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Dfa Investment Dimensions Group Inc – ‘N-30D’ for 11/30/97

As of:  Thursday, 2/5/98   ·   For:  11/30/97   ·   Accession #:  1047469-98-3611   ·   File #:  811-03258

Previous ‘N-30D’:  ‘N-30D’ on 8/4/97 for 5/31/97   ·   Next:  ‘N-30D’ on 2/5/98 for 12/31/97   ·   Latest:  ‘N-30D’ on 2/5/03 for 11/30/02

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/05/98  Dfa Inv Dimensions Group Inc      N-30D      11/30/97    1:240K                                   Merrill Corp/New/FA

Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to                94±   412K 
                          Shareholders                                           


Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Va Large Value Portfolio
"Va International Value Portfolio
"Va International Small Portfolio
"Va Short-Term Fixed Portfolio
"Va Global Bond Portfolio
3Performance Charts
32Schedule of Investments
33Statement of Assets and Liabilities
"Liabilities
34Statements of Operations
36Statements of Changes in Net Assets
"Net Assets
39Financial Highlights
43Other
46Report of Independent Accountants
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-------------------------------------------------------------------------------- DFA INVESTMENT DIMENSIONS GROUP INC. VA SMALL VALUE PORTFOLIO VA LARGE VALUE PORTFOLIO VA INTERNATIONAL VALUE PORTFOLIO VA INTERNATIONAL SMALL PORTFOLIO VA SHORT-TERM FIXED PORTFOLIO VA GLOBAL BOND PORTFOLIO ANNUAL REPORT YEAR ENDED NOVEMBER 30, 1997 --------------------------------------------------------------------------------
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DFA INVESTMENT DIMENSIONS GROUP INC. ANNUAL REPORT TABLE OF CONTENTS [Enlarge/Download Table] PAGE --------- Performance Charts................................................................................................... 1-2 Statements of Net Assets VA Small Value Portfolio......................................................................................... 3-13 VA Large Value Portfolio......................................................................................... 14-15 VA International Value Portfolio................................................................................. 16-20 VA International Small Portfolio................................................................................. 21-27 VA Short-Term Fixed Portfolio.................................................................................... 28-29 Schedule of Investments - VA Global Bond Portfolio................................................................... 30 Statement of Assets and Liabilities - VA Global Bond Portfolio....................................................... 31 Statements of Operations............................................................................................. 32-33 Statements of Changes in Net Assets.................................................................................. 34-36 Financial Highlights................................................................................................. 37-39 Notes to Financial Statements........................................................................................ 40-43 Report of Independent Accountants.................................................................................... 44 This report is submitted for the information of the Fund's shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. i
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DFA INVESTMENT DIMENSIONS GROUP INC. PERFORMANCE CHARTS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC [Enlarge/Download Table] VA SMALL VALUE PORTFOLIO VS. FAMA-FRENCH SMALL CAP VALUE INDEX OCTOBER 1995-NOVEMBER 1997 GROWTH OF $10,000 VA SMALL VALUE PORTFOLIO FAMA-FRENCH SMALL CAP VALUE INDEX $10,000 $10,000 Oct 95 $9,490 $9,554 $9,696 $9,822 $9,853 $9,977 $9,773 $10,117 $9,994 $10,275 $10,335 $10,621 Apr 96 $10,826 $10,988 $11,306 $11,420 $11,046 $11,238 $10,355 $10,639 $10,766 $11,080 $11,096 $11,362 Oct 96 $11,196 $11,329 $11,777 $11,848 $12,026 $12,016 $12,289 $12,442 $12,310 $12,504 $11,985 $12,175 Dec 14 $11,965 $12,089 $13,152 $13,236 $13,953 $13,935 $14,775 $14,662 $15,261 $15,207 $16,498 $16,313 $15,870 $15,980 Nov 97 $15,667 $15,881 Annualized Total Return (%) One Year From October 1995 33.02 23.02 The portfolio seeks to capture return premiums associated with high book-to-market ratios by investing on a market cap-weighted basis in companies that have market caps of approximately $600 million or less and book-to-market ratios in the upper 30% of publicly traded U.S. companies. The portfolio's returns in fiscal 1997 reflected the performance of small U.S. companies with high book-to-market ratios. Past performance is not predictive of future performance. Fama-French Small Cap Value Index courtesy of Fama-French and CRSP, University of Chicago. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC [Enlarge/Download Table] VA LARGE VALUE PORTFOLIO VS. FAMA-FRENCH LARGE CAP VALUE INDEX FEBRUARY 1995-NOVEMBER 1997 GROWTH OF $10,000 VA LARGE VALUE PORTFOLIO FAMA-FRENCH LARGE CAP VALUE INDEX $10,000 $10,000 Feb 95 $10,313 $10,465 $10,667 $10,505 $10,990 $10,841 $11,243 $11,422 $11,314 $11,610 $11,870 $11,959 Aug 95 $11,799 $12,178 $12,022 $12,670 $11,607 $12,392 $12,175 $12,847 $12,266 $13,168 $12,568 $13,480 Feb 96 $12,687 $13,477 $13,154 $13,699 $13,349 $13,714 $13,586 $13,921 $13,191 $13,918 $12,626 $13,148 Aug 96 $13,092 $13,577 $13,321 $13,842 $13,746 $14,260 $14,662 $15,062 $14,531 $15,017 $15,030 $15,397 Feb 97 $15,359 $15,659 $14,659 $15,008 $15,113 $15,258 $16,272 $16,222 $16,715 $16,758 $18,405 $17,993 Aug 97 $18,085 $17,736 $19,025 $18,631 $18,154 $18,303 Nov 97 $18,430 $19,034 Annualized Total Return (%) One Year From February 1995 25.70 24.08 The portfolio seeks to capture return premiums associated with high book-to-market ratios by investing on a market cap-weighted basis in companies that have market caps of approximately $600 million or more and book-to-market ratios in the upper 30% of publicly traded companies. The portfolio's returns in fiscal 1997 reflected the performance of large U.S. companies with high book-to-market ratios. Past performance is not predictive of future performance. Fama-French Small Cap Value Index courtesy of Fama-French and CRSP, University of Chicago. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC [Enlarge/Download Table] VA INTERNATIONAL VALUE PORTFOLIO VS. EAFE INDEX OCTOBER 1995-NOVEMBER 1997 GROWTH OF $10,000 VA INTERNATIONAL VALUE PORTFOLIO EAFE INDEX $10,000 $10,000 Oct 95 $9,800 $9,730 $10,030 $10,002 $10,555 $10,413 $10,615 $10,454 $10,625 $10,496 $10,825 $10,716 Apr 96 $11,247 $11,027 $11,187 $10,829 $11,197 $10,894 $10,857 $10,578 $10,916 $10,599 $11,096 $10,885 Oct 96 $10,927 $10,776 $11,427 $11,207 $11,306 $11,062 $10,859 $10,674 $10,981 $10,856 $11,041 $10,899 Apr 97 $10,940 $10,965 $11,782 $11,677 $12,350 $12,320 $12,492 $12,517 $11,680 $11,591 $12,178 $12,240 $11,508 $11,297 Nov 97 $11,031 $11,184 Annualized Total Return (%) One Year From October 1995 -3.46 4.64 The series invests in companies with market capitalization of at least $800 million and book-to-market ratios in the upper 30% of large publicly traded non-U.S. companies. Country weightings reflect the EAFE index market capitalization weight, with Japan limited to 38%. The portfolio's returns in fiscal 1997 reflected the performance of its strategy. Past performance is not predictive of future performance. EAFE Index courtesy of Morgan Stanley Capital International. 1
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DFA INVESTMENT DIMENSIONS GROUP INC. PERFORMANCE CHARTS EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC [Enlarge/Download Table] VA INTERNATIONAL SMALL PORTFOLIO VS. EAFE INDEX OCTOBER 1995-NOVEMBER 1997 GROWTH OF $10,000 VA INTERNATIONAL SMALL PORTFOLIO EAFE INDEX $10,000 $10,000 Oct 95 $9,640 $9,730 $9,710 $10,002 $10,110 $10,413 $10,431 $10,454 $10,561 $10,496 $10,841 $10,716 Apr 96 $11,601 $11,027 $11,431 $10,829 $11,231 $10,894 $10,641 $10,578 $10,641 $10,599 $10,641 $10,885 Oct 96 $10,461 $10,776 $10,481 $11,207 $10,137 $11,062 $9,952 $10,674 $10,065 $10,856 $9,839 $10,899 Apr 97 $9,561 $10,965 $10,199 $11,677 $10,374 $12,320 $9,942 $12,517 $9,469 $11,591 $9,293 $12,240 $8,872 $11,297 Nov 97 $8,223 $11,184 Annualized Total Return (%) One Year From October 1995 -21.54 -8.63 The portfolio objective is to capture premium returns and diversification benefits by investing in a broad cross-section of small companies on a market cap-weighted basis. The portfolio provides access to publicly traded small companies listed on the major exchanges of countries outside the U.S. The portfolio's returns in fiscal 1997 reflected the performance of its strategy. Past performance is not predictive of future performance. EAFE Index courtesy of Morgan Stanley Capital International. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC [Enlarge/Download Table] VA SHORT-TERM FIXED PORTFOLIO VS. ONE-MONTH CD'S OCTOBER 1995-NOVEMBER 1997 GROWTH OF $10,000 VA SHORT-TERM FIXED PORTFOLIO ONE-MONTH CD'S $10,000 $10,000 $10,039 $10,046 Nov 95 $10,081 $10,089 $10,128 $10,131 $10,173 $10,177 $10,214 $10,217 $10,241 $10,256 $10,269 $10,298 May 96 $10,285 $10,338 $10,342 $10,375 $10,384 $10,421 $10,426 $10,462 $10,492 $10,504 $10,566 $10,547 Nov 96 $10,620 $10,587 $10,654 $10,632 $10,697 $10,677 $10,739 $10,717 $10,750 $10,763 $10,819 $10,811 May 97 $10,877 $10,858 $10,936 $10,907 $11,018 $10,956 $11,045 $11,002 $11,116 $11,053 $11,173 $11,102 Nov 97 $11,201 $11,148 Annualized Total Return (%) One Year From October 1995 5.47 5.37 The portfolio maximizes expected returns by using a strategy of shifting maturities based on changes in the yield curve. Using current prices, the strategy creates a matrix of expected returns from different buy and sell strategies and identifies the optimal maturity range for the highest expected returns. Issues which meet maturity and quality level are further evaluated for business risk. Maturities are shifted if sufficient premiums can be documented. The portfolio's returns in fiscal 1997 reflected the performance of its strategy. Past performance is not predictive of future performance. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC [Enlarge/Download Table] VA GLOBAL BOND PORTFOLIO VS. SALOMON WORLD GOVERNMENT BOND INDEX FEBRUARY 1995-NOVEMBER 1997 GROWTH OF $10,000 VA GLOBAL BOND PORTFOLIO SALOMON WORLD FIXED INCOME INDEX $10,000 $10,000 Feb 95 $10,155 $10,156 $10,339 $10,322 $10,484 $10,475 $10,712 $10,841 $10,719 $10,857 $10,816 $10,931 Aug 95 $10,853 $11,023 $10,992 $11,175 $11,080 $11,311 $11,091 $11,526 $11,136 $11,645 $11,225 $11,756 Feb 96 $11,066 $11,589 $11,119 $11,628 $11,172 $11,673 $11,236 $11,732 $11,273 $11,844 $11,359 $11,906 Aug 96 $11,532 $12,010 $11,747 $12,238 $11,954 $12,463 $12,106 $12,687 $12,135 $12,658 $12,229 $12,768 Feb 97 $12,336 $12,824 $12,262 $12,750 $12,357 $12,890 $12,441 $12,969 $12,623 $13,162 $12,756 $13,423 Aug 97 $12,780 $13,393 $12,900 $13,610 $12,949 $13,753 Nov 97 $13,022 $13,840 Annualized Total Return (%) One Year From February 1995 7.57 9.77 The portfolio invests in U.S. and international government bonds, debt guaranteed by foreign governments, high quality corporate debt, bank obligations, and debt of supranational issuers with maturities of 5 years or less. Eligible countries include the United States, Canada, United Kingdom, Germany Japan, France, Australia, and the Netherlands. The portfolio is diversified across countries. Using current prices, the strategy creates a matrix of expected horizon returns from different buy and sell strategies and identifies the maturity range with the highest expected returns. Maturities are shifted only if sufficient premiums warrant it. Country weighting is increased or reduced based on expected returns. The portfolio may be concentrated in the U.S. if international curves are inverted. The portfolio's returns in fiscal 1997 reflected the performance of its strategy. Past performance is not predictive of future performance. Salomon World Fixed Income Index courtesy of Salomon Brothers. 2
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DFA INVESTMENT DIMENSIONS GROUP INC. VA SMALL VALUE PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 1997 [Download Table] SHARES VALUE+ ------------ ------------ COMMON STOCKS -- (95.1%) *3-D Systems Corp..................................... 1,000 $ 8,375 AAR Corp.............................................. 1,400 53,987 *ABT Building Products Corp........................... 400 7,200 *ACT Networks, Inc.................................... 500 4,094 *ACX Technologies, Inc................................ 1,900 50,944 *AEP Industries, Inc.................................. 1,100 35,544 *APS Holding Corp. Class A............................ 1,000 3,859 *ATL Ultrasound, Inc.................................. 1,100 47,575 Aames Financial Corp.................................. 1,800 24,300 *Aasche Transportation Services, Inc.................. 500 1,547 *Abraxas Petroleum Corp............................... 1,000 16,375 *Accell International Corp............................ 400 1,512 *Acceptance Insurance Companies, Inc.................. 1,300 31,606 *Acclaim Entertainment, Inc........................... 2,500 10,195 Aceto Corp............................................ 440 8,745 *Acme Metals, Inc..................................... 1,000 12,437 *Adage, Inc........................................... 400 2,487 *Adflex Solutions, Inc................................ 700 13,497 *Advanced Marketing Services, Inc..................... 500 6,469 Advantage Bancorp, Inc................................ 250 15,719 Advest Group, Inc..................................... 700 15,925 *Aerovox, Inc......................................... 400 2,175 *Air Methods Corp..................................... 300 1,097 Airborne Freight Corp................................. 1,500 95,531 *Alarmguard Holdings, Inc............................. 1,000 10,750 *Alaska Air Group, Inc................................ 1,100 41,112 Albank Financial Corp................................. 1,200 55,950 *Aldila, Inc.......................................... 1,300 5,972 Alfa Corp............................................. 1,800 29,475 Alico, Inc............................................ 200 4,900 *All American Semiconductor, Inc...................... 1,300 2,377 Alliance Bancorp...................................... 1,000 26,250 *Alliance Entertainment Corp.......................... 2,300 184 *Alliance Semiconductor Corp.......................... 3,500 22,203 *Allied Healthcare Products, Inc...................... 1,700 13,441 *Allied Holdings, Inc................................. 100 1,969 *Allied Research Corp................................. 300 3,712 *Allou Health & Beauty Care, Inc. Class A............. 500 3,937 *Alpha Beta Technology, Inc........................... 1,100 3,266 *Alpha Technologies Group, Inc........................ 500 1,844 Alpharma, Inc. Class A................................ 1,200 27,450 Amcast Industrial Corp................................ 700 17,325 *America West Holdings Corp. Class B.................. 4,400 70,125 *American Banknote Corp............................... 1,600 8,600 *American Eagle Group, Inc............................ 300 14 *American Ecology Corp................................ 700 1,028 *American Freightways Corp............................ 1,900 27,787 American Heritage Life Investment Corp................ 1,200 44,100 *American Homepatient, Inc............................ 1,000 20,312 *American Mobile Satellite Corp....................... 700 5,512 *American Pacific Corp................................ 700 5,162 *American Physicians Services Group, Inc.............. 500 3,625 SHARES VALUE+ ------------ ------------ *American Software, Inc. Class A...................... 300 $ 2,794 *American United Global, Inc.......................... 600 1,228 *American Waste Services, Inc. Class A................ 2,100 3,150 *Amerihost Properties, Inc............................ 400 2,637 *Ameristar Casinos, Inc............................... 1,700 8,952 *Ameriwood Industries International Corp.............. 400 2,525 Ameron, Inc........................................... 300 19,350 *Ames Department Stores, Inc.......................... 1,100 18,562 Ampco-Pittsburgh Corp................................. 400 7,600 *Amrep Corp........................................... 600 3,300 *Amtech Corp.......................................... 2,300 10,709 *Amtran, Inc.......................................... 800 6,450 Amvestors Financial Corp.............................. 691 15,159 Analogic Corp......................................... 100 3,781 Andover Bancorp, Inc. DE.............................. 480 17,985 Angelica Corp......................................... 800 17,200 *Ann Taylor Stores Corp............................... 2,000 28,500 *Ansaldo Signal N.V................................... 250 1,133 *Antec Corp........................................... 3,000 46,125 *Apertus Technologies, Inc............................ 900 1,547 *Apogee, Inc.......................................... 1,200 2,925 *Applied Extrusion Technologies, Inc.................. 2,000 15,812 *Applied Magnetics Corp............................... 200 3,375 *Applied Signal Technologies, Inc..................... 800 12,050 *Arcadia Financial, Ltd............................... 2,900 24,287 Arch Coal, Inc........................................ 1,200 31,575 *Arch Communications Group, Inc....................... 3,300 22,584 *Argosy Gaming Corp................................... 1,800 7,312 *Arkansas Best Corp................................... 1,700 18,806 *Artisoft, Inc........................................ 1,700 3,666 *Artistic Greetings, Inc.............................. 500 2,375 Arvin Industries, Inc................................. 1,900 65,550 *Asante Technologies, Inc............................. 400 1,950 *Ascent Entertainment Group, Inc...................... 879 9,504 *Astec Industries, Inc................................ 900 14,512 Astoria Financial Corp................................ 423 23,407 *Asyst Technologies, Inc.............................. 600 18,487 *Atchison Casting Corp................................ 200 3,450 *Atkinson (Guy F.) of California...................... 1,500 5,484 *Atlantic Gulf Communities Corp....................... 1,500 6,281 *Atlantic Tele-Network, Inc........................... 1,000 12,125 *Atlantis Plastics, Inc............................... 200 1,137 Atrion Corp........................................... 200 2,937 *Au Bon Pain, Inc. Class A............................ 600 5,437 *Audiovox Corp. Class A............................... 1,300 11,456 *Autoimmune, Inc...................................... 1,100 3,197 *Autoinfo, Inc........................................ 600 356 *Avatex Corp.......................................... 1,400 2,450 *Aviall, Inc.......................................... 800 11,350 *Avid Technology, Inc................................. 1,900 55,812 *Avigen, Inc.......................................... 500 1,656 *Avondale Industries, Inc............................. 500 14,156 *Aydin Corp........................................... 400 4,600 *Aztar Corp........................................... 3,300 23,100 Aztec Manufacturing Co................................ 500 8,531 3
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ BEI Electronics, Inc.................................. 1,600 $ 6,400 *BEI Technologies, Inc................................ 1,600 19,200 *BFX Hospitality Group, Inc........................... 300 787 *BHC Communications, Inc. Class A..................... 100 12,581 *BI, Inc.............................................. 1,000 7,062 *BPI Packaging Technologies, Inc...................... 300 323 *BRC Holdings, Inc.................................... 500 20,844 BSB Bancorp, Inc...................................... 900 28,069 *BT Office Products International, Inc................ 2,000 20,500 *BTU International, Inc............................... 1,700 9,669 Badger Meter, Inc..................................... 200 8,300 Bairnco Corp.......................................... 900 8,887 Baker (J.), Inc....................................... 2,200 15,056 *Baker (Michael) Corp................................. 700 6,606 *Baldwin Piano & Organ Co............................. 300 4,950 *Baldwin Technology, Inc. Class A..................... 1,400 7,000 *Bancinsurance Corp................................... 500 2,406 *Bank Plus Corp....................................... 1,000 11,062 *Bank United Financial Corp. Class A.................. 200 2,587 BankAtlantic Bancorp, Inc. Class A.................... 250 3,375 BankAtlantic Bancorp, Inc. Class B.................... 1,000 14,156 *Banner Aerospace, Inc................................ 2,300 21,850 *Banyan System, Inc................................... 1,600 5,350 *Basin Exploration, Inc............................... 900 16,762 Bassett Furniture Industries, Inc..................... 2,200 64,625 Battle Mountain Gold Co............................... 1,600 8,100 Bay View Capital Corp................................. 1,200 40,050 *Bayou Steel Corp. Class A............................ 900 3,262 *Beazer Homes USA, Inc................................ 700 12,491 *Bel Fuse, Inc........................................ 400 7,825 *Bell Industries, Inc................................. 860 14,297 *Bell Microproducts, Inc.............................. 1,500 12,656 *Bell Sports Corp..................................... 1,200 10,087 *Bellwether Exploration Co............................ 500 5,219 *Ben & Jerry's Homemade, Inc. Class A................. 1,500 24,094 *Berlitz International, Inc........................... 900 23,231 *Bertuccis, Inc....................................... 1,200 7,650 *Best Buy Co., Inc.................................... 3,000 87,375 Bindley Western Industries, Inc....................... 600 18,450 Binks Sames Corp...................................... 300 12,900 *Bio Vascular, Inc.................................... 500 1,766 *Bio-Rad Laboratories, Inc. Class A................... 400 10,075 *Bird Corp............................................ 400 1,625 Birmingham Steel Corp................................. 2,500 38,281 Blair Corp............................................ 500 9,531 Blessings Corp........................................ 1,000 14,250 *Bluegreen Corp....................................... 1,500 6,562 Bob Evans Farms, Inc.................................. 2,700 54,337 *Boca Research, Inc................................... 1,000 7,062 *Bombay Co., Inc...................................... 3,000 15,562 *Bon-Ton Stores, Inc.................................. 900 14,175 *Books-a-Million, Inc................................. 1,400 9,494 *Borland International, Inc........................... 1,400 14,087 *Boston Chicken, Inc.................................. 2,000 16,031 Bowne & Co., Inc...................................... 1,800 68,737 *Boyd Gaming Corp..................................... 4,500 32,625 *Brazos Sportswear, Inc............................... 50 450 *Brock International, Inc............................. 300 1,237 *Brookstone, Inc...................................... 1,500 18,187 *Brothers Gourmet Coffees, Inc........................ 800 975 SHARES VALUE+ ------------ ------------ *Brown & Sharpe Manufacturing Co. Class A............. 1,200 $ 12,300 Brown Group, Inc...................................... 5,600 90,650 Brush Wellman, Inc.................................... 900 21,375 *Buffets, Inc......................................... 1,900 16,922 *Builders Transport, Inc.............................. 400 1,200 *Building Materials Holding Corp...................... 1,500 16,969 *Bull Run Corp. GA.................................... 2,200 6,737 Burlington Coat Factory Warehouse Corp................ 1,440 26,910 *Business Resource Group.............................. 500 1,844 Butler Manufacturing Co............................... 1,000 33,875 *Buttrey Food & Drug Stores Co........................ 1,700 18,381 *CML Group, Inc....................................... 4,100 14,350 CNA Surety Corp....................................... 1,300 18,850 *CNS Income........................................... 1,300 10,319 *CPAC, Inc............................................ 1,000 10,750 CPB, Inc.............................................. 400 8,312 CPI Corp.............................................. 1,000 18,625 *CSP, Inc............................................. 200 1,550 CTS Corp.............................................. 1,200 40,800 Cadmus Communications Corp............................ 300 6,412 *Caere Corp........................................... 1,500 13,148 *Cal-Maine Foods, Inc................................. 500 3,125 *Calcomp Technology, Inc.............................. 400 1,800 *California Microwave, Inc............................ 1,000 18,562 Calmat Co............................................. 2,300 60,231 *Canandaigua Wine Co., Inc. Class A................... 1,800 86,231 *Capital Pacific Holdings, Inc........................ 1,000 3,344 Capital Re Corp....................................... 1,200 67,275 Capmac Holdings, Inc.................................. 1,000 33,875 *Capstone Pharmacy Services, Inc...................... 2,200 24,337 *Care Group, Inc...................................... 700 361 Carolina First Corp................................... 159 3,114 *Carson Pirie Scott & Co.............................. 800 41,300 Carter-Wallace, Inc................................... 2,900 48,031 Cash America International, Inc....................... 2,400 30,000 *Casino America, Inc.................................. 3,700 10,637 *Casino Data Systems.................................. 1,500 6,797 *Casino Magic Corp.................................... 2,200 2,681 *Castle & Cooke, Inc.................................. 400 6,650 *Catalina Lighting, Inc............................... 600 3,712 *Catalyst Semiconductor, Inc.......................... 500 805 *Catherines Stores Corp............................... 1,500 9,422 Cato Corp. Class A.................................... 2,000 18,750 Cavalier Homes, Inc................................... 1,000 9,750 *Celadon Group, Inc................................... 1,000 15,125 *Celebrity, Inc....................................... 500 1,000 *Cell Genesys, Inc.................................... 500 4,281 *Cellpro, Inc......................................... 1,300 3,656 Cenfed Financial Corp................................. 484 19,405 Cenit Bancorp, Inc.................................... 100 6,837 *Centennial Cellular Corp. Class A.................... 1,600 30,550 *Centigram Communications Corp........................ 700 11,484 *Central Sprinkler Corp............................... 200 3,600 Centris Group, Inc.................................... 300 6,506 *Ceradyne, Inc........................................ 200 922 *Cerion Technologies, Inc............................. 700 1,597 Chaparral Steel Co.................................... 1,800 27,675 *Charming Shoppes, Inc................................ 12,300 60,155 *Chart House Enterprises, Inc......................... 700 4,900 *Checkpoint System, Inc............................... 2,000 32,250 4
