786,561 Information Technology 3,461,160,502 -- -- 3,461,160,502 Materials 920,016,793 -- -- 920,016,793 Real Estate 3,747,510 -- -- 3,747,510 Telecommunication Services 1,156,651,912 -- -- 1,156,651,912 Utilities 43,111,443 -- -- 43,111,443 Rights/Warrants -- $ 208,566 -- 208,566 Temporary Cash Investments 248,190,510 -- -- 248,190,510 Securities Lending Collateral -- 621,031,612 -- 621,031,612 Futures Contracts** 1,810,202 -- -- 1,810,202 ----------------- -------------- -- ----------------- TOTAL $ 23,536,197,548 $ 621,240,178 -- $ 24,157,437,726 ================= ============== == =================
** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. THE DFA INTERNATIONAL VALUE SERIES SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Shares Value++ --------- ------------ COMMON STOCKS -- (92.7%) AUSTRALIA -- (6.3%) # Alumina, Ltd. 312,287 $ 460,141 Aurizon Holdings, Ltd. 2,619,934 9,953,407 # Australia & New Zealand Banking Group, Ltd. 5,840,585 129,768,367 Bank of Queensland, Ltd. 775,513 7,045,954 Bendigo & Adelaide Bank, Ltd. 1,205,237 11,478,017 BHP Billiton, Ltd. 5,929,050 120,289,953 BHP Billiton, Ltd. Sponsored ADR 1,703,682 70,345,030 BlueScope Steel, Ltd. 1,852,810 15,754,981 Boral, Ltd. 2,601,567 11,497,083 Crown Resorts, Ltd. 254,058 2,197,773 # Fortescue Metals Group, Ltd. 8,082,342 40,898,993 # Incitec Pivot, Ltd. 4,609,977 13,473,199 LendLease Group 215,424 2,303,572 Macquarie Group, Ltd. 3,174 203,812 National Australia Bank, Ltd. 157,198 3,614,943 # Newcrest Mining, Ltd. 2,880,245 47,233,635 Origin Energy, Ltd. 2,811,665 15,076,816 QBE Insurance Group, Ltd. 2,856,389 27,099,102 Rio Tinto, Ltd. 566,927 28,759,880 Santos, Ltd. 4,975,438 15,136,721 South32, Ltd. 6,883,451 14,406,950 South32, Ltd. ADR 354,708 3,742,169 Star Entertainment Grp, Ltd. (The) 2,081,089 7,538,985 Suncorp Group, Ltd. 2,798,383 27,667,432 Tatts Group, Ltd. 1,279,473 4,212,286 Treasury Wine Estates, Ltd. 915,665 8,078,015 Wesfarmers, Ltd. 3,443 105,181 Woodside Petroleum, Ltd. 2,846,042 68,238,383 ------------ TOTAL AUSTRALIA 706,580,780 ------------ AUSTRIA -- (0.1%) * Erste Group Bank AG 98,143 2,991,513 OMV AG 151,254 5,293,598 * Raiffeisen Bank International AG 8,241 183,544 ------------ TOTAL AUSTRIA 8,468,655 ------------ BELGIUM -- (1.0%) Ageas 606,443 25,966,361 Colruyt SA 64,233 3,143,636 KBC Group NV 489,692 31,804,063 Proximus SADP 138,071 3,965,353 Solvay SA 270,974 31,771,641 UCB SA 124,849 8,623,331 Umicore SA 92,477 5,180,047 ------------ TOTAL BELGIUM 110,454,432 ------------ CANADA -- (7.7%) # AltaGas, Ltd. 479,450 11,403,633 Bank of Montreal(063671101) 1,623,640 122,795,893 # Bank of Montreal(2076009) 115,400 8,729,162 * BlackBerry, Ltd. 1,009,785 7,123,786
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ --------- ------------ CANADA -- (Continued) Cameco Corp.(13321L108) 546,688 $ 6,970,272 Cameco Corp.(2166160) 507,476 6,462,154 Canadian Natural Resources, Ltd.(136385101) 420,319 12,706,243 Canadian Natural Resources, Ltd.(2171573) 651,736 19,703,588 Cenovus Energy, Inc. 1,330,284 18,131,771 Crescent Point Energy Corp.(22576C101) 1,508,054 17,598,994 Crescent Point Energy Corp.(B67C8W8) 822,786 9,592,057 * Detour Gold Corp. 50,974 691,405 * Eldorado Gold Corp. 748,359 2,645,496 Element Fleet Management Corp. 254,570 2,474,782 Empire Co., Ltd. Class A 788,935 9,852,214 # Enbridge Income Fund Holdings, Inc. 295,758 7,770,963 Encana Corp. 924,931 11,802,120 Fairfax Financial Holdings, Ltd. 62,754 29,321,369 Finning International, Inc. 386,224 7,817,975 First Quantum Minerals, Ltd. 1,102,025 13,897,581 # Genworth MI Canada, Inc. 79,289 1,988,242 Goldcorp, Inc.(380956409) 1,076,273 17,403,334 Goldcorp, Inc.(2676302) 671,692 10,860,634 * Husky Energy, Inc. 1,642,235 21,189,722 Imperial Oil, Ltd.(2454241) 107,006 3,517,938 Imperial Oil, Ltd.(453038408) 85,669 2,816,797 Industrial Alliance Insurance & Financial Services, Inc. 495,231 20,836,809 * Kinross Gold Corp. 5,398,196 21,032,741 * Lundin Mining Corp. 1,892,699 11,578,009 Magna International, Inc. 493,003 21,337,170 Manulife Financial Corp.(2492519) 3,005,038 57,618,212 Manulife Financial Corp.(56501R106) 1,541,750 29,539,930 Maple Leaf Foods, Inc. 65,321 1,497,426 Silver Wheaton Corp. 282,461 6,250,862 Sun Life Financial, Inc.(2566124) 834,296 32,929,447 Sun Life Financial, Inc.(866796105) 277,638 10,955,595 Suncor Energy, Inc.(B3NB1P2) 3,911,426 121,318,096 Suncor Energy, Inc.(867224107) 769,213 23,876,371 Tahoe Resources, Inc. 28,464 259,649 Teck Resources, Ltd. Class B(2879327) 1,355,792 33,226,672 Teck Resources, Ltd. Class B(878742204) 1,245,911 30,574,656 * Tourmaline Oil Corp. 1,170,666 27,367,270 * Turquoise Hill Resources, Ltd.(900435108) 127,382 459,849 * Turquoise Hill Resources, Ltd.(B7WJ1F5) 1,465,290 5,303,759 Veresen, Inc. 51,006 518,585 West Fraser Timber Co., Ltd. 11,349 387,588 Whitecap Resources, Inc. 902,184 7,182,806 # WSP Global, Inc. 302,614 10,646,431 Yamana Gold, Inc. 3,207,591 10,599,533 ------------ TOTAL CANADA 870,565,591 ------------ DENMARK -- (1.6%) AP Moller - Maersk A.S. Class A 7,706 12,337,775 AP Moller - Maersk A.S. Class B 16,058 26,915,259 Carlsberg A.S. Class B 190,294 17,215,380 Danske Bank A.S. 1,075,182 35,862,136 # DSV A.S. 444,855 21,633,096
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ --------- -------------- DENMARK -- (Continued) #* H Lundbeck A.S. 74,464 $ 3,198,152 ISS A.S. 434,105 15,457,776 Novozymes A.S. Class B 47,990 1,870,655 Tryg A.S. 12,675 242,513 Vestas Wind Systems A.S. 680,712 47,737,541 -------------- TOTAL DENMARK 182,470,283 -------------- FINLAND -- (0.7%) Fortum Oyj 1,015,572 16,203,151 Neste Oyj 129,033 4,489,455 Stora Enso Oyj Class R 2,037,136 23,117,770 Stora Enso Oyj Sponsored ADR 91,500 1,035,780 UPM-Kymmene Oyj 1,353,907 30,706,476 UPM-Kymmene Oyj Sponsored ADR 69,300 1,572,417 -------------- TOTAL FINLAND 77,125,049 -------------- FRANCE -- (9.1%) AXA SA 2,773,187 68,157,306 AXA SA Sponsored ADR 9,929 244,551 BNP Paribas SA 1,888,424 120,805,895 * Bollore SA(BD3RTL2) 10,106 41,456 Bollore SA(4572709) 1,500,814 6,002,472 Bouygues SA 709,374 25,775,771 Casino Guichard Perrachon SA 181,821 9,804,198 Cie de Saint-Gobain 1,882,674 92,506,425 Cie Generale des Etablissements Michelin 334,818 35,970,295 CNP Assurances 459,483 8,634,996 Credit Agricole SA 724,924 9,620,951 # Electricite de France SA 661,539 6,521,460 Engie SA 4,083,126 48,885,304 Natixis SA 2,277,633 13,496,282 Orange SA 4,986,752 77,416,513 * Peugeot SA 2,007,197 37,355,144 Renault SA 759,818 68,416,758 SCOR SE 349,012 11,811,923 Societe Generale SA 1,935,625 94,627,859 STMicroelectronics NV 1,809,335 23,879,894 Total SA 4,695,548 237,572,020 Vivendi SA 1,322,728 24,253,624 -------------- TOTAL FRANCE 1,021,801,097 -------------- GERMANY -- (7.0%) Allianz SE 730,758 124,202,765 Allianz SE Sponsored ADR 2,811,910 47,704,053 BASF SE 8,683 838,203 # Bayerische Motoren Werke AG 972,382 88,788,364 # Commerzbank AG 1,643,541 14,294,925 Daimler AG 2,601,292 195,634,993 #* Deutsche Bank AG(5750355) 1,085,904 21,686,538 * Deutsche Bank AG(D18190898) 1,045,984 20,825,541 Deutsche Lufthansa AG 1,080,920 14,439,562 E.ON SE 7,288,458 56,143,578
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ ---------- ------------ GERMANY -- (Continued) # Evonik Industries AG 202,033 $ 6,558,352 Fraport AG Frankfurt Airport Services Worldwide 106,349 6,364,469 Fresenius Medical Care AG & Co. KGaA 112,324 9,168,412 Fresenius Medical Care AG & Co. KGaA ADR 11,257 459,286 Hannover Rueck SE 33,914 3,735,608 HeidelbergCement AG 345,070 33,335,179 Lanxess AG 48,799 3,551,165 Linde AG 157,109 25,549,742 Metro AG 688,018 23,544,491 Muenchener Rueckversicherungs-Gesellschaft AG 138,458 26,072,496 Osram Licht AG 7,588 440,488 * RWE AG 2,182,311 29,057,547 * Talanx AG 175,108 6,027,132 Telefonica Deutschland Holding AG 1,462,519 6,117,982 * Uniper SE 946,234 13,480,093 Volkswagen AG 86,008 13,777,993 ------------ TOTAL GERMANY 791,798,957 ------------ HONG KONG -- (2.4%) Bank of East Asia, Ltd. (The) 275,940 1,175,354 # Cathay Pacific Airways, Ltd. 4,913,000 6,654,113 CK Hutchison Holdings, Ltd. 6,196,984 74,271,969 FIH Mobile, Ltd. 953,000 306,207 Great Eagle Holdings, Ltd. 15,363 69,876 Guoco Group, Ltd. 6,000 67,610 Hang Lung Group, Ltd. 2,740,000 10,508,235 Hang Lung Properties, Ltd. 4,424,000 10,887,790 # Henderson Land Development Co., Ltd. 429,042 2,368,285 Hongkong & Shanghai Hotels, Ltd. (The) 217,131 241,446 Hopewell Holdings, Ltd. 938,669 3,351,621 Kerry Properties, Ltd. 2,556,000 7,233,070 # MTR Corp., Ltd. 591,959 3,007,243 New World Development Co., Ltd. 24,740,784 28,545,774 NWS Holdings, Ltd. 2,143,617 3,851,987 Shangri-La Asia, Ltd. 4,242,000 4,718,335 Sino Land Co., Ltd. 5,960,178 9,848,281 Sun Hung Kai Properties, Ltd. 2,980,920 41,020,599 Swire Pacific, Ltd. Class A 2,098,000 21,374,227 Swire Pacific, Ltd. Class B 1,185,000 2,086,366 Wharf Holdings, Ltd. (The) 2,829,990 21,220,071 Wheelock & Co., Ltd. 3,599,000 21,874,422 Yue Yuen Industrial Holdings, Ltd. 160,000 584,911 ------------ TOTAL HONG KONG 275,267,792 ------------ IRELAND -- (0.3%) * Bank of Ireland 38,071,759 10,228,255 CRH P.L.C. 319,932 11,097,054 CRH P.L.C. Sponsored ADR 254,393 8,781,646
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ --------- ------------ IRELAND -- (Continued) Paddy Power Betfair P.L.C. 6,217 $ 650,060 ------------ TOTAL IRELAND 30,757,015 ------------ ISRAEL -- (0.4%) Azrieli Group, Ltd. 22,873 1,044,038 Bank Hapoalim BM 3,220,797 19,460,595 * Bank Leumi Le-Israel BM 3,525,510 14,581,892 Israel Chemicals, Ltd. 11,324 52,045 # Mizrahi Tefahot Bank, Ltd. 365,367 5,627,688 ------------ TOTAL ISRAEL 40,766,258 ------------ ITALY -- (1.1%) Assicurazioni Generali SpA 722,392 11,527,266 #* Fiat Chrysler Automobiles NV(BRJFWP3) 2,786,618 30,511,959 * Fiat Chrysler Automobiles NV(N31738102) 1,059,600 11,645,004 Intesa Sanpaolo SpA 2,011,897 4,725,664 Mediobanca SpA 1,494,372 12,866,589 * Telecom Italia SpA 7,410,604 6,372,493 * Telecom Italia SpA Sponsored ADR 1,847,002 15,902,687 # UniCredit SpA 1,217,305 33,228,827 ------------ TOTAL ITALY 126,780,489 ------------ JAPAN -- (21.1%) Aeon Co., Ltd. 2,442,200 35,296,743 Aisin Seiki Co., Ltd. 472,800 21,627,954 Alfresa Holdings Corp. 201,700 3,320,058 Amada Holdings Co., Ltd. 694,000 8,157,051 Aoyama Trading Co., Ltd. 41,900 1,476,800 Asahi Glass Co., Ltd. 3,495,000 25,966,554 Asahi Kasei Corp. 2,612,000 24,360,952 # Bank of Kyoto, Ltd. (The) 568,400 4,443,437 Brother Industries, Ltd. 273,855 5,054,776 Calsonic Kansei Corp. 160,000 2,543,612 Canon Marketing Japan, Inc. 153,100 2,922,177 Chiba Bank, Ltd. (The) 960,000 6,279,675 Chugoku Bank, Ltd. (The) 256,900 3,778,974 Citizen Watch Co., Ltd. 689,600 4,282,327 Coca-Cola East Japan Co., Ltd. 123,400 2,687,302 # Coca-Cola West Co., Ltd. 169,907 4,931,804 COMSYS Holdings Corp. 31,300 575,369 Concordia Financial Group, Ltd. 2,373,100 12,516,732 Credit Saison Co., Ltd. 145,400 2,649,183 Dai Nippon Printing Co., Ltd. 901,000 9,166,423 Dai-ichi Life Holdings, Inc. 2,015,000 36,529,713 Daicel Corp. 63,500 702,188 Daido Steel Co., Ltd. 13,000 59,034 Daiwa Securities Group, Inc. 1,662,000 10,597,373 Denka Co., Ltd. 1,110,000 5,463,279 Denso Corp. 337,400 14,610,941 DIC Corp. 228,700 7,082,194 Dowa Holdings Co., Ltd. 231,000 1,960,575 Ebara Corp. 266,800 8,228,457
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ ---------- ------------ JAPAN -- (Continued) Fuji Media Holdings, Inc. 42,100 $ 609,971 FUJIFILM Holdings Corp. 1,018,800 39,453,275 Fujitsu, Ltd. 1,987,000 11,548,353 Fukuoka Financial Group, Inc. 1,044,000 4,608,519 Furukawa Electric Co., Ltd. 42,968 1,457,920 Glory, Ltd. 185,800 5,804,755 Gunma Bank, Ltd. (The) 604,496 3,297,397 H2O Retailing Corp. 198,900 3,291,861 Hachijuni Bank, Ltd. (The) 565,531 3,328,685 Hankyu Hanshin Holdings, Inc. 599,500 20,340,962 Heiwa Corp. 53,100 1,280,200 Hiroshima Bank, Ltd. (The) 727,000 3,396,701 Hitachi Capital Corp. 103,300 2,651,855 Hitachi Chemical Co., Ltd. 320,500 9,099,334 Hitachi Construction Machinery Co., Ltd. 379,100 8,718,408 Hitachi Metals, Ltd. 475,400 6,590,518 Hitachi Transport System, Ltd. 105,000 2,142,955 Hitachi, Ltd. 11,243,000 64,371,265 Hokuhoku Financial Group, Inc. 191,900 3,287,617 Honda Motor Co., Ltd. 3,798,500 113,039,159 # House Foods Group, Inc. 65,300 1,401,265 Ibiden Co., Ltd. 459,900 6,540,835 Idemitsu Kosan Co., Ltd. 195,496 6,045,019 * IHI Corp. 1,136,000 3,059,031 Iida Group Holdings Co., Ltd. 439,300 8,221,601 Inpex Corp. 2,157,500 21,171,951 Isetan Mitsukoshi Holdings, Ltd. 594,700 6,956,368 Isuzu Motors, Ltd. 112,300 1,506,831 ITOCHU Corp. 2,539,900 34,989,405 # Iyo Bank, Ltd. (The) 492,300 3,303,416 # J Front Retailing Co., Ltd. 977,000 14,099,779 JFE Holdings, Inc. 1,698,700 29,734,200 JGC Corp. 250,400 4,346,789 JSR Corp. 458,100 7,851,553 JTEKT Corp. 479,600 7,876,749 JX Holdings, Inc. 4,069,933 19,193,701 # K's Holdings Corp. 152,200 2,746,531 Kamigumi Co., Ltd. 398,000 3,868,857 Kaneka Corp. 1,156,542 9,965,001 Kawasaki Heavy Industries, Ltd. 1,380,000 4,318,296 # Kawasaki Kisen Kaisha, Ltd. 3,012,000 7,323,864 Kinden Corp. 187,800 2,385,284 #* Kobe Steel, Ltd. 1,140,200 11,090,609 Komatsu, Ltd. 726,400 17,200,147 Konica Minolta, Inc. 1,910,700 19,793,004 Kuraray Co., Ltd. 1,340,000 21,238,982 Kurita Water Industries, Ltd. 7,500 177,913 Kyocera Corp. 224,100 11,666,817 Kyocera Corp. Sponsored ADR 25,197 1,378,276 Kyushu Financial Group, Inc. 459,949 3,169,124 LIXIL Group Corp. 487,800 11,389,494 Marubeni Corp. 5,194,400 31,605,020 Mazda Motor Corp. 2,460,200 36,204,586
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ ---------- ----------- JAPAN -- (Continued) Mebuki Financial Group, Inc. 1,177,020 $ 4,520,084 Medipal Holdings Corp. 356,400 5,776,355 Mitsubishi Chemical Holdings Corp. 6,562,600 45,773,815 Mitsubishi Corp. 1,101,700 24,887,504 # Mitsubishi Gas Chemical Co., Inc. 570,500 10,942,389 Mitsubishi Heavy Industries, Ltd. 7,148,000 32,110,099 Mitsubishi Logistics Corp. 50,000 711,243 Mitsubishi Materials Corp. 518,200 17,683,590 Mitsubishi Motors Corp. 1,998,400 10,825,618 Mitsubishi UFJ Financial Group, Inc. 14,198,406 90,919,800 Mitsubishi UFJ Financial Group, Inc. Sponsored ADR 4,781,372 30,552,967 Mitsubishi UFJ Lease & Finance Co., Ltd. 1,276,200 6,802,725 Mitsui & Co., Ltd. 939,900 13,793,857 Mitsui & Co., Ltd. Sponsored ADR 11,723 3,446,562 Mitsui Chemicals, Inc. 3,169,800 14,906,257 Mitsui Fudosan Co., Ltd. 232,000 5,356,228 Mitsui OSK Lines, Ltd. 4,123,000 13,102,429 Mizuho Financial Group, Inc. 49,478,100 91,810,915 Mizuho Financial Group, Inc. ADR 205,757 757,186 MS&AD Insurance Group Holdings, Inc. 717,653 24,008,011 NEC Corp. 10,595,101 24,453,513 NGK Spark Plug Co., Ltd. 16,000 360,371 NH Foods, Ltd. 179,536 4,886,212 NHK Spring Co., Ltd. 628,300 6,331,195 Nikon Corp. 750,200 12,107,652 Nippo Corp. 185,000 3,497,414 Nippon Electric Glass Co., Ltd. 551,000 3,171,840 Nippon Express Co., Ltd. 3,529,238 18,669,936 # Nippon Paper Industries Co., Ltd. 373,800 6,843,579 Nippon Shokubai Co., Ltd. 102,400 7,057,303 Nippon Steel & Sumitomo Metal Corp. 2,021,593 48,836,721 Nippon Yusen K.K. 7,713,000 16,310,431 Nissan Motor Co., Ltd. 6,443,700 63,748,588 Nisshin Seifun Group, Inc. 42,800 651,095 Nisshinbo Holdings, Inc. 305,000 2,905,482 NOK Corp. 344,120 6,993,265 Nomura Holdings, Inc. 2,225,400 13,794,935 Nomura Real Estate Holdings, Inc. 389,100 6,692,632 NSK, Ltd. 312,100 3,788,658 NTN Corp. 1,625,000 6,863,184 Obayashi Corp. 279,682 2,664,301 Oji Holdings Corp. 3,833,000 16,965,413 ORIX Corp. 1,698,000 25,618,114 # Otsuka Holdings Co., Ltd. 8,800 405,398 Resona Holdings, Inc. 7,208,900 39,029,497 Ricoh Co., Ltd. 3,215,400 28,686,148 Rohm Co., Ltd. 84,700 5,416,246 Sankyo Co., Ltd. 73,900 2,467,425 SBI Holdings, Inc. 643,100 8,877,179 Sega Sammy Holdings, Inc. 169,200 2,656,766 Seino Holdings Co., Ltd. 413,700 4,784,344 Sekisui Chemical Co., Ltd. 105,000 1,713,341 # Sekisui House, Ltd. 1,345,900 21,771,668