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ *Cherry Corp. Class A................................. 600 $ 9,169 *Cherry Corp. Class B................................. 400 5,850 Chesapeake Energy Corp................................ 5,100 39,206 *Chic by His, Inc..................................... 1,000 7,375 *Children's Discovery Centers of America, Inc. Class A................................................... 1,500 12,187 *Chock Full O' Nuts Corp.............................. 1,000 7,187 *Chrysalis International Corp......................... 400 1,575 *Cidco, Inc........................................... 1,000 20,437 *Circuit Systems, Inc................................. 1,300 5,769 *Citadel Holding Corp................................. 300 1,219 *Citation Corp........................................ 1,000 17,062 Citfed Bancorp, Inc................................... 600 30,375 Citizens Banking Corp................................. 1,200 35,100 *Civic Bancorp........................................ 420 6,799 *Clean Harbors, Inc................................... 800 1,562 Cleveland Cliffs, Inc................................. 1,100 47,437 *Clintrials Research, Inc............................. 2,800 23,975 *Coast Distribution System............................ 300 1,012 *Coastal Physician Group, Inc......................... 1,300 1,462 *Coastcast Corp....................................... 1,000 14,062 *Cobra Electronic Corp................................ 1,000 7,937 *Coeur d'Alene Mines Corp. ID......................... 2,000 17,250 *Coho Energy, Inc..................................... 1,400 14,262 Collagen Corp......................................... 1,100 21,862 *Comdial Corp......................................... 600 6,375 Commercial Intertech Corp............................. 800 14,300 Commercial Metals Co.................................. 1,300 42,819 Commonwealth Bancorp, Inc............................. 100 2,019 Commonwealth Industries, Inc.......................... 1,100 18,425 *Compdent Corp........................................ 200 4,137 Computer Data Systems, Inc............................ 500 20,281 *Computer Network Technology Corp..................... 1,100 4,434 *Computer Outsourcing Services, Inc................... 500 4,406 *Concord Fabrics, Inc. Class A........................ 200 1,794 *Cone Mills Corp. NC.................................. 2,000 15,750 *Conmed Corp.......................................... 1,200 28,350 Continental Homes Holding Corp........................ 600 19,537 Cooker Restaurant Corp................................ 500 4,969 *Copart, Inc.......................................... 900 15,694 *Copley Pharmaceutical, Inc........................... 1,500 10,687 *Cornerstone Imaging, Inc............................. 1,000 4,781 *Corrpro Companies, Inc............................... 300 4,237 *Cortech, Inc......................................... 1,500 937 *Craig Corp........................................... 300 5,737 *Criticare Systems, Inc............................... 600 2,437 Cross (A.T.) Co. Class A.............................. 800 8,650 *Crown Central Petroleum Corp. Class A................ 400 8,050 *Crown Central Petroleum Corp. Class B................ 300 5,700 Crown Crafts, Inc..................................... 700 11,375 *Crown Vantage, Inc................................... 300 3,000 *Crown-Andersen, Inc.................................. 100 675 Cubic Corp............................................ 750 24,094 *Cuisine Solutions, Inc............................... 700 941 *Cybex International, Inc............................. 400 4,350 *Cyrk, Inc............................................ 1,300 15,194 *Cytrx Corp........................................... 700 2,909 D&N Financial Corp.................................... 600 14,587 *DBA Systems, Inc..................................... 400 2,825 *DII Group, Inc....................................... 400 8,975 SHARES VALUE+ ------------ ------------ *DIY Home Warehouse, Inc.............................. 1,500 $ 6,000 *DVI, Inc............................................. 300 5,475 *Damark International, Inc. Class A................... 800 9,900 Daniel Industries, Inc................................ 300 5,569 *Data Broadcasting Corp............................... 2,600 18,362 *Data I/O Corp........................................ 1,500 11,062 *Data Race, Inc....................................... 400 1,900 *Data Systems & Software, Inc......................... 1,500 8,016 *Data Systems Network Corp............................ 30 349 *Dataflex Corp........................................ 400 1,712 *Datakey, Inc......................................... 200 806 *Datascope Corp....................................... 500 12,687 *Dataware Technologies, Inc........................... 500 1,594 *Datron Systems, Inc.................................. 200 2,037 *Datum, Inc........................................... 300 5,644 *Daw Technologies, Inc................................ 800 1,625 *Dawson Geophysical Co................................ 300 5,719 Daxor Corp............................................ 400 4,800 Deb Shops, Inc........................................ 2,100 12,075 *Deckers Outdoor Corp................................. 1,000 8,344 Defiance, Inc......................................... 600 4,772 *Deflecta-Shield Corp................................. 500 7,859 *Del Global Technologies Corp......................... 500 4,937 Delta Woodside Industries, Inc........................ 2,100 12,337 *Designer Holdings, Ltd............................... 1,000 9,375 *Designs, Inc......................................... 1,300 4,448 *Detection Systems, Inc............................... 300 4,425 *Detroit Diesel Corp.................................. 1,800 41,062 *Devcon International Corp............................ 400 1,975 *Diamond Multimedia Systems, Inc...................... 3,000 29,719 *Dianon Systems, Inc.................................. 500 4,219 *Digi International, Inc.............................. 1,000 19,562 Dime Financial Corp................................... 400 12,475 *Discount Auto Parts, Inc............................. 1,500 28,031 *Dixie Group, Inc..................................... 1,000 11,000 *Dominion Bridge Corp................................. 2,000 3,906 *Dominion Homes, Inc.................................. 800 7,287 *Donnkenny, Inc....................................... 1,400 4,812 Downey Financial Corp................................. 1,575 43,312 *Dress Barn, Inc...................................... 1,900 49,162 *Drug Emporium, Inc................................... 2,100 8,269 *Durakon Industries, Inc.............................. 300 2,728 Dyersburg Corp........................................ 1,100 13,647 *Dynamics Research Corp............................... 550 6,909 *E-Z-Em, Inc. Class A................................. 300 2,212 *E-Z-Em, Inc. Class B................................. 18 124 *EA Engineering Science & Technology, Inc............. 500 1,016 *ECC International Corp............................... 800 3,150 *EFTC Corp............................................ 300 4,481 *EIS International, Inc............................... 500 3,312 *ERLY Industries, Inc................................. 550 3,953 *ESCO Electronics Corp. Trust Receipts................ 900 14,737 Eagle Bancshares, Inc................................. 500 9,531 Eagle Financial Corp.................................. 300 15,450 *Eagle Hardware & Garden, Inc......................... 1,900 32,359 *Eagle Point Software Corp............................ 300 1,041 Eastern Co............................................ 200 3,600 Eaton Vance Corp...................................... 1,600 55,900 Ecology & Environment, Inc. Class A................... 200 2,225 *Edison Brothers Stores, Inc.......................... 1,900 0 5
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Edo Corp.............................................. 300 $ 2,662 *Education Alternatives, Inc.......................... 1,000 4,625 *Egghead, Inc......................................... 2,800 20,387 *Ekco Group, Inc...................................... 1,600 11,200 *El Paso Electric Co.................................. 1,000 6,750 *Electroglas, Inc..................................... 1,000 18,812 *Electromagnetic Sciences, Inc........................ 600 10,725 *Elek-Tek, Inc........................................ 1,000 100 *Emcon................................................ 1,700 9,403 *Empire of Carolina, Inc.............................. 400 800 Energen Corp.......................................... 900 34,200 Engle Homes, Inc...................................... 1,000 14,656 Enhance Financial Services Group, Inc................. 800 44,700 *Environmental Elements Corp.......................... 600 1,650 *Envirotest Systems Corp. Class A..................... 1,000 5,500 *Equitrac Corp........................................ 300 5,044 *Equity Oil Co........................................ 2,300 7,619 *Evans & Sutherland Computer Corp..................... 700 21,525 Evergreen Bancorp, Inc. DE............................ 800 18,950 *Evergreen Resources, Inc............................. 500 7,781 *Exabyte Corp......................................... 1,800 17,606 *Exar Corp............................................ 1,000 25,062 Excel Industries, Inc................................. 900 17,494 *Executone Information Systems, Inc................... 3,800 8,253 Exide Corp............................................ 2,100 50,137 *Ezcorp, Inc. Class A Non-Voting...................... 1,100 12,478 FFY Financial Corp.................................... 500 14,937 *FM Properties, Inc................................... 1,300 6,459 *FSI International, Inc............................... 1,400 21,394 *FTP Software, Inc.................................... 3,200 7,250 Fab Industries, Inc................................... 500 14,875 *Failure Group, Inc................................... 600 5,662 *Fairchild Corp. Class A.............................. 1,300 29,494 *Fansteel, Inc........................................ 700 6,212 *Farah, Inc........................................... 900 4,669 Farrel Corp........................................... 700 2,472 *Fieldcrest Cannon, Inc............................... 500 16,844 *Filenes Basement Corp................................ 2,900 18,216 *First Alert, Inc..................................... 1,900 5,344 First American Financial Corp......................... 1,000 61,250 *First Cash, Inc...................................... 300 2,447 First Central Financial Corp.......................... 1,000 562 First Defiance Financial Corp......................... 700 10,806 First Essex Bancorp................................... 500 9,844 *First Merchants Acceptance Corp...................... 500 16 First Northern Capital Corp........................... 800 10,600 First Palm Beach Bancorp, Inc......................... 1,300 50,700 *First Republic Bank.................................. 600 16,575 First Savings Bancorp, Inc. North Carolina............ 200 4,800 First Savings Bank.................................... 300 7,556 *First Team Sports, Inc............................... 500 1,906 *FirstFed Financial Corp. DE.......................... 900 32,850 *Fischer Imaging Corp................................. 1,000 5,750 Fleming Companies, Inc................................ 3,100 51,537 Flexsteel Industries, Inc............................. 600 7,050 Florida Rock Industries, Inc.......................... 1,600 41,600 *Florsheim Group, Inc................................. 400 3,612 Fluke Corp............................................ 400 9,500 *Fluor Daniel/GTI, Inc................................ 316 2,943 Flushing Financial Corp............................... 400 8,800 SHARES VALUE+ ------------ ------------ *Foodarama Supermarkets, Inc.......................... 100 $ 2,212 *Forcenergy, Inc...................................... 159 4,949 Forest City Enterprises, Inc. Class A................. 450 25,706 *Foster (L.B.) Co. Class A............................ 800 4,200 *Franklin Electronic Publishers, Inc.................. 500 7,125 Freds, Inc. Class A................................... 1,800 44,100 *Fresh Choice, Inc.................................... 500 2,109 Friedman Industries, Inc.............................. 551 3,857 *Friedmans, Inc. Class A.............................. 1,000 14,562 Frisch's Restaurants, Inc............................. 648 8,586 Frozen Food Express Industries, Inc................... 1,200 11,850 *Fuqua Enterprises, Inc............................... 300 9,112 *G-III Apparel Group, Ltd............................. 600 3,131 *GC Companies, Inc.................................... 300 13,012 *GKN Holding Corp..................................... 300 1,256 *GT Bicycles, Inc..................................... 1,000 6,781 *GTI Corp............................................. 500 2,969 *GZA Geoenvironmental Technologies, Inc............... 300 1,528 Gainsco, Inc.......................................... 1,500 12,562 *Galey & Lord, Inc.................................... 300 5,400 *Galileo Corp......................................... 600 6,712 Gamma Biologicals, Inc................................ 300 1,500 *Gantos, Inc.......................................... 500 594 Garan, Inc............................................ 400 9,900 *Garden Botanika, Inc................................. 500 2,250 *Garden Fresh Restaurant Corp......................... 100 1,419 *Gasonics International, Inc.......................... 300 3,994 *Gehl Co.............................................. 500 11,406 *General Communications, Inc. Class A................. 2,700 18,647 *General Datacomm Industries, Inc..................... 1,300 6,825 *General Host Corp.................................... 2,094 11,124 General Housewares Corp............................... 300 2,812 *General Surgical Innovations, Inc.................... 1,500 6,937 *Geneva Steel Co. Class A............................. 800 2,000 *Genicom Corp......................................... 500 6,875 *Genlyte Group, Inc................................... 1,100 19,044 *Gensym Corp.......................................... 500 2,703 *Genus, Inc........................................... 1,600 6,850 Geon Co............................................... 1,500 35,437 *Geoscience Corp...................................... 200 2,450 Gerber Scientific, Inc................................ 1,400 28,000 *Getty Petroleum Marketing, Inc....................... 900 4,781 *Giant Group, Ltd..................................... 400 3,000 Giant Industries, Inc................................. 1,000 18,375 *Gibraltar Packaging Group, Inc....................... 900 2,419 *Gibson Greetings, Inc................................ 1,400 33,031 *Gish Biomedical, Inc................................. 1,000 4,875 Gleason Corp.......................................... 200 5,187 *Global Industrial Technologies, Inc.................. 1,900 33,962 *Global Motorsport Group, Inc......................... 500 6,906 *Global Village Communication, Inc.................... 900 1,772 *Golden Books Family Entertainment, Inc............... 1,000 9,437 *Good Guys, Inc....................................... 1,200 9,900 *Gottschalks, Inc..................................... 600 5,137 *Government Technology Services, Inc.................. 600 3,187 *Gradco Systems, Inc.................................. 700 5,687 *Graham-Field Health Products, Inc.................... 1,100 16,431 *Grand Casinos, Inc................................... 3,300 43,312 6
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Grand Premier Financial, Inc.......................... 669 $ 9,471 Granite Construction, Inc............................. 1,300 29,737 Granite State Bankshares, Inc......................... 300 6,694 Green (A.P.) Industries, Inc.......................... 1,100 12,787 Greenbrier Companies, Inc............................. 1,300 22,262 *Greyhound Lines, Inc................................. 1,800 7,087 *Grist Mill & Co...................................... 500 4,656 *Gryphon Holdings, Inc................................ 1,000 16,437 Guaranty National Corp................................ 1,400 50,225 *Guest Supply, Inc.................................... 500 6,875 Guilford Mills, Inc................................... 1,800 45,562 *Gundle/SLT Environmental, Inc........................ 1,600 7,900 *HCIA, Inc............................................ 800 9,625 HF Financial Corp..................................... 200 5,100 *HMN Financial, Inc................................... 500 12,969 *HS Resources, Inc.................................... 900 14,344 Haggar Corp........................................... 600 9,525 *Hampton Industries, Inc.............................. 400 3,450 *Handleman Co......................................... 2,900 19,394 Handy & Harman........................................ 1,000 22,375 *Hanger Orthopedic Group, Inc......................... 700 8,662 *Harding Lawson Associates Group, Inc................. 400 3,825 Harleysville Group, Inc............................... 2,400 56,250 *Harry's Farmers Market, Inc. Class A................. 500 1,047 *Hartmarx Corp........................................ 2,800 22,750 *Harvey Entertainment Co.............................. 400 5,650 Harvey's Casino Resorts............................... 500 9,906 *Hathaway Corp........................................ 400 1,150 *Hauser, Inc.......................................... 1,100 7,356 Haven Bancorp, Inc.................................... 500 21,500 Haverty Furniture Co., Inc............................ 1,700 21,834 *Health Management Systems, Inc....................... 1,200 7,425 *Healthcare Services Group, Inc....................... 1,500 19,078 *Healthcor Holdings................................... 500 2,312 *Heartland Wireless Communications, Inc............... 1,200 2,325 Heilig-Meyers Co...................................... 4,450 57,572 *Hein-Werner Corp..................................... 220 1,554 *Hello Direct, Inc.................................... 300 2,175 *Hi-Lo Automotive, Inc................................ 1,000 2,750 *High Plains Corp..................................... 1,600 5,050 Hoenig Group, Inc..................................... 500 2,844 Holly Corp............................................ 500 13,500 *Hollywood Casino Corp. Class A....................... 800 1,975 *Hollywood Entertainment Corp......................... 1,600 13,775 *Hollywood Park, Inc.................................. 500 9,656 Home Port Bancorp, Inc................................ 200 4,725 *Home State Holdings, Inc............................. 500 78 *Homebase, Inc........................................ 3,400 28,475 Horizon Financial Corp................................ 1,230 20,526 *Hospital Staffing Services, Inc...................... 300 281 *Housecall Medical Resources, Inc..................... 900 2,897 *Hovnanian Enterprises, Inc. Class A.................. 1,300 9,506 Hudson Foods, Inc. Class A............................ 1,500 28,406 Huffy Corp............................................ 800 12,050 Hughes Supply, Inc.................................... 750 24,562 *Hugoton Energy Corp.................................. 1,600 15,300 Hunt (J.B.) Transport Services, Inc................... 3,400 55,462 Huntco, Inc. Class A.................................. 300 3,787 *Hycor Biomedical, Inc................................ 600 1,275 *Hyde Athletic Industries, Inc. Class B............... 300 1,500 SHARES VALUE+ ------------ ------------ IBS Financial Corp.................................... 300 $ 5,203 *ICF Kaiser International, Inc........................ 1,800 3,825 ICO, Inc.............................................. 1,800 10,969 *ICU Medical, Inc..................................... 1,500 16,406 *IEC Electronics Corp................................. 1,300 19,987 *IHOP Corp............................................ 800 27,350 *IPC Information Systems, Inc......................... 500 9,156 ISB Financial Corp. LA................................ 100 2,581 *ITEQ, Inc............................................ 744 8,765 *ITI Technologies, Inc................................ 200 4,987 *Ibah, Inc............................................ 3,600 12,262 *Imation Corp......................................... 1,400 24,325 *Immulogic Pharmaceutical Corp........................ 1,500 3,422 Imperial Holly Corp................................... 1,100 11,894 *In Home Health, Inc.................................. 900 998 *Inacom Corp.......................................... 800 22,700 *Indenet, Inc......................................... 1,000 2,203 *Inference Corp. Class A.............................. 1,500 7,687 *Information Resources, Inc........................... 2,200 33,000 *Information Storage Devices, Inc..................... 300 2,119 Ingles Market, Inc. Class A........................... 400 5,350 *Innodata Corp........................................ 200 166 *Insituform Technologies, Inc. Class A................ 2,800 24,850 *Inso Corp............................................ 1,000 10,750 Insteel Industries, Inc............................... 700 5,250 Instron Corp.......................................... 1,000 17,000 *Insurance Auto Auctions, Inc......................... 1,000 10,625 *Integrated Process Equipment Corp.................... 500 10,750 *Integrated Silicon Solution, Inc..................... 1,200 11,850 *Intelligent Electronics, Inc......................... 3,500 18,047 *Intelligent Systems Corp............................. 500 2,625 *Inter-Tel, Inc....................................... 900 18,956 *Interface Systems, Inc............................... 400 1,200 Interface, Inc. Class A............................... 1,300 38,634 *Intergraph Corp...................................... 4,300 45,016 *Interlinq Software Corp.............................. 1,000 4,250 International Aluminum Corp........................... 500 15,500 International Multifoods Corp......................... 1,500 40,312 *International Rectifier Corp......................... 2,100 29,662 *International Remote Imaging Systems, Inc............ 100 400 International Shipholding Corp........................ 400 7,175 *International Technology Corp........................ 850 7,012 *International Thoroughbred Breeders, Inc............. 800 2,800 *Interphase Corp...................................... 900 5,822 Interpool, Inc........................................ 1,950 27,178 Interstate Johnson Lane, Inc.......................... 200 5,175 *Intertan, Inc........................................ 900 5,119 Investors Financial Services Corp..................... 43 1,817 Isco, Inc............................................. 200 1,837 *Isolyser Co., Inc.................................... 3,100 9,300 *Iwerks Entertainment, Inc............................ 1,900 7,006 *J & J Snack Foods Corp............................... 1,800 29,250 J & L Specialty Steel, Inc............................ 3,200 31,200 *J. Alexander's Corp.................................. 300 1,631 *JPE, Inc............................................. 200 1,150 JSB Financial, Inc.................................... 900 41,962 *Jackpot Enterprises, Inc............................. 700 8,487 *Jaclyn, Inc.......................................... 200 875 *Jaco Electronics, Inc................................ 300 2,025 *Jacobson Stores, Inc................................. 500 5,500 7
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ *Jan Bell Marketing, Inc.............................. 2,200 $ 6,187 *Jason, Inc........................................... 1,700 13,069 *Jean Philippe Fragrances, Inc........................ 500 3,875 John Alden Financial Corp............................. 2,000 53,875 *Johnson Worldwide Associates, Inc. Class A........... 1,500 25,125 Johnston Industries, Inc.............................. 600 3,112 *Johnstown American Industries, Inc................... 1,300 13,731 *Jos. A. Bank Clothiers, Inc.......................... 1,000 7,000 *Jumbosports, Inc..................................... 1,700 4,994 Justin Industries, Inc................................ 2,300 33,781 K Swiss, Inc. Class A................................. 300 4,969 *KLLM Transport Services, Inc......................... 500 6,344 *Kaiser Aluminum Corp................................. 2,700 28,097 *Kaiser Ventures, Inc................................. 1,600 21,600 Kaman Corp. Class A................................... 1,800 32,962 Katy Industries, Inc.................................. 800 14,000 Kellwood Co........................................... 1,800 61,762 *Key Production Co., Inc.............................. 800 8,550 *Key Tronic Corp...................................... 1,000 5,562 *Keystone Consolidated Industries, Inc................ 598 7,624 Kimball International, Inc. Class B................... 1,000 40,156 *Kimmins Corp......................................... 300 1,425 *Kinark Corp.......................................... 100 325 *Kinnard Investment, Inc.............................. 300 1,772 Klamath First Bancorp, Inc............................ 1,300 28,031 Knape & Vogt Manufacturing Co......................... 500 9,875 *Koss Corp............................................ 1,000 13,750 LNR Property Corp..................................... 500 11,625 *LTX Corp............................................. 2,900 16,131 Lab Holdings, Inc..................................... 300 7,078 *Laboratory Corp. of America Holdings, Inc............ 1,500 3,094 *Laclede Steel Co..................................... 200 937 *Ladd Furniture, Inc.................................. 1,200 18,375 *Laidlaw Environmental Services, Inc.................. 5,200 23,400 *Lamson & Sessions Co................................. 1,500 9,750 *Landair Services, Inc................................ 300 8,287 *Lasermaster Technologies, Inc........................ 900 3,909 *Laserscope........................................... 600 3,188 *LaserSight Corporation............................... 300 1,031 Lawyers Title Corp.................................... 800 25,400 *Lazare Kaplan International, Inc..................... 1,000 14,313 *Learning Co., Inc.................................... 3,400 61,625 *Lechters, Inc........................................ 2,200 12,513 Lennar Corp........................................... 1,000 20,875 *Lexford, Inc......................................... 200 6,138 *Liberty Technologies, Inc............................ 500 1,406 Life Bancorp, Inc..................................... 1,000 31,000 *Life USA Holdings, Inc............................... 1,000 16,781 Lifetime Hoan Corp.................................... 200 2,038 Lillian Vernon Corp................................... 800 11,150 Lindberg Corp......................................... 400 5,800 *Liuski International, Inc............................ 400 375 *Lodgenet Entertainment Corp.......................... 2,000 25,250 *Logic Devices, Inc................................... 700 1,969 *Lone Star Steakhouse Saloon.......................... 200 3,738 *Loronix Information Systems, Inc..................... 200 413 *Louis Dreyfus Natural Gas Corp....................... 450 9,309 Lufkin Industries, Inc................................ 600 21,300 Lukens, Inc. DE....................................... 1,300 21,775 SHARES VALUE+ ------------ ------------ *Luria (L.) & Son, Inc................................ 100 $ 1 *M.H. Meyerson & Co., Inc............................. 200 1,075 MDC Holdings, Inc..................................... 1,400 15,488 *MEMC Electronic Materials, Inc....................... 600 10,838 *MI Schottenstein Homes, Inc.......................... 800 11,850 *MK Gold Corp......................................... 1,700 2,523 MMI Companies, Inc.................................... 1,000 24,125 *MRS Technology, Inc.................................. 200 206 *MS Carriers, Inc..................................... 2,100 50,663 MTS Systems Corp...................................... 800 30,550 *Main Street & Main, Inc.............................. 1,000 2,906 *Manhattan Bagel Co., Inc............................. 300 408 *Mapinfo Corp......................................... 100 1,350 Marcus Corp........................................... 1,000 28,250 *Mariner Health Group, Inc............................ 2,400 34,875 *Marisa Christina, Inc................................ 600 2,850 Maritrans, Inc........................................ 1,000 9,000 *Marker International................................. 2,300 10,781 *Marlton Technologies, Inc............................ 200 1,325 Marsh Supermarkets, Inc. Class A...................... 300 4,613 Marsh Supermarkets, Inc. Class B...................... 400 6,025 *Marshall Industries.................................. 1,100 37,950 Maryland Federal Bancorp.............................. 630 16,439 *Material Sciences Corp............................... 800 11,750 *Matlack Systems, Inc................................. 200 1,738 *Matria Healthcare, Inc............................... 2,400 12,600 *Matrix Pharmaceutical, Inc........................... 1,700 6,003 *Matrix Service Co.................................... 1,800 14,400 *Mattson Technology, Inc.............................. 100 978 *Maverick Tube Corp................................... 1,200 34,313 *Maxco, Inc........................................... 700 8,094 *Maxwell Technologies, Inc............................ 400 10,613 *Maxxam, Inc.......................................... 500 23,281 *Maxxim Medical, Inc.................................. 700 15,313 *Medalliance, Inc. Liquidating Trust Escrow........... 800 0 *Medaphis Corp........................................ 5,800 29,181 *Medcath, Inc......................................... 500 8,438 Medford Savings Bank MA............................... 300 11,138 *Media 100, Inc....................................... 700 3,259 *Medical Assurance, Inc............................... 2,000 56,875 *Medical Graphics Corp................................ 200 838 *Medicore, Inc........................................ 500 1,156 Merchants Bancorp, Inc................................ 400 9,675 Mercury Air Group, Inc................................ 400 2,313 *Meridian Data, Inc................................... 1,000 4,219 Meridian Insurance Group, Inc......................... 600 11,063 *Merisel, Inc......................................... 2,500 11,797 *Merix Corp........................................... 500 7,469 *Mesa Air Group, Inc.................................. 3,800 21,138 *Mesaba Holdings, Inc................................. 700 15,400 *Metatec Corp. Class A................................ 1,100 5,500 *Metra Biosystems, Inc................................ 2,000 7,563 *Metrocall, Inc....................................... 4,000 21,125 *Michael Anthony Jewelers, Inc........................ 500 1,375 Michael Foods, Inc.................................... 1,700 37,453 *Michaels Stores, Inc................................. 3,400 109,544 *Micro Linear Corp.................................... 1,000 7,656 *Micro Warehouse, Inc................................. 3,600 52,875 *Microage, Inc........................................ 1,200 24,225 *Micronics Computers, Inc............................. 1,600 3,400 *Microtest, Inc....................................... 1,700 10,173 8
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ *Microwave Power Dynamics, Inc........................ 400 $ 3,000 Mid America Banccorp.................................. 873 26,422 *Midisoft Corp........................................ 300 366 *Midwest Grain Products, Inc.......................... 600 8,400 Mikasa, Inc........................................... 1,200 15,975 *Mikohn Gaming Corp................................... 1,800 14,906 *Miltope Group, Inc................................... 500 1,719 Mine Safety Appliances Co............................. 500 34,125 Mississippi Chemical Corp............................. 1,800 35,100 *Molten Metal Technology, Inc......................... 1,600 500 *Monarch Casino and Resort, Inc....................... 500 2,625 Monarch Machine Tool Co............................... 300 2,513 *Monro Muffler Brake, Inc............................. 600 8,663 *Moog, Inc. Class A................................... 500 18,188 *Moore Medical Corp................................... 100 1,113 *Moore Products Co.................................... 100 3,613 *Moovies, Inc......................................... 500 625 *Morgan Products, Ltd................................. 700 4,288 *Morrow Snowboards, Inc............................... 100 269 *Mother's Work, Inc................................... 200 1,800 Movado Group, Inc..................................... 937 16,866 *Movie Gallery, Inc................................... 2,100 6,891 *Musicland Stores Corp................................ 2,900 15,769 *Mutual Savings Bank FSB Bay City, MI................. 500 6,438 NBT Bancorp........................................... 809 20,897 NCH Corp.............................................. 200 13,638 *NCS Healthcare, Inc.................................. 600 15,863 *NPS Pharmaceuticals, Inc............................. 1,000 9,250 *NS Group, Inc........................................ 1,200 22,500 *NSA International, Inc............................... 200 344 NSC Corp.............................................. 1,000 2,344 NYMAGIC, Inc.......................................... 1,000 25,500 Nacco Industries, Inc. Class A........................ 505 54,982 *Napco Security Systems, Inc.......................... 500 3,094 Nash Finch Co......................................... 900 16,875 *Nashua Corp.......................................... 500 6,531 *Nathans Famous, Inc.................................. 400 1,525 *National Auto Credit, Inc............................ 2,630 17,424 *National City Bancorp................................ 726 20,328 *National Home Centers, Inc........................... 500 578 *National Home Health Care Corp....................... 206 1,094 *National Media Corp.................................. 1,600 6,600 *National Patent Development Corp..................... 500 6,750 National Presto Industries, Inc....................... 500 19,594 *National Steel Corp. Class B......................... 2,800 42,000 National Technical Systems, Inc....................... 100 853 *National Techteam, Inc............................... 1,200 13,050 *Natural Wonders, Inc................................. 700 5,294 Nelson (Thomas), Inc.................................. 100 1,131 *Netmanage, Inc....................................... 3,600 10,238 *Netrix Corp.......................................... 1,300 1,747 *Network Computing Devices, Inc....................... 300 2,475 *Network Equipment Technologies, Inc.................. 1,700 24,756 *Network Peripherals, Inc............................. 800 4,200 *New Brunswick Scientific Co., Inc.................... 346 2,682 *New Horizons Worldwide, Inc.......................... 600 9,300 New Jersey Resources Corp............................. 1,500 52,219 Newmil Bancorp, Inc................................... 200 2,800 Newport Corp.......................................... 500 8,438 *Nextel Communications Corp. Class A.................. 134 3,388 SHARES VALUE+ ------------ ------------ *Nexthealth, Inc...................................... 700 $ 777 *Noodle Kidoodle, Inc................................. 1,700 4,888 *Nord Resources Corp.................................. 1,900 3,325 *Norland Medical System, Inc.......................... 100 753 *Nortek, Inc.......................................... 1,100 26,813 *Northwestern Steel & Wire Co......................... 3,900 14,625 *Norton McNaughton, Inc............................... 800 4,850 Norwich Financial Corp................................ 400 11,925 *Novacare, Inc........................................ 5,600 69,300 *Nu Horizons Electronics Corp......................... 400 2,825 *Nu-Kote Holding, Inc. Class A........................ 2,000 1,094 *Nview Corp........................................... 400 488 O'Sullivan Corp....................................... 1,600 15,900 *O'Sullivan Industries Holdings, Inc.................. 1,100 14,025 *O.I. Corp............................................ 400 1,750 *OHM Corp............................................. 1,900 16,150 *OMI Corp............................................. 2,600 26,650 *Oak Technology, Inc.................................. 1,500 12,422 *Offshore Logistics, Inc.............................. 2,800 64,225 Oil-Dri Corp. of America.............................. 100 1,675 *Old America Stores, Inc.............................. 400 113 *Old Dominion Freight Lines, Inc...................... 1,000 15,813 *Olympic Steel, Inc................................... 1,700 23,853 *One Price Clothing Stores, Inc....................... 1,900 3,919 Oneida, Ltd........................................... 900 33,806 *Oneita Industries, Inc............................... 600 206 *Onyx Acceptance Corp................................. 100 775 *Opinion Research Corp................................ 200 1,000 *Opta Food Ingredients, Inc........................... 1,300 6,663 *Opti, Inc............................................ 1,200 7,425 Optical Coating Laboratory, Inc....................... 1,000 15,375 *Option Care, Inc..................................... 800 3,450 Orange Co., Inc....................................... 700 5,600 *Oravax, Inc.......................................... 300 881 *Orbital Sciences Corp................................ 2,400 61,650 *Oregon Metallurgical Corp............................ 1,100 35,475 Oregon Steel Mills, Inc............................... 1,700 33,363 *Oroamerica, Inc...................................... 700 3,894 *Orthologic Corp...................................... 2,000 10,313 Oshkosh Truck Corp. Class B........................... 1,700 29,963 *Oshman's Sporting Goods, Inc......................... 500 2,875 *Ostex International, Inc............................. 2,000 6,313 *Outlook Group Corp................................... 400 2,675 Overseas Shipholding Group, Inc....................... 1,800 43,988 Owosso Corp........................................... 100 778 Oxford Industries, Inc................................ 700 24,588 *PICO Holdings, Inc................................... 2,900 17,672 PLM International, Inc................................ 1,000 5,625 *PPT Vision, Inc...................................... 300 2,400 PS Group Holdings, Inc................................ 500 7,125 PXRE Corp............................................. 1,511 44,669 Pacific Scientific Co................................. 600 9,525 Palfed, Inc........................................... 400 10,675 Pancho's Mexican Buffet, Inc.......................... 400 888 *Par Technology Corp.................................. 1,000 10,688 *Paragon Trade Brands, Inc............................ 500 11,250 Park Electrochemical Corp............................. 300 7,875 *Park-Ohio Industries, Inc............................ 1,700 30,494 *Parlux Fragrances, Inc............................... 2,400 5,475 Patrick Industries, Inc............................... 1,000 14,375 *Paxson Communications Corp........................... 1,000 8,500 *Payless Cashways, Inc................................ 3,400 173 9
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ *Paymentech, Inc...................................... 1,100 $ 17,050 *Penn Traffic Co...................................... 200 1,750 *Penn Treaty American Corp............................ 600 19,388 Penn Virginia Corp.................................... 400 10,825 Pennfed Financial Services, Inc....................... 500 16,516 Penwest, Ltd.......................................... 400 14,825 *Peoples Choice TV Corp............................... 1,000 2,281 Peoples Heritage Financial Group, Inc................. 1,778 75,787 *Peoples Telephone Co., Inc........................... 1,400 5,075 *Perfumania, Inc...................................... 1,600 5,325 *Perini Corp.......................................... 400 3,525 *Periphonics Corp..................................... 200 1,944 *Pete's Brewing Co.................................... 600 2,981 *Petrocorp, Inc....................................... 1,700 15,406 *Phar-Mor, Inc........................................ 100 847 *Pharmaceutical Resources, Inc........................ 1,600 2,500 *Pharmchem Laboratories, Inc.......................... 500 1,500 *Philip Services Corp................................. 607 9,598 Phillips-Van Heusen Corp.............................. 2,500 34,375 Phoenix Duff & Phelps Corp............................ 3,800 28,500 *Physician Reliance Network, Inc...................... 4,200 41,475 *Physicians Resource Group, Inc....................... 400 2,275 *Physiometrix, Inc.................................... 200 513 Piccadilly Cafeterias, Inc............................ 900 11,306 *Picturetel Corp...................................... 3,300 28,823 Pilgrim Pride Corp.................................... 1,600 25,600 Pillowtex Corp........................................ 300 7,950 Pinnacle Bancshares, Inc.............................. 200 3,275 Pinnacle Financial Services, Inc...................... 400 16,700 *Pinnacle Systems, Inc................................ 200 4,850 Pioneer Natural Resouces Co........................... 428 13,669 Piper Jaffray Companies, Inc.......................... 800 22,150 Pittston Co. Burlington Group......................... 1,700 46,856 *Planar Systems, Inc.................................. 1,800 21,263 Plasti-Line, Inc...................................... 100 1,369 *Players International, Inc........................... 5,000 16,094 *Pollo Tropical, Inc.................................. 1,000 6,625 *Polymedica Industries, Inc........................... 500 4,625 *Polymer Group, Inc................................... 1,500 14,813 *Pool Energy Services Co.............................. 1,200 30,975 Pope & Talbot, Inc.................................... 1,100 18,150 Portec, Inc........................................... 500 6,938 Poughkeepsie Financial Corp........................... 1,100 10,931 *Powercerv Corp....................................... 1,300 3,819 *Powertel, Inc........................................ 2,500 48,438 *Premenos Technology Corp............................. 1,700 22,419 Presidential Life Corp................................ 2,900 58,272 *Price Communications Corp............................ 500 5,500 Price Enterprises, Inc................................ 1,800 32,288 *Pricesmart, Inc...................................... 450 7,369 *Primark Corp......................................... 500 16,938 Prime Bancorp, Inc.................................... 330 11,158 Primesource Corp...................................... 500 6,063 *Procyte Corp......................................... 1,100 1,203 *Progress Software Corp............................... 500 10,375 Progressive Bank, Inc................................. 300 10,238 *Pronet, Inc.......................................... 1,200 5,325 *Proteon, Inc......................................... 1,700 2,763 *Protocol Systems, Inc................................ 1,400 14,438 *Provident American Corp.............................. 400 1,075 *Proxim, Inc.......................................... 900 10,688 SHARES VALUE+ ------------ ------------ *Proxima Corp......................................... 1,500 $ 11,063 Pulte Corp............................................ 400 16,225 *Pure World, Inc...................................... 200 1,300 *Pyramid Breweries, Inc............................... 300 806 *QMS, Inc............................................. 900 2,869 *Quad Systems Corp.................................... 1,200 7,688 Quaker Chemical Corp.................................. 500 9,406 *Quaker City Bancorp, Inc............................. 500 10,188 *Quaker Fabric Corp................................... 700 13,869 Quaker State Corp..................................... 2,700 41,513 *Quality Dining, Inc.................................. 1,400 5,819 *Quality Semiconductor, Inc........................... 200 1,156 *Quality Systems, Inc................................. 1,000 7,375 Quanex Corp........................................... 600 17,850 *Quest Medical, Inc................................... 200 1,394 Quixote Corp.......................................... 1,000 8,688 *R & B, Inc........................................... 1,100 10,588 RLI Corp.............................................. 600 26,213 RPC, Inc.............................................. 1,200 32,100 *RTW, Inc............................................. 1,000 6,656 *Rag Shops, Inc....................................... 200 622 *Railtex, Inc......................................... 1,000 14,813 *Rally's Hamburgers, Inc.............................. 1,300 4,469 *Ramsay Health Care, Inc.............................. 700 3,041 *Rare Hospitality International, Inc.................. 1,800 19,350 *Reading Entertainment, Inc........................... 400 5,050 *Recoton Corp......................................... 800 10,900 *Redwood Empire Bancorp............................... 200 3,138 Refac Technology Development Corp..................... 300 4,163 *Regeneron Pharmaceuticals, Inc....................... 2,100 20,606 *Rentrak Corp......................................... 100 497 *Republic Automotive Parts, Inc....................... 300 4,500 *Republic Engineered Steels, Inc...................... 100 147 Resource Bancshares Mortgage Group, Inc............... 600 8,325 *Response Oncology, Inc............................... 873 8,512 *Rex Stores Corp...................................... 500 5,688 *Riddell Sports, Inc.................................. 1,700 6,853 *Ride, Inc............................................ 2,000 5,125 Riggs National Corp................................... 2,000 48,813 *Right Management Consultants, Inc.................... 300 3,319 *Rightchoice Managed Care, Inc. Class A............... 300 3,244 *Rio Hotel & Casino, Inc.............................. 700 14,613 Rival Co.............................................. 600 8,888 Roanoke Electric Steel Corp........................... 1,200 26,700 *Roberds, Inc......................................... 500 1,969 *Rock Bottom Restaurants, Inc......................... 1,600 17,200 Rock-Tenn Co. Class A................................. 1,400 28,350 *Rodman & Renshaw Capital Group, Inc.................. 600 225 *Rohr, Inc............................................ 1,700 52,063 Rollins Truck Leasing Corp............................ 3,900 66,056 *Rottlund, Inc........................................ 500 2,000 Rouge Industries, Inc. Class A........................ 900 13,725 *Ruby Tuesday, Inc.................................... 1,000 26,250 *Ryans Family Steak Houses, Inc....................... 4,500 40,219 Rykoff-Sexton, Inc.................................... 900 20,194 Ryland Group, Inc..................................... 800 17,450 *S&K Famous Brands, Inc............................... 400 5,425 *S3, Inc.............................................. 1,500 9,633 *SED International Holdings, Inc...................... 1,000 12,781 10
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ *SLH Corp............................................. 225 $ 12,038 *SSE Telecom, Inc..................................... 500 2,469 *STM Wireless, Inc. Class A........................... 200 2,938 *SYNC Research, Inc................................... 1,100 4,434 *Safety 1st, Inc...................................... 200 1,375 *Salant Corp. DE...................................... 1,600 3,100 *San Filippo (John B.) & Son, Inc..................... 800 6,325 Sanderson Farms, Inc.................................. 300 3,619 *Sands Regent Casino Hotel............................ 400 844 *Santa Cruz Operation, Inc............................ 2,400 14,100 *Scholastic Corp...................................... 1,100 42,075 *Schuler Homes, Inc................................... 1,800 12,713 *Sealright Co., Inc................................... 1,000 12,438 *Secom General Corp................................... 400 900 Selective Insurance Group, Inc........................ 1,000 50,688 *Sequa Corp. Class A.................................. 1,000 57,219 *Sequent Computer Systems, Inc........................ 3,100 72,172 *Service Merchandise Co., Inc......................... 7,800 26,325 *Sharper Image Corp................................... 500 2,063 Shelter Components, Inc............................... 800 13,900 *Sherwood Group, Inc.................................. 1,000 12,375 *Shiloh Industries, Inc............................... 1,100 20,763 *Shoe Carnival, Inc................................... 800 7,350 *Sholodge, Inc........................................ 600 9,713 *Shoney's, Inc........................................ 2,258 9,879 *Shopko Stores, Inc................................... 2,700 56,700 Showboat, Inc......................................... 1,300 24,944 Sifco Industries, Inc................................. 400 8,200 *Sight Resource Corp.................................. 1,700 7,756 *Signal Technology Corp............................... 600 3,150 *Signature Brands USA, Inc............................ 1,300 6,094 *Silicon Valley Group, Inc............................ 2,300 54,841 Simmons First National Corp. Class A.................. 200 7,069 Simpson Industries, Inc............................... 1,900 21,969 *Sizzler International, Inc........................... 2,400 7,050 Skyline Corp.......................................... 900 24,413 Skywest, Inc.......................................... 1,100 26,813 Smith (A.O.) Corp..................................... 800 34,050 Smith (A.O.) Corp. Convertible Class A................ 200 8,500 *Sodak Gaming, Inc.................................... 500 4,406 *Softech, Inc......................................... 300 703 *Software Spectrum, Inc............................... 1,000 13,438 South Jersey Industries, Inc.......................... 500 12,563 *Southern Energy Homes, Inc........................... 100 941 *Southwall Technologies, Inc.......................... 500 3,969 Southwest Bancshares, Inc. DE......................... 300 7,631 Southwest Securities Group, Inc....................... 220 5,198 Southwestern Energy Co................................ 2,200 25,713 Sovereign Bancorp, Inc................................ 2,039 38,677 *Spacelabs Medical, Inc............................... 1,000 21,750 *Spaghetti Warehouse, Inc............................. 500 3,406 Spartan Motors, Inc................................... 1,000 5,719 *Sparton Corp......................................... 500 5,125 *Spec's Music, Inc.................................... 400 425 *Specialty Chemical Resources, Inc.................... 300 319 *Spectran Corp........................................ 500 5,734 *Speizman Industries, Inc............................. 300 1,875 *Spiegel, Inc. Class A Non-Voting..................... 1,500 8,203 *Sport Chalet, Inc.................................... 600 2,888 *Sport Supply Group, Inc.............................. 300 2,363 *Sportmart, Inc....................................... 500 1,500 SHARES VALUE+ ------------ ------------ *Sportmart, Inc. Class A.............................. 250 $ 672 *Sports Club Co., Inc................................. 600 4,875 Springs Industries, Inc. Class A...................... 300 15,131 St. Paul Bancorp, Inc................................. 3,000 73,875 *Stac, Inc............................................ 100 591 *Staff Builders, Inc. Class A......................... 1,700 4,648 *Standard Commercial Corp............................. 856 14,873 *Standard Management Corp............................. 700 4,856 *Standard Microsystems Corp........................... 1,600 17,350 Standard Motor Products, Inc. Class A................. 1,100 21,656 Standard Pacific Corp. DE............................. 2,600 35,100 Standard Products Co.................................. 1,400 35,175 *Starcraft Corp....................................... 200 538 Starret Corp.......................................... 300 3,600 Starrett (L.S.) Co. Class A........................... 200 7,700 *Starter Corp......................................... 2,300 7,763 *Station Casinos, Inc................................. 2,600 17,225 *Steel of West Virginia, Inc.......................... 600 5,850 Steel Technologies, Inc............................... 500 5,688 Stepan Co............................................. 500 13,938 Stephan Co............................................ 200 2,550 Sterling Bancorp...................................... 500 10,969 *Sterling Financial Corp. WA.......................... 600 12,788 Stewart Information Services Corp..................... 500 13,531 Stifel Financial Corp................................. 500 7,188 *Stokely USA, Inc..................................... 1,000 766 Stone & Webster, Inc.................................. 800 37,500 *Stormedia, Inc. Class A.............................. 1,000 3,719 *Strategic Distribution, Inc.......................... 1,500 7,219 Strawbridge and Clothier Liquidating Trust............ 900 8,157 *Strouds, Inc......................................... 1,100 2,166 *Stuart Entertainment, Inc............................ 600 1,481 *Sulcus Computer Corp................................. 800 2,450 Sumitomo Bank of California........................... 1,300 49,238 *Summa Four, Inc...................................... 500 5,844 *Summit Care Corp..................................... 700 11,113 *Summit Technology, Inc............................... 500 3,266 *Summitt Medical Systems, Inc......................... 300 834 *Sun Coast Industries, Inc............................ 200 1,000 *Sun Healthcare Group, Inc............................ 2,000 43,000 *Sun Television and Appliances, Inc................... 2,400 5,438 *Sunrise Medical, Inc................................. 2,000 31,625 *Sunrise Resources, Inc............................... 1,400 4,113 Superior Surgical Manufacturing Co., Inc.............. 800 12,100 *Suprema Specialties, Inc............................. 1,200 3,900 Susquehanna Bancshares, Inc........................... 1,650 53,522 *Swiss Army Brands, Inc............................... 1,700 17,425 *Sylvan, Inc.......................................... 400 5,550 *Syms Corp............................................ 1,500 17,344 *Synbiotics Corp...................................... 600 2,034 *Syncor International Corp. DE........................ 900 14,344 *Syntellect, Inc...................................... 1,300 2,763 *Syquest Technology, Inc.............................. 900 2,939 *TBC Corp............................................. 1,600 16,300 TCBY Enterprises, Inc................................. 2,200 13,888 *TCSI Corp............................................ 100 622 *TII Industries, Inc.................................. 1,200 7,013 TJ International, Inc................................. 1,400 34,606 TR Financial Corp..................................... 1,000 32,750 11
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ *TRC Companies, Inc................................... 300 $ 1,163 *TRM Copy Centers Corp................................ 1,000 9,500 Tab Products Co. DE................................... 400 5,800 *Taco Cabana, Inc..................................... 2,500 12,813 *Tandy Brand Accessories, Inc......................... 500 7,313 *Tandy Crafts, Inc.................................... 1,000 4,500 *Tanknology Environmental, Inc........................ 1,200 2,306 *Tech-Sym Corp........................................ 300 9,094 *Tegal Corp........................................... 200 1,456 Telxon Corp........................................... 500 12,313 *Tesoro Petroleum Corp................................ 2,100 34,913 Texas Industries, Inc................................. 1,800 83,813 *Texas Micro, Inc..................................... 1,000 4,813 *Thermo Power Corp.................................... 1,000 9,125 Thermo Remediation, Inc............................... 900 5,625 *Thermo Sentron, Inc.................................. 500 5,500 *Thermo Terratech, Inc................................ 500 4,359 *Thermo Voltek Corp................................... 1,000 6,313 Thomas Industries, Inc................................ 300 9,525 Thomaston Mills, Inc.................................. 400 3,500 *Thorn Apple Valley, Inc.............................. 1,500 21,094 *Tipperary Corp....................................... 1,000 5,125 *Titan Corp........................................... 1,000 6,438 Titan Holdings, Inc................................... 1,155 24,399 Titan International, Inc.............................. 1,200 24,000 Toastmaster, Inc...................................... 600 3,150 *Todd Shipyards Corp.................................. 800 3,600 *Topps, Inc........................................... 100 259 *Tower Air, Inc....................................... 1,100 5,569 *Trans World Airlines, Inc............................ 3,000 22,688 *Trans World Entertainment Corp....................... 800 28,650 *Transfinancial Holdings, Inc......................... 300 2,813 Transport Leasing International, Inc.................. 500 4,875 Transtechnology Corp.................................. 500 13,500 *Travel Ports of America, Inc......................... 212 815 Treadco, Inc.......................................... 500 5,094 *Tremont Corp. DE..................................... 600 34,163 *Trend-Lines, Inc. Class A............................ 200 1,469 *Trident Microsystems, Inc............................ 800 9,125 *Tridex Corp.......................................... 300 1,538 Trigen Energy Corp.................................... 400 9,175 Trion, Inc............................................ 100 431 *Trism, Inc........................................... 500 2,031 *Truevision, Inc...................................... 1,300 4,347 *Trump Hotels & Casino Resorts, Inc................... 2,000 17,375 *Tseng Laboratories, Inc.............................. 1,600 3,250 *Tuesday Morning Corp................................. 1,050 26,184 *Tultex Corp.......................................... 2,500 11,250 *Turner Corp.......................................... 300 6,938 Twin Disc, Inc........................................ 200 6,475 *Tyler Corp........................................... 1,700 8,713 U.S. Bancorp, Inc..................................... 500 32,375 *U.S. Diagnostic, Inc................................. 1,500 6,516 *URS Corp............................................. 719 11,504 *US Can Corp.......................................... 1,100 18,150 USX-Delhi Group....................................... 800 15,700 *Ultimate Electronics, Inc............................ 300 994 *Ultradata Corp....................................... 100 388 *Ultrafem, Inc........................................ 1,000 3,750 *Ultrak, Inc.......................................... 1,400 15,794 *Ultratech Stepper, Inc............................... 300 7,350 Uni-Marts, Inc........................................ 500 2,250 SHARES VALUE+ ------------ ------------ Unico American Corp................................... 500 $ 6,156 Unifirst Corp......................................... 100 2,581 *Unimark Group, Inc................................... 1,000 4,531 *Union Acceptance Corp. Class A....................... 500 2,797 *Unique Casual Restaurants, Inc....................... 500 3,438 *Uniroyal Technology Corp............................. 2,100 11,616 *Unit Instruments, Inc................................ 300 3,038 *United American Healthcare Corp.,.................... 700 2,013 United Companies Financial Corp....................... 900 19,519 United Industrial Corp................................ 1,400 15,400 *United Retail Group, Inc............................. 1,100 4,125 *United States Home Corp.............................. 1,000 37,125 United Wisconsin Services, Inc........................ 800 19,500 *Universal Electronics, Inc........................... 300 3,150 *Universal Hospital Services, Inc..................... 300 4,444 *Universal International, Inc......................... 400 1,044 *Universal Standard Medical Labs, Inc................. 500 1,406 *Uno Restaurant Corp.................................. 600 3,825 *Uranuim Resources, Inc............................... 1,900 9,084 *Utilx Corp........................................... 800 5,075 *V Band Systems, Inc.................................. 500 734 *VLSI Technology, Inc................................. 600 13,556 *VTEL Corp............................................ 600 4,341 *Vallen Corp.......................................... 1,000 20,188 *Value City Department Stores, Inc.................... 2,600 19,663 Value Line, Inc....................................... 600 21,600 *Valuevision International, Inc. Class A.............. 2,700 10,884 *Variflex, Inc........................................ 1,200 7,050 Varlen Corp........................................... 1,665 45,579 *Vaughn Communications, Inc........................... 100 613 *Vectra Technologies, Inc............................. 500 30 *Venture Stores, Inc.................................. 1,500 2,344 *Verity, Inc.......................................... 500 2,453 *Vertex Communications Corp........................... 200 4,900 *Veterinary Centers of America, Inc................... 1,500 19,031 *Vicorp Restaurants, Inc.............................. 800 12,550 *Video Display Corp................................... 300 2,756 *Video Lottery Technologies, Inc...................... 900 10,294 *Video Services Corp.................................. 500 1,516 *Video Update, Inc.................................... 1,800 4,781 Virco Manufacturing Corp.............................. 900 21,488 Virginia Beach Federal Financial Corp................. 400 6,675 Virginia First Financial Corp......................... 200 5,000 Vital Signs, Inc...................................... 700 13,956 *Vitalink Pharmacy Services, Inc...................... 1,700 40,375 *WHX Corp............................................. 2,200 25,988 WLR Foods, Inc........................................ 1,314 11,744 Walbro Corp........................................... 1,600 23,100 *Wall Data, Inc....................................... 600 9,788 *Wandel & Goltermann Technologies, Inc................ 100 1,244 Warren Bancorp, Inc................................... 300 6,131 *Washington Homes, Inc................................ 700 2,713 Washington National Corp.............................. 300 9,919 Washington Savings Bank FSB Waldorf, MD............... 400 2,950 Watkins-Johnson Co.................................... 500 15,625 Watts Industries, Inc. Class A........................ 1,600 40,700 Webb (Del) Corp....................................... 1,600 34,600 Webster Financial Corp................................ 739 46,511 *Weirton Steel Corp................................... 3,600 10,575 12