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ --------- -------------- JAPAN -- (Continued) Shinsei Bank, Ltd. 3,134,000 $ 5,390,279 Shizuoka Bank, Ltd. (The) 799,000 6,952,596 Showa Denko K.K. 224,800 3,689,017 Showa Shell Sekiyu K.K. 184,300 1,806,616 Sojitz Corp. 2,218,300 5,717,487 Sompo Holdings, Inc. 291,000 10,537,039 Sony Corp. Sponsored ADR 73,419 2,222,393 Sumco Corp. 46,900 733,241 Sumitomo Chemical Co., Ltd. 7,613,000 40,561,961 Sumitomo Corp. 817,500 10,247,992 Sumitomo Electric Industries, Ltd. 2,838,500 41,302,545 Sumitomo Forestry Co., Ltd. 526,400 7,241,151 Sumitomo Heavy Industries, Ltd. 2,259,000 15,531,486 Sumitomo Metal Mining Co., Ltd. 1,067,000 14,455,937 Sumitomo Mitsui Financial Group, Inc. 2,854,200 111,975,950 Sumitomo Mitsui Trust Holdings, Inc. 581,544 21,676,098 Sumitomo Rubber Industries, Ltd. 659,000 10,292,885 Suzuken Co., Ltd. 113,000 3,730,685 T&D Holdings, Inc. 2,331,000 34,532,673 Taiheiyo Cement Corp. 2,798,212 9,777,763 Takashimaya Co., Ltd. 799,634 6,886,422 TDK Corp. 443,000 31,841,233 Teijin, Ltd. 771,690 16,287,900 THK Co., Ltd. 251,800 6,204,651 Tokai Rika Co., Ltd. 165,500 3,293,845 Tokio Marine Holdings, Inc. 177,100 7,384,003 Tokyo Broadcasting System Holdings, Inc. 29,200 502,861 Tokyo Tatemono Co., Ltd. 277,200 3,671,016 Tokyu Fudosan Holdings Corp. 1,531,000 8,950,012 Toppan Printing Co., Ltd. 1,034,000 10,149,684 Tosoh Corp. 2,121,000 16,024,945 Toyo Seikan Group Holdings, Ltd. 361,749 6,671,952 Toyoda Gosei Co., Ltd. 245,800 5,921,013 Toyota Industries Corp. 198,500 9,579,619 Toyota Motor Corp. 225,790 13,130,333 Toyota Tsusho Corp. 976,400 26,856,881 TV Asahi Holdings Corp. 31,700 634,652 Ube Industries, Ltd. 4,325,000 10,398,945 #* Universal Entertainment Corp. 23,200 843,262 # Yamada Denki Co., Ltd. 2,346,300 12,926,735 Yamaguchi Financial Group, Inc. 320,148 3,488,061 Yokohama Rubber Co., Ltd. (The) 378,800 6,662,015 Zeon Corp. 65,000 745,894 -------------- TOTAL JAPAN 2,382,550,873 -------------- NETHERLANDS -- (2.9%) Aegon NV 2,475,925 13,457,870 Akzo Nobel NV 32,651 2,215,870 * ArcelorMittal(B03XPL1) 3,861,973 30,113,892 * ArcelorMittal(B295F26) 1,085,424 8,455,453 Boskalis Westminster 134,823 4,988,168 Coca-Cola European Partners P.L.C. 31,954 1,103,424 Gemalto NV 22,216 1,289,281
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ ---------- ------------ NETHERLANDS -- (Continued) ING Groep NV 6,261,830 $ 89,957,126 ING Groep NV Sponsored ADR 1,202,410 17,290,656 Koninklijke Ahold Delhaize NV 2,216,999 47,230,368 Koninklijke Ahold Delhaize NV Sponsored ADR 211,969 4,507,521 # Koninklijke DSM NV 658,446 41,976,166 Koninklijke KPN NV 11,313 32,592 Koninklijke Philips NV(500472303) 237,488 6,977,398 Koninklijke Philips NV(5986622) 1,045,983 30,691,747 NN Group NV 713,008 25,251,773 ------------ TOTAL NETHERLANDS 325,539,305 ------------ NEW ZEALAND -- (0.2%) Auckland International Airport, Ltd. 1,223,055 6,134,721 Fletcher Building, Ltd. 1,284,940 9,899,706 Fonterra Co-operative Group, Ltd. 119,064 540,746 ------------ TOTAL NEW ZEALAND 16,575,173 ------------ NORWAY -- (0.7%) DNB ASA 1,669,831 27,856,979 Norsk Hydro ASA 2,633,249 15,020,916 Norsk Hydro ASA Sponsored ADR 59,900 337,836 * Seadrill, Ltd. 258,772 483,904 Statoil ASA 932,224 17,383,361 Statoil ASA Sponsored ADR 305,200 5,698,084 * Storebrand ASA 694,704 4,236,074 * Subsea 7 SA 330,380 4,495,676 Yara International ASA 176,946 7,461,032 ------------ TOTAL NORWAY 82,973,862 ------------ PORTUGAL -- (0.0%) * Banco Espirito Santo SA 2,631,973 -- EDP Renovaveis SA 541,158 3,476,603 ------------ TOTAL PORTUGAL 3,476,603 ------------ SINGAPORE -- (0.9%) CapitaLand, Ltd. 3,934,100 9,181,182 City Developments, Ltd. 1,315,900 8,637,548 DBS Group Holdings, Ltd. 1,809,512 24,464,534 Frasers Centrepoint, Ltd. 453,300 506,953 Golden Agri-Resources, Ltd. 12,719,900 3,826,061 Hutchison Port Holdings Trust 16,251,500 6,912,169 Keppel Corp., Ltd. 4,879,400 21,411,213 Olam International, Ltd. 410,300 578,138 SembCorp Industries, Ltd. 1,715,100 3,830,307 Singapore Airlines, Ltd. 2,418,300 17,032,162 United Industrial Corp., Ltd. 1,917,070 3,850,465 UOL Group, Ltd. 974,274 4,412,560 Wilmar International, Ltd. 561,900 1,546,354 ------------ TOTAL SINGAPORE 106,189,646 ------------ SPAIN -- (2.8%) Acciona SA 6,116 474,470
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ ---------- ------------ SPAIN -- (Continued) Banco de Sabadell SA 12,572,327 $ 18,980,657 # Banco Popular Espanol SA 3,182,696 3,295,628 # Banco Santander SA 38,858,119 217,095,009 Banco Santander SA Sponsored ADR 784,463 4,361,614 CaixaBank SA 4,124,925 15,119,871 Iberdrola SA(B288C92) 2,340,052 14,780,081 * Iberdrola SA(BYXLF46) 59,989 377,796 Mapfre SA 1,066,920 3,234,955 Repsol SA 2,390,611 35,432,885 ------------ TOTAL SPAIN 313,152,966 ------------ SWEDEN -- (2.3%) Boliden AB 1,273,315 37,145,629 Holmen AB Class A 2,781 102,893 Holmen AB Class B 85,183 3,116,713 ICA Gruppen AB 8,133 265,776 Millicom International Cellular SA 70,355 3,484,139 Nordea Bank AB 5,514,131 66,568,086 Skandinaviska Enskilda Banken AB Class A 2,148,822 24,137,311 Skandinaviska Enskilda Banken AB Class C 25,796 296,658 * SSAB AB Class A 323,692 1,330,515 * SSAB AB Class B 795,309 2,680,840 Svenska Cellulosa AB SCA Class A 62,923 1,986,904 Svenska Cellulosa AB SCA Class B 988,825 29,755,309 Svenska Handelsbanken AB Class A 555,585 8,294,166 Svenska Handelsbanken AB Class B 3,434 51,307 Swedbank AB Class A 27,877 704,871 Tele2 AB Class B 872,178 7,689,690 Telefonaktiebolaget LM Ericsson Class A 28,098 168,546 Telefonaktiebolaget LM Ericsson Class B 4,879,427 28,878,060 Telefonaktiebolaget LM Ericsson Sponsored ADR 834,580 4,915,676 Telia Co AB 6,695,621 27,160,364 Trelleborg AB Class B 325,130 6,745,018 ------------ TOTAL SWEDEN 255,478,471 ------------ SWITZERLAND -- (7.3%) * ABB, Ltd. 3,077,842 73,347,542 Adecco Group AG 640,328 45,818,542 Baloise Holding AG 207,040 26,659,070 Banque Cantonale Vaudoise 468 319,695 # Cie Financiere Richemont SA 1,288,956 100,383,509 * Clariant AG 1,150,414 21,560,187 * Credit Suisse Group AG 859,528 13,120,800 * Credit Suisse Group AG Sponsored ADR 1,052,790 16,002,408 * Dufry AG 102,171 14,585,567 Flughafen Zuerich AG 10,906 2,144,771 Helvetia Holding AG 1,645 930,861 * Julius Baer Group, Ltd. 100,967 4,746,533 * LafargeHolcim, Ltd.(7110753) 752,842 40,535,883 * LafargeHolcim, Ltd.(BZ3DNX4) 375,078 20,039,271 Novartis AG 1,332,371 98,365,676 Novartis AG Sponsored ADR 6,178 456,678
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ ---------- --------------- SWITZERLAND -- (Continued) Swatch Group AG (The)(7184736) 172,781 $ 12,072,209 # Swatch Group AG (The)(7184725) 139,269 49,357,646 * Swiss Life Holding AG 93,092 28,261,552 Swiss Re AG 1,037,390 96,942,666 #* UBS Group AG(BRJL176) 3,448,485 56,042,462 * UBS Group AG(H42097107) 500,015 8,055,242 * Zurich Insurance Group AG 326,468 94,014,166 --------------- TOTAL SWITZERLAND 823,762,936 --------------- UNITED KINGDOM -- (16.8%) * Anglo American P.L.C. 3,284,169 56,613,450 Antofagasta P.L.C. 205,201 2,168,088 Aviva P.L.C. 1,004,454 6,047,694 Barclays P.L.C. 164,749 457,231 Barclays P.L.C. Sponsored ADR 4,766,662 52,766,948 Barratt Developments P.L.C. 1,616,630 9,749,167 BHP Billiton P.L.C. 767,576 13,998,893 BHP Billiton P.L.C. ADR 268,993 9,842,454 BP P.L.C. Sponsored ADR 10,222,105 367,791,338 Carnival P.L.C. 155,893 8,340,088 * Glencore P.L.C. 33,377,354 138,238,390 HSBC Holdings P.L.C. 21,477,669 183,224,189 HSBC Holdings P.L.C. Sponsored ADR 3,019,816 128,644,161 J Sainsbury P.L.C. 7,029,804 22,871,923 Kingfisher P.L.C. 7,403,317 31,410,729 Lloyds Banking Group P.L.C. 65,407,793 53,647,501 Lloyds Banking Group P.L.C. ADR 1,412,156 4,688,358 Old Mutual P.L.C. 50,536 132,704 Pearson P.L.C. 813,680 6,343,469 Pearson P.L.C. Sponsored ADR 1,237,005 9,574,419 * Royal Bank of Scotland Group P.L.C. 2,796,353 7,833,874 * Royal Bank of Scotland Group P.L.C. Sponsored ADR 409,166 2,299,513 Royal Dutch Shell P.L.C. Class A 2,248,597 60,985,663 Royal Dutch Shell P.L.C. Class B 398,623 11,258,869 Royal Dutch Shell P.L.C. Sponsored ADR, Class A 3,237,637 176,095,056 Royal Dutch Shell P.L.C. Sponsored ADR, Class B 3,794,361 218,061,927 Royal Mail P.L.C. 769,489 3,996,229 * Standard Chartered P.L.C. 3,984,128 39,013,959 Vodafone Group P.L.C. 58,351,986 142,934,922 Vodafone Group P.L.C. Sponsored ADR 4,011,201 99,878,912 WM Morrison Supermarkets P.L.C. 6,735,041 20,079,095 --------------- TOTAL UNITED KINGDOM 1,888,989,213 --------------- TOTAL COMMON STOCKS 10,441,525,446 --------------- PREFERRED STOCKS -- (0.9%) GERMANY -- (0.9%) Bayerische Motoren Werke AG 51,209 3,847,058 Porsche Automobil Holding SE 267,840 16,111,434
THE DFA INTERNATIONAL VALUE SERIES CONTINUED
Shares Value++ ---------- --------------- GERMANY -- (Continued) Volkswagen AG 535,010 $ 83,545,030 --------------- TOTAL GERMANY 103,503,522 --------------- TOTAL PREFERRED STOCKS 103,503,522 --------------- TOTAL INVESTMENT SECURITIES 10,545,028,968 --------------- Value+ --------------- SECURITIES LENDING COLLATERAL -- (6.4%) (S)@ DFA Short Term Investment Fund 62,620,174 724,640,657 --------------- TOTAL INVESTMENTS -- (100.0%) (Cost $10,505,613,163)^^ $11,269,669,625 ===============
THE DFA INTERNATIONAL VALUE SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 74,087,199 $ 632,493,581 -- $ 706,580,780 Austria -- 8,468,655 -- 8,468,655 Belgium -- 110,454,432 -- 110,454,432 Canada 870,565,591 -- -- 870,565,591 Denmark -- 182,470,283 -- 182,470,283 Finland 2,608,197 74,516,852 -- 77,125,049 France 286,007 1,021,515,090 -- 1,021,801,097 Germany 68,988,880 722,810,077 -- 791,798,957 Hong Kong -- 275,267,792 -- 275,267,792 Ireland 8,781,646 21,975,369 -- 30,757,015 Israel -- 40,766,258 -- 40,766,258 Italy 27,547,691 99,232,798 -- 126,780,489 Japan 38,357,384 2,344,193,489 -- 2,382,550,873 Netherlands 38,520,309 287,018,996 -- 325,539,305 New Zealand -- 16,575,173 -- 16,575,173 Norway 6,519,824 76,454,038 -- 82,973,862 Portugal -- 3,476,603 -- 3,476,603 Singapore -- 106,189,646 -- 106,189,646 Spain 4,739,410 308,413,556 -- 313,152,966 Sweden 4,915,676 250,562,795 -- 255,478,471 Switzerland 24,514,328 799,248,608 -- 823,762,936 United Kingdom 1,069,643,086 819,346,127 -- 1,888,989,213 Preferred Stocks Germany -- 103,503,522 -- 103,503,522 Securities Lending Collateral -- 724,640,657 -- 724,640,657 Futures Contracts** 1,101,341 -- -- 1,101,341 -------------- -------------- -- --------------- TOTAL $2,241,176,569 $9,029,594,397 -- $11,270,770,966 ============== ============== == ===============
** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. THE EMERGING MARKETS SERIES SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Shares Value++ --------- ------------ COMMON STOCKS -- (94.2%) BRAZIL -- (5.3%) Ambev SA 855,320 $ 4,669,776 Ambev SA ADR 5,984,451 32,256,191 Banco Bradesco SA 932,732 9,513,781 Banco do Brasil SA 1,076,318 10,624,935 Banco Santander Brasil SA 479,757 4,766,624 BB Seguridade Participacoes SA 1,072,125 9,493,051 BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros 1,804,083 10,585,349 Braskem SA Sponsored ADR 165,709 3,428,516 BRF SA 577,166 8,145,934 BRF SA ADR 539,479 7,622,838 BTG Pactual Group 33,841 178,022 CCR SA 1,910,468 9,408,142 * Centrais Eletricas Brasileiras SA 368,500 2,435,434 * Centrais Eletricas Brasileiras SA ADR 85,023 659,778 * Centrais Eletricas Brasileiras SA Sponsored ADR 100,200 658,314 CETIP SA - Mercados Organizados 492,000 7,347,122 Cia de Saneamento Basico do Estado de Sao Paulo 424,900 4,227,058 Cia de Saneamento Basico do Estado de Sao Paulo ADR 178,668 1,779,533 * Cia Siderurgica Nacional SA Sponsored ADR 241,268 878,216 Cielo SA 1,506,864 12,663,433 * Cosan Logistica SA 164,136 306,935 Cosan SA Industria e Comercio 209,443 2,676,464 CPFL Energia SA 220,971 1,775,548 CPFL Energia SA ADR 67,189 1,079,048 Embraer SA ADR 287,837 6,579,954 Engie Brasil Energia SA 250,101 2,841,366 Fibria Celulose SA Sponsored ADR 488,398 4,503,030 Gerdau SA 195,832 536,541 Gerdau SA Sponsored ADR 577,984 2,213,679 Hypermarcas SA 561,762 4,983,236 Itau Unibanco Holding SA 427,826 4,365,288 JBS SA 2,413,848 9,118,642 Klabin SA 996,400 5,136,142 Kroton Educacional SA 2,220,459 9,520,329 Lojas Americanas SA 297,764 1,242,911 Lojas Renner SA 1,404,820 10,646,944 M Dias Branco SA 40,100 1,576,994 * Petroleo Brasileiro SA 2,305,200 11,847,093 * Petroleo Brasileiro SA Sponsored ADR 986,404 10,120,505 Raia Drogasil SA 381,000 7,918,103 Tim Participacoes SA 1,162,813 3,302,220 Tim Participacoes SA ADR 63,679 899,784 Ultrapar Participacoes SA 394,184 8,271,938 Ultrapar Participacoes SA Sponsored ADR 254,308 5,325,209 Vale SA 398,300 4,068,489 Vale SA Sponsored ADR 1,209,916 12,316,945 WEG SA 808,815 4,083,507 ------------ TOTAL BRAZIL 278,598,891 ------------ CHILE -- (1.3%) AES Gener SA 2,528,093 881,325
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ----------- ----------- CHILE -- (Continued) Aguas Andinas SA Class A 4,491,454 $ 2,439,425 Banco de Chile 1,408,402 167,884 Banco de Chile ADR 53,799 3,836,403 Banco de Credito e Inversiones 74,477 3,830,321 Banco Santander Chile ADR 258,123 5,572,876 Cencosud SA 2,057,923 5,998,297 Cencosud SA ADR 1,648 14,189 Cia Cervecerias Unidas SA 109,017 1,234,809 Cia Cervecerias Unidas SA Sponsored ADR 66,158 1,494,509 Colbun SA 11,492,940 2,189,603 Embotelladora Andina SA Class A ADR 21,736 432,981 Embotelladora Andina SA Class B ADR 21,587 464,121 Empresas CMPC SA 2,386,070 5,136,074 Empresas COPEC SA 441,781 4,519,997 Enel Americas SA Sponsored ADR 853,477 7,706,898 Enel Chile SA 610,581 2,943,000 Enel Generacion Chile SA Sponsored ADR 148,697 2,881,748 Inversiones Aguas Metropolitanas SA 122,035 175,768 Itau CorpBanca(45033E105) 30,902 378,550 Itau CorpBanca(BYT25P4) 305,068,641 2,500,140 * Latam Airlines Group SA 8,686 80,242 Latam Airlines Group SA Sponsored ADR 634,556 5,818,879 SACI Falabella 724,788 5,875,235 Sociedad Quimica y Minera de Chile SA Sponsored ADR 153,936 4,975,212 ----------- TOTAL CHILE 71,548,486 ----------- CHINA -- (16.6%) * 58.com, Inc. ADR 46,274 1,350,275 # AAC Technologies Holdings, Inc. 634,000 6,510,985 Agricultural Bank of China, Ltd. Class H 18,363,000 7,670,619 Air China, Ltd. Class H 2,890,000 2,067,878 * Alibaba Group Holding, Ltd. Sponsored ADR 556,642 56,393,401 * Alibaba Health Information Technology, Ltd. 914,000 423,659 #* Alibaba Pictures Group, Ltd. 8,470,000 1,422,987 * Aluminum Corp. of China, Ltd. ADR 107,180 1,381,550 #* Aluminum Corp. of China, Ltd. Class H 650,000 335,731 * Angang Steel Co., Ltd. Class H 1,338,000 1,024,357 # Anhui Conch Cement Co., Ltd. Class H 985,500 3,171,304 # Anta Sports Products, Ltd. 995,000 3,166,939 AviChina Industry & Technology Co., Ltd. Class H 2,765,000 2,029,693 BAIC Motor Corp., Ltd. Class H 740,500 709,695 * Baidu, Inc. Sponsored ADR 120,156 21,035,711 Bank of China, Ltd. Class H 63,274,181 28,657,914 Bank of Communications Co., Ltd. Class H 6,226,515 4,579,867 BBMG Corp. Class H 2,535,500 973,023 Beijing Capital International Airport Co., Ltd. Class H 1,450,000 1,402,762 Beijing Enterprises Holdings, Ltd. 468,472 2,335,263 #* Beijing Enterprises Water Group, Ltd. 3,160,000 2,191,715 Belle International Holdings, Ltd. 8,013,000 4,884,282 # Brilliance China Automotive Holdings, Ltd. 2,194,000 3,090,775 # Byd Co., Ltd. Class H 512,886 2,837,219 CGN Power Co., Ltd. Class H 6,045,000 1,704,580 China Cinda Asset Management Co., Ltd. Class H 11,189,000 3,876,266
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ----------- CHINA -- (Continued) China CITIC Bank Corp., Ltd. Class H 7,411,928 $ 4,874,882 #* China Coal Energy Co., Ltd. Class H 3,038,777 1,584,659 China Communications Construction Co., Ltd. Class H 3,529,000 4,247,463 China Communications Services Corp., Ltd. Class H 2,194,000 1,491,418 China Construction Bank Corp. Class H 69,895,590 51,819,776 China Eastern Airlines Corp., Ltd. 2,200 55,396 # China Eastern Airlines Corp., Ltd. Class H 1,734,000 874,461 China Everbright Bank Co., Ltd. Class H 4,987,000 2,400,450 # China Everbright International, Ltd. 2,508,000 3,041,715 China Everbright, Ltd. 758,000 1,447,196 # China Evergrande Group 10,542,000 7,343,237 China Galaxy Securities Co., Ltd. Class H 3,747,000 3,478,441 # China Gas Holdings, Ltd. 1,520,000 2,200,431 # China Hongqiao Group, Ltd. 2,662,000 2,734,893 * China Huarong Asset Management Co., Ltd. Class H 1,254,000 475,359 # China Huishan Dairy Holdings Co., Ltd. 2,888,000 1,078,356 # China International Marine Containers Group Co., Ltd. Class H 487,400 728,930 China Life Insurance Co., Ltd. ADR 849,036 11,674,245 China Life Insurance Co., Ltd. Class H 111,000 305,759 China Longyuan Power Group Corp., Ltd. Class H 3,255,000 2,658,745 # China Medical System Holdings, Ltd. 530,000 863,653 China Mengniu Dairy Co., Ltd. 1,984,000 3,703,424 China Merchants Bank Co., Ltd. Class H 3,120,554 7,815,002 China Merchants Port Holdings Co., Ltd. 1,560,099 4,170,672 China Minsheng Banking Corp., Ltd. Class H 4,658,500 5,126,777 China Mobile, Ltd. 172,500 1,941,077 China Mobile, Ltd. Sponsored ADR 918,178 52,336,146 China Molybdenum Co., Ltd. Class H 1,638,966 476,370 China Oilfield Services, Ltd. Class H 1,632,000 1,740,899 China Overseas Land & Investment, Ltd. 3,406,000 10,001,554 # China Overseas Property Holdings, Ltd. 1,459,999 256,197 China Pacific Insurance Group Co., Ltd. Class H 1,547,400 5,496,376 China Petroleum & Chemical Corp. ADR 132,615 10,614,481 China Petroleum & Chemical Corp. Class H 11,600,800 9,163,777 # China Railway Construction Corp., Ltd. Class H 2,743,500 3,806,615 China Railway Group, Ltd. Class H 3,186,000 2,788,744 * China Resources Beer Holdings Co., Ltd. 1,483,611 3,013,382 # China Resources Gas Group, Ltd. 894,000 2,825,372 China Resources Land, Ltd. 3,234,666 8,001,117 China Resources Power Holdings Co., Ltd. 1,954,517 3,356,856 China Shenhua Energy Co., Ltd. Class H 1,817,000 3,839,881 China Southern Airlines Co., Ltd. Class H 2,638,000 1,510,884 China Southern Airlines Co., Ltd. Sponsored ADR 14,306 414,302 China State Construction International Holdings, Ltd. 1,668,000 2,710,422 * China Taiping Insurance Holdings Co., Ltd. 1,654,506 3,624,548 China Telecom Corp., Ltd. ADR 56,720 2,725,396 China Telecom Corp., Ltd. Class H 4,088,000 1,930,101 China Unicom Hong Kong, Ltd. 8,168,000 9,640,864 China Unicom Hong Kong, Ltd. ADR 589,865 7,060,684 China Vanke Co., Ltd. Class H 1,896,700 4,811,473 Chongqing Rural Commercial Bank Co., Ltd. Class H 4,350,000 2,648,850 CITIC Securities Co., Ltd. Class H 2,666,500 5,426,149 CITIC, Ltd. 5,705,000 8,457,650