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VA SMALL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Wellman, Inc.......................................... 3,500 $ 74,156 *Wells-Gardner Electronics Corp....................... 200 1,163 Werner Enterprises, Inc............................... 1,800 38,925 Wesbanco, Inc......................................... 300 8,888 *West Coast Entertainment Corp........................ 200 350 West, Inc............................................. 300 9,525 Westco Bancorp, Inc................................... 300 8,138 Westcorp, Inc......................................... 600 10,200 *Western Beef, Inc.................................... 500 3,813 *Weston (Roy F.), Inc. Class A........................ 600 2,484 *Whittaker Corp....................................... 700 6,344 *Wickes Lumber Co..................................... 200 725 *Williams Clayton Energy, Inc......................... 700 11,244 Wilshire Oil Co. of Texas............................. 500 2,844 Windmere Corp......................................... 1,400 33,775 Winnebago Industries, Inc............................. 1,800 13,838 Wiser Oil Co.......................................... 800 12,200 Wolohan Lumber Co..................................... 600 7,875 *Wolverine Tube, Inc.................................. 400 12,700 *Wonderware Corp...................................... 1,000 18,344 *Workgroup Technology Corp............................ 900 3,234 *Worldtex, Inc........................................ 1,200 10,200 *Xetel Corp........................................... 300 1,228 Xtra Corp............................................. 300 15,825 Yankee Energy Systems, Inc............................ 900 21,319 *Yellow Corp.......................................... 2,400 63,600 York Financial Corp................................... 756 19,703 *Zale Corp............................................ 3,000 66,750 *Zaring National Corp................................. 100 944 *Zemex Corp........................................... 742 7,054 Zenith National Insurance Corp........................ 1,500 40,125 *Zilog, Inc........................................... 2,000 38,250 *Zoll Medical Corp.................................... 900 6,230 Zurn Industries, Inc.................................. 600 20,550 ------------ TOTAL COMMON STOCKS (Cost $13,127,440)................................... 16,571,156 ------------ RIGHTS/WARRANTS -- (0.0%) *Amvestors Financial Corp. Warrants Class A 04/02/02............................................ 46 374 *Fusion Systems Corp. Contingent Payment Rights 03/31/99............................................ 400 431 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................................ 805 ------------ FACE AMOUNT VALUE+ ------------ ------------ (000) TEMPORARY CASH INVESTMENTS -- (5.5%) Repurchase Agreement, PNC Capital Markets Inc. 5.45%, 12/01/97 (Collateralized by U.S. Treasury Notes 8.50%, 11/15/00, valued at $987,850) to be repurchased at $968,440 (Cost $968,000)..................................... $ 968 $ 968,000 ------------ TOTAL INVESTMENTS -- (100.6%) (Cost $14,095,440)++................................. 17,539,961 ------------ OTHER ASSETS AND LIABILITIES -- (-0.6%) Other Assets.......................................... 150,263 Payable for Investment Securities Purchased........... (247,355) Other Liabilities..................................... (14,488) ------------ (111,580) ------------ NET ASSETS -- (100.0%) Applicable to 1,127,801 Outstanding $.01 Par Value Shares (100,000,000 Shares Authorized).......................................... $ 17,428,381 ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE................................................ $ 15.45 ------------ ------------ -------------------- +See Note B to Financial Statements. *Non-Income Producing Securities ++Approximates cost for federal income tax purposes. See accompanying Notes to Financial Statements. 13
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VA LARGE VALUE PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 1997 [Download Table] SHARES VALUE+ ------------ ------------ COMMON STOCKS -- (98.8%) AK Steel Holding Corp................................. 2,200 $ 43,312 *AMR Corp............................................. 4,000 484,750 *Advanced Micro Devices, Inc.......................... 4,100 89,431 Advanta Corp. Class A................................. 300 8,587 Advanta Corp. Class B Non-Voting...................... 500 13,531 Aetna, Inc............................................ 5,200 391,950 Albemarle Corp........................................ 1,100 27,431 Alexander & Baldwin, Inc.............................. 1,600 43,150 Alleghany Corp........................................ 100 26,950 *Alumax, Inc.......................................... 2,000 62,875 Ambac, Inc............................................ 2,500 100,312 Amerada Hess Corp..................................... 3,200 179,200 American General Corp................................. 8,519 458,961 American Greetings Corp. Class A...................... 2,600 95,387 American National Insurance Co........................ 600 57,412 *Apple Computer, Inc.................................. 3,500 62,016 Archer-Daniels Midland Co............................. 16,120 344,565 Argonaut Group, Inc................................... 300 9,900 Asarco, Inc........................................... 1,700 42,287 Astoria Financial Corp................................ 600 33,150 Avnet, Inc............................................ 800 53,000 Ball Corp............................................. 900 34,650 Bankers Trust New York Corp........................... 1,700 201,556 Bear Stearns Companies, Inc........................... 3,161 131,181 Berkley (W.R.) Corp................................... 900 37,744 *Bethlehem Steel Corp................................. 4,200 43,050 *Beverly Enterprises.................................. 2,800 47,600 Black & Decker Corp................................... 3,400 124,950 Block Drug Co., Inc. Class A.......................... 309 14,291 Boise Cascade Corp.................................... 1,800 60,637 Borg Warner Automotive, Inc........................... 400 18,850 Bowater, Inc.......................................... 1,200 53,850 *Brinker International, Inc........................... 2,100 30,975 *Burlington Industries, Inc........................... 1,600 23,200 Burlington Northern Santa Fe Corp..................... 5,500 503,250 CIGNA Corp............................................ 1,500 250,875 *CNA Financial Corp................................... 2,300 281,750 CSX Corp.............................................. 7,900 413,269 Capital Re Corp....................................... 500 28,031 Carpenter Technology Corp............................. 600 28,275 Centex Corp........................................... 800 50,700 Century Telephone Enterprises, Inc.................... 400 18,425 Champion International Corp........................... 3,300 176,756 Chesapeake Corp....................................... 700 23,975 Chiquita Brands International, Inc.................... 2,100 35,569 *Chris-Craft Industries, Inc.......................... 733 36,742 Chrysler Corp......................................... 24,000 823,500 Cincinnati Financial Corp............................. 2,130 217,127 Citizens Corp......................................... 1,300 38,269 Commerce Bancshares, Inc.............................. 782 48,597 Commerce Group, Inc................................... 1,400 43,925 Comsat Corp. Series 1................................. 1,800 41,175 *Consolidated Freightways Corp........................ 450 7,102 Consolidated Papers, Inc.............................. 1,500 80,812 Coors (Adolph) Co. Class B............................ 1,000 35,875 Countrywide Credit Industries, Inc.................... 3,600 147,375 Cummins Engine Co., Inc............................... 1,100 70,812 *Cypress Semiconductor Corp........................... 1,100 12,031 SHARES VALUE+ ------------ ------------ Cyprus Amax Minerals Co., Inc......................... 3,200 $ 58,600 Darden Restaurants, Inc............................... 5,500 65,312 *Digital Equipment Corp............................... 5,300 261,025 Dillards, Inc. Class A................................ 4,000 146,250 Dime Bancorp, Inc..................................... 1,800 43,650 Enhance Financial Services Group, Inc................. 500 27,937 Enron Corp............................................ 10,000 387,500 *Enserch Exploration, Inc............................. 5,699 47,729 *Federated Department Stores, Inc..................... 7,400 337,162 Fina, Inc. Class A.................................... 700 45,850 Financial Security Assurance Holdings, Ltd............ 900 39,487 Fingerhut Companies, Inc.............................. 1,800 37,350 Finova Group, Inc..................................... 1,400 65,975 First Hawaiian, Inc................................... 1,200 45,225 Florida East Coast Industries, Inc.................... 300 28,350 *Fluor Corp........................................... 2,400 86,400 Ford Motor Co......................................... 40,300 1,732,900 Fort James Corp....................................... 2,900 113,462 *Foster Wheeler Corp.................................. 2,000 61,625 *Fruit of The Loom, Inc. Class A...................... 400 9,325 GATX Corp............................................. 600 36,450 General Motors Corp................................... 25,600 1,561,600 General Motors Corp. Class H.......................... 3,700 247,900 Georgia-Pacific Corp.................................. 3,300 281,737 *Golden State Bancorp, Inc............................ 2,000 66,625 Golden West Financial Corp............................ 1,400 125,475 Goodrich (B.F.) Co.................................... 2,000 89,000 Great Atlantic & Pacific Tea Co., Inc................. 1,100 33,962 *Great Lakes Chemical Corp............................ 2,000 89,812 Greenpoint Financial Corp............................. 1,500 99,937 Hollinger International, Inc. Class A................. 2,500 32,969 *IVAX Corp............................................ 1,600 11,300 *Ing Groep NV ADR..................................... 173 7,050 Inland Steel Industries, Inc.......................... 1,700 32,512 *Integrated Device Technology, Inc.................... 2,100 21,459 Integrated Health Services, Inc....................... 1,000 30,437 International Paper Co................................ 11,900 564,506 *International Speciality Products, Inc............... 2,500 37,031 *Jacor Communications, Inc............................ 2,000 87,250 *K Mart Corp.......................................... 17,400 218,587 *Komag, Inc........................................... 1,700 34,266 LNR Property Corp..................................... 500 11,625 *LSI Logic Corp....................................... 800 18,675 LTV Corp.............................................. 3,900 43,388 Lafarge Corp.......................................... 5,900 176,262 Lehman Brothers Holdings, Inc......................... 3,700 187,081 Liberty Corp.......................................... 1,000 45,000 Liberty Financial Companies, Inc...................... 800 43,350 Lincoln National Corp................................. 3,700 264,088 Loews Corp............................................ 4,100 435,113 Longs Drug Stores Corp................................ 200 5,850 Longview Fibre Co..................................... 1,900 30,638 Louisiana-Pacific Corp................................ 4,000 80,750 MBIA, Inc............................................. 1,800 113,175 *Mallinckrodt, Inc.................................... 2,000 74,000 Mead Corp............................................. 1,900 122,669 Media General, Inc. Class A........................... 600 25,575 14
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VA LARGE VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Mercantile Stores Co., Inc............................ 1,500 $ 96,938 *Micron Technology, Inc............................... 6,400 159,200 Mitchell Energy & Development Corp. Class A........... 1,200 31,950 Mitchell Energy & Development Corp. Class B........... 900 23,850 Morgan (J.P.) & Co., Inc.............................. 3,400 388,238 NAC RE Corp........................................... 500 22,313 *Navistar International Corp.......................... 2,200 48,400 *Nextel Communications Corp. Class A.................. 4,100 103,653 Norfolk Southern Corp................................. 12,900 410,381 *Novell, Inc.......................................... 5,700 52,280 Occidental Petroleum Corp............................. 11,800 350,313 *Officemax, Inc....................................... 3,400 47,813 Ogden Corp............................................ 1,900 50,588 Ohio Casualty Corp.................................... 1,000 46,000 Old Republic International Corp....................... 2,900 104,581 Olsten Corp........................................... 2,000 29,750 Overseas Shipholding Group, Inc....................... 1,100 26,881 Pacific Century Financial Corp........................ 600 30,600 *Pacificare Health Systems, Inc. Class B.............. 52 2,798 Paine Webber Group, Inc............................... 1,950 65,569 *Pep Boys - Manny, Moe & Jack......................... 2,000 50,313 Phelps Dodge Corp..................................... 2,200 145,750 Potlatch Corp......................................... 1,200 58,350 Provident Companies, Inc.............................. 1,534 50,334 Pulte Corp............................................ 700 28,394 RJR Nabisco Holdings Corp............................. 11,340 413,201 Rayonier, Inc......................................... 700 34,213 *Read-Rite Corp....................................... 1,000 19,094 Reynolds Metals Co.................................... 2,600 148,038 Russell Corp.......................................... 1,100 33,619 Ryder System, Inc..................................... 3,000 108,938 Safeco Corp........................................... 3,500 171,719 Saint Paul Companies, Inc............................. 2,200 176,000 *Seagate Technology, Inc.............................. 7,200 163,350 Sensormatic Electronics Corp.......................... 2,600 42,250 *Silicon Graphics, Inc................................ 5,600 73,500 *Sprint Corp.......................................... 11,800 691,038 Stone Container Corp.................................. 3,700 46,250 *Stratus Computer, Inc................................ 500 16,281 *Sun Healthcare Group, Inc............................ 2,000 43,063 TIG Holdings, Inc..................................... 1,700 54,719 Tecumseh Products Co. Class A......................... 200 9,850 Telephone & Data Systems, Inc......................... 1,900 83,481 Temple-Inland, Inc.................................... 1,900 108,538 Tenneco, Inc.......................................... 5,400 233,888 Terra Industries, Inc................................. 3,000 36,563 Timken Co............................................. 1,600 56,700 Transamerica Corp..................................... 2,400 260,550 Travelers Group, Inc.................................. 6,610 333,830 Trinity Industries, Inc............................... 2,100 95,288 Tyson Foods, Inc. Class A............................. 200 3,625 UMB Financial Corp.................................... 315 16,538 USF&G Corp............................................ 4,100 82,769 USX-US Steel Group.................................... 2,900 90,806 Union Camp Corp....................................... 2,500 150,156 Union Pacific Corp.................................... 7,500 450,000 SHARES VALUE+ ------------ ------------ Unionbancal Corp...................................... 1,800 $ 156,263 *United States Cellular Corp.......................... 1,900 62,225 Unitrin, Inc.......................................... 1,000 61,688 Valero Energy Corp.................................... 1,200 37,650 Valhi, Inc............................................ 3,400 32,300 *Viacom, Inc. Class A................................. 2,400 83,400 *Viacom, Inc. Class B................................. 10,300 360,500 *Vishay Intertechnology, Inc.......................... 1,680 35,595 Weis Markets, Inc..................................... 1,700 59,075 Wesco Financial Corp.................................. 100 32,900 Westvaco Corp......................................... 3,400 110,925 Weyerhaeuser Co....................................... 6,100 322,156 Wheelabrator Technologies, Inc........................ 4,600 69,863 Whirlpool Corp........................................ 2,300 126,069 *Willamette Industries, Inc........................... 3,100 108,791 Xtra Corp............................................. 500 26,375 ------------ TOTAL COMMON STOCKS (Cost $19,916,147)................................... 24,251,993 ------------ PREFERRED STOCKS -- (0.0%) *Pacificare Health Systems, Inc. 5% Cumulative, Convertible, Redeemable Class A (Cost $1,270)....................................... 16 820 ------------ FACE AMOUNT ------------ (000) TEMPORARY CASH INVESTMENTS -- (5.0%) Repurchase Agreement, PNC Capital Markets Inc. 5.45%, 12/01/97 (Collateralized by U.S. Treasury Notes 6.25%, 07/31/98, valued at $1,259,213) to be repurchased at $1,237,562 (Cost $1,237,000)................................... $ 1,237 1,237,000 ------------ TOTAL INVESTMENTS -- (103.8%) (Cost $21,154,417)++................................. 25,489,813 ------------ OTHER ASSETS AND LIABILITIES -- (-3.8%) Other Assets.......................................... 750,771 Payable for Investment Securities Purchased........... (1,680,472) Other Liabilities..................................... (15,157) ------------ (944,858) ------------ NET ASSETS -- (100.0%) Applicable to 1,526,261 Outstanding $.01 Par Value Shares (100,000,000 Shares Authorized).......................................... $ 24,544,955 ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE................................................ $ 16.08 ------------ ------------ -------------------- +See Note B to Financial Statements. *Non-Income Producing Securities ++Approximates cost for federal income tax purposes. See accompanying Notes to Financial Statements. 15
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VA INTERNATIONAL VALUE PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 1997 [Download Table] SHARES VALUE+ ------------ ------------ JAPAN -- (25.3%) COMMON STOCKS -- (25.3%) Aichi Steel Works, Ltd............................... 4,000 $ 9,403 Aisin Seiki Co., Ltd................................. 2,000 23,663 Amada Co., Ltd....................................... 3,000 15,068 *#Aoki Corp.......................................... 6,000 1,410 Aoyama Trading Co., Ltd.............................. 1,100 27,753 Ashikaga Bank, Ltd................................... 9,000 11,847 Atsugi Nylon Industrial Co., Ltd..................... 5,000 8,501 Calpis Co., Ltd...................................... 2,000 6,817 #Casio Computer Co., Ltd............................. 3,000 23,976 #Chiba Bank, Ltd..................................... 10,000 39,021 *#Chichibu Onoda Cement Corp......................... 8,000 20,059 Chiyoda Fire and Marine Insurance Co., Ltd........... 5,000 14,927 Chudenko Corp........................................ 1,000 21,939 Chugoku Bank, Ltd.................................... 2,000 26,641 #Chuo Trust and Banking Co., Ltd..................... 2,000 3,839 Citizen Watch Co., Ltd............................... 3,000 18,923 Cosmo Oil Co., Ltd................................... 10,000 20,764 Dai Tokyo Fire & Marine Insurance Co., Ltd........... 4,000 15,357 Daicel Chemical Industries, Ltd...................... 4,000 7,773 Daido Steel Co., Ltd................................. 5,000 7,365 #Daikyo, Inc......................................... 3,000 3,432 Daishi Bank, Ltd..................................... 5,000 16,925 Daito Trust Construction Co., Ltd.................... 2,916 18,827 Daiwa Bank, Ltd...................................... 15,000 27,032 Daiwa House Industry Co., Ltd........................ 7,000 56,494 Daiwa Securities Co., Ltd............................ 22,000 76,709 Ezaki Glico Co., Ltd................................. 2,200 14,221 Fuji Photo Film Co., Ltd............................. 5,000 179,824 Fujisawa Pharmaceutical Co., Ltd..................... 2,000 18,648 #Fujita Corp......................................... 9,000 3,385 Fujitsu, Ltd......................................... 7,000 78,433 Fukuoka City Bank, Ltd............................... 4,712 12,553 Fukuyama Transporting Co., Ltd....................... 4,000 16,298 Gunze, Ltd........................................... 4,000 9,622 *Hanwa Co., Ltd...................................... 5,000 8,737 *Haseko Corp......................................... 8,000 5,015 Higo Bank, Ltd....................................... 3,000 16,831 Hino Motors, Ltd..................................... 5,000 14,887 Hiroshima Bank, Ltd.................................. 2,000 3,526 Hitachi Koki Co., Ltd................................ 2,000 8,274 Hitachi Maxell, Ltd.................................. 1,000 22,409 *Hitachi Metals, Ltd................................. 5,000 24,094 #Hitachi Transport System, Ltd....................... 2,000 17,081 Hitachi, Ltd......................................... 54,000 382,919 *#Hokkaido Bank, Ltd................................. 7,000 6,856 Hokuriku Bank, Ltd................................... 7,000 10,805 Hyakugo Bank, Ltd. (105th Bank)...................... 4,000 18,492 Hyakujishi Bank, Ltd................................. 3,000 16,219 Inax Corp............................................ 2,000 7,271 Itochu Corp.......................................... 22,000 57,058 #Kajima Corp......................................... 13,000 42,782 #Kamagai Gumi Co., Ltd............................... 6,000 4,043 Kamigumi Co., Ltd.................................... 4,000 15,953 *Kandenko Co., Ltd................................... 3,000 18,311 Katokichi Co., Ltd................................... 1,000 14,496 SHARES VALUE+ ------------ ------------ Keiyo Bank, Ltd...................................... 5,000 $ 11,166 Kinden Corp.......................................... 2,000 22,723 Kiyo Bank, Ltd....................................... 5,000 9,598 *Kobe Steel, Ltd..................................... 45,000 43,017 #Kokusai Denshin Denwa Co., Ltd...................... 900 45,908 Kokusai Securities Co., Ltd.......................... 2,000 15,044 Komatsu, Ltd......................................... 14,000 84,027 Kureha Chemical Industry Co., Ltd.................... 4,000 9,779 Kyudenko Corp........................................ 2,000 10,594 Long Term Credit Bank of Japan, Ltd.................. 35,000 58,962 #Maeda Corp.......................................... 2,000 6,190 Makita Corp.......................................... 2,000 23,663 Marubeni Corp........................................ 22,000 54,989 #Maruetsu, Inc....................................... 3,000 8,838 Matsushita Electric Industrial Co., Ltd.............. 33,000 514,554 Matsushita Electric Works, Ltd....................... 4,000 32,595 *#Mazda Motor Corp................................... 11,000 30,770 Michimen Corp........................................ 5,000 7,835 Mitsubishi Chemical Corp............................. 33,000 64,384 #Mitsubishi Electric Corp............................ 24,000 66,382 Mitsubishi Gas Chemical Co., Inc..................... 5,000 13,595 Mitsubishi Materials Corp............................ 10,000 22,566 Mitsubishi Motors Corp............................... 14,000 48,047 Mitsubishi Oil Co., Ltd.............................. 4,000 8,932 #Mitsui Chemicals, Inc............................... 5,000 13,712 Mitsui Trust & Banking Co., Ltd...................... 16,000 26,954 Mizuno Corp.......................................... 2,000 7,271 NKK Corp............................................. 45,000 45,485 NSK, Ltd............................................. 7,000 29,015 NTN Corp............................................. 4,000 13,822 Nagase & Co., Ltd.................................... 2,000 8,071 Nanto Bank, Ltd...................................... 3,000 15,044 Nihon Cement Co., Ltd................................ 3,000 8,157 #Nikko Securities Co., Ltd........................... 24,000 73,340 #Nippon Credit Bank, Ltd............................. 20,000 17,708 Nippon Light Metal Co., Ltd.......................... 8,000 15,107 Nippon Meat Packers, Inc., Osaka..................... 2,000 26,170 Nippon Oil Co., Ltd.................................. 17,000 59,275 Nippon Sheet Glass Co., Ltd.......................... 4,000 7,835 Nippon Shinpan Co., Ltd.............................. 6,000 7,287 Nishimatsu Construction Co., Ltd..................... 4,000 16,078 Nisshin Steel Co., Ltd............................... 12,000 16,548 Nisshinbo Industries, Inc............................ 3,000 17,113 Nittetsu Mining Co., Ltd............................. 2,000 9,387 Nitto Boseki Co., Ltd................................ 7,000 20,733 Noritz Corp.......................................... 1,000 7,169 #Oki Electric Industry Co., Ltd...................... 9,000 19,886 Okumura Corp......................................... 4,000 13,164 Olympus Optical Co., Ltd............................. 3,000 21,955 Pioneer Electronic................................... 2,000 34,789 #Sakura Bank, Ltd.................................... 43,000 150,268 San In Godo Bank, Ltd................................ 3,000 19,698 Sankyo Aluminum Industry Co., Ltd.................... 3,000 3,432 Sanyo Electric....................................... 27,000 76,161 Seino Transportation Co., Ltd........................ 2,000 12,772 Sekisui Chemical Co., Ltd............................ 8,000 58,233 Seksui House......................................... 10,000 71,929 Sharp Corp. Osaka.................................... 14,000 93,681 #Shiga Bank, Ltd..................................... 4,000 19,119 16