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ----------- CHINA -- (Continued) CNOOC, Ltd. 5,051,000 $ 6,307,456 CNOOC, Ltd. Sponsored ADR 127,716 16,070,504 #* COSCO SHIPPING Development Co., Ltd. Class H 2,657,000 563,664 COSCO SHIPPING Energy Transportation Co., Ltd. Class H 1,056,000 583,663 #* COSCO SHIPPING Holdings Co., Ltd. Class H 1,197,000 447,012 COSCO SHIPPING Ports, Ltd. 1,819,160 1,807,753 # Country Garden Holdings Co., Ltd. 9,884,686 5,668,009 CRRC Corp., Ltd. Class H 3,040,000 2,958,297 CSPC Pharmaceutical Group, Ltd. 3,616,000 4,069,657 # CSSC Offshore and Marine Engineering Group Co., Ltd. Class H 190,000 361,940 * Ctrip.com International, Ltd. ADR 225,680 9,751,633 # Dalian Port PDA Co., Ltd. Class H 1,495,000 258,710 # Datang International Power Generation Co., Ltd. Class H 3,068,000 795,521 Dongfeng Motor Group Co., Ltd. Class H 3,274,000 3,470,889 ENN Energy Holdings, Ltd. 786,000 3,874,943 Fosun International, Ltd. 2,542,222 3,858,416 Fullshare Holdings, Ltd. 2,165,000 912,151 Fuyao Glass Industry Group Co., Ltd. Class H 341,200 1,008,489 # Geely Automobile Holdings, Ltd. 4,750,000 5,614,133 GF Securities Co., Ltd. Class H 755,600 1,615,409 Great Wall Motor Co., Ltd. Class H 3,142,000 3,148,227 Guangdong Investment, Ltd. 2,736,000 3,395,112 Guangshen Railway Co., Ltd. Class H 172,000 110,908 Guangshen Railway Co., Ltd. Sponsored ADR 27,717 891,102 Guangzhou Automobile Group Co., Ltd. Class H 974,259 1,328,706 # Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H 98,000 239,645 # Guangzhou R&F Properties Co., Ltd. Class H 2,458,800 3,153,638 Haier Electronics Group Co., Ltd. 1,403,000 2,467,883 Haitong Securities Co., Ltd. Class H 2,196,800 3,941,362 * Hanergy Thin Film Power Group, Ltd. 5,416,000 26,576 Hengan International Group Co., Ltd. 677,000 5,542,764 Huadian Power International Corp., Ltd. Class H 1,738,000 738,703 # Huaneng Power International, Inc. Class H 1,598,000 1,036,622 Huaneng Power International, Inc. Sponsored ADR 34,452 901,609 Huatai Securities Co., Ltd. Class H 933,000 1,799,351 # Huishang Bank Corp., Ltd. Class H 1,038,000 523,827 Industrial & Commercial Bank of China, Ltd. Class H 71,229,185 43,548,427 * JD.com, Inc. ADR 236,604 6,719,554 Jiangsu Expressway Co., Ltd. Class H 1,356,000 1,698,264 Jiangxi Copper Co., Ltd. Class H 1,501,000 2,592,130 Kunlun Energy Co., Ltd. 6,128,000 4,866,856 Lee & Man Paper Manufacturing, Ltd. 543,000 488,089 Lenovo Group, Ltd. 9,299,278 6,091,191 Longfor Properties Co., Ltd. 2,266,500 3,263,034 Metallurgical Corp. of China, Ltd. Class H 2,232,000 809,282 Minth Group, Ltd. 464,000 1,500,578 NetEase, Inc. ADR 71,278 18,097,484 New China Life Insurance Co., Ltd. Class H 540,400 2,607,402 * New Oriental Education & Technology Group, Inc. Sponsored ADR 75,786 3,603,624 Nine Dragons Paper Holdings, Ltd. 1,012,000 1,164,746 People's Insurance Co. Group of China, Ltd. (The) Class H 9,393,000 3,658,790 PetroChina Co., Ltd. ADR 125,562 9,980,923 PetroChina Co., Ltd. Class H 2,090,000 1,660,360
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ --------- ------------ CHINA -- (Continued) PICC Property & Casualty Co., Ltd. Class H 5,836,132 $ 8,822,177 Ping An Insurance Group Co. of China, Ltd. Class H 4,622,500 23,712,387 * Qinqin Foodstuffs Group Cayman Co., Ltd. 64,400 20,366 #* Semiconductor Manufacturing International Corp. 2,996,600 4,109,101 * Semiconductor Manufacturing International Corp. ADR 15,278 105,113 #* Shanghai Electric Group Co., Ltd. Class H 1,866,000 849,224 # Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H 292,500 970,390 Shanghai Pharmaceuticals Holding Co., Ltd. Class H 618,200 1,574,408 # Shengjing Bank Co., Ltd. Class H 244,500 244,186 Shenzhou International Group Holdings, Ltd. 467,000 2,880,641 Shimao Property Holdings, Ltd. 3,034,871 4,065,726 Sino Biopharmaceutical, Ltd. 4,129,000 3,240,759 Sino-Ocean Group Holdings, Ltd. 2,021,243 870,493 Sinopec Engineering Group Co., Ltd. Class H 1,341,000 1,089,040 #* Sinopec Oilfield Service Corp. Class H 1,818,000 360,888 Sinopec Shanghai Petrochemical Co., Ltd. Class H 2,329,000 1,442,146 Sinopec Shanghai Petrochemical Co., Ltd. Sponsored ADR 7,418 461,665 Sinopharm Group Co., Ltd. Class H 1,224,000 5,593,573 # Sun Art Retail Group, Ltd. 3,039,500 3,059,686 Sunny Optical Technology Group Co., Ltd. 469,000 2,748,109 * TAL Education Group ADR 14,938 1,209,829 Tencent Holdings, Ltd. 4,351,400 113,768,919 # Tingyi Cayman Islands Holding Corp. 2,860,000 3,251,033 # Travelsky Technology, Ltd. Class H 598,000 1,343,233 # Tsingtao Brewery Co., Ltd. Class H 256,000 1,022,209 * Vipshop Holdings, Ltd. ADR 278,274 3,150,062 # Want Want China Holdings, Ltd. 5,568,000 3,972,516 # Weichai Power Co., Ltd. Class H 1,708,400 3,027,298 # Xinjiang Goldwind Science & Technology Co., Ltd. Class H 346,600 578,551 # Yanzhou Coal Mining Co., Ltd. Class H 718,000 562,448 Yanzhou Coal Mining Co., Ltd. Sponsored ADR 106,215 816,793 Zhejiang Expressway Co., Ltd. Class H 1,570,000 1,576,967 Zhuzhou CRRC Times Electric Co., Ltd. Class H 447,000 2,546,796 Zijin Mining Group Co., Ltd. Class H 3,699,000 1,265,659 Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H 1,589,400 804,023 # ZTE Corp. Class H 601,485 935,179 ------------ TOTAL CHINA 879,690,568 ------------ COLOMBIA -- (0.5%) Banco de Bogota SA 35,006 716,457 Bancolombia SA 331,749 2,890,149 Bancolombia SA Sponsored ADR 140,271 5,310,660 Cementos Argos SA 440,578 1,756,437 Corp. Financiera Colombiana SA 59,499 701,035 * Ecopetrol SA 2,862,362 1,345,670 * Ecopetrol SA Sponsored ADR 220,479 2,072,503 Empresa de Energia de Bogota SA ESP 1,425,504 877,308 Grupo Argos SA 52,034 344,432 Grupo Aval Acciones y Valores SA 112,983 940,019 Grupo de Inversiones Suramericana SA 253,198 3,376,262 Grupo Nutresa SA 210,697 1,733,266
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ --------- ----------- COLOMBIA -- (Continued) Interconexion Electrica SA ESP 609,290 $ 2,199,881 ----------- TOTAL COLOMBIA 24,264,079 ----------- CZECH REPUBLIC -- (0.2%) CEZ A.S. 323,343 5,538,264 Komercni banka A.S. 66,980 2,368,586 O2 Czech Republic A.S. 46,620 481,814 Pegas Nonwovens SA 5,839 191,485 Philip Morris CR A.S. 712 376,187 Unipetrol A.S. 49,918 383,456 ----------- TOTAL CZECH REPUBLIC 9,339,792 ----------- EGYPT -- (0.1%) Commercial International Bank Egypt S.A.E. GDR(201712205) 142,858 567,861 Commercial International Bank Egypt S.A.E. GDR(566828901) 1,400,823 5,578,126 * Egyptian Financial Group-Hermes Holding Co. GDR 774 1,917 * Global Telecom Holding S.A.E. GDR(37953P202) 12,341 22,337 * Global Telecom Holding S.A.E. GDR(BF8HVZ900) 640,757 1,165,083 ----------- TOTAL EGYPT 7,335,324 ----------- GREECE -- (0.2%) * Alpha Bank AE 105,217 186,714 Athens Water Supply & Sewage Co. SA (The) 23,541 135,981 * Eurobank Ergasias SA 331 201 * FF Group 34,149 653,185 * Hellenic Petroleum SA 112,224 524,021 Hellenic Telecommunications Organization SA 340,319 3,086,581 JUMBO SA 168,373 2,364,254 Motor Oil Hellas Corinth Refineries SA 96,253 1,380,488 * National Bank of Greece SA 128,189 30,675 OPAP SA 278,698 2,467,904 * Piraeus Bank SA 20,676 3,949 Titan Cement Co. SA 61,385 1,378,366 ----------- TOTAL GREECE 12,212,319 ----------- HUNGARY -- (0.4%) MOL Hungarian Oil & Gas P.L.C. 102,134 7,197,469 OTP Bank P.L.C. 312,182 9,599,740 Richter Gedeon Nyrt 211,877 4,563,262 ----------- TOTAL HUNGARY 21,360,471 ----------- INDIA -- (11.3%) ABB India, Ltd. 33,317 537,533 ACC, Ltd. 64,891 1,353,618 Adani Ports & Special Economic Zone, Ltd. 807,107 3,504,194 * Aditya Birla Fashion and Retail, Ltd. 605,239 1,339,471 Aditya Birla Nuvo, Ltd. 89,635 1,794,745 Amara Raja Batteries, Ltd. 19,010 251,583 Ambuja Cements, Ltd. 996,614 3,351,284 Apollo Hospitals Enterprise, Ltd. 127,802 2,320,158 Ashok Leyland, Ltd. 1,810,886 2,431,983 Asian Paints, Ltd. 474,671 6,787,774
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ --------- ----------- INDIA -- (Continued) Aurobindo Pharma, Ltd. 625,132 $ 6,283,917 Axis Bank, Ltd. 2,033,467 13,988,394 Bajaj Auto, Ltd. 155,378 6,513,815 Bajaj Finance, Ltd. 382,190 5,832,177 Bajaj Finserv, Ltd. 70,539 3,366,345 Bajaj Holdings & Investment, Ltd. 54,452 1,605,896 * Bank of Baroda 910,704 2,226,618 Berger Paints India, Ltd. 331,080 1,029,054 Bharat Electronics, Ltd. 48,814 1,108,491 Bharat Forge, Ltd. 242,918 3,341,292 Bharat Heavy Electricals, Ltd. 1,315,511 2,650,426 Bharat Petroleum Corp., Ltd. 486,244 4,894,332 Bharti Airtel, Ltd. 1,665,743 8,565,010 Bharti Infratel, Ltd. 213,865 924,845 Blue Dart Express, Ltd. 5,251 336,798 Bosch, Ltd. 8,153 2,662,694 Britannia Industries, Ltd. 26,712 1,234,273 Cadila Healthcare, Ltd. 362,605 1,882,555 Cairn India, Ltd. 655,103 2,686,482 Castrol India, Ltd. 38,740 232,077 Cipla, Ltd. 561,301 4,753,435 Coal India, Ltd. 547,750 2,499,327 Colgate-Palmolive India, Ltd. 142,544 1,871,925 Container Corp. Of India, Ltd. 55,130 971,530 CRISIL, Ltd. 7,945 241,454 Cummins India, Ltd. 94,559 1,169,096 Dabur India, Ltd. 743,476 3,024,674 Divi's Laboratories, Ltd. 186,164 1,923,636 DLF, Ltd. 371,230 744,098 Dr Reddy's Laboratories, Ltd. 71,015 3,175,907 Dr Reddy's Laboratories, Ltd. ADR 148,465 6,710,618 Eicher Motors, Ltd. 20,610 7,017,845 Emami, Ltd. 90,332 1,375,663 GAIL India, Ltd. 575,655 3,962,648 GAIL India, Ltd. GDR 28,791 1,190,427 GlaxoSmithKline Consumer Healthcare, Ltd. 14,937 1,141,638 GlaxoSmithKline Pharmaceuticals, Ltd. 13,217 529,007 Glenmark Pharmaceuticals, Ltd. 316,017 4,163,436 Godrej Consumer Products, Ltd. 168,863 3,919,935 Grasim Industries, Ltd. 31,500 422,553 Havells India, Ltd. 407,089 2,521,338 HCL Technologies, Ltd. 1,011,418 12,016,332 HDFC Bank, Ltd. 1,441,144 27,299,261 Hero MotoCorp, Ltd. 152,387 7,121,771 Hindalco Industries, Ltd. 1,549,771 4,336,355 Hindustan Petroleum Corp., Ltd. 346,890 2,675,553 Hindustan Unilever, Ltd. 1,148,145 14,461,369 Housing Development Finance Corp., Ltd. 1,095,932 22,112,655 ICICI Bank, Ltd. 1,656,257 6,556,711 ICICI Bank, Ltd. Sponsored ADR 1,043,395 8,086,311 Idea Cellular, Ltd. 2,689,000 4,370,342 IDFC Bank, Ltd. 601,656 532,785 Indiabulls Housing Finance, Ltd. 567,836 6,283,515
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ --------- ----------- INDIA -- (Continued) Indian Oil Corp., Ltd. 1,284,042 $ 6,924,568 IndusInd Bank, Ltd. 390,301 7,192,968 Infosys, Ltd. 1,886,232 25,821,862 Infosys, Ltd. Sponsored ADR 847,888 11,675,418 ITC, Ltd. 4,896,443 18,665,191 JSW Steel, Ltd. 3,656,090 10,694,525 Kansai Nerolac Paints, Ltd. 4,919 24,976 Kotak Mahindra Bank, Ltd. 541,230 6,192,024 Larsen & Toubro, Ltd. 363,180 7,722,648 LIC Housing Finance, Ltd. 847,563 6,921,792 Lupin, Ltd. 355,461 7,734,962 Mahindra & Mahindra, Ltd. 682,599 12,527,336 Marico, Ltd. 748,884 2,840,761 Maruti Suzuki India, Ltd. 138,331 12,049,356 Max Financial Services, Ltd. 22,519 189,059 * MAX India, Ltd. 65,990 136,782 Motherson Sumi Systems, Ltd. 542,274 2,648,382 MRF, Ltd. 2,969 2,250,890 Nestle India, Ltd. 37,106 3,206,371 NHPC, Ltd. 2,310,835 984,737 NTPC, Ltd. 1,434,092 3,648,398 Oil & Natural Gas Corp., Ltd. 1,483,958 4,427,503 Oil India, Ltd. 295,703 1,434,195 Oracle Financial Services Software, Ltd. 27,493 1,344,039 Page Industries, Ltd. 3,097 663,372 Petronet LNG, Ltd. 405,630 2,235,324 Pidilite Industries, Ltd. 196,824 1,966,608 Piramal Enterprises, Ltd. 114,581 2,848,093 Power Finance Corp., Ltd. 1,604,279 3,072,196 Power Grid Corp. of India, Ltd. 1,599,407 4,892,155 Procter & Gamble Hygiene & Health Care, Ltd. 10,286 1,059,063 * Punjab National Bank 308,644 619,174 Rajesh Exports, Ltd. 117,218 861,241 Reliance Industries, Ltd. 1,625,226 25,063,075 Rural Electrification Corp., Ltd. 1,513,852 3,181,324 Shree Cement, Ltd. 10,928 2,486,052 Shriram Transport Finance Co., Ltd. 268,934 3,720,361 Siemens, Ltd. 65,181 1,096,531 State Bank of India 1,858,229 7,130,711 Sun Pharmaceutical Industries, Ltd. 1,256,320 11,678,377 Sun TV Network, Ltd. 204,506 1,590,405 Sundaram Finance, Ltd. 13,385 271,979 Tata Consultancy Services, Ltd. 720,066 23,701,494 Tata Motors, Ltd. 1,952,358 15,091,281 Tata Motors, Ltd. Sponsored ADR 84,855 3,305,951 Tata Power Co., Ltd. 2,105,165 2,470,329 Tata Steel, Ltd. 683,642 4,680,012 Tech Mahindra, Ltd. 955,950 6,402,109 Titan Co., Ltd. 329,228 1,762,285 Torrent Pharmaceuticals, Ltd. 94,358 1,815,508 Ultratech Cement, Ltd. 43,023 2,340,444 United Breweries, Ltd. 96,720 1,141,447 * United Spirits, Ltd. 58,173 1,872,644
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ------------ INDIA -- (Continued) UPL, Ltd. 812,040 $ 8,676,491 Vedanta, Ltd. 3,139,759 11,780,827 Vedanta, Ltd. ADR 42,052 622,370 Wipro, Ltd. 742,954 5,050,332 Yes Bank, Ltd. 271,196 5,591,744 Zee Entertainment Enterprises, Ltd. 719,876 5,202,833 ------------ TOTAL INDIA 597,423,869 ------------ INDONESIA -- (2.9%) Adaro Energy Tbk PT 37,523,800 4,769,234 AKR Corporindo Tbk PT 1,426,100 713,246 Astra Agro Lestari Tbk PT 1,205,244 1,423,566 Astra International Tbk PT 23,646,410 14,096,940 Bank Central Asia Tbk PT 15,447,700 17,705,482 Bank Danamon Indonesia Tbk PT 5,763,579 1,796,183 Bank Mandiri Persero Tbk PT 11,912,417 9,729,829 Bank Negara Indonesia Persero Tbk PT 14,471,622 6,183,162 Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 3,168,500 546,110 Bank Rakyat Indonesia Persero Tbk PT 15,742,100 13,823,034 * Bayan Resources Tbk PT 79,500 36,011 Bumi Serpong Damai Tbk PT 15,448,500 2,119,020 Charoen Pokphand Indonesia Tbk PT 10,504,800 2,441,394 Ciputra Development Tbk PT 9,449,946 934,587 Gudang Garam Tbk PT 675,500 3,123,475 Indocement Tunggal Prakarsa Tbk PT 2,000,200 2,251,498 Indofood CBP Sukses Makmur Tbk PT 3,456,800 2,175,069 Indofood Sukses Makmur Tbk PT 11,903,400 7,064,984 * Indosat Tbk PT 1,720,800 831,410 Jasa Marga Persero Tbk PT 3,871,113 1,224,422 Kalbe Farma Tbk PT 32,614,300 3,544,824 Matahari Department Store Tbk PT 2,210,800 2,447,539 Mayora Indah Tbk PT 21,553,325 2,857,308 Media Nusantara Citra Tbk PT 12,764,400 1,621,343 Mitra Keluarga Karyasehat Tbk PT 1,038,500 194,519 Pakuwon Jati Tbk PT 58,500,300 2,455,642 Perusahaan Gas Negara Persero Tbk 13,675,600 2,953,424 Semen Indonesia Persero Tbk PT 7,107,200 4,806,759 * Sinar Mas Agro Resources & Technology Tbk PT 1,116,500 342,604 Summarecon Agung Tbk PT 10,778,900 1,058,394 Surya Citra Media Tbk PT 10,406,100 2,199,439 Telekomunikasi Indonesia Persero Tbk PT 39,175,700 11,356,435 Telekomunikasi Indonesia Persero Tbk PT Sponsored ADR 196,768 5,788,915 Tower Bersama Infrastructure Tbk PT 1,958,100 725,866 Unilever Indonesia Tbk PT 2,121,800 6,542,826 United Tractors Tbk PT 5,132,496 8,399,737 Waskita Karya Persero Tbk PT 6,283,179 1,205,330 * XL Axiata Tbk PT 7,703,800 1,679,586 ------------ TOTAL INDONESIA 153,169,146 ------------ MALAYSIA -- (3.2%) Affin Holdings Bhd 847,600 466,891 Alliance Financial Group Bhd 1,850,200 1,570,965
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ----------- MALAYSIA -- (Continued) AMMB Holdings Bhd 5,557,859 $ 5,746,742 Astro Malaysia Holdings Bhd 2,488,700 1,528,246 Axiata Group Bhd 3,946,521 4,217,213 Batu Kawan Bhd 105,400 449,705 * Berjaya Land Bhd 43,000 5,976 BIMB Holdings Bhd 1,182,855 1,145,942 Boustead Holdings Bhd 304,800 184,442 British American Tobacco Malaysia Bhd 212,600 2,226,308 CIMB Group Holdings Bhd 6,513,512 7,311,612 Dialog Group Bhd 4,981,118 1,720,390 DiGi.Com Bhd 5,805,020 6,498,881 Felda Global Ventures Holdings Bhd 379,100 158,195 Gamuda Bhd 2,395,200 2,602,043 Genting Bhd 4,388,100 8,127,957 Genting Malaysia Bhd 3,837,600 4,364,651 Genting Plantations Bhd 325,000 800,484 HAP Seng Consolidated Bhd 1,066,700 2,094,693 Hartalega Holdings Bhd 1,084,200 1,154,696 Hong Leong Bank Bhd 1,040,166 3,096,039 Hong Leong Financial Group Bhd 744,483 2,468,128 IHH Healthcare Bhd 2,483,200 3,523,618 IJM Corp. Bhd 7,006,462 5,236,871 IOI Corp. Bhd 4,711,405 4,692,023 IOI Properties Group Bhd 2,441,943 1,179,706 Kuala Lumpur Kepong Bhd 504,800 2,746,823 Lafarge Malaysia Bhd 659,480 1,027,954 Malakoff Corp. Bhd 67,100 19,392 Malayan Banking Bhd 6,090,245 11,302,520 Malaysia Airports Holdings Bhd 1,492,441 2,084,752 Maxis Bhd 2,881,400 4,001,537 MISC Bhd 1,636,998 2,705,372 MMC Corp. Bhd 1,978,300 1,042,973 Oriental Holdings Bhd 16,600 25,494 Petronas Chemicals Group Bhd 3,567,800 5,737,825 Petronas Dagangan Bhd 367,500 1,952,353 Petronas Gas Bhd 890,500 4,203,040 PPB Group Bhd 900,800 3,310,005 Public Bank Bhd 3,537,614 16,051,986 QL Resources Bhd 497,800 493,595 RHB Bank Bhd 1,537,905 1,701,410 * Sapurakencana Petroleum Bhd 10,900,700 4,235,021 Sime Darby Bhd 3,740,861 7,521,414 SP Setia Bhd Group 1,127,141 865,753 Sunway Bhd 1,710,000 1,172,735 Telekom Malaysia Bhd 1,435,664 1,928,860 Tenaga Nasional Bhd 4,375,250 13,224,647 Top Glove Corp. Bhd 908,900 1,068,359 UMW Holdings Bhd 1,515,766 1,933,152 United Plantations Bhd 61,000 378,466 Westports Holdings Bhd 1,509,000 1,421,474 YTL Corp. Bhd 16,425,686 5,641,158
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ------------ MALAYSIA -- (Continued) YTL Power International Bhd 3,177,547 $ 1,026,205 ------------ TOTAL MALAYSIA 171,396,692 ------------ MEXICO -- (4.4%) Alfa S.A.B. de C.V. Class A 8,197,783 10,637,639 Alpek S.A.B. de C.V. 103,669 119,311 America Movil S.A.B. de C.V. Series L 46,329,297 29,148,123 America Movil S.A.B. de C.V. Series L ADR 22,528 284,078 Arca Continental S.A.B. de C.V. 777,376 4,179,978 * Cemex S.A.B. de C.V. 10,756,423 9,939,639 * Cemex S.A.B. de C.V. Sponsored ADR 1,691,964 15,667,587 Coca-Cola Femsa S.A.B. de C.V. Series L 510,276 3,161,467 Coca-Cola Femsa S.A.B. de C.V. Sponsored ADR 36,634 2,272,041 * Corp Interamericana de Entretenimiento S.A.B. de C.V. Class B 8,719 6,736 El Puerto de Liverpool S.A.B. de C.V. Class C1 197,143 1,243,163 Fomento Economico Mexicano S.A.B. de C.V. 1,793,669 13,510,039 Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR 39,796 2,993,853 Gruma S.A.B. de C.V. Class B 541,859 7,276,582 Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR 15,027 1,161,888 Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class B 469,811 3,641,607 Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR 32,867 4,761,442 Grupo Bimbo S.A.B. de C.V. Series A 2,572,025 5,672,306 Grupo Carso S.A.B. de C.V. Series A1 932,489 3,735,590 Grupo Elektra S.A.B. de C.V. 93,009 1,199,771 Grupo Financiero Banorte S.A.B. de C.V. Class O 4,609,848 22,094,819 Grupo Financiero Inbursa S.A.B. de C.V. Class O 3,781,424 5,621,317 Grupo Financiero Santander Mexico S.A.B. de C.V. Class B 3,362,943 4,791,188 Grupo Financiero Santander Mexico S.A.B. de C.V. Class B ADR 64,027 457,793 Grupo Lala S.A.B. de C.V. 1,018,201 1,527,778 Grupo Mexico S.A.B. de C.V. Series B 6,058,822 18,228,618 * Grupo Qumma SA de C.V. Series B 1,591 -- Grupo Televisa S.A.B. Series CPO 3,436,374 15,353,152 Grupo Televisa S.A.B. Sponsored ADR 148,075 3,316,880 * Impulsora del Desarrollo y El Empleo en America Latina S.A.B. de C.V. 2,362,916 2,832,757 Industrias Penoles S.A.B. de C.V. 277,953 6,571,785 Infraestructura Energetica Nova S.A.B. de C.V. 516,686 2,279,479 Kimberly-Clark de Mexico S.A.B. de C.V. Class A 2,348,560 4,226,698 * La Comer S.A.B. de C.V. 732,725 520,024 Megacable Holdings S.A.B. de C.V. 89,863 284,411 Mexichem S.A.B. de C.V. 2,890,435 6,854,102 * Organizacion Soriana S.A.B. de C.V. Class B 1,102,476 2,326,178 Promotora y Operadora de Infraestructura S.A.B. de C.V. 404,964 3,540,170 * Savia SA Class A 120,000 -- Wal-Mart de Mexico S.A.B. de C.V. 7,054,235 12,482,378 ------------ TOTAL MEXICO 233,922,367 ------------ PERU -- (0.3%) Cementos Pacasmayo SAA ADR 14,995 142,453 Cia de Minas Buenaventura SAA ADR 139,674 1,926,104 Credicorp, Ltd. 78,885 12,911,897
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ----------- PERU -- (Continued) Grana y Montero SAA Sponsored ADR 99,446 $ 448,501 ----------- TOTAL PERU 15,428,955 ----------- PHILIPPINES -- (1.6%) Aboitiz Equity Ventures, Inc. 2,259,870 3,377,524 Aboitiz Power Corp. 2,462,500 2,086,640 Alliance Global Group, Inc. 7,852,800 1,979,988 Ayala Corp. 284,537 4,577,118 Ayala Land, Inc. 9,207,218 6,581,172 Bank of the Philippine Islands 1,202,323 2,165,428 BDO Unibank, Inc. 3,010,192 6,821,112 DMCI Holdings, Inc. 10,645,700 2,765,671 * DoubleDragon Properties Corp. 297,600 308,460 Emperador, Inc. 1,850,900 258,895 Energy Development Corp. 24,538,700 2,692,570 * Fwbc Holdings, Inc. 2,006,957 -- Globe Telecom, Inc. 60,840 2,103,809 GT Capital Holdings, Inc. 138,545 3,632,923 International Container Terminal Services, Inc. 1,287,400 2,002,401 JG Summit Holdings, Inc. 1,874,500 2,798,938 Jollibee Foods Corp. 695,840 2,874,357 LT Group, Inc. 4,344,100 1,143,621 Manila Electric Co. 348,700 1,996,313 Megaworld Corp. 23,849,800 1,760,549 Metro Pacific Investments Corp. 23,790,000 3,262,229 Metropolitan Bank & Trust Co. 1,097,655 1,798,126 Philippine National Bank 248,758 272,505 PLDT, Inc. 100,220 2,962,478 PLDT, Inc. Sponsored ADR 59,031 1,773,882 Puregold Price Club, Inc. 1,510,400 1,311,714 Robinsons Land Corp. 3,988,000 2,013,329 Robinsons Retail Holdings, Inc. 373,260 592,702 San Miguel Corp. 1,374,390 2,706,993 Security Bank Corp. 174,300 747,224 Semirara Mining & Power Corp. 529,000 1,437,395 SM Investments Corp. 282,933 3,924,384 SM Prime Holdings, Inc. 8,486,110 5,067,475 * Top Frontier Investment Holdings, Inc. 42,789 226,944 Universal Robina Corp. 1,282,840 4,203,626 ----------- TOTAL PHILIPPINES 84,228,495 ----------- POLAND -- (1.6%) * Alior Bank SA 133,578 2,037,738 * AmRest Holdings SE 344 28,173 Bank Handlowy w Warszawie SA 44,679 857,356 * Bank Millennium SA 1,076,823 1,582,506 Bank Pekao SA 121,618 4,114,431 Bank Zachodni WBK SA 50,450 4,347,525 Budimex SA 505 27,249 CCC SA 34,972 1,806,387 * Cyfrowy Polsat SA 393,451 2,381,237 Eurocash SA 127,351 1,269,054
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ --------- ------------ POLAND -- (Continued) Grupa Azoty SA 83,448 $ 1,431,605 * Grupa Lotos SA 186,978 1,762,085 ING Bank Slaski SA 39,956 1,768,018 Kernel Holding SA 2,130 42,435 KGHM Polska Miedz SA 388,331 12,044,448 LPP SA 1,669 2,126,804 * mBank SA 26,866 2,539,834 Orange Polska SA 1,116,971 1,507,025 PGE Polska Grupa Energetyczna SA 2,683,831 7,328,132 Polski Koncern Naftowy Orlen SA 649,675 13,184,338 Polskie Gornictwo Naftowe i Gazownictwo SA 2,283,734 3,136,153 * Powszechna Kasa Oszczednosci Bank Polski SA 964,323 7,398,274 Powszechny Zaklad Ubezpieczen SA 808,411 7,113,789 Synthos SA 889,961 1,333,532 * Tauron Polska Energia SA 2,110,398 1,555,085 ------------ TOTAL POLAND 82,723,213 ------------ RUSSIA -- (2.1%) Gazprom PJSC Sponsored ADR 4,944,295 24,532,005 * Lenta, Ltd. GDR(BJ621Y903) 30,830 243,207 * Lenta, Ltd. GDR(52634T200) 51,556 405,230 Lukoil PJSC Sponsored ADR 257,005 14,483,453 Magnitogorsk Iron & Steel OJSC Sponsored GDR 197,103 1,656,579 * Mail.Ru Group, Ltd. GDR(B53NQB903) 41,223 748,653 * Mail.Ru Group, Ltd. GDR(560317208) 15,547 282,178 MegaFon PJSC GDR 139,778 1,519,277 MMC Norilsk Nickel PJSC ADR 406,377 6,590,803 Novatek PJSC GDR 61,847 7,870,498 Novolipetsk Steel PJSC GDR 123,601 2,442,800 PhosAgro PJSC GDR 76,363 1,172,625 Rosneft Oil Co. PJSC GDR 833,683 5,528,012 Rostelecom PJSC Sponsored ADR(B114RM901) 78,867 670,935 Rostelecom PJSC Sponsored ADR(778529107) 2,291 19,153 RusHydro PJSC ADR(BYZ5W4903) 1,329,772 2,259,084 RusHydro PJSC ADR(782183404) 12,131 20,623 Sberbank of Russia PJSC Sponsored ADR 1,818,206 21,318,854 Severstal PJSC GDR 216,701 3,442,226 Tatneft PJSC Sponsored ADR 258,800 10,550,538 VimpelCom, Ltd. Sponsored ADR 105,901 447,961 VTB Bank PJSC GDR(B1W7FX909) 1,358,280 3,097,145 VTB Bank PJSC GDR(46630Q202) 130,253 295,674 ------------ TOTAL RUSSIA 109,597,513 ------------ SOUTH AFRICA -- (7.6%) * African Bank Investments, Ltd. 709,671 266 * Anglo American Platinum, Ltd. 121,432 3,179,116 * AngloGold Ashanti, Ltd. Sponsored ADR 1,637,102 20,807,566 Aspen Pharmacare Holdings, Ltd. 447,818 10,245,472 AVI, Ltd. 175,886 1,198,872 Barclays Africa Group, Ltd. 1,084,401 12,771,446 Bid Corp., Ltd. 778,465 13,506,231 Bidvest Group, Ltd. (The) 778,465 9,167,754
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ --------- ------------ SOUTH AFRICA -- (Continued) * Brait SE 232,213 $ 1,366,511 Capitec Bank Holdings, Ltd. 88,443 4,621,973 Discovery, Ltd. 741,415 6,327,597 Distell Group, Ltd. 70,509 785,562 FirstRand, Ltd. 4,730,180 17,620,467 Gold Fields, Ltd. Sponsored ADR 2,642,178 9,274,045 * Impala Platinum Holdings, Ltd. 613,363 2,444,382 Imperial Holdings, Ltd. 618,348 7,677,217 Investec, Ltd. 841,341 5,946,769 * Kumba Iron Ore, Ltd. 96,985 1,495,844 Liberty Holdings, Ltd. 431,434 3,533,698 Life Healthcare Group Holdings, Ltd. 2,679,724 6,675,161 MMI Holdings, Ltd. 3,545,776 6,523,236 Mondi, Ltd. 273,651 6,032,296 Mr. Price Group, Ltd. 545,010 6,597,626 MTN Group, Ltd. 2,516,919 23,469,883 Naspers, Ltd. Class N 370,571 59,036,347 Nedbank Group, Ltd. 634,489 10,944,316 Netcare, Ltd. 2,630,152 6,326,005 New Europe Property Investments P.L.C. 103,926 1,210,657 Pick n Pay Stores, Ltd. 473,477 2,405,358 Pioneer Foods Group, Ltd. 225,369 2,787,560 PSG Group, Ltd. 161,662 2,732,043 Sanlam, Ltd. 2,999,830 14,491,751 Sappi, Ltd. 1,116,061 7,176,059 Sasol, Ltd. 130,693 3,898,829 Sasol, Ltd. Sponsored ADR 778,314 23,240,456 Shoprite Holdings, Ltd. 951,195 12,625,912 Sibanye Gold, Ltd. Sponsored ADR 89,285 808,922 SPAR Group, Ltd. (The) 284,382 4,011,321 Standard Bank Group, Ltd. 2,023,352 21,637,096 Steinhoff International Holdings NV 3,453,813 16,653,855 Telkom SA SOC, Ltd. 457,121 2,505,151 Tiger Brands, Ltd. 264,186 7,973,977 Truworths International, Ltd. 973,557 5,846,146 Vodacom Group, Ltd. 520,334 5,831,192 Woolworths Holdings, Ltd. 1,765,305 9,698,654 ------------ TOTAL SOUTH AFRICA 403,110,597 ------------ SOUTH KOREA -- (15.6%) Amorepacific Corp. 39,658 10,824,199 # AMOREPACIFIC Group 39,706 4,632,991 # BGF retail Co., Ltd. 17,067 1,350,398 BNK Financial Group, Inc. 597,367 4,384,312 #* Celltrion, Inc. 68,926 5,956,387 Cheil Worldwide, Inc. 73,456 1,172,194 # CJ CGV Co., Ltd. 18,162 1,241,824 # CJ CheilJedang Corp. 16,248 4,962,539 CJ Corp. 28,976 4,549,795 CJ E&M Corp. 31,220 2,349,636 * CJ Korea Express Corp. 5,227 734,115 Com2uSCorp 9,584 705,549 # Coway Co., Ltd. 72,978 5,487,814
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ------- ----------- SOUTH KOREA -- (Continued) Cuckoo Electronics Co., Ltd. 2,015 $ 223,283 Daelim Industrial Co., Ltd. 47,393 3,432,501 #* Daewoo Engineering & Construction Co., Ltd. 133,508 596,311 * Daewoo Shipbuilding & Marine Engineering Co., Ltd. 165,407 478,244 DGB Financial Group, Inc. 279,904 2,377,231 Dongbu Insurance Co., Ltd. 103,904 5,294,050 Dongsuh Cos., Inc. 23,739 522,902 # Dongwon Systems Corp. 4,834 276,334 Doosan Corp. 21,369 1,932,662 # Doosan Heavy Industries & Construction Co., Ltd. 102,105 2,418,945 E-MART, Inc. 32,447 5,680,228 # Grand Korea Leisure Co., Ltd. 38,572 627,727 # Green Cross Corp. 4,303 511,597 Green Cross Holdings Corp. 18,294 336,928 #* GS Engineering & Construction Corp. 85,712 2,042,812 GS Holdings Corp. 142,416 6,270,960 GS Home Shopping, Inc. 996 155,282 GS Retail Co., Ltd. 24,957 1,119,606 Hana Financial Group, Inc. 477,076 14,145,674 Hankook Tire Co., Ltd. 170,001 8,295,908 # Hanmi Pharm Co., Ltd. 7,164 1,779,273 # Hanmi Science Co., Ltd. 13,159 655,329 Hanon Systems 252,361 1,976,149 # Hanssem Co., Ltd. 13,941 2,504,173 Hanwha Chemical Corp. 173,147 3,889,510 Hanwha Corp. 111,924 3,396,452 Hanwha Life Insurance Co., Ltd. 395,871 2,195,879 Hanwha Techwin Co., Ltd. 48,363 1,737,473 # Hite Jinro Co., Ltd. 52,663 942,515 # Hotel Shilla Co., Ltd. 38,111 1,423,431 Hyosung Corp. 58,732 6,846,772 Hyundai Department Store Co., Ltd. 30,725 2,541,763 Hyundai Development Co-Engineering & Construction 93,331 3,511,774 #* Hyundai Elevator Co., Ltd. 10,664 540,009 Hyundai Engineering & Construction Co., Ltd. 140,523 5,030,161 Hyundai Glovis Co., Ltd. 23,344 3,125,935 # Hyundai Greenfood Co., Ltd. 57,515 817,286 #* Hyundai Heavy Industries Co., Ltd. 69,618 7,939,321 Hyundai Home Shopping Network Corp. 7,639 714,067 Hyundai Marine & Fire Insurance Co., Ltd. 182,676 4,734,467 #* Hyundai Mipo Dockyard Co., Ltd. 17,332 857,986 Hyundai Mobis Co., Ltd. 67,920 14,129,810 Hyundai Motor Co. 177,390 21,355,667 * Hyundai Rotem Co., Ltd. 4,372 71,254 Hyundai Steel Co. 167,698 8,409,754 Hyundai Wia Corp. 33,766 1,879,369 Industrial Bank of Korea 468,370 5,116,172 Innocean Worldwide, Inc. 3,114 155,169 # IS Dongseo Co., Ltd. 11,224 403,965 # Jeil Pharmaceutical Co. 3,226 166,880 # Kakao Corp. 20,448 1,369,008 Kangwon Land, Inc. 99,188 2,795,388 KB Financial Group, Inc. 441,762 17,876,037
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ------- ----------- SOUTH KOREA -- (Continued) * KB Financial Group, Inc. ADR 103,883 $ 4,217,650 # KB Insurance Co., Ltd. 104,234 2,208,934 KCC Corp. 9,880 2,953,755 KEPCO Plant Service & Engineering Co., Ltd. 27,560 1,297,063 Kia Motors Corp. 293,465 9,197,981 # KIWOOM Securities Co., Ltd. 10,843 678,522 Kolon Industries, Inc. 29,856 1,908,128 #* Komipharm International Co., Ltd. 25,551 679,054 Korea Aerospace Industries, Ltd. 77,780 4,152,135 Korea Electric Power Corp. 220,479 8,074,606 * Korea Electric Power Corp. Sponsored ADR 97,027 1,779,475 Korea Gas Corp. 42,231 1,686,518 # Korea Investment Holdings Co., Ltd. 61,753 2,476,725 # Korea Kolmar Co., Ltd. 18,540 1,104,311 # Korea Petrochemical Ind Co., Ltd. 6,678 1,549,600 Korea Zinc Co., Ltd. 7,147 3,022,498 * Korean Air Lines Co., Ltd. 93,709 2,129,959 Korean Reinsurance Co. 111,480 1,041,747 * KT Corp. Sponsored ADR 95,200 1,415,624 KT&G Corp. 132,438 11,472,329 # Kumho Petrochemical Co., Ltd. 29,300 2,076,698 #* Kumho Tire Co., Inc. 212,069 1,491,868 LG Chem, Ltd. 46,976 10,592,903 LG Corp. 105,265 5,370,802 LG Display Co., Ltd. 363,272 9,583,726 * LG Display Co., Ltd. ADR 808,137 10,893,687 # LG Electronics, Inc. 310,602 14,843,661 # LG Household & Health Care, Ltd. 12,182 9,211,736 LG Innotek Co., Ltd. 35,915 3,066,539 LG International Corp. 23,266 647,410 LG Uplus Corp. 539,707 5,301,225 # LIG Nex1 Co., Ltd. 6,848 425,947 * Loen Entertainment, Inc. 7,273 486,399 Lotte Chemical Corp. 31,981 10,363,707 Lotte Chilsung Beverage Co., Ltd. 816 1,018,532 # Lotte Confectionery Co., Ltd. 5,484 963,896 # Lotte Shopping Co., Ltd. 18,803 3,658,777 LS Corp. 28,386 1,534,434 LS Industrial Systems Co., Ltd. 23,897 869,225 # Macquarie Korea Infrastructure Fund 520,858 3,609,939 # Mando Corp. 11,458 2,465,656 # Medy-Tox, Inc. 5,775 2,059,801 # Meritz Financial Group, Inc. 57,146 539,106 Meritz Fire & Marine Insurance Co., Ltd. 96,362 1,248,390 # Meritz Securities Co., Ltd. 557,853 1,734,810 Mirae Asset Daewoo Co., Ltd. 405,371 3,075,588 NAVER Corp. 35,288 23,050,589 NCSoft Corp. 14,829 3,882,410 Nexen Tire Corp. 89,371 1,012,609 NH Investment & Securities Co., Ltd. 217,069 2,136,711 # NongShim Co., Ltd. 4,477 1,226,193 #* OCI Co., Ltd. 31,064 2,297,559 # Orion Corp. 4,950 2,765,723
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ------------ SOUTH KOREA -- (Continued) # Ottogi Corp. 1,053 $ 590,315 #* Pan Ocean Co., Ltd. 296,413 981,307 # Paradise Co., Ltd. 62,375 718,690 Poongsan Corp. 8,597 322,130 # POSCO 44,452 10,389,547 POSCO Sponsored ADR 109,096 6,314,476 Posco Daewoo Corp. 79,769 1,750,336 S-1 Corp. 23,249 1,686,975 # S-Oil Corp. 52,028 3,633,795 Samsung C&T Corp. 67,525 7,326,668 Samsung Card Co., Ltd. 43,815 1,480,951 # Samsung Electro-Mechanics Co., Ltd. 94,120 4,596,570 Samsung Electronics Co., Ltd. 97,289 165,466,689 Samsung Electronics Co., Ltd. GDR 52,509 44,885,682 #* Samsung Engineering Co., Ltd. 112,249 1,215,462 Samsung Fire & Marine Insurance Co., Ltd. 48,145 11,154,436 #* Samsung Heavy Industries Co., Ltd. 480,671 4,305,114 Samsung Life Insurance Co., Ltd. 68,654 6,559,842 Samsung SDI Co., Ltd. 93,732 9,314,787 Samsung SDS Co., Ltd. 29,432 3,190,652 # Samsung Securities Co., Ltd. 88,800 2,479,408 Samyang Corp. 2,396 197,688 # SFA Engineering Corp. 8,036 487,074 Shinhan Financial Group Co., Ltd. 361,121 14,272,320 * Shinhan Financial Group Co., Ltd. ADR 86,082 3,403,682 Shinsegae, Inc. 12,742 1,929,489 SK Chemicals Co., Ltd. 30,297 1,549,059 SK Holdings Co., Ltd. 61,080 11,380,709 SK Hynix, Inc. 759,955 35,097,682 SK Innovation Co., Ltd. 63,379 8,585,945 # SK Materials Co., Ltd. 7,099 1,217,741 SK Networks Co., Ltd. 204,355 1,163,967 SK Telecom Co., Ltd. 21,266 4,076,831 SKC Co., Ltd. 33,367 892,568 # SPC Samlip Co., Ltd. 3,031 446,780 * Ssangyong Cement Industrial Co., Ltd. 35,349 432,253 #* Taihan Electric Wire Co., Ltd. 154,853 256,453 Tongyang Life Insurance Co., Ltd. 62,253 567,157 Woori Bank 543,488 6,135,330 * Woori Bank Sponsored ADR 1,026 35,058 Young Poong Corp. 544 512,694 # Youngone Corp. 35,544 816,102 # Yuhan Corp. 5,564 901,523 #* Yungjin Pharmaceutical Co., Ltd. 60,994 379,135 ------------ TOTAL SOUTH KOREA 825,633,078 ------------ TAIWAN -- (15.0%) * Acer, Inc. 5,516,811 2,547,567 Advanced Semiconductor Engineering, Inc. 12,378,929 13,641,498 Advantech Co., Ltd. 414,254 3,514,131 Airtac International Group 126,850 1,055,950 Asia Cement Corp. 4,339,758 3,720,251 * Asia Pacific Telecom Co., Ltd. 1,112,000 360,569