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VA INTERNATIONAL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ #Shimizu Corp........................................ 12,000 $ 38,550 Shinmaywa Industries, Ltd............................ 2,000 6,550 Shionogi & Co., Ltd.................................. 3,000 17,089 Snow Brand Milk Products Co., Ltd.................... 4,000 10,280 Sumitomo Corp........................................ 15,000 94,613 Sumitomo Realty & Development Co., Ltd............... 7,000 46,895 #Taisei Corp......................................... 14,000 32,360 Teijin, Ltd.......................................... 15,000 39,373 Toda Corp............................................ 4,000 16,925 #Tokyo Sowa Bank..................................... 4,000 11,408 Tokyo Steel Manufacturing Co., Ltd................... 1,500 9,109 Tokyo Style Co., Ltd................................. 1,000 10,186 Tokyo Tatemono Co., Ltd.............................. 4,000 13,164 Tostem Corp.......................................... 2,000 22,723 Toyo Engineering Corp................................ 3,000 3,832 Toyo Seikan Kaisha, Ltd.............................. 3,100 51,738 #Toyo Trust & Banking Co., Ltd....................... 11,000 71,969 Toyota Tsusho Corp................................... 4,000 13,571 Victor Co. of Japan, Ltd............................. 2,000 18,805 Yakult Honsha Co., Ltd............................... 2,000 14,417 Yamaguchi Bank....................................... 2,000 25,700 Yamato Kogyo Co., Ltd................................ 2,000 15,389 #Yasuda Trust & Banking Co., Ltd..................... 13,000 11,103 Yokogawa Electric Corp............................... 3,000 19,698 ------------ TOTAL COMMON STOCKS (Cost $6,706,095).................................... 4,459,481 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Japanese Yen (Cost $504)........................................ 502 ------------ TOTAL -- JAPAN (Cost $6,706,599).................................... 4,459,983 ------------ UNITED KINGDOM -- (22.5%) COMMON STOCKS -- (22.5%) ASDA Group P.L.C..................................... 18,900 51,267 Allied Domecq P.L.C.................................. 8,000 71,773 Anglian Water P.L.C.................................. 2,100 28,818 Arjo Wiggins Appleton P.L.C.......................... 5,400 15,467 Associated British Foods P.L.C....................... 10,000 92,075 Associated British Ports Holdings P.L.C.............. 4,600 21,778 BAA P.L.C............................................ 11,185 94,129 BG P.L.C............................................. 34,411 160,597 Barclays P.L.C....................................... 4,500 108,493 Bass P.L.C........................................... 10,600 151,355 British Land Co. P.L.C............................... 5,700 62,950 British Steel P.L.C.................................. 16,300 38,036 British Telecommunications P.L.C..................... 42,000 321,260 Burton Group P.L.C................................... 18,700 46,786 Capital Shopping Centres P.L.C....................... 4,000 27,934 *Centrica P.L.C...................................... 30,000 43,721 Commercial Union P.L.C............................... 8,174 113,272 General Accident P.L.C............................... 4,500 74,224 Great Universal Stores P.L.C......................... 10,100 118,606 Greenalls Group P.L.C................................ 3,000 19,207 Guardian Royal Exchange P.L.C........................ 7,532 37,689 Guinness P.L.C....................................... 15,000 136,343 Hanson P.L.C......................................... 7,000 35,440 SHARES VALUE+ ------------ ------------ Hyder P.L.C.......................................... 1,673 $ 26,524 Imperial Chemical Industries P.L.C................... 8,700 126,790 Inchcape P.L.C....................................... 5,000 17,775 LaPorte P.L.C........................................ 2,000 21,363 Ladbroke Group P.L.C................................. 12,919 59,149 Lasmo P.L.C.......................................... 8,700 38,660 Lonrho P.L.C......................................... 6,237 9,510 National Power P.L.C................................. 6,000 56,862 National Westminster Bank P.L.C...................... 16,945 255,657 Pilkington P.L.C..................................... 8,117 17,573 Powergen P.L.C....................................... 6,158 79,473 RMC Group P.L.C...................................... 2,000 30,697 Rank Group P.L.C..................................... 9,000 52,503 Redland P.L.C........................................ 4,248 24,513 Royal & Sun Alliance Insurance Group, Inc. P.L.C..... 16,681 152,466 Safeway P.L.C........................................ 10,000 54,377 Sainsbury (J.) P.L.C................................. 16,480 135,288 Scottish & Newcastle P.L.C........................... 6,000 70,610 Scottish Hydro-Electric P.L.C........................ 4,000 31,573 Sears P.L.C.......................................... 12,100 9,989 Severn Trent P.L.C................................... 2,995 47,489 Shell Transport & Trading Co., P.L.C................. 22,500 154,192 Slough Estates P.L.C................................. 4,000 23,352 Tarmac P.L.C......................................... 10,000 19,460 Tate & Lyle P.L.C.................................... 4,000 31,674 Tesco P.L.C.......................................... 14,551 117,062 Thames Water P.L.C................................... 2,840 43,351 Unigate P.L.C........................................ 2,600 25,341 Unilever P.L.C....................................... 21,200 167,607 United Assurance Group P.L.C......................... 3,000 26,106 United Biscuits Holdings P.L.C....................... 5,700 20,407 United Utilities P.L.C............................... 4,591 58,863 Whitbread P.L.C...................................... 4,200 59,759 Yorkshire Water P.L.C................................ 3,124 25,843 ------------ TOTAL COMMON STOCKS (Cost $3,028,447).................................... 3,963,078 ------------ INVESTMENT IN CURRENCY -- (0.0%) *British Pound Sterling (Cost $1,229)...................................... 1,372 ------------ TOTAL -- UNITED KINGDOM (Cost $3,029,676).................................... 3,964,450 ------------ GERMANY -- (9.5%) COMMON STOCKS -- (9.5%) #BASF AG............................................. 7,000 247,643 BHF Bank AG.......................................... 1,000 29,056 Bankgesellschaft Berlin AG........................... 2,700 57,480 #Bayerische Hypotheken und Wechselbank AG............ 3,300 143,126 #Bayerische Vereinsbank AG........................... 3,520 209,045 #Berliner Kraft & Licht Bewag AG..................... 1,000 24,521 #Commerzbank AG...................................... 4,600 159,868 #Deutsche Bank AG.................................... 6,500 416,792 Deutsche Lufthansa AG................................ 4,100 77,870 Deutsche Pfandbrief und Hypothekenbank AG, Depfa..... 500 28,347 #Dresdner Bank AG, Frankfurt......................... 2,900 112,460 Man AG, Muechen...................................... 100 29,765 17
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VA INTERNATIONAL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ #Siemens AG.......................................... 1,700 $ 99,803 Vereins & Westbank AG................................ 112 26,288 ------------ TOTAL COMMON STOCKS (Cost $1,283,967).................................... 1,662,064 ------------ INVESTMENT IN CURRENCY -- (0.0%) *German Marks (Cost $3,673)...................................... 3,648 ------------ TOTAL -- GERMANY (Cost $1,287,640).................................... 1,665,712 ------------ SWITZERLAND -- (7.6%) COMMON STOCKS -- (7.6%) *Baloise-Holding, Basel.............................. 120 213,791 Banque Cantonale Vaudois............................. 110 32,483 Bobst SA, Prilly..................................... 20 29,460 Financiere Richemont AG Units -A-.................... 30 33,352 Julius Baer Holding AG, Zuerich...................... 20 32,616 Oerlikon-Buehrle Holding AG, Zuerich................. 500 71,281 Pargesa Holding SA, Geneve........................... 50 62,777 Roche Holding AG, Basel.............................. 9 136,986 SBG (Schweizerische Bankgesellschaft)................ 390 496,497 *SBV (Schweizerischer Bankverein) (Namen)............ 300 86,064 SIG (Schweizerische Industrie Gesellschaft Holding AG), Neuhausen am Rheinfall........................ 10 25,952 SIG (Schweizerische Industrie Gesellschaft Holding AG), Neuhausen am Rheinfall (Namen)................ 20 25,812 Schindler Holding AG, Hergiswil...................... 25 28,407 *Swissair Schweizerische Luftverkehr AG, Zuerich..... 50 65,512 ------------ TOTAL COMMON STOCKS (Cost $1,022,484).................................... 1,340,990 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Swiss Francs (Cost $13)......................................... 13 ------------ TOTAL -- SWITZERLAND (Cost $1,022,497).................................... 1,341,003 ------------ FRANCE -- (7.5%) COMMON STOCKS -- (7.5%) AGF (Assurances Generales de France SA).............. 2,048 116,459 AXA-UAP.............................................. 1,932 139,644 Banque Nationale de Paris............................ 3,166 154,506 Elf Aquitaine........................................ 1,609 185,334 Eridania Beghin-Say SA............................... 200 31,100 *Euro Disney SCA..................................... 11,400 15,159 Financiere de Paribas SA Series A.................... 1,846 132,833 Groupe Danone........................................ 500 80,037 LaFarge Coppee SA.................................... 708 46,425 Lyonnais des Eaux SA................................. 548 59,223 Peugeot SA........................................... 400 45,736 #Rhone-Poulenc SA Series A........................... 1,144 50,616 #Saint-Gobain........................................ 613 82,239 Societe Generale Paris............................... 728 95,077 Thomson-CSF.......................................... 900 26,039 SHARES VALUE+ ------------ ------------ Usinor............................................... 1,200 $ 18,701 *Worms et Compagnie SA............................... 400 31,168 ------------ TOTAL COMMON STOCKS (Cost $1,069,405).................................... 1,310,296 ------------ INVESTMENT IN CURRENCY -- (0.0%) *French Francs (Cost $3,464)...................................... 3,609 ------------ TOTAL -- FRANCE (Cost $1,072,869).................................... 1,313,905 ------------ NETHERLANDS -- (5.4%) COMMON STOCKS -- (5.4%) ABN Amro Holding NV.................................. 6,974 132,958 DSM NV............................................... 515 47,149 Fortis Amev NV....................................... 3,275 135,418 Heineken Holding NV Series A......................... 500 74,952 Ing Groep NV......................................... 4,090 166,238 KLM (Koninklijke Luchtvaart Mij NV).................. 1,851 66,574 Koninklijke Hoogovens NV............................. 724 32,705 Koninklijke KNP BT................................... 2,500 53,573 Nationale Investeringsbank NV Series A............... 200 22,013 Philips Electronics NV............................... 2,800 184,934 Stad Rotterdam....................................... 800 41,128 ------------ TOTAL COMMON STOCKS (Cost $730,684)...................................... 957,642 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Netherlands Guilder (Cost $436)........................................ 442 ------------ TOTAL -- NETHERLANDS (Cost $731,120)...................................... 958,084 ------------ ITALY -- (3.6%) COMMON STOCKS -- (3.6%) #Banca Commerciale Italiana SpA...................... 26,000 74,327 *#Banca di Roma...................................... 60,000 49,513 Credito Italiano..................................... 20,000 54,512 #Fiat SpA............................................ 72,600 209,643 #Ifil Finanziaria Partecipazioni SpA, Torino......... 8,000 29,559 *#Ing C.Olivetti & C SpA, Ivrea...................... 71,000 39,813 #Istituto Bancario San Paolo Torino SpA.............. 14,500 119,403 Italcementi Fabbriche Riunite Cemento SpA, Bergamo... 5,000 31,915 Toro Assicurazioni Cia Anonima d'Assicurazione di Torino SpA......................................... 2,000 24,652 ------------ TOTAL COMMON STOCKS (Cost $551,648)...................................... 633,337 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Italian Lira (Cost $42)......................................... 42 ------------ TOTAL -- ITALY (Cost $551,690)...................................... 633,379 ------------ SWEDEN -- (3.0%) COMMON STOCKS -- (3.0%) Avesta Sheffield AB.................................. 2,000 14,247 *Diligentia AB....................................... 560 7,180 #Mo Och Domsjoe AB Series B.......................... 800 22,536 18
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VA INTERNATIONAL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Naeckebro AB......................................... 110 $ 1,482 SSAB Swedish Steel Series A.......................... 1,200 20,671 #Skandinaviska Enskilda Banken Series A.............. 5,600 66,365 #Stora Kopparbergs Bergslags AB Series A............. 2,900 38,687 #Svenska Cellulosa AB Series B....................... 2,200 48,724 Svenska Handelsbanken Series A....................... 2,400 84,704 Swedish Match AB (Frueher Svenska Taendsticks AB).... 900 3,031 Trelleborg AB Series B............................... 1,400 19,583 Trygg Hansa AB Series B.............................. 1,000 31,019 Volvo AB Series A.................................... 2,400 63,723 Volvo AB Series B.................................... 4,000 106,204 ------------ TOTAL COMMON STOCKS (Cost $425,848)...................................... 528,156 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Swedish Krona (Cost $3).......................................... 3 ------------ TOTAL -- SWEDEN (Cost $425,851)...................................... 528,159 ------------ AUSTRALIA -- (2.7%) COMMON STOCKS -- (2.7%) #Amcor, Ltd.......................................... 4,441 19,904 Australia & New Zealand Banking Group, Ltd........... 6,184 42,483 #Boral, Ltd.......................................... 8,301 21,015 #CSR, Ltd............................................ 8,813 28,945 #Commonwealth Bank of Australia...................... 6,775 80,434 #Fosters Brewing Group, Ltd.......................... 23,356 43,309 #GIO Australia Holdings, Ltd......................... 7,265 17,597 MIM Holdings......................................... 11,565 8,388 News Corp., Ltd...................................... 11,750 62,871 Rio Tinto, Ltd....................................... 5,203 57,317 #Westpac Banking Corp................................ 14,417 90,656 ------------ TOTAL COMMON STOCKS (Cost $465,729)...................................... 472,919 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Australian Dollar (Cost $2,404)...................................... 2,252 ------------ TOTAL -- AUSTRALIA (Cost $468,133)...................................... 475,171 ------------ SPAIN -- (2.7%) COMMON STOCKS -- (2.7%) #Banco Central Hispanoamericano SA, Madrid........... 5,200 99,205 Compania Espanola de Petroleos SA, Madrid............ 1,200 36,372 #FESCA (Fuerzas Electricas de Cataluna SA) Series A.................................................. 3,920 35,093 #Iberdrola SA........................................ 17,400 222,860 Sevillana de Electricidad SA......................... 3,843 37,754 #Union Electrica Fenosa SA........................... 4,000 39,967 ------------ TOTAL COMMON STOCKS (Cost $353,050)...................................... 471,251 ------------ SHARES VALUE+ ------------ ------------ INVESTMENT IN CURRENCY -- (0.0%) *Spanish Peseta (Cost $490)........................................ $ 472 ------------ TOTAL -- SPAIN (Cost $353,540)...................................... 471,723 ------------ HONG KONG -- (2.7%) COMMON STOCKS -- (2.7%) #Amoy Properties, Ltd................................ 40,000 34,410 Chinese Estates Holdings, Ltd........................ 25,304 12,111 *Evergo China Holdings, Ltd.......................... 3,838 189 Great Eagle Holdings, Ltd............................ 7,177 10,770 Hang Lung Development Co., Ltd....................... 25,000 38,000 Hongkong & Shanghai Hotels, Ltd...................... 18,416 15,842 #Hopewell Holdings, Ltd.............................. 70,000 18,563 #Hysan Development Co., Ltd.......................... 17,000 34,087 Kerry Properties, Ltd................................ 14,000 23,544 #Paliburg Holdings, Ltd.............................. 45,000 32,890 #Shangri-la Asia, Ltd................................ 30,000 23,285 #Sino Land Co., Ltd.................................. 46,000 26,480 Swire Pacific, Ltd. Series A......................... 13,000 65,081 Tsim Sha Tsui Properties, Ltd........................ 12,000 16,067 Wharf Holdings, Ltd.................................. 38,000 77,423 Wheelock and Co., Ltd................................ 34,000 38,265 ------------ TOTAL COMMON STOCKS (Cost $690,860)...................................... 467,007 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Hong Kong Dollars (Cost $1,930)...................................... 1,929 ------------ RIGHTS/WARRANTS -- (0.0%) *#Great Eagle Holdings, Ltd. Warrants 11/30/98....... 1,435 520 *Hong Kong & Shanghai Hotels, Ltd. Warrants 12/10/98........................................... 1,416 34 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................................ 554 ------------ TOTAL -- HONG KONG (Cost $692,790)...................................... 469,490 ------------ BELGIUM -- (1.1%) COMMON STOCKS -- (1.1%) Bekaert SA........................................... 100 62,174 CMB (Cie Martime Belge).............................. 300 23,083 Cofinimmo SA......................................... 200 20,500 #Electrafina SA...................................... 200 18,659 Generale de Belgique SA.............................. 500 46,647 Groupe Bruxelles Lambert SA, Bruxelles............... 200 30,283 ------------ TOTAL COMMON STOCKS (Cost $189,211)...................................... 201,346 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Belgian Francs (Cost $31)......................................... 32 ------------ TOTAL -- BELGIUM (Cost $189,242)...................................... 201,378 ------------ DENMARK -- (1.0%) COMMON STOCKS -- (1.0%) Bikuben Girobank A.S................................. 503 32,588 #Tele Danmark A.S. Series B.......................... 1,087 65,081 19
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VA INTERNATIONAL VALUE PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Tryg Baltica Forsikring A.S.......................... 347 $ 20,620 Unidanmark A.S. Series A............................. 803 56,808 ------------ TOTAL COMMON STOCKS (Cost $166,963)...................................... 175,097 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Denmark Krone (Cost $11)......................................... 11 ------------ TOTAL -- DENMARK (Cost $166,974)...................................... 175,108 ------------ SINGAPORE -- (0.9%) COMMON STOCKS -- (0.9%) Fraser & Neave, Ltd.................................. 5,000 24,960 Keppel Corp., Ltd.................................... 10,000 33,908 Neptune Orient Lines, Ltd............................ 23,000 13,720 Singapore Land, Ltd.................................. 9,000 26,448 Straits Steamship Land, Ltd.......................... 17,000 26,901 United Industrial Corp., Ltd......................... 43,000 20,251 United Overseas Land, Ltd............................ 12,000 11,680 ------------ TOTAL COMMON STOCKS (Cost $254,777)...................................... 157,868 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Singapore Dollars (Cost $43)......................................... 42 ------------ TOTAL -- SINGAPORE (Cost $254,820)...................................... 157,910 ------------ MALAYSIA -- (0.8%) COMMON STOCKS -- (0.8%) Berjaya Group Berhad................................. 15,000 5,242 Berjaya Leisure Berhad............................... 11,000 8,854 Golden Hope Plantations Berhad....................... 15,000 17,187 Kuala Lumpur Kepong Berhad........................... 10,000 21,913 Malaysian Airlines System............................ 13,000 9,607 Malaysian Industrial Development Finance Berhad...... 11,000 4,285 Renong Berhad........................................ 17,000 8,765 Tan Chong Motor Holdings Berhad...................... 10,000 5,443 Tenaga Nasional Berhad............................... 36,000 67,029 ------------ TOTAL COMMON STOCKS (Cost $383,700)...................................... 148,325 ------------ VALUE+ ------------ INVESTMENT IN CURRENCY -- (0.0%) *Malaysian Ringetts (Cost $511)........................................ $ 505 ------------ TOTAL -- MALAYSIA (Cost $384,211)...................................... 148,830 ------------ FACE AMOUNT ------------ (000) TEMPORARY CASH INVESTMENTS -- (2.8%) Repurchase Agreement, PNC Capital Markets Inc. 5.45%, 12/01/97 (Collateralized by U.S. Treasury Notes 8.50%, 11/15/00, valued at $499,294) to be repurchased at $486,221 (Cost $486,000).................................... $ 486 486,000 ------------ TOTAL INVESTMENTS -- (99.1%) (Cost $17,823,652)++................................. 17,450,285 ------------ OTHER ASSETS AND LIABILITIES -- (0.9%) Other Assets......................................... 172,659 Liabilities.......................................... (12,827) ------------ 159,832 ------------ NET ASSETS -- (100.0%) Applicable to 1,619,804 Outstanding $.01 Par Value Shares (100,000,000 Shares Authorized)...................... $ 17,610,117 ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE................................................ $ 10.87 ------------ ------------ -------------------- +See Note B to Financial Statements. *Non-Income Producing Securities #Total or Partial Securities on Loan ++Approximates cost for federal income tax purposes. See accompanying Notes to Financial Statements. 20
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VA INTERNATIONAL SMALL PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 1997 [Download Table] SHARES VALUE+ ------------ ------------ JAPAN -- (27.1%) COMMON STOCKS -- (26.7%) Achilles Corp........................................ 6,000 $ 8,791 Aica Kogyo Co., Ltd.................................. 3,000 11,307 Aichi Tokei Denki Co., Ltd........................... 3,000 5,689 Aida Engineering, Ltd................................ 3,000 12,693 Akai Electric Co., Ltd............................... 9,000 8,039 Amada Metrecs Co., Ltd............................... 3,000 18,100 #Arai-Gumi, Ltd...................................... 1,200 1,758 Asahi Denka Kogyo KK................................. 3,000 13,634 Asahi Kogyosha Co., Ltd.............................. 3,000 8,462 *Asahi Optical Co., Ltd.............................. 5,000 10,735 Asahi Organic Chemicals Industry Co., Ltd............ 3,000 9,520 Ashimori Industry Co., Ltd........................... 3,000 5,642 *Asics Corp.......................................... 7,000 6,582 Azel Corp., Tokyo.................................... 2,000 4,466 Bando Chemical Industries, Ltd....................... 5,000 13,320 *#Bank of Osaka, Ltd................................. 9,000 11,283 CKD Corp............................................. 2,000 8,149 CMK Corp............................................. 2,000 24,447 Central Finance Co., Ltd............................. 4,000 5,892 Central Glass Co., Ltd............................... 7,000 11,847 #Chiba Kogyo Bank, Ltd............................... 800 14,417 *Chiyoda Corp........................................ 12,000 20,310 *#Chori Co., Ltd..................................... 5,000 8,815 Chukyo Coca-Cola Bottling Co., Ltd................... 3,000 19,040 Chukyo Sogo Bank, Ltd................................ 5,000 16,846 *Clarion Co., Ltd.................................... 6,000 17,301 *Cosmo Securities Co., Ltd........................... 22,000 15,514 Daido Hoxan, Inc..................................... 4,000 7,365 *Daiei OMC, Inc...................................... 9,000 13,681 Dainichiseika Colour & Chemicals Manufacturing Co., Ltd................................................ 4,000 17,614 Daisan Bank, Ltd..................................... 4,000 14,793 *#Daiwa Danchi Co., Ltd.............................. 5,000 9,128 Daiwabo Co., Ltd..................................... 8,000 10,405 #Denki Kogyo Co., Ltd................................ 3,000 13,634 Ehime Bank, Ltd...................................... 5,000 15,279 France Bed Co., Ltd.................................. 4,000 12,850 *Fuji Kosan Co., Ltd................................. 6,000 6,817 Fuji Kyuko Co., Ltd.................................. 5,000 20,451 Fuji Oil Co., Ltd.................................... 3,000 12,576 #Fuji Spinning Co., Ltd., Tokyo...................... 4,000 6,770 #Fujiko Co., Ltd..................................... 4,000 3,291 *Fujitsu General, Ltd................................ 4,000 15,984 *Furukawa Battery Co., Ltd........................... 3,000 6,229 Fuso Pharmaceutical Industries, Ltd.................. 5,000 15,671 #Gakken Co., Ltd..................................... 3,000 6,159 *Godo Steel, Ltd..................................... 6,000 7,052 Hazama Corp.......................................... 17,000 10,123 Hitachi Electronics, Ltd............................. 3,000 17,865 Hitachi Medical Corp................................. 2,000 18,022 Hitachi Plant Engineering & Construction Co., Ltd.... 6,000 16,878 #Hitachi Seiki Co., Ltd.............................. 4,000 7,083 #Hokkaido Gas Co., Ltd............................... 4,000 9,309 Hokuriku Electric Industry Co., Ltd.................. 4,000 6,707 #Howa Machinery, Ltd................................. 5,000 7,757 Ichikoh Industries, Ltd.............................. 4,000 8,776 SHARES VALUE+ ------------ ------------ Inageya Co., Ltd..................................... 2,000 $ 15,201 Intec, Inc........................................... 2,000 15,499 *Iseki & Co., Ltd.................................... 14,000 20,623 Itochu Fuel Corp..................................... 4,000 11,158 Iwasaki Electric Co., Ltd............................ 4,000 6,833 *Iwatsu Electric Co., Ltd............................ 3,000 3,738 #JDC Corp............................................ 6,000 2,210 Japan Aviation Electronics Industry, Ltd............. 3,000 16,854 *Japan Coated Paper Manufacturing Co., Ltd........... 3,000 2,821 Japan Paper Industry Co., Ltd........................ 3,000 6,112 Japan Pulp and Paper Co., Ltd........................ 5,000 16,807 Japan Transcity Corp................................. 3,000 7,122 Japan Vilene Co., Ltd................................ 3,000 7,452 Joshin Denki Co., Ltd................................ 2,000 5,908 Kagawa Bank, Ltd..................................... 3,000 16,219 Kagome Co., Ltd...................................... 3,000 15,984 *Kansai Kisen Kaisha................................. 9,000 5,642 Kanto Auto Works, Ltd., Yokosuka..................... 3,000 9,520 Kanto Denka Kogyo Co., Ltd........................... 4,000 12,568 Kawada Industries, Inc............................... 2,000 3,291 Kawai Musical Instruments Manufacturing Co., Ltd..... 5,000 6,033 #Keiyo Co., Ltd...................................... 2,000 9,669 *Kenwood Corp........................................ 5,000 12,615 Kita-Nippon Bank, Ltd................................ 400 18,241 Kokusai Kogyo Co., Ltd............................... 2,000 7,882 Komatsu Forklift Co., Ltd............................ 3,000 7,052 Kosei Securities Co., Ltd............................ 4,000 7,334 Kurabo Industries, Ltd............................... 13,000 18,335 Kuraya Corp.......................................... 5,000 33,692 Kyodo Shiryo Co., Ltd................................ 5,000 5,837 #Kyushu Bank, Ltd.................................... 4,000 12,693 Life Corp............................................ 2,000 8,932 #Makino Milling Machine Co., Ltd..................... 4,000 24,071 *Marudai Food Co., Ltd............................... 5,000 11,205 Maruha Corp.......................................... 18,000 20,027 *Maruyama Manufacturing Co., Inc..................... 3,000 3,549 Maruzen Co., Ltd..................................... 4,000 11,283 Matsuo Bridge Co., Ltd............................... 3,000 4,913 *Mitsubishi Shindoh Co., Ltd......................... 3,000 4,936 *Mitsubishi Steel Manufacturing Co., Ltd............. 5,000 6,778 Mitsui Construction Co., Ltd......................... 6,000 5,500 Mitsui Home Co., Ltd................................. 4,000 21,939 *#Mitsui Mining Co., Ltd............................. 5,000 5,837 Mitsuuroko Co., Ltd.................................. 3,000 10,578 Miura Co., Ltd....................................... 2,000 22,096 Miyazaki Bank, Ltd................................... 6,000 23,271 *Morinaga & Co., Ltd................................. 16,000 22,065 *Nachi-Fujikoshi Corp................................ 13,000 24,752 *#Nagasakiya Co., Ltd. (Tokyo)....................... 5,000 5,524 Nakamuraya Co., Ltd.................................. 3,000 8,909 Nakayama Steel Works, Ltd............................ 5,000 8,658 #Nichias Corp........................................ 4,000 8,525 Nichiha Corp......................................... 4,000 31,342 Nichimo Co., Ltd..................................... 5,000 8,110 Nichireki Co., Ltd................................... 2,000 6,049 Nichiro Corp......................................... 5,000 6,974 21