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ----------- TAIWAN -- (Continued) Asustek Computer, Inc. 956,180 $ 8,356,936 AU Optronics Corp. 24,425,873 10,114,182 AU Optronics Corp. Sponsored ADR 326,626 1,368,563 Casetek Holdings, Ltd. 313,000 962,670 Catcher Technology Co., Ltd. 1,354,429 11,046,367 Cathay Financial Holding Co., Ltd. 8,440,450 12,853,785 Chailease Holding Co., Ltd. 2,569,840 4,597,202 Chang Hwa Commercial Bank, Ltd. 9,287,889 5,157,587 Cheng Shin Rubber Industry Co., Ltd. 3,200,965 6,372,489 Chicony Electronics Co., Ltd. 1,022,552 2,412,329 China Airlines, Ltd. 8,737,536 2,624,606 China Development Financial Holding Corp. 24,524,121 6,268,423 China Life Insurance Co., Ltd. 6,140,344 6,009,418 China Motor Corp. 992,000 906,907 China Steel Corp. 15,093,932 12,221,022 Chipbond Technology Corp. 1,082,000 1,567,911 Chroma ATE, Inc. 22,000 57,672 Chunghwa Precision Test Tech Co., Ltd. 20,000 713,272 Chunghwa Telecom Co., Ltd. 1,608,000 5,244,813 Chunghwa Telecom Co., Ltd. Sponsored ADR 263,744 8,323,761 Compal Electronics, Inc. 10,160,541 6,130,390 CTBC Financial Holding Co., Ltd. 19,645,175 11,190,159 CTCI Corp. 1,112,000 1,731,063 Cub Elecparts, Inc. 16,495 130,096 Delta Electronics, Inc. 2,385,486 13,323,872 E.Sun Financial Holding Co., Ltd. 13,139,000 7,761,248 Eclat Textile Co., Ltd. 253,336 2,646,223 Elite Material Co., Ltd. 91,000 319,334 Ennoconn Corp. 62,000 892,037 Eternal Materials Co., Ltd. 1,356,350 1,470,410 Eva Airways Corp. 6,367,740 3,075,383 * Evergreen Marine Corp. Taiwan, Ltd. 3,219,261 1,331,496 Far Eastern International Bank 721,140 211,418 Far Eastern New Century Corp. 6,101,085 5,084,858 Far EasTone Telecommunications Co., Ltd. 2,601,000 6,179,867 Farglory Land Development Co., Ltd. 644,393 763,418 Feng TAY Enterprise Co., Ltd. 475,424 2,078,142 First Financial Holding Co., Ltd. 18,055,124 10,075,598 Formosa Chemicals & Fibre Corp. 3,220,518 9,983,395 Formosa International Hotels Corp. 1,808 9,575 Formosa Petrochemical Corp. 1,393,000 4,758,452 Formosa Plastics Corp. 3,720,153 10,749,111 Formosa Taffeta Co., Ltd. 1,312,000 1,263,324 Foxconn Technology Co., Ltd. 1,790,627 5,053,777 Fubon Financial Holding Co., Ltd. 8,611,233 13,995,408 Giant Manufacturing Co., Ltd. 500,506 3,289,395 Ginko International Co., Ltd. 45,000 442,352 * Globalwafers Co., Ltd. 219,000 1,006,405 Gourmet Master Co., Ltd. 77,550 678,679 Highwealth Construction Corp. 2,120,190 3,153,162 Hiwin Technologies Corp. 435,005 2,242,524 Hon Hai Precision Industry Co., Ltd. 17,267,653 46,308,007 Hota Industrial Manufacturing Co., Ltd. 223,000 924,690
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ----------- TAIWAN -- (Continued) Hotai Motor Co., Ltd. 362,000 $ 4,160,021 * HTC Corp. 1,246,235 3,175,845 Hua Nan Financial Holdings Co., Ltd. 13,331,007 7,011,132 Innolux Corp. 27,802,241 11,777,454 Inventec Corp. 5,430,551 4,084,303 Kenda Rubber Industrial Co., Ltd. 1,082,377 1,660,617 King Slide Works Co., Ltd. 81,000 1,078,313 * King Yuan Electronics Co., Ltd. 1,471,000 1,270,348 King's Town Bank Co., Ltd. 921,000 842,708 Kinsus Interconnect Technology Corp. 683,000 1,572,488 Largan Precision Co., Ltd. 133,860 19,146,837 LCY Chemical Corp. 782,123 1,106,351 Lite-On Technology Corp. 4,896,410 7,395,766 Makalot Industrial Co., Ltd. 230,356 856,567 MediaTek, Inc. 1,455,995 9,967,876 Mega Financial Holding Co., Ltd. 14,351,369 10,698,759 * Mercuries Life Insurance Co., Ltd. 325,753 180,066 Merida Industry Co., Ltd. 317,287 1,652,937 Micro-Star International Co., Ltd. 956,000 2,319,419 Nan Ya Plastics Corp. 4,464,599 10,516,722 Nanya Technology Corp. 992,010 1,528,266 Nien Made Enterprise Co., Ltd. 193,000 1,811,831 Novatek Microelectronics Corp. 1,205,000 4,268,004 * OBI Pharma, Inc. 81,000 750,363 PChome Online, Inc. 114,006 943,657 Pegatron Corp. 5,311,345 12,790,196 * PharmaEssentia Corp. 99,000 453,355 Phison Electronics Corp. 241,000 1,907,764 Pou Chen Corp. 4,990,487 6,323,126 Powertech Technology, Inc. 2,158,819 5,917,157 Poya International Co., Ltd. 72,550 886,128 President Chain Store Corp. 844,831 6,319,393 Qisda Corp. 244,000 127,601 Quanta Computer, Inc. 3,735,000 7,615,082 Realtek Semiconductor Corp. 569,950 1,989,074 * Ruentex Development Co., Ltd. 1,242,709 1,514,242 Ruentex Industries, Ltd. 696,182 1,291,770 ScinoPharm Taiwan, Ltd. 206,405 252,422 * Shin Kong Financial Holding Co., Ltd. 15,958,656 4,099,068 Silergy Corp. 55,000 835,520 Siliconware Precision Industries Co., Ltd. 2,123,637 3,234,701 Siliconware Precision Industries Co., Ltd. Sponsored ADR 21,813 165,561 Simplo Technology Co., Ltd. 690,000 2,062,945 SinoPac Financial Holdings Co., Ltd. 18,850,895 5,561,590 St Shine Optical Co., Ltd. 11,000 207,836 Standard Foods Corp. 466,902 1,147,554 Synnex Technology International Corp. 2,259,343 2,357,842 Taichung Commercial Bank Co., Ltd. 159,669 46,950 * TaiMed Biologics, Inc. 113,000 579,742 Tainan Spinning Co., Ltd. 115,412 50,486 Taishin Financial Holding Co., Ltd. 19,587,984 7,396,814 Taiwan Business Bank 8,318,140 2,173,153 Taiwan Cement Corp. 6,435,720 7,298,466
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ------------ TAIWAN -- (Continued) Taiwan Cooperative Financial Holding Co., Ltd. 13,986,581 $ 6,391,428 Taiwan FamilyMart Co., Ltd. 89,000 590,978 Taiwan Fertilizer Co., Ltd. 1,415,000 1,840,746 * Taiwan Glass Industry Corp. 1,859,375 784,548 Taiwan High Speed Rail Corp. 159,000 97,001 Taiwan Mobile Co., Ltd. 2,215,300 7,399,411 Taiwan Secom Co., Ltd. 362,670 1,007,761 Taiwan Semiconductor Manufacturing Co., Ltd. 25,188,808 150,096,593 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 1,672,158 51,686,404 * Tatung Co., Ltd. 95,000 50,980 Teco Electric and Machinery Co., Ltd. 3,410,000 3,082,289 Tong Yang Industry Co., Ltd. 936,000 1,727,820 Transcend Information, Inc. 334,181 912,612 Tripod Technology Corp. 753,870 1,837,685 Tung Thih Electronic Co., Ltd. 82,000 774,665 Uni-President Enterprises Corp. 7,682,033 13,178,125 United Microelectronics Corp. 38,130,000 13,846,137 Vanguard International Semiconductor Corp. 1,699,000 3,070,482 Voltronic Power Technology Corp. 57,350 776,339 Walsin Lihwa Corp. 5,308,000 2,064,063 Wan Hai Lines, Ltd. 1,821,800 1,012,491 * Win Semiconductors Corp. 742,034 2,232,465 Winbond Electronics Corp. 6,597,000 2,708,189 * Wintek Corp. 604,760 6,619 Wistron Corp. 5,751,099 4,910,791 Wistron NeWeb Corp. 186,000 532,428 WPG Holdings, Ltd. 3,035,869 3,633,629 * Yageo Corp. 981,579 2,382,907 Yuanta Financial Holding Co., Ltd. 18,588,806 7,381,031 Yulon Motor Co., Ltd. 1,732,000 1,524,768 Zhen Ding Technology Holding, Ltd. 1,099,700 2,309,701 ------------ TOTAL TAIWAN 794,506,423 ------------ THAILAND -- (2.7%) Advanced Info Service PCL 1,440,700 6,546,776 Airports of Thailand PCL 578,400 6,800,841 Bangchak Petroleum PCL (The) 843,200 844,158 Bangkok Airways PCL 301,100 188,134 Bangkok Bank PCL(6077019) 241,500 1,244,881 Bangkok Bank PCL(6368360) 232,800 1,153,752 Bangkok Dusit Medical Services PCL Class F 6,818,900 4,299,335 Bangkok Life Assurance PCL 694,900 962,124 Banpu PCL 3,035,950 1,672,747 Berli Jucker PCL 2,432,400 3,454,132 BTS Group Holdings PCL 3,159,100 749,176 Bumrungrad Hospital PCL 402,600 2,046,731 Carabao Group PCL Class F 84,800 181,233 Central Pattana PCL 1,779,300 2,880,435 Central Plaza Hotel PCL 1,046,100 1,106,709 CH Karnchang PCL 680,200 555,403 Charoen Pokphand Foods PCL 4,418,700 3,576,624 CP ALL PCL 4,313,700 7,412,066 Delta Electronics Thailand PCL 656,900 1,599,806
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- ------------ THAILAND -- (Continued) Electricity Generating PCL 319,300 $ 1,831,826 Energy Absolute PCL 1,783,800 1,443,860 Global Power Synergy Co., Ltd. Class F 101,100 102,650 Glow Energy PCL 826,500 1,830,929 Group Lease PCL 361,700 608,654 Home Product Center PCL 10,007,413 2,827,997 Indorama Ventures PCL 3,391,500 3,371,272 Intouch Holdings PCL 1,446,700 2,198,195 IRPC PCL 13,474,400 1,989,971 Kasikornbank PCL(6888794) 1,146,600 6,138,429 Kasikornbank PCL(6364766) 210,900 1,129,073 KCE Electronics PCL 431,000 1,334,252 Krung Thai Bank PCL 6,900,587 3,723,691 Land & Houses PCL(6581941) 4,746,340 1,307,569 Land & Houses PCL(6581930) 790,000 219,881 Minor International PCL 2,391,770 2,360,523 MK Restaurants Group PCL 421,700 676,684 Pruksa Holding PCL 2,958,300 1,957,637 PTG Energy PCL 66,100 52,565 PTT Exploration & Production PCL(B1359J0) 2,414,655 6,720,710 PTT Exploration & Production PCL(B1359L2) 65,409 182,053 PTT Global Chemical PCL 2,570,472 4,964,274 PTT PCL 1,634,600 18,755,422 Ratchaburi Electricity Generating Holding PCL 824,700 1,194,538 Robinson Department Store PCL 598,500 985,885 Siam Cement PCL (The)(6609906) 166,400 2,391,321 Siam Cement PCL (The)(6609928) 230,100 3,306,748 Siam City Cement PCL 163,213 1,302,552 Siam Commercial Bank PCL (The) 1,140,966 4,909,297 Siam Global House PCL 1,111,898 584,212 * Thai Airways International PCL 1,395,900 852,367 Thai Oil PCL 1,455,200 2,965,368 Thai Union Group PCL Class F 2,705,940 1,598,510 Thanachart Capital PCL 1,044,400 1,408,946 TMB Bank PCL 24,158,000 1,605,502 Total Access Communication PCL(B1YWK08) 1,459,300 1,626,740 Total Access Communication PCL(B231MK7) 423,600 472,204 TPI Polene PCL 12,385,600 837,198 True Corp. PCL 27,648,131 5,143,290 TTW PCL 2,098,400 637,685 ------------ TOTAL THAILAND 144,825,543 ------------ TURKEY -- (1.3%) Akbank TAS 2,209,103 4,924,079 Anadolu Efes Biracilik Ve Malt Sanayii A.S. 282,261 1,584,668 Arcelik A.S. 540,990 3,281,358 Aselsan Elektronik Sanayi Ve Ticaret A.S. 333,342 1,206,553 BIM Birlesik Magazalar A.S. 342,629 4,890,845 Coca-Cola Icecek A.S. 124,347 1,274,672 Enka Insaat ve Sanayi A.S. 547,496 833,472 Eregli Demir ve Celik Fabrikalari TAS 3,170,077 4,884,789 Ford Otomotiv Sanayi A.S. 126,138 1,167,406 KOC Holding A.S. 753,593 3,035,700
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ --------- -------------- TURKEY -- (Continued) Petkim Petrokimya Holding A.S. 1,293,596 $ 1,443,495 TAV Havalimanlari Holding A.S. 341,666 1,406,191 Tofas Turk Otomobil Fabrikasi A.S. 212,178 1,465,195 Tupras Turkiye Petrol Rafinerileri A.S. 261,144 5,677,156 * Turk Hava Yollari AO 2,046,901 3,005,642 Turk Telekomunikasyon A.S. 699,083 1,044,064 * Turkcell Iletisim Hizmetleri A.S. 1,142,611 3,436,587 * Turkcell Iletisim Hizmetleri A.S. ADR 73,838 550,093 Turkiye Garanti Bankasi A.S. 3,265,633 7,213,333 Turkiye Halk Bankasi A.S. 1,285,231 3,830,242 Turkiye Is Bankasi Class C 2,548,532 4,028,393 Turkiye Sinai Kalkinma Bankasi A.S. 46,878 17,897 Turkiye Sise ve Cam Fabrikalari A.S. 2,730,783 2,926,881 Turkiye Vakiflar Bankasi TAO Class D 1,445,842 1,884,840 Ulker Biskuvi Sanayi A.S. 244,375 1,179,533 * Yapi ve Kredi Bankasi A.S. 2,464,502 2,503,793 -------------- TOTAL TURKEY 68,696,877 -------------- TOTAL COMMON STOCKS 4,989,012,698 -------------- PREFERRED STOCKS -- (3.1%) BRAZIL -- (3.0%) Banco Bradesco SA 2,388,514 24,781,264 Braskem SA Class A 73,800 762,403 * Centrais Eletricas Brasileiras SA Class B 303,700 2,381,038 Cia Brasileira de Distribuicao 310,022 5,700,457 * Empresa Nacional de Comercio Redito e Participacoes SA 280 2,177 Gerdau SA 836,068 3,239,965 Itau Unibanco Holding SA 4,317,027 51,007,760 Lojas Americanas SA 899,139 4,774,891 * Petroleo Brasileiro SA 2,825,761 13,471,734 * Petroleo Brasileiro SA Sponsored ADR 1,440,006 13,694,457 Suzano Papel e Celulose SA Class A 798,971 3,398,175 Telefonica Brasil SA 465,063 6,887,110 Vale SA 2,522,202 24,469,811 Vale SA Sponsored ADR 364,278 3,529,854 -------------- TOTAL BRAZIL 158,101,096 -------------- CHILE -- (0.0%) Embotelladora Andina SA Class B 113,824 410,403 -------------- COLOMBIA -- (0.1%) Banco Davivienda SA 209,529 2,253,794 Bancolombia SA 30,330 285,800 Grupo Argos SA 28,838 185,762 Grupo Aval Acciones y Valores SA 4,185,719 1,710,209 Grupo de Inversiones Suramericana SA 112,524 1,462,745 -------------- TOTAL COLOMBIA 5,898,310 -------------- TOTAL PREFERRED STOCKS 164,409,809 --------------
THE EMERGING MARKETS SERIES CONTINUED
Shares Value++ ---------- -------------- RIGHTS/WARRANTS -- (0.0%) SOUTH KOREA -- (0.0%) * Korean Air Lines Co., Ltd. Rights 03/07/17 22,307 $ 106,535 * Samsung Securities Co., Ltd. Rights 03/08/17 11,956 62,758 -------------- TOTAL SOUTH KOREA 169,293 -------------- THAILAND -- (0.0%) * TPI Polene PCL Rights 4/30/17 76,454 -- -------------- TOTAL RIGHTS/WARRANTS 169,293 -------------- TOTAL INVESTMENT SECURITIES 5,153,591,800 -------------- Value+ -------------- Securities Lending Collateral -- (2.7%) (S)@ DFA Short Term Investment Fund 12,513,179 144,802,508 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $4,220,051,585)^^ $5,298,394,308 ==============
THE EMERGING MARKETS SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 90,321,540 $ 188,277,351 -- $ 278,598,891 Chile 36,519,366 35,029,120 -- 71,548,486 China 236,801,482 642,889,086 -- 879,690,568 Colombia 24,264,079 -- -- 24,264,079 Czech Republic -- 9,339,792 -- 9,339,792 Egypt 590,198 6,745,126 -- 7,335,324 Greece -- 12,212,319 -- 12,212,319 Hungary -- 21,360,471 -- 21,360,471 India 30,400,668 567,023,201 -- 597,423,869 Indonesia 5,788,915 147,380,231 -- 153,169,146 Malaysia -- 171,396,692 -- 171,396,692 Mexico 233,922,367 -- -- 233,922,367 Peru 15,428,955 -- -- 15,428,955 Philippines 1,773,882 82,454,613 -- 84,228,495 Poland -- 82,723,213 -- 82,723,213 Russia 1,470,819 108,126,694 -- 109,597,513 South Africa 54,130,989 348,979,608 -- 403,110,597 South Korea 28,059,652 797,573,426 -- 825,633,078 Taiwan 61,544,289 732,962,134 -- 794,506,423 Thailand 144,825,543 -- -- 144,825,543 Turkey 550,093 68,146,784 -- 68,696,877 Preferred Stocks Brazil 17,226,488 140,874,608 -- 158,101,096 Chile -- 410,403 -- 410,403 Colombia 5,898,310 -- -- 5,898,310 Rights/Warrants South Korea -- 169,293 -- 169,293 Securities Lending Collateral -- 144,802,508 -- 144,802,508 Futures Contracts** 1,298,295 -- -- 1,298,295 ------------ -------------- -- -------------- Total $990,815,930 $4,308,876,673 -- $5,299,692,603 ============ ============== == ==============
** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES SCHEDULE OF INVESTMENTS January 31, 2017 (Unaudited)
Shares Value+ --------- ------------ COMMON STOCKS -- (98.6%) Consumer Discretionary -- (15.7%) * 1-800-Flowers.com, Inc. Class A 44,330 $ 398,970 Aaron's, Inc. 4,830 149,440 * Adient P.L.C. 22,979 1,458,937 #* Arctic Cat, Inc. 3,436 64,597 #* Ascent Capital Group, Inc. Class A 8,450 130,890 # Autoliv, Inc. 9,404 1,087,667 #* AV Homes, Inc. 3,852 67,988 * Ballantyne Strong, Inc. 9,030 65,468 * Barnes & Noble Education, Inc. 7,710 77,485 Barnes & Noble, Inc. 12,200 124,440 Bassett Furniture Industries, Inc. 2,900 81,780 Beasley Broadcast Group, Inc. Class A 9,471 71,033 #* Beazer Homes USA, Inc. 4,326 61,689 * Belmond, Ltd. Class A 75,198 1,041,492 Best Buy Co., Inc. 197,800 8,806,056 Big 5 Sporting Goods Corp. 8,501 130,915 * Biglari Holdings, Inc. 8 3,546 #* BJ's Restaurants, Inc. 25,971 923,269 # Bob Evans Farms, Inc. 32,778 1,849,663 * Build-A-Bear Workshop, Inc. 25,874 310,488 * Cabela's, Inc. 53,051 2,965,020 Caleres, Inc. 74,697 2,296,933 Callaway Golf Co. 38,543 436,692 * Cambium Learning Group, Inc. 37,733 190,174 Canterbury Park Holding Corp. 2,755 27,688 # Carnival Corp. 489,649 27,116,762 # Carriage Services, Inc. 20,916 542,770 * Cavco Industries, Inc. 7,600 746,700 CBS Corp. Class A 23,484 1,544,543 #* Charter Communications, Inc. Class A 339,394 109,946,686 * Christopher & Banks Corp. 56,231 75,350 # Churchill Downs, Inc. 7,682 1,101,215 Citi Trends, Inc. 3,415 54,811 Columbia Sportswear Co. 8,634 469,431 Comcast Corp. Class A 3,610,797 272,326,310 * Conn's, Inc. 25,450 268,497 Core-Mark Holding Co., Inc. 96,236 3,361,523 CSS Industries, Inc. 10,852 267,176 CST Brands, Inc. 50,181 2,417,721 Culp, Inc. 10,036 323,159 * Delta Apparel, Inc. 7,532 141,150 Destination Maternity Corp. 200 1,132 DeVry Education Group, Inc. 8,757 293,359 # Dillard's, Inc. Class A 120,300 6,789,732 * Discovery Communications, Inc. Class B 3,762 104,772 * Discovery Communications, Inc. Class C 3,762 104,245 * Dixie Group, Inc. (The) 11,800 41,300 #* Dorman Products, Inc. 12,311 849,705 Dover Motorsports, Inc. 15,098 33,971 DR Horton, Inc. 208,125 6,225,019 Educational Development Corp. 1,679 12,509
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ----------- Consumer Discretionary -- (Continued) #* Eldorado Resorts, Inc. 18,512 $ 286,936 Escalade, Inc. 277 3,656 #* EW Scripps Co. (The) Class A 81,265 1,583,042 # Flanigan's Enterprises, Inc. 865 20,976 Flexsteel Industries, Inc. 2,068 105,178 Ford Motor Co. 2,580,303 31,892,545 # Fred's, Inc. Class A 47,275 688,797 * FTD Cos., Inc. 24,893 572,041 #* G-III Apparel Group, Ltd. 22,788 598,413 # GameStop Corp. Class A 104,752 2,565,376 Gaming Partners International Corp. 500 5,925 Gannett Co., Inc. 59,819 575,459 General Motors Co. 1,063,145 38,921,738 #* Genesco, Inc. 7,056 424,771 Graham Holdings Co. Class B 5,780 3,002,999 * Gray Television, Inc. 46,874 555,457 # Group 1 Automotive, Inc. 57,936 4,680,649 Harte-Hanks, Inc. 55,608 86,748 # Haverty Furniture Cos., Inc. 33,479 729,842 * Helen of Troy, Ltd. 64,389 6,007,494 Hooker Furniture Corp. 14,814 491,825 * Hyatt Hotels Corp. Class A 14,601 798,821 * Iconix Brand Group, Inc. 65,319 672,133 International Speedway Corp. Class A 24,844 910,533 * J Alexander's Holdings, Inc. 2,666 26,660 * JAKKS Pacific, Inc. 13,103 66,825 #* JC Penney Co., Inc. 85,215 566,680 Johnson Outdoors, Inc. Class A 15,588 537,474 # KB Home 30,800 504,504 # Kohl's Corp. 14,353 571,680 La-Z-Boy, Inc. 56,332 1,611,095 * Lakeland Industries, Inc. 11,757 127,563 #* Lands' End, Inc. 21,056 323,210 Lennar Corp. Class A 224,100 10,006,065 Lennar Corp. Class B 7,868 282,933 * Liberty Broadband Corp. Class A 24,095 2,016,270 * Liberty Broadband Corp. Class B 1,905 160,639 #* Liberty Broadband Corp. Class C 67,601 5,769,069 * Liberty Expedia Holdings, Inc. Class A 80,904 3,560,585 #* Liberty Expedia Holdings, Inc. Class B 3,457 152,004 * Liberty Interactive Corp., QVC Group Class A 882,463 16,925,640 #* Liberty Interactive Corp., QVC Group Class B 35,706 683,056 * Liberty Media Corp.-Liberty Braves Class A 9,638 192,278 #* Liberty Media Corp.-Liberty Braves Class B 762 16,311 * Liberty Media Corp.-Liberty Braves Class C 20,801 415,604 #* Liberty Media Corp.-Liberty Formula One Class A 24,095 698,273 #* Liberty Media Corp.-Liberty Formula One Class B 1,905 58,045 #* Liberty Media Corp.-Liberty Formula One Class C 52,002 1,494,537 * Liberty Media Corp.-Liberty SiriusXM Class A 96,383 3,492,920 #* Liberty Media Corp.-Liberty SiriusXM Class B 7,622 272,868 * Liberty Media Corp.-Liberty SiriusXM Class C 208,010 7,465,479 * Liberty TripAdvisor Holdings, Inc. Class A 76,802 1,378,596 * Liberty TripAdvisor Holdings, Inc. Class B 3,570 69,704
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ ------- ----------- Consumer Discretionary -- (Continued) * Liberty Ventures Series A 121,356 $ 5,297,189 #* Liberty Ventures Series B 5,186 228,884 Lifetime Brands, Inc. 16,431 245,643 # Lions Gate Entertainment Corp. Class A 4,691 134,960 #* Lions Gate Entertainment Corp. Class B 4,691 125,672 # Lithia Motors, Inc. Class A 34,933 3,602,291 * Luby's, Inc. 32,226 118,269 * M/I Homes, Inc. 37,930 953,560 * Madison Square Garden Co. (The) Class A 9,852 1,730,701 Marcus Corp. (The) 18,899 560,355 * MarineMax, Inc. 29,164 625,568 # Marriott Vacations Worldwide Corp. 2,531 218,881 #* McClatchy Co. (The) Class A 6,060 69,932 (degrees)* Media General, Inc. 25,196 7,808 # Meredith Corp. 32,676 2,003,039 * Meritage Homes Corp. 28,156 1,034,733 * MGM Resorts International 227,871 6,562,685 * Modine Manufacturing Co. 14,650 199,240 * Mohawk Industries, Inc. 98,740 21,312,042 * Monarch Casino & Resort, Inc. 1,103 26,207 #* Motorcar Parts of America, Inc. 13,074 342,931 Movado Group, Inc. 21,998 597,246 * MSG Networks, Inc. Class A 29,558 685,746 * Murphy USA, Inc. 30,778 1,960,559 # NACCO Industries, Inc. Class A 6,832 503,860 * New York & Co., Inc. 6,926 15,029 # Newell Brands, Inc. 209,562 9,918,569 News Corp. Class A 402,247 4,943,616 # News Corp. Class B 99,903 1,263,773 Nexstar Media Group, Inc. 3,146 205,748 Office Depot, Inc. 181,609 808,160 # Penske Automotive Group, Inc. 43,845 2,383,414 * Perry Ellis International, Inc. 19,169 452,197 PulteGroup, Inc. 143,221 3,080,684 PVH Corp. 31,964 2,998,543 RCI Hospitality Holdings, Inc. 12,026 211,056 * Red Robin Gourmet Burgers, Inc. 31,175 1,482,371 * Regis Corp. 49,623 690,752 # Rent-A-Center, Inc. 76,435 684,858 Rocky Brands, Inc. 8,729 110,422 # Royal Caribbean Cruises, Ltd. 322,500 30,195,675 * Ruby Tuesday, Inc. 17,500 34,300 Saga Communications, Inc. Class A 8,693 437,258 Salem Media Group, Inc. 10,922 66,624 Scholastic Corp. 30,900 1,414,602 * Sequential Brands Group, Inc. 70 324 * Shiloh Industries, Inc. 15,461 185,377 Shoe Carnival, Inc. 33,450 855,316 Spartan Motors, Inc. 16,820 132,878 Speedway Motorsports, Inc. 16,132 346,677 Standard Motor Products, Inc. 37,342 1,862,246 Staples, Inc. 426,509 3,923,883 * Stoneridge, Inc. 19,361 317,714
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ------------ Consumer Discretionary -- (Continued) Strattec Security Corp. 5,224 $ 160,899 Superior Industries International, Inc. 23,275 536,489 Superior Uniform Group, Inc. 17,956 305,611 # Tailored Brands, Inc. 15,981 339,596 * Tandy Leather Factory, Inc. 9,974 77,299 TEGNA, Inc. 119,639 2,740,929 Time Warner, Inc. 1,534,860 148,651,191 Time, Inc. 191,857 3,693,247 #* Toll Brothers, Inc. 179,799 5,638,497 * Trans World Entertainment Corp. 5,781 15,898 #* Tuesday Morning Corp. 60,500 260,150 Twenty-First Century Fox, Inc. Class A 1,287,383 40,398,079 Twenty-First Century Fox, Inc. Class B 550,972 17,085,642 * UCP, Inc. Class A 7,837 88,950 * Unifi, Inc. 43,422 1,167,618 * Universal Electronics, Inc. 3,206 190,757 * Vista Outdoor, Inc. 77,610 2,235,944 * VOXX International Corp. 3,750 15,750 Walt Disney Co. (The) 26,220 2,901,243 # Wendy's Co. (The) 242,704 3,283,785 * West Marine, Inc. 26,468 245,358 Whirlpool Corp. 30,049 5,255,270 ------------ Total Consumer Discretionary 967,068,058 ------------ Consumer Staples -- (8.2%) # Alico, Inc. 960 25,872 #* Alliance One International, Inc. 3,508 58,408 Andersons, Inc. (The) 23,660 893,165 Archer-Daniels-Midland Co. 813,476 36,004,448 Bunge, Ltd. 121,368 8,399,879 * CCA Industries, Inc. 8,323 21,640 * Central Garden & Pet Co. 25,184 827,294 * Central Garden & Pet Co. Class A 48,121 1,481,164 Constellation Brands, Inc. Class A 28,408 4,254,382 Constellation Brands, Inc. Class B 12,615 1,908,397 #* Craft Brew Alliance, Inc. 9,754 148,261 CVS Health Corp. 1,510,745 119,061,813 Fresh Del Monte Produce, Inc. 39,437 2,257,768 #* Hain Celestial Group, Inc. (The) 87,292 3,453,272 Ingles Markets, Inc. Class A 11,437 517,524 Ingredion, Inc. 62,117 7,962,778 JM Smucker Co. (The) 108,204 14,699,513 John B. Sanfilippo & Son, Inc. 10,428 686,058 Kraft Heinz Co. (The) 176,768 15,783,615 * Landec Corp. 37,056 466,906 Mannatech, Inc. 717 14,232 # MGP Ingredients, Inc. 4,188 177,529 # Molson Coors Brewing Co. Class A 1,908 183,740 Molson Coors Brewing Co. Class B 186,550 18,005,806 Mondelez International, Inc. Class A 2,081,099 92,151,064 Nutraceutical International Corp. 14,615 489,603 Oil-Dri Corp. of America 5,047 169,832 * Omega Protein Corp. 25,852 645,007
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ------------ Consumer Staples -- (Continued) #* Post Holdings, Inc. 50,201 $ 4,200,820 Reynolds American, Inc. 188,277 11,321,096 # Sanderson Farms, Inc. 16,100 1,465,100 * Seaboard Corp. 1,812 6,976,200 * Seneca Foods Corp. Class A 6,301 225,891 * Seneca Foods Corp. Class B 300 11,565 # Snyder's-Lance, Inc. 32,153 1,234,032 SpartanNash Co. 34,281 1,297,879 # Spectrum Brands Holdings, Inc. 31,986 4,266,613 #* TreeHouse Foods, Inc. 24,190 1,835,537 Tyson Foods, Inc. Class A 405,030 25,431,834 # Universal Corp. 22,290 1,515,720 Wal-Mart Stores, Inc. 972,881 64,930,078 Walgreens Boots Alliance, Inc. 578,187 47,376,643 Weis Markets, Inc. 11,602 689,623 ------------ Total Consumer Staples 503,527,601 ------------ Energy -- (12.6%) Adams Resources & Energy, Inc. 6,004 232,655 Alon USA Energy, Inc. 33,484 377,030 Anadarko Petroleum Corp. 258,932 18,003,542 Apache Corp. 15,708 939,653 Archrock, Inc. 69,200 1,010,320 Baker Hughes, Inc. 127,976 8,072,726 * Barnwell Industries, Inc. 7,870 13,182 # Bristow Group, Inc. 37,360 659,778 #* California Resources Corp. 2,132 45,667 #* Callon Petroleum Co. 13,214 201,910 Chevron Corp. 1,124,251 125,185,349 #* Cloud Peak Energy, Inc. 33,115 188,424 ConocoPhillips 1,601,249 78,076,901 * Dawson Geophysical Co. 29,011 229,767 Delek US Holdings, Inc. 52,256 1,170,534 EOG Resources, Inc. 74,157 7,532,868 * Era Group, Inc. 24,458 383,012 * Exterran Corp. 34,600 1,073,292 Exxon Mobil Corp. 2,493,606 209,188,607 Green Plains, Inc. 26,534 597,015 Gulf Island Fabrication, Inc. 15,018 208,750 #* Gulfmark Offshore, Inc. Class A 17,250 29,325 * Helix Energy Solutions Group, Inc. 103,010 873,525 # Helmerich & Payne, Inc. 108,670 7,732,957 # Hess Corp. 165,152 8,947,935 # HollyFrontier Corp. 32,210 933,124 * Hornbeck Offshore Services, Inc. 6,900 50,025 * International Seaways, Inc. 12 209 Kinder Morgan, Inc. 303,244 6,774,471 Marathon Oil Corp. 467,019 7,822,568 Marathon Petroleum Corp. 903,936 43,434,125 * Matrix Service Co. 15,423 345,475 # Murphy Oil Corp. 108,993 3,150,988 Nabors Industries, Ltd. 181,974 2,957,077 # National Oilwell Varco, Inc. 213,118 8,057,992
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ ------- ------------ Energy -- (Continued) * Natural Gas Services Group, Inc. 15,026 $ 431,246 * Newpark Resources, Inc. 97,395 735,332 Noble Energy, Inc. 133,794 5,319,649 Occidental Petroleum Corp. 193,548 13,116,748 * Parker Drilling Co. 103,773 264,621 # Patterson-UTI Energy, Inc. 152,325 4,271,193 #* PDC Energy, Inc. 24,103 1,782,176 * PHI, Inc. Non-Voting 15,570 246,785 * PHI, Inc. Voting 1,099 17,166 Phillips 66 883,414 72,104,251 * Pioneer Energy Services Corp. 74,262 467,851 Pioneer Natural Resources Co. 88,400 15,932,332 * QEP Resources, Inc. 33,043 576,270 #* Renewable Energy Group, Inc. 2,882 25,073 #* REX American Resources Corp. 4,050 336,272 #* Rowan Cos. P.L.C. Class A 118,378 2,121,334 Schlumberger, Ltd. 603,242 50,497,388 * SEACOR Holdings, Inc. 20,471 1,506,051 SemGroup Corp. Class A 4,727 187,662 # Ship Finance International, Ltd. 12,481 187,215 Superior Energy Services, Inc. 75,686 1,337,372 #* Tesco Corp. 3,745 32,207 Tesoro Corp. 168,807 13,648,046 #* Unit Corp. 52,140 1,355,640 Valero Energy Corp. 605,899 39,843,918 Western Refining, Inc. 47,810 1,673,828 * Whiting Petroleum Corp. 16,007 177,518 ------------ Total Energy 772,695,922 ------------ Financials -- (22.1%) 1st Source Corp. 45,305 2,043,709 Aflac, Inc. 130,228 9,114,658 * Alleghany Corp. 3,115 1,905,041 Allied World Assurance Co. Holdings AG 76,431 4,060,779 Allstate Corp. (The) 211,174 15,882,397 American Equity Investment Life Holding Co. 88,700 2,093,320 American Financial Group, Inc. 173,596 14,958,767 American International Group, Inc. 838,781 53,900,067 American National Insurance Co. 23,302 2,716,780 # AmeriServ Financial, Inc. 33,075 130,646 * Arch Capital Group, Ltd. 3,094 273,355 Argo Group International Holdings, Ltd. 51,636 3,302,122 Aspen Insurance Holdings, Ltd. 102,623 5,787,937 Associated Banc-Corp 31,434 795,280 Assurant, Inc. 65,820 6,393,097 Assured Guaranty, Ltd. 122,989 4,785,502 * Asta Funding, Inc. 7,527 76,775 Astoria Financial Corp. 19,344 365,795 * Atlanticus Holdings Corp. 19,218 54,579 Axis Capital Holdings, Ltd. 8,510 544,725 Baldwin & Lyons, Inc. Class A 300 7,296 Baldwin & Lyons, Inc. Class B 6,556 157,344 * Bancorp, Inc. (The) 459 2,749
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ------------ Financials -- (Continued) Bank Mutual Corp. 14,475 $ 138,236 Bank of America Corp. 5,636,194 127,603,432 Bank of New York Mellon Corp. (The) 671,211 30,023,268 BankFinancial Corp. 21,475 289,268 Bar Harbor Bankshares 1,822 78,947 BB&T Corp. 142,893 6,600,228 BCB Bancorp, Inc. 1,059 14,349 Berkshire Hills Bancorp, Inc. 30,747 1,088,444 Capital City Bank Group, Inc. 15,389 318,398 Capital One Financial Corp. 373,787 32,665,246 * Cascade Bancorp 15,799 125,918 Cathay General Bancorp 17,730 646,081 CenterState Banks, Inc. 747 18,219 Century Bancorp, Inc. Class A 495 29,849 Chubb, Ltd. 111,887 14,712,022 Cincinnati Financial Corp. 12,284 867,005 CIT Group, Inc. 45,907 1,890,909 Citigroup, Inc. 1,870,326 104,420,301 Citizens Community Bancorp, Inc. 10,355 129,023 CME Group, Inc. 381,507 46,192,868 CNA Financial Corp. 200,051 8,332,124 CNO Financial Group, Inc. 301,264 5,696,902 Codorus Valley Bancorp, Inc. 144 3,696 Comerica, Inc. 16,431 1,109,585 Community West Bancshares 400 4,060 * Consumer Portfolio Services, Inc. 30,005 143,424 #* Cowen Group, Inc. Class A 3,989 59,835 Donegal Group, Inc. Class A 13,586 223,761 Donegal Group, Inc. Class B 300 4,883 * E*TRADE Financial Corp. 89,699 3,359,228 Eastern Virginia Bankshares, Inc. 307 3,070 EMC Insurance Group, Inc. 27,511 801,946 Endurance Specialty Holdings, Ltd. 94,576 8,766,249 Enterprise Financial Services Corp. 3,235 134,738 ESSA Bancorp, Inc. 8,217 130,075 Evans Bancorp, Inc. 1,681 62,029 Everest Re Group, Ltd. 34,913 7,678,416 Farmers Capital Bank Corp. 302 11,219 FBL Financial Group, Inc. Class A 24,660 1,721,268 Federal Agricultural Mortgage Corp. Class A 177 10,620 Federal Agricultural Mortgage Corp. Class C 9,200 512,072 Federated National Holding Co. 13,665 250,616 Fidelity Southern Corp. 7,213 167,702 Fifth Third Bancorp 92,166 2,405,533 * First Acceptance Corp. 27,347 43,482 First American Financial Corp. 61,982 2,329,284 # First Bancorp 16,138 472,359 First Business Financial Services, Inc. 964 23,358 First Citizens BancShares, Inc. Class A 8,627 3,163,866 # First Commonwealth Financial Corp. 30,547 431,324 First Community Bancshares, Inc. 183 5,325 First Defiance Financial Corp. 10,880 527,245 First Financial Northwest, Inc. 25,371 526,448
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ------------ Financials -- (Continued) First Merchants Corp. 41,623 $ 1,595,410 First Midwest Bancorp, Inc. 7,168 174,039 First South Bancorp, Inc. 2,278 28,224 # FNB Corp. 63,117 942,968 * FNFV Group 15,438 200,694 * Genworth Financial, Inc. Class A 34,964 117,479 # German American Bancorp, Inc. 4,179 200,550 * Global Indemnity, Ltd. 8,282 327,222 Goldman Sachs Group, Inc. (The) 209,155 47,963,425 Great Southern Bancorp, Inc. 1,616 80,881 Great Western Bancorp, Inc. 260 11,115 Guaranty Federal Bancshares, Inc. 1,684 34,354 * Hallmark Financial Services, Inc. 20,834 227,924 Hanover Insurance Group, Inc. (The) 88,829 7,456,306 Hartford Financial Services Group, Inc. (The) 320,787 15,625,535 Heartland Financial USA, Inc. 465 21,762 Hilltop Holdings, Inc. 26,171 716,562 Hingham Institution for Savings 331 64,012 * HMN Financial, Inc. 3,456 63,072 Home Bancorp, Inc. 719 25,575 HopFed Bancorp, Inc. 6,781 96,222 Horace Mann Educators Corp. 58,206 2,406,818 Huntington Bancshares, Inc. 70,847 958,560 Iberiabank Corp. 697 57,259 Independence Holding Co. 13,333 265,327 Infinity Property & Casualty Corp. 15,800 1,372,230 International Bancshares Corp. 800 29,680 Investment Technology Group, Inc. 23,677 476,381 Investors Title Co. 1,169 142,057 Janus Capital Group, Inc. 24,840 310,500 JPMorgan Chase & Co. 2,695,925 228,156,133 # Kemper Corp. 46,361 2,002,795 Kentucky First Federal Bancorp 2,400 22,800 KeyCorp 526,210 9,455,994 Lakeland Bancorp, Inc. 8,740 162,127 Landmark Bancorp, Inc. 2,277 69,449 # Legg Mason, Inc. 43,400 1,375,346 Lincoln National Corp. 134,595 9,086,508 Loews Corp. 243,798 11,356,111 M&T Bank Corp. 4,241 689,459 Macatawa Bank Corp. 15,191 155,252 Mackinac Financial Corp. 6,893 91,539 Maiden Holdings, Ltd. 5,792 102,808 MainSource Financial Group, Inc. 45,000 1,478,700 * Markel Corp. 101 93,425 Marlin Business Services Corp. 14,241 326,831 MB Financial, Inc. 19,678 876,261 #* MBIA, Inc. 82,267 839,123 MBT Financial Corp. 9,396 101,477 Mercantile Bank Corp. 4,422 142,831 Meta Financial Group, Inc. 1,083 95,142 MetLife, Inc. 958,812 52,168,961 MidWestOne Financial Group, Inc. 346 12,217