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VA INTERNATIONAL SMALL PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Nifco, Inc........................................... 2,000 $ 13,493 *Niigata Engineering Co., Ltd........................ 14,000 7,569 Nikkiso Co., Ltd..................................... 4,000 17,645 Nippon Beet Sugar Manufacturing Co., Ltd............. 5,000 8,972 *Nippon Carbon Co., Ltd.............................. 5,000 9,285 Nippon Chemi-Con Corp................................ 5,000 16,298 Nippon Chemical Industrial Co., Ltd.................. 2,000 6,582 *Nippon Columbia Co., Ltd............................ 3,000 5,007 #Nippon Concrete Industries Co., Ltd................. 3,000 5,453 #Nippon Densetsu Kogyo Co., Ltd...................... 2,000 7,052 *Nippon Kasei Chemical Co., Ltd...................... 5,000 5,132 Nippon Shinyaku Co., Ltd............................. 3,000 15,867 Nippon Signal Co., Ltd............................... 3,000 12,270 *Nippon Steel Chemical Co., Ltd...................... 6,000 7,569 *Nippon Suisan Kaisha, Ltd........................... 18,000 25,810 Nippon Synthetic Chemical Industry Co., Ltd.......... 3,000 5,406 Nippon Thompson Co., Ltd............................. 3,000 16,948 Nitsuko Corp......................................... 3,000 9,567 Nittetsu Mining Co., Ltd............................. 3,000 14,080 Nitto Boseki Co., Ltd................................ 8,000 23,694 Noritz Corp.......................................... 2,000 14,339 North Pacific Bank, Ltd.............................. 5,000 18,022 OSG Corp............................................. 3,000 16,925 *Odakyu Real Estate Co., Ltd......................... 4,000 6,801 Okamoto Industries, Inc.............................. 9,000 21,438 *Okasan Securities Co., Ltd.......................... 7,000 8,666 *Okura and Co., Ltd.................................. 6,000 11,518 *Pacific Metals Co., Ltd............................. 7,000 8,008 Parco Co., Ltd....................................... 2,000 9,230 *Pasco Corp.......................................... 5,000 18,335 *Prima Meat Packers, Ltd............................. 5,000 5,132 Raito Kogyo Co., Ltd................................. 2,400 13,389 Rasa Industries, Ltd................................. 3,000 10,507 Rheon Automatic Machinery Co., Ltd................... 2,000 6,739 Rohto Pharmaceutical Co., Ltd........................ 2,000 15,279 Ryobi, Ltd........................................... 5,000 13,007 Ryoyo Electro Corp................................... 2,000 21,156 *SS Pharmaceutical Co., Ltd., Tokyo.................. 4,000 12,850 SXL Corp............................................. 3,000 8,180 Sagami Co., Ltd...................................... 3,000 8,251 Sakai Chemical Industry Co., Ltd..................... 3,000 8,627 Sakata Inx Corp...................................... 3,000 12,740 Sankyo Aluminum Industry Co., Ltd.................... 16,000 18,304 *Sanrio Co., Ltd..................................... 3,000 19,275 Sanyo Shokai, Ltd.................................... 5,000 20,255 Sanyo Special Steel Co., Ltd......................... 7,000 8,776 Sasebo Heavy Industries Co., Ltd., Tokyo............. 7,000 9,215 *Seiko Corp., Chuo-ku................................ 3,000 11,565 Seiyo Food Systems, Inc.............................. 3,000 13,234 Shikoku Chemicals Corp............................... 3,000 7,616 Shimizu Bank, Ltd.................................... 400 19,996 Shin-Etsu Polymer Co., Ltd........................... 5,000 19,510 #Shinagawa Fuel Co., Ltd............................. 3,000 11,753 Shindengen Electric Manufacturing Co., Ltd........... 3,000 23,154 *Shinko Electric Co., Ltd............................ 6,000 12,740 Shinmaywa Industries, Ltd............................ 5,000 16,376 *#Showa Line, Ltd.................................... 10,000 5,093 Showa Sangyo Co., Ltd................................ 10,000 17,708 #Sumitomo Construction Co., Ltd...................... 6,000 6,206 SHARES VALUE+ ------------ ------------ #Sumitomo Light Metal Industries, Ltd................ 11,000 $ 9,998 #Sumitomo Precision Products Co., Ltd., Amagasaki City............................................... 2,000 7,835 Sun Wave Corp........................................ 2,000 9,982 #TOC Co., Ltd........................................ 2,000 18,805 Taisei Rotec Corp.................................... 3,000 5,312 Takaoka Electric Manufacturing Co., Ltd., Tokyo...... 4,000 6,582 #Takasago International Corp......................... 3,000 13,869 #Takashima & Co., Ltd................................ 4,000 9,277 Takiron Co., Ltd..................................... 3,000 7,522 Tamura Corp.......................................... 4,000 15,608 Tasaki Shinju Co., Ltd............................... 2,000 6,582 Teisan K.K........................................... 5,000 11,401 Toa Corp............................................. 12,000 19,275 Toa Doro Kogyo Co., Ltd.............................. 3,000 4,114 *Toa Wool Spinning & Weaving Co., Ltd................ 6,000 7,945 Tochigi Bank, Ltd.................................... 3,000 16,596 Toenec Corp.......................................... 3,000 12,458 #Toho Zinc Co., Ltd.................................. 4,000 12,380 #Tokai Rika Co., Ltd................................. 3,000 9,638 Tokico, Ltd.......................................... 4,000 8,055 Tokin Corp........................................... 2,000 15,671 Tokushu Paper Manufacturing Co., Ltd................. 3,000 21,179 #Tokyo Kikai Seisak.................................. 3,000 14,456 Tokyo Rope Manufacturing Co., Ltd.................... 4,000 6,425 *Tokyo Securities Co., Ltd........................... 4,000 3,354 Tokyo Tanabe Co., Ltd., Tokyo........................ 8,000 33,849 *#Tokyo Tekko Co., Ltd............................... 3,000 2,844 Tokyo Theatres Co., Inc., Tokyo...................... 6,000 7,522 *Tokyu Hotel Chain Co., Ltd.......................... 12,000 27,267 Tokyu Store Chain Corp............................... 4,000 19,275 Tonami Transportation Co., Ltd....................... 3,000 5,877 *#Toshiba Machine Co., Ltd........................... 6,000 14,245 Totoku Electric Co., Ltd., Tokyo..................... 3,000 6,817 Toyama Chemicals Co., Ltd............................ 6,000 14,339 #Toyo Chemical Co., Ltd.............................. 3,000 7,945 *Toyo Electric Co., Ltd.............................. 5,000 5,877 Toyo Engineering Corp................................ 11,000 14,049 Toyo Exterior Co., Ltd............................... 3,000 21,743 Toyo Kohan Co., Ltd.................................. 3,000 18,688 Toyo Tire & Rubber Co., Ltd.......................... 8,000 20,184 #Toyo Umpanki Co., Ltd............................... 5,000 15,083 #Tsumura & Co., Inc.................................. 3,000 17,395 Unisia Jecs Corp..................................... 3,000 7,122 Wakachiku Construction Co., Ltd...................... 4,000 4,106 #Yomiuri Land Co., Ltd............................... 3,000 8,227 Yondenko Corp........................................ 2,100 8,227 Yoshimoto Kogyo Co., Ltd............................. 2,000 17,238 *Yuasa Corp.......................................... 7,000 8,831 Yurtec Corp.......................................... 4,000 23,193 #Zenchiku Co., Ltd................................... 4,000 6,174 ------------ TOTAL COMMON STOCKS (Cost $4,494,554).................................... 2,641,686 ------------ INVESTMENT IN CURRENCY -- (0.4%) *Japanese Yen (Cost $35,230)..................................... 35,030 ------------ TOTAL -- JAPAN (Cost $4,529,784).................................... 2,676,716 ------------ 22
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VA INTERNATIONAL SMALL PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ UNITED KINGDOM -- (15.7%) COMMON STOCKS -- (15.7%) Admiral P.L.C........................................ 3,000 $ 30,882 Amec P.L.C........................................... 9,000 19,333 Ash & Lacy P.L.C..................................... 7,000 19,872 BSG International P.L.C.............................. 13,300 27,674 Bellway P.L.C........................................ 4,000 23,419 Bluebird Toys P.L.C.................................. 5,000 7,792 Body Shop International P.L.C........................ 8,000 20,555 Bodycote International P.L.C......................... 3,000 48,143 Bradstock Group P.L.C................................ 21,000 27,066 Brake Brothers P.L.C................................. 2,430 22,006 Brammer (H.) P.L.C................................... 1,880 19,005 British Polythene Industries P.L.C................... 2,000 15,466 Bryant Group P.L.C................................... 10,000 19,291 Bulmer (H.P.) Holdings P.L.C......................... 2,002 14,082 CRT Group P.L.C...................................... 5,750 33,229 Canadian Pizza P.L.C................................. 12,000 17,690 Carpetright P.L.C.................................... 4,000 34,707 Cattles P.L.C........................................ 5,400 35,391 City Centre Restaurants P.L.C........................ 9,500 20,647 Courtaulds Textiles P.L.C............................ 4,600 27,435 Courts P.L.C......................................... 2,320 18,078 Davis Service Group P.L.C............................ 6,666 34,816 Dawson Group P.L.C................................... 4,000 14,152 Dawson International P.L.C........................... 10,277 12,034 Dewhirst Group P.L.C................................. 6,000 23,503 Diploma P.L.C........................................ 3,000 11,499 Etam P.L.C........................................... 7,000 15,744 Euromoney Publications P.L.C......................... 990 27,772 Eurotherm P.L.C...................................... 3,270 19,696 Forth Ports P.L.C.................................... 2,000 20,218 *Greene King P.L.C................................... 2,000 21,970 Hazlewood Foods P.L.C................................ 11,000 28,819 Henderson P.L.C...................................... 1,000 23,587 Heywood Williams Group P.L.C......................... 5,000 19,839 House of Fraser P.L.C................................ 8,000 27,968 How Group P.L.C...................................... 29,000 33,469 Ibstock P.L.C........................................ 19,000 16,966 Jardine Lloyd Thompson Group P.L.C................... 8,790 22,584 Johnston Press P.L.C................................. 7,010 24,861 MacFarlane Group Clansman P.L.C...................... 6,000 18,651 Meggitt P.L.C........................................ 10,290 25,312 Mersey Docks & Harbour Co. P.L.C..................... 3,580 25,333 *Micro Focus Group P.L.C............................. 715 23,942 Molins P.L.C......................................... 1,360 7,962 More Group P.L.C..................................... 1,870 23,362 *Oxford Molecular Group P.L.C........................ 6,530 22,224 Photo-Me International P.L.C......................... 6,000 11,221 Polypipe P.L.C....................................... 8,000 28,440 Quick Group P.L.C.................................... 8,000 16,511 *Quicks Group P.L.C. Issue 97........................ 4,364 8,708 Redrow Group P.L.C................................... 11,000 27,058 Renishaw P.L.C....................................... 2,904 16,880 SIG P.L.C............................................ 4,300 20,792 Senior Engineering Group P.L.C....................... 12,000 31,034 Serco Group P.L.C.................................... 2,400 33,157 Shanks & McEwan Group P.L.C.......................... 8,000 20,150 St. Modwen Properties P.L.C.......................... 23,000 27,707 Stanley Leisure Organisation P.L.C................... 4,000 16,915 Staveley Industries P.L.C............................ 6,000 14,658 Swan Hill Group P.L.C................................ 13,000 19,384 SHARES VALUE+ ------------ ------------ T & S Stores P.L.C................................... 7,690 $ 23,710 Tibbett & Britten Group P.L.C........................ 2,300 21,255 Triplex Lloyd P.L.C.................................. 7,609 26,665 Vardon P.L.C......................................... 9,000 18,196 Vaux Group P.L.C..................................... 5,100 21,911 Vitec Group P.L.C.................................... 2,000 21,111 Vosper Thornycroft Holdings P.L.C.................... 1,460 20,958 Waddington (John) P.L.C.............................. 3,980 17,770 Wilson (Connolly) Holdings P.L.C..................... 8,000 22,576 Wolverhampton & Dudley Breweries P.L.C............... 2,400 18,540 ------------ TOTAL COMMON STOCKS (Cost $1,422,498).................................... 1,553,353 ------------ INVESTMENT IN CURRENCY -- (0.0%) *British Pound Sterling (Cost $2,028)...................................... 2,108 ------------ TOTAL -- UNITED KINGDOM (Cost $1,424,526).................................... 1,555,461 ------------ FRANCE -- (9.1%) COMMON STOCKS -- (9.1%) Bertrand Faure SA.................................... 723 49,282 #Bollore Technologies SA............................. 200 25,544 Brioche Pasquier SA.................................. 200 19,649 But SA............................................... 400 17,217 Canal Plus SA........................................ 50 8,622 Carbone Lorraine..................................... 80 21,574 Cipe France SA....................................... 600 17,075 *DMC (Dollfus Mieg et Cie)........................... 300 5,097 Damart SA............................................ 30 18,548 Dassault Electronique SA............................. 300 28,254 Dietrich et Cie...................................... 450 21,267 ECIA (Equipements et Composants pour l'Industrie Automobile)........................................ 200 31,168 Filipacchi Medias SA................................. 100 19,649 Fimalac SA........................................... 330 26,049 Fonciere Lyonnaise SA................................ 204 23,740 Fraikin SA........................................... 400 21,818 GTM Entrepose........................................ 500 33,031 Gaumont.............................................. 403 26,760 *Generale de Geophysique SA.......................... 300 32,523 *Groupe Andre SA..................................... 304 29,610 Groupe du Louvre SA.................................. 700 36,485 Groupement pour le Financement de la Construction SA................................................. 300 26,323 Guyenne et Gascogne SA............................... 60 18,833 Havas Advertising SA................................. 207 25,597 *Immeubles de France................................. 400 23,850 Legris Industries SA................................. 400 13,822 *Metaleurop SA....................................... 1,500 15,626 *Moulinex SA......................................... 1,440 34,637 Rue Imperiale de Lyon................................ 20 17,549 *SAGA (Societe Anonyme de Gerance et d'Armement)..... 300 7,709 SAT SA (SA des Telecommunications)................... 57 15,748 *SFIM (Societe de Fabrication d'Instruments de Mesure)............................................ 102 17,796 *SGE (Societe Generale d'Enterprise SA).............. 1,000 24,325 Silic (Societe Immobiliere de Location pour l'Industrie et le Commerce)........................ 160 21,221 23
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VA INTERNATIONAL SMALL PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Skis Rossignol SA.................................... 648 $ 10,999 Sommer-Allibert SA................................... 900 29,118 Strafor Facom SA..................................... 283 17,248 Sylea SA............................................. 200 18,125 Union Immob.......................................... 300 20,429 Vallourec (Usines a Tubes de Lorraine Escaut et Vallourec Reunies)................................. 400 24,257 ------------ TOTAL COMMON STOCKS (Cost $859,366)...................................... 896,174 ------------ RIGHTS/WARRANTS -- (0.0%) *BCR Participations Warrants 05/15/99 (Cost $497)........................................ 300 45 ------------ INVESTMENT IN CURRENCY -- (0.0%) *French Francs (Cost $13)......................................... 14 ------------ TOTAL -- FRANCE (Cost $859,876)...................................... 896,233 ------------ GERMANY -- (6.8%) COMMON STOCKS -- (6.8%) *AGIV AG fuer Industrie & Verkehrswesen.............. 1,700 34,890 Aachener und Muenchener Versicherungs AG............. 120 40,548 *Concordia Bau und Boden AG.......................... 496 4,078 *Concordia Bau und Boden AG Em 97.................... 171 1,270 *DLW AG.............................................. 100 11,452 DSL Holding AG....................................... 150 25,087 Didier-Werke AG...................................... 200 14,355 Duerr Beteiligungs AG................................ 500 16,923 Dyckerhoff & Widmann AG.............................. 100 11,566 Fag Kugelfischer Georg Schaeffer AG.................. 1,250 18,426 *Felten & Guilleaume Energietechnik AG............... 100 7,937 Gerresheimer Glas AG................................. 1,000 16,130 Goldschmidt AG....................................... 50 16,725 Harpener AG.......................................... 100 16,725 Holsten-Brauerei AG, Hamburg......................... 100 21,884 Horten AG............................................ 200 27,214 Iwka AG.............................................. 100 22,791 KWS Kleinwanzlebener Saatzucht AG.................... 15 9,780 *Kali und Salz Beteiligungs AG....................... 200 14,752 *Kaufhalle AG........................................ 200 21,771 Kiekert AG........................................... 500 21,346 *Kloeckner-Werke AG.................................. 400 28,007 Kraftuebertragungswerke Rheinfelden AG............... 80 19,639 Phoenix AG, Hamburg.................................. 1,000 17,235 Plettac AG........................................... 70 10,735 Rheinboden Hypothekenbank AG......................... 100 17,689 Rhoen Klinikum AG.................................... 200 21,091 *Salamander AG, Kornwesteim.......................... 100 15,534 Schmalbach-Lubeca AG................................. 140 26,233 *Strabag AG.......................................... 100 6,588 Tarkett AG........................................... 1,200 26,873 *Verseidag AG........................................ 200 19,049 SHARES VALUE+ ------------ ------------ WCM Beteiligungs und Grundbesitz AG.................. 3,000 $ 53,577 Walter AG............................................ 100 34,470 ------------ TOTAL COMMON STOCKS (Cost $691,174)...................................... 672,370 ------------ INVESTMENT IN CURRENCY -- (0.0%) *German Marks (Cost $3,460)...................................... 3,560 ------------ RIGHTS/WARRANTS -- (0.0%) *Concordia Bau und Boden AG Rights 12/23/97.......... 667 0 *Rheinboden Hypothekenbank AG Rights 12/01/97........ 100 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................................ 0 ------------ TOTAL -- GERMANY (Cost $694,634)...................................... 675,930 ------------ MALAYSIA -- (5.2%) COMMON STOCKS -- (4.4%) Arab Malaysia Corp. Berhad........................... 40,000 17,989 Asiatic Development Berhad........................... 84,000 26,468 Ban Hin Lee Bank Berhad.............................. 6,000 8,593 Bandar Raya Developments Berhad...................... 11,000 3,245 Batu Kawan Berhad.................................... 10,500 12,813 Boustead Holdings Berhad............................. 10,000 10,369 CCM Bioscience Berhad................................ 18 16 Chemical Co. of Malaysia Berhad...................... 7,000 7,940 Country Heights Holdings Berhad...................... 14,400 14,932 Esso Malaysia Berhad................................. 12,000 16,018 Federal Flour Mills Berhad........................... 8,000 8,800 Gadek Capital Berhad................................. 2,000 716 Guinness Anchor Berhad............................... 11,000 13,360 Hap Seng Consolidated Berhad......................... 11,000 15,377 Ho Hup Construction Co. Berhad....................... 5,000 2,979 Hock Hua Bank Berhad (Foreign)....................... 5,000 5,528 Hong Leong Properties Berhad......................... 32,000 9,075 IGB Corp. Berhad..................................... 18,000 6,239 KFC Holdings (Malaysia) Berhad....................... 10,000 14,895 Kamunting Corp. Berhad............................... 29,000 5,732 Kedah Cement Holdings Berhad......................... 24,000 8,525 Kelang Container Terminal Berhad..................... 7,000 4,211 Kemayan Corp. Berhad................................. 11,000 2,852 *Kuala Lumpur Industries Holdings Berhad............. 12,000 3,644 Landmarks Berhad..................................... 15,000 3,803 *Lingkaran Trans Kota Holdings Berhad................ 20,000 17,301 Lingui Development Berhad............................ 22,000 10,839 Lion Land Berhad..................................... 23,000 5,468 *MBF Land Berhad..................................... 30,000 4,640 *MCB Holdings Berhad................................. 25,000 5,120 Malaysia Assurance Alliance Berhad................... 4,000 4,698 Malaysian Industrial Development Finance Berhad...... 43,000 16,751 Malaysian Plantations Berhad......................... 15,000 5,156 Mulpha International Berhad.......................... 48,000 9,212 *Olympia Industries Berhad........................... 19,000 4,463 Pernas International Holdings Berhad................. 24,000 7,150 Phileo Allied Berhad................................. 12,000 6,187 Phileo Land Berhad................................... 9,000 7,605 *Promet Berhad....................................... 23,000 4,480 24
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VA INTERNATIONAL SMALL PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ RJ Reynolds Berhad................................... 12,000 $ 20,452 Shangri-la Hotels (Malaysia) Berhad.................. 16,000 5,225 Sime UEP Properties Berhad........................... 19,000 13,715 Southern Bank Berhad (Foreign)....................... 22,500 11,666 *Southern Bank Berhad (Foreign) Issue 97............. 11,250 5,446 TA Enterprise Berhad................................. 40,000 12,031 Time Engineering Berhad.............................. 51,000 16,362 Tractors Malaysia Holdings Berhad.................... 12,000 6,875 Westmont Land (Asia) Berhad.......................... 12,600 3,826 ------------ TOTAL COMMON STOCKS (Cost $929,889)...................................... 428,787 ------------ INVESTMENT IN CURRENCY -- (0.8%) *Malaysian Ringetts (Cost $83,204)..................................... 81,817 ------------ TOTAL -- MALAYSIA (Cost $1,013,093).................................... 510,604 ------------ HONG KONG -- (5.0%) COMMON STOCKS -- (5.0%) Allied Properties (Hong Kong), Ltd................... 142,000 14,144 Asia Financial Holdings, Ltd......................... 48,000 12,170 #Asia Standard International Group, Ltd.............. 70,000 14,579 Champion Technology Holdings, Ltd.................... 84,000 10,323 China Aerospace International Holdings, Ltd.......... 46,800 13,773 #China Foods Holdings, Ltd........................... 30,000 10,575 China Motor Bus Co., Ltd............................. 1,600 14,902 Continental Mariner Investment Co., Ltd.............. 60,000 24,061 Dong-Jun Holdings, Ltd............................... 92,000 20,827 Dynamic Holdings, Ltd................................ 92,000 21,184 FPB Bank Holding Co., Ltd............................ 50,000 11,578 Four Seas Mercantile Holdings, Ltd................... 60,000 30,853 Goldlion Holdings, Ltd............................... 37,000 12,086 Grande Holdings, Ltd................................. 28,000 10,866 Great Wall Electronic International, Ltd............. 142,640 10,149 Harbour Centre Development, Ltd...................... 9,000 9,023 JCG Holdings, Ltd.................................... 28,000 11,410 Kumagai Gumi Hong Kong, Ltd.......................... 27,000 21,131 Li & Fung, Ltd....................................... 24,000 32,289 #Liu Chong Hing Investment, Ltd...................... 18,000 17,231 Moulin International Holdings, Ltd................... 92,000 12,020 #Oriental Press Group, Ltd........................... 68,000 18,033 QPL International Holdings, Ltd...................... 23,000 14,281 Sea Holdings, Ltd.................................... 38,000 19,786 Semi-Tech (Global) Co., Ltd.......................... 60,556 12,377 Shaw Brothers Hong Kong, Ltd......................... 20,000 14,877 Shell Electric Manufacturing (Holdings) Co., Ltd..... 45,600 9,025 Shougang Concord International Enterprises Co., Ltd................................................ 90,000 11,177 #Silver Grant International Industries, Ltd.......... 40,000 8,176 Sime Darby Hong Kong, Ltd............................ 20,000 11,642 Sun Hung Kai & Co., Ltd.............................. 59,000 11,830 Tai Cheung Holdings, Ltd............................. 25,000 10,834 Varitronix International, Ltd........................ 10,000 16,946 ------------ TOTAL COMMON STOCKS (Cost $652,988)...................................... 494,158 ------------ SHARES VALUE+ ------------ ------------ INVESTMENT IN CURRENCY -- (0.0%) *Hong Kong Dollars (Cost $3,087)...................................... $ 3,089 ------------ RIGHTS/WARRANTS -- (0.0%) *Grande Holdings, Ltd. Warrants 10/15/00............. 5,600 435 *Shell Electric Manufacturing (Holdings) Co., Ltd. Warrants 05/31/99.................................. 7,600 202 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................................ 637 ------------ TOTAL -- HONG KONG (Cost $656,075)...................................... 497,884 ------------ ITALY -- (4.0%) COMMON STOCKS -- (4.0%) *Ansaldo Trasporti SpA............................... 7,000 9,479 Banca Toscana........................................ 11,000 25,590 *CIGA SpA (Compagnia Italiana Grandi Alberghi)....... 50,000 32,869 #Cartiere Burgo SpA.................................. 4,000 23,379 Cia Assicuratrice Unipol SpA......................... 6,000 17,708 *Dalmine SpA......................................... 82,000 20,405 Falck (Acciaierie & Ferriere Lombarde)............... 5,000 22,279 Gewiss SpA........................................... 2,000 37,036 *Impregilo SpA....................................... 19,000 13,469 Magneti Marelli SpA.................................. 15,000 24,305 Milano Assicurazioni SpA............................. 5,000 15,133 *Premafin Finanziaria SpA............................ 37,000 13,596 Previdente Cia Italiana Assicurazione SpA............ 3,000 20,833 Safilo (Sta Azionaria Fabbrica Italiana Lavorazione Occhiali SpA)...................................... 1,000 23,668 Sorin Biomedica SpA.................................. 7,500 32,095 Tecnost SpA.......................................... 8,000 16,064 #UNICEM (Unione Cementi Marchini Emiliane e di Augusta-Casale).................................... 3,000 24,209 Vianini Lavori SpA................................... 10,000 16,435 ------------ TOTAL COMMON STOCKS (Cost $364,027)...................................... 388,552 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Italian Lira (Cost $1,228)...................................... 1,203 ------------ TOTAL -- ITALY (Cost $365,255)...................................... 389,755 ------------ SPAIN -- (3.8%) COMMON STOCKS -- (3.7%) AGF Union y Fenix Seguros y Reaseguros SA............ 2,100 26,545 Amper SA............................................. 800 22,934 Banco de Andalucia................................... 200 31,115 Banco de Valencia.................................... 1,000 19,681 Banco Zaragozano SA.................................. 1,200 31,182 Cementos Portland SA................................. 500 25,147 Ebro Agricolas Compania de Alimentacion SA........... 1,700 30,152 Europistas Concesionaria Espanola SA................. 2,300 15,192 Fabricacion de Automoviles Renault de Espana SA...... 800 18,347 25