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ----------- Financials -- (Continued) Morgan Stanley 1,036,923 $44,058,858 MutualFirst Financial, Inc. 2,300 71,875 Nasdaq, Inc. 42,129 2,971,780 National Western Life Group, Inc. Class A 900 263,835 Navigators Group, Inc. (The) 7,370 413,826 # New York Community Bancorp, Inc. 52,185 792,690 * NewStar Financial, Inc. 41,166 365,554 Northrim BanCorp, Inc. 5,734 161,986 OFG Bancorp 30,191 400,031 Old Republic International Corp. 172,923 3,596,798 Oppenheimer Holdings, Inc. Class A 3,097 52,959 PacWest Bancorp 1,076 59,610 Park Sterling Corp. 992 11,606 # People's United Financial, Inc. 68,700 1,288,125 Peoples Bancorp of North Carolina, Inc. 250 6,500 Peoples Bancorp, Inc. 15,923 494,409 * PHH Corp. 54,576 795,718 * Piper Jaffray Cos. 312 21,996 PNC Financial Services Group, Inc. (The) 170,790 20,573,363 Popular, Inc. 56,536 2,511,895 Premier Financial Bancorp, Inc. 4,877 89,347 # Principal Financial Group, Inc. 218,754 12,488,666 Provident Financial Holdings, Inc. 544 10,080 # Provident Financial Services, Inc. 21,059 557,432 Prudential Financial, Inc. 497,625 52,305,364 Radian Group, Inc. 161,945 2,979,788 Regions Financial Corp. 1,302,555 18,769,818 Reinsurance Group of America, Inc. 169,166 21,225,258 RenaissanceRe Holdings, Ltd. 12,667 1,726,765 Renasant Corp. 42,102 1,675,660 #* Republic First Bancorp, Inc. 2,174 16,414 Riverview Bancorp, Inc. 1,682 12,901 Safety Insurance Group, Inc. 26,197 1,878,325 Sandy Spring Bancorp, Inc. 9,125 373,851 * Select Bancorp, Inc. 600 6,198 # Selective Insurance Group, Inc. 45,200 1,884,840 SI Financial Group, Inc. 5,661 85,198 South State Corp. 5,283 472,300 * Southern First Bancshares, Inc. 1,216 43,046 Southwest Bancorp, Inc. 16,974 470,180 State Auto Financial Corp. 15,100 381,426 State Street Corp. 4,112 313,334 Sterling Bancorp 70,552 1,682,665 Stewart Information Services Corp. 12,271 535,997 Suffolk Bancorp 205 8,491 SunTrust Banks, Inc. 255,532 14,519,328 Synchrony Financial 544,549 19,505,745 # Synovus Financial Corp. 22,796 950,137 Timberland Bancorp, Inc. 2,500 52,275 Tiptree, Inc. 37,071 242,815 Torchmark Corp. 7,000 514,780 Travelers Cos., Inc. (The) 153,509 18,080,290 Trico Bancshares 854 31,487
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- -------------- Financials -- (Continued) # Trustmark Corp. 4,194 $ 141,002 Umpqua Holdings Corp. 34,932 639,605 * Unico American Corp. 1,900 19,380 Union Bankshares Corp. 37,042 1,361,664 # United Bankshares, Inc. 12,121 543,021 United Financial Bancorp, Inc. 9,193 165,934 United Fire Group, Inc. 24,429 1,153,049 * United Security Bancshares 436 3,444 Unity Bancorp, Inc. 3,999 65,784 Univest Corp. of Pennsylvania 156 4,391 Unum Group 517,445 23,507,526 Validus Holdings, Ltd. 8,958 510,606 # Valley National Bancorp 768 9,300 Voya Financial, Inc. 14,373 578,082 Washington Federal, Inc. 97,887 3,215,588 Waterstone Financial, Inc. 1,426 25,811 Wells Fargo & Co. 2,007,721 113,094,924 WesBanco, Inc. 31,678 1,314,637 West Bancorporation, Inc. 2,744 62,563 Western New England Bancorp, Inc. 11,698 113,471 Wintrust Financial Corp. 24,224 1,734,438 # WR Berkley Corp. 5,305 356,549 XL Group, Ltd. 240,766 9,045,579 # Zions Bancorporation 53,325 2,249,782 -------------- Total Financials 1,359,893,650 -------------- Health Care -- (10.5%) Abbott Laboratories 694,726 29,018,705 Aceto Corp. 31,686 604,886 * Addus HomeCare Corp. 2,044 69,803 Aetna, Inc. 558,462 66,239,178 * Albany Molecular Research, Inc. 24,874 457,682 * Alere, Inc. 45,800 1,694,600 * Allergan P.L.C. 105,649 23,125,510 Analogic Corp. 2,988 232,018 * AngioDynamics, Inc. 14,354 231,028 * Anika Therapeutics, Inc. 14,671 741,472 Anthem, Inc. 504,640 77,785,210 #* Aptevo Therapeutics, Inc. 4,339 8,635 * Arrhythmia Research Technology, Inc. 1,200 5,052 Baxter International, Inc. 27,380 1,311,776 Cigna Corp. 42,954 6,280,734 CONMED Corp. 43,239 1,928,027 # Cooper Cos., Inc. (The) 13,956 2,576,417 #* Cross Country Healthcare, Inc. 7,595 109,900 CryoLife, Inc. 17,502 332,538 #* Cumberland Pharmaceuticals, Inc. 23,319 143,645 * Cutera, Inc. 1,289 23,846 #* Cynosure, Inc. Class A 8,077 431,312 Danaher Corp. 338,041 28,368,401 Digirad Corp. 26,711 134,890 #* Emergent BioSolutions, Inc. 8,678 262,683 #* Envision Healthcare Corp. 30,743 2,090,524
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ------------ Health Care -- (Continued) * Enzo Biochem, Inc. 41,397 $ 276,532 * Exactech, Inc. 3,390 83,563 * Express Scripts Holding Co. 493,239 33,974,302 * Five Star Quality Care, Inc. 6,065 17,285 * Harvard Bioscience, Inc. 32,107 96,321 Humana, Inc. 236,814 47,007,579 * Impax Laboratories, Inc. 4,700 61,805 * Integer Holdings Corp. 41,672 1,350,173 # Invacare Corp. 7,330 84,295 Kewaunee Scientific Corp. 1,631 41,346 Kindred Healthcare, Inc. 22,803 151,640 LeMaitre Vascular, Inc. 5,100 115,821 * LHC Group, Inc. 1,418 71,084 * LifePoint Health, Inc. 82,208 4,879,045 * Magellan Health, Inc. 17,899 1,341,530 (degrees)* MedCath Corp. 29,240 -- Medtronic P.L.C. 764,960 58,152,259 * Merit Medical Systems, Inc. 13,395 340,233 #* Molina Healthcare, Inc. 24,941 1,414,653 * Mylan NV 6,181 235,187 National HealthCare Corp. 6,484 485,327 * Natus Medical, Inc. 15,698 613,007 * Nuvectra Corp. 13,890 108,064 * Omnicell, Inc. 35,405 1,271,039 PerkinElmer, Inc. 76,500 4,069,035 Pfizer, Inc. 4,178,729 132,591,071 * PharMerica Corp. 33,305 825,964 * Prestige Brands Holdings, Inc. 111,489 5,882,160 * RTI Surgical, Inc. 73,086 237,529 #* SciClone Pharmaceuticals, Inc. 13,028 132,234 #* Select Medical Holdings Corp. 42,204 525,440 * Surmodics, Inc. 5,593 135,351 # Teleflex, Inc. 37,223 6,243,414 Thermo Fisher Scientific, Inc. 499,520 76,121,853 * Tivity Health, Inc. 37,281 956,258 #* Triple-S Management Corp. Class B 20,684 395,271 UnitedHealth Group, Inc. 89,716 14,542,964 #* Universal American Corp. 70,194 697,728 * VCA, Inc. 69,140 6,264,084 * WellCare Health Plans, Inc. 18,375 2,674,297 ------------ Total Health Care 648,675,215 ------------ Industrials -- (11.5%) AAR Corp. 32,906 1,052,663 ABM Industries, Inc. 64,500 2,605,155 Acme United Corp. 1,030 25,091 # Actuant Corp. Class A 4,057 106,091 * AECOM 55,835 2,061,987 * Aegion Corp. 42,549 989,690 #* Aerovironment, Inc. 35,065 918,352 AGCO Corp. 58,973 3,703,504 * Air Transport Services Group, Inc. 6,308 101,748 Alamo Group, Inc. 22,751 1,720,658
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ----------- Industrials -- (Continued) Alaska Air Group, Inc. 105,252 $ 9,874,743 Albany International Corp. Class A 20,551 975,145 AMERCO 29,431 11,085,775 * Ameresco, Inc. Class A 981 5,101 # American Railcar Industries, Inc. 20,003 890,934 # Apogee Enterprises, Inc. 36,374 2,076,228 ArcBest Corp. 12,135 383,466 Arconic, Inc. 331,751 7,560,605 Argan, Inc. 21 1,549 Astec Industries, Inc. 22,925 1,604,291 * Atlas Air Worldwide Holdings, Inc. 31,815 1,678,241 Barnes Group, Inc. 36,400 1,751,932 * BlueLinx Holdings, Inc. 681 4,481 Brady Corp. Class A 38,500 1,399,475 # Briggs & Stratton Corp. 41,033 888,775 * CAI International, Inc. 17,082 275,703 * Casella Waste Systems, Inc. Class A 5,201 60,124 # Caterpillar, Inc. 107,902 10,321,905 * CBIZ, Inc. 38,149 499,752 * CDI Corp. 26,779 230,299 CECO Environmental Corp. 3,773 49,502 # Celadon Group, Inc. 24,642 187,279 Chicago Rivet & Machine Co. 700 33,614 CIRCOR International, Inc. 10,019 623,983 Columbus McKinnon Corp. 17,542 482,230 Comfort Systems USA, Inc. 44,560 1,508,356 CompX International, Inc. 500 7,300 # Covanta Holding Corp. 64,592 1,039,931 * Covenant Transportation Group, Inc. Class A 7,080 152,432 CRA International, Inc. 7,613 252,980 CSX Corp. 1,242,950 57,660,450 Cummins, Inc. 900 132,309 Curtiss-Wright Corp. 46,353 4,545,375 Delta Air Lines, Inc. 355,413 16,789,710 #* DigitalGlobe, Inc. 21,971 616,287 DMC Global, Inc. 1,436 22,904 Douglas Dynamics, Inc. 30,234 1,021,909 * Ducommun, Inc. 12,645 374,671 Eastern Co. (The) 10,193 201,821 Eaton Corp. P.L.C. 186,354 13,190,136 EMCOR Group, Inc. 50,540 3,522,133 Encore Wire Corp. 19,966 843,564 EnerSys 43,239 3,370,480 * Engility Holdings, Inc. 7,988 234,288 Ennis, Inc. 31,756 536,676 EnPro Industries, Inc. 17,635 1,197,593 ESCO Technologies, Inc. 17,601 1,024,378 Espey Manufacturing & Electronics Corp. 1,671 43,989 Essendant, Inc. 24,021 501,799 #* Esterline Technologies Corp. 44,968 3,851,509 Federal Signal Corp. 71,923 1,117,683 FedEx Corp. 142,324 26,914,892 Fortune Brands Home & Security, Inc. 123,726 6,821,014
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ----------- Industrials -- (Continued) * Franklin Covey Co. 3,046 $ 53,305 FreightCar America, Inc. 9,404 135,888 * FTI Consulting, Inc. 25,736 1,084,515 G&K Services, Inc. Class A 29,714 2,854,327 # GATX Corp. 65,445 3,784,030 * Gencor Industries, Inc. 13,149 205,782 General Electric Co. 2,102,284 62,437,835 #* Genesee & Wyoming, Inc. Class A 1,200 90,432 * Gibraltar Industries, Inc. 24,203 1,062,512 * GP Strategies Corp. 18,583 477,583 # Granite Construction, Inc. 27,179 1,525,557 * Great Lakes Dredge & Dock Corp. 69,820 363,064 Greenbrier Cos., Inc. (The) 22,451 982,231 # Griffon Corp. 67,323 1,713,370 #* Hawaiian Holdings, Inc. 9,193 468,383 Heidrick & Struggles International, Inc. 18,234 407,530 * Herc Holdings, Inc. 18,560 921,875 * Hertz Global Holdings, Inc. 55,682 1,167,652 * Hill International, Inc. 27,154 146,632 Hurco Cos., Inc. 7,910 242,046 * Huron Consulting Group, Inc. 4,001 181,245 Hyster-Yale Materials Handling, Inc. 12,246 753,374 * ICF International, Inc. 31,660 1,646,320 Ingersoll-Rand P.L.C. 213,109 16,910,199 * InnerWorkings, Inc. 96,587 928,201 Insteel Industries, Inc. 17,578 651,089 * JetBlue Airways Corp. 324,893 6,371,152 Kadant, Inc. 5,786 356,418 KAR Auction Services, Inc. 18,100 824,455 KBR, Inc. 3,600 61,236 Kennametal, Inc. 1,000 35,740 * Key Technology, Inc. 3,199 43,187 Kimball International, Inc. Class B 31,258 522,946 Korn/Ferry International 33,148 962,949 * Kratos Defense & Security Solutions, Inc. 2,711 22,339 L3 Technologies, Inc. 100,470 15,943,584 * Lawson Products, Inc. 8,847 228,695 LB Foster Co. Class A 6,682 100,230 #* LMI Aerospace, Inc. 13,807 122,468 LS Starrett Co. (The) Class A 1,997 21,967 LSI Industries, Inc. 27,715 263,847 * Lydall, Inc. 14,605 890,905 ManpowerGroup, Inc. 22,886 2,184,698 Marten Transport, Ltd. 47,782 1,091,819 Matson, Inc. 62,316 2,222,189 Matthews International Corp. Class A 12,387 835,503 McGrath RentCorp 17,552 671,891 * Mercury Systems, Inc. 2,055 69,295 * MFRI, Inc. 8,900 77,875 Miller Industries, Inc. 20,099 532,624 # Mobile Mini, Inc. 54,461 1,772,706 * Moog, Inc. Class A 35,339 2,327,780 Mueller Industries, Inc. 30,912 1,244,517
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ ------- ----------- Industrials -- (Continued) Mueller Water Products, Inc. Class A 110,013 $ 1,480,775 Multi-Color Corp. 308 23,778 * MYR Group, Inc. 19,582 753,320 National Presto Industries, Inc. 571 60,754 * Navigant Consulting, Inc. 12,297 303,736 * NL Industries, Inc. 42,070 252,420 # NN, Inc. 18,396 355,963 Norfolk Southern Corp. 545,229 64,042,598 Northrop Grumman Corp. 48,948 11,213,008 * Northwest Pipe Co. 6,690 128,114 * NOW, Inc. 62,737 1,333,789 * On Assignment, Inc. 53,951 2,442,901 Orbital ATK, Inc. 56,610 4,922,239 Oshkosh Corp. 14,466 1,007,268 Owens Corning 149,300 8,248,825 * PAM Transportation Services, Inc. 9,249 215,594 # Pentair P.L.C. 117,934 6,914,470 Powell Industries, Inc. 7,529 289,716 Quad/Graphics, Inc. 2,390 62,594 Quanex Building Products Corp. 21,431 423,262 * Quanta Services, Inc. 168,307 6,040,538 Raytheon Co. 44,355 6,394,217 RCM Technologies, Inc. 20,293 121,961 Regal Beloit Corp. 16,070 1,166,682 Republic Services, Inc. 429,755 24,659,342 Resources Connection, Inc. 25,955 433,449 * Roadrunner Transportation Systems, Inc. 879 6,962 * RPX Corp. 13,600 147,696 * Rush Enterprises, Inc. Class A 32,603 1,067,748 * Rush Enterprises, Inc. Class B 18,522 569,552 Ryder System, Inc. 89,844 6,971,894 * Saia, Inc. 8,925 428,846 * SIFCO Industries, Inc. 6,623 55,964 SkyWest, Inc. 38,506 1,363,112 Southwest Airlines Co. 645,761 33,779,758 * Sparton Corp. 8,563 185,646 * SPX FLOW, Inc. 12,803 446,697 Standex International Corp. 22,341 1,948,135 Stanley Black & Decker, Inc. 154,919 19,209,956 Steelcase, Inc. Class A 55,469 931,879 # Supreme Industries, Inc. Class A 1,433 26,310 #* Team, Inc. 6,674 224,246 Terex Corp. 27,578 876,980 Tetra Tech, Inc. 45,222 1,976,201 * Titan Machinery, Inc. 2,883 39,814 * TRC Cos., Inc. 23,870 221,991 Trinity Industries, Inc. 183,814 5,062,238 Triton International, Ltd. 24,053 585,450 # Triumph Group, Inc. 57,456 1,536,948 * Tutor Perini Corp. 33,844 1,008,551 #* Twin Disc, Inc. 900 14,976 * Ultralife Corp. 3,309 18,200 UniFirst Corp. 18,705 2,392,369
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ------------ Industrials -- (Continued) Union Pacific Corp. 888,128 $ 94,656,682 * United Continental Holdings, Inc. 45,113 3,179,113 United Technologies Corp. 228,103 25,016,056 Universal Forest Products, Inc. 31,800 3,234,378 * USA Truck, Inc. 15,105 127,637 * Vectrus, Inc. 4,069 91,715 * Veritiv Corp. 9,437 528,944 Viad Corp. 23,193 1,017,013 * Virco Manufacturing Corp. 12,601 55,444 VSE Corp. 610 22,741 Watts Water Technologies, Inc. Class A 1,534 101,244 # Werner Enterprises, Inc. 34,105 958,351 * Wesco Aircraft Holdings, Inc. 6,228 94,354 * WESCO International, Inc. 11,687 826,271 * Willdan Group, Inc. 1,000 26,810 * Willis Lease Finance Corp. 6,713 171,047 * XPO Logistics, Inc. 12,216 546,544 ------------ Total Industrials 709,768,408 ------------ Information Technology -- (11.4%) # Activision Blizzard, Inc. 982,162 39,492,734 * Actua Corp. 1,184 16,931 * Acxiom Corp. 7,769 202,771 * Agilysys, Inc. 16,899 164,427 * Alpha & Omega Semiconductor, Ltd. 20,661 420,451 * ARRIS International P.L.C. 70,523 2,015,547 * Arrow Electronics, Inc. 182,170 13,393,138 AstroNova, Inc. 6,285 87,676 Avnet, Inc. 139,400 6,473,736 AVX Corp. 86,630 1,403,406 * Aware, Inc. 14,326 88,821 * Axcelis Technologies, Inc. 175 2,660 * AXT, Inc. 16,521 94,996 Bel Fuse, Inc. Class A 3,874 98,051 Bel Fuse, Inc. Class B 11,837 376,417 * Benchmark Electronics, Inc. 62,063 1,899,128 Black Box Corp. 18,611 248,457 #* Blackhawk Network Holdings, Inc. 25,926 925,558 * Blucora, Inc. 57,127 862,618 Brocade Communications Systems, Inc. 461,513 5,755,067 Brooks Automation, Inc. 50,847 885,755 * BSQUARE Corp. 4,065 23,983 * CACI International, Inc. Class A 24,830 3,049,124 * Calix, Inc. 16,027 115,394 * Ciber, Inc. 34,165 14,729 Cisco Systems, Inc. 4,601,656 141,362,872 Cohu, Inc. 28,915 381,678 * CommerceHub, Inc. Series A 5,992 88,022 * CommerceHub, Inc. Series C 27,479 400,644 Communications Systems, Inc. 2,923 14,820 Computer Sciences Corp. 136,993 8,520,965 Comtech Telecommunications Corp. 15,569 167,055 Concurrent Computer Corp. 13,740 71,173
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ------------ Information Technology -- (Continued) * Conduent, Inc. 177,926 $ 2,661,773 # Convergys Corp. 197,364 4,898,574 * CoreLogic, Inc. 96,545 3,405,142 Corning, Inc. 785,955 20,819,948 * Cray, Inc. 12,866 220,652 CSP, Inc. 2,414 24,550 CTS Corp. 66,936 1,439,124 * CyberOptics Corp. 3,281 118,116 # Cypress Semiconductor Corp. 52,022 613,860 * Dell Technologies, Inc. Class V 38,133 2,401,998 * Digi International, Inc. 25,438 331,966 * Diodes, Inc. 4,709 117,207 * DSP Group, Inc. 46,713 506,836 * EchoStar Corp. Class A 23,551 1,199,452 * Edgewater Technology, Inc. 13,603 95,221 * Electro Scientific Industries, Inc. 6,085 39,978 #* Electronics for Imaging, Inc. 58,110 2,611,463 Emcore Corp. 744 6,696 #* EnerNOC, Inc. 6,397 36,463 * Entegris, Inc. 300 5,625 * ePlus, Inc. 8,745 979,877 * Exar Corp. 51,341 526,245 * Fabrinet 4,055 170,837 Fidelity National Information Services, Inc. 151,857 12,060,483 * Finisar Corp. 61,526 1,819,324 #* First Solar, Inc. 28,266 881,617 * FormFactor, Inc. 46,295 576,373 * Frequency Electronics, Inc. 10,976 121,614 #* GSI Technology, Inc. 3,363 20,548 #* Harmonic, Inc. 22,962 121,699 Hewlett Packard Enterprise Co. 993,058 22,522,555 * IAC/InterActiveCorp 125,298 8,621,755 * ID Systems, Inc. 3,917 25,304 #* Inseego Corp. 10,953 33,845 * Insight Enterprises, Inc. 42,100 1,563,173 Intel Corp. 4,593,407 169,129,246 Intersil Corp. Class A 119,798 2,687,069 * IntriCon Corp. 2,835 19,845 * Itron, Inc. 33,397 2,060,595 IXYS Corp. 3,055 36,965 Juniper Networks, Inc. 212,100 5,680,038 * Key Tronic Corp. 17,623 139,750 * Kimball Electronics, Inc. 23,443 400,875 * Kulicke & Soffa Industries, Inc. 71,688 1,260,275 * KVH Industries, Inc. 19,858 206,523 Lam Research Corp. 3,066 352,161 * Lattice Semiconductor Corp. 108,469 779,892 * Limelight Networks, Inc. 10,944 23,967 ManTech International Corp. Class A 2,048 79,749 Marvell Technology Group, Ltd. 166,418 2,474,636 * Maxwell Technologies, Inc. 2,521 12,000 Mentor Graphics Corp. 35,620 1,314,734 Methode Electronics, Inc. 79,272 3,333,388