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VA INTERNATIONAL SMALL PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ GESA (Gas y Electricidad SA)......................... 400 $ 28,701 *Inmobiliaria Urbis SA............................... 2,300 19,973 Portland Valderrivas SA.............................. 300 24,442 Prosegur Cia de Seguridad SA......................... 2,200 21,981 Uralita SA........................................... 1,900 22,106 Viscofan Industria Navarra de Envolturas Celulosicas SA................................................. 1,300 31,383 ------------ TOTAL COMMON STOCKS (Cost $314,402)...................................... 368,881 ------------ INVESTMENT IN CURRENCY -- (0.1%) *Spanish Peseta (Cost $4,034)...................................... 4,009 ------------ TOTAL -- SPAIN (Cost $318,436)...................................... 372,890 ------------ SWITZERLAND -- (3.7%) COMMON STOCKS -- (3.6%) *Attisholz Holding AG, Attisholz..................... 24 10,858 Danzas Holding AG.................................... 100 20,972 EGL (Elektrizitaets-Gesellschaft Laufenberg) AG, Laufenberg......................................... 100 21,007 Fischer (Georg) AG, Schaffhausen..................... 20 25,714 Forbo Holding AG, Eglisau............................ 51 20,426 Helvetia Patria Holding, St. Gallen.................. 50 41,910 Kraftwerk Laufenburg, Laufenburg..................... 100 19,008 Phoenix Mecano AG, Stein am Rhein.................... 50 24,585 *Porst Holding AG, Jegenstorf........................ 94 11,406 Rieter Holding AG, Winterthur........................ 80 34,959 *Saurer AG, Arbon.................................... 56 40,968 Schweizerische National Versicherungs Gesellschaft, Basel.............................................. 10 22,586 Sika Finanz AG, Baar................................. 90 27,018 *Von Roll Holding AG, Gerlafingen.................... 759 15,013 Zuercher Ziegeleien Holding, Zuerich................. 27 22,347 ------------ TOTAL COMMON STOCKS (Cost $311,246)...................................... 358,777 ------------ INVESTMENT IN CURRENCY -- (0.1%) *Swiss Francs (Cost $4,752)...................................... 4,873 ------------ TOTAL -- SWITZERLAND (Cost $315,998)...................................... 363,650 ------------ AUSTRALIA -- (3.5%) COMMON STOCKS -- (3.4%) *Aurora Gold, Ltd.................................... 15,600 15,478 Bank of Queensland, Ltd.............................. 5,883 21,133 Caltex Australia, Ltd................................ 5,760 17,933 Capral Aluminium, Ltd................................ 7,740 14,564 *Centaur Mining & Exploration, Ltd................... 16,005 7,228 *Cultus Petroleum NL................................. 7,573 13,473 Davids Limited....................................... 15,156 7,881 Foodland Associated, Ltd............................. 3,941 29,662 GWA International, Ltd............................... 9,716 17,617 Great Central Mines, Ltd............................. 10,317 10,589 Hudson Conway, Ltd................................... 2,235 8,380 Iama, Ltd............................................ 13,352 20,556 Incitec, Ltd......................................... 4,600 18,444 Jupiters, Ltd........................................ 9,412 16,744 MMI, Ltd............................................. 3,349 7,608 Metal Manufactures, Ltd.............................. 7,600 10,140 OPSM Protector, Ltd.................................. 2,313 5,935 PMP Communications, Ltd.............................. 8,900 17,965 SHARES VALUE+ ------------ ------------ Pacific BBA, Ltd..................................... 5,369 $ 16,715 *Petsec Energy, Ltd.................................. 4,391 15,623 Resolute, Ltd........................................ 10,029 7,068 Savage Resources, Ltd................................ 20,421 10,480 Simsmetal, Ltd....................................... 3,186 16,677 Sons of Gwalia, Ltd.................................. 4,089 9,569 ------------ TOTAL COMMON STOCKS (Cost $461,728)...................................... 337,462 ------------ INVESTMENT IN CURRENCY -- (0.1%) *Australian Dollar (Cost $7,721)...................................... 7,719 ------------ TOTAL -- AUSTRALIA (Cost $469,449)...................................... 345,181 ------------ NETHERLANDS -- (3.1%) COMMON STOCKS -- (3.1%) ACF Holding NV (Certificate)......................... 800 14,487 Cap Gemini NV........................................ 2,100 62,643 Grolsche NV.......................................... 800 19,920 Internatio-Mueller NV................................ 1,230 37,804 Koninklijke Ahrend NV................................ 1,254 38,794 Koninklijke Frans Maas Groep NV...................... 736 24,768 Otra NV.............................................. 1,000 15,846 Schuttersveld NV..................................... 1,260 29,156 Twentsche Kabel Holding NV........................... 606 33,502 Wegener Arcade NV.................................... 1,550 30,252 ------------ TOTAL COMMON STOCKS (Cost $228,475)...................................... 307,172 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Netherlands Guilder (Cost $3,379)...................................... 3,292 ------------ TOTAL -- NETHERLANDS (Cost $231,854)...................................... 310,464 ------------ SWEDEN -- (3.1%) COMMON STOCKS -- (3.1%) #Allgon AB Series B.................................. 1,400 22,122 *BTL AB Series B..................................... 3,700 19,121 Bergman & Beving AB Series B......................... 1,400 25,567 Catena AB Series A................................... 1,700 27,082 Celsius Industrier AB Series B....................... 1,400 22,484 *Enator AB........................................... 1,400 26,836 Garphyttan Industrier AB............................. 1,400 22,484 Lindex AB............................................ 700 22,031 Marieberg Tidnings AB Series A....................... 1,400 36,083 Rottneros Bruk AB.................................... 11,700 9,319 Sparbanken Sverige AB Series A....................... 2,971 74,650 ------------ TOTAL COMMON STOCKS (Cost $224,090)...................................... 307,779 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Swedish Krona (Cost $8).......................................... 8 ------------ TOTAL -- SWEDEN (Cost $224,098)...................................... 307,787 ------------ SINGAPORE -- (2.6%) COMMON STOCKS -- (2.3%) Amtek Engineering, Ltd............................... 15,000 11,397 Bukit Sembawang Estates, Ltd......................... 1,000 7,472 GK Goh Holdings...................................... 17,000 10,675 Haw Par Brothers International, Ltd.................. 24,000 33,456 26
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VA INTERNATIONAL SMALL PORTFOLIO CONTINUED [Download Table] SHARES VALUE+ ------------ ------------ Hitachi Zosen (Singapore), Ltd....................... 22,000 $ 6,769 Hotel Plaza, Ltd..................................... 25,000 7,692 Kim Eng Holdings, Ltd................................ 22,000 9,463 Neptune Orient Lines, Ltd............................ 34,000 20,282 Orchard Parade Holdings, Ltd......................... 11,200 6,330 Overseas Union Enterprise, Ltd....................... 6,000 13,940 Rothmans Industries, Ltd. Issue 95................... 5,000 26,373 *Scotts Holdings, Ltd................................ 25,000 12,402 Shangri-la Hotel, Ltd................................ 7,000 13,450 Sime Singapore, Ltd.................................. 49,000 21,076 Tuan Sing Holdings, Ltd.............................. 44,000 7,322 Van der Horst, Ltd................................... 4,000 2,374 Vickers Ballas Holdings, Ltd......................... 29,000 15,934 ------------ TOTAL COMMON STOCKS (Cost $378,182)...................................... 226,407 ------------ INVESTMENT IN CURRENCY -- (0.3%) *Singapore Dollars (Cost $32,755)..................................... 32,737 ------------ TOTAL -- SINGAPORE (Cost $410,937)...................................... 259,144 ------------ DENMARK -- (2.6%) COMMON STOCKS -- (2.6%) Alm Brand A.S. Series B.............................. 623 20,413 Bang & Olufsen Holding A.S. Series B................. 450 26,473 Coloplast A.S. Series B.............................. 404 28,881 DFDS A.S., Copenhagen................................ 24 20,017 *Falck A.S........................................... 568 26,478 Nordiske Kabel og Traadfabrikker Holding A.S......... 277 23,103 Obel (C.W.) A.S. Series B............................ 89 16,569 Radiometer A.S. Series B............................. 432 18,080 Sas Danmark A.S...................................... 1,739 25,900 *Superfos A.S........................................ 1,142 29,765 *Topdanmark A.S...................................... 145 22,891 ------------ TOTAL COMMON STOCKS (Cost $273,280)...................................... 258,570 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Denmark Krone (Cost $28)......................................... 28 ------------ TOTAL -- DENMARK (Cost $273,308)...................................... 258,598 ------------ BELGIUM -- (1.3%) COMMON STOCKS -- (1.3%) Ackermans & Van Haaren SA............................ 120 29,843 Afrifina............................................. 140 17,505 CMB (Cie Martime Belge).............................. 300 23,083 Cofinimmo SA......................................... 200 20,500 Deceuninck Plastics Industries SA.................... 130 25,150 *Immobel (Cie Immobiliere de Belgique SA)............ 200 12,201 ------------ TOTAL COMMON STOCKS (Cost $127,388)...................................... 128,282 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Belgian Francs (Cost $5).......................................... 6 ------------ TOTAL -- BELGIUM (Cost $127,393)...................................... 128,288 ------------ SHARES VALUE+ ------------ ------------ NEW ZEALAND -- (1.0%) COMMON STOCKS -- (1.0%) Enerco New Zealand, Ltd.............................. 4,758 $ 18,048 Fernz Corp., Ltd..................................... 6,407 18,177 New Zealand Refining Co., Ltd........................ 1,008 12,123 Ports of Auckland.................................... 5,962 23,460 Warehouse Group, Ltd................................. 7,154 20,517 ------------ TOTAL COMMON STOCKS (Cost $109,898)...................................... 92,325 ------------ INVESTMENT IN CURRENCY -- (0.0%) *New Zealand Dollar (Cost $1,757)...................................... 1,730 ------------ TOTAL -- NEW ZEALAND (Cost $111,655)...................................... 94,055 ------------ SOUTH KOREA -- (0.0%) INVESTMENT IN CURRENCY -- (0.0%) *Korean Won (Cost $143)........................................ 108 ------------ FACE AMOUNT ------------ (000) TEMPORARY CASH INVESTMENTS -- (2.3%) Repurchase Agreement, PNC Capital Markets Inc. 5.45%, 12/01/97 (Collateralized by U.S. Treasury Notes 8.50%, 11/15/00, valued at $236,225) to be repurchased at $229,104 (Cost $229,000).................................... $ 229 229,000 ------------ TOTAL INVESTMENTS -- (99.9%) (Cost $12,255,514)++................................. 9,871,748 ------------ OTHER ASSETS AND LIABILITIES -- (0.1%) Other Assets....................................... 313,046 Payable for Investment Securities Purchased........ (288,588) Other Liabilities.................................. (12,487) ------------ 11,971 ------------ NET ASSETS -- (100.0%) Applicable to 1,236,270 Outstanding $.01 Par Value Shares (100,000,000 Shares Authorized).......................................... $ 9,883,719 ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE................................................ $ 7.99 ------------ ------------ -------------------- +See Note B to Financial Statements. *Non-Income Producing Securities #Total or Partial Securities on Loan ++Approximates cost for federal income tax purposes. See accompanying Notes to Financial Statements. 27
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VA SHORT-TERM FIXED PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 1997 [Download Table] FACE AMOUNT VALUE+ ------------ ------------ (000) COMMERCIAL PAPER -- (37.4%) Barton Capital Corp. C.P. 5.650%, 01/06/98.................................. $ 390 $ 387,777 Caisse Centrale des Jardins C.P. 5.720%, 01/23/98.................................. 400 396,652 Ciesco L.P. C.P. 5.570%, 01/16/98.................................. 400 397,097 Corporate Asset Funding Corp. C.P. 5.700%, 01/09/98.................................. 400 397,530 Den Norske Stats Objeselskap C.P. 5.540%, 12/10/97.................................. 350 349,512 Eksportfinans C.P. 5.750%, 12/01/97.................................. 400 400,000 Enterprise Funding Corp. C.P. 5.660%, 01/05/98.................................. 390 387,820 Equipment Intermediation Partnership C.P. 5.570%, 12/05/97.................................. 300 299,814 Hahn Issuing Corp. C.P. 5.620%, 12/17/97.................................. 400 398,992 Matterhorn Capital Corp. C.P. 5.600%, 12/15/97.................................. 404 403,123 Paccar Financial Corp. C.P. 5.750%, 12/01/97.................................. 400 400,000 Sheffield Receivables Corp. C.P. 5.550%, 12/05/97.................................. 350 349,783 Sigma Finance Corp. C.P. 5.650%, 01/07/98.................................. 350 347,950 Teco Finance, Inc, C.P. 5.620%, 01/09/98.................................. 400 397,517 USAA Capital Corp. C.P. 5.550%, 12/12/97.................................. 350 349,403 ------------ TOTAL COMMERCIAL PAPER (Cost $5,663,139).................................... 5,662,970 ------------ BONDS -- (33.3%) Associates Corp. of North America Corporate Bonds 6.680%, 09/17/99.................................. 300 302,625 Bayerische Landesbank U.S. Finance, Inc. Medium Term Notes 6.400%, 05/05/99.................................. 300 301,500 Canada (Government of) Bonds 6.400%, 09/10/98.................................. 160 160,600 Colgate-Palmolive Co. Medium Term Notes 6.630%, 02/16/98.................................. 160 160,189 Ford Motor Credit Co. Corporate Bonds 7.250%, 05/15/99.................................. 200 203,250 IBM Credit Corp. Medium Term Notes 6.570%, 04/07/99.................................. 300 302,250 Illinois Tool Works, Inc. Corporate Bonds 7.500%, 12/01/98.................................. 250 253,277 FACE AMOUNT VALUE+ ------------ ------------ (000) KFW International Finance, Inc. Medium Term Notes 9.000%, 02/23/99.................................. $ 200 $ 206,750 Michigan Bell Telephone Medium Term Notes 9.250%, 11/15/98.................................. 240 247,500 Morgan Guaranty Trust Corporate Bonds 6.000%, 10/01/98.................................. 150 149,985 National Elf Aquitaine, Inc. Corporate Bonds 7.750%, 05/01/99.................................. 300 306,375 NationsBank N.C. Medium Term Notes 6.100%, 01/19/99.................................. 250 250,000 Nippon Telegraph & Telephone Corp. Corporate Bonds 9.500%, 07/27/98.................................. 300 306,750 Norwest Financial, Inc. Corporate Bonds 6.000%, 08/01/99.................................. 250 249,688 Pepsico, Inc. Corporate Bonds 7.625%, 11/01/98.................................. 300 303,705 Pitney Bowes Credit Corp. Medium Term Notes 6.305%, 09/23/98.................................. 170 170,753 Sara Lee Corp. Medium Term Notes 5.500%, 12/01/98.................................. 250 248,430 Shell Canada, Ltd. Corporate Bonds 7.375%, 06/01/99.................................. 350 356,125 St. Paul Companies, Inc. Medium Term Notes 7.590%, 05/19/99.................................. 300 306,375 Wachovia Bank N.A. Medium Term Notes 6.000%, 03/15/99.................................. 260 259,675 ------------ TOTAL BONDS (Cost $5,039,510).................................... 5,045,802 ------------ CERTIFICATES OF DEPOSIT -- (11.2%) ABN-AMRO North American Certificate of Deposit 5.710%, 10/09/98.................................. 400 399,600 FCC National Bank Certificate of Deposit 5.820%, 09/18/98.................................. 300 299,970 Morgan Trust Certificate of Deposit 5.800%, 07/28/98.................................. 300 299,850 National Australia Bank Certificate of Deposit 5.850%, 10/05/98.................................. 400 400,120 Swiss Bank Certificate of Deposit 5.805%, 10/01/98.................................. 300 300,000 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $1,699,073).................................... 1,699,540 ------------ 28
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VA SHORT-TERM FIXED PORTFOLIO CONTINUED [Download Table] FACE AMOUNT VALUE+ ------------ ------------ (000) VARIABLE RATE OBLIGATIONS -- (6.3%) Abbey National Treasury Services P.L.C. ***5.560%, 12/15/97................................ $ 300 $ 299,805 American Express Centurion Bank ***5.678%, 12/08/97................................ 300 299,973 Key Bank N.A. ***5.649%, 02/20/98................................ 350 349,664 ------------ TOTAL VARIABLE RATE OBLIGATIONS (Cost $949,536)...................................... 949,442 ------------ AGENCY OBLIGATIONS -- (6.0%) Federal Agriculture Mortgage Corp. 7.200%, 10/15/98................................... 150 151,670 Federal Home Loan Bank 5.715%, 03/20/98................................... 150 150,013 5.100%, 01/26/99................................... 300 297,699 Student Loan Marketing Association 7.000%, 03/03/98................................... 150 150,489 6.250%, 06/30/98................................... 150 150,463 ------------ TOTAL AGENCY OBLIGATIONS (Cost $898,149)...................................... 900,334 ------------ SUPRANATIONAL OBLIGATIONS -- (1.0%) Inter-American Development Bank 9.450%, 09/15/98 (Cost $153,878).................................. 150 154,125 ------------ TEMPORARY CASH INVESTMENTS -- (3.5%) Repurchase Agreement, PNC Capital Markets Inc. 5.45%, 12/01/97 (Collateralized by U.S. Treasury Notes 8.50%, 11/15/00, valued at $536,875) to be repurchased at $521,237 (Cost $521,000)..................................... 521 521,000 ------------ TOTAL INVESTMENTS -- (98.7%) (Cost $14,924,285)++................................. 14,933,213 ------------ OTHER ASSETS AND LIABILITIES -- (1.3%) Other Assets.......................................... 211,789 Liabilities........................................... (9,493) ------------ 202,296 ------------ NET ASSETS -- (100.0%) Applicable to 1,500,827 Outstanding $.01 Par Value Shares (100,000,000 Shares Authorized)...................... $ 15,135,509 ------------ ------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE................................................ $ 10.08 ------------ ------------ -------------------- +See Note B to Financial Statements. ++Approximates cost for federal income tax purposes. ***Rates shown are the rates as of November 30, 1997 and maturities shown are the next interest readjustment date. See accompanying Notes to Financial Statements. 29
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VA GLOBAL BOND PORTFOLIO SCHEDULE OF INVESTMENTS NOVEMBER 30, 1997 [Download Table] FACE AMOUNT@ VALUE+ ------------ ------------ (000) FRANCE -- (23.2%) BONDS -- (23.2%) Belgium (Kingdom of) 6.875%, 05/30/02................................... 1,000 $ 181,266 Caisse d'Amortissement et de Dette Sociale 5.500%, 04/25/02................................... 800 138,007 Credit Locale de France SA Euro Medium Term Notes 5.375%, 10/11/01................................... 500 85,915 European Investment Bank 8.500%, 02/20/02................................... 1,500 287,525 France (Government of) BTAN 4.750%, 03/12/02................................... 1,000 168,510 5.500%, 10/12/01................................... 1,100 190,728 France Telecom SA 9.000%, 07/27/01................................... 1,800 345,304 Suedwestdeutsche Landesbank Giro & Suedwestlb Capital Markets P.L.C. 6.000%, 03/08/02................................... 500 87,533 ------------ TOTAL -- FRANCE (Cost $1,509,468).................................... 1,484,788 ------------ JAPAN -- (22.2%) BONDS -- (22.2%) Credit Local de France SA 6.000%, 10/31/01................................... 9,000 83,459 Deutsche Siedlungs Landesrentenbank 2.600%, 07/10/02................................... 32,000 266,280 Inter-American Development Bank 6.000%, 10/30/01................................... 25,000 232,713 2.250%, 02/05/02................................... 10,000 81,998 Japan Development Bank 6.500%, 09/20/01................................... 35,000 329,775 World Bank (International Bank for Reconstruction and Development) 5.250%, 03/20/02................................... 10,000 92,106 Nordic Investment Bank 2.600%, 06/28/02................................... 40,000 332,850 ------------ TOTAL -- JAPAN (Cost $1,485,607).................................... 1,419,181 ------------ GERMANY -- (21.8%) BONDS -- (21.8%) European Economic Community 6.500%, 03/10/00................................... 500 295,011 Federal National Mortgage Association 5.000%, 02/16/01................................... 400 227,913 Germany (Republic of) 8.000%, 01/21/02................................... 550 347,432 LB Rheinland-Pfalz Finance BV 5.375%, 02/12/02................................... 300 171,700 Minnesota Mining and Manufacturing Co. 5.000%, 10/15/01................................... 300 170,416 FACE AMOUNT@ VALUE+ ------------ ------------ (000) World Bank (International Bank for Reconstruction and Development) 6.125%, 09/27/02................................... 300 $ 177,347 ------------ TOTAL BONDS (Cost $1,500,896).................................... 1,389,819 ------------ INVESTMENT IN CURRENCY -- (0.0%) *German Marks (Cost $12).......................................... 13 ------------ TOTAL -- GERMANY (Cost $1,500,908).................................... 1,389,832 ------------ CANADA -- (21.0%) BONDS -- (21.0%) British Columbia (Municipal Finance Authority) 11.200%, 10/24/00.................................. 310 254,263 General Electric Capital Canada, Inc. 6.875%, 12/31/01................................... 250 184,238 KFW International Finance, Inc. 7.750%, 10/17/01................................... 250 189,331 Oesterreichische Postsparkasse PSK 10.750%, 08/08/01.................................. 400 328,924 SNCF (Societe Nationale des Chemins de Fer Francaise) 9.250%, 12/20/01................................... 200 158,701 Toyota Credit Canada, Inc. 8.000%, 12/29/00................................... 200 150,552 7.375%, 12/31/01................................... 100 74,819 ------------ TOTAL -- CANADA (Cost $1,376,849).................................... 1,340,828 ------------ AUSTRALIA -- (7.6%) BONDS -- (7.6%) ABN-Amro Australia, Ltd. 8.250%, 11/03/00................................... 200 145,195 Airservices Australia 7.375%, 11/15/01................................... 250 179,510 State Bank of New South Wales 11.750%, 08/16/01.................................. 200 162,356 ------------ TOTAL -- AUSTRALIA (Cost $528,465)...................................... 487,061 ------------ NETHERLANDS -- (4.2%) BONDS -- (4.2%) Bank Nederlandse Gemeenten 7.625%, 12/16/02................................... 250 138,774 Netherlands (Kingdom of) 5.750%, 09/15/02................................... 250 129,530 ------------ TOTAL -- NETHERLANDS (Cost $290,103)...................................... 268,304 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $6,691,400)++.................................. $ 6,389,994 ------------ ------------ -------------------- +See Note B to Financial Statements. @Denominated in local currency. *Non-Income Producing Securities ++Approximates cost for federal income tax purposes. See accompanying Notes to Financial Statements. 30
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DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENT OF ASSETS AND LIABILITIES VA GLOBAL BOND PORTFOLIO NOVEMBER 30, 1997 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) [Enlarge/Download Table] ASSETS: Investments at Value....................................................................... $ 6,390 Receivables Interest................................................................................. 199 Investment Securities Sold............................................................... 246 Fund Shares Sold......................................................................... 13 Unrealized Gain on Forward Currency Contracts.............................................. 135 Prepaid Expenses and Other Assets.......................................................... 97 --------- Total Assets........................................................................... 7,080 --------- LIABILITIES: Accrued Expenses........................................................................... 7 --------- NET ASSETS................................................................................. $ 7,073 --------- --------- SHARES OUTSTANDING $.01 PAR VALUE (100,000,000 Shares Authorized).......................................................... 661,928 --------- --------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE................................... $ 10.69 --------- --------- Investments at Cost........................................................................ $ 6,691 --------- --------- See accompanying Notes to Financial Statements. 31
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DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 1997 (AMOUNTS IN THOUSANDS) [Enlarge/Download Table] VA SMALL VA LARGE VA INTERNATIONAL VALUE VALUE VALUE PORTFOLIO PORTFOLIO PORTFOLIO -------- -------- ---------------- INVESTMENT INCOME Dividends (Net of Foreign Taxes withheld of $0, $0 and $37, respectively)............... $ 125 $ 401 $ 343 Interest...................................... 27 30 33 Income from Securities Lending................ -- -- 14 -------- -------- ------- Total Investment Income................... 152 431 390 -------- -------- ------- EXPENSES Investment Advisory Services.................. 65 49 60 Accounting & Transfer Agent Fees.............. 17 24 22 Custodians' Fees.............................. 2 3 19 Legal Fees.................................... 1 1 1 Audit Fees.................................... 1 1 1 Filing Fees................................... 1 1 1 Shareholders' Reports......................... 4 6 4 Directors' Fees and Expenses.................. -- 1 1 Organization Costs............................ 1 7 4 Other......................................... 1 2 2 -------- -------- ------- Total Expenses............................ 93 95 115 -------- -------- ------- NET INVESTMENT INCOME......................... 59 336 275 -------- -------- ------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY Net Realized Gain on Investment Securities.... 1,173 1,627 230 Net Realized Loss on Foreign Currency Transactions................................ -- (1) (15) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency................................ 2,525 2,529 (1,092) Translation of Foreign Currency Denominated Amounts..................... -- -- (3) -------- -------- ------- NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY............................ 3,698 4,155 (880) -------- -------- ------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................. $3,757 $4,491 $ (605) -------- -------- ------- -------- -------- ------- See accompanying Notes to Financial Statements. 32
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DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 1997 (AMOUNTS IN THOUSANDS) [Enlarge/Download Table] VA VA INTERNATIONAL SHORT-TERM VA GLOBAL SMALL FIXED BOND PORTFOLIO PORTFOLIO PORTFOLIO ------------- ---------- --------- INVESTMENT INCOME Dividends (Net of Foreign Taxes withheld of $17, $0 and $0, respectively)............... $ 161 -- -- Interest...................................... 23 $673 $ 277 Income from Securities Lending................ 11 -- -- ------------- ----- --------- Total Investment Income................... 195 673 277 ------------- ----- --------- EXPENSES Investment Advisory Services.................. 42 29 15 Accounting & Transfer Agent Fees.............. 14 10 11 Custodians' Fees.............................. 20 1 2 Legal Fees.................................... 1 -- -- Audit Fees.................................... 1 1 -- Filing Fees................................... 1 1 Shareholders' Reports......................... 2 3 2 Directors' Fees and Expenses.................. 1 -- -- Organization Costs............................ 1 1 7 Other......................................... 1 4 1 ------------- ----- --------- Total Expenses............................ 84 50 38 ------------- ----- --------- NET INVESTMENT INCOME......................... 111 623 239 ------------- ----- --------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY Net Realized Gain on Investment Securities.... 112 13 25 Net Realized Gain (Loss) on Foreign Currency Transactions................................ (1) -- 409 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency................................ (2,444) (14) (354) Translation of Foreign Currency Denominated Amounts..................... (1) -- 119 ------------- ----- --------- NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY............................ (2,334) (1) 199 ------------- ----- --------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................. $(2,223) $622 $ 438 ------------- ----- --------- ------------- ----- --------- See accompanying Notes to Financial Statements. 33