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ----------- Information Technology -- (Continued) * Micron Technology, Inc. 758,908 $18,297,272 * Microsemi Corp. 7,940 422,011 MKS Instruments, Inc. 61,200 4,033,080 MOCON, Inc. 700 14,000 #* ModusLink Global Solutions, Inc. 67,250 117,687 NCI, Inc. Class A 686 8,712 #* NETGEAR, Inc. 428 24,353 * Optical Cable Corp. 10,793 35,077 * PAR Technology Corp. 12,896 83,953 Park Electrochemical Corp. 1,642 30,098 PC Connection, Inc. 39,267 1,071,204 PC-Tel, Inc. 24,116 140,114 * PCM, Inc. 10,471 235,074 * Photronics, Inc. 79,712 916,688 * Plexus Corp. 10,626 576,992 #* Qorvo, Inc. 24,909 1,599,407 QUALCOMM, Inc. 1,059,256 56,596,048 * Rambus, Inc. 1,069 13,876 #* RealNetworks, Inc. 12,525 67,009 Reis, Inc. 13,511 270,220 Richardson Electronics, Ltd. 15,464 93,403 * Rogers Corp. 7,543 603,063 * Rudolph Technologies, Inc. 16,097 369,426 * Sanmina Corp. 39,846 1,552,002 * ScanSource, Inc. 14,745 583,165 * Seachange International, Inc. 8,687 21,023 * ShoreTel, Inc. 3,200 22,240 * Sonus Networks, Inc. 6,622 42,248 # SS&C Technologies Holdings, Inc. 51,586 1,657,458 * StarTek, Inc. 22,913 198,427 #* SunPower Corp. 18,322 121,658 * Super Micro Computer, Inc. 5,886 155,685 * Sykes Enterprises, Inc. 20,292 566,756 SYNNEX Corp. 55,900 6,718,062 * Synopsys, Inc. 4,200 264,138 Systemax, Inc. 2,187 18,546 TE Connectivity, Ltd. 63,758 4,740,407 * Tech Data Corp. 82,952 7,097,373 * Telenav, Inc. 9,865 87,798 Teradyne, Inc. 26,789 760,272 Tessco Technologies, Inc. 8,689 123,384 Tessera Holding Corp. 48,635 2,198,302 * TiVo Corp. 19,000 359,100 #* TTM Technologies, Inc. 55,241 819,224 #* Veeco Instruments, Inc. 15,978 411,433 * Virtusa Corp. 30,064 766,031 # Vishay Intertechnology, Inc. 151,731 2,518,735 #* Vishay Precision Group, Inc. 16,480 274,392 Western Digital Corp. 215,907 17,214,265 * Xcerra Corp. 20,165 152,851 Xerox Corp. 889,633 6,165,157 * XO Group, Inc. 6,284 118,328
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- ------------ Information Technology -- (Continued) * Yahoo!, Inc. 1,048,770 $ 46,219,294 ------------ Total Information Technology 698,276,926 ------------ Materials -- (2.1%) # A Schulman, Inc. 32,960 1,137,120 Alcoa Corp. 110,583 4,030,750 # Allegheny Technologies, Inc. 22,777 494,944 Ampco-Pittsburgh Corp. 4,007 60,305 # Ashland Global Holdings, Inc. 112,560 13,398,017 # Bemis Co., Inc. 25,154 1,225,503 Cabot Corp. 46,280 2,562,524 #* Century Aluminum Co. 15,822 243,659 * Chemtura Corp. 49,368 1,634,081 * Clearwater Paper Corp. 16,822 1,058,104 # Commercial Metals Co. 85,208 1,740,800 * Core Molding Technologies, Inc. 11,847 182,681 Domtar Corp. 8,107 354,195 Dow Chemical Co. (The) 11,060 659,508 Friedman Industries, Inc. 13,926 95,393 FutureFuel Corp. 6,104 79,291 Graphic Packaging Holding Co. 154,000 1,926,540 # Greif, Inc. Class A 4,885 281,278 Huntsman Corp. 50,242 1,024,434 * Ingevity Corp. 33,431 1,858,429 International Paper Co. 309,794 17,534,340 Kaiser Aluminum Corp. 27,181 2,132,621 KapStone Paper and Packaging Corp. 80,984 1,941,996 * Kraton Corp. 5,435 145,984 * Louisiana-Pacific Corp. 173,457 3,318,233 Martin Marietta Materials, Inc. 23,633 5,426,137 Materion Corp. 18,497 726,932 Mercer International, Inc. 21,725 259,614 Minerals Technologies, Inc. 34,280 2,747,542 Mosaic Co. (The) 17,274 541,885 Myers Industries, Inc. 56,992 786,490 Neenah Paper, Inc. 7,684 631,241 Newmont Mining Corp. 141,468 5,132,459 * Northern Technologies International Corp. 3,035 47,725 Nucor Corp. 83,945 4,876,365 # Olin Corp. 69,801 1,829,484 Olympic Steel, Inc. 9,986 224,685 PH Glatfelter Co. 50,600 1,235,146 PolyOne Corp. 5,174 176,485 Reliance Steel & Aluminum Co. 93,801 7,471,250 Schnitzer Steel Industries, Inc. Class A 400 9,460 Sensient Technologies Corp. 38,101 2,924,252 Steel Dynamics, Inc. 94,919 3,209,211 #* Stillwater Mining Co. 55,630 945,710 * SunCoke Energy, Inc. 62,210 548,692 #* Synalloy Corp. 5,144 61,471 Tredegar Corp. 27,973 622,399 Tronox, Ltd. Class A 1,600 20,032 #* Universal Stainless & Alloy Products, Inc. 6,269 105,821
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- -------------- Materials -- (Continued) Vulcan Materials Co. 58,246 $ 7,474,709 Westlake Chemical Corp. 158,152 9,791,190 WestRock Co. 200,591 10,703,536 Worthington Industries, Inc. 47,320 2,261,423 -------------- Total Materials 129,912,076 -------------- Other -- (0.0%) (degrees)#* Gerber Scientific, Inc. Escrow Shares 47,409 -- (degrees)* Petrocorp, Inc. Escrow Shares 900 -- -------------- Total Other -- -------------- Real Estate -- (0.1%) Alexander & Baldwin, Inc. 66,838 2,975,628 Griffin Industrial Realty, Inc. 1,500 47,145 * Stratus Properties, Inc. 3,069 93,911 -------------- Total Real Estate 3,116,684 -------------- Telecommunication Services -- (4.4%) AT&T, Inc. 5,565,125 234,625,670 # ATN International, Inc. 84 6,744 CenturyLink, Inc. 512,432 13,251,491 # Frontier Communications Corp. 696,949 2,432,352 * General Communication, Inc. Class A 2,840 57,141 #* Iridium Communications, Inc. 14,800 149,480 (degrees)* Leap Wireless International, Inc. 8,393 27,697 * Lumos Networks Corp. 500 7,735 #* ORBCOMM, Inc. 44,499 363,557 # Shenandoah Telecommunications Co. 68,821 1,875,372 Spok Holdings, Inc. 12,522 257,327 #* Sprint Corp. 422,600 3,900,598 #* T-Mobile US, Inc. 113,786 7,085,454 Telephone & Data Systems, Inc. 111,207 3,408,495 * United States Cellular Corp. 7,591 338,483 * Vonage Holdings Corp. 85,934 609,272 -------------- Total Telecommunication Services 268,396,868 -------------- Utilities -- (0.0%) * Calpine Corp. 62,921 742,468 Consolidated Water Co., Ltd. 6,656 68,557 NRG Energy, Inc. 55,469 917,457 # Ormat Technologies, Inc. 20,134 1,081,196 -------------- Total Utilities 2,809,678 -------------- TOTAL COMMON STOCKS 6,064,141,086 -------------- RIGHTS/WARRANTS -- (0.0%) (degrees)#* Safeway Casa Ley Contingent Value Rights 157,807 160,158
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED
Shares Value+ --------- -------------- (degrees)#* Safeway PDC, LLC Contingent Value Rights 157,807 $ 7,701 TOTAL RIGHTS/WARRANTS 167,859 -------------- TOTAL INVESTMENT SECURITIES 6,064,308,945 -------------- TEMPORARY CASH INVESTMENTS -- (0.1%) State Street Institutional U.S. Government Money Market Fund, 0.420% 6,907,689 6,907,689 -------------- SECURITIES LENDING COLLATERAL -- (1.3%) (S)@ DFA Short Term Investment Fund 7,018,019 81,212,514 -------------- TOTAL INVESTMENTS -- (100.0%) (Cost $3,437,233,283)^^ $6,152,429,148 ==============
THE TAX-MANAGED U.S. MARKETWIDE VALUE SERIES CONTINUED Summary of the Series' investments as of January 31, 2017, 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 $ 967,060,250 $ 7,808 -- $ 967,068,058 Consumer Staples 503,527,601 -- -- 503,527,601 Energy 772,695,922 -- -- 772,695,922 Financials 1,359,893,650 -- -- 1,359,893,650 Health Care 648,675,215 -- -- 648,675,215 Industrials 709,768,408 -- -- 709,768,408 Information Technology 698,276,926 -- -- 698,276,926 Materials 129,912,076 -- -- 129,912,076 Real Estate 3,116,684 -- -- 3,116,684 Telecommunication Services 268,369,171 27,697 -- 268,396,868 Utilities 2,809,678 -- -- 2,809,678 Rights/Warrants -- 167,859 -- 167,859 Temporary Cash Investments 6,907,689 -- -- 6,907,689 Securities Lending Collateral -- 81,212,514 -- 81,212,514 -------------- ----------- -- -------------- TOTAL $6,071,013,270 $81,415,878 -- $6,152,429,148 ============== =========== == ==============
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's advisor is Dimensional Fund Advisors LP (the "Advisor"). At January 31, 2017, the Trust consisted of eleven operational portfolios, of which four (the "Series") are included in this document. SECURITY VALUATION The Series and the Fund 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' and the Fund's own assumptions in determining the fair value of investments) Securities held by the Domestic Equity Portfolios (The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series) and the International Equity Portfolios (The DFA International Value Series and The Emerging Markets Series), including over-the-counter securities, are valued at the last quoted sale price of the day. 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 within the range of the most recent quoted bid and asked prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management 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 Trustees of the Trust. 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 Advisor) occur before the net asset value of the Series 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, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset values of the International Equity Portfolios are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the International Equity Portfolios price their shares at the close of the NYSE, the International Equity Portfolios will fair value their foreign investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily available. The fair value prices will attempt to reflect the impact of the U.S. financial markets' perceptions and trading activities on 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 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 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. Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 in the hierarchy. A summary of the inputs used to value the 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 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. Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Trust recognizes transfers between the levels as of the end of the period. As of January 31, 2017, The Emerging Markets Series had significant transfers of securities with a total value of $329,152 (in thousands), that transferred from Level 1 to Level 2 because 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. FINANCIAL INSTRUMENTS In accordance with the Series' investment objectives and policies, the Series may invest in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below: 1. Foreign Market Risks: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States of America. Consequently, acquisition and disposition of international securities held by the Series may be inhibited. DERIVATIVE FINANCIAL INSTRUMENTS Summarized below are the specific types of derivative instruments used by the Series. 2. Futures Contracts: The Series may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Series. The Series, however, do not intend to sell futures contracts to establish short positions in individual securities. 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. At January 31, 2017, the Series had the following outstanding futures contracts (dollar amounts in thousands):
Expiration Number of Contract Unrealized Cash Description Date Contracts* Value Gain (Loss) Collateral ----------------------- ---------- ---------- -------- ----------- ---------- The U.S. Large Cap Value Series S&P 500 Emini Index(R) 03/17/17 1,432 $162,854 $1,810 $6,802 -------- ------ ------ $162,854 $1,810 $6,802 -------- ------ ------ Expiration Number of Contract Unrealized Cash Description Date Contracts* Value Gain (Loss) Collateral ----------------------- ---------- ---------- -------- ----------- ---------- The DFA International Value Series Mini MSCI EAFE Index(R) 03/17/17 381 $ 32,926 $ 881 $1,453 The DFA International Value Series S&P 500 Emini Index(R) 03/17/17 490 55,725 220 2,475 -------- ------ ------ $ 88,651 $1,101 $3,928 -------- ------ ------ Expiration Number of Contract Unrealized Cash Description Date Contracts* Value Gain (Loss) Collateral ----------------------- ---------- ---------- -------- ----------- ---------- The Emerging Markets Series Mini MSCI Emerging Markets Index(R) 03/17/17 649 $ 29,695 $1,214 $1,287 The Emerging Markets Series S&P 500 Emini Index(R) 03/17/17 103 11,714 84 500 -------- ------ ------ $ 41,409 $1,298 $1,787 -------- ------ ------
FEDERAL TAX COST At January 31, 2017, the total cost of securities for federal income tax purposes was: The U.S. Large Cap Value Series $16,611,047,030 The DFA International Value Series 10,505,613,164 The Emerging Markets Series 4,220,051,585 The Tax-Managed U.S. Marketwide Value Series 3,437,233,283
OTHER The Series may be subject to claims and suits that arise from time to time in the ordinary course of business. 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 and The Tax-Managed U.S. Marketwide Value Series have been named as defendants 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 and The Tax-Managed U.S. Marketwide 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 (the "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 parties appealed the Court's dismissal order to the Second Circuit, and, on March 29, 2016, the Second Circuit affirmed the dismissal, albeit on the grounds that the individual creditor plaintiffs' claims are preempted by the Bankruptcy Code's safe harbor for securities transactions. The individual creditor plaintiffs petitioned the Second Circuit for rehearing of the appeal, but the Second Circuit denied the petition. The individual creditor plaintiffs then petitioned the Supreme Court to review the Second Circuit's decision, and that petition is pending. On January 6, 2017, the Court dismissed the claims against the shareholder defendants in the Committee Action on the grounds that the Trustee had failed to adequately plead that the Tribune Board approved the LBO with actual intent to hinder, harm, or delay Tribune's creditors, as required to state a claim for intentional fraudulent transfer. The Trustee requested that the Court certify the dismissal order for appeal to the Second Circuit, and the Court entered an Order confirming that the Court will certify the matter for appeal after it rules on the remaining motions to dismiss in the Committee Action (motions that do not involve the shareholder defendants). As to the shareholder defendants, the litigation is essentially stayed pending appeal of the dismissal order. Litigation counsel to The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series in the Lawsuits has advised management that it does not believe that it is possible, at this 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 and The Tax-Managed U.S. Marketwide Value Series arising from the Lawsuits. Until The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series can do so, no reduction of the respective net asset values 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 respective net asset values of The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series at this time. The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series also cannot quantify the cost of the Lawsuits that could potentially be deducted from its net asset value. Therefore, at this time, those investors buying or redeeming shares of The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide 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 and The Tax-Managed U.S. Marketwide 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 and The Tax-Managed U.S. Marketwide Value Series as incurred and in a manner similar to any other expense incurred by The U.S. Large Cap Value Series and The Tax-Managed U.S. Marketwide Value Series. SUBSEQUENT EVENT EVALUATIONS Management has evaluated the impact of all subsequent events on the Series and the Fund through the date that the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the Schedules of Investments. ITEM 2. 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-Q (the "Report"), the Registrant's Co-Principal Executive Officers 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 Co-Principal Executive Officers 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 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Separate certifications for the co-principal executive officers and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act 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 Investment Group Inc. By: /s/ Eduardo A. Repetto ------------------------------------ Eduardo A. Repetto Director, Co-Chief Executive Officer and Co-Chief Investment Officer Date: March 28, 2017 By: /s/ David P. Butler ------------------------------------ David P. Butler Co-Chief Executive Officer Date: March 23, 2017 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/ Eduardo A. Repetto ------------------------------------ Eduardo A. Repetto Co-Principal Executive Officer Dimensional Investment Group Inc. Date: March 28, 2017 By: /s/ David P. Butler ------------------------------------ David P. Butler Co-Principal Executive Officer Dimensional Investment Group Inc. Date: March 23, 2017 By: /s/ Gregory K. Hinkle ------------------------------------ Gregory K. Hinkle Principal Financial Officer Dimensional Investment Group Inc. Date: March 23, 2017