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DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (Amounts in Thousands) [Enlarge/Download Table] VA SMALL VA LARGE VALUE PORTFOLIO VALUE PORTFOLIO -------------------- -------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, 1997 1996 1997 1996 --------- --------- --------- --------- INCREASE (DECREASE) IN NET ASSETS Operations: Net Investment Income.................. $ 59 $ 19 $ 336 $ 137 Net Realized Gain on Investment Securities........................... 1,173 76 1,627 479 Net Realized Loss on Foreign Currency Transactions......................... -- -- (1) (1) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency........................... 2,525 1,079 2,529 1,191 --------- --------- --------- --------- Net Increase in Net Assets Resulting from Operations.................... 3,757 1,174 4,491 1,806 --------- --------- --------- --------- Distributions From: Net Investment Income.................. (22) (9) (290) (86) Net Realized Gains..................... (76) -- (481) (2) --------- --------- --------- --------- Total Distributions................ (98) (9) (771) (88) --------- --------- --------- --------- Capital Share Transactions (1): Shares Issued.......................... 9,470 2,156 11,914 5,754 Shares Issued in Lieu of Cash Distributions........................ 98 9 771 88 Shares Redeemed........................ (3,857) (120) (5,430) (552) --------- --------- --------- --------- Net Increase From Capital Share Transactions....................... 5,711 2,045 7,255 5,290 --------- --------- --------- --------- Total Increase..................... 9,370 3,210 10,975 7,008 NET ASSETS Beginning of Period.................... 8,058 4,848 13,570 6,562 --------- --------- --------- --------- End of Period.......................... $ 17,428 $ 8,058 $ 24,545 $ 13,570 --------- --------- --------- --------- --------- --------- --------- --------- (1) SHARES ISSUED AND REDEEMED: Shares Issued......................... 696 195 814 465 Shares Issued in Lieu of Cash Distributions....................... 8 1 57 7 Shares Redeemed....................... (262) (11) (354) (45) --------- --------- --------- --------- 442 185 517 427 --------- --------- --------- --------- --------- --------- --------- --------- See accompanying Notes to Financial Statements. 34
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DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) [Enlarge/Download Table] VA INTERNATIONAL VA INTERNATIONAL VALUE PORTFOLIO SMALL PORTFOLIO -------------------- -------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, 1997 1996 1997 1996 --------- --------- --------- --------- INCREASE (DECREASE) IN NET ASSETS Operations: Net Investment Income.................. $ 275 $ 90 $ 111 $ 34 Net Realized Gain on Investment Securities........................... 230 58 112 136 Net Realized Gain (Loss) on Foreign Currency Transactions................ (15) 2 (1) 1 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency........................... (1,092) 694 (2,444) 204 Translation of Foreign Currency Denominated Amounts................ (3) 3 (1) 2 --------- --------- --------- --------- Net Increase (Decrease) in Net Assets Resulting from Operations.......... (605) 847 (2,223) 377 --------- --------- --------- --------- Distributions From: Net Investment Income.................. (100) -- (37) -- Net Realized Gains..................... (44) (8) (136) -- --------- --------- --------- --------- Total Distributions................ (144) (8) (173) -- --------- --------- --------- --------- Capital Share Transactions (1): Shares Issued.......................... 9,487 5,279 7,137 802 Shares Issued in Lieu of Cash Distributions........................ 144 8 173 -- Shares Redeemed........................ (1,789) (623) (1,037) (28) --------- --------- --------- --------- Net Increase From Capital Share Transactions....................... 7,842 4,664 6,273 774 --------- --------- --------- --------- Total Increase..................... 7,093 5,503 3,877 1,151 NET ASSETS Beginning of Period.................... 10,517 5,014 6,007 4,856 --------- --------- --------- --------- End of Period.......................... $ 17,610 $ 10,517 $ 9,884 $ 6,007 --------- --------- --------- --------- --------- --------- --------- --------- (1) SHARES ISSUED AND REDEEMED: Shares Issued......................... 841 477 757 75 Shares Issued in Lieu of Cash Distributions....................... 13 1 18 -- Shares Redeemed....................... (155) (57) (112) (3) --------- --------- --------- --------- 699 421 663 72 --------- --------- --------- --------- --------- --------- --------- --------- See accompanying Notes to Financial Statements. 35
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DFA INVESTMENT DIMENSIONS GROUP INC. STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) [Enlarge/Download Table] VA SHORT-TERM VA GLOBAL FIXED PORTFOLIO BOND PORTFOLIO -------------------- -------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, 1997 1996 1997 1996 --------- --------- --------- --------- INCREASE (DECREASE) IN NET ASSETS Operations: Net Investment Income................... $ 623 $ 271 $ 239 $ 119 Net Realized Gain (Loss) on Investment Securities............................ 13 (1) 25 93 Net Realized Gain on Foreign Currency Transactions.......................... -- -- 409 206 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............................ (14) 24 (354) (86) Translation of Foreign Currency Denominated Amounts................. -- -- 119 (22) --------- --------- --------- --------- Net Increase in Net Assets Resulting from Operations..................... 622 294 438 310 --------- --------- --------- --------- Distributions From: Net Investment Income................... (595) (262) (388) (132) Net Realized Gains...................... -- -- (93) -- --------- --------- --------- --------- Total Distributions................. (595) (262) (481) (132) --------- --------- --------- --------- Capital Share Transactions (1): Shares Issued........................... 9,723 3,072 5,358 -- Shares Issued in Lieu of Cash Distributions......................... 595 262 481 132 Shares Redeemed......................... (2,998) (618) (2,426) -- --------- --------- --------- --------- Net Increase From Capital Share Transactions........................ 7,320 2,716 3,413 132 --------- --------- --------- --------- Total Increase...................... 7,347 2,748 3,370 310 NET ASSETS Beginning of Period..................... 7,789 5,041 3,703 3.393 --------- --------- --------- --------- End of Period........................... $ 15,136 $ 7,789 $ 7,073 $ 3,703 --------- --------- --------- --------- --------- --------- --------- --------- (1) SHARES ISSUED AND REDEEMED: Shares Issued.......................... 967 306 513 -- Shares Issued in Lieu of Cash Distributions........................ 59 26 47 12 Shares Redeemed........................ (298) (61) (230) -- --------- --------- --------- --------- 728 271 330 12 --------- --------- --------- --------- --------- --------- --------- --------- See accompanying Notes to Financial Statements. 36
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DFA INVESTMENT DIMENSIONS GROUP INC. FINANCIAL HIGHLIGHTS (For a share outstanding throughout each period) [Enlarge/Download Table] VA SMALL VA LARGE VALUE PORTFOLIO VALUE PORTFOLIO ------------------------------------- -------------------------------------- YEAR YEAR YEAR ENDED ENDED OCT. 3, YEAR ENDED ENDED JAN. 13, NOV. 30, NOV. 30, TO NOV. NOV. 30, NOV. 30, TO NOV. 1997 1996 30, 1995 1997 1996 30, 1995 ----------- -------- -------- ----------- -------- --------- Net Asset Value, Beginning of Period.... $ 11.75 $ 9.69 $ 10.00 $ 13.46 $ 11.29 $ 10.00 ----------- -------- -------- ----------- -------- --------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income................. 0.06 0.03 0.01 0.24 0.17 0.19 Net Gains (Losses) on Securities (Realized and Unrealized)........... 3.78 2.05 (0.31) 3.07 2.12 1.85 ----------- -------- -------- ----------- -------- --------- Total from Investment Operations.... 3.84 2.08 (0.30) 3.31 2.29 2.04 ----------- -------- -------- ----------- -------- --------- LESS DISTRIBUTIONS Net Investment Income................. (0.03) (0.02) (0.01) (0.23) (0.12) (0.16) Net Realized Gains.................... (0.11) -- -- (0.46) -- (0.59) ----------- -------- -------- ----------- -------- --------- Total Distributions................. (0.14) (0.02) (0.01) (0.69) (0.12) (0.75) ----------- -------- -------- ----------- -------- --------- Net Asset Value, End of Period.......... $ 15.45 $ 11.75 $ 9.69 $ 16.08 $ 13.46 $ 11.29 ----------- -------- -------- ----------- -------- --------- ----------- -------- -------- ----------- -------- --------- Total Return............................ 33.02% 21.47% (3.04)%# 25.72% 20.45% 20.41%# Net Assets, End of Period (thousands)... $ 17,428 $ 8,058 $ 4,848 $ 24,545 $ 13,570 $ 6,562 Ratio of Expenses to Average Net Assets................................ 0.71% 1.05% 0.99%* 0.48% 1.03% 1.20%* Ratio of Net Investment Income to Average Net Assets.................... 0.45% 0.34% 0.91%* 1.71% 1.59% 2.03%* Portfolio Turnover Rate................. 21.18% 5.19% 0.00%* 20.49% 18.54% 65.38%* Average Commission Rate (1)............. $ 0.0549 $ 0.0678 N/A $ 0.0479 $ 0.0484 N/A -------------- * Annualized # Non-Annualized (1) Computed by dividing the total amount of brokerage commissions paid by the total shares of investment securities purchased and sold during the period for which commissions were charged, as required by the SEC for fiscal years beginning after September 1, 1995. See accompanying Notes to Financial Statements. 37
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DFA INVESTMENT DIMENSIONS GROUP INC. FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) [Enlarge/Download Table] VA INTERNATIONAL VA INTERNATIONAL VALUE PORTFOLIO SMALL PORTFOLIO -------------------------------------- -------------------------------------- YEAR YEAR YEAR ENDED ENDED OCT. 3, YEAR ENDED ENDED OCT. 3, NOV. 30, NOV. 30, TO NOV. NOV. 30, NOV. 30, TO NOV. 1997 1996 30, 1995 1997 1996 30, 1995 ----------- -------- --------- ----------- -------- --------- Net Asset Value, Beginning of Period.... $ 11.41 $ 10.03 $ 10.00 $ 10.48 $ 9.71 $ 10.00 ----------- -------- --------- ----------- -------- --------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income (Loss).......... 0.17 0.11 -- 0.09 0.06 (0.01) Net Gains (Losses) on Securities (Realized and Unrealized)........... (0.56) 1.29 0.03 (2.30) 0.71 (0.28) ----------- -------- --------- ----------- -------- --------- Total from Investment Operations.... (0.39) 1.40 0.03 (2.21) 0.77 (0.29) ----------- -------- --------- ----------- -------- --------- LESS DISTRIBUTIONS Investment Income..................... (0.10) -- -- (0.06) -- -- Net Realized Gains.................... (0.05) (0.02) -- (0.22) -- -- ----------- -------- --------- ----------- -------- --------- Total Distributions................. (0.15) (0.02) -- (0.28) -- -- ----------- -------- --------- ----------- -------- --------- Net Asset Value, End of Period.......... $ 10.87 $ 11.41 $ 10.03 $ 7.99 $ 10.48 $ 9.71 ----------- -------- --------- ----------- -------- --------- ----------- -------- --------- ----------- -------- --------- Total Return............................ (3.45)% 13.92% 0.30%# (21.54)% 7.93% (2.90)%# Net Assets, End of Period (thousands)... $ 17,610 $ 10,517 $ 5,014 $ 9,884 $ 6,007 $ 4,856 Ratio of Expenses to Average Net Assets................................ 0.76% 1.17% 1.32%* 0.99% 1.27% 2.52%* Ratio of Net Investment Income to Average Net Assets.................... 1.83% 1.29% (0.20)%* 1.32% 0.63% (0.39)%* Portfolio Turnover Rate................. 7.95% 4.14% 0.00%* 8.57% 6.40% 0.00%* Average Commission Rate (1)............. $ 0.0079 $ 0.0080 N/A $ 0.0118 $ 0.0200 N/A -------------- * Annualized # Non-Annualized (1) Computed by dividing the total amount of brokerage commissions paid by the total shares of investment securities purchased and sold during the period for which commissions were charged, as required by the SEC for fiscal years beginning after September 1, 1995. See accompanying Notes to Financial Statements. 38
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DFA INVESTMENT DIMENSIONS GROUP INC. FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) [Enlarge/Download Table] VA SHORT-TERM VA GLOBAL FIXED PORTFOLIO BOND PORTFOLIO ------------------------------------- ------------------------------------- YEAR YEAR YEAR ENDED ENDED OCT. 3, YEAR ENDED ENDED JAN. 13, NOV. 30, NOV. 30, TO NOV. NOV. 30, NOV. 30, TO NOV. 1997 1996 30, 1995 1997 1996 30, 1995 ----------- -------- -------- ----------- -------- -------- Net Asset Value, Beginning of Period.... $ 10.08 $ 10.04 $ 10.00 $ 11.14 $ 10.61 $ 10.00 ----------- -------- -------- ----------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income................. 0.53 0.48 0.08 0.42 0.37 0.48 Net Gains (Losses) on Securities (Realized and Unrealized)........... -- 0.04 -- 0.34 0.57 0.81 ----------- -------- -------- ----------- -------- -------- Total from Investment Operations.... 0.53 0.52 0.08 0.76 0.94 1.29 ----------- -------- -------- ----------- -------- -------- LESS DISTRIBUTIONS Net Investment Income................. (0.53) (0.48) (0.04) (0.94) (0.41) (0.57) Net Realized Gains.................... -- -- -- (0.27) -- (0.11) ----------- -------- -------- ----------- -------- -------- Total Distributions................. (0.53) (0.48) (0.04) (1.21) (0.41) (0.68) ----------- -------- -------- ----------- -------- -------- Net Asset Value, End of Period.......... $ 10.08 $ 10.08 $ 10.04 $ 10.69 $ 11.14 $ 10.61 ----------- -------- -------- ----------- -------- -------- ----------- -------- -------- ----------- -------- -------- Total Return............................ 5.46% 5.34% 0.81%# 7.58% 9.16% 13.09%# Net Assets, End of Period (thousands)... $ 15,136 $ 7,789 $ 5,041 $ 7,073 $ 3,703 $ 3,393 Ratio of Expenses to Average Net Assets................................ 0.43% 0.70% 0.63%* 0.65% 1.73% 1.31%* Ratio of Net Investment Income to Average Net Assets.................... 5.44% 4.93% 5.11%* 4.09% 3.43% 5.08%* Portfolio Turnover Rate................. 72.92% 29.27% 0.00%* 58.35% 88.93% 60.09%* -------------- (Restated to reflect a 900% stock dividend as of January 2, 1996.) * Annualized # Non-Annualized See accompanying Notes to Financial Statements. 39
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DFA INVESTMENT DIMENSIONS GROUP INC. NOTES TO FINANCIAL STATEMENTS A. ORGANIZATION: DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management investment company. The Fund offers twenty-eight portfolios, six of which (the "VA Portfolios") are included in this report. Of the remaining twenty-two portfolios, twenty-one are presented in a separate report and the remaining portfolio has not yet commenced operations. The VA Portfolios are only available through a select group of insurance products. On December 20, 1995, the Board of Directors of DFA Investment Group Inc. approved a 900% stock dividend under Maryland Corporate Law which is treated as a 10 for 1 stock split for financial reporting purposes for VA Short-Term Fixed Portfolio and VA Global Bond Portfolio. The record date of the stock dividend was January 1, 1996, and the ex-date and payable dates were January 2, 1996. This was a tax-free event to the shareholders of these portfolios. All share and per share data as of and for the period ended November 30, 1995, have been restated to reflect the stock dividend. B. SIGNIFICANT ACCOUNTING POLICIES: The following significant accounting policies are in conformity with generally accepted accounting principles for investment companies. Such policies are consistently followed by the Fund in preparation of its financial statements. The preparation of financial statements in accordance with generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. 1. SECURITY VALUATION: Securities held by VA Small Value Portfolio and VA Large Value Portfolio (the "Domestic Equity Portfolios") which are listed on a securities exchange and for which market quotations are readily available are valued at the last quoted sale price of the day, or if there is no such reported sale, at the mean between the most recent bid and asked prices. Securities held by VA International Value Portfolio and VA International Small Portfolio (the "International Equity Portfolios") which are listed on a securities exchange are valued at the last quoted sale price. Price information on listed securities is taken from the exchange where the security is primarily traded. Unlisted securities for which market quotations are readily available are valued at the mean between the most recent bid and asked prices. Securities for which quotations are not readily available are valued in good faith at fair value using methods determined by the Board of Directors. Securities held by VA Short-Term Fixed Portfolio and VA Global Bond Portfolio are valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. Securities for which quotations are not readily available are valued in good faith at fair value using methods determined by the Board of Directors. 2. FOREIGN CURRENCY: Securities, other assets and liabilities of the International Equity Portfolios and VA Global Bond Portfolio whose values are initially expressed in foreign currencies are translated to U.S. dollars at the bid price of such currency against U.S. dollars last quoted by a major bank. Dividend and interest income and certain expenses are translated to U.S. dollars at the rate of exchange on their respective accrual dates. Receivables and payables denominated in foreign currencies are marked to market daily based on daily exchange rates and exchange gains or losses are realized upon ultimate receipt or disbursement. VA Global Bond Portfolio also enters into forward foreign currency contracts solely for the purpose of hedging against fluctuations in currency exchange rates. These contracts are also marked to market daily based on daily exchange rates. The International Equity Portfolios do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities whether realized or unrealized. However, VA Global Bond Portfolio does isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon 40
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the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. Federal income tax regulations; such amounts are categorized as foreign exchange gain or loss for both financial reporting and income tax reporting purposes. Realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between amount of interest, dividends and foreign withholding taxes recorded on the books of the International Equity Portfolios and VA Global Bond Portfolio and the U.S. dollar equivalent amounts actually received or paid. 3. FEDERAL INCOME TAXES: It is the VA Portfolios' intention to continue to qualify as a regulated investment company and distribute all of their taxable income. Accordingly, no provision for Federal taxes is required in the financial statements. 4. OTHER: Security transactions are accounted for on the date the securities are purchased or sold. Costs used in determining realized gains and losses on the sale of investment securities are those of specific securities sold. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Discount and premium on debt securities purchased are amortized over the lives of the respective securities. Expenses directly attributable to a VA Portfolio are directly charged. Common expenses are allocated using methods determined by the Board of Directors. C. INVESTMENT ADVISOR: Dimensional Fund Advisors Inc. ("DFA" or "the Advisor") provides investment advisory services to the VA Portfolios. For the year ended November 30, 1997, the VA Portfolios' advisory fees were computed daily and paid monthly to the Advisor based on the following effective annual rates: [Download Table] VA Small Value Portfolio.................................. .50 of 1% VA Large Value Portfolio.................................. .25 of 1% VA International Value Portfolio.......................... .40 of 1% VA International Small Portfolio.......................... .50 of 1% VA Short-Term Fixed Portfolio............................. .25 of 1% VA Global Bond Portfolio.................................. .25 of 1% Certain officers of the VA Portfolios are also officers, directors and shareholders of the Advisor. D. PURCHASES AND SALES OF SECURITIES: For the year ended November 30, 1997, the VA Portfolios made the following purchases and sales of investment securities (amounts in thousands): [Enlarge/Download Table] OTHER U.S. GOVERNMENT INVESTMENT SECURITIES SECURITIES ---------------------- ---------------------- PURCHASES SALES PURCHASES SALES ----------- --------- ----------- --------- VA Small Value Portfolio..................................................... -- -- $ 7,527 $ 2,670 VA Large Value Portfolio..................................................... -- -- 10,644 3,899 VA International Value Portfolio............................................. -- -- 8,736 1,146 VA International Small Portfolio............................................. -- -- 6,618 681 VA Short-Term Fixed Portfolio................................................ $ 1,747 $ 2,037 7,649 4,564 VA Global Bond Portfolio..................................................... -- 184 6,497 2,919 41
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E. INVESTMENT TRANSACTIONS: At November 30, 1997, gross unrealized appreciation and depreciation for financial reporting and federal income tax purposes of investment securities and foreign currencies was as follows (amounts in thousands): [Enlarge/Download Table] GROSS UNREALIZED GROSS UNREALIZED APPRECIATION DEPRECIATION NET ----------------- ----------------- --------- VA Small Value Portfolio.................................................... $ 4,351 $ (906) $ 3,445 VA Large Value Portfolio.................................................... 4,563 (227) 4,336 VA International Value Portfolio............................................ 2,675 (3,048) (373) VA International Small Portfolio............................................ 873 (3,257) (2,384) VA Short-Term Fixed Portfolio............................................... 12 (3) 9 VA Global Bond Portfolio.................................................... 19 (320) (301) F. FINANCIAL INSTRUMENTS: In accordance with the VA Portfolios' Investment Objectives and Policies, the VA Portfolios may invest in certain financial instruments which have off-balance sheet risk and concentrations of credit risk. These instruments and their significant corresponding risks are described below: 1. REPURCHASE AGREEMENTS: The VA Portfolios may purchase money market instruments subject to the seller's agreement to repurchase them at an agreed upon date and price. The seller will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system or with the Fund's custodian or a third party sub-custodian. All open repurchase agreements were entered into on November 28, 1997. 2. FORWARD CURRENCY CONTRACTS: VA Global Bond Portfolio may enter into forward foreign currency contracts to hedge against adverse changes in the relationship of the U.S. dollar to foreign currencies. At November 30, 1997, VA Global Bond Portfolio had entered into the following contracts and the related net unrealized foreign exchange gain is reflected in the accompanying financial statements: [Enlarge/Download Table] UNREALIZED FOREIGN EXPIRATION CONTRACT VALUE AT NOVEMBER EXCHANGE DATE CURRENCY SOLD AMOUNT 30, 1997 GAIN (LOSS) ---------- ---------------------------------------- ------------- ------------------- ------------ 12/08/97 183,372,322 Japanese Yen $ 1,506,138 $ 1,431,328 $ 74,810 12/17/97 722,094 Australian Dollars 501,928 493,928 8,000 12/22/97 9,008,624 French Francs 1,557,912 1,524,843 33,069 12/30/97 2,561,059 German Marks 1,468,076 1,451,519 16,557 12/31/97 1,944,640 Canadian Dollars 1,365,330 1,365,867 (537) 12/31/97 537,884 Netherlands Guilders 273,593 270,481 3,112 ------------- ------------------- ------------ $ 6,672,977 $ 6,537,966 $ 135,011 ------------- ------------------- ------------ ------------- ------------------- ------------ Risks may arise upon entering into these contracts from the potential inability of counter parties to meet the terms of their contracts and from unanticipated movements in the value of foreign currency relative to the U.S. dollar. VA Global Bond Portfolio will enter into forward contracts only for hedging purposes. 3. FOREIGN MARKETS RISKS: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States, 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. Consequently, acquisition and disposition of securities by the Fund may be inhibited. 42
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G. LINE OF CREDIT: The Fund, together with other DFA-advised portfolios, has entered into a $50 million unsecured line of credit with its domestic custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $50 million. Borrowings under the line are charged interest at the current overnight federal funds rate plus a variable rate determined at the date of borrowing. Each portfolio is individually, and not jointly liable for its particular advances under the line. There is no commitment fee on the unused portion of the line of credit. There were no borrowings under the line of credit by the Portfolio during the year ended November 30, 1997. H. COMPONENTS OF NET ASSETS: [Enlarge/Download Table] AT NOVEMBER 30, 1997 NET ASSETS CONSIST OF: (AMOUNTS IN THOUSANDS) --------------------------------------------------- VA SMALL VA LARGE VA INTERNATIONAL VALUE VALUE VALUE PORTFOLIO PORTFOLIO PORTFOLIO ---------------- --------------- ---------------- Paid-In Capital.......................................................... $ 12,759 $ 18,486 $ 17,494 Undistributed Net Investment Income...................................... 51 99 267 Undistributed Net Realized Gain.......................................... 1,173 1,625 236 Accumulated Net Realized Foreign Exchange Loss........................... -- (1) (15) Unrealized Appreciation (Depreciation) of Investment Securities and Foreign Currency....................................................... 3,445 4,336 (373) Unrealized Net Foreign Exchange Gain..................................... -- -- 1 -------- --------------- -------- $ 17,428 $ 24,545 $ 17,610 -------- --------------- -------- -------- --------------- -------- VA INTERNATIONAL VA SHORT-TERM VA GLOBAL SMALL FIXED BOND PORTFOLIO PORTFOLIO PORTFOLIO ---------------- --------------- ---------------- Paid-In Capital.......................................................... $ 12,046 $ 15,056 $ 6,754 Undistributed Net Investment Income...................................... 109 59 48 Undistributed Net Realized Gain.......................................... 112 12 25 Undistributed Net Realized Foreign Exchange Gain (Loss).................. (1) -- 409 Unrealized Appreciation (Depreciation) of Investment Securities and Foreign Currency....................................................... (2,384) 9 (301) Unrealized Net Foreign Exchange Gain..................................... 2 -- 138 -------- --------------- -------- $ 9,884 $ 15,136 $ 7,073 -------- --------------- -------- -------- --------------- -------- I. SECURITIES LENDING: Loans of international securities are required at all times to be secured by collateral at least equal to 105% of the market value of the securities on loan. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. In the event that the borrower fails to return loaned securities, and cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities, and provided such collateral insufficiency is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the VA Portfolios or, at the option of the lending agent, replace the loaned securities. The market value of securities on loan to brokers and the related collateral cash received at November 30, 1997, is as follows: [Enlarge/Download Table] VALUE OF SECURITIES VALUE OF COLLATERAL ON LOAN AND INDEMNIFICATION ------------------- -------------------- VA International Value Portfolio................................................... $ 3,477,130 $ 3,673,776 VA International Small Portfolio................................................... 529,193 598,548 43
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REPORT OF INDEPENDENT ACCOUNTANTS TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF DFA INVESTMENT DIMENSIONS GROUP INC.: We have audited the accompanying statements of net assets of The DFA Investment Dimensions Group Inc. (comprising, respectively, VA Small Value, VA Large Value, VA International Value, VA International Small, and VA Short-Term Fixed Portfolios) and the statement of assets and liabilities, including the schedule of investments, of The DFA Investment Dimensions Group Inc., VA Global Bond Portfolio as of November 30, 1997, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of November 30, 1997, by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned portfolios constituting The DFA Investment Dimensions Group Inc. as of November 30, 1997, and the results of their operations for the year then ended and the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the periods presented, in conformity with generally accepted accounting principles. COOPERS & LYBRAND L.L.P. 2400 Eleven Penn Center Philadelphia, Pennsylvania January 16, 1998 44

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘N-30D’ Filing    Date First  Last      Other Filings
Filed on:2/5/98N-30D
1/16/9846
For Period End:11/30/9714624F-2NT,  NSAR-B
11/28/9744
1/2/964142
1/1/9642
12/20/9542
11/30/954224F-2NT,  DEFS14A,  N-30D,  NSAR-B,  PRES14A
9/1/953940
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